PhosAgro Reports 3Q and 9M 2020 Financial Results: EBITDA Margin at 38%, Free Cash Flow up More Than 5x to RUB 19 bln
Highlights for 3Q and 9M 2020
Revenue in 3Q 2020 increased by 10.0% year-on-year to RUB 71.0 billion (USD 965 million) due to increased sales of fertilizers in key markets and rouble exchange rate fluctuation.
Revenue for 9M 2020 was relatively unchanged year-on-year at RUB 195.0 billion (USD 2.8 billion). The Company managed to maintain revenues in line with the previous year despite lower average sales prices for phosphate-based and nitrogen fertilizers in 2020.
In 3Q 2020, the Company's EBITDA increased by 27.0% year-on-year to RUB 27.1 billion (USD 368 million) thanks to an increase in fertilizer sales at a time when global raw materials prices were lower. EBITDA margin increased by 5 pp to 38.1%.
EBITDA for 9M 2020 increased by 2.3% year-on-year to RUB 65.9 billion (USD 928 million). EBITDA margin was 33.8%.
The Company's free cash flow in 3Q 2020 increased more than fivefold year-on-year to RUB 19.4 billion (USD 264 million). This considerable increase was due to higher sales and more efficient management of working capital.
Free cash flow reached RUB 39.7 billion (USD 567 million) for 9M 2020, an increase of 21.8% year-on-year.
Net profit for 9M 2020, adjusted for the effect of currency exchange differences, was RUB 39.3 billion (USD 557 million), up 13.8% year-on-year.
As of 30 September 2020, net debt amounted to RUB 149.9 billion (USD 1.9 billion), and net debt/EBITDA as of the end 3Q was 1.95x, remaining stable over the past several quarters.
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