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.

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Cardinal rules

Smoking in mines is prohibited.
Work at heights without wearing a safety harness is prohibited.
Work in electrical installations under voltage is prohibited.
It is forbidden to perform work and stay in the bottomhole zone during the operation of the mining machine.
Loading and unloading operations when people are in the danger zone are prohibited.
Working in underground mines with unsecured and/or unassembled roofing is prohibited.
It is forbidden to carry out repairs and maintenance of conveyors without disconnecting from energy sources, use of conveyors for transfer of people and goods (materials and/or equipment), crossing (either above or under) operating conveyors by employees are not allowed.
It is forbidden to carry out welding and flame work in underground mines and mine buildings without the necessary safety measures preventing fire.