OREANDA-NEWS. PhosAgro (“the Company”), one of the world’s leading vertically-integrated phosphate-based fertilizer producers, whose shares are traded on the Moscow Exchange and London Stock Exchange (ticker: PHOR), today marked the fifth anniversary of the listing of its Global Depositary Receipts (“GDRs”) on the London Stock Exchange (“LSE”). 

The PhosAgro delegation, which included Deputy Chairman of the Board Andrey G. Guryev and CEO Andrey A. Guryev, was joined at the London Stock Exchange by the Russian Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Court of St. James’s Alexander Yakovenko, senior LSE officials, as well as members of the team that assisted PhosAgro during its IPO. 

PhosAgro CEO Andrey Guryev said: “PhosAgro’s IPO in 2011 marked one of the most important milestones in our 15-year history. We achieved much more than a successful listing: we have improved nearly every aspect of our operations in order to adhere to global best practices for public companies. We now have investors from all over the world who share their ideas and experience with us.

“We are very pleased to highlight PhosAgro’s impressive achievements during the past five years: we have increased fertilizer production capacity by 38% since 2011, up to 6.9 million tonnes per year.  Over the past five years we have increased our fertilizer portfolio from 14 to 33 grades. We are processing more of our high-quality phosphate rock into value-added fertilizers – internal consumption has increased 28% in five years.  While improving our production output, we have also maintained the cash cost of production at a level significantly below USD 200/tonne (FOB Baltics), which makes PhosAgro one of the most efficient phosphate-based fertilizer producers in the world.

“This has created significant value for shareholders, with USD-denominated EBITDA for 2015 12% higher than it was in 2011, despite a 26% decline in the price of DAP fertilizer (FOB Tampa). We have also paid our shareholders total dividends of USD 3.8 per GDR since the IPO, and PhosAgro’s dividend yield has grown from 5% in 2011 to 9% for 2015.

“We believe that our successful implementation of strategic investment programmes, including investments of RUB 110 billion over the last five years, combined with a generous dividend policy, as well as programmes aimed at sustainable financial and social development, have gained us recognition among the investment community: PhosAgro recently became the first company to be added to the MSCI Russia index in two years, and we have maintained our investment-grade credit rating from Standard & Poor’s through the challenging macro environment currently facing Russia.