All Posts from February 25, 2022

LSB Reports Record 4Q, Full-Year; Expects Robust 2022, Change in Product Mix

Ammonia, Ammonium Nitrate, Earnings, News, Sulfuric Acid, UAN

LSB Industries Inc., Oklahoma City, reported record results for net sales and adjusted EBITDA for both the quarter and year-ending Dec. 31, 2021.

Full-year net income pulled into the black at $43.5 million on net sales of $556.2 million, up from the year-ago loss of $61.9 million and $351.3 million, respectively. Gross profit was $139 million, up from $17 million, while operating income was $101 million, up from the year-ago loss of $15.5 million.

Adjusted EBITDA soared to $191 million from $65.5 million. However, net income attributable to common shareholders was a loss of $220 million ($4.40 per diluted share), versus the year-ago loss of $99.4 million ($2.71 per share).

Fourth-quarter net income was $42.1 million on net sales of $190.2 million, up from the year-ago loss of $21.7 million and $88.9 million, respectively. Gross profit was up at $78.5 million from a loss of $3.5 million, while operating income was $70 million versus the year-ago loss of $10.2 million.

Adjusted EBITDA was $90.1 million, up from $10.4 million. Net income attributable to common shareholders was $42 million ($0.47 per share), up from the year-ago loss of $31.6 million ($0.86 per share).

“We delivered record results and substantial growth in net sales and adjusted EBITDA in both the fourth quarter and full-year 2021,” stated Mark Behrman, LSB President and CEO. “Our strong performance reflects a confluence of positive factors, including favorable trends in product selling prices coupled with our ability to operate our facilities reliably, along with the benefits of our successful commercial initiatives over the past several years. We believe that given the current favorable grain prices, and the expectation that they will continue throughout 2022, combined with crop inventories at multi-year lows, farmer income will remain robust supporting strong pricing for the year.

“With the free cash flow generated in 2021, our significantly lower cost of capital, and greater liquidity following our October 2021 debt refinancing, we are extremely excited to have the financial flexibility to pursue a number of earnings and cash flow growth opportunities,” he added. “In addition, in 2022 we will intensify our focus on planning and implementing our decarbonization activities, including the production of low carbon/no carbon ammonia, and expect to have an announcement regarding our path forward on these initiatives in the coming months.”

LSB expects ag products to have a robust 2022, with the company citing high corn prices, positive ethanol demand, and dry conditions in South America and the Western U.S. that could restrict supplies. It also sees good demand for its industrial products. LSB believes the strong fall ammonia application season was an indication of 92-93 million acres of corn to be planted this year.

While natural gas prices were up in 2021, the company said they were a fraction of the increase in the selling prices of its products and were low compared to the significantly elevated prices in Europe that shuttered production in late 2021.

LSB expects overall sales volumes in 2022 to be higher than 2021, though it will have major third-quarter turnarounds at El Dorado (24 days) and Pryor (30 days). They are expected to reduce ammonia production by 50,000 st and cost $15-$20 million.

LSB’s forecast also reflects a shift in product mix toward the production of higher margin products. UAN, nitric acid, and sulfuric acid estimates are up over year-ago levels, while ammonium nitrate is down. Ammonia production is expected to be up, but sales down as the company utilizes more for downstream products.

The company said it is sold out of nitric acid at El Dorado for 2022 due to a major contract it inked last year.

The company is targeting approximately $15 million of capital investment for margin enhancement projects to optimize storage and distribution capabilities that could also enhance production. During the year, LSB said it will evaluate debottlenecking projects that could increase production by 20-40 percent.

LSB also plans announcements on blue/green ammonia initiatives later this year, with news expected out in late March on one or more feasibility studies.

LSB also said it would consider accretive acquisitions, with emphasis on geographic expansion, extending its existing product line, and leveraging its existing ammonia capacity.

Sector Net Sales ($/M) 4Q-21 4Q-20 Percentage Change
Agricultural 102 41.6 145
Industrial 69.7 35.9 94
Mining 18.5 11.4 63
Total 190.2 88.9 114
Ag Products Sold (st) 4Q-21 4Q-20 Percentage Change
UAN 126,476 131,665 (4)
HDAN 76,206 70,987 7
Ammonia        17,140 28,293 (39)
Other 1,733 2,997 (42)
Total 221,555 233,942 (5)
Avg Selling Price $/st 4Q-21 4Q-20 Percentage Change
UAN 382 132 189
HDAN 439 159 176
Ammonia        757 210 260
Industrial/Mining (st) 4Q-21 4Q-20 Percentage Change
Ammonia        57,661 68,483 (16)
AN, Nitric Acid, Other 140,567 124,238 13
Total 198,228 192,721 3
Other Factors 4Q-21 4Q-20 Percentage Change
Avg Nat Gas ($/mmBtu) 4.42 2.46 80
Tampa NH3 $/mt 851 239 256
Volume Outlook (st) FY22 FY21 (Actual)
Ammonia Production 770,000-790,000 765,000
Turnarounds    
El Dorado 24 Days —
Cherokee — 40 Days
Pryor 30 Days —
Ag Sales    
UAN 450,000-470,000 440,000
HDAN 220,000-240,000 266,000
Ammonia        50,000-70,000 70,000
Industrial, Mining, and Other Sales    
Ammonia        230,000-250,000 234,000
AN, Nitric, and Other 430,000-450,000 442,000
Sulfuric Acid 135,000-155,000 136,000

K+S Aktiengesellschaft – Management Brief

Germany, Management Briefs

The Supervisory Board of K+S Aktiengesellschaft, Kassel, Germany, has mutually agreed with CFO Thorsten Boeckers, 46, to terminate his service agreement at the end of February 2022. Dr. Burkhard Lohr, Chairman of the Board of Executive Directors, will assume the function of CFO on a transitional basis. Holger Riemensperger, Chief Operating Officer, will simultaneously take over the duties of Labor Director from Dr. Lohr.

“We would like to thank Mr. Boeckers for his work over the past years,” said Dr. Andreas Kreimeyer, Chairman of the Supervisory Board. “During his service on the Board of Executive Directors, he successfully contributed to the reduction of debt and the restructuring of the company. We wish Mr. Boeckers all the best for the future, both in his professional and private life.”

The Board has appointed Dr. Christian H. Meyer, 50, as the new CFO. He will take over the management and further development of the finance area at K+S in spring 2023.

“We are looking forward to working with Dr. Meyer. He is a renowned financial expert with many years of experience as an auditor and tax advisor. We welcome him as a future member of the Board of Executive Directors in the K+S team,” said Dr. Kreimeyer.

Dr. Meyer is a Partner at Deloitte GmbH Wirtschaftsprüfungsgesellschaft in the field of Audit & Assurance. He also lectures at Georg-August-University, Göttingen, Faculty of Economic Sciences. He holds a doctorate from the same university.

Emmerson Plc – Management Brief

Isle of Man, Management Briefs, Potash

Potash junior Emmerson Plc, Isle of Man, has appointed Jim Wynn as CFO, effective immediately.

Wynn has held senior management positions for a number of resource companies, including most recently as CFO of Moxico Resources Plc, and previously as CFO of Rainbow Rare Earths Ltd. and finance director of Avocet Mining Plc, where he set up a partnership with Moroccan mining group Managem SA over the Tri-K project in Guinea.

He also serves on the board of exploration company GreenRoc Mining Plc. Prior to this, Wynn was employed by Anglo American Plc, where he worked within the finance, business development, and strategy departments of Anglo Industrial Minerals.

Emmerson is developing the 100 percent-owned Khemisset Potash Project in northern Morocco, which in full production would produce 800,000 mt/y of potassium chloride (GM Nov. 12, 2021; April 16, 2021).

Acron Group – Management Brief

Management Briefs, Russia

Acron Group, Moscow, on Feb. 24 announced the appointment of Inna Fakhrislamova as Vice President for Procurement and Inventories. In this role, Fakhrislamova will focus on ensuring efficient procurement at the group’s facilities and continue the group’s move toward digitalization and increased transparency in procurement procedures, including for construction, upgrades, and repairs.

She joined Acron Group in 2011 as business sustainability engineer and Sales Director at Verkhnekamsk Potash Co., the majority-owned subsidiary developing the Talitsky potash project in Russia’s Perm region. In 2017, Fakhrislamova was appointed Procurement Director and Acron’s Head of Procurement.

EuroChem FY2021 EBITDA Up on Higher Prices, Volumes, Efficiencies

Earnings, Europe, News, Nitrogen, Phosphate, Potash

EuroChem Group AG, Zug, Switzerland, reported a 127 percent increase in EBITDA to $3.86 billion on sales of $10.20 billion for the year ended Dec. 31, 2021, up from the year-ago $1.7 billion and $6.15 billion, respectively, according to the group’s IFRS statements.

Sales increased 66 percent year-over-year, while sales volumes were up 6 percent, to 27.25 million mt versus the previous year’s 25.63 million mt.

The fertilizer group cited a favorable pricing environment, the increase in sales volumes, and higher operating efficiencies.

“These encouraging results will allow EuroChem to build upon its position as a leading global fertilizer player,” said EuroChem Group CEO Vladimir Rashevskiy. “The supportive environment enables us to set even higher goals for ourselves and invest in ambitious new projects to stay on our growth trajectory.”

The CEO highlighted that the group had experienced several milestone events in 2021, including the ramp-up in potash output to 2.6 million mt from the Usolskiy and VolgaKaliy plants, and the signing of two share purchase agreements in Brazil: in August, to acquire the Serra do Salitre phosphate mine and plant in August (GM Aug.6, 2021), and in December, to purchase a controlling 51.48 percent stake in the Fertilizantes Heringer SA distribution business for $96.5 million (GM Dec. 31, 2021).

The group has completed the acquisition of the Serra do Salitre phosphate project in Minas Gerais state from Yara International ASA and said it took over the project on Feb. 22 (see related story).

“With the right mix of organic expansion and carefully managed M&A, we can lock in sustainable long-term business growth, and, importantly, continue to invest in our own production base,” Rashevskiy said.

EuroChem earlier this month made a binding offer for the acquisition of the nitrogen business of Austrian polyolefins and fertilizers major Borealis AG, and has begun exclusive negotiations to acquire the business, which includes fertilizer, melamine, and technical nitrogen products (GM Feb. 4, p. 1). The offer values the business on an enterprise value basis at €455 million (approximately $515 million at current exchange rates).

In terms of its finances, the group said it significantly improved its capital structure in 2021 by reducing its total debt, optimizing short-term debt share and its overall debt portfolio. Its net covenant debt fell to $3.562 billion as of Dec. 31, 2021, from the year-ago $4.278 billion. Its net covenant debt/covenant LTM EBITDA was reduced to 0.92x at end-2021 from 2.68x as of end-2020.

EuroChem received ratings upgrades from Moody’s, S&P, and Fitch through the course of the year.

In terms of sales and markets, the group noted tight markets as a feature of 2021, and a year dominated by high gas prices and political developments.

Curtailments and countervailing duties impacted trade flows, which made for “a fiercely competitive environment,” it said, “but also supported strong results by rewarding the more flexible and diversified operators.”

Against this backdrop, as noted above, EuroChem posted a 6 percent rise in total sales volumes over the previous year, with third-party products up 21 percent and accounting for 24 percent of sales volume. Fertilizer sales volumes increased by 7 percent to 19.10 million mt, up from the prior year 17.91 million mt. Sales of third-party products increased to 6.49 million mt, versus the year-ago 5.35 million mt.

The sales volumes increase was reflected across all segments, with nitrogen up 4 percent, phosphate fertilizers 17 percent, and potash 15 percent on the back of the company’s ramp-up of the Usolskiy and VolgaKaliy potash projects. The potash sales included the first commercial sales from EuroChem’s VolgaKaliy Potash Plant, which – according to the group – produced 228,000 mt of potash last year (see related story).

The group reported that nitrogen sales volumes continued to be driven by urea, which rose 18 percent to sales of 3.4 million mt amid tight markets in Europe due to high energy costs and limited availability from China. Ammonia sales rose 33 percent to 700,000 mt in a market also impacted by elevated feedstock costs that kept prices high and supply short, with some European capacity idled.

EuroChem became self-sufficient in ammonia after the June 2019 launch of its 1 million mt/y capacity EuroChem Northwest 1 facility (GM June 7, 2019), which in 2021 produced 991,000 mt.

UAN sales volumes dropped by 10 percent to 1.4 million mt year over year, but the group said U.S. sales remained roughly flat despite the imposition of preliminary antidumping duties on imports from Russia and Trinidad and Tobago.

In phosphates, sales of MAP/DAP climbed 10 percent to 2.6 million mt, with third-party product sales accounting for roughly 40 percent. EuroChem said the third-party sales, together with the group’s own production of phosphates fertilizers in Lifosa in Lithuania, one of the group’s E.U. assets, helped to increase sales volumes in the U.S. by 38 percent year over year.

EuroChem said its “gradual introduction of potash into global markets” passed the 2.5 million mt mark in 2021, an increase of 15 percent year-over-year. It noted that potash prices have been kept high due to supply restrictions stemming from political sanctions on Belarus and temporary supply disruptions from other key producers. The group sees global potash market fundamentals remaining bullish.

The group’s geographical sales base continues to be strongly diversified across key markets, dividing principally among Europe (21 percent), North America (15 percent), Latin America (23 percent), Russia (20 percent), and Asia Pacific (19 percent). It reported year-over-year reductions in volumes to Asia-Pacific (-19 percent) were attributable to iron ore volume redirection to the local Russian market (-24 percent year over year).

In terms of market outlook, EuroChem said despite geopolitical tensions, the importance of the agricultural and fertilizer sectors for global food security supports a favorable market outlook for 2022. It noted the International Monetary Fund (IMF) projects that the global economy will grow by 4.9 percent in 2022, while macro conditions will remain inflationary for commodity markets.

“Continued strong grain prices are supporting farmer economics and driving fertilizer demand across all nutrient groups in 2022. Trade export protectionism and sanctions restrict global trade flows and supply volumes, while unprecedented high gas and energy costs are driving up the marginal costs of production,” the group noted.

“Although some of these market drivers are expected to ease throughout 2022, they remain supportive of higher fertilizer prices on average in 2022 versus 2021,” said EuroChem.

“In spite of new nitrogen capacities to be launched during 2022, persistently higher marginal supply production costs look to maintain prices at a higher level on average in 2022 compared to 2021. In phosphates, restrictions on exports from China in the first-half should keep the market tight, global inventories low and support higher prices in 2022 overall. The potash market, meanwhile, will shift into a more balanced position in 2022 due to supply increases from Canada. However, the impact of Belarus sanctions on potash supply and demand will support firmer prices,” the group said.

EuroChem published its financial results on Feb.16, and before the Russian invasion of Ukraine on Feb. 24.

Selected sales volumes (‘000 mt)

Product FY2021 FY2020 % change FY2021 share of total
Nitrogen products 9,343 8,949 +4 34
Nitrogen fertilizers 9,289 8,912 +4 34
Phosphate products & complex fertilizers 7,249 6,774 +7 27
Phosphate fertilizers 3,127 2,680 +17 11
Complex fertilizers 3,715 3,705 0 14
Potash 2,512 2,191 +15 9
Total fertilizer sales 19,104 17,914 +7 70
Mining products1 6,041 5,737 +5 22
Industrial products 2,103 1,975 +6 8
Other sales n/a n/a n/a n/a
Total sales (including third party products) 27,248 25,626 +6  
Third party products 6,492 5,349 +21 24

EuroChem Provides Updates on Projects

Ammonia, Europe, News, News Briefs, Potash, Urea

EuroChem Group AG, Zug, Switzerland, this week updated on developments at its major investment projects as part of its full-year IFRS financial results.

The group reported that the EuroChem Northwest 2 project, which comprises a new 1 million mt/y ammonia plant and a 1.4 million mt/y urea plant in Kingisepp, Russia, has entered the active construction phase and the development remains on track to come on stream in 2023 (GM Aug. 20, 2021). The group green-lighted the project in February 2021 (GM Feb. 12, 2021).

EuroChem said the project capex spent as of December 31, 2021, stood at $738 million, or roughly half of total project costs. EuroChem Northwest 2 will be 80 percent funded by an off-covenant long-term project finance facility.

The Usolskiy Potash Plant, south of Berezniki, is expanding its Phase 1 facility, and the group said the plant is on track to reach 2.7 million mt/y capacity plant “soon.” Usolskiy produced 2.39 million mt of potash last year.

At the VolgaKaliy Potash Plant in Russia’s southern Volgograd region, EuroChem said the mine plan has been adjusted and coordinated with the shaft construction schedule following the integration of a new Mine Planning team (GM Aug. 20, 2021). The group reported the site produced 228,000 mt in 2021, with all volumes successfully sold to market.

The group reported exploration work continues at its potential third potash project outside Saratov in southwest Russia, the so-named SaratovKaliy Potash Project. Following positive analyses provided by 2D surveying, 3D seismic studies results will be available in the second quarter of 2022. The full feasibility study from this site will be completed in 2022.

EuroChem took the decision in 2019 to build an 8 million mt/y capacity transshipment terminal at the Russian Baltic port of Ust-Luga (GM June 14, 2019). The group said the port will serve as an important logistics terminal for product arriving by railcar from the EuroChem Northwest complex, just less than 50 km away, as well as other EuroChem and third-party cargoes.

The project passed to the execution stage in 2021 (GM April 2, 2021), and is scheduled for completion in 2024.

Grupa Azoty Subsidiary to Install New Compressors at Ammonia Plant

Ammonia, News, News Briefs, Poland

A subsidiary of Polish fertilizer and chemicals company Grupa Azoty SA, Zakłady Azotowe Kędzierzyn SA, is implementing a new project to rebuild the synthesis gas compression capacities for its ammonia plant through the installation of new compressors.

The project is designed to increase the ammonia capacities while optimising production costs, and is part of Grupa Azoty’s recently-adopted new strategy for 2021-2030 (GM Nov. 5, 2021). The project is expected to be completed in the first half of 2023.

The general contractor implementing the project is Grupa Azoty Polskie Konsorcjum Chemiczne, with the total project value estimated at Pln180 million (approximately $44.7 million at current exchange rates).

Waggaman Repairs to Take 6-8 Weeks; EBIT Impact Up to US$125 M

Ammonia, Australia, Featured, News

Incitec Pivot Ltd. (IPL), Southbank, Victoria, said on Feb. 25 repairs and the restart of the 800,000 mt/y Waggaman, La., ammonia plant will take six to eight weeks. IPL said a rupture occurred in a section of pipe, resulting in a release of hydrogen (GM Feb. 18, p. 1).

The company said extensive investigations have revealed only minor damage to surrounding equipment, and repair work is primarily focused on the damaged spool piece. The root cause analysis indicates that the damage mechanism is limited to this section of pipe.

IPL said it has taken, and will continue to progress, measures to mitigate the impact of the closure of the plant, including calling force majeure on its external ammonia supply contracts.

IPL estimates that the incident and associated downtime will give rise to an impact on earnings before interest and tax (EBIT) of approximately US$95-$125 million (A$132-$174 million) and net profit after tax (NPAT) of US$68-$90 million4 (A$94-$125 million).

IPL said it has comprehensive property insurance coverage, and as a result, IPL’s insurers have been placed on notice of a potential claim. It said the estimated earnings impact outlined above does not factor in any potential insurance proceeds, noting that IPL has a total retention amount of US$40 million under its relevant insurance program.

IPL had major problems at the relatively new Waggaman plant during the fiscal year ending Sept. 30, 2021 (GM Nov. 19, 2021), including an extended turnaround and unplanned outages. Waggaman’s EBIT was US$3.6 million in FY2021, versus the prior year US$32.4 million.

Waggaman produced 437,200 mt of ammonia in FY2021 (FY2020: 729,000 mt), 40 percent less year-over-year, while sales of ammonia from the plant were 23 percent lower on the year at 563,500 mt (FY2020: 730,000 mt). The company replaced shortfalls in produced ammonia by third-party supplies.

Mosaic Reports Record Adjusted EBITDA, Matches FY21 Analyst Projections

Brazil, Earnings, Featured, News, Phosphate, Potash, Specialty, Tampa

The Mosaic Co., Tampa, reported adjusted EBITDA of $3.6 billion for the year ending Dec. 31, 2021, matching the Bloomberg Consensus, the average estimate of major analysts.

However, net income fell short at $1.63 billion ($4.27 per diluted share). The analysts projected $1.73 billion. Net sales were $12.3 billion. 2020 net income was $666.1 million ($1.75 per share) on sales of $8.7 billion.

Full-year gross margin was $3.2 billion, up from $1.06 billion, while operating earnings were $2.5 billion, up from $412.9 million.

Fourth-quarter net income was $664.8 million ($1.76 per share) on net sales of $3.84 billion, down from the year-ago $827.9 million ($2.17 per share) and $2.46 billion. Gross margin moved up to $1.15 billion from $411.4 million, while operating earnings were $969.7 million, up from $294.8 million. Adjusted EBITDA was $1.22 billion.

“Mosaic delivered record EBITDA in 2021, and we expect strong performance to continue in 2022,” said Joc O’Rourke, President and CEO. “As a result of successful investments like our new Esterhazy K3 potash mine, Mosaic Fertilizantes in Brazil, and our cost-structure transformation, we are generating tremendous value in the current environment. This has provided us with the opportunity to return significant capital to shareholders, while still investing efficiently in the business and strengthening the balance sheet.”

Operating earnings surged at all three company segments. Volumes in each were down for the year, while prices soared. This was the same for the fourth quarter except for Mosaic Fertilizantes, which matched year-ago volumes.

Mosaic said the accelerated ramp up of K3 is expected to be completed by the end of March. Total 2022 production from the mine is put at 5 million mt, with annual capacity at 5.5 million mt. The company said production costs are in the $50’s/mt area and are trending lower on a through-cycle basis.

The Colonsay mine has successfully attained an annual run rate of 1 million mt. Fourth-quarter production costs at the mine were $85/mt, down from the pre-idle $100/mt.

The company said inventories in Brazil grew toward the end of the year, reflecting market pricing and a build in nutrient volumes in anticipation of meeting demand from growers in early 2022. The company said distribution potash inventory volumes at year-end were roughly 350,000 mt higher than at the end of 2020, leaving the company well positioned to meet demand left unserved by supply chain constraints and shortfalls from other producers.

As for the situation in Belarus, Mosaic believes debottlenecks in Canada and Russia should help mitigate some of the impact, but logistical constraints will prevent producers from replacing all of the potential lost tonnage. The company noted that major buyers India and China recognized the potential shortfall and committed to supply agreements.

In North America, Mosaic said illness-related labor shortages, rail and truck delays, and weather impacts are slowing the delivery of inputs to facilities and product to end customers. In Brazil, road and port congestion is also slowing deliveries, though Mosaic continues to benefit from access to its own private ports, sufficient inventory volumes, and in-country market positioning.

The company said MicroEssentials sales volumes achieved a new record of 3.3 million mt, up from the year-ago 3.1 million mt. Gross margins averaged $32/mt higher than DAP.

For first-quarter 2022, Mosaic expects upward pricing momentum to continue, with about 85 percent of sales committed and priced. Phosphate sales volumes are expected to be in the range of 1.6-1.8 million mt, and potash at 1.8-2.0 million mt. First-quarter FOB realized prices for phosphates are expected to be more than $60/mt higher than prices realized in the fourth-quarter. Potash prices are expected to be more than $125/mt higher than the fourth-quarter.

The Board of Directors has approved a regular dividend target increase to $0.60 per share annually from $0.45, beginning with the second quarter payment.

Mosaic expects to accelerate its current share repurchase of $400 million in February, and believes it will use some $830 million of the $1 billion it authorized in August 2021. It expects to exhaust the remaining portion of the current authorization through open market purchases. The Board has approved another $1 billion in share repurchases, which will take effect following the completion of the current program.

Potash 4Q-21 4Q-20 2021 2020
Sales Volume (M mt) 2.1 2.7 8.2 9.4
Operating Earnings (million $) 443 95 837 402
Gross Margin per $/mt 224 45 129 50
Sales (billion $)     2.6 2.0
MOP Selling Price $/mt 414 177 285 181
Adj. EBITDA (millions) 517 179 1,286 722
Phosphates 4Q-21 4Q-20 2021 2020
Sales Volume (M mt) 1.8 2.3 7.7 8.5
Operating Earnings (million $) 418 134 1,180 (147)
Gross Margin per $/mt 254 73 170 15
Sales (billion $)     4.9 3.1
MOP Selling Price $/mt 676 363 564 310
Adj. EBITDA (millions) 571 266 1,729 536
Mosaic Fertilizantes 4Q-21 4Q-20 2021 2020
Sales Volume (M mt) 2.3 2.3 10.1 10.6
Operating Earnings (million $) 195 97 745 347
Gross Margin per $/mt 95 32 83 40
Sales (billion $)     5.1 3.5
MOP Selling Price $/mt 654 352 504 330
Adj. EBITDA (millions) 197 115 821 473
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