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EuroChem reports audited IFRS financial information for 2010

 

Q4 2010 Q4 2009 2010 2009
RUB bn USD m RUB bn USD m Chng RUB bn USD m RUB bn USD m Chng
Revenue 28.1 916 18.3 622 54% 97.8 3,220 73.6 2,319 33%
EBITDA 10.6 345 3.1 104 246% 29.9 986 16.5 521 81%
Net profit 8.3 271 2.2 73 285% 20.1 660 11.1 349 81%
Cash from operations 9.0 294 4.6 155 98% 26.2 862 17.5 553 49%
31 December 2010 31 December 2009
Net Debt/ LTM* EBITDA 1.13 2.21
Average RUB/USD exchange rate for periods: Q4 2010: 30.71; Q4 2009: 29.47; 2010: 30.37; 2009: 31.72
* Last Twelve Months

Moscow, February 28, 2011 – EuroChem today reported a consolidated IFRS net profit for the year ended 31 December 2010 of RUB 20.1bn, up 81% from RUB 11.1bn in 2009. Consolidated revenues increased 33% to RUB 97.8bn for 2010 from RUB 73.6bn for the previous year. EBITDA for the full year 2010 was RUB 29.9bn, increasing 81% vs. RUB 16.5bn in 2009. The EBITDA margin for the period was 31%, compared to 22% for 2009.

Due to favorable trends in product prices, revenue and EBITDA in Q4 accounted for 29% and 35% of the full-year result. Net profit for Q4 2010 amounted to RUB 8.3bn, up 285% from RUB 2.2bn in Q4 2009.

Fertilizer sales volumes for 2010 were up 8% year-on-year, with combined nitrogen and phosphate volumes at 8,086 thousand tonnes (KMT) (excl. iron ore and baddeleyite). Iron ore and baddeleyite sales volumes increased 10% to 6,124 KMT in 2010 compared with 5,584 KMT for the year 2009.

CEO Dmitry Strezhnev said: “Our results not only reflect the rising prices for our products but also our past investments in the business, which today allow us to produce an increasing proportion of higher-margin products. Fertilizers remain a key part of the global food supply system, the security of which for the global well-being is hard to overestimate – as recent events around the world have shown. We remain committed to increasing our production capacities in response to the long-term growth in demand for our products regardless of economic cycles such as the one we just went through. We have continued to deliver on our strategy, achieving important milestones on our priority investment projects, including additional granulated urea production, heat recapture systems to generate electricity from heat produced during the production stage, as well as our potash projects, where active shaft sinking started at our Gremyachinskoye deposit.”

Notes:

EuroChem Group is a top ten agrochemical company globally by nutrient capacity. It produces primarily nitrogen and phosphate fertilizers, which are supplied to agricultural producers and related intermediaries worldwide, as well as certain organic synthesis products and iron ore. EuroChem’s main manufacturing assets include Nevinnomysskiy Azot, Novomoskovskiy Azot, Phosphorit, EuroChem – BMU, Kovdorskiy GOK plants in Russia and Lifosa plant in Lithuania. The Group is vertically integrated with activities spanning from mining to production logistics and distribution. EuroChem holds licenses to develop potash reserves in Russia which entitle it to an estimated fifth-largest volume of potash reserves globally.

Consolidated audited financial information for the year ended 31 December 2010 is available on the EuroChem website: http://www.eurochem.ru/investors/financials.

Key financial and non-financial data is also available in the following table.

For more information contact:

Investors Media
Olivier HarveyHead of Investor RelationsPhone: +7 495 795 25 27 ext 1519
Fax: +7 495 960 22 93E-mail: ir@eurochem.ru
Vladimir TorinHead of Public RelationsPhone: +7 495 795 25 27 ext. 1440
Fax: +7 495 960 22 93E-mail: Vladimir.Torin@eurochem.ru

Global economy and agricultural commodities

The supply shocks caused by bad weather/poor crops in many key agricultural regions (Russia, Kazakhstan, Pakistan, Canada, Australia, Argentina, etc.) in 2010 lowered global grain inventories and tightened the supply-demand balance. This, coupled with the global monetary easing, has contributed to the sharp rise in key soft commodity prices, which in turn are boosting farmer finances and their intended consumption of fertilizers.

Credit markets stabilized following their virtual closure during the 2008-2009 financial crisis, helping farmers and distributors finance the purchase of the crop inputs they required.

Combined, all of these factors have led to the robust recovery in fertilizer demand, particularly in the P and K segments, driven by a depleted supply chain coupled with the under-fertilization observed in 2009.

Further tightening in the global fertilizer supply-demand balance was caused by China’s extension of the higher export tax window for urea and MAP/DAP in December 2010.

Nitrogen

Global agricultural consumption of nitrogen increased by 2% in 2010, from 101.9 to 103.9 MMT of nutrients. Urea prices averaged USD 287/MT (FOB Black Sea) in 2010, compared to USD 250/MT in 2009. In January 2011 to date, urea prices have averaged USD 374/MT.

Natural gas prices rose in Russia (by 15% in RUB terms to ca. USD 3.1/mmBtu for 2011), Ukraine (to USD 9.5/mmBtu delivered to plant), for Eastern European producers (to USD 9.8-10.5/mmBtu), but remain low in the US. Spot gas in Europe was relatively inexpensive in 1H 2010 at USD 5.8/mmBtu, but climbed to USD 8.5-9.0/mmBtu in Q4 2010 on tightening supply-demand balance. Oil-linked contract gas in Western Europe stood at USD 10.5/mmBtu.

Current marginal producers in Ukraine and Eastern Europe are estimated to break even at USD 280-300/tonne for urea FOB Black Sea.

Rising coal prices continue to push costs up for the Chinese producers. Additionally, China shut down an estimated 4.0-4.5 MMT p.a. coal-based ammonia and urea capacity on environmental and energy concerns.

Phosphate

Global consumption of phosphate fertilizers increased by 7.9% to 39.0 MMT of P2O5 in 2010 from 36.1 MMT of nutrient in 2009. Average DAP prices for 2010 recovered to USD 485/MMT (FOB Baltic) from USD 328/MMT in 2009.

Prices were driven by strong recovery in demand from farmers, low inventory levels and under-fertilization in 2009 (global consumption of phosphates decreased by 12% in 2008 and retreated a further 7% in 2009 compared to 2007) and the delays surrounding the introduction of new capacity.

Environmental issues also influenced the market in 2010, as certain leading phosphate players were forced to temporarily curtail their production of phosphate rock, while some players in Europe completely stopped production of phosphoric acid in 2010.

Potash

Global potash sales fully recovered in 2010, amounting to 53 MMT of product (KCl), with global deliveries projected to rise further to 55-56 MMT in 2011. Prices bottomed in early 2010, with China and India respectively settling contracts at USD 350/MMT and USD 370/MMT on a CFR basis.

In early 2011, BPC concluded a 6-month contract with Chinese buyers at USD 400/MMT; spot prices in Brazil and Asia rose to the USD 430-450/MMT level (all expressed on CFR basis).

The industry continues to consolidate with Uralkali and Silvinit merging in Russia, K+S acquiring a majority stake in Potash One (Canada), while the Government of Canada’s intervention in BHP Billiton’s hostile takeover of PotashCorp further highlighted the sector’s strategic role in the global food supply.

EuroChem remains the only clear contender to become a new sizeable player in the market and bring greenfield capacity online any time before 2015.

BUSINESS SEGMENTS

Segmental revenues (both volume and value) are shown gross, inclusive of intra-segment sales.

Nitrogen segment

Sales volumes for EuroChem’s nitrogen segment increased 5%, from 5,377 KMT in 2009 to 5,671 KMT in 2010 on the back of the overall market recovery. Sales of organic synthesis products, which are also reported as part of the nitrogen segment, were up 23% compared to 2009, amounting to 455 KMT in 2010. Volumes, combined with higher prices on the overall product mix (see Market Conditions above) provided for a 19% increase in revenues for the nitrogen segment, to RUB 47.2bn in 2010 vs. RUB 39.6bn a year earlier. Nitrogen EBITDA for 2010 was RUB 13.6bn, 46% higher than the RUB 9.3bn result for 2009, primarily due to revenues rising faster than costs.

Average gas prices in 2010 for EuroChem’s NAK Azot and Nevinomysskiy Azot nitrogen plants were RUB 2,753 and 2,920 per 1,000m3 respectively (c. USD 2.80 and 2.97/mmbtu), compared to RUB 2,178 and 2,327/1,000m3 (c. USD 2.12 and 2.27/mmbtu) in 2009, following the 15% rise in Russian gas prices effective as of January 2010.

Phosphate segment

Phosphate segment performance was strong in 2010, with sales growing 56% y-o-y to RUB 48.5bn. Supported by increased volumes and significantly stronger prices, especially for iron ore, which is extracted at the Kovdorskiy GOK apatite mine and reported in the phosphate segment, EBITDA in 2010 was RUB 16.8bn, up 279% compared to RUB 4.4bn in 2009.

MAP, DAP and other phosphate sales volumes increased 14% in 2010 to 2,415 KMT vs. 2,115 KMT in 2009. Iron ore volumes were 6,116 KMT in 2010, which was 10% above the 2009 level of 5,579 KMT. Market prices for iron ore were on average 80% higher (CFR China) in 2010 than during the previous year.

Potash segment

EuroChem made important advances in the development of its potash deposits in the Volgograd (Gremyachinskoye deposit) and Perm (sections of Verkhnekamskoye deposit) regions during 2010 and remains on track to launch its first potash production in late 2013. While the company had initially planned to start developing the Verkhnekamskoye deposit after phase I of the Gremyachinskoye deposit came online, the decision was taken to accelerate development at Verkhnekamskoye, while continuing as planned with Gremyachinskoye, where active shaft sinking is currently underway. As of December 31 2010, EuroChem had proceeded with total investments of RUB 18.7bn and RUB 6.4bn at its Gremyachinskoye and Verkhnekamskoye deposits, respectively.

Distribution segment

EuroChem’s Distribution business continued to grow in 2010, despite the summer drought in Russia. Distribution consists of sales of mineral fertilizers as well as items not produced by EuroChem such as seeds, crop protection etc, and services to farmers through its own retail centres in Russia and the CIS.

Sales from EuroChem-owned outlets during 2010 increased to RUB 8.54bn, up 58% from RUB 5.39bn in 2009. This represented 9% of EuroChem’s overall sales for 2010. Distribution segment EBITDA in 2010 was RUB 490m, compared to RUB 22m a year earlier. Segment fertilizer volumes (sales through outlets owned by EuroChem only) rose 50% to 858 KMT of product for 2010 against 573 KMT of product in 2009. In part due to the success and support of the distribution segment, EuroChem estimates that it achieved a Russian market share of 28% in N and 21% in P consumption as of December 31, 2010.

FINANCIAL

Income statement

Driven by a recovery in prices and volumes, especially in the P segment, consolidated revenues increased by 33% in 2010 to RUB 97.8bn from RUB 73.6bn in 2009. The recovery in revenues was especially pronounced in the phosphate segment, which was more affected by the global economic downturn in 2009 than the nitrogen segment. Nitrogen fertilizer consumption tends to remain more consistent through cycles due to the critical role it plays for plant growth and the necessity to regularly replenish this nutrient in most soils. Higher prices for iron ore, a co-product of the apatite mining process at Kovdorsky GOK, contributed to the Phosphate segment result as well, adding RUB 15.7bn to segment revenues and ca.RUB 7.6bn to EBITDA. Distribution, while still a relatively small portion of EuroChem revenues, grew both on the economic recovery and continued expansion of the distribution network.

Cost of sales rose 17% in 2010 to RUB 50.2bn from RUB 42.9bn in 2009. This rise was slower than the 33% increase in revenues as nearly all of the major items in the cost structure grew at a slower pace than product prices and EuroChem’s sales during the year. Materials and components used or resold, which traditionally accounts for just over 50% of cost of sales (2010: 56%) increased 30% to RUB 28.4bn in 2010 from RUB 21.9bn in 2009. Overall gas costs for fertilizer production increased by 30% to RUB 2.8bn, or by 26% due to increased prices and by 4% due to increased volumes.

While natural gas prices in Russia continue to increase incrementally, EuroChem continues to enjoy a significant cost advantage over competitors in countries and regions with higher gas prices (Ukraine, Europe). Under the current price liberalization plans of the Russian government, although domestic gas prices are eventually expected to reach netback parity with European prices, cost advantages are expected to remain for Russian gas consumers by virtue of savings on gas transportation costs and the duty levied on natural gas exports.

Energy costs increased 22% to RUB 5.6bn in 2010 from RUB 4.6bn in 2009. This growth was primarily due to rising energy tariffs and, to a lesser degree, due to higher energy use resulting from increased production volumes.

Labour costs (14% of cost of sales in 2010) were up 14% to RUB 7.3bn in the reported period from RUB 6.4bn a year earlier. This was due to a number of factors, including a one-time salary indexation in Q1 2010 and higher bonus accruals on better corporate performance in 2010.

Distribution costs increased 5% to RUB 17.8bn in 2010 (2009: RUB 16.9bn). This was primarily due transportation costs, which account for 87% of the distribution costs line, increasing 8% from RUB 14.2bn in 2009 to RUB 15.4bn in 2010. A combination of factors contributed to the growth in transportation costs, including rising domestic rail transportation tariffs for the company’s products and increased volumes of transportation.

General and administrative (G&A) expenses increased 15% in 2010 to RUB 3.8bn from RUB 3.3bn in 2009. G&A labour costs, which account for 56% of G&A expenses, increased 31% y-o-y to RUB 2.1bn. As above, this increase was due to a one-time salary indexation in Q1 2010 and higher bonus accruals for 2010.

EuroChem’s other operating expenses in 2010 amounted to RUB 17m, compared to other operating income of RUB 225m in 2009 as restored sponsorship activities returned to previous levels and foreign exchange gains (the main reason for the other operating income in 2009) were not as pronounced as in the previous period.

Below the operating profit line, EuroChem received RUB 148m in gross dividend income from its shares in K+S AG in May 2010, compared to RUB 2.2bn a year earlier. Income of RUB 1.4bn came from the sale of shares in K+S during 2010, compared to income of RUB 967m a year earlier. EuroChem booked a financial foreign exchange loss of RUB 390m in 2010 vs. a gain of RUB 748m in 2009 as a result of translation of financial assets and liabilities, denominated in foreign currency – loans, deposits with banks and borrowings, given the slight depreciation of the RUB versus the USD that occurred in 2010.

Interest expense increased 4% year on year as the company continued to pay down the low-rate USD 1.5bn syndicated pre-export facility obtained in October 2008, while securing new longer-term finance at somewhat higher interest rates, as discussed in more detail below.

Balance sheet

In 2010 net working capital decreased to RUB 10.8bn from RUB 12.5bn in 2009. This is mainly due to increases in inventories (up 21%) and trade receivables (up 26%) resulting from the recovery in sales in 2010 after the 2009 slowdown and increases in trade and other payables. Current restricted cash declined from RUB 551m reserved for the next principal and interest payments on bank loans in 2009 to RUB 37m held in compliance with regulatory requirements in 2010.

The company uses fixed rate and floating rate debt to finance its operations, and has obtained several new facilities in the course of 2010. In March 2010, the company signed a 10-year USD 261m ECA-backed facility for the construction of the Gremyachinskoye mine cage shaft. During the third quarter, the company signed a USD 250m 5-year credit line agreement, as well as a 13-year EUR 36.7m ECA-backed facility for the purchase of hoisting equipment at the Gremyachinskoye potash mine. New fixed rate debt is represented by two domestic bond issues of RUB 5bn each placed in July and December 2010, due in 2018 with a 5-year put option and coupon of 8.9% p.a. and 8.25%p.a., respectively.

As of 31 December 2010, EuroChem owned 16.7 million shares (8.7% of the issued share capital) of K+S AG, the German potash and salt producer, which had a fair value of RUB 37.9bn at the end of the period based on the price of EUR 56.36 per share.

Net debt to EBITDA declined throughout the year, reaching 1.13x as at December 31, 2010.

Cash flow

Operating cash flow for 2010 was RUB 26.2bn, compared to RUB 17.5bn a year earlier. The increase was primarily due to the higher operating profit. Free cash flow (FCF) was RUB 11.9bn, compared to a negative FCF of RUB 9.5bn in 2009.

Dividends

During 2010 the company paid dividends to its shareholders of RUB 5.8bn (2009: nil).

OUTLOOK

Demand for all nutrients increased in Q1 2011 on all markets across the board, as high spring season and the strength in agricultural commodities stimulated farmers to buy more fertilizers to compensate for the previous years’ under-fertilization in phosphates and potash and increase crop output.

Certain delays in new supply (e.g. Qafco V plant now due to start in Q4 2011 compared to previous expectations of mid-2011, Ma’aden not expected to start before Q4 2011 with market impact only toward mid-2012) as well as the widening of the higher-tax window for fertilizer exports from China supported stronger pricing in nitrogen and phosphates in early 2011.

The recent events in North Africa have also affected the market somewhat, as strikes in Tunisia in January-February 2011 resulted in lower production and exports of local phosphates. There were also some suspensions in shipments of urea from Egypt due to political unrest in February, which now appear to have been resolved.

As the spring planting season finishes, there will be a seasonal price correction in nitrogen and phosphates, but overall we expect 2011 average fertilizer prices to be materially higher than in 2010. Iron ore prices remain stronger than previously expected buoyed by Chinese demand.

KEY FINANCIAL AND NON-FINANCIAL DATA

RUB mln Q410 Q310 Q210 Q110 Q409 Q309 Q209 Q109 2010 2009 2008
Revenues 28,137 24,261 23,780 21,609 18,330 18,775 17,220 19,252 97,788 73,577 112,174
Nitrogen (including sales to other segments) 14,315 9,882 10,969 12,056 10,303 9,306 9,718 10,250 47,222 39,577 55,920
Phosphates (including sales to other segments) 12,782 13,871 12,623 9,226 7,207 8,513 7,319 8,085 48,502 31,124 52,016
Other (including sales to other segments) 8,562 7,437 6,576 5,924 5,771 4,906 4,063 5,744 28,499 20,484 28,829
Reconciliation −7,523 −6,929 −6,388 −5,596 −4,951 −3,950 −3,880 −4,827 −26,435 −17,608 −24,592
Including: revenues from sales of 3d party products 821 168 45 47 381 482 156 705 1,081 1,724 4,044
Including: revenues from exports to non-CIS markets 19,113 15,482 15,161 12,436 12,232 12,210 11,987 13,519 62,193 49,948 83,799
Including: revenues from exports to CIS markets 2,655 3,394 3,311 3,207 2,250 3,146 2,058 1,578 12,567 9,032 9,284
Cost of sales −13,266 −12,413 −11,800 −12,727 −10,911 −11,155 −9,881 −10,936 −50,206 −42,884 −45,798
Including gas and energy −4,621 −4,308 −4,198 −4,505 −3,998 −3,438 −3,334 −3,100 −17,631 −13,870 −11,899
Including other materials and components −4,821 −4,091 −3,875 −3,558 −3,423 −3,529 −2,699 −2,987 −16,345 −12,639 −21,138
Including labour costs −1,724 −1,672 −1,644 −2,229 −1,626 −1,483 −1,429 −1,825 −7,269 −6,362 −6,446
Including changes in work in progress and finished goods 761 −134 95 −137 114 −1,012 −352 −815 585 −2,065 3,090
Gross profit 14,871 11,849 11,980 8,883 7,418 7,620 7,339 8,316 47,582 30,693 66,376
Gross profit margin, % 53% 49% 50% 41% 40% 41% 43% 43% 49% 42% 59%
Distribution costs −4,641 −4,740 −4,792 −3,611 −4,226 −4,173 −4,328 −4,218 −17,785 −16,944 −21,951
G&A expenses −971 −926 −926 −932 −950 −719 −660 −932 −3,754 −3,261 −3,209
Other operating income / expense, net 250 −779 413 99 41 −521 −585 1,290 −17 225 −325
Operating profit 9,509 5,403 6,675 4,439 2,283 2,206 1,766 4,456 26,026 10,712 40,890
Operating profit margin, % 34% 22% 28% 21% 12% 12% 10% 23% 27% 15% 36%
Financial foreign exchange gains / (losses) −239 984 −2,531 1,396 −56 1,885 4,549 −5,629 −390 749 −3,766
Financial income and expense, net 865 −517 −727 −246 576 −37 2,061 −357 −625 2,243 −345
Pre-tax profit 10,135 5,870 3,417 5,590 2,803 4,055 8,376 −1,530 25,011 13,705 36,780
Taxation −1,811 −1,099 −929 −1,120 −640 −797 −987 −205 −4,959 −2,629 −8,891
Net profit after tax 8,324 4,771 2,488 4,470 2,163 3,258 7,389 −1,735 20,052 11,075 27,889
Net profit margin, % 30% 20% 10% 21% 12% 17% 43% −9% 21% 15% 25%
Operating profit before depreciation and amortisation 10,479 6,281 7,511 5,221 3,024 2,944 2,513 5,207 29,492 13,689 43,726
EBITDA 10,581 6,347 7,717 5,292 3,055 3,136 4,925 5,400 29,937 16,516 44,297
EBITDA margin, % 38% 26% 32% 24% 17% 17% 29% 28% 31% 22% 39%
Dividends declared in the period 4,236 1,598 5,834 10,456
Total equity 94,505 84,014 73,013 77,577 73,195 68,458 67,585 58,128 94,505 73,195 61,037
Non-current assets 120,435 110,931 98,264 101,675 99,662 92,848 94,788 84,154 120,435 99,662 64,414
Capital expenditure on PP&E and intangible assets 6,877 6,323 4,269 2,994 4,867 4,409 4,316 5,110 20,464 18,702 18,818
Net debt (borrowings less cash) 33,893 35,895 34,677 33,406 36,545 35,512 40,240 47,294 33,893 36,545 25,258
Net Working capital 10,758 11,474 12,328 11,781 12,481 13,550 15,173 17,742 10,758 12,481 17,886
Finished goods, days 28 25 25 26 28 28 32 36 28 28 41
Trade accounts receivable, days 10 15 16 15 11 13 7 12 10 11 10
Accounts payable, days 16 14 13 12 12 13 11 10 16 12 15
Gross cash flow 8,980 5,227 6,441 4,299 2,624 1,936 3,305 5,051 24,947 12,916 33,565
Other cash from operations 58 795 −197 592 1,937 1,437 1,099 150 1,247 4,623 −6,809
Cash flows from operating activities 9,038 6,022 6,244 4,890 4,561 3,374 4,431 5,174 26,194 17,539 26,755
Cash flows from investing activities −1,266 −6,381 −4,121 −2,563 −4,220 −649 −1,995 −20,181 −14,331 −27,045 −35,543
Free cash flow 7,772 −359 2,123 2,327 340 2,725 2,436 −15,007 11,863 −9,507 −8,788
Cash flows from financing activities −4,961 −98 −3,056 −5,227 −4,236 721 −3,671 −690 −13,342 −7,876 18,031
Effect of exchange rates −36 79 28 −371 28 45 −696 2,458 −300 1,834 1,914
Net (decrease) / increase in cash and cash equivalents 2,775 −377 −906 −3,271 −3,868 3,490 −1,931 −13,240 −1,780 −15,549 11,157
Sales volumes, including sales to other segments (KMT)
Nitrogen
Ammonia 85 133 135 168 187 179 132 145 521 643 616
Urea 525 354 411 418 356 363 391 402 1,709 1,512 1,168
AN 457 375 382 496 577 323 441 489 1,710 1,830 1,479
UAN 217 117 147 199 123 206 174 162 680 665 920
Complex fertilizers 107 99 129 121 79 106 76 80 456 341 349
CAN 61 28 28 23 15 1 140 16
Organic synthesis products 107 103 128 117 134 91 79 65 455 369 492
Phosphates
MAP, DAP 379 534 463 474 405 519 366 378 1,849 1,668 1,386
Complex fertilizers 2 15 4 2 3 9 2 4 23 18 29
NP 9 24 41 13 8 17 21 6 87 52 116
Feed phosphates 64 65 57 50 44 46 39 34 236 163 210
Apatite 52 51 73 44 35 39 62 78 219 215 273
Mineral raw materials
Iron ore 1,579 1,549 1,603 1,385 1,772 1,556 1,463 787 6,116 5,579 4,688
Baddeleyite 3 1 2 2 2 2 1 1 8 5 7
Permanent employees 19,614 19,469 19,214 19,224 20,034 20,111 20,057 20,030 19,614 20,034 21,526
Production 9,348 9,288 9,171 9,255 10,926 11,495 10,190 10,607 9,348 10,926 13,439
Service 7,349 7,187 7,087 7,018 5,803 5,011 6,093 5,542 7,349 5,803 4,460
Logistics 1,008 1,093 1,070 1,050 1,093 1,241 1,315 1,300 1,008 1,093 1,268
Sales, admin and other 1,909 1,901 1,886 1,901 2,212 2,364 2,459 2,581 1,909 2,212 2,359
Average RUB / USD exchange rate for the period 30.71 30.62 30.24 29.89 29.47 31.33 32.21 33.93 30.37 31.72 24.86
End of period RUB / USD exchange rate 30.48 30.40 31.20 29.36 30.24 30.09 31.29 34.01
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