Investment case
and credit ratings
1. A global producer of eco‑friendly phosphate‑based fertilizersCertified for environmental compliance under the Vitality Leaf international standard.
2. Unique resource base and sector‑leading margins
A key contributor to the safety of the Company’s products is the magmatic origin of the phosphate rock mined on the Kola Peninsula, as it naturally limits the content of harmful substances and ensures higher fertilizer quality Apatit is included in the Unified State Register of Manufacturers of Agricultural Products, Food, Industrial and Other Products with Improved Characteristics..
Wide range of ready‑to‑use solutions for farmers.
A leading supplier of mineral fertilizers in the domestic market.
One of the highest margins in the phosphate segment.
The only producer of feed‑grade monocalcium phosphate (MCP) in Russia and one of the leading producers in Europe in this segment, as well as Russia’s only producer of nepheline concentrate.
The largest global producer of high‑grade phosphate rock with a P2O5 content of 39% (according to IFA).
The largest European producer of phosphate‑based fertilizers (by total production capacity for DAP/MAP/NP/NPK/NPS according to CRU).
| Country | 2022 | 2023 | 2024 |
|---|---|---|---|
| Russia (share of total supplies) | 45 | 54 | 58 |
| Europe | 24 | 17 | 15 |
| Latin America, excl. Brazil | 12 | 19 | 21 |
| Africa | 15 | 13 | 17 |
| India | 38 | 18 | 20 |
| Brazil | 12 | 20 | 23 |
3. Eco‑friendly fertilizers
PhosAgro has the right to mark its products with a special Green One label. In September 2024, all manufactured agrochemicals underwent recertification.
The Company successfully completed voluntary Vitality Leaf certification.
In 2024, Apatit confirmed its right to use the internationally recognised Vitality Leaf label for mineral fertilizers by successfully completing a recertification auditThe audit was conducted by experts from the accredited certification body, Ecological Union (registration number RA.RU.11NV64), from 29 September to 13 November 2024..
PhosAgro Group made a Green Label environmental claim asserting that the product is free from dangerous cadmium concentrations harmful to human health and soils.
The Group’s Cherepovets, Volkhov, and Balakovo production sites and phosphate rock mining and beneficiation facility in Kirovsk successfully passed a certification audit by the Brazilian Technical Standards Association (ABNTAssociação Brasileira de Normas Técnicas.).
For more information on ESG certification of the Group’s products, see the Customers and Product Management section
4. Sound capital allocation in highly effective investment projects
Investment projects may get a go‑ahead subject to their high IRRInternal rate of return. (in most cases 20%+), compliance with the BAT and sustainability criteria along with the CAPEX/EBITDA target, and a comfortable net debt / EBITDA covenant headroom.
5. Well‑balanced corporate governance
Our corporate governance practices undergo an annual evaluation and demonstrate a high level of compliance with the recommendations of the Corporate Governance Code recommended by the Bank of Russia.
PhosAgro actively engages with Russian rating agencies to secure independent assessments, credit ratings, and ESG ratings.
Throughout 2024, the Company continued to service its bank loans in a timely manner and took a number of steps to continue servicing Eurobonds in the new regulatory environment. Thus, the Company once again confirmed its high credit quality.
| ESG rating/index | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| (С to ААА scale) | А | AA↑ | ААА↑ | |
| Responsibility and Transparency index (С to А scale) | A | A | A | |
| Sustainable Development Vector index (С to А scale) | A | A | A | |
| Expert RA ESG transparency (0.00 to 2.00 scale) | 1.95↑ | 1.95 | 2.00↑ | |
| National Rating Agency | Group 2, | Group 1↑, | Group 1, | |
| Donors Forum Russian Leaders in Corporate Philanthropy (C to А+ scale) | А+↑ | А+ | А+ | |
| (Level 3 to Level 1 scale) | Level 1 | Level 1 | Level 1 | |
| Best Employers (Bronze to Platinum scale) | Gold | Platinum ↑ | Platinum | |
The Company’s bonds are included in Level 1 quotation list of the Moscow Exchange.
These were assigned credit ratings of ruААА and ААА(RU), respectively, from the Expert RA and ACRA agencies.