Debt management

The Company uses a conservative approach to leverage and believes that a comfortable net debt/EBITDA ratio should be below 2х or even within the range of 1–1.5х in the long run. As at 31 December 2023, the Company’s leverage was comfortable, with the net debt/EBITDA ratio standing at 1.2x.

When determining its borrowing requirements, the Company assesses the cost of borrowing from banks and public debt markets, the amount and maturity available while striving to ensure that this fits into the Group’s long‑term debt reduction strategy. The choice of the currency of borrowings is based on the availability of currencies and the structure of the Company’s revenue, about 70% of which was in foreign currency in 2023.

In line with the investment policy designed to meet PhosAgro’s investor obligations and strengthen its investment case, the investment budget shall not exceed 50% of planned EBITDA.

The record high capital investments and charitable expenses in 2023 did not affect the Company’s leverage, which remained comfortably below the net debt/EBITDA target.

Debt management


ISIN XS2099039542 XS2384719402
Borrower PJSC PhosAgro PJSC PhosAgro
Issuer PhosAgro Bond Funding Limited PhosAgro Bond Funding Limited
Currency USD USD
Offering date 23 January 2020 16 September 2021
Maturity date 23 January 2025 16 September 2028
Issue value, USD mln 500 500
Including replacement bonds, USD mln RU000A106G31



RUB‑denominated exchange bonds

ISIN RU000A106516
Issuer PJSC PhosAgro
Currency RUB
Offering date 21 April 2023
Maturity date 17 April 2026
Issue value, RUB mln 20,000

CNY‑denominated exchange bonds

ISIN RU000A1063Z5
Issuer PJSC PhosAgro
Currency CNY
Offering date 13 April 2023
Maturity date 9 April 2026
Issue value, CNY mln 2,000