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Fitch revises Acron's outlook to positive; affirms at 'B+'

Fitch Ratings has affirmed JSC Acron's (Acron) Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B+'. The outlook on the Long-term IDRs has been revised to Positive from Stable, the rating agency informed.

The Positive Outlook reflects Fitch's view that Acron's operational profile has fundamentally improved as a result of the ramp up of the Oleniy Ruchey phosphate mine to levels sufficient to cover the group's internal needs. Acron's lack of vertical integration and full reliance on monopolistic producer Apatit had been a key constraint on the rating.

The Positive Outlook also reflects Fitch's opinion that Acron's credit metrics will improve in the next two years as a result of the material reduction in its potash plan.

Acron Group includes JSC Acron, JSC 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 2013, Acron Group produced increasing production of mineral fertilizers by 6% to 5.257 million tonnes.

IFRS net profit of Acron for 2013 dropped by 12% to RUB 13.019 billion, revenue by 5% to RUB 67.904 billion, EBITDA by 23% to RUB 15.386 billion.

IFRS net profit of JSC Acron for Q1 2014 dropped by 39% to RUB 1.437 billion from RUB 2.358 billion the year before. Revenue increased by 5% to RUB 17.351 billion from RUB 16.561 billion, EBITDA decreased by 4% to RUB 4.263 billion, EBITDA margin to 25% from 27%. Net debt was reduced by 11% to RUB 32.525 billion.

According to the DataCapital information retrieval system, RAS net loss of Acron for 2013 was RUB 2.904 billion against a profit of RUB 8.554 billion the year before. Revenue decreased by 7% year-on-year to RUB 33.421 billion against RUB 36.059 billion. Sales profit fell by 35% to RUB 9.222 billion from RUB 14.111 billion.

"AK&M", 04.07.2014


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