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PhosAgro Phosphate-based Fertilizer Sales Up 6.6% in the First Half of 2012

26 July 2012

Moscow– PhosAgro (MICEX-RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces its production update for the first six months of 2012. The Company increased phosphate-based fertiliser sales volumes in the first six months of 2012 by 6.6% year-on-year (y-o-y), while production of phosphate-based fertilisers for the same period increased by 6.4% y-o-y. 


PhosAgro’s production and sales volumes for the first six months of 2012 are summarized in the tables below. 


Production Volumes by type

(kmt)

1HY 2012

1HY 2011

Change y-o-y

Phosphate-based fertilizers

2,170.6

2,040.8

6.4%

Nitrogen-based fertilizers

468.7

490.6

(4.5%)

Apatit mine and beneficiation plant

4,397.7

4,339.4

1.3%

Other products

3,576.7

3,664.9

(2.4%)


Sales Volumes by type

(kmt)

1HY 2012

1HY 2011

Change y-o-y

Phosphate-based fertilizers

2,123.2

1,992.4

6.6%

Nitrogen-based fertilizers

479.6

491.3

(2.4%)

Apatit mine and beneficiation plant

2,187.7

2,074.3

5.5%

Other products

166.9

203.0

(17.8%)


PhosAgro CEO Maxim Volkov said: “I am pleased to announce a 6.4% rise in production and a 6.6% rise in sales of phosphate-based fertilisers in the first six months of 2012. This was possible due to the successful implementation of our strategy to grow organically by 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 increase substantially volumes of complex NPK fertilisers while DAP prices were under pressure, and to keep capacity utilization at close to 100%, with a significant y-o-y increase in volumes. With soft commodity prices exceptionally high and balanced supply and demand in the phosphate fertilizer market, our view for the rest of 2012 remains positive.”


The table below provides the first six months of 2012 breakdown of production volumes by major product: 


Production Volumes

(kmt)

1HY 2012

1HY 2011

Change y-o-y

Apatit mine and beneficiation plant

Phosphate rock

3,877.0

3,861.0

0.4%

Nepheline concentrate

520.7

478.4

8.8%

Phosphate-based fertilizers

DAP/MAP

1,005.0

1,311.7

(23.4%)

NPK

856.8

563.6

52.0%

NPS

157.5

22.0

615.9%

APP

29.3

31.0

(5.5%)

MCP

122.0

112.5

8.4%

Nitrogen-based fertilizers

AN

217.5

239.1

(9.0%)

Urea

251.2

251.5

(0.1%)

Other products

AlF3

13.1

12.8

2.3%

Ammonia

534.0

584.7

(8.7%)

Phosphoric acid

804.0

856.7

(6.2%)

Sulphuric acid

2,225.6

2,210.7

0.7%


The table below provides the first six months of 2012 breakdown sales volumes by major product:


Sales Volumes

(kmt)

1HY 2012

1HY 2011

Change y-o-y

Apatite mine and beneficiation plant

Phosphate rock

1,676.7

1,588.1

5.6%

Nepheline concentrate

511.0

486.2

5.1%

Phosphate-based fertilizers

DAP/MAP

983.6

1 291.4

(23.8%)

NPK

862.3

546.9

57.7%

NPS

129.5

22.3

480.7%

APP

24.5

23.5

4.3%

MCP

123.3

108.3

13.9%

Nitrogen-based fertilizers

AN

205.1

221.8

(7.5%)

Urea

274.5

269.5

1.9%

Other products

AlF3

13.2

12.5

5.6%

Ammonia

61.4

112.0

(45.2%)

Phosphoric acid

4.9

6.5

(24.6%)

Sulphuric acid

87.4

72.0

21.4%