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OJSC PHOSAGRO 9M 2019 Financial Results: PhosAgro Revenue Rises 12% year-on-year to Record RUB 195.0 Billion

Directive transparence : information réglementée

25/11/2019 10:00

OJSC PhosAgro (PHOR)
9M 2019 Financial Results: PhosAgro Revenue Rises 12% year-on-year to Record RUB 195.0 Billion
25-Nov-2019 / 12:00 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer / publisher is solely responsible for the content of this announcement.


For Immediate Release

25 November 2019

 

 

9M 2019 Financial Results: PhosAgro Revenue Rises 12% year-on-year to Record RUB 195.0 Billion

 

Moscow - PhosAgro ("the Company") (Moscow Exchange and LSE: PHOR), one of the world's leading vertically integrated phosphate-based fertilizer producers, today announces its interim consolidated IFRS financial results for 3Q and 9M 2019.  

 

Revenue in 3Q 2019 rose by 3% year-on-year to RUB 64.6 billion (USD 1.0 billion) mainly due to higher sales in priority markets. Revenue for 9M 2019 increased by 12% year-on-year to
RUB 195.0 billion (USD 3.0 billion).

 

EBITDA for 3Q 2019 decreased by 9% year-on-year to RUB 21.3 billion (USD 330 million) due to a correction in global fertilizer prices. EBITDA margin remained at a comfortable level of 33% due to lower purchase prices for key raw materials. EBITDA for 9M 2019 increased by 14% year-on-year to RUB 64.4 billion (USD 989 million), while EBITDA margin also remained at 33%.

 

Free cash flow in the third quarter decreased by 71% year-on-year to RUB 3.6 billion
(USD 56 million) as a result of a correction in global fertilizer prices and seasonal outflows related to accumulation of working capital. Free cash flow reached RUB 32.6 billion for 9M 2019, an increase of 48% year-on-year.

 

Net debt/EBITDA decreased to 1.5x as of 30 September 2019, from 1.8x as of 31 December 2018, reflecting strong EBITDA performance and the gradual appreciation of the rouble against the
US dollar over 9M 2019. Net debt as of 30 September 2019 amounted to RUB 122.9 billion
(USD 1.9 billion).

 

Financial highlights

FINANCIAL HIGHLIGHTS

RUB million or %

3Q 2019

3Q 2018

Chng, % YoY

9M 2019

9M 2018

Chng, % YoY

Revenue

64,550

62,684

3.0%

194,983

173,761

12.2%

EBITDA*

21,302

23,385

(8.9%)

64,396

56,352

14.3%

EBITDA margin

33.0%

37.3%

(4.3pp)

33.0%

32.4%

0.6pp

Net income

9,762

7,798

25.2%

42,707

17,631

142.2%

Net income adj**

11,797

12,855

(8.2%)

34,534

30,844

12.0%

FCF

3,605

12,364

(70.8%)

32,564

22,061

47.6%

 

30.09.2019

31.12.2018

 

 

 

 

Net debt

122,882

135,330

 

 

 

 

ND/LTM EBITDA

1.5x

1.8x

 

 

 

 

RUB/USD rates: average 3Q 2019: 64.6; average 3Q 2018: 65.5; as of 30 September 2019: 64.4; as of 31 December 2018: 69.5.

*EBITDA is calculated as operating profit adjusted for depreciation and amortisation.

**Net profit as reported minus FX gain or loss.

 

 

 

 

Commenting on the 3Q 2019 financial results, PhosAgro CEO Andrey Guryev said:

 

"PhosAgro delivered a robust performance in the third quarter thanks to ongoing efforts to improve efficiency. Exceptional flexibility in both production and sales enabled the Company to increase revenue during the quarter, while also achieving lower cash cost of production for DAP.

 

"Despite a decrease in average fertilizer prices in the third quarter, our EBITDA margin of 33% was one of the highest in the sector. We were able to achieve this thanks to the completion of upgrades to a number of production facilities at the end of last year and higher levels of self-sufficiency in key inputs. This has further strengthened the Company's global competitive edge. 

 

"Our decision to postpone a significant part of planned overhauls until the fourth quarter also contributed to PhosAgro's excellent results in the third quarter. This made it possible to take advantage of solid demand in our priority markets and to significantly ramp up production. At the same time, overhauls in the fourth quarter should not affect sales on account of the traditional seasonal decrease in fertilizer demand.

 

"Our flexible sales policy and robust distribution network, in turn, enabled us to increase sales to our priority markets of Russia and the CIS, Europe and Latin America, where there was a favourable pricing environment.

 

"We believe current pricing environment continues to present challenges to global markets. At the same time we also believe that demand in markets, where company is positioned strongly, i.e. domestic Russian market, Eastern Europe and Latin America will allow the Company to outperform global markets."

 

3Q 2019 market conditions

 

  • Prices for phosphate-based fertilizers continued to decrease in 3Q 2019, reaching a low point by the end of the quarter. The average price for DAP (FOB Tampa) was USD 327 per tonne, down by 10% from 2Q 2019 and 24% year-on-year. The main factors negatively impacting prices were: 1) a significant increase in fertilizer production this year amid stable demand; 2) an increase in exports of phosphate-based fertilizers from China as a result of a decrease in domestic consumption; 3) relatively weak demand in the US market due to changes in the timing of the harvest and delays in the application of phosphate-based fertilizers as a result of adverse weather conditions; and 4) low prices for raw materials (ammonia, sulphur, phosphate rock).
  • The average price for urea (FOB Baltic) in 3Q 2019 was USD 248 per tonne, down from
    USD 260 per tonne in 3Q 2018. The main reasons for this decrease were: 1) a considerable increase in exports from China due to relatively low energy prices and weak domestic demand; 2) the continued export of nitrogen fertilizers from Iran; and 3) relatively weak demand from the United States and Europe due to bad weather conditions. High seasonal demand in India and Brazil, however, supported the prices.
  • The average price of ammonia (FOB Yuzhny) in 3Q 2019 was USD 216 per tonne, down from USD 303 per tonne in 3Q 2018. Ammonia prices have decreased this year due to an increase in the supply resulting from the launch / ramp-up to nameplate capacity of new plants (in Russia and the United States), as well as a reduction in production costs of marginal producers thanks to low global prices for natural gas.
  • The average price of sulphur (FOB Black Sea) in 3Q 2019 was USD 64 per tonne, a decrease of nearly 50% year-on-year. The decrease in global sulphur prices is the result of considerable stockpiles in China and pressure from the market for phosphate-based fertilizers.
  • The average price for potash (FOB Baltic) in 3Q 2019 was USD 250 per tonne, up from
    USD 224 per tonne in 3Q 2018. At the end of the quarter, however, there were signs of weakness in potash prices as a result of a decrease in demand in South-east Asia and the postponement of the date for concluding annual contracts in China and India.

 

3Q 2019 financial performance

 

In 3Q 2019, PhosAgro's revenue rose by 3.0% year-on-year to RUB 64.6 billion, mainly driven by higher sales to Europe, Latin America and Asia. Revenue growth was mitigated by a correction in global fertilizer prices and the appreciation of the rouble.

 

Revenue from the sale of phosphate-based fertilizers in 3Q 2019 rose by 1.3% year-on-year to RUB 44.2 billion, thanks to a faster rise in revenue from the sale of NPK(S) grades (up by 7.6% year-on-year).

 

Revenue from the sale of nitrogen fertilizers rose by 6.6% year-on-year in 3Q to RUB 9.2 billion, primarily due to an increase in the sale of urea and ammonium nitrate to Latin American markets, where the recovery in seasonal demand began and was reinforced by expectations of a recovery in prices for agricultural products (including soy and corn).

 

Revenue by product:

REVENUE BY KEY PRODUCTS

RUB million or %

3Q 2019

3Q 2018

Chng, % YoY

9M 2019

9M 2018

Chng, % YoY

DAP/MAP

21,174

21,046

0.6%

64,109

58,560

9.5%

NPK(S)

19,782

18,381

7.6%

55,044

46,926

17.3%

PhosRock

6,107

5,435

12.4%

19,207

15,789

21.6%

MCP

2,260

2,751

(17.8%)

7,993

7,678

4.1%

Other phosphate-based products

1,388

1,792

(22.5%)

5,037

4,696

7.3%

Nitrogen fertilizers

9,172

8,584

6.8%

28,968

26,777

8.2%

Other sales & services

4,667

4,695

(2.5%)

14,625

13,335

9.7%

Total revenue

64,550

62,684

3.0%

194,983

173,761

12.2%

 

PhosAgro's gross profit in 3Q 2019 was RUB 29.4 billion (USD 454 million), with gross profit margin at 45%, down from 48% in 3Q 2018. Gross profit and gross profit margin in the phosphate-based and nitrogen fertilizer segments saw the following changes:

 

  • Gross profit for phosphate-based fertilizers decreased by 5% year-on-year to
    RUB 23.8 billion (USD 368 million), while gross profit margin was 45% due to lower global prices;
  • Gross profit for the nitrogen segment increased by 8% year-on-year to RUB 5.4 billion
    (USD 83 million), with gross profit margin expanding to 58% from 57% in 3Q 2018.

 

EBITDA for 3Q 2019 decreased by 8.9% year-on-year to RUB 21.3 billion (USD 330 million) due to a correction in global fertilizer prices. EBITDA margin remained at a robust 33% due to lower purchase prices for key inputs.

 

EBITDA for 9M 2019 increased by 14% year-on-year to RUB 64.4 billion (USD 989 million). EBITDA margin for 9M rose to 33%, compared with 32% for the same period the previous year.

 

Net profit adjusted for non-cash FX items decreased in 3Q 2019 by 8.2% year-on-year to
RUB 11.8 billion (USD 183 million).

 

In 3Q 2019, the rouble appreciated 1.7% against the US dollar compared with the previous year (the average RUB/USD exchange rate in 3Q 2019 was 64.4, compared with 65.5 in 3Q 2018), which had a net negative impact on profit, as prices for most of the Company's products in foreign markets are denominated in USD, while costs are primarily rouble-based.

 

The weakening of the rouble in 3Q 2019 (from RUB 63.2 to RUB 64.6 per dollar) resulted in an FX loss of RUB 2.0 billion (compared with an FX loss of RUB 5.1 billion in 3Q 2018).

 

Net operating cash flow declined by 38% year-on-year to RUB 14.2 billion (USD 220 million) due to an increase in working capital, driven mainly by higher sales during the quarter.

 

Capital expenditure for 3Q 2019 amounted to RUB 10.6 billion (USD 164 million), representing 50% of EBITDA for the reporting period.

 

Net debt/EBITDA decreased to 1.5x from 1.8x as of 31 December 2018, reflecting strong EBITDA performance and the gradual appreciation of the rouble against the US dollar over 9M 2019. Net debt as of 30 September 2019 amounted to RUB 122.9 billion (USD 1.9 billion).

 

Cost of Sales

COST OF SALES

RUB million or %

3Q 2019

3Q 2018

Chng, % YoY

9M

2019

9M 2018

Chng, % YoY

D&A

(5,457)

(5,354)

1.9%

(16,126)

(14,990)

7.6%

Material and services

(11,127)

(10,113)

10.0%

(31,257)

(28,328)

10.3%

PhosRock transport

(2,399)

(1,976)

21.4%

(6,685)

(5,870)

13.9%

Repair expenses

(3,009)

(2,667)

12.8%

(7,756)

(7,113)

9.0%

Drilling and blasting

(650)

(375)

73.3%

(1,645)

(1,362)

20.8%

Other materials and services

(5,069)

(5,095)

(0.5%)

(15,171)

(13,983)

8.5%

Raw materials

(11,150)

(10,023)

11.2%

(33,705)

(30,078)

12.1%

Ammonia

(898)

(914)

(1.8%)

(2,922)

(2,720)

7.4%

Sulphur and sulph. acid

(2,217)

(2,732)

(18.9%)

(7,852)

(8,015)

(2.0%)

Potassium

(4,205)

(3,186)

32.0%

(10,727)

(7,835)

36.9%

Natural gas

(3,079)

(2,685)

14.7%

(9,655)

(9,403)

2.7%

Ammonium sulphate

(751)

(506)

48.4%

(2,549)

(2,105)

21.1%

Salaries and social contributions

(3,289)

(2,980)

10.4%

(9,574)

(9,078)

5.5%

Electricity

(1,495)

(1,327)

12.7%

(4,765)

(4,195)

13.6%

Fuel

(1,076)

(1,010)

6.5%

(3,730)

(2,898)

28.7%

Products for resale

(1,602)

(1,641)

(2.4%)

(5,467)

(4,672)

17.0%

Total

(35,196)

(32,448)

8.5%

(104,624)

(94 239)

11.0%

 

Cost of sales increased in 3Q 2019 by 8.5% year-on-year to RUB 35.2 billion (USD 545 million) mainly due to an increase in expenses for raw and other materials and services. Changes in salaries and energy costs had an additional impact on the cost of sales.

 

  • Costs for materials and services increased by 10.0% to RUB 11.1 billion (USD 172 million) as a result of:
    • A 21.4% year-on-year increase in the cost of transport of phosphate rock to
      RUB 2.4 billion (USD 37 million), which was driven by higher demand for phosphate rock at fertilizer production sites and a 3.5% increase in railway tariffs.
    • Repair expenses were up 12.8% year-on-year to RUB 3.0 billion (USD 47 million), driven by scheduled maintenance of mid-stream capacities, mainly due to cost inflation year-to-date and the higher number of production lines following completion of the Company's investment cycle at the end of last year.
    • Drilling and blasting expenses increased by 73.3% year-on-year to RUB 650 million (USD 10 million) due to an increase in the share of open pit mining and an increase in total ore production by 12% year-on-year to 10.3 million tonnes.
  • Costs for raw materials increased by 11.2% to RUB 11.2 billion (USD 173 million) as a result of:
    • A rise in potash costs of 32.0% year-on-year to RUB 4.2 billion (USD 65 million), where 30% of the increase was due to higher purchase prices for potassium compared to the previous year.
    • A 14.7% year-on-year increase in natural gas expenses to RUB 3.1 billion
      (USD 48 million) as a result of 17.6% year-on-year growth in ammonia production.
    • A 48.4% year-on-year rise in costs for ammonium sulphate to RUB 751 million (USD 12 million) mainly due to an increase in the production of fertilizer grades containing sulphate.
    • A decrease in costs for sulphur and sulphuric acid limited the increase in raw materials expenses. These costs decreased by 18.9% year-on-year to
      RUB 2.2 billion (USD 34 million) mainly due to lower prices for sulphur and sulphuric acid.
  • Electricity costs increased by 12.7% year-on-year to RUB 1.5 billion (USD 23 million) mainly due to a 23.2% year-on-year rise in the purchase price.

 

Administrative expenses for 3Q 2019 grew by 9.0% year-on-year to RUB 3.96 billion
(USD 61 million), driven mainly by a 15.2% increase in expenses for salaries and social contributions to RUB 2.3 billion (USD 35 million).

 

Selling expenses increased by 15.1% year-on-year in 3Q 2019 to RUB 8.9 billion (USD 137 million). The main factors behind the increase were:

  • A 9.8% year-on-year increase in freight, port and stevedoring expenses to RUB 4.04 billion (USD 63 million), driven mainly by an increase in the supply of fertilizers to export markets and an increase in freight tariffs.
  • A 10.6% year-on-year increase in costs for Russian Railways services and operators' fees to RUB 2.7 billion (USD 42 million) due to an overall increase in sales and an increase in railway tariffs.
  • Spending on customs duties increased by 167.5% year-on-year to RUB 428 million
    (USD 7 million) due to a change in the delivery terms to the European market.

 

Market outlook

 

Continued pressure is expected on the price of phosphate-based fertilizers in 4Q 2019 due to the off-season in key markets, combined with high stockpiles in India and the United States. Thus, despite a decrease in production in the United States and China, excess supply in the global market may persist until next spring.

 

Slow resumption of seasonal demand in key urea markets coupled with considerable supply of Chinese product may continue to curb prices.

 

However, upward trends in the markets for major crops and a record level of affordability in recent years will support demand and prices as they approach the main fertilizer application season in 1Q 2020.

Conference call and webcast:

 

PhosAgro will hold a conference call and webcast today at 13:00 London time (16:00 Moscow; 08:00 New York).

 

The call will be held in English, with simultaneous translation into Russian on a separate line.

 

Webcast links:

 

English: https://webcasts.eqs.com/phosagro20191125/en

 

Russian: https://webcasts.eqs.com/phosagro20191125/ru

 

Participant dial-in numbers:

 

Russian Federation Toll  +7 495 646 9190

Russian Federation Toll-Free  8 10 8002 8675011

United Kingdom Toll  +44 (0)330 336 9411

United Kingdom Toll-Free 0800 279 7204

United States Toll-Free  +1 929-477-0448

United States Toll  866-575-6539

 

Conference ID numbers:

 

English conference ID: 6063774

Russian conference ID: 1126250

 

For further information please contact:

 

PJSC PhosAgro

Andrey Serov, Head of Investor Relations Department

+7 495 232 9689 ext 2183

ir@phosagro.ru

 

Timur Belov, Press Officer

+7 495 232 9689

 

EM

Sam VanDerlip

vanderlip@em-comms.com

+44 207 002 7859

 

Dmitry Zhadan

zhadan@em-comms.com

+7 916 770 8909

 

About PhosAgro

 

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 39% and higher. PhosAgro's environmentally friendly fertilizers stand out for their high efficiency, and they do no lead to the contamination of soils with heavy metals.

 

The Company is the largest phosphate-based fertilizer producer in Europe (by total combined capacity for DAP/MAP/NP/NPK/NPS), the largest producer of high-grade phosphate rock with a P2O5 content of 39%, a top-three producer of MAP/DAP globally, one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia, and Russia's only producer of nepheline concentrate (according to the RAFP).

 

PhosAgro's main products include phosphate rock, 39 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.

 

More information about PhosAgro can be found on the website: www.phosagro.ru.

 

 

 

 

Nine months ended

30 September

 

Three months ended

30 September

 

 

2019

 

2018

 

2019

 

2018

 

 

 

RUB million

 

RUB million

 

RUB million

 

RUB million

 

Revenues

 

194,983

 

173,761

 

64,550

 

62,684

 

Cost of sales

 

(104,624)

 

(94,239)

 

(35,196)

 

(32,448)

 

Gross profit

 

90,359

 

79,522

 

29,354

 

30,236

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

(11,818)

 

(10,357)

 

(3,956)

 

(3,629)

 

Selling expenses

 

(27,797)

 

(24,838)

 

(8,874)

 

(7,709)

 

Taxes, other than income tax, net

 

(1,611)

 

(2,676)

 

(744)

 

(871)

 

Other expenses, net

 

(2,690)

 

(1,707)

 

(565)

 

(453)

 

Operating profit

 

46,443

 

39,944

 

15,215

 

17,574

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

1,377

 

252

 

212

 

110

 

Finance costs

 

(3,439)

 

(5,076)

 

(1,152)

 

(2,715)

 

Foreign exchange gain/(loss), net

 

8,173

 

(13,213)

 

(2,035)

 

(5,057)

 

Profit before tax

 

52,554

 

21,907

 

12,240

 

9,912

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(9,847)

 

(4,276)

 

(2,478)

 

(2,114)

 

Profit for the period

 

42,707

 

17,631

 

9,762

 

7,798

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

      Non-controlling interests ^

 

37

 

55

 

19

 

30

 

      Shareholders of the Parent

 

42,670

 

17,576

 

9,743

 

7,768

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income

 

 

 

 

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

 

 

 

 

Foreign currency translation difference

 

(617)

 

2,345

 

353

 

907

 

Other comprehensive (loss)/income for the period

 

(617)

 

2,345

 

353

 

907

 

Total comprehensive income for the period

 

42,090

 

19,976

 

10,115

 

8,705

 

 

 

 

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

      Non-controlling interests ^

 

37

 

55

 

19

 

30

 

      Shareholders of the Parent

 

42,053

 

19,921

 

10,096

 

8,675

 

Basic and diluted earnings per share (in RUB)

 

329

 

136

 

75

 

60

 
                       
 

 

 

 

30 September 2019

 

31 December 2018

 

 

 

RUB million

 

RUB million

Assets

 

 

 

 

 

Property, plant and equipment

 

 

188,775

 

186,231

Advances issued for property, plant and equipment

 

 

13,862

 

6,759

Right-of-use assets

 

 

4,397

 

-

Catalysts

 

 

2,412

 

2,574

Intangible assets

 

 

1,606

 

1,786

Investments in associates

 

 

526

 

506

Deferred tax assets

 

 

8,815

 

8,995

Other non-current assets

 

 

1,695

 

1,843

Non-current assets

 

 

222,088

 

208,694

 

 

 

 

 

 

Other current investments

 

 

202

 

313

Inventories

 

 

29,093

 

31,710

Trade and other receivables

 

 

26,686

 

36,186

Cash and cash equivalents

 

 

7,869

 

9,320

Current assets

 

 

63,850

 

77,529

Total assets

 

 

285,938

 

286,223

 

 

 

 

 

 

Equity

 

 

 

 

 

Share capital

 

 

372

 

372

Share premium

 

 

7,494

 

7,494

Retained earnings

 

 

111,368

 

93,951

Foreign currency translation reserve

 

 

7,748

 

8,365

Actuarial losses

 

 

(556)

 

(556)

Equity attributable to shareholders of the Parent

 

 

126,426

 

109,626

Equity attributable to non-controlling interests

 

 

196

 

195

Total equity

 

 

126,622

 

109,821

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Loans and borrowings

 

 

97,170

 

122,877

Lease liabilities

 

 

3,072

 

376

Defined benefit obligations

 

 

661

 

630

Deferred tax liabilities

 

 

9,394

 

9,023

Non-current liabilities

 

 

110,297

 

132,906

 

 

 

 

 

 

Loans and borrowings

 

 

29,560

 

20,679

Lease liabilities

 

 

949

 

718

Trade and other payables

 

 

18,510

 

21,473

Derivative financial liabilities

 

 

-

 

626

Current liabilities

 

 

49,019

 

43,496

Total equity and liabilities

 

 

285,938

 

286,223

 

 

 

 

Nine months ended 30 September

 

 

 

2019

 

2018

 

 

 

 

RUB million

 

RUB million

 

Cash flows from operating activities

 

 

 

 

 

 

Operating profit

 

 

46,443

 

39,944

 

Adjustments for:

 

 

 

 

 

 

Depreciation and amortisation

 

 

17,953

 

16,408

 

Loss on disposal of property, plant and equipment and intangible assets

 

 

705

 

389

 

Operating profit before changes in working capital and provisions

 

 

65,101

 

56,741

 

Decrease/(increase) in inventories and catalysts

 

 

1,669

 

(206)

 

Decrease in trade and other receivables

 

 

6,670

 

2,672

 

Decrease in trade and other payables

 

 

(1,183)

 

(3,028)

 

Cash flows from operations before income taxes and interest paid

 

 

72,257

 

56,179

 

Income tax paid

 

 

(8,998)

 

(3,671)

 

Finance costs paid

 

 

(2,132)

 

(3,059)

 

Cash flows from operating activities

 

 

61,127

 

49,449

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Acquisition of property, plant and equipment and intangible assets

 

 

(28,336)

 

(26,578)

 

Loans issued, net

 

 

(68)

 

(365)

 

Proceeds from disposal of property, plant and equipment

 

 

64

 

14

 

Finance income received

 

 

575

 

148

 

Acquisition of investments, net

 

 

-

 

(8)

 

Other payments

 

 

(798)

 

(599)

 

Cash flows used in investing activities

 

 

(28,563)

 

(27,388)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from borrowings

 

 

27,654

 

69,146

 

Repayment of borrowings

 

 

(33,992)

 

(74,248)

 

Dividends paid to shareholders of the Parent

 

 

(25,252)

 

(7,770)

 

Dividends paid to non-controlling interests

 

 

(36)

 

-

 

Leases paid

 

 

(1,452)

 

(994)

 

Proceeds from settlement of derivatives, net

 

 

112

 

97

 

Cash flows used in financing activities

 

 

(32,966)

 

(13,769)

 

Net (decrease)/increase in cash and cash equivalents

 

 

(402)

 

8,292

 

Cash and cash equivalents at 1 January

 

 

9,320

 

2,691

 

Effect of exchange rates fluctuations

 

 

(1,049)

 

973

 

Cash and cash equivalents at 30 September

 

 

7,869

 

11,956

 
             

 



ISIN: US71922G2093
Category Code: QRT
TIDM: PHOR
LEI Code: 635400F8A3KGJIIBIK95
OAM Categories: 2.2. Inside information
Sequence No.: 31223
EQS News ID: 920591

 
End of Announcement EQS News Service

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