EuroChem yesterday announced consolidated full year 2013 revenues according to IFRS of RUB 176.9bn (US$ 5.6bn), which represented a 6% increase on revenues of RUB 166.5bn (US$5.4bn) in 2012. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to RUB 43.0bn (US$ 1.3bn), as compared to RUB 49.2bn (US$ 1.6bn) in the previous year.
Full year fertilizer sales volumes for our nitrogen and phosphate segments, excluding sales of mining co-products, increased 788 thousand metric tons (KMT) or by 8% to 10.6 million metric tons (MMT) as compared to 2012 sales volumes (or up less than 1% on a like-for-like basis, excluding EuroChem Antwerpen and EuroChem Agro). Mining raw material sales volumes, which include iron ore and baddeleyite, added over half a million tonnes and grew to 5.9 MMT, which represented an 11% increase on the previous year.
EuroChem today reported consolidated IFRS revenues for the third quarter of 2013 of RUB 41.0bn (US$ 1.3bn), as compared to revenues of RUB 47.1bn (US$ 1.5bn) during the same period a year ago. EBITDA for the period amounted to RUB 8.7bn (US$ 264m), down 26% from RUB 11.7bn (US$ 364m) the previous year.
The challenging third quarter market backdrop weighed on our year-to-date performance. While Group revenues for the January-to-September period climbed 7% to RUB 133.1bn (US$ 4bn), as compared to the first nine months of 2012, the increase primarily stemmed from the inclusion of EuroChem Antwerpen and EuroChem Agro, which we only consolidated from the second and third quarters of 2012, respectively. Group EBITDA for the first nine months of the year amounted to RUB 33.7bn (US$1.1bn).
EuroChem announced today that cage shaft sinking operations at its Usolskiy Potash project in Russia’s Verkhnekamskoe potash deposit have been completed. Begun in March 2012 following the successful freezing of the ground, the sinking operations progressed to the shaft’s target depth of -473 meters at an average rate of 42 meters per month and were completed a full month ahead of schedule. Usolskiy’s cage shaft is the first shaft to be completed in the Verkhnekamskoe deposit in the last 25 years.
EuroChem announces that it has signed a new debut US$1,300,000,000 unsecured loan facility on a club basis (the “Facility”).
The Facility, EuroChem’s first unsecured loan for such an amount and duration, is structured as a 5-year unsecured finance facility. Priced at LIBOR 3M + 1.8%, the facility includes a 2-year grace period. The proceeds will be used to pay down the outstanding amount under EuroChem’s 2011 US$1.3 billion pre- export facility.
EuroChem today reported consolidated revenues for the second quarter of 2013 of RUB 45.4bn (US$ 1.4bn), which represented an 8% increase on the RUB 41.9bn obtained in the same period the previous year. For the second quarter of the year, earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased 20% year-on-year to RUB 12.7bn (US$ 402m). On a like-for-like basis, excluding the effects of our EuroChem Agro acquisition in Q3 2012, our revenues and EBITDA for the second quarter of 2013 amounted to RUB 35.3bn and RUB 12.3bn respectively.
EuroChem today announces its intention to build an ammonia and urea production plant in Louisiana to manufacture and distribute fertilizer products in the U.S. and other markets. Such a project can represent investments of approximately US$ 1.5 billion and traditionally requires four years of construction work. EuroChem expects to finalize its decision on the parameters and location of the facility within the next year.
Dmitry Strezhnev, CEO of Eurochem, commented: "The Americas accounted for approximately a quarter of our sales in 2012 and we expect its contribution to continue to grow. We therefore see it as a next logical step to establish our production closer to our customers. Louisiana brings together all the right ingredients, from its favorable political and economic environment, to the availability of energy, labor, infrastructure, and logistics, to fulfill our strategic vision in one of the world’s largest agricultural markets."
Yesterday EuroChem reported consolidated revenues for the first three months of 2013 of RUB 46.7bn (US$ 1.5bn), which represented a 30% increase on the RUB 35.8bn obtained in the first three months of 2012. For the first quarter of the year, earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 9% year-on-year to RUB 12.4bn (US$ 406m). Net profit for the period decreased to RUB 4.8bn (US$ 158m) largely from a non-cash loss on translation of the Group’s mainly USD-denominated debt brought on by the depreciation of the Russian rouble against the U.S. dollar.
By 2015, Russia’s largest mineral fertilizer EuroChem will invest up to 4.5 billion roubles ($150 mln. USD) in the innovative development of the economy in Tula region.
The four-year investment program, launched in 2011 and covering 7 major areas, is focused on increasing energy efficiency, eliminating pollution, and the effective processing of raw material. The key element of the investment plan has been the upgrade and rebuilding of Novomoskovskiy Azot (NAK Azot), the nitrogen segment of EuroChem located in Novomoskovsk, Tula Region.
Russia is the world's largest producer and exporter of ammonia with two dominant producers, EuroChem (19% of the market) and Togliattiazot (18% of the market). Tilde Finance experts have analyzed basic production statistics for all largest domestic producers, performed an analysis of exports and imports, carried out an analysis of factors affecting the development of the market and performed an in-depth analysis of the market situation and trends which can be classified as potential risks to worldwide supplies. The report is based on data collected from the world’s largest ammonia consumers and their assessment of the current situation.
The Russian market, which produced 13.9 million tons of ammonia in 2011, is very important globally and can have a significant affect on a variety of world trading factors. Any uncertainty in supplies may be qualified as potential risks for large consumers, as it will be hard for them to re-orientate their supply chains in order to compensate for the shortages. In addition, potential supply shortages could trigger price volatility on the global markets.
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