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PhosAgro Board of Directors Recommends Dividends

16 August 2016
The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, at its meeting today recommended that the Extraordinary General Meeting of Shareholders (“EGM”) approve a dividend payment of RUB 4,273.5 million, or RUB 33 per share (RUB 11 per Global Depositary Receipt), from the Company’s unallocated net profit as of 31 December 2016.

The Board’s recommendation was made after reviewing PhosAgro’s financial and operating performance for the first six months of 2016, including the Company’s consolidated IFRS financial statements, which are due to be disclosed tomorrow, 17 August 2016.

PhosAgro CEO Andrey Guryev said: “Our our carefully considered long-term development strategy has enabled PhosAgro once again to deliver strong operating and financial results that set us apart from many of our peers in a positive way. 

“The strong financial results and fast pace of production growth have enabled us to ask shareholders to approve a dividend payment, while we continue to implement our large-scale investment projects and sustainability programmes.”

The EGM, which will take place by absentee ballot, has been scheduled for 3 October 2016, and the record date for shareholders eligible to participate in the EGM is 8 September 2016.  The Board has recommended that the record date for shareholders eligible to receive dividends be set as 14 October 2016.  The EGM will consider new bylaws on General Meetings of Shareholders and on the Board of Directors, as well as approval of several related party transactions.

The Board of Directors reviewed a report on the monitoring of the management of key risks in Q2 2016, and decided to continue hearing such reports on a quarterly basis.

In addition, the Board took note of reports by the Committee Chairs on the results of their work during Q2 2016, approved bylaws governing internal audit and the corporate secretary, and approved several related party transactions.