Last checked at 9 Feb 2012 13:10
For Immediate Release 09 February 2012
PhosAgro Phosphate-based Fertilizer Production Up 6.1% in 2011
Moscow - PhosAgro , a leading global vertically integrated phosphate-based fertilizer producer, announces its production update for the year 2011. The Company increased output of phosphate-based fertilizers by 6.1% year-on-year (y-o-y), while production of nitrogen-based fertilizers increased 1.7% y-o-y during 2011.
PhosAgro's production and sales volumes for 2011 are summarized in the tablesbelow. Production Volumes by type (kmt) 2011 2010 Change y-o-y Phosphate-based fertilizers 4,105.4 3,870.4 6.1% Nitrogen-based fertilizers 901.3 886.6 1.7% Apatit mine and 8,716.8 9,153.7 (4.8%)beneficiation plant Other products 7,186.5 6,695.0 7.3% Sales Volumes by type (kmt) 2011 2010 Change y-o-y Phosphate-based fertilizers 4,061.7 3,841.5 5.7% Nitrogen-based fertilizers 889.4 850.4 4.6% Apatit mine and 4,149.3 4,732.5 (12.3%)beneficiation plant Other products 347.0 278.7 24.5%
Commenting on the 2011 production results, PhosAgro CEO and Director Maxim Volkov said: "I am pleased to announce a 6% rise in production and sales of phosphate-based fertilizers in 2011, which shows that we have delivered on our strategy of organic growth through increasing processing of our own phosphate rock for phosphate-based fertilizers like MAP, DAP and NPK.
"With PhosAgro's rich resource base in the Apatit mine, we are also seeking to increase shareholder value over the longer term by developing projects to increase the deep processing of apatite ore for products like fluoric salts, in addition to increasing the production of our own phosphate-based fertilizers."
The table below provides a breakdown of 2011 production volumes by majorproduct: Production Volumes (kmt) 2011 2010 Change y-o-y
Apatit mine and beneficiation plant
Phosphate ore 26,585.4 27,098.7 (1.9%) Phosphate rock 7,719.8 8,127.4 (5.0%) Nepheline concentrate 997.0 1,026.3 (2.9%) Phosphate-based fertilizers DAP/MAP 2,537.4 2,507.0 1.2% NPK 1,199.2 932.9 28.5% NPS 82.3 134.2 (38.7%) APP 58.1 50.7 14.6% MCP 228.4 245.6 (7.0%) Nitrogen-based fertilizers AN 455.7 391.1 16.5% NP 0 30.0 (100.0%) Urea 445.6 465.5 (4.3%) Other products AlF3 24.2 23.4 3.4% Ammonia 1,010.1 1,043.1 (3.2%) Phosphoric acid 1,711.2 1,629.6 5.0% Sulphuric acid 4,441.0 3,998.9 11.1%
The table below provides a breakdown of 2011 sales volumes by major product:
Sales Volumes (kmt) 2011 2010 Change y-o-y Apatite mine and beneficiation plant
Phosphate rock 3,152.6 3,711.7 (15.1%) Nepheline concentrate 996.7 1020.8 (2.4%) Phosphate-based fertilizers DAP/MAP 2,533.2 2,499.5 1.3% NPK 1,162.8 913.7 27.3% NPS 82.7 132.1 (37.4%) APP 55.7 50.2 11.0% MCP 227.3 245.9 (7.6%) Nitrogen-based fertilizers AN 446.8 371.1 20.4% NP 0.0 30.2 (100.0%) Urea 442.6 449.1 (1.5%) Other products AlF3 24.4 30.6 (20.3%) Ammonia 141.8 142.1 (0.2%) Phosphoric acid 13.0 5.8 124.1% Sulphuric acid 167.8 100.2 67.5%Conference call:
PhosAgro will host a conference call on Monday, 13 February 2012 at 18:00 Moscow time to discuss the Company's 2011 production results.
PhosAgro CEO Maxim Volkov will provide brief opening remarks, which will be followed by a Q&A session. The call will be held in English.
Dial-in details for the conference call will be announced prior to the event.
For further information please contact:
OJSC "PhosAgro"+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:Communications (PR and IR advisor)UKStuart Leasor+ 44 20 7920 2317RussiaSam VanDerlip+7 495 663 8005Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 35.7 percent), as well as ammonia and nitrogen-based fertilisers. In 2010, the Group was the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources, and has 41% of Russia's rare earth oxides resources.
The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. The Group is the only global vertically integrated fertilizer producer that derives approximately 90% of its consolidated gross profit from the phosphates segment. PhosAgro's 1H 2011 IFRS revenue was $1.7 bln and EBITDA was $620 mln. The С ompany's net debt/EBITDA ratio was 0.6 at 30 June 2011.
For further information on PhosAgro please visit: www.PhosAgro.com