18th Jun 2012 12:50
For Immediate Release 18 June 2012
PhosAgro Announces Result of Apatit AGM
Moscow - PhosAgro ("PhosAgro" or "the Company") , a leading global vertically integrated phosphate-based fertiliser producer, announces the outcome of the annual general meeting of shareholders (AGM) of OJSC Apatit held on 15 June 2012.
Shareholders voted on and approved OJSC Apatit's annual financial statements for 2011, including the profit and loss statement, and the election of the Board of Directors and revision commission, as well as OJSC Apatit's external auditor.
The AGM also voted against the distribution of profits proposed by OJSC Apatit's Board of Directors for 2011. The Board of Directors had proposed to pay out 25% of OJSC Apatit's 2011 net profit, or more than RUB 805.3 million, in the form of dividends on ordinary and preferred shares.
The AGM therefore voted to retain 100% of the 2011 net profit as the primary source of financing for OJSC Apati's capital investment projects. The approximately RUB 7 billion of investments planned by OJSC Apatit in 2011 are aimed at developing the company's phosphate rock assets, as well as supporting and increasing processing capacity and production infrastructure; increasing production volumes and reducing the costs of production; and also at enhancing industrial, environmental and fire safety.
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]+7 495 363 2845Notes to Editors
PhosAgro is a leading global vertically integrated phosphate-based fertiliser producer. The Group focuses on the production of phosphate-based fertilisers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 35.7 percent), as well as ammonia and nitrogen-based fertilisers. The Group is the largest phosphate-based fertiliser producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also a leading producer of MCP feed phosphates in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore, representing over 75 years of production. The Group also controls substantial Al2O3 resources, and has 41% of Russia's rare earth oxides resources.
The Group's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertiliser and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. The Group is the only global vertically integrated fertilizer producer that derives approximately 90% of its consolidated gross profit from the phosphates segment. PhosAgro's 2011 IFRS revenue was USD 3.4 bln and EBITDA was USD 1.2 bln. The С ompany's net debt/EBITDA ratio was 0.43 at 31 December 2011.
For further information on PhosAgro please visit: www.PhosAgro.com
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