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PhosAgro’s Board of Directors Approves 2023 Annual Report and Financial Statements, Highlights Company’s Achievements in Production, Business and Social Spheres

26.04.2024 | News

At its meeting today, the Board of Directors of PJSC PhosAgro, one of the world’s leading phosphate-based fertilizer producers, approved the Company’s consolidated IFRS financial statements, its RAS financial statements and its Integrated Annual Report for 2023; the latter will now be submitted to the Annual General Meeting of Shareholders.

PhosAgro CEO Mikhail Rybnikov recalled that, as a result of the implementation of its long-term investment programme, the Company increased agrochemical production last year to a record 11.3 million tonnes, and that it plans to surpass 11.5 million tonnes this year. This achievement will be made possible thanks to the Company’s new plant in Volkhov, which reached its design capacity in March of this year; the construction of new mining, enrichment and processing facilities in Kirovsk, Apatity, Cherepovets and Balakovo; as well as the modernisation of existing capacities. PhosAgro plans to invest RUB 73 billion in 2024, which will be used in part to develop its distribution network in the domestic market, where, historically, it has been the leader in terms of the total supply of fertilizers to Russian agribusiness.

At the same time, the Company’s support for social and charitable projects is growing, with over RUB 25 billion allocated in 2022–2023 alone. Its tax payments at all levels last year, including a windfall tax security payment as well as export duties, increased by 15% to a record RUB 69 billion. Annual spending on environmental protection measures exceeded RUB 9 billion.

Viktor Cherepov, Chairman of PhosAgro’s Board of Directors, congratulated the Company’s management and staff on winning awards in the majority of categories as well as the top prize at the Responsible Business Leaders national awards. The award ceremony took place during the 33rd Congress of the Russian Union of Industrialists and Entrepreneurs, with Russian President Vladimir Putin taking part in the plenary session.

“Our victory in this prestigious competition for socially responsible business is clear evidence of the fact that we are developing in the right strategic direction. Our employees, their families and the population of the regions where we operate are not only our most important value but also the sustainable foundation on which all our achievements are built. Thanks to our outstanding workforce, we are able to set production records, constantly modernise and build new capacities, and introduce innovations. That’s why the well-being of our employees and social responsibility remain constant priorities. Our production sites have collective agreements in place that are among the best in the country. The average wages of our employees increased by 60% between 2021 and 2023, and they were indexed by another 15% in February 2024. One important aspect of our social policy is to provide support in the regions where we operate, which has seen annual increases in recent years.

“In terms of fulfilling our obligations to investors and shareholders, the Board of Directors may consider the matter of profit distribution at one of its next meetings,” said Mr Cherepov.

The Board of Directors also heard reports on the efforts of PhosAgro Group enterprises to improve energy efficiency, to ensure that regulatory requirements on occupational health and safety were met during production operations, and to comply with environmental regulations and ensure environmental safety in 2023. The Board took under advisement information on the monitoring of the Company’s key risk management in 4Q 2023 and on the reassessment of the Company’s key risks for 2024. In addition, the Board reviewed information from the chairs of the Board committees on their work in 2023 and on the results of the Board’s self-assessment of its work in 2023.

The Board of Directors also approved a report on interested-party transactions concluded by the Company in 2023 and approved an updated version of the Company’s water strategy.


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