MOSCOW. April 16 (Interfax) - Acron saw its earnings before taxes, depreciation and amortization (EBITDA) plummet 28% year-on-year in Q4 2012 to 4.7 billion rubles, the fertilizer producer said in a financial results to International Financial Reporting Standards (IFRS).

Analysts predicted 4.542 billion rubles in a consensus forecast for Interfax.

Net profit fell 62% year-on-year in Q4 to 3.66 billion rubles and revenue fell 8% to 17.643 billion rubles.

Net profit fell 27% in FY 2012 to 14.861 billion rubles, mainly because in 2011 the group sold exploration permits worth 4.84 billion rubles (before tax) and a stake in its subsidiary which held Apatit shares worth 4.26 billion rubles (before tax). Adjusted net profit for 2011 (less these transactions) was 13.21 billion rubles. Therefore, when compared to the adjusted amount, net profit for 2012 was up 12%. The adjusted net profit margin was 21%, up from 20% in 2011. "These financials demonstrate improved efficiency in the Group's core business," Acron said.

EBITDA fell 4% in FY 2012 to 19.924 billion rubles and the EBITDA margin fell to 28% in 2012, from 32% in 2011. Revenue was up 9% to 71.11 billion rubles, on the back of favorable nitrogen fertilizer market conditions in the first half of the year, higher sales of urea and UAN, and a sales focus on premium markets of Asia and Latin America.

The cost of products shipped by the group in 2012 was 40.44 billion rubles, up 14% from 2011. Higher production costs were due to increased prices for natural gas, commodities and power, and increased commodity consumption in China resulting from higher output. Higher staff costs were mainly due to a 10% increase in the group's total personnel in 2012, to 15,644, because of expanded operations and construction of new production capacity.

By the end of 2012, net debt was down 3% to 32.67 billion rubles. The relative debt burden did not change, with net debt/EBITDA ratio remaining at 1.6. As of December 31, 2012, the group's total debt under loans and borrowings was 61.56 billion rubles, up 13.12 billion rubles during the year. The increase was due to accumulation of free cash balance for its further utilization in the group's investment and financing activity.

In 2012, net cash outflow from investment activity was 19.91 billion rubles, against 602 million rubles in 2011. The main expenditure items in 2012 were 16.12 billion rubles in capex, including revamping of production assets, investments in the Oleniy Ruchey mine project, investments in the Talitsky mine construction, and acquisition of a stake in Polish Azoty Tarnow worth 3.88 billion rubles.

Net cash flow from financial activity in 2012 was 25.48 billion rubles. The item increased due to proceeds from borrowings earmarked to finance investment activity. Moreover, in 2012 this item was supported by 12.76 billion rubles cash inflow from the acquisition by Vnesheconombank, Raiffeisenbank and Eurasian Development Bank of shares in VPC's authorised capital.

As of December 31, 2012, available-for-sale investments were 24.68 billion rubles, up 24% in the year. This item accounts for the Group's stakes in Uralkali and Azoty Tarnow, whose market value increased over the reporting period.

Acron intends to sell a stake worth 19.857 billion rubles in potash miner Uralkali this year. "As at December 31, 2012 the investment in JS