PJSC "PhosAgro" Consolidated Interim Condensed Financial Statements for the six months ended 30 June 2025
PJSC "PhosAgro"
Contents
Report on Review of Consolidated Interim Condensed Financial Statements
Consolidated Interim Condensed Statement of Profit or Loss and Other Comprehensive Income 1
Consolidated Interim Condensed Statement of Financial Position 2
Consolidated Interim Condensed Statement of Cash Flows 3
Consolidated Interim Condensed Statement of Changes in Equity 4
Notes to the Consolidated Interim Condensed Financial Statements
Background 5
Basis of preparation 6
Fair value determination 7
Seasonality 7
Revenues 8
Cost of Group products sold 8
Administrative and selling expenses 9
Taxes, other than income tax 9
Other expenses, net 10
Finance income and finance costs 10
Income tax expense 10
Property, plant and equipment 11
Right-of-use assets 12
Other non-current and current assets 13
Inventories 13
Trade and other receivables 13
Cash and cash equivalents 14
Earnings per share 14
Loans and borrowings 15
Lease liabilities 18
Trade and other payables 18
Commitments 18
Related party transactions 18
Foreign currency risk 19
Subsequent events 19
Joint-Stock Company "Technologies of Trust - Audit"
("Technologies of Trust - Audit" JSC)
https://www.tedo.ru
Ferro-Plaza Business Centre,
14/3 Krzhizhanovsky street, bldg. 5/1, Akademichesky municipal district, Moscow, Russian Federation, 117218
+7 495 967 60 00
Report on Review of Consolidated Interim Condensed Financial Statements
To the Shareholders and Board of Directors of Public Joint-Stock Company "PhosAgro":
IntroductionWe have reviewed the accompanying consolidated interim condensed financial statements of Public Joint-Stock Company "PhosAgro" and its subsidiaries (together - the "Group"), which comprise the consolidated interim condensed statement of financial position as at 30 June 2025, the consolidated interim condensed statements of profit or loss and other comprehensive income for the three-month and six-month periods then ended, cash flows and changes in equity for the six-month period then ended, and the related explanatory notes. Management is responsible for the preparation and presentation of these consolidated interim condensed financial statements in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on these consolidated interim condensed financial statements based on our review.
Scope of reviewWe conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of consolidated interim condensed financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Basis for qualified conclusionManagement of the Group has not disclosed segment information in the notes to the consolidated interim condensed financial statements as required by paragraph 16А (g) of IAS 34, "Interim Financial Reporting", for the six months ended 30 June 2025 and for the comparative period six months ended 30 June 2024.
Considering the undisclosed segment information required by paragraph 16А (g) of IAS 34, "Interim Financial Reporting", is unduly voluminous, presenting this undisclosed information in our report on review of consolidated interim condensed financial statements is not practicable.
Qualified conclusionBased on our review, with the exception of the effects of the matter described in the Basis for qualified conclusion section, nothing has come to our attention that causes us to believe that the accompanying consolidated interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting".
7 August 2025
Moscow, Russian Federation
Fegetsin Alexey Iakovlevich is authorised to sign on behalf of the General Director of Joint-Stock Company "Technologies of Trust - Audit" (Principal Registration Number of the Record in the Register of Auditors and Audit Organizations (PRNR) - 12006020338), certified auditor (PRNR - 21906101957)
PCSC "PhosAgro"
Consolidated Interim Condensed Statement of Profit or Loss and Other Comprehensive Income for the three and six months ended 30 June 2025
Six months ended Three months ended
30 June 30 June
RUB million | Note | 2025 | 2024 | 2025 | 2024 |
Revenues | 5 | 298,556 | 241,563 | 139,166 | 122,291 |
Cost of Group products sold | 6 | (158,932) | (146,293) | (77,882) | (73,156) |
Cost of products for resale | (13,062) | (4,454) | (5,665) | (2,093) | |
Gross profit | 126,562 | 90,816 | 55,619 | 47,042 | |
Administrative and selling expenses | 7 | (21,000) | (19,972) | (10,719) | (10,375) |
Taxes, other than income tax | 8 | (5,975) | (7,585) | (2,865) | (4,128) |
Other expenses, net | 9 | (4,059) | (4,944) | (1,759) | (2,845) |
Foreign exchange loss from operating activities, net | 24 | (20,682) | (2,280) | (4,246) | (3,464) |
Operating profit | 74,846 | 56,035 | 36,030 | 26,230 | |
Finance income | 10 | 1,638 | 3,315 | 920 | 2,280 |
Finance costs | 10 | (13,505) | (6,235) | (6,701) | (3,234) |
Foreign exchange gain from financing activities, net | 24 | 34,493 | 15,114 | 7,129 | 19,030 |
Profit before tax | 97,472 | 68,229 | 37,378 | 44,306 | |
Income tax expense | 11 | (21,930) | (14,760) | (9,492) | (9,591) |
Profit for the period | 75,542 | 53,469 | 27,886 | 34,715 | |
Attributable to: Shareholders of the Company | 75,530 | 53,473 | 27,884 | 34,711 | |
Non-controlling interests* | 12 | (4) | 2 | 4 | |
Basic and diluted earnings per share (in RUB) | 18 | 583 | 413 | 215 | 268 |
Total comprehensive income for the period | 75,542 | 53,469 | 27,886 | 34,715 | |
Attributable to: Shareholders of the Company | 75,530 | 53,473 | 27,884 | 34,711 | |
Non-controlling interests* | 12 | (4) | 2 | 4 |
*Non-controlling interests mean minority shareholders of the subsidiaries of PJSC "PhosAgro"
The consolidated interim condensed financial statements were approved on 7 August 2025:
Chief executive officer
A.A. Gilgenberg
Deputy CEO for Finance and International Projects
A.F. Sharabaiko
The accompanying notes form an integral part of these consolidated interim condensed financial statement.
1
PJSC "PhosAgro"
Consolidated Interim Condensed Statement of Financial Position as at 30 June 2025
30 June | 31 December | ||
RUB million | Note | 2025 | 2024 |
Assets | |||
Property, plant and equipment | 12 | 375,669 | 357,577 |
Non-current spare parts | 15,169 | 13,564 | |
Deferred tax assets | 13,621 | 14,081 | |
Advances issued for property, plant and equipment | 7,608 | 8,818 | |
Right-of-use assets | 13 | 6,184 | 6,419 |
Catalysts | 3,225 | 2,987 | |
Intangible assets | 2,885 | 2,991 | |
Investments in associates and joint ventures | 821 | 715 | |
Other non-current assets | 14 | 129 | 1,310 |
Non-current assets | 425,311 | 408,462 | |
Trade and other receivables | 16 | 75,585 | 104,653 |
Inventories | 15 | 60,466 | 56,105 |
Cash and cash equivalents | 17 | 20,179 | 10,398 |
VAT and other taxes receivable | 9,300 | 9,628 | |
Income tax receivable | 5,287 | 99 | |
Other short-term assets | 14 | 972 | 3,125 |
Current assets | 171,789 | 184,008 | |
Total assets | 597,100 | 592,470 | |
Equity | |||
Share capital | 372 | 372 | |
Share premium | 7,494 | 7,494 | |
Retained earnings | 221,863 | 157,590 | |
Actuarial losses | (871) | (871) | |
Equity attributable to shareholders of the Company | 228,858 | 164,585 | |
Equity attributable to non-controlling interests | 139 | 137 | |
Total equity | 228,997 | 164,722 | |
Liabilities | |||
Loans and borrowings | 19 | 178,664 | 169,962 |
Deferred tax liabilities | 28,089 | 17,031 | |
Lease liabilities | 20 | 2,900 | 3,056 |
Defined benefit obligations | 1,052 | 1,029 | |
Non-current liabilities | 210,705 | 191,078 | |
Loans and borrowings | 19 | 83,344 | 161,661 |
Trade and other payables | 21 | 50,471 | 48,394 |
Dividends payable | 19,700 | 19,779 | |
VAT and other taxes payable | 2,692 | 2,633 | |
Lease liabilities | 20 | 973 | 1,075 |
Income tax payable | 218 | 3,128 | |
Current liabilities | 157,398 | 236,670 | |
Total equity and liabilities | 597,100 | 592,470 | |
The accompanying notes form an integral part of these consolidated interim condensed financial statement.
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