PhosAgro : 1A Financial Statements

PJSC "PhosAgro"

Consolidated Interim Condensed Financial Statements

for the three months ended 31 March 2021 (unaudited)

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
1	Background .........................................................................................................................................	5
2	Basis of preparation ............................................................................................................................	5
3	Change in accounting policy and reclassifications..............................................................................	7
4	Segment information ...........................................................................................................................	9
5	Revenues ..........................................................................................................................................	11
6	Cost of group products sold ..............................................................................................................	11
7	Admininistrative and selling overhead expenses ..............................................................................	12
8	Taxes, other than income tax, net.....................................................................................................	12
9	Other income and expenses, net ......................................................................................................	12
10	Finance income and finance costs....................................................................................................	13
11	Income tax expense ..........................................................................................................................	13
12	Property, plant and equipment ..........................................................................................................	14
13	Right-of-use assets ...........................................................................................................................	15
14	Other non-current assets ..................................................................................................................	15
15	Other financial assets........................................................................................................................	16
16	Inventories .........................................................................................................................................	16
17	Trade and other receivables .............................................................................................................	16
18	Cash and cash equivalents ...............................................................................................................	17
19	Equity ................................................................................................................................................	18
20	Earnings/(loss) per share ..................................................................................................................	18
21	Loans and borrowings .......................................................................................................................	18
22	Lease liabilities ..................................................................................................................................	20
23	Trade and other payables .................................................................................................................	20
24	Commitments ....................................................................................................................................	20
25	Related party transactions ................................................................................................................	21
26	Foreign currency risk.........................................................................................................................	21
27	Determination of fair values ..............................................................................................................	22
28	Seasonality ........................................................................................................................................	22

Report on Review of Consolidated Interim Condensed Financial Statements

To the Shareholders and Board of Directors of Public Joint Stock Company "PhosAgro":

Introduction

We have reviewed the accompanying consolidated interim condensed statement of financial position of Public Joint Stock Company "PhosAgro" and its subsidiaries (together - the "Group") as at

31 March 2021 and the related consolidated interim condensed statements of profit or loss and other comprehensive income, changes in equity and cash flows for the three-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 International Accounting Standard 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on these consolidated interim condensed financial statements based on our review.

Scope of Review

We 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.

Conclusion

Based on our review, 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 International Accounting Standard 34, "Interim Financial Reporting".

18 May 2021

Moscow, Russian Federation

A.Y. Fegetsyn, certified auditor (licence No. 03-001436), AO PricewaterhouseCoopers Audit

Reviewed entity: Public joint stock company "PhosAgro"	Independent auditor: AO PricewaterhouseCoopers Audit
Record made in the Unified State Register of Legal Entities on	Registered by the Government Agency Moscow Registration Chamber on
5 September 2002 under State Registration Number 1027700190572	28 February 1992 under Nо. 008.890
Taxpayer Identification Number 7736216869	Record made in the Unified State Register of Legal Entities on 22 August 2002
	under State Registration Number 1027700148431
Leninsky prospekt 55/1 building 1, Moscow, Russian Federation,	Taxpayer Identification Number 7705051102
119333	Member of Self-regulatory organization of auditors Association «Sodruzhestvo»
	Principal Registration Number of the Record in the Register of Auditors and Audit
	Organizations - 12006020338

AO PricewaterhouseCoopers Audit

White Square Office Center 10 Butyrsky Val Moscow, Russian Federation, 125047

T: [phone], F:[phone], www.pwc.ru

PJSC "PhosAgro"

Consolidated Interim Condensed Statement of Financial Position

as at 31 March 2021 (unaudited)

		31 March	31 December
RUB million	Note	2021	2020
Assets
Property, plant and equipment	12	221,860	220,031
Advances issued for property, plant and equipment		9,469	7,835
Deferred tax assets		7,934	7,462
Right-of-use assets	13	7,245	7,335
Non-current spare parts		4,329	4,308
Catalysts		2,219	2,292
Intangible assets		1,570	1,621
Other non-current assets	14	969	948
Investments in associates		564	556
Non-current assets		256,159	252,388
Trade and other receivables	17	24,202	17,515
Inventories	16	26,680	30,580
Cash and cash equivalents	18	17,915	8,460
VAT and other taxes receivable		8,823	10,285
Income tax receivable		467	479
Other financial assets	15	265	311
Current assets		78,352	67,630
Total assets		334,511	320,018
Equity	19
Share capital		372	372
Share premium		7,494	7,494
Retained earnings		109,110	90,757
Actuarial losses		(717)	(717)
Foreign currency translation reserve		9,795	9,581
Equity attributable to shareholders of the Parent		126,054	107,487
Equity attributable to non-controlling interests		120	129
Total equity		126,174	107,616
Liabilities
Loans and borrowings	21	106,116	103,824
Deferred tax liabilities		11,942	11,578
Lease liabilities	22	4,044	4,268
Defined benefit obligations		926	945
Non-current liabilities		123,028	120,615
Loans and borrowings	21	51,111	55,316
Trade and other payables	23	24,540	29,869
Income tax payable		4,133	1,000
VAT and other taxes payable		3,493	3,675
Lease liabilities	22	2,032	1,927
Current liabilities		85,309	91,787
Total equity and liabilities		334,511	320,018

The consolidated interim condensed statement of financial position is to be read in conjunction with the notes to, and forming part of, the consolidated interim condensed financial statements set out on pages 5 to 22.

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