PhosAgro Q3 21 - Strong EBITDA as expected
High global prices expectedly support EBITDA and NI yoyOn the FCF side, positive EBITDA dynamics yoy is expectedly curbed by an increase in receivables due to strong demand in Latin America
We treat the results as neutral
PhosAgro is a producer of phosphate-based fertilizers. As of Dec 31 2014, Co. had two segments: Phosphate-based products, which includes mainly production and distribution of ammophos, diammoniumphosphate, sodium tripoly phosphate and other phosphate based and complex (NPK) fertilisers on the factories located in Cherepovets, Balakovo and Volkhov, and production and distribution of apatite concentrate extracted from the apatite-nepheline ore, which is mined and processed in Kirovsk; and Nitrogen-based products,which includes mainly production and distribution of ammonia, ammonium nitrate and urea on the factory located in Cherepovets.
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