OJSC PhosAgro (PHOR)
PhosAgro Board of Directors Approves Development Priorities for 2020 and
Recommends that Shareholders Approve Dividend Payment
22-Nov-2019 / 18:30 MSK
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 22 November 2019
PhosAgro Board of Directors Approves Development Priorities for 2020 and
Recommends that Shareholders Approve Dividend Payment
Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR),
one of the world's leading vertically integrated phosphate-based fertilizer
producers, at today's meeting approved the company's priority areas for 2020
and has recommended that the Extraordinary General Meeting of Shareholders
("EGM") approve a dividend payment of RUB 6.216 billion, or RUB 48 per
ordinary share (RUB 16 per Global Depositary Receipt) from retained earnings
as of 31 December 2018.
The Board of Directors made this recommendation after reviewing the
Company's financial and operating performance for the first nine months of
2019, including the Company's interim consolidated financial statements in
accordance with International Financial Reporting Standards ("IFRS"), which
are scheduled to be published on 25 November 2019.
The Board of Directors heard a report on the results of the implementation
of PhosAgro's development priorities in 2019 and approved development
priorities for 2020. These priorities stipulate the implementation of
PhosAgro's key investment projects and ensure a further increase in the
production output of environmentally friendly plant nutrition systems that
are in demand on PhosAgro's priority domestic Russian market and 100
countries around the world, as well as further strengthening the company's
competitive advantages.
PhosAgro CEO Andrey Guryev said: "Improving operational efficiency and
reducing production costs through the use of the best available techniques
will remain among our top development priorities. This will enable PhosAgro
to secure its position as one of the world's most efficient producers of
mineral fertilizers.
"The implementation of the Company's development strategy until 2025, which
calls for around USD 3 billion of investments in the development and
modernisation of production facilities, will ensure the further sustainable
expansion of PhosAgro's cash flow generation, as well as its ability to pay
considerable dividends and to implement social and charitable programs in
the field of sustainable development."
The Board of Directors also approved a new version of the Company's
personnel management policy, which introduces additional guarantees in the
fields of human rights, non-discrimination, and child and forced labour. A
public statement on the Company's transparency regarding the UK Modern
Slavery Act has likewise been approved.
The meeting heard a report on the monitoring of the Company's key risks and
took note of information regarding the establishment of a mechanism to
evaluate the work of the Board of Directors.
In addition, the Board of Directors reviewed information provided by the
chairs of the committees of the Board regarding their work during Q3 2019.
Irina Bokova, Chair of the Committee for Sustainable Development, who was
the director-general of UNESCO from 2009 to 2017, noted the progress made
towards integrating the principles of sustainable development into the
Company's activities.
"The Company is consistently moving towards the implementation of a
systematic approach based on the principles of sustainable development. The
PhosAgro development strategy to 2025 takes into account the most
significant UN Sustainable Development Goals (SDGs) for the next five years,
and their implementation is monitored by the Committee under my leadership.
"It is clear that the Sustainable Development Goals are global in nature and
relevant for all states, citizens, public institutions and businesses. It is
also clear that they are on the minds of investors and consumers of our
products. Being fully aware of this, PhosAgro wholeheartedly supports the
principles of sustainable development and is an active participant in the UN
Global Compact, which is the UN international initiative for business in the
field of corporate and social responsibility. The recent inclusion of
PhosAgro in the list of 36 global corporate leaders under the UN Global
Compact, as well as the increase in investments made into our company by ESG
funds, serves as a confirmation of the effective integration of the SDGs
into the Company's activities, as well as the transparent disclosure of our
results in the field of sustainable development," Bokova stressed.
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.
ISIN: US71922G2093
Category Code: MSCH
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
OAM Categories: 2.2. Inside information
Sequence No.: 31133
EQS News ID: 920201
End of Announcement EQS News Service
(END) Dow Jones Newswires
November 22, 2019 10:30 ET (15:30 GMT)
© 2019 Dow Jones News
