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PhosAgro PJSC (PHOR)
PhosAgro PJSC: PhosAgro’s Board of Directors Approves Next Year’s Budget
21-Dec-2022 / 17:05 MSK
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PhosAgro’s Board of Directors Approves Next Year’s Budget
Moscow – The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR),
one of the world’s leading vertically integrated phosphate-based
fertilizer producers, has approved the Company’s draft budget for next
year.
The Board also took under advisement the results of the implementation of
key investment projects at PhosAgro Group production sites in 2022 and the
status of areas for the Company’s development to 2030.
According to PhosAgro CEO Mikhail Rybnikov, “the Company’s adopted budget
maintains a commitment to the long-term plan for to further expand and
modernise production facilities and deepen their vertical integration. In
the outgoing year, we have allocated almost RUB 64 billion for investment
in development – a third more than last year. The 2023 budget provides for
a further increase in the total amount of investment, to more than RUB 66
billion. Key projects include bringing our state-of-the-art facility for
the production of phosphate-based fertilizers in Volkhov to design
capacity, and implementing projects for the development of our ore and
feedstock resources in Kirovsk and facilities for the production of
high-tech products in Cherepovets and Balakovo.”
Mr Rybnikov thanked the Company’s workers for their concerted efforts, as
a result of which PhosAgro expects to set a new production record this
year, despite external volatility.
During the meeting, the Board heard a report on occupational injuries at
PhosAgro subsidiaries. The Board noted a decrease in the Company’s injury
rate as a result of PhosAgro’s safety culture and compliance with high
standards for occupational health and industrial safety.
The Board of Directors approved the work plan and budget for the Company’s
Internal Audit Department for 2023, as well as a new version of the
Statement on Transparency concerning the United Kingdom’s Modern Slavery
Act. A report on the Company’s work in the area of information technology
for 2022 was taken under advisement.
About the Company
PhosAgro ( 1 www.phosagro.ru) is a vertically integrated Russian company
and one of the world’s leading producers of mineral phosphorous
fertilizers and of high-grade apatite concentrate grading 39% P2O5 and
higher. PhosAgro’s fertilizers are highly effective, ensuring the improved
quality of agricultural produce.
PhosAgro Group is the largest manufacturer of phosphate-based fertilisers
in Europe (by total capacity of NAP/MAP/NP/NPK/NPS production), the
largest producer of phosphite grading 39% P2O5 in the world and one of
the leading global producers of ammonium and diammonium phosphate, one of
Europe’s leading and the only producer in Russia of monocalcium phosphate
feed, and the only producer in Russia of nepheline concentrate.
The company’s main products, including phosphite, over 50 types of
fertilizer, phosphate feed, ammonium, and sodium tripolyphosphate, are
used in over 102 countries on all inhabited continents. Our priority
markets, besides Russia and the CIS, are Latin America, Europe, and Asia.
The company's shares are listed on the Moscow Exchange and its Global
Depositary Receipts (GDRs) are listed on the London Stock Exchange (MOEX
and LSE ticker: PHOR).
More information about PhosAgro PJSC can be found on our site:
2 www.phosagro.ru
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ISIN: US71922G2093
Category Code: MSCM
TIDM: PHOR
LEI Code: 25340053KRUNNYUWF472
OAM Categories: 2.2. Inside information
Sequence No.: 210403
EQS News ID: 1519161
End of Announcement EQS News Service
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