OJSC PhosAgro (PHOR)
PhosAgro EGM Approves Dividends
04-Oct-2019 / 17:30 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
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announcement.
For Immediate Release 4 October 2019
PhosAgro EGM Approves Dividends
Moscow - PhosAgro (Moscow Exchange, LSE: PHOR), one of the world's leading
vertically integrated phosphate-based fertilizer producers, announces that
today an Extraordinary General Meeting of shareholders ("EGM") has approved
the payment of dividends in the amount of RUB 6,993 million, or RUB 54 per
share, from the Company's undistributed net profit as of 31 December 2018.
The dividend record date has been set as 15 October 2019.
PhosAgro CEO and Board of Directors member Andrey Guryev said: "Good
dividend payments are a result of the successful implementation of the
Company's strategy to 2020. PhosAgro has modernised its production
facilities, increased efficiency and the environmental performance of its
facilities and increased sales, which enabled it to generate consistently
high cash flows.
"PhosAgro's new strategy to 2025, which we presented at our Capital Markets
Day in September, calls for further modernisation of existing and
construction of new production facilities using best available techniques,
as well as innovative and digital solutions. We will strive for greater
vertical integration and self-sufficiency in feedstocks, higher production
volumes of fertilizers and phosphate rock, and step up our efforts to
increase efficiency and reduce costs. Once completed, these planned
investments are expected to lead to higher EBITDA performance.
"At the same time, our new dividend policy, which was approved by the Board
of Directors in September, will increase returns for PhosAgro's
shareholders. From 3Q 2019 on, dividend payments to shareholders will be
based on the Company's free cash flow instead of net profit, with the amount
varying depending on the Company's debt levels. The policy sets a minimum
threshold of 50% of adjusted net profit, which was the upper limit of the
old dividend policy. As before, we intend to maintain a balance between
payment of dividends and reinvestment of profit into further development and
servicing our debt, while also implementing social and charitable projects."
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. PhosAgro's pure phosphate-based fertilizers stand out for their high
efficiency and their environmental safety for the health of people and
soils.
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: MSCM
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
Sequence No.: 22485
EQS News ID: 885793
End of Announcement EQS News Service
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(END) Dow Jones Newswires
October 04, 2019 11:30 ET (15:30 GMT)
