PhosAgro Shareholders Elect New Board of Directors and Approve 2022 Annual Report

Moscow – The shareholders of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, elected a new Board of Directors during the Annual General Meeting (AGM), held on 24 March in the form of absentee voting. 

The new Board of Directors includes the following members: Viktor Ivanov, Yuriy Krugovykh, Siroj Loikov, Natalia Pashkevich, Mikhail Rybnikov, Alexander Seleznev, Vladimir Trukhachev, Viktor Cherepov, Alexander Sharabaiko and Andrey Sharonov.

The AGM approved the Company’s annual report for 2022, which reflects a number of record-setting results:

• production of 11.1 million tonnes of agrochemical products (up nearly 5% year-on-year);
• a one-third increase in investments to develop the Company, to RUB 63 billion;
• a 50% rise in tax payments, to more than RUB 59 billion;
• a 150% increase in financing for social and charitable projects, to RUB 12.9 billion;
• expansion of PhosAgro’s portfolio of eco-efficient mineral fertilizers to 57 grades.

PhosAgro CEO Mikhail Rybnikov said: “The consistent implementation of our long-term development programme enabled us to increase production last year, and we remained the leader in terms of the total supply of all types of fertilizers to the domestic market and expanded our support in the social sphere considerably.

“We intend to maintain this momentum of steady development. In 2023, we expect further growth in the production of agrochemical products, to 11.3 million tonnes. Our workforce laid the groundwork for this in January–February, as we increased production of phosphoric acid and sulphuric acid by 22% and 17% year-on-year, respectively, over this period.

“Our production achievements have enabled PhosAgro-Region, Russia’s largest mineral fertilizer distribution network, to increase supplies to domestic farmers: in January–February 2023, sales of mineral fertilizers rose by almost 12%. In addition, PhosAgro-Region has been increasing supplies of PhosAgro products to Russian industrial enterprises.

“We intend to raise the bar even higher in 2023, with plans to increase capex to RUB 67 billion. The second start-up complex for the 10th horizon at the Kirovsky mine is expected to come online by the end of the year. In Cherepovets, in addition to projects to support capacities for the production of ammonia, phosphoric acid and sulphuric acid, a project to increase the processing of phosphate rock under development. In Balakovo, we are going to complete projects to increase the production of feed phosphates and sulphuric acid by the end of the year, and we are also starting the third stage in the development of the production facility by establishing a flexible arrangement for the production of MAP/DAP/NPS/NPK fertilizers. Our new million-tonne plant in Volkhov is expected to reach design capacity in 2023. Furthermore, the possibility of building new facilities for the production of ammonia and urea in Cherepovets and Volkhov is being analysed.

“Our top priorities remain adhering to ESG principles as well as fully meeting all our social obligations in the regions where we operate and paying our employees decent wages. With that in mind, the salaries of all PhosAgro Group employees will be indexed by another 15% starting in April 2020.”

In 2022, the average salary among PhosAgro staff increased by 22%, following an 11% increase in 2021.

The AGM also decided to pay out dividends at the rate of RUB 465 per ordinary share and confirmed 4 April 2023 as the dividend record date.

In addition, the AGM elected the members of PhosAgro’s Audit Commission, approved the Company’s annual financial statements for 2022, and determined the procedure, terms and amount of remuneration and compensation payments to be made to members of the Board of Directors. JSC Unicon was approved as PhosAgro’s auditor for 2023.

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of mineral phosphorous fertilizers and of high-grade apatite concentrate grading 39% P2O5 and higher. PhosAgro’s fertilizers are highly effective, ensuring the improved quality of agricultural produce.

PhosAgro Group is the largest manufacturer of phosphate-based fertilisers in Europe (by total capacity of DAP/MAP/NP/NPK/NPS production), the largest producer of phosphite grading 39% P2O5 in the world and one of the leading global producers of ammonium and diammonium phosphate, one of Europe’s leading and the only producer in Russia of monocalcium phosphate feed (MCP), and the only producer in Russia of nepheline concentrate.

The company’s main products, including phosphite, 57 grades of fertilizer, phosphate feed, ammonium, and sodium tripolyphosphate, are used in around 100 countries on all inhabited continents. Our priority markets, besides Russia and the CIS, are Latin America, Europe, and Asia.

The company's shares are listed on the Moscow Exchange and its Global Depositary Receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).   

More information about PhosAgro PJSC can be found on our site: www.phosagro.ru