Correction : PhosAgro Board Recommends Dividend

OJSC PHOSAGRO - Correction : PhosAgro Board Recommends Dividend

PR Newswire

London, August 17

Changes "RUB 17 per Global Depositary Receipt" to "RUB 19 per Global DepositaryReceipt" in the first paragraph

PhosAgro Board of Directors Recommends Dividend

Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that its Board of Directors at its meeting on 17 August 2015 recommended the Extraordinary Meeting of Shareholders (“EGM”) approve the payment of an interim dividend of RUB 7.381 billion, or RUB 57 per ordinary share (RUB 19 per Global Depositary Receipt). The EGM will take place by absentee ballot on 6 October 2015, and the record date for the EGM was set as 28 August 2015.

The Board of Directors also reviewed the Company’s financial and operating performance in Q2 2015, as well as its IFRS financial statements. In the first half of the year, fertilizer production and sales both increased by 9.7% year-on-year to 3.4 million tonnes. Some of the key reasons for this growth include investments into production upgrades and operational improvements. PhosAgro’s consolidate IFRS financial statements for H1 2015, which were reviewed by the Board of Directors today, will be disclosed on Wednesday, 19 August 2015.

The Board also noted the latest achievements with regards to implementation of PhosAgro’s strategy to 2020. Recently, the Company completed construction of one of its largest industrial projects, the Main Shaft No 2 complex at the Kirovsky Mine at Apatit. This project, which is due to be officially commissioned ahead of schedule in August 2015, will increase the mine’s ore extraction capacity to 16.5 million tonnes per year in the near future. 

PhosAgro CEO Andrey Guryev said: “despite the impressive financial and operational results we have achieved in recent years, we do not intend to rest on our laurels. PhosAgro will continue its harmonious development, strengthening its position as one of the lowest cash cost producers of phosphate-based fertilizers in the world. The Company will develop both upstream mining and downstream processing capacities, invest in its distribution and logistics operations, continue to pay good dividends and reduce its debt levels – which in 2015 alone we plan to reduce by approximately RUB 20 billion.”

The Board also approved new editions of internal documents governing the work of the its committees, and heard reports from committee chairmen about their work during the second quarter of 2015. Several interested party transactions were also approved at today’s Board of Directors meeting.

For further information please contact:OJSC PhosAgroIrina Evstigneeva, Head of Corporate Finance and Investor Relationsir@phosagro.ru+7 495 231 3115Timur 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 2014 IFRS revenue was over USD 3.2 bln and EBITDA was USD 979 mln.

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