OJSC PhosAgro (PHOR)
PhosAgro Board of Directors Takes Key Parameters for 2020 Budget under
Advisement
18-Dec-2019 / 12:45 MSK
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according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
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announcement.
For Immediate Release 18 December 2019
PhosAgro Board of Directors Takes Key Parameters for 2020 Budget under
Advisement
Moscow - The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR),
one of the world's leading vertically integrated phosphate-based fertilizer
producers, has taken under advisement the Company's main budget parameters
for 2020.
PhosAgro CEO Andrey Guryev said: "Given the current pricing environment in
global fertilizer markets, it was recommended that the Management Board
consider opportunities to further improve the Company's internal efficiency,
including in terms of capital and operating costs, and to submit a new
version of the budget by
1 March. The main parameters of the 2020 budget confirm PhosAgro's
commitment to maintaining its status as one of the most efficient producers
of mineral fertilizers in the global industry.
"Reductions in capital and operating costs in recent years are one of the
reasons for our success, and the current price situation in the fertilizer
market is a challenge for us - in a good sense - in terms of further steps
to improve the Company's performance."
The Board of Directors also called an extraordinary general meeting of
shareholders (EGM) to be held by absentee ballot on 24 January 2020. Among
the approved agenda items for the EGM is a dividend recommendation. On 22
November 2019, the Board recommended that the EGM approve a dividend payment
of RUB 6.216 billion, or RUB 48 per ordinary share (RUB 16 per Global D
epositary Receipt). The amount of dividends that the Board of Directors
proposed for payment was determined in accordance with the dividend policy
in the amount of 53% of net profit for the third quarter of 2019, calculated
in accordance with international standards on consolidated financial
reporting and adjusted for the amount of unrealised foreign exchange rate
differences. The record date for the EGM was set as 30 December 2019. It was
recommended that the EGM set 4 February 2020 as the record date for the
register of shareholders to receive dividends.
The Board of Directors of PhosAgro also determined a new composition of the
Management Board, which comprises PhosAgro CEO Andrey Guryev as Chairman,
First Deputy CEO Mikhail Rybnikov, Deputy CEO Siroj Loikov, Deputy CEO for
Corporate and Legal Affairs Alexey Sirotenko, Deputy CEO for Finance and
International Projects Alexander Sharabaiko, ?hief of Staff for the CEO of
PhosAgro Alexander Seleznev and Deputy CEO for Business Development Roman
Osipov.
In addition, the Board of Directors approved the Internal Audit Department's
work plan for the year ahead.
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: ROM
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
OAM Categories: 2.2. Inside information
Sequence No.: 36117
EQS News ID: 938901
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 18, 2019 04:45 ET (09:45 GMT)
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