PhosAgro is committed to striking an effective and reasonable balance between the payment of dividends and reinvestment of profit in further development. Higher transparency and predictability of dividend payments are a priority for the company seeking to strengthen its investment case.

Dividend Policy

The decision on dividend distributions, their terms and amounts is made at the General Shareholders’ Meeting on the basis of recommendations by the Board of Directors. The Board of Directors’ recommendations depend on such factors as the Company’s earnings for the reporting period and its financial position. Holders of PhosAgro GDRs are also entitled to receive dividends in respect of the underlying shares, subject to the terms of their Depositary Agreements.

PhosAgro’s dividend policy

Dividend payments

To calculate the amount of dividend payments, the Board of Directors considers the Company’s consolidated free cash flow for the reporting period (quarter, six months, first nine months or year) under IFRS.

*Dividends were paid from earnings retained over the previous years