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PhosAgro forecasts 2019 CapEx at 34B Russian rubles

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PhosAgro forecasts 2019 CapEx at 34B Russian rubles

PJSC PhosAgro expects its 2019 capital expenditures to amount to 34 billion Russian rubles, excluding capitalized repairs, the company said in a Dec. 18 release.

The potash producer's board approved the company's budget for the year ahead, and CEO Andrey Guryev highlighted plans to increase its production capacity.

"Key projects include further development of the mining segment and processing facilities, including completion of new sulfuric and nitric acid plants in Cherepovets with an increase in the production of phosphate fertilizers, as well as the expansion of our own distribution and logistics infrastructure," Guryev said.

PhosAgro will keep CapEx at roughly the 2018 level of 32 billion to 33 billion rubles in the next two or three years, according to a same-day report from Interfax.

The dual-listed company's CapEx for the first nine months of 2018 was 26.6 billion rubles, equating to 47% of EBITDA of 56.4 billion rubles. This compares to 23.3 billion rubles in the first three quarters of 2017, equating to 60% of EBITDA of 38.5 billion rubles.

PhosAgro reported record quarterly free cash flow in November and raised its dividend to 72 rubles per share for the first nine months, from 21 rubles a year ago.

As of Dec. 17, US$1 was equivalent to 66.66 Russian rubles.