16 Oct 2009 16:17

SIBUR-Mineral Fertilizers posts net profit of 322 mln rubles under IFRS

MOSCOW. Oct 16 (Interfax) - SIBUR-Mineral Fertilizers posted a net profit of 322 million rubles in the first half of 2009 under International Financial Reporting Standards (IFRS), the company told Interfax.

Revenue totaled 9.81 billion rubles, the operating profit amounted to 1.03 billion rubles and EBITDA was 1.82 billion rubles. The EBITDA margin equaled 19%.

In the first half last year the company posted a net profit of 1.236 billion rubles on revenue of 11.039 billion rubles. EBITDA totaled 2.904 billion rubles. The results for the two periods are not directly comparable, as the figures for the first half last year do not reflect receipt of the potential right to purchase a 48% stake in Mineral Fertilizers (Perm) from SIBUR Holding.

Debt remained unchanged as of June 30, with no outstanding bank loans. Net debt in the six months fell to 6.775 billion rubles from 6.832 billion rubles.

Output of ammonium nitrate and carbamide remained at last year's levels, increasing at individual facilities. The company also expanded the geography of export destinations.

Domestic and export sales of ammonium nitrate declined 2% to 516,410 tonnes in the period and carbamide sales also declined, to 611,880 tonnes.

China, India, South Korea and Indonesia accounted for about 30% of nitrate fertilizer exports, Latin America for about 40% and Europe for 25%.

Nitrate fertilizer consumption will rise 12% in 2009 through 2013 or an average of 2.3% a year, according to forecasts from the International Fertilizer Industry Association. Prices on the nitrate group of fertilizers are also trending upward, rising more than 7% in the first six months of 2009.

SIBUR-Mineral Fertilizers is owned by SIBUR Holding.