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PhosAgro Board Recommends Dividend

28 May 2015 15:45

OJSC PHOSAGRO - PhosAgro Board Recommends Dividend

OJSC PHOSAGRO - PhosAgro Board Recommends Dividend

PR Newswire

London, May 28

For Immediate Release28 May 2015

PhosAgro Board Recommends DividendMoscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that its Board of Directors today has recommended that shareholders approve a dividend payment of RUB 6,216 million, or RUB 48 per share (RUB 16 per Global Depositary Receipt). The Extraordinary General Meeting of shareholders (“EGM”) has been set for 14 July 2015, and the record date for shareholders eligible to participate in the EGM is 8 June 2015.The Board of Directors also reviewed a report on the Company’s financial and operational performance in 1Q 2015. PhosAgro reported a year-on-year increase of fertilizer production of 8.3%, to 1.7 mln tonnes, and sales growth of 2.8%, to 1.7 million tonnes, in the first quarter. The growth in operating performance was driven by successful implementation of the investment programme and streamlining of production processes. The Company’s consolidated IFRS financial statements for 1Q 2015 were reviewed at today’s meeting and will be published tomorrow, 29 May 2015.As part of its policy to optimise the Company’s debt structure, PhosAgro expects to reduce its debt to approximately RUB 20 billion by the end of the year by utilising its operating cash flow to pay down short-term debt raised in 2012-2014.The Board of Directors approved the work of the Company’s management in implementing PhosAgro’s strategy for 2014, and confirmed the key areas of focus for 2015. The priority investment projects in downstream production remain construction a new 760 ths tonnes/year ammonium production facility at PhosAgro-Cherepovets, a new 500 ths tonne/year granulated urea line and a new 300 ths tonne/year ammonium sulphate line, as well as increases in in production capacities for phosphate-based fertilizers. Priorities for upstream operations include modernisation of processing facilities and the launch of the new main ore shaft at the Kirovsky underground mine at Apatit.The Board of Directors was informed that optimisation of the investment programme of PhosAgro-Cherepovets – including a decision not to construct a new 450 ths tonne/year NPK production facility in favour of modernising and expanding existing fertilizer production facilities – resulted in a reduction of the programme’s cost from USD 1.07 bln to USD 0.99 bln.The Board of Directors also reviewed information regarding implementation of the Company’s social programmes in 2014 and of the main areas of the Company’s social policy in 2015. The Board also reviewed the results of the holding company enterprises’ work on maintaining compliance with workplace safety requirements in 2014.The Board of Directors also approved related-party transactions at the meeting.PhosAgro CEO Andrey Guryev said: “We continue to fulfil our promises to investors under PhosAgro’s new dividend policy, which increased the share of new profit to be distributed as dividends. At the same time we are working to reduce our debt levels and we are implementing PhosAgro’s strategic investment programme, which aims to secure the Company’s leading positions in the global fertilizer market.”For further information please contact:OJSC PhosAgroIrina Evstigneeva, Head of Corporate Finance and Investor Relationsir@phosagro.ru+7 495 231 3115 Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689EMSam VanDerlipvanderlip@em-comms.com+44 7554 993 032+7 499 918 3134Notes to EditorsPhosAgro 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 2014 IFRS revenue was over USD 3.2 bln and EBITDA was USD 979 mln.For further information on PhosAgro please visit: http://www.phosagro.com/

Date   Source Headline
23rd Apr 20135:35 pmPRNCorrection: Notice of FY2012 IFRS and 1Q2013 Op. Results
22nd Apr 20133:30 pmPRNNotice of FY2012 IFRS and 1Q2013 Operating Results
22nd Apr 20138:41 amPRNPhosAgro Announces Completion of SPO
18th Apr 20138:15 amPRNPhosAgro Launches Apatit Minority Squeeze Out
10th Apr 20136:46 amPRNPhosAgro Board Apprvs Launch of New Shr Issue, Issue Prc
10th Apr 20136:25 amPRNPricing of Share Offering
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2nd Apr 20137:00 amPRNPhosAgro joins with UNESCO to support young scientists
14th Mar 20137:00 amPRNPhosAgro GDRs to be Added to FTSE Indices on March 15
13th Mar 20134:56 pmPRNPhosAgro to Hold Capital Markets Day on March 14
28th Feb 20132:53 pmPRNPhosAgro Shares Admitted to A1 List of Moscow Exchange
25th Feb 20133:16 pmPRNPhosAgro Executive Shareholding Notice
21st Feb 20134:41 pmPRNPhosAgro Gets BB+/Positive Rating from Standard & Poor’s
20th Feb 20137:00 amPRNMgmt Brd Approves Apatit Shareholders Compulsory Buyout
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30th Jan 201311:13 amPRNPhosAgro Mandates Banks for FI Investor Meetings
30th Jan 201311:08 amPRNCorrection: PhosAgro Crdt Ratings frm Moody’s and Fitch
30th Jan 201310:41 amPRNPhosAgro Receives Credit Rating from Moody’s and Fitch
25th Jan 20133:14 pmPRNPhosAgro Board of Directors Appoints Management Board
21st Jan 20138:40 amPRNPhosAgro Sets Fertilizer Prod. and Sales Records in 2012
18th Jan 201312:50 pmPRNPhosAgro Update on Mandatory Tender for Apatit Shares
17th Jan 20133:12 pmPRNPhosAgro to Announce FY 2012 Operating Results
11th Jan 20131:00 pmPRNPhosAgro EGM Approves Interim Dividend of RUB 3.1 bln
31st Dec 201212:42 pmRNSPrice Monitoring Extension
27th Dec 20127:00 amPRNPhosAgro Increases Stake in Metachem
14th Dec 20128:00 amPRNDirector/PDMR Shareholding
12th Dec 201212:19 pmPRNPhosAgro Wins Corporate Governance Award
4th Dec 20122:35 pmPRNPhosAgro Board of Directors Decisions
3rd Dec 20125:30 pmPRNPhosAgro Terminates Market Maker Agreement
30th Nov 20128:30 amPRNPhosAgro to Merge Agro-Cherepovets and Biotechnology
30th Nov 20127:00 amPRNPhosAgro Begins Consolidation of Metachem
28th Nov 20121:10 pmPRNPhosAgro Update on Apatit Mandatory Tender
27th Nov 20127:00 amPRNPhosAgro Board Approves EGM Agenda
26th Nov 20129:00 amPRNPhosAgro to Decrease DAP/MAP Increase NPK Prod in 1Q2013
23rd Nov 20123:00 pmPRNMenoza Trading Limited Notifies on Stake in PhosAgro
20th Nov 20127:00 amPRNPhosAgro Board Recommends 9M Dividend of RUB 25/share
16th Nov 20123:55 pmPRNPhosAgro Notif on Regist of Add Shr Iss + Reg Prospect
16th Nov 20127:05 amPRNFFMS Registers PhosAgro Additional Share Issue and Prosp
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14th Nov 20129:00 amPRNPhosAgro 9M 2012 IFRS Profit up 20% to RUB 19.1 billion
13th Nov 20128:31 amPRNPhosAgro 9M 2012 IFRS Earnings Call and Webcast
9th Nov 201212:55 pmPRNPhosAgro CEO M. Volkov Elected Chairman of Apatit Board
8th Nov 20124:30 pmPRNPhosAgro Shares Included in MICEX Quotation List B
8th Nov 20123:00 pmPRNPhosAgro Launches Mandatory Tender for Apatit Shares
7th Nov 20123:36 pmPRNPhosAgro Gets Bank Guarantee for Apatit Minority Buyout
29th Oct 20128:00 amPRNPhosAgro Phosphate-based Fert. Sales Up 7.2% in 9M2012
26th Oct 201212:45 pmPRNPhosAgro and PRAYON to Develop Rare Earth Technologies
26th Oct 201211:54 amPRNPhosAgro Launches new Urea and Electricity Capacities
25th Oct 20122:30 pmPRNPhosAgro to Announce 9M 2012 Operating Results

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