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Edited Transcript of PHOR.MM earnings conference call or presentation 14-May-20 3:00pm GMT

Q1 2020 PhosAgro PAO Earnings Call (IFRS)

St Petersburg Jun 23, 2020 (Thomson StreetEvents) -- Edited Transcript of PhosAgro PAO earnings conference call or presentation Thursday, May 14, 2020 at 3:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Alexander F. Sharabaika

Public Joint-Stock Company PhosAgro - Deputy CEO of Finance & International Projects & Member of Management Board

* Andrey Serov

Public Joint-Stock Company PhosAgro - Head of IR

* Andrey Andreevich Guryev

Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director

* Timur Rashidov

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Conference Call Participants

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* Robin Fiedler

BMO Capital Markets Equity Research - Senior Associate

* Sashank Lanka

BofA Merrill Lynch, Research Division - Analyst

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Presentation

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [1]

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Dear ladies and gentlemen, thank you very much for joining us for our Q1 2020 results conference call.

Sorry for a bit delay due to some technical issues. So let me start with a short presentation, which will be followed by Q&A session.

As you know, we have entire management team at the call. The presentation slides we are using today during the conference call are available at our website, phosagro.com. During this conference call, we are going to make forward-looking statements about future financial and operational results. These statements are based on the management's beliefs and expectations as of today and are subject to significant risks. The actual results may materially differ from the current expectations.

Let's start with the key highlights for the first quarter 2020. EBITDA for the quarter decreased by 25% year-on-year to RUB 18.5 billion or $279 million. But still, EBITDA margin was quite high, 29%. Compared to the previous quarter, EBITDA grew by more than 1.5x due to significant sales volume growth and a drop of price recovery quarterly.

Free cash flow for the first quarter recovered from negative territory, which we saw in the fourth quarter year and reached RUB 18.3 billion, which was more or less flat year-on-year. This growth was driven by sales volumes increase, price recovery and working capital optimization. The net debt at the end of the first quarter was RUB 152.1 billion or $2 billion. Net debt to 12-month EBITDA ratio increased to 2.2x, but this increase was only because of ruble devaluation against the U.S. dollar. Yesterday, the Board of Directors recommended for the first quarter 2020 dividends in the amount of RUB 78 per ordinary share that implies 55% of free cash flow for the period.

Now let's focus on the key market dynamics. Talking about the price for the phosphate-based fertilizers, we may see that MAP price in the first quarter 2020, FOB Baltic was $298 per tonne, which is lower year-on-year, but 9% higher quarter-on-quarter. The key reasons for this recovery of the phosphate price were seasonal demand growth at the beginning of the year, lack of supply from a number of global producers and good affordability of fertilizers.

Talking about urea price. In the first quarter 2020, the price was flat quarter-on-quarter at $218. The key reasons behind were low prices for natural gas in almost all producing countries. Talking about the NPK premium, it stood at more than 21%, which is good for PhosAgro, bear in mind our high flexibility of production facilities. The affordability ratio for the farmers was also high relative to low fertilizer prices and good level of prices of commodities supported affordability ratio for the farmers.

Talking about key feedstock price dynamics. Ammonia FOB Baltic price in the first quarter 2020 was $222 per tonne. That is an 18% decrease year-on-year. The key reasons in the decrease -- is the decrease of gas price past the launch of new facilities in Russia and the U.S. Talking about phosphate rock price for FOB Morocco in the first quarter 2020, it was $85,000 per tonne, 14% lower year-on-year. Phosphoric acid price between Morocco and Indian companies for the first quarter negotiated at the level of $590. Price for sulfur at the first quarter 2020 stood at $67, which is 47% down year-on-year.

Talking about global trends in terms of consumption and exports. I wanted to begin from Russia. We saw material growth of demand, which was supported by a business development program realized by Russian government. The growth allowed us to increase our sales to Russian market by 50% in Q1 2020. Consumption in Brazil in Q1 was high year-on-year. In (inaudible) high on year-on-year primary driven by good source commodity prices and seasonal demand.

Talking about China, in terms of the phosphate and nitrogen markets, I wanted to say that exports of these products were much lower due to COVID-19 pandemic, which forced China to close lots of production facilities in the infected areas.

Talking in detail about the financials for the first quarter 2020, I wanted to begin from the sales breakdown. The overall sales of the key products, that's phosphate fertilizers, nitrogen fertilizers and phosphate rock, to the 3.6 million tons altogether, that's almost 10% higher year-on-year. In terms of the ruble numbers, in the first quarter 2020, we printed the revenue at RUB 64.1 billion. That was lower year-on-year, but 20% higher quarter-on-quarter. Company's profitability in the quarter was supported by higher sales volumes into our focus markets, Russia and Europe.

Talking about the breakdown of the sales by region. We have seen further increase in the share of Russia in our sales breakdown. And the total revenues for Russia in Q1 reached 36%. The second biggest market for us in terms of revenue was Europe.

Talking about sales breakdown by products, I wanted to mention that in Q1 2020, we were able to increase share of our most premium for us, NPK fertilizers by 28% of revenue.

Looking at the structure of cost of goods sold in Q1, the cost of goods sold was roughly RUB 36.6 billion. That was 3.1% lower year-on-year. Talking about key item influencing this decrease, the biggest was sulfur and sulfuric acid, which -- this item was 64% down year-on-year. And another item was for Ammonia sulfide, which was 46% down. Costs for ammonia were also lower. Year-on-year, it was down 12%.

Talking about profitability by segments in the first quarter 2020, I wanted to mention that the profitability of phosphate segment was RUB 21.3 billion, which was 23% less year-over-year. The main reason for this decrease was the material decrease in the phosphate price year-on-year. The margin for phosphate segment was around 43%. In terms of the nitrogen, the gross profit for the nitrogen segment was RUB 5.9 billion. That was -- that gave 54% gross margin. The key reasons for that were weaker prices for urea in Q1 2020.

On the right chart, you may see the detailed breakdown of phosphate and nitrogen sales by their destination, and export and domestic. Now on the dynamics and EBITDA. In the first quarter 2020 EBITDA was RUB 18.5 billion that gives 29% EBITDA margin. On the bottom left chart, you may see the items that affected EBITDA in the first quarter 2020. As you may see EBITDA was supported by the increase in sales volumes, but negatively affected by the decrease in price.

Talking about operating cash flow and free cash flow and CapEx. I wanted to begin with CapEx. In terms of CapEx in Q1, that our CapEx was RUB 8.8 billion. That's EBITDA high year-over-year. The main items for the CapEx were development of a resource base in Kirovsk, construction of new and upgrades of existing sulfuric acid and phosphoric acid production facilities in Cherpovets and Balakovo as well as the potential development of Volkhov production sites.

Talking about CapEx to EBITDA ratio. During the quarter, it stood at 47%. That is in line with the company's policy to invest below 50% of EBITDA. On the bottom right chart, you may see conversion from EBITDA to operating cash flow and free cash flow in Q1 2020. Operating cash flow stands at RUB 27 billion. It was positively influenced by an inflow from working capital due to its more efficient management. Assuming investment cash flow at RUB 8.8 billion, we generated free cash flow of RUB 18.3 billion. Talking about debt. Total debt at the first quarter 2020 stood at RUB 173 billion. So the net debt was RUB 152 billion, while net debt-to-EBITDA ratio stood at 2.2x. Growth of leverage was, as already mentioned, was fully due to ruble devaluation in March 2020.

On the bottom right chart, you may see maturity profile. And for 2020 by the year-end, we need to repay roughly RUB 16 billion. That's fully affordable as the company, for the purposes, issued a USD 500 million eurobond in January 2020 with a record low coupon rate of 3.05%. In terms of the debt breakdown, we have the majority of our debt in USD, more than 83%. The share of euro-denominated debt is slightly now less than 15%.

Talking about the market perspective. At the moment, the company doesn't see significant disruption in sales in connection with the reduction of current sign measures as fertilizers are classified as essential goods in many countries. How we kind of see fluctuations in key fertilizer sale of markets? Price volatility in markets for major agricultural crops and supply chain disruption in light of ongoing complications caused by COVID-19 situation throughout the world may continue to have a negative impact on demand and prices for mineral fertilizers.

Since the beginning of April, downward trends have been absorbed in all fertilizer markets, which is attributed to the off-season period in a number of key regions, including Europe, Latin America and the United States and Russia. An additional negative effect will be the expected increase in supply from China, where production rebounded following the lifting of quarantine measures which combined with the expert support measures and the low energy prices may cause more significant -- export of Chinese fertilizers to global markets. Factors that will help stabilize prices in the near future may include an increase in seasonal demand in 2 main fertilizer markets, India and Brazil. And one, with the continued milestone ensure that fertilizers remain affordable related to major agricultural products.

With that, I would like to finish the presentation part and would like to switch to Q&A session.

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Questions and Answers

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Operator [1]

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(Operator Instructions)

And we can take our first question.

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Sashank Lanka, BofA Merrill Lynch, Research Division - Analyst [2]

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My name is Sashank Lanka from Bank of America. I have 2 questions. My first question is related to your dividends that were announced for the first quarter. If I recollect correctly, the new dividend policy last year was based on your net debt-to-EBITDA leverage and free cash flows. And when I look at your net debt-to-EBITDA as of Q1 2020, it is around 2.2x. But you still paid dividends, which were about 55% of free cash flow or 70% of adjusted net income, while your policy states that if the net debt-to-EBITDA is greater than 1.5x, you pay about 50% of net income. So I just wanted to understand how this dividend policy is working. That's my first question.

The second question is related to what we are seeing in the ag market right now, there is news around record corn production in the U.S. So I just wanted to get your view on that in terms of how that would impact fertilizer pricing? And how are you positioning for this in terms of sales to the U.S.

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Alexander F. Sharabaika, Public Joint-Stock Company PhosAgro - Deputy CEO of Finance & International Projects & Member of Management Board [3]

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Andrey, if you don't mind, I'll start. This is Alexander Sharabaika answering the question on dividends.

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [4]

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Go ahead.

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Alexander F. Sharabaika, Public Joint-Stock Company PhosAgro - Deputy CEO of Finance & International Projects & Member of Management Board [5]

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Thank you for your question on the dividend policy. So basically, the policy we have introduced on the last Capital Market Day, it states -- it says that we have to pay under conditions when our leverage is above 2 -- the highest of the -- between 2 indicators: one is 50% of net income. The other one is 50% of free cash flow. So in this case, free cash flow provides you with higher dividends. And we decided to actually make an extra mile on that and to pay slightly more than 50% of the policy that we have in place, which is current dividend. We'll give you 55% of Q1 free cash flow.

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Timur Rashidov, [6]

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Yes. Hello, dear colleagues. This is Timur Rashidov, Commercial Director for (inaudible). And I will ask -- I will answer the question about our expectations on the U.S. market, short term.

So as we see it now, the demand there during Q1 and the beginning of Q2 was very high. And mostly, all the stocks, which were brought there by all producers are now mostly sold and the stock levels are relatively low. So the situation with the virus, it will affect the market a little bit because there will be less corn planted and more soybeans. But for us, I think it's even better because the demand for phosphate will be very high as we expected. So I think by the beginning of maybe mid-July we will see the increase in prices on the U.S. market, and we expect very high demand for all phosphate-based fertilizers.

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Operator [7]

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(Operator Instructions)

And we can take our next question now.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [8]

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This is Robin on for Joel. You talked about the domestic market demand strength coming from government policies. Can you elaborate on what exactly those policies are? And comment on the sustainability of the strong domestic for leisure growth, please?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [9]

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It's Andrey Guryev. I can answer the questions. So basically, what we saw for the last year in 2019, the extensive growth of Russian domestic market source of consumption. And you know that Russia is the key -- the leader in sales and production of wheat.

Basically, we see this trend the whole first quarter of this year. As I said, we delivered the whole fertilizer producers to domestic market, plus 40% year-to-year. It's linked with the new strategy of Ministry of Agriculture of Russia and basically the Russian strategy, which is develop this new business and to increase the sales of Russian agriculture product for Russian agriculture exports, up to $45 billion until 2025. And of course, all the farmers today are very, very profitable. It's taken account for prices for fertilizer and prices for energy.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [10]

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Hello, hello?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [11]

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I'm back. I'm back. Can you hear me?

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [12]

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We lost you when you mentioned the energy costs.

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [13]

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Yes. Yes. So basically, I mean, all the cost of production for Russian farmers has dropped. Exchange rate also helps. We have a lot of liquidity, which comes from the government directly to the farmer. It's hundreds of billions of rubles of subsidies and other facilitation in order to create and to support this industry. So plus 40% of volume sales during the first quarter of 2020, it's an enormous amount. And of course, we continue to see the further increase of demand from Russian farmers in the quarter, in the second quarter, and basically, we believe that -- and till today, we already supply half of last year needs to Russia.

But what is more important with this number is that this increase in sales, it was not -- it was sales directly for the spring season. So it was not delayed demand for autumn. So this also gives us a lot of support. For the second half of the year, the Russian farmers will continue to take great volumes, big volumes of phosphate, NPKs and ammonia.

So answering this question, I think -- and together with that, we have a new strategy, which today is developing in Russian Ministry of Agriculture, which as -- basically rely on the number of 8 million tonnes of nutrients in 2025. For instance today, we supply 3.7 million tonnes of all nutrients. So it's a really impressive number. Government support agriculture a lot. The farmers are very well-established financially today. There is like not so many debts in this business. So business is right and okay. So answer this question.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [14]

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And the outlook seems to be aggregated between phosphate and nitrogen. But nitrogen has historically been more resilient in recessionary environments. Is that not the case this time around? Or how do you think about the outlooks for nitrogen and phosphate specifically?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [15]

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Today, the prediction -- I mean if we take short term, second quarter, basically already almost sold out. We sold June as many as the producers, I would say, and again, Russian market, domestic market. It helped us a lot. It would be hard to say what we will see in the half -- in the second half of the year, taking into account the global recession, which is already here with us.

And but so talking about the farmers everywhere, like on our core markets, like in Europe, in Brazil, in States, in Asia, like India, we see a very strong demand. And I mean my personal belief that agriculture will be the last industry which will be shut down or will face any real trouble. Even like at the time of coronavirus in China, agriculture was working well. And if you compare the drops in terms of production in different industries. In China, agriculture failed much less than the other industries. So I believe this is a strategic industry with strategic support from the government everywhere in any country in the world and it will continue to be so.

In terms of nitrogen, phosphates and potash. Of course, we see potash guys struggling, particularly with the prices and with demand from main markets like China. And India, again, competition. So I think in that respect, this market, this nutrient, it's under pressure and will continue to be under pressure in the short run and long run.

Talking about nitrogen. Yes, it's less volatile during this period. But I believe that the current prices for gas, the current price -- I mean the current cost of production for urea or ammonium nitrate in Russia, it's quite low. So basically, it gives me also support that this market will sustain. And even like with the increase of competition from this market, which caused by drop of the energy prices basically everywhere, Russian product will find its market. We'll continue to be very competitive compared to the other producers.

Phosphates is a -- I think for urea as -- we know what's happened in phosphate. During last year, we saw the overproduction, particularly new capacities coming to -- coming on stream. And these volumes from new capacities, were looking for the market. Yesterday, we see a quite significant competition everywhere, basically, with Ma'aden, with OCP.

But I would say that this competition is -- goes against the U.S. product, more or less on this market. Take in account that we are still the low cash cost producer for phosphate fertilizer. For today, I would say we will continue to sustain being that low cash cost producer. We have today -- today, we have, as I said, a very strong support from domestic market. Europe is also our home market, Eastern Europe. Brazil, it's a free market, more or less. So it's a competition under the price. The only risk I see in the second half of the year if we talk about the prices, it’s competition with the sales on formula-based contracts.

So basically, that gives, I would say, an uncertainty what will be the price. But nevertheless, we believe that we have a very strong position in all the markets we sell -- we operate. We have a very strong position. So Russia, Eastern Europe and Europe, where basically, we have our delivery network today already developed, storages and so on.

So I believe it's going to be all right. Of course, we have to face the possible reality of this recession and the possible reality of internal political tensions in such countries like India and Brazil where today, COVID -- coronavirus is expanding and it explodes and how it will affect people and how it will affect service people or demand for fertilizer. Of course, it's unclear. So I think in that respect, this -- in term of COVID, I would say, not economical, but yes, but COVID problem is an issue. But if we will see like economic recession or downturn. I mean we saw this many times in many countries. And agriculture was -- all the time was one of the more strongest of takers for our products. Did I answer your question, Joel (sic) [Robin]?

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [16]

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That's very helpful. Yes. That was great. Great color. I just have one quick follow-up. So you talked about gas prices being low, and that's weighing on nitrogen prices. But the high end of the cost curve is typically supported by anthracite coal-based production out of China. And while coal prices have come down a little bit, they haven't come down nearly as much as nat gas or oil prices. Do you see that support level continuing going forward? Or do you see that falling as well?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [17]

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Yes, we will -- I remember your question during our last call. I mean all the psychological programs in China is in place, and basically, it's under control by the government. So I believe, nevertheless, you will take in account the quite low prices for coal and so -- and gasification of the coal for ammonia. I still believe that this program will continue because it's very important. And this tension between China and U.S. will be released, and we will see a relief. Again, we will see that shutting down of these plants.

But for the time being China works like 100%. They try and -- of course, they try to fulfill the gap in GDP, which they received during the COVID crisis. And they will do whatever is needed. So yes, I mean, China is competitor in all respects. But the major victim for this competition would be States. I mean for -- as I think in our fertilizer business.

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Operator [18]

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(Operator Instructions)

We have no further questions over the phone at this time. We do now have another question.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [19]

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Just one more follow-up from me since no one else seems to be in queue. What is your expectation for total Chinese exports from both urea and DAP and MAP for this year.

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [20]

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Basically, we believe that exports from China in 2020 would be about 7.5 million, 7.8 million tonnes of DAP/MAP, which is less on about 1.5 million tonnes compared to 2019. In terms of nitrogen, maybe I will ask my colleague to answer this. Timur?

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Timur Rashidov, [21]

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So regarding possible urea exports. Recently, we have seen some export from China to India and recent tender. It was about 5 million tonnes. But regarding -- in the near future, maybe some expectation at about 3 million, 4 million tonnes of urea this year.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [22]

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Okay. And I just have a couple more as well. So what is the expected CapEx for this year? And from a growth CapEx standpoint, where are those -- where is that money being invested for the most part?

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Alexander F. Sharabaika, Public Joint-Stock Company PhosAgro - Deputy CEO of Finance & International Projects & Member of Management Board [23]

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This is Alexander Sharabaika again. So we have a budget for this year in the area of RUB 36 billion to RUB 37 billion. The major bulk of that will be spent on our Metachem project, the modernization of existing plant that we're currently fulfilling in the St. Pete region. This project will already yield some additional volumes this year, second half of the year, and it will be finished by 2022. Sorry, in 2021, but very end of 2021. We hope, and we actually delivered the message on the Capital Market Day that this project will generate additional EBITDA in the area of $90 million -- at least $90 million per year. The rest, as we have some other projects in the pipeline will be mostly focused on internal optimization, such as sulfuric acid development and some other projects. We can discuss that, but I guess there would be -- there might be more questions on that, and I'm ready to provide you with details.

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [24]

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That's helpful. And then just my last question. The NPK premium has been pretty strong the last couple quarters. How do you see that playing out for the rest of the year? And what do you think is driving that?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [25]

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Can you repeat again?

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Robin Fiedler, BMO Capital Markets Equity Research - Senior Associate [26]

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Yes. Just talking about the NPK premium. It's been pretty strong the last couple quarters. And how do you see that playing out for the rest of this year? And what's driving that strength?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [27]

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It's a good one. So first of all, I think this is a ready product, which we're able to sell to the premium market. But together with that, we see that some potash producers are struggling today with the sales. So the prices continue to be lower. So we are able, I would say, to buy that product in Russia, as I said. It was the lowest price with the Russian price and continue to sell to premium markets. So that's a driver. It's always been a driver. The question was that, what is the premium for potash in different markets? So like India and Brazil, nowadays -- or China. Nowadays, for instance, price in China for potash is higher than in Brazil. So I think this volatility has to disappear when the prices and big contracts for potash will be concluded. For today, we have Russians and some other floors. So I would say when all the stages, as always will be done probably until the end of -- I think this time until the end of June. Again, we will see a difference in terms of price for potash in every market. And again, under this -- not volatility, under this -- under this difference, we will build our strategy in sales of NPK. So it's arbitrage. That was always arbitrage with different markets.

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Operator [28]

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And we can now take our next question.

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Sashank Lanka, BofA Merrill Lynch, Research Division - Analyst [29]

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This is Sashank Lanka again from Bank of America. I just have a follow-up question. Given the COVID impact has increased globally in the months of April and May, I just wanted to understand how are you seeing Russian demand in the month of April? I mean the cases in Russia have increased. So I know Q1 was a strong quarter for you in terms of Russian domestic demand. Do you see that playing out in Q2 as well? Or is there going to be some COVID headwind impacting your supply chain in Russia in Q2?

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [30]

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No. I mean talking about the COVID situation, for today, it's quite stable in terms of expanding of COVID, in different Russian industries. Of course, we have some regions like Moscow, St. Petersburg, some other regions where we see already big numbers.

But for instance, talking about agriculture, we see -- to date, I can tell you, no sign of any trouble in these rural areas where -- from where demand for fertilizer comes. So I can say that we're already sold until June. So the product is there. So -- and we will receive money from this. It might be a problem on the second half of the year, but this uncertainty we can narrow to any market and to any country.

So in the short term, everything is fine. But my understanding that it's anyway, we just stepped as the whole world into the territory where we never have been through. So it's everything what we try to predict and everything, what we try to understand. And my mind be just broken by any other black swan, which can come. So many old problems in economy, which were already big troubles for this economy. And today, they may just blow for instance, property market in China and the United States and so on. So managing crisis also is tough at front of us here. So we need to just be careful.

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Operator [31]

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(Operator Instructions)

We have no further questions at this time.

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [32]

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Sure. We then conclude.

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Andrey Serov, Public Joint-Stock Company PhosAgro - Head of IR [33]

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Okay. Then ladies and gentlemen, as we don't have questions...

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Andrey Andreevich Guryev, Public Joint-Stock Company PhosAgro - Chairman of the Management Board, CEO & Director [34]

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Yes. Thank you, everyone, for joining this conference. I believe, again, we are showing very strong and great results. We continue to develop our business. We continue to grow our volumes despite of the prices. We continue to support our local communities with the COVID crisis. PhosAgro has never been stronger like today. And I believe that we will come through this crisis as we came through many other crises, which you know because -- thank you, guys, that for all the time you were with us as shareholders and as analysts. And be careful. All the best.

(foreign language)

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Alexander F. Sharabaika, Public Joint-Stock Company PhosAgro - Deputy CEO of Finance & International Projects & Member of Management Board [35]

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Thank you all, guys. Take care. Bye-bye.

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Andrey Serov, Public Joint-Stock Company PhosAgro - Head of IR [36]

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Thank you. Take care. Bye.