OJSC PhosAgro (PHOR)
PhosAgro Board Approves Committee on Sustainable Development and Recommends
Dividends
15-May-2019 / 18:45 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this
announcement.
For Immediate Release 15 May 2019
PhosAgro Board Approves Committee on Sustainable Development and Recommends
Dividends
Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR),
one of the world's leading vertically integrated phosphate-based fertilizer
producers, has recommended that the Extraordinary General Meeting of
Shareholders ("EGM") approve a dividend payment in the amount of RUB 9.3
billion, or RUB 72 per ordinary share (RUB 24 per Global Depositary Receipt)
from retained earnings as of 31 March 2019.
The EGM, which will be held by absentee ballot, has been scheduled for 24
June 2019 and the record date for shareholders eligible to participate in
the EGM is 30 May 2019. The Board of Directors also approved the agenda of
the meeting. The Board has recommended that the record date for shareholders
eligible to receive dividends be set as 10 July 2019.
The Board of Directors made this recommendation after reviewing the
Company's financial performance and interim consolidated financial
statements in accordance with International Financial Reporting Standards
("IFRS") for the first quarter of 2019, which are scheduled to be published
tomorrow, on 16 May 2019.
An important decision taken by the Board of Directors at the meeting was the
creation of a PhosAgro Board of Directors Committee for Sustainable
Development. The proposal to establish the committee was put forward by
PhosAgro CEO Andrey Guryev. The members of the Board of Directors
unanimously agreed that Irina Bokova would be the best candidate to chair
the newly-created committee. Irina Bokova is an independent director on
PhosAgro's Board of Directors and former Director-General of UNESCO
(2009-2017); she was the first woman and the first person from Eastern
Europe to lead the organisation. Irina Bokova played an active role in
developing and approving the UN's sustainability agenda.
The composition of the Committee for Sustainable Development and its
chairperson are due to be determined at the first meeting of the Board of
Directors after PhosAgro's Annual General Meeting of Shareholders.
PhosAgro CEO Andrey Guryev said: "PhosAgro continues to deliver strong
operating results, which support our impressive financial perofrmance. Our
significant cash flow enables us to ensure stable dividend payments while
also financing new investment projects and sustainability programmes.
"Sustainable development is an important element of our Strategy to 2025,
and from the very first days after approval of the strategy, PhosAgro has
been making significant efforts to strengthen its position in this area.
Irina Bokova is a professional with unique expertise and many years of
international experience, will play a key role in this process, and I would
be pleased to welcome her as the chair of the Committee for Sustainable
Development."
PhosAgro Chairman of the Board of Directors Sven Ombudstvedt said: "The
successful completion of key investment projects under the strategy to 2020
have enabled PhoAgro to establish a solid foundation for long-term,
sustainable growth and of stable cash flow generation, which makes it
possible to consistently pay healthy dividends and to invest in growth
projects, as well as social and charitable programmes.
"At the same time, we are paying increasing attention to issues of
sustainable development and the creation of a Committee to oversee issues in
this area, led by Irina Bokova, reaffirms the Company's commitment to the UN
Sustainable Development Goals, which have been identified as a key priority
in PhosAgro's strategy to 2025. This will will contribute to the achievement
of goals set out in the Company's strategy to 2025 and increase PhosAgro's
contribution to finding solutions to global issues."
PhosAgro Board of Directors member Irina Bokova said: "I am honored that the
Board of Directors has discussed my candidacy for the chair of the Committee
for Sustainable Development at PhosAgro, which is one of the world's leading
producers of phosphate-based fertilizers. Despite the fact that I joined the
Board of Directors little over a year ago, in this short period of time I
have repeatedly seen PhosAgro's commitment to the principles of corporate
social responsibility in every aspect of its activities.
"Having played an active role in the review and approval of PhosAgro's
strategy to 2025, I can say with confidence that the Company plans to
continue to invest and implement initiatives aimed at preserving the
environment, ensuring safe working conditions, developing the regions where
it operates, implementing major social programmes and increasing its
contribution to solving issues that currently face society.
"I think it is especially important to underscore the fact that the private
sector plays a key role in achieving global sustainability priorities, and
PhosAgro will take active part in this process."
The Board of Directors also heard information on sustainabile development
initiatives, such as ensuring compliance with regulatory OHS requirements at
production facilities, compliance with environmental requirements,
environmental safety and energy efficiency. Among the key information
reviewed by the Board included:
? Occupational Health and Safety: PhosAgro constantly studies global best
practices in the area of occupational health and safety, and has adopted
policies and procedures that have made a significant, sustainable impact
on its performance in this area.
? Environmental policy: PhosAgro implements a unified environmental
management system across its production sites, and in 2018 the Company
invested RUB 3.5 billion into environmental protection projects.
? Energy Efficiency: PhosAgro is continuously investing in upgrades and
improvements across its production sites to improve efficiency and reduce
energy consumption. One of the Company's key initiatives has been the
installation of electricity generation capacity that is integrated into
the production sites. Going forwards, PhosAgro plans to further improve
its energy efficiency by building its own generation capacity at it
Volkhov production site, and by installing heat recapture units at its
acid production capacities that will be used to generate additional
electricity from heat generated in the production process.
The Board of Directors also heard information from the chairs of the Board
committees on the results of their work in the first quarter of 2019, on
implementation of its information policy, on selected international
projects, an Insider Information Policy report on the implementation of the
provisions of the law regarding restrictions on the use and circulation of
insider information, and interested-party transactions.
For further information please contact:
PhosAgro
Alexander Seleznev, Head of Investor Relations Department
+7 495 232 9689 ext 2187
ir@phosagro.ru
Timur Belov, Press Officer
+7 495 232 9689
EM
Sam VanDerlip
vanderlip@em-comms.com
+44 7554 993 032
+7 499 918 3134
Dmitriy Zhadan
zhadan@em-comms.com
+7 495 363 2849
+7 916 770 89 09
About the Company
PhosAgro 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 P2O5 content of 39% and
higher.
The Company is the largest phosphate-based fertilizer producer in Europe (by
total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of
high-grade phosphate rock with a P2O5 content of 39%, a top-three producer
of MAP/DAP globally, one of the leading producers of feed phosphates (MCP)
in Europe, and the only producer in Russia, and Russia's only producer of
nepheline concentrate (according to the RAFP).
PhosAgro's main products include phosphate rock, 39 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.
More information about PhosAgro can be found on the website: www.phosagro.ru
[1].
ISIN: US71922G2093
Category Code: MSCH
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
OAM Categories: 2.2. Inside information
Sequence No.: 8655
EQS News ID: 811841
End of Announcement EQS News Service
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(END) Dow Jones Newswires
May 15, 2019 12:45 ET (16:45 GMT)
