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PJSC PHOSAGRO - PhosAgro Board of Directors Dividend RecommendationPJSC PHOSAGRO - PhosAgro Board of Directors Dividend Recommendation
PR Newswire
London, May 16
| For Immediate Release | 16 May 2017 |
PhosAgro Board of Directors Dividend Recommendation
Moscow – The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has recommended that shareholders approve a dividend payment of RUB 2,719.5 million, or RUB 21 per ordinary share (RUB 7 per Global Depository Receipt), from the Company's undistributed net profit as of 31 December 2016.
The recommendation was made to the General Meeting of Shareholders following a discussion of the Company's financial and operating performance, and its consolidated financial results under International Financial Reporting Standards (IFRS) for 1Q 2017, which will be disclosed tomorrow, 17 May 2017.
The Board also took into consideration information relating to the Company's progress in implementing its development strategy in 2016, as well as key areas of focus for 2017.
In his address to the Board, PhosAgro CEO and member of the Board of Directors Andrey Guryev said:
“Thanks to our effective development strategy, we have been able to strengthen our leading position in Russia, which remains our priority market, as well as international fertilizer markets in 100 countries around the world, while remaining a first-class borrower and generating stable cash flows. This means we can continue to realise our long-term investment programmes, as well as social programmes, as we deliver on our commitments to investors.
“PhosAgro’s strategic goals for the coming years remain to increase production and to expand our presence in key markets across Russia and other CIS countries, Europe and Latin America.
“One of the top priorities for this year will be to complete the construction and launch our new high-tech ammonia production facility with a capacity of 760 ths tonnes per year, and the 500 ths tonne/year granulated urea line. We plan to launch these new facilities in the third quarter of 2017.
We are also focused on the development of our raw materials resource base and expanding the enrichment capacity of Apatit, as well as sulphur and wet-process phosphoric acid production facilities; and construction of an ammonia pipeline at Balakovo. We plan to further expand our product portfolio and to increase production volumes through our own distribution network rather than by using external traders.”
The Board of Directors also took into consideration information relating to the performance assessment of management functions and a number of managers at PhosAgro in terms of meeting their KPIs, and information relating to risk monitoring and management activities in 2016, as well as key areas of focus for 2017, and on the Company’s information policy in 2017.
In addition, the Board of Directors took into consideration a report on the implementation of legal requirements relating to the protection and handling of inside information, as well as the Company's own policies in this area. The Board also approved related party transactions.
For further information please contact: PJSC PhosAgroAlexander Seleznev, Head of Investor Relationsir@phosagro.ru+7 495 232 96 89 ex 21 87Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689EMSam VanDerlipvanderlip@em-comms.com+44 7554 993 032+7 499 918 3134Notes to Editors
PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilizers.
The Company is the largest phosphate-based fertilizer 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 one of the leading producers of feed phosphates (MCP) 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. The Company'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 fertilizer 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.
PhosAgro’s 2016 IFRS revenue was over USD 2.8 bln and EBITDA was USD 1.08 bln.
For further information on PhosAgro please visit: www.PhosAgro.com