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PhosAgro EGM Approves Dividend Payment

1 October 2018
Moscow – PhosAgro ("PhosAgro" or "the Company") (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that today an Extraordinary General Meeting of Shareholders (“EGM”) approved the payment dividends in the amount of RUB 5.83 billion, or RUB 45 per common share (RUB 15 per global depositary receipt), from undistributed net income. The EGM set 12 October 2018 as the record date for the receipt of dividends.

PhosAgro CEO Andrey Guryev said:"successful implementation of investment projects has enabled the Company to generate stable cash flows, 50-60% of which is directed annually to finance projects under our new investment cycle. At the same time, we continue to make dividend payments and implement social and charity programmes.

“In particular, in the first six months of this year, RUB 15 billion was allocated to capital expenditure, and we forecast a total of RUB 32-33 billion for the full year. Among the main projects that are underway are the construction of new advanced sulphuric and nitric acid plants, as well as new ammonium sulfate production and mondernisaation of existing sulphuric acid lines at our Cherepovets site, while in Kirovsk we are focussed on the construction of a conveyor system for transportation of overburden and modernisation of the apatite-nepheline enrichment facilities in order to start processing off-balance ores. Recently, we commissioned an ammonia pipeline and an upgraded sulphuric acid plant in Balakovo, and we are analysing prospects for the further development of production in Volkhov."