PJSC PHOSAGRO - PhosAgro-Cherepovets Merger with Apatit Completed

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PR Newswire

London, November 1

For Immediate Release

1 November 2017

PhosAgro-Cherepovets Merger with Apatit Completed

Cherepovets (Vologda region) – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated producers of phosphate-based fertilizer and high-grade phosphate rock, announces the completion of the merger of JSC PhosAgro-Cherepovets into JSC Apatit (Cherepovets).

As of today, 1 November 2017, JSC PhosAgro-Cherepovets ceases its activities as a legal entity. All property, obligations and rights under contracts, and income from the sale of goods are now the property of JSC Apatit. On 2 June 2017, JSC Apatit was re-registered in Cherepovets in the Vologda region from the city of Kirovsk in the Murmansk region, where the Kirov branch of JSC Apatit was established.

PhosAgro CEO Andrey Guryev said: "We believe that the merger should contribute to further improving efficiency and the competitiveness of our products, as well as to PhosAgro’s busienss as a whole.”

The merger does not entail significant changes in the structure of tax payments to the budgets of the Murmansk and Vologda regions, where JSC Apatit and JSC PhosAgro-Cherepovets are among the largest taxpayers. Optimisation of production personnel at both sites in connection with the reorganisation is not planned, and all social obligations will be fulfilled as before.

After evaluating the functioning of the merged entity, PhosAgro may consider merging JSC Metakhim with JSC Apatit, thus completing the merger of the Company’s production assets into one legal entity. The transition to a single entity for the Company’s production assets and PJSC PhosAgro is currently not being considered.

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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 not less than 37% (according to IFA, Fertecon and CRU).

The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock (with a P₂O₅ content of not less than 37%) worldwide and the third largest MAP/DAP producer in the world, according to IFA. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia. PhosAgro is Russia’s only producer of nepheline concentrate.

PhosAgro’s main products include phosphate rock, over 35 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 100 countries spanning all of the world’s inhabited continents. The Company’s priority markets outside of Russia and the CIS are Latin America, Europe and Asia.

PhosAgro’s shares are traded on the Moscow Exchange, and global depositary receipts (“GDRs”) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company’s GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.

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