PhosAgro saw record-high sales in Russia — its key market. PhosAgro-Region’s total fertilizer supplies to Russian farmers grew by over 12% to exceed 3.5 mln t. Of that, more than 80% (2.9 mln t) was PhosAgro’s products, which is 8% higher year-on-year. This cemented the Company’s undisputed leadership in the Russian market by total volume of supplies.

In terms of output, 2020 was a record-breaking year for PhosAgro. The long-term development programme allowed the Company to produce more than ten million tonnes of commercial products a year for the first time ever, while total fertilizer sales grew by more than 5%.

For a number of years now, PhosAgro’s EBITDA margin has been one of the highest among direct competitors. In 2020, its key drivers were technological and operational improvements in production processes, completion of key investment projects, and recovery in global prices for fertilizers.

The Company consistently works on increasing the number and role of independent directors. At present, seven of the ten directors are independent, which is well above the average in Russia and on par with the best global practices. Independent directors chair five of the six Board committees.

PhosAgro is committed to striking an effective and reasonable balance between the payment of dividends and reinvestment of profit in further development. Higher transparency and predictability of dividend payments are a priority for the Company as it seeks to strengthen its investment case.