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PhosAgro Phosphate-based Fertiliser Sales Up 9.4% in Q1 2012

26 April 2012

Moscow – PhosAgro(MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces its unaudited operating results for the three months ended 31 March 2012. The Company increased phosphate-based fertiliser sales volumes in Q1 2012 by 9.4% year-on-year (y-o-y), while production of phosphate-based fertilisers for the same period increased by 4.9% y-o-y.


PhosAgro`s production and sales volumes for the three months ended 31 March 2012 are summarized in the tables below.


Production Volumes by type

(kmt)

Q1 2012

Q1 2011

Change y-o-y

Phosphate-based fertilisers

1,079.4

1,028.8

4.9%

Nitrogen-based fertilisers

216.9

247.0

(12.2%)

Apatit mine and beneficiation plant

2,271.9

2,255.2

0.7%

Other products

1,798.2

1,881.7

(4.4%)


Sales Volumes by type

(kmt)

Q1 2012

Q1 2011

Change y-o-y

Phosphate-based fertilisers

1,067.3

975.2

9.4%

Nitrogen-based fertilisers

240.2

268.4

(10.5%)

Apatit mine and beneficiation plant

1,153.1

1,082.8

6.5%

Other products

84.2

102.9

(18.2%)


Commenting on the Q1 2012 production results, PhosAgro CEO Maxim Volkov said: “I am pleased to announce a 4.9% rise in production and a 9.4% rise in sales of phosphate-based fertilisers in the first three month of 2012. This was possible due to our successful strategy of organic growth through increasing processing of our own phosphate rock for phosphate-based fertilisers like MAP, DAP, NPK and NPS, as well as enhancing the flexibility of both our production and sales models. We were able to substantially increase volumes of complex NPK fertilisers while DAP prices were under pressure, and keep capacity utilization at near 100%, with a significant y-o-y increase in volumes.”


The table below provides a breakdown of production volumes by major product for Q1 2012:


Production Volumes

(kmt)

Q1 2012

Q1 2011

Change y-o-y

Apatit mine and beneficiation plant

Phosphate ore

6,785.0

6,688.4

1.4%

Phosphate rock

2,005.4

2,006.9

(0.1%)

Nepheline concentrate

266.4

248.2

7.3%

Phosphate-based fertilisers

DAP/MAP

558.8

710.0

(21.3%)

NPK

416.0

255.9

62.5%

NPS

24.8

0

n.a.

APP

17.3

13.0

32.9%

MCP

62.4

49.8

25.4%

Nitrogen-based fertilisers

AN

96.3

122.9

(21.6%)

Urea

120.6

124.1

(2.8%)

Other products

AlF3

6.6

6.4

3.4%

Ammonia

255.4

298.4

(14.4%)

Phosphoric acid

408.0

441.5

(7.6%)

Sulphuric acid

1,128.2

1,135.4

(0.6%)


The table below provides a breakdown of sales volumes by major product for Q1 2012:


Sales Volumes

(kmt)

Q1 2012

Q1 2011

Change y-o-y

Apatite mine and beneficiation plant

Phosphate rock

894.1

835.4

7.0%

Nepheline concentrate

259.0

247.3

4.7%

Phosphate-based fertilisers

DAP/MAP

569.5

675.1

(15.7%)

NPK

416.1

242.7

71.5%

NPS

5.5

0.3

n.a.

APP

13.4

11.8

13.4%

MCP

62.8

45.2

39.1%

Nitrogen-based fertilisers

AN

91.3

153.4

(40.5%)

Urea

149.0

115.0

29.5%

Other products

AlF3

6.5

6.4

2.9%

Ammonia

30.5

58.3

(47.6%)

Phosphoric acid

2.0

2.6

(22.2%)

Sulphuric acid

45.1

35.7

26.4%


Conference Call

On 26 April 2012 at 14:30 London time (17:30 Moscow; 09:30 New York), PhosAgro will host a conference call and webcast to discuss its Q1 2012 operating results.

The call will be held in English, with simultaneous translation into Russian on a separate line. Participants will be required to tell the operator which language to connect to when dialing in.


Conference call dial-ins:

Moscow: +7 499 272 4337

New York: +1 646 843 4608

London: +44 (0) 20 3003 2666


Toll Free:

UK: 0808 109 0700

USA: 1 866 966 5335

Russia (Moscow only): 8 10 8002 1774011


Conference call password: PhosAgro