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PhosAgro's Board of Directors Recognised the Company's Successful Performance in 2020

18 February 2021
Moscow – The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has recognised the Company's successful operational and financial results for FY 2020.

Summing up the Company's performance in FY 2020, Chairman of the Management Board, Chief Executive Officer, and Member of the Board of Directors of PhosAgro Andrey Guryev noted: 

"Despite the clear difficulties caused by the pandemic, 2020 was another extremely successful year for PhosAgro. All the goals that we set for the year under the Company's Strategy to 2025 have been achieved. 

“We set a new production record of 10.2 million tonnes of eco-efficient fertilizer products, an increase of 5% year-on-year. Investment projects are being implemented according to plan. I would like to highlight the installation of the SK-3300 sulphuric acid production line and the Cryolite rail station in Cherepovets, the modernisation of main shaft No1 in Kirovsk and the completion of the first stage of development at the Volkhov complex. As well as the completion of the unparalleled technical refitting of main shaft No2, one of Kirovsk's main output units, in January 2021, which laid the foundation for further production growth.

“PhosAgro set a sales record in Russia, which is our priority market. The total volume of PhosAgro-Region sales to Russian farmers increased by more than 12% year-on-year and exceeded 3.5 million tonnes. Of these, more than 80%, or 2.9 million tonnes, were produced by PhosAgro. This is 8% higher than last year. These results enabled us to strengthen our position as the undisputed leader in the Russian market in terms of total sales volumes. 

“I would like to thank the entire PhosAgro workforce for their continued focus on efficiency. We are faced with an unprecedented challenge: to ensure the continuity of production during a pandemic, while preventing disruptions in the implementation of investment projects, guaranteeing the country's food security and – most importantly – preserving the health of employees and their families. And we have successfully met this challenge. 

“We are also actively supporting the regions where we operate. To date, PhosAgro has allocated more than RUB 3 billion for the implementation of preventative measures against COVID-19 and healthcare support for the most affected population groups. This work will continue.

“This year our Company celebrates its 20th anniversary. I am confident that thanks to the sense of responsibility and dedication among the entire PhosAgro team and their well-coordinated work, 2021 will be a year of new production records, as well as agile, positive progress." 

"On behalf of myself and the entire Board of Directors of PhosAgro, I would like to congratulate PhosAgro's CEO and the entire management team for their effective supervision of the Company during a difficult year. Thanks to the support of the entire PhosAgro workforce, operational and financial performance has increased, and costs have been reduced. A solid foundation has been laid for further improvement in 2021, a year that also marks PhosAgro's 20th anniversary," said Xavier Rolet, Chairman of the Board of Directors of PhosAgro. 

The Board of Directors received the Company's financial results for FY 2020, the consolidated IFRS financial statements for FY 2020 and the annual financial statements. 

The Board of Directors will give a recommendation on the size of dividend payments at one of the upcoming meetings before the end of April 2021 given the continued trend of price recovery on the global mineral fertilizers market.

The Board heard reports about occupational health and safety performance, the development of a procurement system for PhosAgro subsidiaries and key aspects of PhosAgro's activities in the field of mineral fertilizers sales in FY 2020.

The meeting also approved the report of the Company's Internal Audit Commission on the division's work in 2020 and reviewed reports by members of the Company's Board of Directors on the work of their respective committees in 2020.