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Petition Volume III Exhibits Part 1 ([KLELW,,, PURE MINERALS FOR HEALTHY LIVES Integrated report 2018 01 ABOUT PHOSAGRO ABOUT THIS REPORT Company proƒle 6 CONTENTS 1ur Mey adXantages 8 1WTKPVGITCVGF#PPWCN4GRQTVEQODKPGUƒPCPEKCNCPF 2018 performance highlights 10 sustainability reporting and aims to inform readers 9here Ye operate 12 about all of tJe signiƒEant faEtors tJat may JaXe an Our business model 16 impaEt on 2Jos#groŦs aEtiXities 6Je report eZplains JoY tJese faEtors affeEt our strategy operations ƒnanEial STRATEGIC REPORT performance, the long-term sustainability of the Company 02 and the Xalue Ye create for our customers, employees, Chairman’s statement 22 shareholders, business partners, neighbours and the CEO’s statement 24 Yider public OXerXieY of the fertili\er marMet 26 Strategy 36 5ustainable deXelopment has alYays been a Mey priority /anaging our risMs 40 and an important aspect of our business #s a result, it is Internal audit 48 important for us to shoY not only our business results for but also 2hos#groŦs contribution toYards achieXing BUSINESS REVIEW the 5ustainable &eXelopment )oals set out by the )lobal 03 4eporting +nitiatiXe )4+ and the 7nited 0ations )lobal Operational 4eXieY 52 Compact 9ith this in mind, and Yith the goal of proXiding Financial Performance 58 a fully integrated report, Ye Yill focus on siZ Mey issues on the folloYing pages, namely 04 SUSTAINABILITY REPORT • 9hat is the Company doing on a global scale, and Management approach 64 Yhat steps is it taMing to address the 5ustainable EnXironmental reXieY 72 &eXelopment )oals! *ealth and safety reXieY 88 See pages 6–7 People deXelopment 98 $usiness conduct reXieY 112 • 9hat is the CompanyŦs business model, and hoY does this create Xalue for all staMeholders! StaMeholder engagement 116 See pages 16–19 Social inXestment 130 • 9hat are the CompanyŦs Mey strategic goals, and hoY CORPORATE 05 haXe the results contributed to their achieXement! GOVERNANCE See pages 36–39 System and principles of corporate goXernance 138 Board of Directors of PJSC PhosAgro 148 • 9hat are the Mey challenges and uncertainties that the Management Board 156 Company is liMely to encounter in pursuing its strategy, Committees of the Board of Directors 160 and Yhat are the potential implications for its business Shares and diXidends 166 model and future performance! Management responsibility statement 170 See pages 38–39 FINANCIAL STATEMENTS 172 • 9hat is included in the CompanyŦs approach toYards 06 sustainable deXelopment goXernance, and Yhat targets does 2hos#gro set for itself! 07 GRI CONTENT INDEX 210 See pages 64–71 08 ADDITIONAL • 9hy does the Company consider it important to adhere INFORMATION to high standards of corporate goXernance! See pages 138–139 )lossary 2 Contacts 22 6 (TRpaS^ pWTͦQe 8 4ZW Pe^ aI[aSYages GRADES 10 18 peWKTWRaSHe MNgMQNgMYs OF FERTILIZERS AND OTHER 12 <MeWe \e TpeWaYe FINISHED PRODUCTS ARE 16 4ZW GZsNSess RTIeQ 39 PRODUCED BY PHOSAGRO ABOUT 01 PHOSAGRO BY IMPROVING SOIL FERTILITY, WE ARE HELPING LIFE ON EARTH PROSPER PhosAgro Integrated Report 2018 phosagro.com About Strategic Business Sustainability Corporate Financial Additional PhosAgro Report Review Report Governance Report Information COMPANY PROFILE PhosAgro is a vertically integrated mineral fertilizer producer based s most efˡcient producers of THE COMPANY’S POSITION IN THE GLOBAL INDUSTRYټin «ussiaِ áe are one of the ɯorld phosphate-based fertilizers and one of the only companies to produce high-grade phosphate rock with a P O content of 39% or higher. 2 5 No No TOP No BASED 1 1 5 2ٳTHE LIFE CYCLE OF PHOSPHATE Producer of high-grade Fertilizer supplier (One of the top 5) DAP/ NPK producer FERTILIZERS AT PHOSAGRO phosphate rock in Russia MAP producers by in Europe Source: IFA, PhosAgro One in every three tonnes capacity Source: PhosAgro As a vertically intergrated company, PhosAgro’s operations include upstream and downstream enterprises, as well as of fertilizer sold in Russia is Source: IFA, CRU distribution and logistics, and R&D. PJSC PhosAgro is the parent company, with control over 100% of the shares of its main sold by PhosAgro (excluding Chinese producers) operating subsidiaries. For more details, see Our Business Model on pages 16–19. MINING DOWNSTREAM LOGISTICS SALES AND BENEFICIATION PRODUCTION Description The life cycle of phosphate-based fertilizers begins at The fertilizers produced from PhosAgro’s phosphate rock PhosAgro’s logistics infrastructure includes warehouses, The Company has its own sales network in Russia, as PhosAgro’s Apatit mines on the Kola Peninsula, where are among the purest in the world and are used for the mineral hoppers and two port terminals. These assets well as trading ofƒces in priority eZport markets in .atin high-quality phosphate ore is mined and processed into cultivation of agricultural products that end up on the plates support our operations and help us to achieve savings America and Europe. PhosAgro strives to move closer to phosphate rock. We are one of several global producers of consumers all over the globe. compared to third-party services. We constantly monitor its end customer through the further expansion of its sales whose phosphate ore is virtually free of cadmium and the changing business environment in order to maintain network, warehouse capacities and infrastructure, as well other potentially harmful impurities. Our fleZible and efƒcient production and sales models streamlined and efƒcient logistics operations. as automation of production and measures to increase enable PhosAgro to produce 39 grades of fertilizers and efƒciency. other ƒnished products to meet demand from customers in more than 100 countries. Our guiding The high quality of the apatitenepheline ore that we mine After completing a large-scale investment programme We maintain a continuous focus on improving all aspects We strive to be as close as possible to our ƒnal consumer principles is central to our ability to efƒciently produce high-quality in 2017, the full impact of PhosAgro’s new production of our logistics, striving to provide the most efƒcient, reliable through the implementation of a veriƒed strategy to fertilizers that are naturally free of potentially harmful capacities was achieved in 2018: the Company’s production and highest-quality service to our customers and build strengthen existing trade links and a balanced approach impurities that could end up in agricultural soils or even capacity increased signiƒcantly, with 9 million tonnes long-term relationships with them. to entering new markets. our food. of fertilizer produced in FY 2018. Our goals By producing mineral fertilizers, which are vital for PhosAgro aims to further expand its production capacities, We plan to further increase our fleet to reduce costs incurred We believe that implementing a strategy aimed at further increasing the yield, quality and nutritional value of crops, with a particular focus on key inputs like sulphuric and nitric by contracting cars from third-party operators. developing and strengthening our fundamental advantages we are contributing to ensuring food security throughout acids, as well as ammonium sulphate. PhosAgro also plans allows us to build a business that best meets the interests the world and to more environmentally sustainable to continue to expand the number of fertilizer grades it of the residents of the regions where we operate, farmers agricultural practices. produces, continuing the trend of the past ƒve years, during who use our products, as well as our investors and other which the number grew from 19 to 39. stakeholders. P O GRADES RAILCARS COUNTRIES Numbers % 2 5 to know >39 39 6,268 >100 nutrient content of high-grade of fertiǼiɿers and other ˡnished oɯn ˢeet of ɮarious currently use PhosAgro phosphate rock produced at Apatit products are produced by PhosAgro conˡgurations products MLN TONNES USD PER TONNE TRADING OFFICES 93% 1.9 2 10 áORLDáIDE Recovery rate achieved at export cargo volumes handled savings on export shipments ANOF-3 following upgrades via own port terminals via own port terminals completed in 2018 6 7 PhosAgro Integrated Report 2018 phosagro.com About Strategic Business Sustainability Corporate Financial Additional PhosAgro Report Review Report Governance Report Information OUR KEY ADVANTAGES CLASS INTEGRATED STRONG FINANCIAL ONE OF THE LOWEST ADHERING TO HIGHEST FLEXIBLE PRODUCTION TRANSPARENT ANDٳWORLD COST PRODUCERS STANDARDS AND SALES PLATFORM EFFECTIVE CORPORATEٳPHOSPHATE PRODUCER PROFILE CASH WITH TRACk RECORD OF IN THE WORLD OF SUSTAINABLE GOVERNANCE VALUE CREATION DEVELOPMENT • Vertically integrated producer of fertilizers • Strong proƒtability and one of the highest • Developing a unique and extensive • Contributing to the UN Sustainable • Depending on the market situation, 46% • Transparent ownership structure with and premium phosphate rock with P2O5 gross margins in the phosphate segment resource base with a mine life Development Goals of phosphate production can be switched 27.6% of shares in free float content over 39% of around 60 years from DAP/MAP to NPK • Investment-grade corporate ratings: • Material investments into environmental • Seven independent non-executive directors • Strong market position in the premium BBB-/Baa3/BBB- • Self-sufƒcient in major inputs: 100% programmes (RUB 7.6 billion over • Netback-driven sales model with on the Board of Directors European market and fast-growing Latin in phosphate rock, about 90% in ammonia ƒve years a global presence America market • The lowest leverage among global and • Dual listing
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