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Uralkali Announces 9M 2016 Financial Results
14.12.2016
Uralkali (“the Company”, MICEX: URKA), one of the world’s largest potash producers, announces its IFRS key figures for the nine months ended 30 September 2016.
9M 2016 KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS:
- Production down 9% y-o-y to 7.9 million tonnes of potassium chloride (KCl)
- Sales volumes down 6% y-o-y to 8.0 million tonnes of KCl
- Revenue down 29% y-o-y to US$ 1,684 million
- Cash COGS at US$ 34 per tonne
Key 9M figures are as follows:
|
9M 2016 |
9M 2015 |
|
|
Revenue (US$ million) |
1,684 |
2,381 |
|
Production (KCl, million tonnes) |
7.9 |
8.7 |
|
Sales volume (KCl, million tonnes) TOTAL — Export — Domestic |
8.0 6.3 1.7 |
8.5 6.9 1.6 |
Dmitry Osipov, Uralkali CEO, commented:
Despite an element of price certainty appeared at the major markets, and potash demand stabilising in 3Q 2016, key financial and operational indicators of Uralkali decreased in January-September 2016. The main reasons for that was y-o-y reduction in prices along with difficult market conditions in 1H 2016.
Financial and operational review
In 3Q 2016 the market situation stabilised due to execution of long-term contracts between potash suppliers and Chinese and Indian importers. Despite the Company’s 3Q 2016 increase in export sales, the 9M 2016 revenue decreased by 29% to US$ 1,684 million. Cash COGS amounted to US$ 34 per tonne.
The Company’s net debt amounted to US$ 5,705 million.
Uralkali (www.uralkali.com) is one of the world’s largest potash producers and exporters. The Company’s assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Territory, Russia). Uralkali employs ca.11,000 people (in the main production unit). Uralkali’s shares are traded on the Moscow Exchange.