26 Apr 2012 12:00
For Immediate Release 26 April 2012
PhosAgro Phosphate-based Fertiliser Sales Up 9.4% in Q1 2012
Moscow - PhosAgro , a leading global vertically integrated phosphate-based fertilizer producer, announces its unaudited operating results for the three months ended 31 March 2012. The Company increased phosphate-based fertiliser sales volumes in Q1 2012 by 9.4% year-on-year (y-o-y), while production of phosphate-based fertilisers for the same period increased by 4.9% y-o-y.
PhosAgro's production and sales volumes for the three months ended 31 March 2012 are summarized in the tables below.
Production Volumes by type (kmt) Q1 2012 Q1 2011 Change y-o-y Phosphate-based fertilisers 1,079.4 1,028.8 4.9%Nitrogen-based fertilisers 216.9 247.0 (12.2%)Apatit mine and beneficiation 2,271.9 2,255.2 0.7%plant Other products 1,798.2 1,881.7 (4.4%) Sales Volumes by type (kmt) Q1 2012 Q1 2011 Change y-o-y Phosphate-based fertilisers 1,067.3 975.2 9.4%Nitrogen-based fertilisers 240.2 268.4 (10.5%)Apatit mine and beneficiation 1,153.1 1,082.8 6.5%plant Other products 84.2 102.9 (18.2%)
Commenting on the Q1 2012 production results, PhosAgro CEO Maxim Volkov said: "I am pleased to announce a 4.9% rise in production and a 9.4% rise in sales of phosphate-based fertilisers in the first three month of 2012. This was possible due to our successful strategy of organic growth through increasing processing of our own phosphate rock for phosphate-based fertilisers like MAP, DAP, NPK and NPS, as well as enhancing the flexibility of both our production and sales models. We were able to substantially increase volumes of complex NPK fertilisers while DAP prices were under pressure, and keep capacity utilization at near 100%, with a significant y-o-y increase in volumes."
The table below provides a breakdown of production volumes by major product forQ1 2012: Production Volumes (kmt) Q1 2012 Q1 2011 Change y-o-y Apatit mine and beneficiation plant Phosphate ore 6,785.0 6,688.4 1.4%Phosphate rock 2,005.4 2,006.9 (0.1%)Nepheline concentrate 266.4 248.2 7.3%Phosphate-based fertilisers DAP/MAP 558.8 710.0 (21.3%)NPK 416.0 255.9 62.5%NPS 24.8 0 n.a.APP 17.3 13.0 32.9%MCP 62.4 49.8 25.4%Nitrogen-based fertilisers AN 96.3 122.9 (21.6%)Urea 120.6 124.1 (2.8%)Other products AlF3 6.6 6.4 3.4%Ammonia 255.4 298.4 (14.4%)Phosphoric acid 408.0 441.5 (7.6%)Sulphuric acid 1,128.2 1,135.4 (0.6%)The table below provides a breakdown of sales volumes by major product for Q12012: Sales Volumes (kmt) Q1 2012 Q1 2011 Change y-o-y Apatite mine and beneficiation plant Phosphate rock 894.1 835.4 7.0%Nepheline concentrate 259.0 247.3 4.7%Phosphate-based fertilisers DAP/MAP 569.5 675.1 (15.7%)NPK 416.1 242.7 71.5%NPS 5.5 0.3 n.a.APP 13.4 11.8 13.4%MCP 62.8 45.2 39.1%Nitrogen-based fertilisers AN 91.3 153.4 (40.5%)Urea 149.0 115.0 29.5%Other products AlF3 6.5 6.4 2.9%Ammonia 30.5 58.3 (47.6%)Phosphoric acid 2.0 2.6 (22.2%)Sulphuric acid 45.1 35.7 26.4%Conference Call
On 26 April 2012 at 14:30 London time (17:30 Moscow; 09:30 New York), PhosAgro will host a conference call and webcast to discuss its Q1 2012 operating results.
The call will be held in English, with simultaneous translation into Russian on a separate line. Participants will be required to tell the operator which language to connect to when diallingin.
Conference call dial-ins:
+7 499 272 4337 Moscow+1 212 999 6659 New York+44 (0) 20 3003 2666 LondonToll Free:0808 109 0700 UK1 866 966 5335 USA8 10 8002 1774011 Russia (Moscow only)
Conference call password: PhosAgro
For further information please contact:
OJSC PhosAgro+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsUKStuart Leasorleasor@mcomgroup.com+ 44 20 7920 2317RussiaSam VanDerlipvanderlip@mcomgroup.com+7 495 363 2845Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 35.7 percent), as well as ammonia and nitrogen-based fertilisers. The Group is the largest phosphate-based fertiliser 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 a leading producer of MCP feed phosphates 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, representing over 75 years of production. The Group also controls substantial Al2O3 resources, and has 41% of Russia's rare earth oxides resources.
The Group'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 fertiliser 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. The Group is the only global vertically integrated fertilizer producer that derives approximately 90% of its consolidated gross profit from the phosphates segment. PhosAgro's 2011 IFRS revenue was USD 3.4 bln and EBITDA was USD 1.2 bln. The С ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com
Phosagro S (PHOR)