14th Nov 2012 09:00
For Immediate Release 14 November 2012
PhosAgro Reports 9M 2012 IFRS Profit up 20% y-o-y to RUB 19.1 billion
Moscow - PhosAgro ("PhosAgro" or "the Company") , aleading global vertically integrated phosphate-based fertiliser producer, todayannounces the publication of its reviewed consolidated interim condensed IFRSfinancial results for the nine months ended 30 September 2012. PhosAgrogenerated net income for the period of RUB 19.1 billion (USD 615 million),compared to RUB 16.0 billion (USD 556 million) in 9M 2011. Basic and dilutedearnings per share came to RUB 128 (USD 4.12) for 9M 2012 compared to RUB 113(USD 3.93) in 9M 2011.
9M 2012 Financial and Operational Highlights:
y-o-y change 9M 2012 9M 2011 (RUB vs. Result RUB), % RUB USD RUB USD Revenue 79,237 m 2,548 m 73,667 m 2,561 m 8% EBITDA* 27,194 m 874 m 26,350 m 916 m 3% EBITDA margin 34% 34% 36% 36% Net Income 19,120 m 615 m 15,993 m 556 m 20% Earnings per share 128 4.12 113 3.93 13% Sales volumes kmt kmt Phosphate-based fertilisers 3,230.2 3,012.4 7.2% (MAP/DAP/NPK/NPS**) Nitrogen-based fertilisers 787.8 698.1 12.8% Apatit mine and beneficiation 3,311.7 3,102.0 6.8% plant Other products 203.9 259.5 (21.4%)
RUB/USD Rates: average 9M 2012: 31.0984; average 9M 2011: 28.7664
As of 30 September 2012: 30.9169; as of 31 December 2011: 32.1961 *EBITDA is calculated as operating profit adjusted for depreciation and amortisation. ** A compound of nitrogen, phosphate and sulphur.
Strategic highlights
Production and sales flexibility:
In 9M 2012 PhosAgro revenue and sales volumes benefited from the Company'sstrategy of enhancing production flexibility, with substantial growth in NPKproduction in the first half of the year followed by increasing DAP volumes in3Q 2012.
Organic growth through capacity expansion and greater operational efficiency:
26 October 2012: New 500 kt per annum urea plant and 32 MW electricity generation capacity officially launched at PhosAgro-Cherepovets, where trial production commenced in July 2012.
Utilise full potential of apatite-nepheline ore:
26 October 2012: PhosAgro and Prayon (a Belgian manufacturer of phosphate andfluorine products) signed an agreement to develop technology for extraction ofrare earth elements from phosphogypsum.
Consolidation of ownership in production facilities:
17 July 2012: Completed PhosAgro-Cherepovets merger, combining subsidiaries Ammophos and Cherepovetsky Azot into a single entity;
4 September 2012: PhosAgro won the privatisation tender for the Russian Federation's 20% stake in Apatit and increased its stake in the Apatit's share capital from 57.57% to 77.57%;
17 October 2012: PhosAgro acquired 24% of Nordic Rus Holding, which owns 7.73% of Apatit's share capital;
8 November 2012: PhosAgro announced the launch of a mandatory tender offer for the acquisition of Apatit shares held by minority shareholders.
PhosAgro today reports its 9M 2012 net profit of RUB 19.1 billion (USD 615 million), an increase of 20% from RUB 16.0 billion (USD 556 million) in 9M 2011. Revenue for the period was up 8% y-o-y at RUB 79.2 billion (USD 2,548 million) compared to RUB 73.7 billion (USD 2,561 million) for 9M 2011.
PhosAgro's 9M 2012 EBITDA was RUB 27.2 billion (USD 874 million), up 3% fromRUB 26.4 billion (USD 916 million) a year earlier. EBITDA margin remainedrelatively stable at 34%, compared to 36% for 9M 2011. Operating profit for 9M2012 was RUB 22.4 billion (USD 721 million), a 3% increase from 9M 2011. Cash flow from operating activities amounted to RUB 21.7 billion (USD 699million) in 9M 2012, compared to RUB 27.7 billion (USD 963 million) in 9M2011. The company's capital expenditure (capex) in cash terms during the ninemonths ended 30 September 2012 was RUB 9.7 billion (USD 313 million), comparedto RUB 9.4 billion (USD 326 million) in 9M 2011. Net debt at 30 September 2012 decreased to RUB 10.5 billion (USD 341 million)from RUB 15.2 billion (USD 472 million) on 31 December 2011, resulting in a netdebt to annualised EBITDA ratio of 0.29x.Commenting on the 9M 2012 IFRS results PhosAgro CEO Maxim Volkov said: "In thefirst nine months of 2012 we increased revenue by 8% y-o-y, while deliveringgrowth in production and sales of phosphate-based fertilisers of 6% and 7%,respectively. By operating at full capacity and increasing the efficiency ofour production units we were able to maintain a very solid EBITDA margin of34%, which is only a slight decrease in a year when DAP/MAP pricing was underpressure globally, with the average DAP price for 9M 2012 at USD 539 FOB Tampa,down 14% from an average of USD 624 for 2011.
"We have also delivered on a number of key strategic priorities to date in 2012, ranging from progress on the consolidation of several production subsidiaries, to capacity increases and greater operational efficiency.
"We have worked hard to create sustainable value for our shareholders in the first nine months of 2012, and will continue to do so going forward."
9M/3Q 2012 market conditions
* India, the largest consumer of phosphate fertilisers globally, resumed imports in Q2 2012, which resulted in a 20% y-o-y increase in imported volumes during 9M 2012, despite significant growth in DAP prices for domestic consumers and subsidy cuts;
* In all other geographies, phosphate fertiliser stocks remain at very low
levels;
* Drought in the US has led to a reduction in grain supplies and growing soft
commodities prices, which have approached historic highs, while seasonal
demand for phosphate-based fertilisers is expected to grow y-o-y;
* Ma'aden's capacity utilisation rate remains at 50-60% according to Profercy
and Fertecon weekly phosphate reports; with these volumes Ma'aden is fully
committed until February 2013;
* DAP prices rose from their 2012 lows of USD 500 per tonne FOB Tampa in
March 2012 to this year's maximum of USD 575 per tonne mid-summer.
Phosphate segment Result 9M 2012 9M 2011 y-o-y RUB million RUB million change, % Revenue 68,948 65,011 6%Cost of goods sold (41,644) (36,290) 15%Gross profit 27,304 28,721 (5%) Phosphate segment revenue increased by 6% y-o-y and totalled RUB 68,948 million(USD 2,217 million) in 9M 2012. The Company increased production ofphosphate-based fertilisers and MCP by 6% y-o-y, while sales volumes were up 7%y-o-y. Production and sales volumes for phosphate rock and nephelineconcentrate increased in 9M 2012 compared to 9M 2011 by 2% and 7%,respectively.Revenue from NPK fertiliser export sales increased 108% in 9M 2012 to RUB12,334 million (USD 397 million) from RUB 5,915 million (USD 206 million) as aresult of a 98% increase in NPK export sales volumes. Revenue from NPS exportsales increased over 3 times, mainly due to an identical increase in exportvolumes. The record levels of NPK production and sales contributed to a 23%decline in export sales revenue for DAP/MAP to RUB 22,276 million (USD 716million) in 9M 2012 from RUB 28,775 million (USD 1,000 million) for 9M 2011. Domestic MAP revenues increased 17% to RUB 3,145 million (USD 101 million)from RUB 2,683 million (USD 93 million) as a result of a 9% increase in revenueper tonne and an 8% increase in sales volumes. Revenue from phosphate rockincreased 29% y-o-y in 9M 2012, reaching RUB 13,853 million (USD 445 million)on higher revenue per tonne (up 16% y-o-y on domestic market and 13% on exportmarket) and higher sales volumes (up 8% y-o-y).PhosAgro is largely self-sufficient in key raw materials for phosphatefertiliser production, and therefore is not subject to price inflation forphosphate rock. Expenditure on potash, a key raw material for NPK fertilisers,increased 102% y-o-y in 9M 2012, reaching RUB 3,713 million (USD 119 million),due to a 43% y-o-y increase in volumes of potash purchased and a 42% increasein cost per tonne to RUB 8,420 (USD 271) from RUB 5,946 (USD 207). This waspartially compensated by an 18% y-o-y decline in expenditures on sulphur andsulphuric acid, used primarily in the production of other phosphate-basedfertilisers, to RUB 2,720 million (USD 87 million) in 9M 2012 from RUB 3,304million (USD 115 million) in 9M 2011. Sulphur purchase prices declined by 17%to RUB 2,497 (USD 80) per tonne from RUB 3,014 (USD 105) per tonne, whilevolumes purchased decreased slightly (less than 1% y-o-y) in 9M 2012. Thesefactors, combined with a 7% increase in sales volumes of phosphate-basedfertilisers, contributed to a 15% increase in cost of goods sold to RUB 41,644million (USD 1,339 million) from RUB 36,290 million (USD 1,262 million).
The phosphate segment's gross profit for 9M 2012 decreased 5% to RUB 27,304 million (USD 878 million) from RUB 28,721 million (USD 998 million), resulting in a 9M 2012 gross profit margin of 40%, compared to 44% in 9M 2011.
Principal phosphate-based fertilisers and feed phosphate: revenue per tonne
Product 9M 2012 9M 2011 y-o-y 3Q 2012 3Q 2011 y-o-y RUB RUB change, % RUB RUB change, % Domestic: MAP 18,901 17,340 9% 19,264 17,580 10%DAP 17,752 17,434 2% 17,745 18,484 (4%)NPK 14,640 15,899 (8%) 14,603 16,355 (11%)MCP 19,368 18,539 4% 19,417 18,685 4% Export: MAP 16,902 16,771 1% 18,851 17,900 5%DAP 16,687 15,980 4% 17,202 16,739 3%NPK 14,215 13,514 5% 15,463 15,243 1%MCP 17,070 17,217 (1%) 17,513 18,628 (6%) Nitrogen segment Result 9M 2012 9M 2011 y-o-y RUB million RUB million change, % Revenue 9,571 8,058 19%Inter-segment revenues 2,826 2,766 2%Cost of goods sold (5,645) (5,637) 0%Gross profit 6,752 5,187 30% Revenue in the nitrogen segment was RUB 9,571 million (USD 308 million) in 9M2012, an increase of 19% from RUB 8,058 million (USD 280 million) the firstnine months of 2011. Sales volumes of nitrogen-based fertilisers increased 13%y-o-y in 9M 2012, primarily as a result of the ramp up of the new ureaproduction unit at PhosAgro-Cherepovets during the third quarter of 2012.Urea revenue increased 52% y-o-y to RUB 5,715 million (USD 184 million) in 9M2012 from RUB 3,751 million (USD 130 million) a year earlier as result of a 37%y-o-y increase in sales volumes and a 12% y-o-y increase in export prices. This was partially offset by a 17% y-o-y decrease in revenue from ammoniumnitrate (AN) sales to RUB 2,347 million (USD 75 million) from RUB 2,813 million(USD 98 million).
As a result, nitrogen segment gross profit increased by 30% y-o-y to RUB 6,752 million (USD 217 million) in 9M 2012, with a gross profit margin of 54%.
Principal nitrogen-based fertilisers: revenue per tonne
Product 9M 2012 9M 2011 y-o-y 3Q 2012 3Q 2011 y-o-y RUB RUB change, % RUB RUB change, % Domestic: Ammonium nitrate 8,399 7,524 12% 8,857 8,019 10%Urea 12,458 11,606 7% 11,493 13,446 (15%) Export: Ammonium nitrate 10,395 8,672 20% 10,526 9,311 13%Urea 11,701 10,492 12% 12,546 12,635 (1%) Cost of goods soldPhosAgro's cost of goods sold rose by 8% y-o-y in 9M 2012 to RUB 44,836 million(USD 1,442 million) from RUB 41,363 million (USD 1,438 million). This was inline with the Company's 8% increase in fertiliser sales volumes. The increasein cost of sales was primarily due to the following changes in 9M 2012 comparedto 9M 2011:A 9% increase in materials and services costs due to higher fertiliser salesvolumes and inflation (below Russian PPI of 9.4% for the 9M 2012) to RUB 15,598million (USD 502 million) from RUB 14,271 million (USD 496 million);A 102% increase in expenditure on potash due to substantially higher NPK sales(up 60% y-o-y) as well as a 42% increase in potash cost per tonne to RUB 8,420(USD 271) in 9M 2012 from RUB 5,946 (USD 207) in 9M 2011; andAn 11% increase in expenditure on natural gas to RUB 4,060 million (USD 131million) from RUB 3,654 million (USD 127 million). This was due to a 5%increase in consumption of natural gas related to a 3% y-o-y increase inammonia production and to the launch of a new 32 MW electricity generation unitat the Cherepovetsky nitrogen complex, as well as to a 6% y-o-y increase in theprice of gas to RUB 3,086 (USD 99) per thousand cubic meters from RUB 2,922(USD 102) in 9M 2011. 9M 2012 9M 2011 Change y-o-y Item % of % of RUB USD cost of RUB USD cost RUB % million million sales million million of mln sales Materials and 15,598 502 35% 14,271 496 35% 1,327 9%services Salaries and social 8,357 269 19% 8,238 286 20% 119 1%contributions Potash 3,713 119 8% 1,839 64 4% 1,874 102%Natural gas 4,060 131 9% 3,654 127 9% 406 11%Depreciation and 4,369 140 10% 4,191 146 10% 178 4%amortisation Fuel 3,277 105 7% 3,053 106 7% 224 7%Sulphur and 2,720 87 6% 3,304 115 8% (584) (18%)sulphuric acid Electricity 2,382 77 5% 2,309 80 6% 73 3%Other items 50 2 0% 44 2 0% 6 14%Change in stock of WIP and 310 10 1% 460 16 1% (150) (33%)finished goods Total 44,836 1,442 100% 41,363 1,438 100% 3,473 8% Other expensesAdministrative expenses rose by 17% y-o-y to RUB 4,723 million (USD 152million) in the first nine months of 2012 from RUB 4,041 million (USD 140million), mainly due to an increase in salaries and social contributions of RUB380 million (USD 12 million), or 15%, primarily as a result of increases insalaries in line with CPI, continued pay-outs related to employee redundancyand accrual of 2012 semi-annual bonuses.Selling expenses rose by 16% y-o-y to RUB 5,695 million (USD 183 million) in 9M2012 from RUB 4,882 million (USD 170 million) in 9M 2011. The Russian Railwaysinfrastructure tariff and operators' fees increased by 9% y-o-y to RUB 2,936million (USD 94 million) from RUB 2,685 million (USD 93 million) as a result ofa 6% increase in the Russian Railways tariff and increased transportationvolumes. Port and stevedoring expenses rose by 40% to RUB 1,684 million (USD54 million) from RUB 1,204 million (USD 42 million) y-o-y primarily due to a 9%increase in export sales volumes of PhosAgro's end products and a substantialincrease of CFR deliveries as a result of the introduction of container salesfrom the beginning of 2012. Rouble exchange rates have experienced significant volatility in 2011 and 2012.The average RUB/USD rate for 9M 2012 was 31.0984, an increase of 8% from theaverage for 9M 2011 of 28.7664. PhosAgro uses foreign currency-denominatedloans as a natural hedge against export sales that account for approximately70% revenue. While the weaker rouble increases export sales in rouble terms,the Company accounts for the foreign exchange rate gain or loss at the end ofthe period on foreign currency denominated loans. From 31 December 2011 therouble appreciated against the USD from 32.1961 to 30.9169 as of 30 September2012, resulting in an exchange rate gain of RUB 1,074 million compared with aloss of 2,807 million in the 9M 2011.PhosAgro's capital expenditure, which consists of all additions to property,plant and equipment, amounted to RUB 10,707 million (USD 344 million) for 9M2012, compared to RUB 11,298 million (USD 393 million) in 9M 2011. Capitalexpenditure focused on the construction of the main ore shaft â„- 2 at theKirovsky underground mine (expected to enable the mine to increase productionup to 14 mtpa in 2-3 years), as well as the construction of the new 500 kt p.a.urea production line and a 32 MW electricity generation unit at PhosAgro'sCherepovets site, which were officially launched on 26 October 2012.
Total debt at 30 September 2012 amounted to RUB 35,741 million (USD 1,156 million), versus RUB 32,153 million (USD 999 million) at the end of 2011. The increase in total debt was due to new short-term debt facilities obtained during the period, denominated in USD, EUR and RUB.
Outlook
Market:
Soft commodities stocks-to-use ratios remain at very low levels compared to historic averages, while at the same time corn and soybean prices have surpassed their previous historical peaks in 2008;
Despite global economic concerns, farmers are not experiencing liquidity constraints, and therefore remain able to invest in increasing crop output;
Phosphate fertiliser stocks remain at very low levels globally, with no significant capacity additions expected to come online in the near term;
Supply of phosphate-based fertilisers from China decreased by 40% y-o-y in 9M 2012 as a result of a restrictive export tariff policy by the Chinese Government.
Company:
While DAP demand has recovered in 3Q 2012, PhosAgro sees very high global demand for complex fertilisers, and the Company intends to further invest into both increasing capacity as well as expanding the number of NPK and other complex fertiliser grades it produces;
PhosAgro has launched the mandatory tender offer for the acquisition of Apatitshares from minority shareholders following its purchase of the RussianGovernment's 20% stake in Apatit in October 2012. and the Company will continueto focus on consolidating up to 100% of Apatit shares (currently PhosAgro andaffiliated companies own around 85% of Apatit);
In the longer term, the liberalisation of the phosphate rock market announced by Russia's FAS is expected to start having a positive effect for producers starting in 2013, although the final rules have not yet been determined;
PhosAgro and Prayon plan to develop and install technology for the extraction of rare earth elements from phosphgypsum during 2013, further enhancing PhosAgro's ability to extract maximum value from its apatite ore;
The Company plans to finalise the tender for a new, modern 760 kt per annum ammonia plant by the end of 2012.
Conference Call and Webcast
On 14 November 2012 at 12:30 London time (16:30 Moscow; 07:30 New York), PhosAgro will host a conference call and webcast to discuss its reviewed interim consolidated condensed IFRS financial results for 9M 2012.
PhosAgro CEO Maxim Volkov will answer questions from conference call and webcast participants after a presentation of the 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 dialling in.
Webcast links:
English: http://www.media-server.com/m/p/a9r24mf2/lan/en Russian:http://www.media-server.com/m/p/a9r24mf2/lan/ru
Conference call dial-ins:
+7 499 272 4337 Moscow+1 212 999 6659 New York+44 (0) 20 3003 2666 LondonToll Free:0808 109 0700 UK1 866 966 5335 USA8 10 8002 490 2004 Russia (Moscow only)
Conference call password: PhosAgro
A replay of the webcast and conference call in Russian and English, as well asa transcript in English, will be made available on PhosAgro's website shortlyafter the call.
For further information please contact:
OJSC PhosAgro
+7 495 231 2747Irina Evstigneeva, Head of Corporate Finance and Investor RelationsTimur Belov, Press OfficerM:CommunicationsSam [email protected]+7 916 306 6112Notes to Editors
PhosAgro is one of the leading global vertically integrated phosphate-basedfertiliser producers. The Company focuses on the production of phosphate-basedfertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of notless than 39%), as well as ammonia and nitrogen-based fertilisers. The Companyis the largest phosphate-based fertiliser producer in Europe, the largestproducer of high-grade phosphate rock worldwide and the second largest MAP/DAPproducer in the world (excluding China), according to Fertecon.
PhosAgro has 2.1 billion tonnes of resources (according to JORC as of 1 June 2011) of high quality apatite-nepheline ore, representing over 75 years of production (at current production levels). The Company also controls substantial Al2O3 resources, and has more than 41% of Russia's rare earth oxides resources.
The Company's mines and phosphate rock production facilities are located in themountainous areas of the Kola Peninsula in the Murmansk region of northwestRussia, whereas its fertiliser and feed phosphate production assets are locatednear the city of Cherepovets in the Vologda region and near the city ofBalakovo in the Saratov region of southwest part of European Russia.
For further information on PhosAgro please visit: www.PhosAgro.com
Consolidated Statement of Comprehensive Income for the nine months ended 30September 2012 Nine months ended Three months ended 30 September 30 September 2012 2011 2012 2011 RUB RUB RUB RUB Million Million Million Million Revenues 79,237 73,667 28,878 24,903 Cost of sales (44,836) (41,363) (16,411) (14,429) Gross profit 34,401 32,304 12,467 10,474 Administrative expenses (4,723) (4,041) (1,790) (1,450) Selling expenses (5,695) (4,882) (1,748) (1,551) Taxes, other than income tax (1,169) (1,067) (402) (452) Other expenses, net (386) (507) (25) (92) Operating profit 22,428 21,807 8,502 6,929 Finance income 1,814 751 557 375 Finance costs (1,109) (607) (398) (341) Foreign exchange gain/(loss) 1,074 (2,807) 1,763 (2,934) Share of profit of associates 117 824 28 522 Profit before taxation 24,324 19,968 10,452 4,551 Income tax expense (5,204) (3,975) (2,134) (849) Profit for the period 19,120 15,993 8,318 3,702 Attributable to: Non-controlling interests 3,205 2,031 859 411 Shareholders of the Parent 15,915 13,962 7,459 3,291 Other comprehensive income
Revaluation of available-for-sale securities (307) (70) (319) (371) Recycling of revaluation surplus on available-for-sale securities to
profit and loss - (394) (369) (394) Actuarial gains and losses (131) (62) (68) (20)
Foreign currency translation difference (260) 365 (622) 998 Other comprehensive income for the period (698) (161) (1,378) 213 Total comprehensive income for the period 18,422 15,832 6,940 3,915 Attributable to:
Non-controlling interests 3,181 2,012 856 405 Shareholders of the Parent 15,241 13,820 6,084 3,510
Basic and diluted earnings per
share (in RUB) 128 113 60 26
Consolidated Statement of Financial Position as at 30 September 2012
30 31 September December 2012 2011 RUB Million RUB Million ASSETS Non-current assets Property, plant and equipment 62,943 57,116 Intangible assets 517 640 Investments in associates 7,860 7,910 Other non-current assets 3,279 3,556 74,599 69,222 Current assets Other current investments 1,778 2,123 Derivative financial assets 108 - Inventories 9,779 10,096 Current income tax receivable 497 166 Trade and other receivables 11,078 10,734 Cash and cash equivalents 25,206 16,946 48,446 40,065 Total assets 123,045 109,287 EQUITY AND LIABILITIES Equity Share capital 360 360 Share premium 1,099 1,099 Retained earnings 50,250 42,265 Other reserves (613) 61 Equity attributable to shareholders of the Parent 51,096 43,785 Equity attributable to non-controlling interests 18,530 16,923 69,626 60,708 Non-current liabilities Loans and borrowings 14,196 16,592 Defined benefit obligations 978 922 Deferred tax liabilities 2,963 2,850 18,137 20,364 Current liabilities Trade and other payables 11,789 11,407 Current income tax payable 1,948 801 Loans and borrowings 21,545 15,561 Derivative financial liabilities - 446 35,282 28,215 Total equity and liabilities 123,045 109,287 Consolidated Statement of Cash Flows for the nine months ended 30 September2012 Nine months ended 30 September 2012 2011 RUB RUB Million Million OPERATING ACTIVITIES Profit before taxation 24,324 19,968 Adjustments for: Depreciation and amortisation 4,766 4,543 (Gain)/loss from disposal of fixed assets (224) 62 Finance costs 1,109 607 Finance income (1,814) (751) Share of profit of associates (117) (824) Foreign exchange (gain)/loss (980) 2,892 Operating profit before changes in working capital and provisions 27,064 26,497 Decrease/(increase) in inventories 317 (1,615)
(Increase)/decrease in trade and other receivables (133) 7,786
(Decrease)/increase in trade and other payables (165) 302
Cash flows used in operations before income taxes and interest paid 27,083 32,970 Income tax paid (4,275) (4,727) Interest paid (1,068) (545) Cash flows from operating activities 21,740 27,698 INVESTING ACTIVITIES Loans repaid 143 1,267 Acquisition of intangible assets (63) (105) Acquisition of property, plant and equipment (9,719) (9,371) Proceeds from disposal of property, plant and equipment 446 419 Proceeds from disposal of investments - 1,036 Acquisition of investments (8) (946) Acquisition of investments in associates - (313) Additional equity contribution in associates (400) - Interest received 940 609 Dividends received 7 1,840 Cash flows used in investing activities (8,654) (5,564) FINANCING ACTIVITIES Proceeds from borrowings 18,651 31,607 Repayment of borrowings (14,301) (13,443) Proceeds from disposal of treasury shares - 791 Acquisition of non-controlling interests (367) (9,177)
Proceeds from disposal of non-controlling interests - 9,864
Dividends paid to non-controlling interests (362) (1,665) Dividends paid to shareholders of the Parent (7,628) (32,054) Finance leases paid (615) (235) Cash flows used in financing activities (4,622) (14,312) Net increase in cash and cash equivalents 8,464 7,822
Cash and cash equivalents at beginning of the period 16,946 5,261
Effect of changes in exchange rates (204) 75
Cash and cash equivalents at end of the period 25,206 13,158
Related Shares:
Phosagro S