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M&A: Acron sells 1.11% of Uralkali shares for RUB 5.5 billion

OJSC Acron sold some of its stake in OJSC Uralkali for a total of RUB 5.5 billion (about $170 million). The shares were sold in the open market, Acron informed.

Average selling price was RUB 170.1 per share.
Acron's equity position in Uralkali decreased from 2.88% to 1.77%.

"At this point, Acron Group is focused on implementing its investment program, and to maintain a comfortable leverage the Group decided to sell some of its Uralkali shares," Alexander Popov, Chairman of Acron's Board of Directors, commented.

Acron Group includes OJSC Acron, OJSC Dorogobuzh and Hongri Acron. The group produces ammonia, nitrogen fertilizers (urea, ammonium nitrate and UAN) and complex mineral fertilizers (NPK, dry mixed fertilizers) organic and non-organic chemicals. In 2012, Acron Group produced 5.8 million tonnes of commercial products marketable products matching its 2011 output.

IFRS net profit of OJSC Acron for H1 2013 decreased by 20% to RUB 5.236 billion. Revenue decreased by 3% to RUB 34.251 million, EBITDA by 11% to RUB 8.818 billion, EBITDA margin to 26% from 28%.

According to the information and retrieval system DataCapital, RAS net profit of Acron for H1 2013 dropped by 96% to RUB 142 million, revenue by 2% to RUB 17.663 billion from RUB 17.96 billion, sales profit by 24.4% to RUB 5.675 billion from RUB 7.507 billion.

Uralkali (tax number: 5911029807) is an integrated company established by merging the assets of OJSC Uralkali and OJSC Silvinit (the merger was finalized on June 16, 2011). For the purpose of the merger, Uralkali acquired 1,565,151 common shares (about 20%) of Silvinit and took over Silvinit replacing the target company's common and preferred shares with its own common stock. In 2012, Uralkali reduced potassium production by 16% to 9.12 million tonnes.

IFRS net profit of Uralkali for 2012 grew by 5% to $1.597 billion from $1.527 billion the year before. Revenue decreased by 6% year-on-year to $3.34 billion. Adjusted EBITDA decreased by 5% year-on-year to $2.375 billion, while adjusted EBITDA margin was 71%.

According to the information and retrieval system DataCapital, net profit (RAS) of Uralkali for 2012 increased by 15.2% to RUB 49.079 billion from RUB 42.571 billion in 2011. Revenue increased by 10.3% to RUB 110.116 billion from RUB 99.825 billion, sales profit by 7.2% to RUB 63.004 billion from RUB 58.748 billion, pre-tax profit by 17.4% to RUB 58.373 billion from RUB 49.711 billion.

AK&M "M&A Market"

"AK&M", 02.12.2013 16:24


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