Phosagro S Regulatory News (PHOR)

For Immediate Release 28 May 2013

PhosAgro Reports Q1 2013 IFRS Profit of RUB 3.3 bln

Moscow - PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), aleading global vertically integrated phosphate-based fertilizer producer, todayannounces its reviewed consolidated interim condensed IFRS financial statementsfor the three months ended 31 March 2013. PhosAgro earned a profit for theperiod of RUB 3.3 billion (USD 108 million), compared to RUB 8.0 billion (USD266 million) in Q1 2012. Basic and diluted earnings per share came to RUB 23(USD 0.76) for Q1 2013 compared to RUB 52 (USD 1.72) in Q1 2012.

Q1 2013 Financial and Operational Highlights:

Result Q1 2013 Q1 2012 year-on-year change (RUB vs. RUB), % USD RUB USD RUB Revenue 950 28,902 856m 25,918 12% m m m EBITDA* 248 7,554 301 9,099 (17%) m m m m EBITDA margin 26% 26% 35% 35% (9 p.p.) Net Income 108 3,291 266 8,047 (59%) m m m m Earnings per share 0.76 23 1.7 52 (56%) Sales volumes kmt kmt Phosphate-based fertilizers 1,294.4 1,067.3 21%(MAP/DAP/NPK/NPS) Nitrogen-based fertilizers 336.7 240.2 40% Apatit mine and 1,018.0 1,153.1 (12%)beneficiation plant Other products 79.9 84.2 (5%)

RUB/USD Rates: average Q1 2013: 30.4142; average Q1 2012: 30.2642

As of 31 March 2013: 31.0834; as of 31 December 2012: 30.3727

*EBITDA is calculated as operating profit adjusted for depreciation andamortisation.

Other Q1 2013 Highlights

* Production and sales flexibility:

Production flexibility enabled the Company to significantly increase productionand sales of NPS, which offset lower export revenue from MAP, DAP and NPK. NPSexport sales increased by RUB 1,629 million (USD 54 million) year-on-year,while export revenue from MAP, DAP and NPK decreased by RUB 1,432 million (USD47 million), or 11%, compared to Q1 2012.

* Organic growth through capacity expansion and greater operational efficiency:

Urea production volumes increased by 94% from 121 kmt in Q1 2012 to 234 kmt inQ1 2013. Export revenue per tonne for urea increased by 15% in Q1 2013 comparedto Q1 2012.

* Consolidation of ownership in production facilities:

In January 2013, the holders of 10.95% of shares in Apatit accepted PhosAgro'smandatory tender offer. The Company subsequently launched a squeeze out of theremaining shareholders of Apatit with funding from the Company's debut USD 500million Eurobond issue. PhosAgro today reports its Q1 2013 net profit of RUB 3.3 billion (USD 108million), a decrease of 59% year-on-year from RUB 8.0 billion (USD 266 million)in Q1 2012. Revenue for the period was up 12% year-on-year to RUB 28.9 billion(USD 950 million), compared to RUB 25.9 billion (USD 856 million) for Q1 2012.

Operating profit for Q1 2013 was RUB 5.7 billion (USD 186 million), a 25%decrease from RUB 7.5 billion (USD 249 million) in Q1 2012. EBITDA margindecreased year-on-year to 26%, compared to 35% for Q1 2012.

Cash flow from operating activities amounted to RUB 4.1 billion (USD 134million) in Q1 2013, compared to RUB 9.9 billion (USD 328 million) in Q1 2012.The Company's capital expenditure (capex) in cash terms during the three monthsended 31 March 2013 was RUB 3.0 billion (USD 98 million), compared to RUB 3.5billion (USD 116 million) in Q1 2012. Net debt at 31 March 2013 stood at RUB 35.5 billion (USD 1,142 million), upfrom RUB 26.8 billion (USD 883 million) on 31 December 2012. Net debt increaseddue to the significant cash outflow for the Apatit minority shareholder buy-outas result of mandatory tender offer, which was funded through PhosAgro'ssuccessful long-term, USD 500 million debut Eurobond issue. The Company's netdebt to annualised EBITDA ratio temporarily increased to slightly above thetarget level of 1x as of 31 March 2013, and returned to 0.75x as a result ofthe subsequent new share issue, which raised over USD 210 million in the secondhalf of April 2013.

Commenting on the Q1 2012 IFRS results PhosAgro Management Board Chairman MaximVolkov said:

"In the first three months of 2013 we increased revenue by 12% year-on year asresult of growth in fertilizer production and sales by 18% and 25%,respectively. We are in the second consecutive year of DAP prices being undersignificant pressure, with FOB Tampa prices dropping another 6% from an averageof USD 516 in Q1 2012 to an average of just USD 487 in Q1 2013. Despitesoftening prices for our key products like DAP, MAP and NPK in the firstquarter, PhosAgro managed to maintain almost 100% utilisation, which I believedistinguishes us from our peers. "We made progress on number of key strategic priorities in Q1 2013, finishingthe mandatory buyout offer to Apatit shareholders and entering the fixed incomemarket by issuing a successful debut Eurobond that was over 5x oversubscribed. "We believe that fertilizer demand will strengthen in the course of 2013, andwe have maintained significant momentum towards achieving all of our strategicgoals. Looking forward to the rest of 2013 we are in a good position tocontinue to deliver on strategic initiatives that should deliver sustainable,tangible shareholder value." Q1 2013 Market Conditions

* Soft commodity prices remain high, despite the expectations of output growthfor major agricultural products;

* High inventories combined with delays in subsidy decisions inhibited demandfrom India, the world's largest DAP importer;

* India only in mid May signed new DAP supply contracts, with significantly lowerthan usual volumes, that run until September 2013, thus establishing a pricefloor for the near future; * Unfavourable weather conditions in the US have substantially delayed planting,which has affected spring demand for fertilizers and also put pressure on DAP/MAP prices; * Stable demand from Western Europe, Brazil and Thailand, on the other hand,helped push prices up from the lowest level of USD 470 (FOB Baltic) in January2013 to USD 530 per tonne (FOB Baltic) in March; * Despite high soft commodity prices, the uncertain macroeconomic environmentcontinues to effect consumer behaviour. Fertilizer consumers remain hesitantto acquire product, delaying purchases until the very beginning of the plantingseason, thus keeping prices low in times when stocks are normally being builtup.

Phosphate-based products segment

Q1 2013 Q1 2012 Result year-on-year change, % RUB mln RUB mln Revenue 25,182 23,013 9% Cost of goods sold (16,608) (13,574) 22% Gross profit 8,574 9,439 (9%) Phosphate-based products segment revenue increased by 9% year-on-year andtotalled RUB 25,182 million (USD 828 million) in Q1 2013. PhosAgro increasedproduction of phosphate-based fertilizers and MCP by 9% year-on-year in thefirst quarter, while sales volumes were up 21% year-on-year. Production andsales volumes for phosphate rock and nepheline concentrate decreased in Q1 2013compared to Q1 2012 by 2% and 12%, respectively. Revenue growth for the phosphate-based products segment was largely due to asignificant increase in the export sales of NPS, from RUB 56 million (USD 2million) in Q1 2012 to RUB 1,685 million (USD 55 million) in Q1 2013, as wellas the addition of SOP and STPP to the Group's product mix following theconsolidation of Metachem in late December 2012. Sales of SOP and STPP amountedto RUB 268 million (USD 9 million) and RUB 928 million (USD 31 million),respectively, in Q1 2013. Revenue from NPK fertilizer export sales decreased by16% year-on-year in the first quarter of 2013, from RUB 4,358 million (USD 144million) to RUB 3,659 million (USD 120 million). This was mainly a result of a16% decline in revenue per tonne from export sales of NPK. Revenue from DAP/MAPsales was just 1% lower year-on-year, from RUB 9,196 million (USD 304 million)for Q1 2012 to RUB 9,102 million (USD 299 million) in the three months ended 31March 2013. This small decline was due to lower market prices, despite an 8%increase in DAP/MAP sales volumes. Revenue from domestic sales of phosphaterock decreased by 27%, to RUB 2,273 million (USD 75 million) in Q1 2013 due tolower sales to Acron and higher internal use following the consolidation ofMetachem. The phosphate segment's gross profit for Q1 2013 decreased by 9% year-on-yearto RUB 8,574 million (USD 282 million), resulting in a gross profit margin of34%, compared to 41% in Q1 2012. This was primarily a result of a decrease inprices for the Company's main phosphate-based products.

PhosAgro is largely self-sufficient in key raw materials for phosphatefertilizer production, and therefore is not subject to price inflation forphosphate rock. However, higher production volumes and changes in theproduction mix in Q1 2013 meant the Company had to increase external purchasesof other inputs, which led to an increase in cost of sales (a more detailedanalysis is provided in the CoGS analysis below).

Revenue per tonne for the principal phosphate-based fertilizers and feedphosphate

Q1 2013 Q1 2012 Product year-on-year change, % RUB RUB Domestic: MAP 15,684 18,070 (13%) DAP 15,305 17,978 (15%) NPK 14,121 14,365 (2%) MCP 19,394 19,355 0% NPS 11,543 - - Export: MAP 15,037 15,479 (3%) DAP 15,003 16,471 (9%) NPK 11,872 14,069 (16%) MCP 16,988 16,754 1% NPS 10,655 10,233 4% Nitrogen segment Q1 2013 Q1 2012 Result year-on-year change, % RUB RUB Revenue 3,658 2,679 37% Inter-segment revenues 829 1,585 (48%) Cost of goods sold (3,033) (2,187) 39% Gross profit 1,454 2,077 (30%) Nitrogen segment revenue was RUB 3,658 million (USD 120 million) in Q1 2013, anincrease of 37% year-on-year from RUB 2,679 million (USD 89 million) in Q12012. Production and sales volumes of nitrogen-based fertilizers increased by60% and 40% year-on-year, respectively, in Q1 2013. Urea sales volumes increased by 46% year-on-year following the launch of thenew urea plant at PhosAgro-Cherepovets in the second half of 2012. Exportrevenue from urea increased by 66% year-on-year from RUB 1,451 million (USD 48million) in Q1 2012 to RUB 2,414 million (USD 79 million) in Q1 2013 as aresult of higher export sales volumes (up 44%) and a 15% increase in exportrevenue per tonne. The structure of ammonium nitrate (AN) sales shifted fromexport to domestic in Q1 2013. Domestic AN sales increased by 87% to RUB 1,168million (USD 38 million) in Q1 2013 from RUB 626 million (USD 21 million) ayear earlier. Inter-segment revenues decreased by 48% year-on-year in the first three monthsof 2013, to RUB 829 million (USD 27 million). This was a result of the mergerAmmophos and Cherepovetskiy Azot, which are representing phosphate-based andnitrogen-based segments, respectively. As a result of higher expenses for purchased ammonia (more detailed analysisprovided in the CoGS analysis below), nitrogen segment gross profit decreasedby 30% year-on-year to RUB 1,454 million (USD 48 million) in Q1 2013, with agross profit margin of 32%, compared to 49% in Q1 2012.

Revenue per tonne for the principal nitrogen-based fertilizers

Q1 2013 Q1 2012 Product year-on-year change, % RUB RUB Domestic: Ammonium nitrate 9,839 8,471 16% Urea 12,527 11,908 5% Export: Ammonium nitrate - 9,907 - Urea 11,270 9,772 15% Cost of sales PhosAgro's cost of sales increased by 29% year-on-year in Q1 2013 to RUB 18,649million (USD 613 million), while fertilizer sales volumes increased by 25% andPPI grew 4.3% y-o-y from Q1 2012 to Q1 2013. This increase in cost of sales wasprimarily due to the following changes from Q1 2012 to Q1 2013: * A RUB 775 million (USD 25 million) or 20% increase in the cost of materials andservices. Higher production of NPS/NPK, which have a high nitrogen content, ledto an increase in purchases of ammonium sulphate of RUB 276 million (USD 9million).

* The consolidation of Metachem into PhosAgro led to an increase in materials andservices expenses of RUB 85 million (USD 3 million).

* A RUB 871 million (USD 29 million) or 118% increase in expenses on ammonia.Higher production volumes and changes in product mix meant that PhosAgro'sammonia purchases increased to RUB 1,607 million (USD 53 million) in Q1 2013from RUB 736 million (USD 24 million) in Q1 2012.

* An increase in expenditure on potash of 8%, or RUB 90 million, year-on-year toRUB 1,267 million (USD 42 million) in the three months ended 31 March 2013.

This was the result of a 16% increase in potash purchase prices, balanced by a7% decrease in potash purchase volumes. Even though the NPK production volumesrose by 4.5% year-on-year in Q1 2013, the share of NPK brands with low potashcontent in the overall production mix increased from period to period. * An increase in expenditure on natural gas of RUB 268 million (USD 9 million),or 20%, from RUB 1,310 million (USD 43 million) in the three months ended 31March 2012 to RUB 1,578 million (USD 52 million) in Q1 2013. Natural gas isrequired primarily for the production of ammonia. The price per cubic meter ofnatural gas rose by 13%, while natural gas consumption grew by 7% year-on-year.The price increase was due to an approximately 15% tariff increase in thesecond half of 2012. The increase in volume was due to an approximately 3.2%increase in ammonia production, the launch of a gas-powered electric generationfacility in the second half of 2012, and additional volumes consumed byMetachem, which was consolidated by PhosAgro from Q1 2013. The increase in cost of sales was partially offset by a decrease in expenditureon sulphur and sulphuric acid of RUB 91 million (USD 3 million), or 9%, fromRUB 982 million (USD 32 million) in Q1 2012 to RUB 891 million (USD 29 million)in Q1 2013 due to a 13% decrease in domestic sulphur prices, balanced by a 4%increase in purchase volumes. Q1 2013 Q1 2012 Year-on-year change Item % of % of RUB USD cost RUB USD cost RUB % mln mln of mln mln of mln sales sales Materials and services 4,749 156 26% 3,974 131 27% 775 20% Salaries and social contributions 3,389 111 18% 2,823 93 20% 566 20% Ammonia 1,607 53 9% 736 24 5% 871 118% Potash 1,267 42 7% 1,177 39 8% 90 8% Natural gas 1,578 52 8% 1,310 43 9% 268 20% Depreciation 1,732 57 9% 1,447 48 10% 285 20% Fuel 1,382 45 7% 1,343 44 9% 39 3% Sulphur and sulphuric acid 891 29 5% 982 32 7% (91) (9%) Electricity 903 30 5% 858 28 6% 45 5% Other items 9 0 0% 9 0 0% 0 0% Change in stock of WIP and finished goods 1,142 38 6% (150) (5) (1%) 1,292 (861%) Total 18,649 613 100% 14,509 479 100% 4,140 29%

Administrative expenses rose by 18% year-on-year to RUB 1,744 million (USD 57million) in the first quarter of 2013 as result of inflation and theconsolidation of Metachem.

Selling expenses rose by 18% year-on-year, from RUB 1,849 million (USD 61million) in the first quarter of 2012 to RUB 2,188 million (USD 72 million) inthe first quarter of 2013. This was primarily due to higher sales volumes, aswell as an increase in Russian Railway infrastructure tariff and operators'fees by 7% in Q1 2013 year-on-year. PhosAgro's capital expenditure, which consists of all additions to property,plant and equipment, amounted to RUB 3,557 million (USD 117 million) for Q12013, compared to RUB 3,360 million (USD 111 million) in Q1 2012. Capitalexpenditure focused on construction of the main ore shaft № 2 at the Kirovskyunderground mine (expected to enable the mine to increase production to 14 mtpain 2-3 years), as well as the construction of new storage facilities for liquidammonia at Balakovo Mineral Fertilizers. Total debt at 31 March 2013 amounted to RUB 54,492 million (USD 1,753 million),compared to RUB 36,469 million (USD 1,201 million) at the 31 December 2012. Netdebt at 31 March 2013 amounted to RUB 35,510 million (USD 1,142 million),compared to RUB 26,805 million (USD 883 million) at the 31 December 2012. Outlook Market:

* A favourable forecast for the rain season in India, combined with imbalancednutrient consumption in recent years and a change in Government policy withrespect to regulation of local DAP prices, is expected to contribute to anincrease in demand for phosphate-based fertilizers during the 2013/2014 season;

* According to the most recent IFA forecast (as of December 2012) the forthcoming2013/2014 season will see a 2.4% increase in demand for all fertilizerscompared to the prior season. The phosphate-based fertilizer segment isexpected see 3.5% growth, with phosphate consumption expected to increase at anaccelerated rate in fast-growing markets: Africa +7.2%; Eastern Europe andCentral Asia +4.7%. Latin America +4.5%;

* Morocco continues to delay the launch of new capacities;

* Farmers in the US are now urgently trying to plant everything: in just a week'stime from May 12 to May 19, corn acreage grew 43%, soybean - 18% and wheat -24%, which has significantly decreased phosphate fertilizer stocks in US; * Global supply of phosphate-based fertilizers remains at very low levels due tosignificant cash cost for most producers, and no significant new capacities areexpected to be added in the near future.

Company:

* While DAP demand was low in Q1 and now slowly starting to recover, PhosAgrosees very high global demand for complex fertilizers and NPS, and the Companyintends to further invest into both increasing capacity as well as expandingthe number of NPK grades it produces;

* The contract on PhosAgro's new ammonia plant is almost finalized pending finalsign-off by the end of Q2 2013;

* After completion of Apatit mandatory tender offer in Q1 2013, PhosAgro haslaunched a squeeze out of the remaining shareholders of Apatit;

* In April 2013 Standard & Poor's upgraded PhosAgor's Credit Rating to BBB-/Stable, which is the Company's second investment grade rating;

* On 10 April 2013 a group of the Company's shareholders successfully completedan offering of 11,111,000 shares to the market, which was followed by the issueof 5,022,920 new shares. As result of the offering and the new share issue,PhosAgro's free float increased to 19.2%.

Conference Call and Webcast

On 28 May 2013 PhosAgro will host a conference call and webcast to discuss theresults the same day 14:00 London time (17:00 Moscow; 09:00 New York).

PhosAgro CEO Maxim Volkov will answer questions from conference call andwebcast participants after a presentation of the results.

The call will be held in English, with simultaneous translation into Russian ona separate line. Participants will be required to tell the operator theirpreferred language when dialling in.

Webcast links:

English: http://www.media-server.com/m/p/cjmudgw9/lan/enRussian: http://www.media-server.com/m/p/cjmudgw9/lan/ru

Conference call dial-ins:

+7 499 272 4337 Moscow+1 212 999 6659 New York+44 (0) 20 3003 2666 London Toll Free:0808 109 0700 UK1 866 966 5335 USA8 10 8002 4902044 Russia (Moscow only)

Conference call password: PhosAgro

A replay of the webcast and conference call in Russian and English, as well asa transcript in English, will be made available on PhosAgro's website shortlyafter the call.

For further information please contact:

OJSC PhosAgro+7 495 232 9689Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press Officer M:CommunicationsSam VanDerlipvanderlip@mcomgroup.com+44 (0) 7554 993 032 Notes to Editors PhosAgro is one of the leading global vertically integrated phosphate-basedfertilizer producers. The Company focuses on the production of phosphate-basedfertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of notless than 39%), as well as ammonia and nitrogen-based fertilizers. The Companyis the largest phosphate-based fertilizer producer in Europe, the largestproducer of high-grade phosphate rock worldwide and the second largest MAP/DAPproducer in the world (excluding China), according to Fertecon.

PhosAgro has 2.1 billion tonnes of resources (according to JORC as of 1 June2011) of high quality apatite-nepheline ore, representing over 75 years ofproduction (at current production levels). The Company also controlssubstantial Al2O3 resources, and has more than 41% of Russia's rare earthoxides resources.

The Company's mines and phosphate rock production facilities are located in themountainous areas of the Kola Peninsula in the Murmansk region of northwestRussia, whereas its fertilizer and feed phosphate production assets are locatednear the city of Cherepovets in the Vologda region and near the city ofBalakovo in the Saratov region of southwest part of European Russia.PhosAgro's 2012 IFRS revenue was over USD 3.4 bln and EBITDA was USD 1.1 bln.The Сompany's net debt/EBITDA ratio was 0.77 at 31 December 2012.

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

Consolidated Interim Condensed Statement of Comprehensive Income for thethree-month period ended 31 March 2013

Three months ended 31 March 2013 2012 RUB RUB million million Continuing operations Revenues 28,902 25,918 Cost of sales (18,649) (14,509) Gross profit 10,253 11,409 Administrative expenses (1,744) (1,480) Selling expenses (2,188) (1,849) Taxes, other than income tax (498) (406) Other expenses, net (155) (145) Operating profit 5,668 7,529 Finance income 204 799 Finance costs (565) (322) Foreign exchange (loss)/gain (1,029) 1,771 Share of profit/(loss) of associates 182 (42) Profit before tax 4,460 9,735 Income tax expense (1,080) (1,688) Profit from continuing operations 3,380 8,047 Discontinued operations Loss from discontinued operations, net of tax (89) - Profit for the period 3,291 8,047 Attributable to: Non-controlling interests 461 1,521 Shareholders of the Parent 2,830 6,526 Other comprehensive income Revaluation of available-for-sale securities - 17 Recycling of revaluation loss on available-for-sale securities to profit andloss - 369 Actuarial gains and losses, net of tax

(60) (28)

Foreign currency translation difference 94 (204) Other comprehensive income for the period 34 154 Total comprehensive income for the period 3,325 8,201 Attributable to: Non-controlling interests 454 1,511 Shareholders of the Parent 2,871 6,690 Basic and diluted earnings per share (in RUB) 23 52 Consolidated Interim Condensed Statement of Financial Position as at 31 March 2013 31 December 31 March 2013 2012 RUB million RUB million Assets Property, plant and equipment 68,163 66,528 Intangible assets 500 553 Investments in associates 9,896 9,620 Other non-current assets 3,328 3,071 Non-current assets 81,887 79,772 Other current investments 138 833 Derivative financial assets - 45 Inventories 11,069 12,324 Current income tax receivable 730 769 Trade and other receivables 14,388 11,874 Cash and cash equivalents 18,982 9,664 Assets held for sale, net 346 346 Current assets 45,653 35,855 Total assets 127,540 115,627 Equity Share capital 360 360 Share premium 1,099 1,099 Retained earnings 49,491 48,294 Other reserves (226) (267) Equity attributable to shareholders of the Parent 50,724 49,486 Equity attributable to non-controlling interests 8,619 12,389 Total equity 59,343 61,875 Liabilities Loans and borrowings 30,912 14,452 Defined benefit obligations 1,278 1,257 Deferred tax liabilities 3,026 2,973 Non-current liabilities 35,216 18,682 Trade and other payables 8,697 12,377 Current income tax payable 682 676 Loans and borrowings 23,580 22,017 Derivative financial liabilities 22 - Current liabilities 32,981 35,070 Total equity and liabilities 127,540 115,627 Consolidated Interim Condensed Statement of Cash Flows for the three monthsended 31 March 2013 Three months ended 31 March 2013 2012 RUB RUB million million OPERATING ACTIVITIES Profit before tax from continuing operations 4,460

9,735

Loss before tax from discontinued operations (87) - Total profit before tax 4,373 9,735 Adjustments for: Depreciation and amortisation 1,886 1,570 Gain on disposal of fixed assets (5) (85) Finance costs 565 322 Finance income (204) (799) Share of (profit)/loss of associates (182) 42 Foreign exchange loss/(gain) 1,127 (2,189) Operating profit before changes in working capital and provisions 7,560 8,596 Decrease/(increase) in inventories 1,097

(345)

(Increase)/decrease in trade and other receivables (2,434) 1,801

(Decrease)/increase in trade and other payables (656)

1,721

Cash flows from operations before income taxes and interest paid 5,567 11,773 Income tax paid (1,059) (1,570) Finance costs paid (436) (265) Cash flows from operating activities 4,072 9,938 INVESTING ACTIVITIES Loans repaid, net 602 467 Acquisition of intangible assets (9)

(25)

Acquisition of property, plant and equipment (2,974)

(3,507)

Proceeds from disposal of property, plant and equipment 106 104 Acquisition of investments, net (7)

(34)

Additional equity contribution in associates - (400) Finance income received 282 295 Cash flows used in investing activities (2,000) (3,100) FINANCING ACTIVITIES Proceeds from borrowings 17,844 3,688 Repayment of borrowings (1,260) (955) Acquisition of non-controlling interests (5,857)

(99)

Dividends paid to non-controlling interests (4)

(3)

Dividends paid to shareholders of the Parent (2,911) (2,913) Finance leases paid (460) (75) Cash flows from/(used in) financing activities 7,352

(357)

Net increase in cash and cash equivalents 9,424

6,481

Cash and cash equivalents at 1 January 9,664

16,946

Effect of exchange rates fluctuations (32)

(737)

Cash flows used in discontinued operations (74)

-

Cash and cash equivalents at 31 March 18,982

22,690