Rouble depreciation double-edged sword for EuroChem Q3 financials

By James Sean Dickson
Published: Friday, 14 November 2014

The Russian currency has fallen by 25% since June, and EuroChem benefited substantially from this as an exporter, as was evidenced by its EBITDA growth. However, the company’s externally held debt increasing in relative value against the rouble saw the company make a net loss for Q3 2014.

Russia-based, Switzerland-headquartered fertiliser producer EuroChem Group AG has reported strong 52% year-on-year (y-o-y) growth in EBITDA* for Q3 2014, to Russian rouble (R) 13.2bn ($365m**), despite a substantial shift into net loss for the quarter of R8.4bn ($240m).

The y-o-y fall from Q3 2013’s profit of R3bn ($93m)...

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