PhosAgro’s Board of Directors Approves Next Year’s Budget

The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has approved the Company’s draft budget for next year.

The Board also took under advisement the results of the implementation of key investment projects at PhosAgro Group production sites in 2022 and the status of areas for the Company’s development to 2030.

According to PhosAgro CEO Mikhail Rybnikov, “the Company’s adopted budget maintains a commitment to the long-term plan for to further expand and modernise production facilities and deepen their vertical integration. In the outgoing year, we have allocated almost RUB 64 billion for investment in development – a third more than last year. The 2023 budget provides for a further increase in the total amount of investment, to more than RUB 66 billion. Key projects include bringing our state-of-the-art facility for the production of phosphate-based fertilizers in Volkhov to design capacity, and implementing projects for the development of our ore and feedstock resources in Kirovsk and facilities for the production of high-tech products in Cherepovets and Balakovo.”

Mr Rybnikov thanked the Company’s workers for their concerted efforts, as a result of which PhosAgro expects to set a new production record this year, despite external volatility. 

During the meeting, the Board heard a report on occupational injuries at PhosAgro subsidiaries. The Board noted a decrease in the Company’s injury rate as a result of PhosAgro’s safety culture and compliance with high standards for occupational health and industrial safety.

The Board of Directors approved the work plan and budget for the Company’s Internal Audit Department for 2023, as well as a new version of the Statement on Transparency concerning the United Kingdom’s Modern Slavery Act. A report on the Company’s work in the area of information technology for 2022 was taken under advisement.