REG-PJSC PhosAgro: BoD discusses 2025 Strategy; rec RUB 3.1 bn in divs

PhosAgro PAOAnnouncement

29/05/2018 17:45

For Immediate Release   29 May 2018 

Board of Directors discusses key areas of PhosAgro Group’s development
strategy through 2025; recommends EGM approve payment of RUB 3.1 billion in
dividends 

Moscow – The Board of Directors of PhosAgro (“PhosAgro” or “the
Company”) (Moscow Exchange, LSE: PHOR), one of the world’s leading
vertically integrated phosphate-based fertilizer producers, today recommended
that an extraordinary general meeting of shareholders (EGM) approve a dividend
payment of RUB 3.11 billion, or RUB 24 per common share (RUB 8 per global
depositary receipt), from the Company’s undistributed net profit,
accumulated as of 31 December 2017.

The extraordinary general meeting of shareholders will be held on 6 July 2018
in the form of an absentee vote. The record date for shareholders eligible to
participate in the meeting was set as 11 June 2018. The Board of Directors
also approved the agenda of the meeting, which will include the approval of
related-party transactions. The recommended record date for shareholders
eligible to receive dividends is 23 July 2018.

The dividend recommendation was made following the Board of Directors’
review of PhosAgro’s interim consolidated IFRS financial statements for 1Q
2018, which will be disclosed tomorrow, 30 May 2018, as well as general
information about the financial results for the respective period.

The Board of Directors also reviewed information regarding the implementation
of the Company’s 2017 development strategy and the main areas of development
for 2018.

PhosAgro CEO Andrey Guryev said:

“PhosAgro’s clearly defined development strategy means that the company is
able to commission new production capacities, which in turn supports stable
cash flow over the long term, allowing us to pay appropriate dividends to
shareholders and make investments in new products to improve our
competitiveness.

“In the last five years alone, the Company has invested RUB 160 billion in
its development, drawing on the best available technology. As a result, our
production volumes have increased by 40% over this period, to a record 8.3
million tonnes in 2017. Since our IPO we have paid more than USD 1.9 billion
in dividends, or USD 5 per GDR, which is almost 40% of the original price of
our GDRs at the moment of listing.

“Today we have presented to the Board of Directors the main areas of focus
of PhosAgro’s long-term development strategy through 2025, which aims to
further increase the Company’s operational efficiency, strengthen its
positions on the domestic and international market, and support growth of
shareholder value and profitability.”

The Board of Directors also approved the new budget for 2018 and recommended
that management approve the budget and inform the Board of Directors of its
implementation on a quarterly basis.

In addition, today’s meeting was given an update on the work of PhosAgro
Group companies, in adherence to the norms of labour legislation and
industrial safety at production facilities, and compliance with environmental
norms and environmental safety in 2017.

The Board of Directors reviewed information on the results of monitoring of
key risks in 1Q 2018, as well as about the Company’s compliance with
provisions of Russian law regarding the protection and handling of insider
information, and about key requirements of Russian and European legislation
for persons discharging managerial responsibility (PDMR). In addition, a new
edition of the Policy on Conflicts of Interest was approved.

Today’s meeting also reviewed information from the Chairmen of the
committees of the Board of Directors regarding the work of their committees
during 1Q 2018, and about the implemention of the Company’s information
policy in 2017 and main areas of work for 2018.

Notes to Editors

PhosAgro (www.phosagro.ru) is one of the world’s leading vertically
integrated phosphate-based fertilizer producers in terms of production volumes
of phosphate-based fertilizers and high-grade phosphate rock with a P(2)O(5)
content of not less than 39% (according to IFA, Fertecon and CRU).

PhosAgro’s main products include phosphate rock, over 35 grades of
fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are
used by customers in 100 countries spanning all of the world’s inhabited
continents. The Company’s priority markets outside of Russia and the CIS are
Latin America, Europe and Asia.

PhosAgro’s shares are traded on the Moscow Exchange, and global depositary
receipts (“GDRs”) for shares trade on the London Stock Exchange (under the
ticker PHOR). Since 1 June 2016, the Company’s GDRs have been included in
the MSCI Russia and MSCI Emerging Markets indexes. 



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