INVESTOR PRESENTATION
JUNE 2019
INVESTOR PRESENTATION JUNE 2019 DISCLAIMER THIS PRESENTATION IS - - PowerPoint PPT Presentation
INVESTOR PRESENTATION JUNE 2019 DISCLAIMER THIS PRESENTATION IS FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER
JUNE 2019
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THIS PRESENTATION IS FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND SHOULD NOT BE TREATED AS GIVING INVESTMENT ADVICE AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THIS PRESENTATION IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN. This Presentation has been prepared by JSC Acron (“Company”). Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities of the Company in Russia, and does not constitute an advertisement of the securities and must not be passed on to third parties or otherwise be made publicly available. This information is being provided to you solely for your information on the basis that you will keep confidential any information contained herein or otherwise made available. This information may not be reproduced, retransmitted, further distributed to any other person (excluding an investment professional’s advisers) or published, in whole or in part, for any purpose. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers, employees, agents or advisers or any other person as to, nor may any reliance be placed upon, the accuracy, completeness or fairness of the information or opinions contained in this presentation. By accepting this Presentation you acknowledge that you will be solely responsible for your
view of the potential future performance of the Company’s business. This publication constitutes neither an offer to sell nor an invitation to buy securities, nor does it constitute an inducement to engage in investment activity. To the extent this presentation contains forward-looking statements, including, without limitation, statements containing the words “projected”, “planned”, “expected” and similar expressions (including the negative of such expressions, these statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, no undue reliance should be placed on such forward-looking statements should be placed. Neither the Company nor any of its shareholders, directors, officers, employees, agents or advisers nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this document
shareholders, directors, officers, employees, agents or advisers disclaim any obligation to update any such forward-looking statements in this document to reflect future events or developments. The distribution of this document in the Russian Federation and in overseas jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. In particular, this document should not be distributed, published or reproduced in whole or in part in or into the United States (in particular to any US Person (as defined in regulation S promulgated under the US Securities Act), Canada, Japan or Australia or to any residents, corporations, citizens or nationals of any such jurisdictions or in any other country where such distribution may lead to a breach of any law or regulatory requirement. Distribution of this document in the United States in the absence of such an applicable exemption may constitute a violation of United States securities law. The information contained in this document is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The Company’s shares will have not been nor will they be registered under the US Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to US persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
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record date for persons entitled to dividends is 22 March 2019.
record date for persons entitled to dividends is 11 June 2019.
up to USD 750 mn, which was originally signed with a group of banks in May 2017. The grace period was prolonged from two to four years.
35%. Net debt/ EBITDA was 1.7 as of the quarter-end.
banks a preliminary term sheet for the project financing.
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How does a weaker rouble impact the company’s financials?
FX 29% Rouble 71% Total cash costs structure, 2018 Russia 18% Export 82%
5 10 15 20 25
50 55 60 65 70 75 80 USD mn per RUB 1 of rate USD/RUB EBITDA gain in 2019 if exchange rate depreciates for RUB 1 Revenue structure, 2018
Note: company estimates
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Acron at a glance
Market overview
Company overview
Development programme
Financial standing
Appendices
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USD mn 2016 2017 2018 Revenue 1,333 1,617 1,723 EBITDA 445 511 591 margin 33% 32% 34% Net profit 381 244 212 LFCF 89 91 221
1 2 3 4 5 6 7 8
Other Complex Nitrogen
fertilisers
globally
Potash project underway
Sales to >60 countries
ACRON GROUP
FINANCIAL RESULTS COMMERCIAL OUTPUT
USD mn 14/06/19 MCap 2,862 Free-float 11% Net debt* 1,044 Stake in ATT 213 Assets* 3,050
NPK complex fertiliser
OUR KEY PRODUCT
* As of 31 March 2019
mn t
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GROWING BUSINESS
DIVIDENDS
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Acron at a glance
Market overview
Company overview
Development programme
Financial standing
Appendices
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The bio-fuel industry keeps growing. As a result, demand for crops as a feedstock strengthens. Living standards in developing countries keep improving, leading to increase in meat consumption. As a result, demand for feed crops is going up. The world population keeps growing. As a consequence, demand for agricultural products increases. Mineral fertiliser consumption expands every year.
50 100 150 200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2022 mn t* N (CAGR 2017-2022: 1.1%) P (CAGR 2017-2022: 1.3%) K (CAGR 2017-2022: 1.9%)
CAGR (2017-22): 1.3%
* in terms of nutrient Source: IFA, June 2018
Agricultural production expands while the area of farming lands stays relatively stable. Farmers have to take additional measures to get higher yields.
500 1000 1500 2000 800 1600 2400 3200 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 mn ha mn t Wheat Coarse grains Rice Agricultural land* (rhs)
CAGR (2017-27) cereals: 1.1% agricultural land: 0.18%
* arable land and land under permanent crops Source: OECD-FAO, July 2018 40 80 120 160 200 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 Biodiesel Ethanol
CAGR (2017-27): 0.8%
bn l Source: OECD-FAO, July 2018
2 4 6 8 10 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Now: 7.6 bn
CAGR (2015-25): 1.0%
bn Source: United Nations Population Division, 2017 30 31 32 33 34 35 36 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027
CAGR (2017-27): 0.30%
kg per capita Source: OECD-FAO, July 2018
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Source: IFA Medium-Term Outlook on Fertilizer Supply in 2018-2022, June 2018
IFA: Baseline Scenario
IFA: Upside Scenario
2022
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100 200 300 400 500 600 700 2011 2012 2013 2014 2015 2016 2017 2018 2019 USD/t
Urea, FOB Baltic Sea AN, FOB Baltic NPK, FOB FSU UAN, FOB Black Sea Ammonia, FOB Yuzhnyy
Source: Fertecon, FMB
USD/t, FOB BALTIC/BLACK SEA 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Ammonia 519 544 479 499 390 237 267 288 253 Urea 416 400 327 311 267 194 218 251 244 AN 313 306 287 282 223 166 193 188 188 UAN 308 288 256 243 198 139 145 179 159 NPK 16-16-16 452 451 384 354 355 292 265 300 309
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Acron at a glance
Market overview
Company overview
Development programme
Financial standing
Appendices
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DISTRIBUTION
Beijing Yong Sheng Feng AMPC, Ltd. Distribution network in China Agronova Distribution network in Russia Storage capacity: 189 kt Acron USA Inc. Acron Switzerland AG
LOGISTICS
Acron-Trans railway operator
Two AS DBT port terminal facilities Capacity: Ammonia – 1.5 mtpa UAN – 1.85 mtpa Bulk cargo – 2.5 mtpa Andrex port terminal facility Capacity: 500 ktpa
PRODUCTION
Acron 2018 commercial output: 5.2 mn t Dorogobuzh 2018 commercial output: 2.0 mn t
1 2 6 7 8 9 10 11 12 12 9 1 3 6 7 10 2 8 4 11 5
VPC (potash subsoil licence) Reserves under JORC: 60 mn t KCl NWPC, Oleniy Ruchey mine 2018 output: 1.2 mn t of apatite concentrate North Atlantic Potash Inc. (potash mineral leases in Saskatchewan, Canada) Recoverable resources (inferred): 418 mn t KCl
3 4 5
MINING
Countries to which the Group supplies its products
Global traders Acron France SAS
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Acron Brasil Ltda.
14 14 15
Acron Argentina SRL
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ACRON DOROGOBUZH OLENIY RUCHEY MINE, NWPC
CHEMICAL PRODUCTION MINING
Main production capacity, ktpa Ammonia: 2,100 Urea: 1,300 Ammonium nitrate*: 1,500 Formalin: 240 UAN: 1,500 Methanol: 110 NPK: 1,600 UFR: 290 Main production capacity, ktpa Ammonia: 600 Ammonium nitrate: 1,250 NPK: 750 Production capacity, ktpa Apatite concentrate: 1,200 min 39% P2O5 Reserves B+C1: 250.1 mn t of ore (40.9 mn t P2O5) Prospects: Gradual production ramp up to 2.0 mtpa (page 24)
* Incl. liquid solution used for UAN production
Prospects: Modernization and implementation of new projects (page 23) Prospects: Modernization and implementation of new projects (page 23)
Acron Group is 100% self-sufficient in ammonia and phosphate rock Excess is sold in the market
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NPK + Bulk Blends: 42% Ammonium nitrate*: 18% UAN: 15% Urea*: 8% Ammonia: 7% UFR: 3% Apatite concentrate: 2% Other: 5%
0% 5% 10% 15% 20% 25% 30% 35% 40% 2014 2015 2016 2017 2018 2019
NPK premium to the basket**
Average: 20%
0% 5% 10% 15% 20% 25% 30% 2014 2015 2016 2017 2018 2019
AN premium/discount to Urea by nutrient
Average: 12%
0% 5% 10% 15% 20% 25% 2014 2015 2016 2017 2018 2019
UAN premium/discount to Urea by nutrient
Average: 4% Note: 2018 revenue breakdown * Including agricultural and industrial products ** Calculated via urea, DAP and potash
added products
Group meets the market requirements
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AN*
Complex mineral fertilisers Nitrogen mineral fertilisers
Urea**
NPK 2.4 mn t
UAN 1.5 mn t Phosphates
P
Potash
K
Ammonia
N
1.2 mn t 2.7 mn t
RAW MATERIALS AND SEMI-FINISHED GOODS
OWN PRODUCTION
VALUE-ADDED PRODUCTS
INDEPENDENT SUPPLIERS +0.8 mn t
+1 mn t Own capacity under construction
2.8 mn t 1.3 mn t
2018 sales: 1.5 mn t 2018 sales: 0.4 mn t 2018 sales: 1.2 mn t 2018 sales: 2.2 mn t
Potash
K
developing
+2.6 mn t
0.6 mn t
* Agricultural and industrial products and liquid solution used for UAN production ** Agricultural and industrial products
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Strategic market for the Group. Major sales: AN, NPK, industrial products. Important market for Russian fertiliser producers due to geographical location USA is a large market for UAN and other nitrogen fertilisers. Large buyer of AN and NPK Growing market for nitrogen and complex fertilisers
China: 7%
Largest NPK market
Thailand: 5%
One of the most developed markets in the region
Other: 7%
Traditional market for main fertilisers and ammonia with stable demand and sales structure
SALES TO
COUNTRIES Europe: 19% Asia: 19% Latin America: 21% USA and Canada: 13% Africa: 4% Russia – 18%
Note: 2018 revenue breakdown
Brazil: 14% Other: 7%
CIS: 6% Acron Group
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Staff costs 12% Potash 12% D&A 17% Fuel and energy 14% Natural gas 29% Repairs and maintanance 6% Other 11%
COGS BREAKDOWN
Note: Based on FY 2018 IFRS statements Source: Bloomberg, Yara, company data
The growth of Russian natural monopoly rouble tariffs (gas, electricity transmission, etc.) will be limited by the inflation rate, according to the Russian authorities’ proposals
VERTICAL INTEGRATION IN NITROGEN AND PHOSPHATES, AND CAPPED GAS PRICES IN RUSSIA HELP ACRON GROUP KEEP COSTS UNDER CONTROL
2.4 3.8 4.8 5.7 Current price 2.3 2 4 6 8 10 12 2011 2012 2013 2014 2015 2016 2017 2018 2019
GAS PRICES, $/MMBTU
USA (Henry Hub, spot) Europe (Zeebrugge Hub, spot) Yara World Yara Europe Acron, incl. delivery
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NITROGEN & COMPLEX FERTILISERS
VERTICAL INTEGRATION
inflation rate, the Company will keep its status of a low-cost producer.
LOW-COST PRODUCER
BEST LOGISTICS IN RUSSIA
USA, China, and Thailand.
Latin America.
DIVERSIFIED SALES MARKETS
GROWING BUSINESS
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Acron at a glance
Market overview
Company overview
Development programme
Financial standing
Appendices
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5.3 5.4 5.7 6.5 7.3 7.5 3 4 5 6 7 8 2013 2014 2015 2016 2017 2018 mn t 1000 671 World average Acron Group $/т
1000 731 World average Acron Group $/т
UREA UNITS
2008-2012, 2017-2018 Construction of two new urea units and upgrade of the existing facilities with total capacity increase of 830 ktpa
UAN PRODUCTION
2006-2008, 2013-2014, 2017-2018 Construction of a new UAN unit with further capacity expansion to 1.5 mtpa
BCT AND DBT SEAPORT TERMINALS
2006-2009, 2011-2016 Construction and expansion of transshipment capacity
OLENIY RUCHEY MINE
2010-2014 Construction of an open pit with a capacity
AMMONIA-4
2012-2016, 2017 Construction of a new ammonia unit with further capacity expansion to 800 ktpa
RARE EARTH ELEMENTS
2010-2016 Construction of a REE production unit with a capacity
COMMERCIAL OUTPUT CAPEX PER TONNE OF NEW CAPACITY Ammonia Apatite concentrate
Source: Integer Research, company data
EFFECTIVE INVESTMENTS ENSURE BUSINESS GROWTH
Note: Excluding Hongri Acron, sold in 2016
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1 200 2 700 1 050 1 300 2 750 2 300 250 200 50 2 000 800 330 520 100 600 250 140 1 000 2 000 3 000 4 000 MOP Apatite Ammonia Urea UAN CAN AN* NPK 2017 Now 2025F ktpa
MAIN CAPACITY
* Incl. liquid solution used for UAN production
COMMERCIAL OUTPUT
DEVELOPMENT STRATEGY FOR 2017 – 2025
and Dorogobuzh
flexibility in terms of implementation timeline and Capex per year
EXPECTED RESULTS
ammonia and apatite concentrate 2 4 6 8 10 12 2017 2026П mn t Acron Dorogobuzh NWPC (for sale) VPC (for sale) + 40% 7.3 10.2
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weighted average IRR Projects with relatively small Capex and short payback period Main projects Timeline, years Output increase, ktpa Capex, USD mn Status Site: Acron Increase of Urea-5 unit capacity 2018 +50 4 Completed Construction of Urea-6 unit 2017-2018 +200 30 Completed Construction of 3 nitric acid units and increase of AN and NPK units capacity 2017-2019 AN: +250 NPK: +70 60 Underway Increase of Ammonia-4 unit capacity 2017-2020 +70 28 Underway Construction of urea granulation unit 2018-2019 Granulation: +700 35 Underway Construction of CN unit 2019-2020 +100 15 Underway Increase of Urea-6 unit capacity 2019-2020 +520 81 Underway Increase of Ammonia-3 unit capacity 2023-2025 +130 75
2024-2025 +70 35
Increase of ammonia unit capacity 2017-2019 +130 75 Underway Construction of nitric acid unit and CAN unit 2019-2021 CAN: +600 AN: -470 70 Underway Total 2017-2025 ~500
Note: It was decided to postpone the construction of NPK/DAP/MAP production facility until the completion of the Talitsky mine project.
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infrastructure Capacity: 1.2 mtpa of apatite concentrate Commissioning: December 2012
facility First ore from the underground mine extracted in 2017 Gradual production ramp up to 2.0 mtpa by 2023 PROJECT DATA
USD 1.1 bn, incl. over 90% already invested
impurities
* B+C1 reserves: 250.1 mn t ore (41.1 mn t P2O5) as of 31 December 2018
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CURRENT STATUS
preliminary term sheet for the project financing signed
Approval of the State Expert Review Board obtained.
50% of sinking operations has been completed.
PROJECT DATA
Shareholder structure: Acron – 60.1%, a pool of financial investors – 39.9%
further expansion to 2.6 mn tpa
+ USD 0.3 bn for expansion to 2.6 mn tpa
In-house potash consumption from 2025 VERKHNEKAMSK POTASH DEPOSIT
2 1 3
1 - Acron (Talitsky): licence obtained in 2008 2 - Uralkali: 5 mines and 2 subsoil licences 3 - EuroChem (Palashersky)
* Proven and Probable, 2016 ** Under Detailed Development Plan for Potassium Salt Reserves at the Talitsky Area of Verhnekamsk Depoist (Mining Institute of the Ural Branch of the Russian Academy of Science, 2016)
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Acron at a glance
Market overview
Company overview
Development programme
Financial standing
Appendices
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REVENUE EBITDA
5-year average revenue
5-year average EBITDA margin
Note: In USD mn; Revenue and EBITDA recalculated excluding Hongri Acron figures
EBITDA MARGIN
1 579 1 008 1 307 1 915 1 931 1 813 1 671 1 510 1 333 1 617 1 723 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 789 248 312 677 623 464 507 672 445 511 591 50% 25% 24% 35% 32% 26% 30% 45% 33% 32% 34%
0% 10% 20% 30% 40% 50% 60%2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
100 200 300 400 500 600 700 800 90028
RUB loans and bonds 26% EUR loans 11% USD loans 63%
PORTFOLIO INVESTMENTS AND VALUABLE ASSETS
AS OF 31 MARCH 2019
DEBT BY CURRENCY DEBT MATURITY SCHEDULE**
* As of 14 June 2019 95 204 328 257 247 126 100 200 300 400 2019 2020 2021 2022 2023 Further USD mn
Duration: 2.7 years
** As of 30 May 2019
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DIVIDENDS PAID IN CALENDAR YEAR
DIVIDEND YIELD 160 91 199 224 212 164
50 100 150 200 250 2014 2015 2016 2017 2018 2019 YTD* USD mn
12.2% 5.3% 9.3% 9.4% 7.5% 5.7%
0% 2% 4% 6% 8% 10% 12% 14% 2014 2015 2016 2017 2018 2019 YTD*
5-year average dividend yield
Dividends paid in 2016 - 2018
* Approved
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REVENUE ($ mn) EBITDA ($ mn) WORLD PRICES AMMONIUM NITRATE,FOB BALTIC($/t) WORLD PRICES NPK 16-16-16,FOB FSU($/t) PRODUCTION & SALES (kt)
Source: Fertecon, FMB, CBR, company data
140 124 151 176 158 50 100 150 200 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 186 166 213 186 182 100 150 200 250 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 284 291 308 316 312 100 150 200 250 300 350 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 56.9 61.8 65.5 66.5 66.1 50 55 60 65 70 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019
USD/RUB DYNAMICS
423 410 434 457 446 250 300 350 400 450 500 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1900 1849 1879 1887 1936 1856 1809 1783 1865 1802 1 300 1 500 1 700 1 900 2 100 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 Production Sales
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RUB mn USD mn 3M 2019 3M 2018 3M 2019 3M 2018
Revenue
29,504 24,050 446 423
EBITDA
10,456 7,958 158 140
EBITDA margin
35% 33% 35% 33%
Net profit
8,774 4,146 133 73
Net profit margin
30% 17% 30% 17%
Net operating cash flow
7,345 4,590 111 81
Capex
4,340 2,613 66 46
Leveraged free cash flow
3,005 1,977 45 35 31/03/19 31/12/18 31/03/19 31/12/18
Assets
197,448 186 784 3,050 2,689
Net debt
67,614 74 025 1,044 1,066
Net debt/ EBITDA
1.7 2.0 1.7 1.8
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RUB mn USD mn 2018 2017 2018 2017
Revenue
108,062 94,342 1,723 1,617
EBITDA
37,053 29,817 591 511
EBITDA margin
34% 32% 34% 32%
Net profit
13,318 14,260 212 244
Net profit margin
12% 15% 12% 15%
Net operating cash flow
28,406 16,634 453 285
Capex
14,542 11,299 232 194
Leveraged free cash flow
13,864 5,335 221 91 31/12/18 31/12/17 31/12/18 31/12/17
Assets
186,784 186,894 2,689 3,245
Net debt
74,025 60,221 1,066 1,045
Net debt/ EBITDA
2.0 2.0 1.8 2.0
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BUILDING PRODUCTION CAPACITY
production facility – methanol unit
production
PRIVATISATION AND INDUSTRY CONSOLIDATION
privatisation and JSC Dorogobuzh consolidation
distribution and logistics network
VERTICAL INTEGRATION
phosphate and potash licences
MOEX and LSE
& commissioning of phosphate mine
& commissioning of ammonia unit
LEVERAGING EXISTING CAPACITY
development strategy
processing facilities
mine
1961-1992 1992-2005 2005-2017 2017-2025
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Acron Dorogobuzh
96.7% NWPC (phosphate rock producer) VPC (potash licence) North Atlantic Potash Inc. (permits for exploration
Mining Logistics
Acron-Trans (railway operator) AS DBT (2 port terminal facilities) Andrex (port terminal facility)
Distribution & Marketing
Agronova (Russian distribution network) Acron Switzerland AG, Acron USA Inc., Acron France SAS, Acron Brasil Ltda, Acron Argentina SRL (global traders) Beijing Yong Sheng Feng AMPC (Chinese distribution network)
100% 60.1% 100% 100% 100% 100% 100% 100%
Portfolio investments
Grupa Azoty (Poland) (fertiliser producer) 19.8% Note: Direct holding and through 100% owned subsidiary companies Data are indicated as percentage of the registered capital as of 31 March 2019 Balttrans
100%
ACRON SHAREHOLDING STRUCTURE
23.3% 62.3% 3.2% 10.9% 0.3%
Acronagroservice Redbrick Investments S.a.r.l. Quasi-treasury shares Others (in Russia) GDR programme
Free Float
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BOARD OF DIRECTORS
the company’s strategy, development priorities, internal control and risk management system, protection of shareholders’ interests and observance of their rights.
a pool of international insurers rated BBB-
BOARD COMMITTEES
consists of three INEDs
Governance Committee consists of three members
MANAGEMENT BOARD
key areas of Acron’s business which ensures efficient decision-making.
chemical industry experience.
company’s strategy, operational and financial results as guided by the Board of Directors.
CORPORATE GOVERNANCE CODE
governance structure and sets out the system of key rules and principles of business management and responsibilities
CODE OF BUSINESS CONDUCT
ethical values and principles as well as anticorruption policy.
DIVIDEND POLICY
pursuant to which the company pays out a 30% minimum of IFRS net profit in dividends twice a year.
investors.
Acron Group adheres to the best international corporate governance practices in strict compliance with law and international standards
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For more information, please contact our Investor Relations Department:
Head of Investor Relations
Tel.: +7 (495) 745 77 45 ext. 5252 E-mail: ipopov@acron.ru
Senior Analyst, Investor Relations
Tel.: +7 (495) 745 77 45 ext. 5184 E-mail: smirnov@acron.ru
JSC Acron
www.acron.ru World Trade Centre, 12, Krasnopresnenskaya Naberezhnaya, Moscow 123610, Russia Tel.: +7 (495) 745 77 45