PhosAgro (www.phosagro.ru) is one of the world's leading vertically integrated phosphate-based fertilizer producers in terms of production volumes of phosphate-based fertilizers and high-grade phosphate rock with a P2O5 content of 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do not lead to the contamination of soils with heavy metals.
The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/ NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).
2020 2019
RUB Million RUB Million
Revenues 253,879 248,125
Cost of sales (133,335) (136,224)
Gross profit 120,544 111,901
Administrative expenses (17,828) (16,476)
Selling expenses (39,588) (38,121)
Taxes, other than income tax, net (2,962) (2,384)
Other expenses, net (2,512) (3,269)
Operating profit 57,654 51,651
Finance income 975 1,458
Finance costs (5,455) (4,271)
Foreign exchange (loss)/gain, net (25,070) 12,346
COVID-19 related expenses (1,434) -
Profit before tax 26,670 61,184
Income tax expense (9,749) (11,776)
Profit for the year 16,921 49,408
Attributable to:
Non-controlling interests ^ (11) 59
Shareholders of the Parent 16,932 49,349
Other comprehensive income/(loss)
Items that will never be reclassified to profit or loss
Actuarial losses (28) (133)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation difference 2,345 (1,129)
Other comprehensive income/(loss) for the year 2,317 (1,262)
Total comprehensive income for the year 19,238 48,146
Attributable to:
Non-controlling interests ^ (11) 59
Shareholders of the Parent 19,249 48,087
Basic and diluted earnings per share (in RUB) 131 381
^ non-controlling interests are the minority shareholders of the subsidiaries of PJSC "PhosAgro"
31 December 2020 31 December 2019
RUB million RUB million
Assets
Property, plant and equipment 220,031 199,459
Advances issued for property, plant and equipment 7,835 13,006
Right-of-use assets 7,335 6,891
Catalysts 2,292 2,376
Intangible assets 1,621 1,567
Investments in associates 556 519
Deferred tax assets 7,462 8,214
Other non-current assets 948 1,636
Non-current assets 248,080 233,668
Other current investments 311 251
Inventories 32,636 29,405
Trade and other receivables 32,887 31,061
Cash and cash equivalents 8,460 8,236
Current assets 74,294 68,953
Total assets 322,374 302,621
Equity
Share capital 372 372
Share premium 7,494 7,494
Retained earnings 88,887 111,054
Actuarial losses (717) (689)
Foreign currency translation reserve 9,581 7,236
Equity attributable to shareholders of the Parent 105,617 125,467
Equity attributable to non-controlling interests 129 170
Total equity 105,746 125,637
Liabilities
Loans and borrowings 103,824 96,736
Lease liabilities 4,268 4,701
Defined benefit obligations 945 857
Deferred tax liabilities 11,196 10,278
Non-current liabilities 120,233 112,572
Loans and borrowings 55,316 36,839
Lease liabilities 1,927 1,543
Trade and other payables 39,152 26,030
Current liabilities 96,395 64,412
Total equity and liabilities 322,374 302,621
2020 2019
RUB million RUB million
Cash flows from operating activities
Operating profit 57,654 51,651
Adjustments for:
Depreciation and amortisation 26,626 23,931
Loss on disposal of property, plant and equipment and intangible assets 209 611
Operating profit before changes in working capital and provisions 84,489 76,193
(Increase)/decrease in inventories and catalysts (1,843) 1,593
(Increase)/decrease in trade and other receivables (345) 2,764
Increase in trade and other payables 12,020 5,398
Cash flows from operations before income taxes and interest paid 94,321 85,948
Income tax paid (6,462) (10,550)
Finance costs paid (4,121) (3,842)
Cash flows from operating activities 83,738 71,556
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets (40,878) (42,656)
Loans repaid/(issued), net 147 (84)
Proceeds from disposal of property, plant and equipment 37 86
Payments for settlement of financial instruments 42 -
Finance income received 653 637
Other payments (1,220) (1,267)
Cash flows used in investing activities (41,219) (43,284)
Cash flows from financing activities
Proceeds from borrowings, net of transaction costs[1] 63,520 48,725
Repayment of borrowings (66,182) (42,698)
Early eurobond partial redemption fees (292) -
Dividends paid to shareholders of the Parent (38,852) (32,244)
Dividends paid to non-controlling interests (30) (84)
Leases paid (1,951) (1,937)
Other payments (249) -
Proceeds from settlement of derivatives, net - 112
Cash flows used in financing activities (44,036) (28,126)
Net (decrease)/ increase in cash and cash equivalents (1,517) 146
Cash and cash equivalents at 1 January 8,236 9,320
Effect of exchange rates fluctuations 1,741 (1,230)
Cash and cash equivalents at 31 December 8,460 8,236 ----------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------
ISIN: US71922G2093
Category Code: ACS
TIDM: PHOR
LEI Code: 25340053KRUNNYUWF472
OAM Categories: 2.2. Inside information
Sequence No.: 93952
EQS News ID: 1169697
End of Announcement EQS News Service
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(END) Dow Jones Newswires
February 19, 2021 04:31 ET (09:31 GMT)
