Presentation for Non-Deal

Non Deal Roadshow

January 2012

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PhosAgro at a glance

World class
integrated
phosphate
producer

Control of large
high quality
apatite-nepheline
resources

Leading global phosphate rock producers

#1 global producer of high-grade phosphate rock

(P2O5>35.7%) with 8.1 mln t capacity
#2 global DAP/MAP
capacity

producer(1)

2010,, mln t,, excluding

g Chinese producers
p

26.8

with 3.5 mln t

#1 producer of high-grade
phosphate rock (>35.7% P2O5)

Leading European producer of MCP feed phosphate

and the only one in Russia

2.1 bln t of apatite-nepheline ore

(over 75 years of production)

Al2O3 resource of 283 mln t

Substantial resources of gallium oxide, TiO2 and rare

earth oxides (41% of Russian resources and 96% of
the currently developed(3))

13.3
8.1

7.2

5.9

5.3

50
5.0

36
3.6

resources(2)
OCP

Mosaic

Phosagro

GCT

(1)

PotashCorp JPMC

Ma'aden Gecopham

Leading global DAP/MAP producers (by capacity)

2010, mln t, excluding Chinese producers

7.5

Self-sufficiency
in key feedstocks
provides for
low costs

First quartile cash cost of production globally

100% self-sufficient in phosphate rock and

94% in ammonia

3.5

Strong financial
performance

2.9

2.2

Established presence through traders in India, Brazil

and Europe

Top-3 exporter of DAP/MAP globally

Leader in the fast-growing Russian market

EBITDA of $674 mn and $620 mn in 2010 and H1

2011, respectively

Net debt/EBITDA: < 1.0x

Phosagro

OCP

Ma'aden

(1)

Eurochem

1.3

Note: (1) Excluding Chinese producers

(2) IMC mineral experts report (JORC)
(3) Russian Academy of Science
Source: FERTECON, IMC, PhosAgro

CF
PotashCorp
Industries

2010 Sales Breakdown

By segment
Nitrogen
fertilisers
9%

By geography
Other
1%
Phosphatebased
products
90%

Other
regions
16%
North &
South
America
19%
India
12%

2010 Sales: $2,534 mln

16
1.6

Local low-cost supplies of sulphur and potash

Mosaic

Strong position in
prime agricultural
markets

3.1

Note: (1) Maaden first stage at full capacity

Source: FERTECON, companies data

Russia
34%

Europe
19%

The only pure play phosphates producer and

b t i l profitability
best-in-class
fit bilit
Gross profit breakdown by segment

Phosphate segment gross profit margin

Average gross profit breakdown by segment for 2008-2010

Average gross profit margin of phosphate segment for 2008-2010

44%

12%

16%
32%

50%
67%
51%

87%

23%
21%

88%

50%

19%

18%
33%

PhosAgro
Other

Mosaic

(1)

Potash

ICL

15%

13%

PotashCorp

CF
Industries

Nitrogen

PhosAgro

Phosphates

Source: Company reports

Note: (1) Calendarised

Source: Company reports

Note: (1) Calendarised

ICL

PotashCorp

CF
Industries

(1)

Mosaic

1. Phosphates
p
an attractive industry
y

Phosphorus is essential for life

Fertilisers 85%(1)

With phosphate fertilisers

Without phosphate fertilisers

Effect of phosphate and nitrogen fertilisers on net farmer

revenue

Effect of phosphate and nitrogen fertilisers on corn yield

200

Yie
eld, bu/A

160

Nett revenue, $/A

A

1,200

+45% bu/A

120
80

With P and N

40

With N only

Translates
T
l t to
t
(2)
+$330/A

1 000
1,000

800
600
400

With P and N
With N only

200
0

0
0

20

40

60

80 100 120 140 160 180 200

N rate
rate, lb/A

Source: Fertecon, International Plant Nutrition Institute

Note: (1) as percentage of total phosphorus consumption
(2) as corn price of US$ 6/bu

20

40

60

80 100 120 140 160 180 200

N rate
rate, lb/A

Phosphorus is essential for life

Technical Phosphates 9%(1)

Animal Feed 6%(1)

Synthetic detergents

Metal treatment

Water
W t treatment
t t
t

Lithium phosphate for

hybrid and electric
vehicle batteries
Personal care products
Cheese
Processed meat

Soft drinks

Source: Fertecon
Note: (1) as percentage of total phosphorus consumption

Potential Phosphate Rock Supply in 2010-2015

mln t
250
Non Integrated
Fertiliser
Producers
30%

Integrated
Fertiliser
Producers
70%

Export
14%

200
Local
Downstream
Processing(1)

Export
16%

150

86%
Local
Downstream
Processing

100

84%

50

2010
Current Supply

Brownfield(2)

Greenfield(2)

New Phosphate Rock Supply 2010-2015

Source: IFA,
IFA Fertecon,
Fertecon PhosAgro
Note: (1) Estimate
(2) Assuming that declared projects will commission without delays and will operate at full capacities

2015
Expected Supply

Growth in US Phosphate Rock Imports

US phosphate rock imports
kt

Despite the fact that Agrifos had

stopped import of about 1 mln t of
phosphate rock per year in early
2011

2,800
2,600

+42%

2,671

2,400
2,200
2,000
1,800

1,790

1,883

1,856

1 600
1,600
1,363

1,400
1,200
1,000
2007

2008

2009

2010

Jan-Nov 2011

Mosaic has increased phosphate rock imports as result of the decrease of its own mining at South Fort
Meade

Agrium has entered into contract with OCP to purchase phosphate rock as their own economic rock
reserves are depleted

Import drivers

Source: USITC, PhosAgro

Current and projected US mine phosphate

production
r d cti n capacity
ca acit
mln t
50

45

40

35

30

25

20

15

10

0
2005

2010

2015

2020
US excl. Florida

S
Source:
IFDC (World
(W ld Phosphate
Ph
h t Rock
R k Reserves
R
and
d Resources,
R
2011)

29

Florida

2025

2030

Stagnating production of phosphates

Global phosphate rock production is mainly driven by
China

with stagnating production in the rest of the world

Mln tonnes product

Mln tonnes product

200

200

Global CAGR (2000-2010): +2.1%

180

180

160

160

140

140

120

120

100

100

80

80

60

60

40

CAGR (2000-2010): -0.1%

40

Chinese production
20

20

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Source: IFA, Fertecon

Source: IFA, Fertecon

10

Development of Chinese phosphate exports

Chinese phosphate rock exports

Commissioning of new H3PO4

capacities
p

kt

Chinese exports of DAP / MAP / NP / TSP

kt

kt

7,000

5,000

10,000

NP/TSP
DAP/MAP

6,000

4,000

From January 2012 the

Chinese government has
imposed an export tax of
82% on NP/TSP during peak
seasons (Jan-May,
(J M
O tD )
Oct-Dec)

8,000
5,000

3,000

6,000

4,000

3,000

2,000

4,000

2 000
2,000

2,000

1,000
1,000

Source: IFA, CFMW

11

Jan-Nov
20
010
Jan-Nov
20
011

2010
2

20122015

2009
2

20082011

2008
2

20042007

2007
2

20002003

2006
2

2000 2002 2004 2006 2008 2010

2005
2

Tight corn supply-demand balance

China corn imports

US corn stocks-to-use ratios, %

Corn yield per harvested acre in US

mln t

80
8.0

8.0

7.0

bu

16

170

165

12.7
12

6.0

13.9

14

165

13.1

11.6

160
10

5.0
155

154

4.0

8.1

153

151

150

149

6.2

3.0

147

145

2.0

2.0

6.7

1.3
1.0

1.0

140

0.0

135
2006 2007 2008 2009 2010 2011
/07 /08 /09 /10 /11 /12F

2020
/21F

2006
/07

2007
/08

2008
/09

- Actual

Rapid
p growth
g
of corn imports
p
in China

Source: USDA

2009 2010 2011

/10
/11
/12F
- Forecast

Decreasing
g corn yields
y
in US

12

2006 2007 2008 2009 2010 2011

/07 /08 /09 /10 /11 /12F

2020
/21F

Tight corn supply-demand balance

due to low stock-to-use
stock to use ratio

Phosphate is a consolidated industry

Global export volumes of MAP / DAP / TSP / Phosphoric acid
mln t P2O5

59%

57%

62%

1.1

1.1
1.0

PhosAgro (Russia)

GCT (Tunisia)

1.3

14
1.4

1.1
3.2

PhosChem (US)1

35
3.5
3.1

2.2

2008
2,008
2
008
%

Mississippi
Phosphates (US)
37
3.7

2.9

CF Industries

2009
2,009
2
009

2010
2,010
2
010
OCP (Morocco)

Combined global share

Source: Fertecon, IFA , Bloomberg, companies reports

Note: (1) PhosChem Phosphate Chemical Export Association Inc. (Members: Mosaic, PCS)

13

Fertiliser prices and price ratios

1,000

2.00
MOP to DAP price ratio

900

1.80
DAP FOB, Tampa

800
700

US$/t

1.60

MOP FOB, Vancouver

1.40

Average MOP to DAP price ratio (1999-2011)

600

1.20

500

1.00

400

0.75

0.80

300

0.60

200

0.40

100

0.20

0.00
1999

Source: FMB, Fertecon, The Market

2000

2001

2002

2003

2004

2005

14

2006

2007

2008

2009

2010

2011

Fertiliser utilization rates and price ratio

90%

1.8
1.8
85%

1.6

80%

72%

75%

1.4
70%

1.2
65%

1.0

60%
55%

0.8

0.7

0.7

50%

0.6

0.6

45%

48%

05
0.5
0.4

40%

2007

2008

MOP to DAP price ratio

Source: FMB, Fertecon, The Market

2009
DAP/MAP- utilization rate
DAP/MAP

15

2010

2011
MOP - utilization rate

Need for a combination of feedstocks and complexity of

production process act as barriers to entry
Overview of integrated phosphate-based production model based on PhosAgros consumption ratios
PHOSPHATE ORE
MINE

15.2 mln t
(12.9% P2O5)

BENEFICIATION
PLANT
4.4 mln t (39.0% P2O5)

PHOSPHORIC ACID
PLANT

SULPHURIC ACID
PLANT

SULPHUR
1.3 mln t

4.0 mln t

1.7 mln t
GAS

AMMONIA PLANT
End products
0 7 mln t
0.7

DAP / MAP /
NPS
2.8 mln t
POTASH

NPK 1.0 mln t

0.4 mln t

Source: PhosAgro

16

Outb
bound
Logistics

733 mln

m3

Greenfield plant costs case-study

Production facilities
Capacity mln t / year

Maaden

Phosphate rock mine

12.0

27.2

Beneficiation plant

5.0

8.1

Sulphuric Acid Plant

4.7

4.1

Phosphoric Acid Plant

1.5

1.8

Ammonia Plant

1.1

1.1

DAP Plant

2.9

3.7

DAP

MAP, DAP, NPK, NPS

Key products

Maaden total est. CAPEX(1): US$ 5.6bln

Construction period: 6 years +
Source: PhosAgro, Maaden
Notes: (1) CAPEX for the Phosphate Project

17

Maaden is already priced-in by the markets

New large capacity additions and change in DAP price in
1998-2000
1998 2000

Expected Maaden start and DAP price changes in 2009-2011

220

700

210

650

200

600

Oswal ((India))
1,740 kt DAP
per year

190
180

550

160

450

350

140

300

130
Jan-98

250
Jan-09

Nov-98

Contracted and/or
offered for sale
volumes exceed
0.5 mln t of DAP

400

150

Jun-98

Maaden
announces
commencement of
production
production.

500

WMC (Australia)
1,000 kt DAP per
year

170

Period of expectation of
Maaden
Ma
aden launch in 4Q 2010

Apr-99

Sep-99

Feb-00

Jun-09

Commencement of production at new DAP capacities

Source: Fertecon, Bloomberg

Source: Fertecon, Bloomberg

18

Nov-09

Apr-10

Sep-10

Feb-11

Jul-11

Timing and completion of new capacities is uncertain

OCP seeks to extract the maximum
value from its phosphate ore reserve.
Management has recently indicated that
they will match production to market
demand

mln t of P2O5

47.0
2.8

Incremental
demand in
2011-2015
6 7 mln
6.7
l t off
P2O5

3.2
1.0

38.6

38.6

66
6.6

1.6

1.8

Maaden
Five year delay
US$ 5.6 bln capex
Average phosphate rock P2O5 content
of 33%

2.8

OCP Track record of completion

JV OCP/Fauji (Pakistan)
Announcement: 2004
Initial expected launch date: End 2006
Actual launch date: 2008

45.3
37.6

JV OCP/Bunge (Brazil):
Announcement: 2005
Initial expected launch date: End 2007 /
B i i 2008
Beginning
Actual launch date: August 2011

Total consumption
2010

Total production
2010

Expected closures
2011

Ma'aden
2011-2014

OCP
2011-2014

Other projects likely

to be completed

Projects likely to be completed by 2015

Note: (1) Projects with low / moderate likelihood of completion by 2015
Source: FERTECON, closures and new projects at 100% nameplate capacity, Fertiliser Week, IFA, companies data

19

Low / moderate (1)

likelihood projects

Total expected
production
2015

Total expected
consumption
2015

Strong demand fundamentals for fertilisers

Meat consumption is driving demand for phosphate-based fertilisers and feed phosphates
Growing GDP per capita in Emerging Markets

Animal feed a key driver for grain consumption

000 US$

kg of grain required to produce 1 kg meat

5.8
7x

3.9
1.4

2000

4x

2.2

2x

2005

2010

Beef

2015

Pork

Changing diets growth in meat consumption

Meat Consumption by Region

mln t

kg meat/capita/year

Poultry

97.4
80.1
147
107
2005

35.4

108
2010
Developed Countries

57.3

212

194

171

113

119

2015

2019

North America

Emerging Market Countries

Source: United Nations, IMF, USDA, FAO

20

EU

Russia

World

24.0

15.3

4.4

Asia Central America Af rica

Significant room for further growth of use of phosphate

f tili
fertilisers
Stagnating yields force farmers to increase planted area to
increase production
Wheat

Insufficient application of phosphate fertilisers creates

significant room for growth
22

10 year CAGR: 1.1%

700

3.5

650

3.0

21

2.5

600

2.0

550

Wheat
Corn
Soybean
Rice

P2O5 estimated crop removal

P2O5 application
Application
Deficit

20

1.5

500

1.0
0.5

400

0.0
2000/01

2002/03

2004/05

2006/07

Production, mln t (lhs)

2008/09

2010/11

Yield, t/ha (rhs)

10 year CAGR: 3.3%

18
17

Corn
900

19
mln t

450

6.0

16

5.0

800

4.0

700

15
2000/01

3.0

600

1.0

400

0.0
2000/01

2002/03

2004/05

2006/07

Production, mln t (lhs)

2008/09

2004/05

2006/07

2008/09

2010/11

Nutrient removal rate

20
2.0

500

2002/03

kg P2O5/t of crop

Wheat

Corn

Rice

Soybean

11 3
11.3

67
6.7

64
6.4

17 6
17.6

2010/11

Yield, t/ha (rhs)

Source: USDA, IFA, IPNI, PhosAgro

21

Stock-to-use ratios for the key phosphate-using crops are at

l
low
llevels
l driving
d i i crop prices
i
Phosphate fertilizer use by crop

World grain stocks-to-use ratios, %

20 year
average

30%

20 year
average

20 year
average

25%

20 year
average

20%

Wheat
16%

15%

Wheat

Corn

Rice

Soybean

Crop prices

Other
Grains
5%

Soybean
7%

600
US$
$ per tonne

Rice
12%

500
400
300
200
100
0
Wheat
Corn
Soybean
Rice
A
Average
2000 2010
2000-2010
J
January
2011
J
January
2012

Source: IFA

Source: USDA, FAO

22

2011/12

2009/10

2007/08

2011/12

2009/10

2007/08

2011/12

2009/10

2007/08

0%

2011/12

5%

2009/10

Corn
13%

Other
47%

2007/08

10%

High grain prices driven by market imbalance

motivate
ti t ffarmers tto use more fertilisers
f tili
Corn prices relative to DAP Prices

Corn to DAP prices ratio

10 year correlation

HIGH DAP PRICES

1,400

3.0
R = 0.78

1,200

DA
AP FOB Tampa, US$/t

1,000

2.5
800

600

2.0
400

January 2012 average price:

DAP FOB Tampa: US$ 535/t
Corn FOB US Gulf: US$ 278/t

200

1.5
Jan-09

0
50

100
150
200
C
Corn
FOB US Gulf,
G lf US$/t
US$/

Source: Fertecon, USDA, FAO

250

300

HIGH CORN PRICES

Jul-09

Jan-10

DAP/C
DAP/Corn
23

January
2012

Jul-10

Jan-11

Jul-11

Jan-12

DAP/C
DAP/Corn
Average
A
(2000-2011)
(2000 2011)

2 Company Highlights
2.

World class integrated phosphate producer

A leading global phosphate rock producer with over 2.1 bln t of apatite-nepheline ore
resources (over 75 years of production)
26.8
#1 producer of high-grade
phosphate rock (>35.7% P2O5)
13.3
8.1

OCP

Mosaic

7.2

Phosagro

7.5

GCT

5.9

5.3

PotashCorp

JPMC

5.0

3.6

Ma'aden(1) Gecopham

#2 global DAP/MAP producer(2) with 3.5 mln t capacity

3.5

3.1

2.9
2.2
1.6

M
Mosaic
i

Ph
Phosagro

Source: Fertecon, companies data

Note: (1) Maaden first stage at full capacity
(2) In 2010, excluding Chinese producers

(1)

OCP

M ' d
Ma'aden
25

E
Eurochem
h

CF Industries
I d ti

1.3

P t hC
PotashCorp

Control of worlds premium phosphate resource base

Location(1)
Morocco

USA

Jordan

China

Tunisia

13.0-14.0%
High

Very low

Very low

Very low

Very low

Low to
moderate

Ore type

Igneous

Sedimentary

Sedimentary

Sedimentary

Sedimentary

Sedimentary

Level of
radioactivity

Very low

Moderate

Moderate to
high

Low to
moderate

Low to
moderate

Moderate

Hazardous
metals content

Very low

Moderate

Moderate to
high

Low

Low to
moderate

Low to
moderate

2.1

50

1.4

1.5

3.7

0.1

Al2O3 content

World
W
ld Ph
Phosphate
h
Rock Reserves,
billion t

Note: (1) primary global DAP/MAP producing regions

Source: Fertecon, IMC, USGS 2011

26

Control of worlds premium phosphate resource base

100

Higher cadmium
content in
sedimentary
rocks

Phosphate rock
with MER > 0.10
significantly
increases costs for
production of
DAP

GCT
29%

Av
verage Cadm
mium conten
nt in ppm

OCP

Mosaic
28.5%

32%
PCS
29.5%

10

CF Industries
29%
Agrium

33%

Eurochem
0

0.00

3738%

3940%

0.02

0.04

0.06

0.08

0.10

0.12

Average Minor Element Ratio (MER)

Note: Size of the bubble represents P2O5 content in phosphate rock in excess of 28%, which is recognized as a minimum for production of high quality phosphate fertilizers
Source: Fertecon, PhosAgro, companies data
9

27

0.14

Self-sufficiency in key feedstocks

PhosAgro DAP production cash costs

Phosphate rock: 100% self-sufficient

1
2010, kt

2010, ExW, US$

Other
17%
1

Sulphur
13%

4,390

Phosphate
rock
51%

8,101
3,712

1,190

Ammonia
19%

Total
Internal
phosphate sales
rock sales

Ammonia: 94% self-sufficient

1,107

KazRosGas
24%

Consumption

Source: PhosAgro

28

Export

Other
Oth
18%

TengizChevroil
16%

Production

External Domestic
sales

Sulphur: access to local supplies

Sulphur suppliers in 2010

2010, kt

1,043

2,522

Gazprom Sulphur
42%

Significant cost advantage for integrated producers

Estimated DAP production cash costs

FOB, US$ per tonne DAP

800
700
600
500
400
300
200
100
0
India (non integrated)

USA (non integrated)

Source: companies data, Fertecon, PhosAgro

29

USA (integrated)

PhosAgro (integrated)

Flexible business model

Flexible business model

FLEXIBLE PRODUCTION
CAPABILITIES

NETBACK-DRIVEN
SALES
PRIORITISATION
SYSTEM

LOGISTICS
ALTERNATIVES

EXPORT SALES NOT

TIED TO OVERSEAS
DISTRIBUTION
NETWORK

Phosphate-based fertilisers and feed phosphate exports by region

In volume terms

Asia

Asia

37%

38%

55%
South
America
Europe
Africa
CIS(1)
North America

34%
15%

20%
10%
21%

17%
%

9%
6%

13%
4%

2008

2009

2%

8%
7%
6%
2010

Source: PhosAgro
Note: (1) Excluding Russia

30

South
America

32%

33%

Europe
Africa
CIS(1)
North America

17%
5%
6%
7%

2011

3. Financial Overview

Revenue, EBITDA and Net Income

Revenue (H1 2010/2011)

EBITDA (H1 2010/2011)

36%

1,704
60
12
253

1,378

24%

1H2011
Apatite concentrate
Other

EBITDA (FY 2008-2010)

1,430

Net Income (FY 2008-2010)

35%
1,310

674

415

2008

2009
EBITDA

Note: Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010),
28.62 (1H2011)

32

US
S$mn

27%
22%

1,948

2008
2009
2010
Chemical fertilisers
Apatite concentrate
Nepheline concentrate Other

Margin

51%
US$
$mn

US$m
mn

1,916
98
12
376

1H2011

Net Income

Margin

1,907
2,533
108
20
457

429

1H2010

1H2011

EBITDA

3,709
199
29
574

13%

160

1H2010

Revenue (FY 2008-2010)

2,907

620
286

911

1H2010
Chemical fertilisers
Nepheline concentrate

25%

US$mn

,
1,200
51
10
228

US$mn

US$mn

Growth: 42%

Net Income (H1 2010/2011)

14%
274

2010
Margin

2008
2009
Net Income

16%
395

2010
Margin

Cost of Goods Sold

Cost of Goods Sold and Sales Volumes
Sales (kt)
Fertilisers(1)
Rock
100%

80%

2008
3,103
3,517

CoGS (% off total)

40%

20%

2010
3,842
3,712

1H2010
1,920
1,933

1H2011
1,992
1,558

$1 552
$1,552mn

$1 222
$1,222mn

$1 592
$1,592mn

$795
$795mn

$971
$971mn

8%

10%

10%

10%

10%

8%
5%

9%

9%

10%

10%

6%
7%
7%

%
7%
5%
8%

6%
%
5%
8%

6%
%
7%

21%

18%

19%

14%
60%

2009
3,635
2,807

DAP Production Cash Cost Breakdown

9%

8%
20%

19%

36%

40%

43%

43%

40%

0%
2008
2009
2010
1H2010
1H2011
Materials and services
Salaries and social contributions
Fuel
Sulphur and sulphuric acid
Electricity
Gas
Depreciation and amortisation
Other items
Source: PhosAgro
Note: Excluding change in stock of WIP and finished goods. Applied average USD/RUB exchange rates:
24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010), 28.62 (1H2011)
(1) Phosphate-based fertilizers and feed phosphate MCP

33

ExW, US$, 2010

Other
17%
Sulphur
13%

Ammonia
19%

Phosphate
rock
51%

Capex and Dividend Policy

Capex
700
600

US$m
mn

500

564

448
384

400

349
293

300
200
100
0
2008

2009

2010

2011E

2012E

PhosAgro expects to pay between 20% and 40% of consolidated profit for the year calculated in
accordance with IFRS as dividends.
dividends The preliminary dividend of RUB 250 per share (US$ 0.26
0 26 per
GDR) has been paid in January 2012 upon the decision of the Extraordinary Shareholders Meeting held
on December 1, 2011.

For 2011 PhosAgro intends to pay out no less than 30% of the consolidated net income generated in
the last 3 quarters of the year (from April 1 to December 31)

Dividend Policy

Source: PhosAgro
Note:
Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010),
29.3875 (2011).
USD/RUB exchange rate at the dividend payout start date (January 16, 2012): 31.9344

34

Overview of Debt
Total Debt / EBITDA and Net Debt (1) / EBITDA
1.0x

Net Debt
0.8x

0.5x

0.3x

Actual Net Debt as of 30 June 2011

0.4x
0.6x

0 1x
0.1x
0.2x

0.0x
(0.2x)

((0.5x))

(USD in millions)

Total Debt, incl.:

953

(0.1x)

2008
2009
Total Debt / EBITDA

(2)

Short-term
Short
term debt

408

Long-term debt

545

2010
1H2011
Net Debt / EBITDA

Types of debt instruments (3)

Secured
letters of
credit
12%

RUB
denominated
8%
EUR
denominated
11%

USD
denominated
81%

Cash and cash equivalents

Secured
bank loans
6%

Net Debt

Secured
f inance
leases
4%
Unsecured
loans
78%

Source: PhosAgro
Note: Applied end-of-period
end of period USD/RUB exchange rate of 28
28.08
08 (1H2011)
(1) Net debt is calculated as total loans and borrowings minus cash and cash equivalents
(2) Based on annualized EBITDA
(3) As of June 30, 2011. Includes secured bank loans, unsecured bank loans and letters of credit. Total loans and borrowings US$953mn

35

(248)

705

4 Future potential
4.

Short and medium term strategy for future growth

Short te
erm

Strategic objectives

Improve efficiency

Expand
p
fertiliser p
production
capacity and enter higher
value segments

Key initiatives

Construction of shaft No. 2 at Kirovsky Underground Mine which will increase the
production of apatite-nepheline ore from 12 to 14 mln t from the year 2014
Construction of a new 32 MW gas-powered electricity generation facility in
Cherepovetsky Azot
Increase urea production capacity by 500 kt at Cherepovetzky Azot - May 2012
Enter the technical phosphates and SOP (s
(sulphate
lphate of potash) markets through
thro gh the
integration of Metachem products (recently acquired 24% stake in the company)
Commence production of purified phosphoric acid at Metachem

Mineral

Application

Development
Stage

Production
Today

Future

7k t

Apatit
Rare Earth Oxides

Medium te
erm

Realize full potential of ore

y
fuel cells
Autocatalysts,
High strength magnets, ceramics
Fiber optics, lasers

Aluminium Oxide

Alumina, Cement, Catalysts

1.0 mln t

6.0 mln t

Potassium carbonate
Soda Ash
Potassium Sulfate

Glass production, agriculture,

household chemicals

0.25 mln t

1.50 mln t

Gallium Oxide

Nepheline

37

Electronic engineering, lasers,

lubricants

Long term strategy for volume growth of fertilisers

Today
Phosphate rock

External
sales

Future

Future Potential Strategic initiatives

Phosphate rock, mln t

The future development of Shtokman field would allow PhosAgro to build new
fertiliser capacity near its mines and simplify its export logistics

46%
100%

Internal
consumption

54%

Kola Peninsula

APATIT`

Total: 8.1 mln t

End Products
(DAP / MAP / NPK / NPS / APP/ MCP)

7.2
3.9

Production 2010, mln t

15

Source: Gazprom
Gazprom, PhosAgro

Future Production, mln t

38

Thank You

Appendix

High quality production assets

Murmansk
Kirovsk

Apatit

Cherepovets production complex - largest in Europe

Ammophos

Resources(1)

Highlights

Apatite-nepheline ore: 2,085 mln t

Al2O3: 283 mln t
REO(2): 7.5 mln t
Capacity by product
Phosphate rock: 8.1 mln t
Nepheline: 1.7 mln t

Capacity by product
MAP/DAP/NPK/NPS: 2.6 mln t
APP: 140 kt
AIF3: 24 kt

St. Petersburg

Baltic ports

Cherepovets

Highlights

Moscow

Largest standalone global producer of high

grade phosphate rock(3)

Standard grade P2O5 content of 39%

Superior grade P2O5 content of 40%

Lowest hazardous element content among the
major phosphate rock producing regions;
benefits from low levels of radioactivity

Largest standalone phosphate fertilisers

producer in Europe

Largest standalone producer of sulphuric and

phosphoric acids in Europe

Balakovo
Novorossiysk
y

Cherepovetsky Azot / Agro-Cherepovets

Balakovo Mineral Fertilisers (BMU)

Capacity by product
MAP/DAP/NPS: 1
1.1
1 mln t
Feed phosphate (MCP): 240 kt

Highlights

Leading European producer of feed

phosphate MCP

The only Russian producer of MCP

Distribution hubs
Export ports

Top 15 regions of NPK

and MAP consumption

FosAgro-Trans
(Transportation)

PhosAgro-Region
(Domestic distribution)

Operates:
Owned ca. 2, 200 railcars
and ca. 930 cisterns
Leased ca. 2,700
additional railcars

Owns and operates seven

distribution centres in Russia
located in proximity to major
agricultural regions of
Russia

Note: (1) Measured and indicated, IMC mineral experts report (JORC)
(2) Rare earth oxides
(3) Defined as phosphate rock with P2O5 content over 35.7%
Source: PhosAgro (capacity as of 2010), FERTECON, IMC, European Commission

41

Capacity by product
Ammonia: 1.1 mln t
AN/AN-based: 450 kt
Urea: 480 kt

Highlights

One of the largest standalone producers of

urea, ammonia, AN/AN-based fertilisers in
Russia

Connected to Ammophos via ammonia

pipeline which fully covers its needs in
ammonia

Management with strong track record of organic growth and

efficiency
ffi i
iimprovement
Technical modernisation at Ammophos

Divestment of Voskresensk Mineral Fertilisers

Sulphuric acid

Phosphoric acid

NPK

Phosphoric acid production capacity

mln t

mln t of P2O5

mln t

kt of P2O5

+30%

+20%

1,832

+119%

VMF

0.9

2.7

1,860

388
760

10
1.0

2.1

BMU

470

Ammophos

974

0.8

RATIONALE

RATIONALE
0.4

Efficiency improvement

Replacement of high
cost old capacity with
low cost new capacity

Growth of production
volume
2001

2010

2001

2010

2001

(1)

1,100

2006

2010

2010

Note: (1) Production capacity as at 1Q2011

Source: PhosAgro

Source: PhosAgro

Technical modernisation at BMU

Launch of feed phosphate (MCP) production at BMU

Product structure

MCP production volume

kt

kt

246
+79%

RATIONALE

716

CAGR: +56%

1,283

181

246

MCP

538

DAP

58

NPS

441

MAP

RATIONALE

Efficiency improvement
Product range
expansion
2001

Launch of new value

added product

62

68

2004

2005

81

2006

2007

37
7
2002

2010

Source: PhosAgro

14

107

81

Source: PhosAgro

42

2003

2008

2009

2010

EBITDA development
p
EBITDA Calculation

EBITDA
Margin

51%

2,000

22%

27%

24%

36%

(RUB in millions)
Operating Profit

1,907

2010

1H2010

1H2011

11,077

14,687

6,152

14,878

D&A and impairment

3,231

4,100

5,777

2,450

2,874

Litigation provision

1 992
1,992

(1 992)
(1,992)

47,396

13,185

(USD in millions)
Operating Profit
D&A and impairment

US$mn
n

2009

42,173

EBITDA

1,500

2008

Litigation provision

2008

20,464

8,602

17,752

1H2010

1H2011

2009

2010

1,697

349

484

205

520

130

129

190

81

100

80

(63)

1,000
EBITDA

674

620

500

415
286

2008

2009

2010

1H2010

1H2011

Source: PhosAgro
Note: Applied average USD/RUB exchange rates: 24.86 (2008), 31.72 (2009), 30.37 (2010), 30.07 (1H2010),
28.62 (1H2011)

43

415

674

286

620

EBITDA is defined as Operation Profit plus Depreciation and amortisation

and impairment

1,907

In 2008 PhosAgro was involved in litigation with one of its customers with
respect to the sale of apatite concentrate and recognized a provision of
RUB1,992mn. The Higher Arbitration Court of the Russian Federation
supported PhosAgro's appeal of earlier rulings and concluding that the
matter should be re-examined in the court of the first instance
Following the management's re-assessment of the claim the provision of
RUB1,992mn was released in 2009
In 2010 the claimant withdrew its claim against the Group. The EBITDA
calculation above reflects an accrual and reversal of these provisions

Revenue pper tonne and volume developments

p
for keyy pproducts
DAP

MAP

Peak 2008 FOB Baltic

price: US$1,190/t (1)

585

600
465
US$ per tonne

800
604
600

438

400

400

391

553

349

400

392

3,500

3,635

3,842

3,103

3,000

423
360

200

2,500
2,000

1,920

1,992

1H2010

1H2011

1,500
1,000

200

500

0
2010

1H2010
Domestic

1H2011

2010

Export

1H2010
Domestic

Phosphate
p
Rock

2008

1H2011

280

600

529

4,000

105

126

100

341

351

347

2,807

3,000
330

200

3,712

3,517
,

3,500
ths
s of tonnes

118

143

US$ per tonne

160

400

2010

Phosphate
p
Rock volumes (3
( rd p
party
y sales))

450
200

2009

Export

NPK

300

US$ per tonne

U

US$ per tonne

1,000

4,000

560

ths of tonnes
s

1,200

Phosphate-based fertilisers volumes

2,500

1,933

2,000

1,558

1,500
1,000
500

0
2010

1H2010
Domestic

1H2011

Export

Note: Applied average USD/RUB exchange rates: 30.37 (2010), 30.07 (1H2010), 29.62 (1H2011)
(1) Source: Fertecon

2010

1H2010
Domestic

44

Export

1H2011

0
2008

2009

2010

1H2010

1H2011

Consolidated income statement

(USD in millions)

2008

2009

2010

1H2010

1H2011

Revenues

3,709

1,916

2,533

1,200

1,704

(1,472)

(1,258)

(1,570)

(783)

(941)

2,237

658

963

417

763

Selling, General & Administration

(435)

(295)

(387)

(181)

(206)

Other Income (Expense)

(104)

(14)

(92)

(31)

(37)

1,698

349

484

205

520

47

27

31

18

Profit Before Taxation

1,745

376

515

212

538

Income Tax Expense

(435)

(102)

(120)

(52)

(109)

1,310

274

395

160

429

35%

14%

16%

13%

25%

1,698

349

484

205

520

130

129

190

81

100

80

(63)

Cost of Sales
Gross Profit

Operating Profit
Financial Income (Costs)

Profit for the Period

Margin
EBITDA Calculation
Operating Profit
D&A and impairment
Litigation provision
EBITDA

1,907

415

674

286

620

Margin

51%

22%

27%

24%

36%

Source: PhosAgro (IFRS)

Note: Applied average USD/RUB exchange rates: 24.8553 (2008), 31.7231 (2009), 30.3692 (2010), 30.0676 (1H2010), 28.6242 (1H2011)

25

45

Consolidated balance sheet

(USD in millions)
Cash and Equivalents
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net Property, Plant & Equipment
Intangible Assets
Investments in Associates
Other Long-Term Assets
Total Non-Current Assets
Total Assets
y
Accounts Payable
Loans and borrowings
Total Current Liabilities
Loans and borrowings
Defined benefit obligations
Deferred tax liabilities
Total Non-Current Liabilities
Total Liabilities
Equity attributable to Parent
E it attributable
Equity
tt ib t bl tto non-controlling
t lli
Total Liabilities & Equity

2008
488
375
299
271
1,433
1,281
20
0
178
1,479
2,912
485
132
617
71
23
60
154
771
1,639
502
2,912

2009
186
442
226
30
884
1,407
24
0
363
1,794
2,678
219
71
290
67
21
85
173
463
1,717
498
2,678

Source: PhosAgro (IFRS)

Note: Applied end of period USD/RUB exchange rates: 29.3804 (2008), 30.2442 (2009), 30.4769 (2010), 28.0758 (1H2011)

26

46

2010
173
522
253
108
1,056
1,525
25
307
235
2,092
3,148
329
181
510
112
31
89
232
742
1,911
495
3,148

1H2011
248
426
351
47
1,072
1,750
26
278
183
2,237
3,309
248
408
656
545
35
101
681
1,337
1,403
569
3,309

Consolidated cash flow statement

(USD in millions)
Profit before taxation
Depreciation,amortisation and impairment
Interest Expense
Interest Income
Other
Funds From Operations before WC changes
(Inc.) Dec. in Trade and other Receivables
(Inc.) Dec. in Inventory
Inc. (Dec.) in Trade and other Payables
(Inc.) Dec. in Net Working Capital
FFO before
b f
income
i
taxes
t
and
d interest
i t
t
Income tax paid
Interest paid
Cash Flow From Operations
Loans repaid/(issued)
Acquisition of property, plant and equipment
Acquisition of investments
Other
Cash Flow From Investing Activities
g
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Other
Cash Flow From Financing Activities
Change in Cash and Equivalents
Beginning Cash and Equivalents
Effect of change in exchange rate
Ending Cash and Equivalents

2008
1,745
1
745
130
37
(59)
8
1 861
1,861
(126)
(129)
391
136
1 997
1,997
(507)
(29)
1,461
(242)
(448)
(27)
148
(569)
1,084
,
(1,133)
(44)
(311)
(404)
488
89
(89)
488

2009
376
129
27
(34)
(4)
494
39
61
(247)
(147)
347
(51)
(22)
274
160
(385)
(184)
114
(295)
486
(538)
(45)
(160)
(257)
(278)
488
(24)
186

Source: PhosAgro
g ((IFRS))
Note: Applied average USD/RUB exchange rates: 24.8553 (2008), 31.7231 (2009), 30.3692 (2010), 30.0676 (1H2010), 28.6242 (1H2011)

27

47

2010
515
190
14
(23)
(18)
678
(64)
(29)
20
(73)
605
(97)
(10)
498
(144)
(429)
(52)
67
(558)
697
(530)
(110)
(9)
48
(12)
186
(1)
173

1H2010
212
81
6
(14)
3
288
(40)
(24)
(34)
(98)
190
(45)
(3)
142
15
(198)
(7)
11
(178)
351
(180)
(0)
(1)
170
134
187
0
321

1H2011
539
100
9
(11)
(9)
628
204
(75)
(8)
121
749
(116)
(6)
627
72
(191)
(33)
103
(49)
909
(295)
(1,120)
(13)
(519)
59
184
0
243

Commitment to high corporate governance standards

Audit Committee
Marcus Rhodes (Chairman)
Sven Ombudstvedt
Ivan Rodionov
Remuneration and Human
Resources Committee
Ivan Rodionov (Chairman)

Board of Directors

Chief Executive Officer

INDEPENDENT NON-EXECUTIVE
DIRECTORS
Sven Ombudstvedt (Chairman)

Maxim Volkov

Marcus Rhodes
Ivan Rodionov

Sven Ombudstvedt
Igor Antoshin
NON-EXECUTIVE DIRECTORS
Strategy
gy Committee

Igor Antoshin (Deputy Chairman)

Vladimir Litvinenko (Chairman)

Vladimir Litvinenko

Igor Antoshin
Maxim Volkov
Sven Ombudstvedt

EXECUTIVE DIRECTORS

Environmental, Health and

Safety Committee

Maxim Volkov

Igor Antoshin (Chairman)

Vasily Loginov

Maxim Volkov
Vladimir Litvinenko
Vasily Loginov
Source: PhosAgro

48

PhosAgro vertically integrated production model

Feedstock

Apatite-nepheline ore

Processing

Product

Nepheline
concentrate

Production unit

Nepheline concentrate
Apatit

Beneficiation plants

Phosphate rock
Standard Grade,
S
Super
Grade
G d

Phosphate rock

Urea lines

Purchased natural gas

Ammonia lines

Urea

Cherepovetsky
Azot

Ammonia
AgroCherepovets

Purchased
sulphuric acid

Phosphoric acid lines

Sulphuric acid

Phosphoric acid P2O5

AN&AN based fertilisers

lines

AN, AN based fertilisers

Liquid fertiliser lines (APP)

APP

Fluorine
Ammophos

Purchased sulphur
Sulphuric acid lines

Solid fertiliser lines

MAP, DAP, NPK, NPS

Purchased ammonia
BMU
AlF3 line

AlF3

Feed phosphate lines

MCP

Purchased potash
Purchased aluminium
hydrate
Purchased

31

Phosphate rock division

Ammonia and nitrogen based fertilisers division

49

Phosphate-based fertilisers and feed phosphate division