Phosagro S Regulatory News (PHOR)

OJSC PHOSAGRO - PhosAgro Board Recommends Dividend Payment

PR Newswire

London, May 24

For Immediate Release24 May 2016

PhosAgro Board of Directors Recommends Dividend Payment

The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, at its meeting today recommended that shareholders approve a dividend payment of RUB 8,158.5 million, or RUB 63 per share (RUB 21 per Global Depositary Receipt), from the Company’s unallocated net profit as of 31 March 2016.

The Board’s recommendation to the Extraordinary General Meeting of Shareholders (“EGM”) was made after reviewing PhosAgro’s financial and operating performance for Q1 2016, including the Company’s consolidated IFRS financial statements, which are due to be disclosed tomorrow, 25 May 2016.

The EGM, which will take place by absentee ballot, has been scheduled for 29 July 2016, and the record date for shareholders eligible to participate in the EGM is 24 June 2016. The Board has recommended that the record date for shareholders eligible to receive dividends be set as 10 August 2016.

PhosAgro CEO Andrey Guryev said: “Despite the challenging situation in fertilizer markets, the Company is in excellent shape; our financial performance and cash flows make it possible to recommend dividend payments while continuing to implement investment and social projects.”

At today’s meeting the Board of Directors also heard a report on the effectiveness of the Company’s KPI system, which PhosAgro has introduced to improve the results achieved by management.

The Board of Directors approved the organisation of monitoring of management of key risks in Q1 2016, and recommended that the Company’s CEO inform the Board of Directors about the results of this monitoring on a quarterly basis.

In addition, the Board took note of reports by the Committee Chairs on the results of their work during Q1 2016, and several related party transactions were approved.

For further information please contact: 

OJSC PhosAgroIrina Evstigneeva, Director of Corporate Finance and Investor Relationsir@phosagro.ru+7 495 231 3115 

Timur Belov, Press OfficerAnastacia Basos, Deputy Press Secretary+7 495 232 9689

EMSam VanDerlipvanderlip@em-comms.com+44 7554 993 032+7 499 918 3134

Notes 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 2015 IFRS revenue was over USD 3.1 bln and EBITDA was USD 1.4 bln.

For further information on PhosAgro please visit: www.PhosAgro.com