4Q and FY 2020 Financial Results : Free Cash Flow -3-

02/19/2021 | 12:50pm

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)

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