DJ Board of Directors Approves Change of IFRS Auditor
OJSC PhosAgro (PHOR)
Board of Directors Approves Change of IFRS Auditor
18-Dec-2020 / 19:25 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
For Immediate Release 18 December 2020
Board of Directors Approves Change of IFRS Auditor
Moscow - At its meeting today the Board of Directors of PhosAgro, based on a
proposal by its Audit Committee, approved the appointment of
PricewaterhouseCoopers ("PwC") as PhosAgro's IFRS auditor and recommended
that PhosAgro's CEO sign a contract with the new auditor. Following its
appointment, PwC will conduct its first IFRS audit of the Company's
financial statements for the financial year ended 31 December 2021.
PhosAgro CEO and Board of Directors member Andrey Guryev said: "We have
worked with KPMG for nearly 15 years and are very happy with the robust
audit process and productive relationship we developed during that time.
During their tenure as PhosAgro's IFRS auditors the KPMG team developed an
excellent understanding of our business and have always demonstrated the
highest degree of professionalism.
"While we would happily continue with KPMG, the Audit Committee of the Board
of Directors chaired by Independent Director Marcus Rhodes has recommended
that PhosAgro rotate its auditor to bring fresh perspectives to the audit
process, in keeping with regulatory guidance on the rotation of auditors. We
look forward to a smooth transition to working with PwC for our FY 2021 IFRS
audit and wish the KPMG team all the best in their future ventures."
PhosAgro's incumbent auditor for its consolidated IFRS financial statements
will resign upon completion of their audit of the Company's IFRS financial
statements for the financial year ended 31 December 2020. KPMG have
confirmed that, based on their current understanding and knowledge, there
are no reasons or matters connected with the change of their appointment as
auditors, which they consider should be brought to the attention of the
shareholders or creditors of the Company at the date of this release.
About the company
PhosAgro (www.phosagro.ru [1]) 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 environmentally friendly
fertilizers stand out for their high efficiency, and they do not lead to the
contamination of soils with heavy metals.
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, more than 50 grades of
fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which
are used by customers in 102 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: MSCL
TIDM: PHOR
LEI Code: 25340053KRUNNYUWF472
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 90015
EQS News ID: 1156443
End of Announcement EQS News Service
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(END) Dow Jones Newswires
December 18, 2020 11:25 ET (16:25 GMT)
