REG-PhosAgro PJSC PhosAgro PJSC: PhosAgro Shareholders Elect New Board of Directors and Approve 2022 Annual Report

PhosAgro PAOAnnouncement

24/03/2023 13:30

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   PhosAgro PJSC (PHOR)
   PhosAgro PJSC: PhosAgro Shareholders Elect New Board of Directors and
   Approve 2022 Annual Report

   24-March-2023 / 16:15 MSK
   The issuer is solely responsible for the content of this announcement.

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   PhosAgro Shareholders Elect New Board of Directors and Approve 2022 Annual
                                     Report

   Moscow – The shareholders of PhosAgro (Moscow Exchange, LSE: PHOR), one of
   the  world’s  leading  vertically  integrated  phosphate-based  fertilizer
   producers, elected  a new  Board of  Directors during  the Annual  General
   Meeting (AGM), held on 24 March in the form of absentee voting. 

   The new Board of Directors includes the following members: Viktor  Ivanov,
   Yuriy Krugovykh,  Siroj  Loikov,  Natalia  Pashkevich,  Mikhail  Rybnikov,
   Alexander  Seleznev,  Vladimir  Trukhachev,  Viktor  Cherepov,   Alexander
   Sharabaiko and Andrey Sharonov.

   The AGM approved the  Company’s annual report for  2022, which reflects  a
   number of record-setting results:

     • production of 11.1 million tonnes of agrochemical products (up  nearly
       5% year-on-year);
     • a one-third increase in investments to develop the Company, to RUB  63
       billion;
     • a 50% rise in tax payments, to more than RUB 59 billion;
     • a 150% increase in  financing for social  and charitable projects,  to
       RUB 12.9 billion;
     • expansion of PhosAgro’s portfolio of eco-efficient mineral fertilizers
       to 57 grades.

   PhosAgro CEO Mikhail Rybnikov said: “The consistent implementation of  our
   long-term development  programme enabled  us to  increase production  last
   year, and we remained the leader in terms of the total supply of all types
   of fertilizers to  the domestic  market and  expanded our  support in  the
   social sphere considerably.

   “We intend to maintain  this momentum of steady  development. In 2023,  we
   expect further growth in the production of agrochemical products, to  11.3
   million  tonnes.  Our   workforce  laid   the  groundwork   for  this   in
   January–February, as  we  increased  production  of  phosphoric  acid  and
   sulphuric acid  by  22%  and 17%  year-on-year,  respectively,  over  this
   period.

   “Our  production  achievements  have  enabled  PhosAgro-Region,   Russia’s
   largest mineral fertilizer distribution  network, to increase supplies  to
   domestic farmers: in January–February  2023, sales of mineral  fertilizers
   rose by  almost  12%. In  addition,  PhosAgro-Region has  been  increasing
   supplies of PhosAgro products to Russian industrial enterprises.

   “We intend to raise the  bar even higher in  2023, with plans to  increase
   capex to RUB 67 billion. The second start-up complex for the 10th  horizon
   at the Kirovsky mine is expected to come online by the end of the year. In
   Cherepovets, in  addition  to  projects  to  support  capacities  for  the
   production of ammonia, phosphoric  acid and sulphuric  acid, a project  to
   increase the processing of phosphate rock under development. In  Balakovo,
   we are  going to  complete projects  to increase  the production  of  feed
   phosphates and sulphuric  acid by the  end of  the year, and  we are  also
   starting the third stage in the development of the production facility  by
   establishing a flexible arrangement for the production of  MAP/DAP/NPS/NPK
   fertilizers. Our new million-tonne plant  in Volkhov is expected to  reach
   design capacity  in 2023.  Furthermore, the  possibility of  building  new
   facilities for  the production  of  ammonia and  urea in  Cherepovets  and
   Volkhov is being analysed.

   “Our top priorities  remain adhering to  ESG principles as  well as  fully
   meeting all our  social obligations in  the regions where  we operate  and
   paying our employees decent wages. With that in mind, the salaries of  all
   PhosAgro Group employees will be indexed by another 15% starting in  April
   2020.”

   In 2022,  the  average  salary  among PhosAgro  staff  increased  by  22%,
   following an 11% increase in 2021.

   The AGM also  decided to  pay out  dividends at the  rate of  RUB 465  per
   ordinary share and confirmed 4 April 2023 as the dividend record date.

   In addition, the AGM elected  the members of PhosAgro’s Audit  Commission,
   approved  the  Company’s  annual   financial  statements  for  2022,   and
   determined  the   procedure,  terms   and  amount   of  remuneration   and
   compensation payments to be made to members of the Board of Directors. JSC
   Unicon was approved as PhosAgro’s auditor for 2023.

   About the Company

   PhosAgro (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  DAP/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 (MCP), and the only producer in Russia of nepheline concentrate.

   The company’s main products, including phosphite, 57 grades of fertilizer,
   phosphate feed, ammonium, and sodium tripolyphosphate, are used in  around
   100 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:
    1 www.phosagro.ru  

    

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   Dissemination of a Regulatory Announcement that contains inside
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   The issuer is solely responsible for the content of this announcement.

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   ISIN:          US71922G2093
   Category Code: AGM
   TIDM:          PHOR
   LEI Code:      25340053KRUNNYUWF472
   Sequence No.:  232542
   News ID:       1592105


    
   End of Announcement EquityStory RS News Service

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