Net profit "EvroHima" on international financial reporting standards (IFRS) in the first half of 2018 decreased by 23.7% compared with the figure for the same period in 2017, to $210 million, to the report of the company.

Revenue in the reporting period increased by 11%, to $2.7 billion, gross profit by 12% to $1 billion, EBITDA showed an increase of 15% to $677 million net debt/EBITDA at 30 June 2018 was 2.78 x against of 2.88 x at December 31, 2017.

Following the results of II quarter the profit of the company was reduced in 3,5 times in comparison with II quarter of 2017 to $15.1 million gross profit for the reporting period increased by 39% to $513 million, revenue increased 24% to $1.3 billion, EBITDA increased by 17% to $339 million

The amount of long-term liabilities of the group at 30 June 2018 $3 billion 289.7 million versus $4 billion on December 31, 2017. The group ended the second quarter with total net Covenant debt $3,36 billion, while the level of the covenants in the debt portfolio is 3.5 x.

Sales

Due to the volume of sales of fertilizers in the II quarter at the level of 3.5 million tonnes, sales volumes in the first half increased to 6.9 million tonnes compared to 6.8 million tonnes in the first six months of 2017, says the company. This is due to the fact that the group has shifted to the production of potash-ammonium nitrate, ammonium nitrate and KAN (nitrogen-limestone fertilizer) and compound fertilizers on the background of more favourable market conditions.

In addition, by expanding distribution capabilities, the group increased sales of products from other manufacturers to 1.87 million tons (+0,5% compared to the same period last year).

The sales volumes of mining products in the second quarter exceeded the figure for the same period last year by 31% to 1.51 million t sales of this product in the first half amounted to 2.94 million tons, which is 3% higher than last year.

About the company

EuroChem Group AG is one of the world's largest producers of mineral fertilizers. The head office of EuroChem Group AG located in Switzerland, production, logistics, marketing companies - in Belgium, Lithuania, Estonia, China, Russia, Germany, USA, employed over 25 thousand people.

The main shareholder of the company is Andrey Melnichenko, who through AIM Capital SE controls 90% of the company shares, 10% of the shares indirectly owned by Dmitry Strezhneva. The group acquired a controlling stake (50% + 1 share) of FTO in 2016 as part of a strategy to strengthen its presence in the fast-growing Latin American fertilizer market.