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Company overview

Almalyk Joint Stock Company “Ammofos-Maxam ” (hereafter referred to as Enterprise) is  one of the producers of mineral fertilizers on which for three stages capacities on ammophos production – the concentrated nitrogen-phosphorus fertilizer are created and ahead of schedule mastered.

Due to the great value attached by the Government of the Republic of Uzbekistan to implementation and enhancement of quality management system, system of an ecological safety, system of safety of work and health in all industries of Uzbekistan (the Resolution of the President of the Republic of Uzbekistan No. PP-1731), the Resolution of Cabinet council No. 183 of August 29, 2006 has determined 11 objects of JSC "Uzkimyosanoat" from 90 strategic objects of the Republic which quality of a management system has special value.

During implementation of a state program on accession to WTO, strengthenings of line items of the Republic in the world community, for an entry into the new markets, fixing on them, a gain of the authority and acquisition of new buyers, the entity has implemented and applies the integrated quality management system.

   In June, 2007 the quality management system (QMS) on compliance to requirements of the international standard ISO 9001:2000 is certified.

   In 2010 the first recertification audit of the operating quality management system on compliance to requirements of ISO 9001:2008 is successfully booked.

   In August, 2012 "The system of an ecological safety on compliance to requirements of ISO 14001:2000" is certified.

   In May, 2013 the Integrated system of management on compliance to requirements to three standards is implemented and certified:

- ISO 9001 "Quality management system;

- ISO 14001 "System of an ecological safety";

- ISO 18001 "System of health protection and labor safety".

Products of the enterprise are certified, test and measuring laboratories (NIHTL, ILM, sanitary laboratory, LNMK) are accredited and certified in National system of certification and standardization of agency Uzstandart on compliance to requirements of ISO 17025.

For the purpose of development and enhancement of QMS:

1.Quality objectives are developed, approved and are on a constant control.

2.Systematic modernization of the operating test and measuring laboratories according to "Plans of   perspective development TL" being on quarterly control of agency Uzstandart is performed.

3. Personnel training of the enterprise according to the existing ISO standards is provided. Retraining and training of managers and auditors is planned both at the enterprise, and in      courses.

 4.In the course of development "Regulations on material motivation of managers and auditors of QMS".

On a constant control all fields of activity of the enterprise.

Systematic work according to developed Plans, Actions, Programs is conducted.

STRUCTURE AND ACTIVITY OF THE COMPANY

1.1  Company overview

The full information about the enterprise is included in "the Passport of the Almalyk JSC Ammofos-Maxam (The technical and economic characteristic of the enterprise)", annually reviewed, with updating at the moment.

Status: Joint-stock company

Amount of stock: 4 939,36 million sum

Form of ownership of the organization - Joint-stock company

Code of  KFC 144

Executive board

Members of the board:

  • Sadikov.B.B.          – chairman of the board
  • Kovalevskiy L.       – member of the board
  • Ernando S.           – member of the board
  • Xaykovich M.        – member of the board
  • Ibragimov K.G.     – member of the board
  • Yuldashev X.M.     – member of the board
  • Zayniddinov D.Z.   – member of the board

 

Main aim of the enterprise is consolidation of economic interests, intellectual potential, material, non-material, labor and financial resources of its Shareholders for implementation of the economic activity directed to profit earning including production and implementation of phosphoric and other mineral fertilizers.

1.2. The main activities of the enterprise are:

  • production and sales of products on internal and the foreign markets, taking into account sale of products abroad for Freely convertible currency at the prices of the international market;
  • production, conversion, procurement and sale of consumer goods on domestic and the foreign markets;
  • wholesale and retail trade;
  • foreign economic activity, including participation in any forms of international cooperation with the purpose of technical and technological retrofitting of production of the entity, development of its export base;
  • production, conversion, procurement and sale of agricultural and livestock products;
  • organization of improving rest of employees of the entity and their families;
  • occupation by other legal activities which are associated with a main objective or concerns to it.

1.3. History of the enterprise

The plant started operations in the workshops of extraction of phosphoric acid and ammophos production in December, 18 in 1969. For the first time in world the production of granulated ammophos from phosphorites of Karatau, containing 24,5% of phosphoric anhydride (P2O5) was mastered. Second workshop on production of ammophos started production in 1973; third ammophos production workshop was put into operation in 1978.

In 1980, some reconstruction works were completed in the second workshop of ammophos. In 1981, a workshop (CK-40) for production of sulfuric acid was set into operation. The workshop for production of extractive phosphoric acid №4 was built and put into operation in 1986. Production capacity of sulfuric acid is equal to 500 thousand tons per year. Design of other plants in Central Asia producing granulated nitric-phosphorous fertilizers on the basis of poor ores of Karatau basin, is based on the experience of design, construction and operation of Almalyk chemical plant.

The workshop for production of wood-fiber board was put into operation in 1993. Production capacity of the workshop is equal to 500 thousand M2 with a single production line. Wood-fiber boards are made  of cotton’s stalks and kenaf.

In February 1992 the Almalyk chemical plant was renamed into Almalyk industrial company «Ammofos». In December 2001 the company «Ammofos» was renamed into open joint-stock company «Ammophos-Maxam». In 2014 the company renamed Joint-stock company “Ammophos-Maxam”.

Enterprise capacity
Production capacity of the enterprise at the moment:

  • 217,5 thousand tons of 100% of P2O5;
  • 500,0 thousand tons of monohydrate of sulfuric acid.
  • The made products are sold as in the Republic of Uzbekistan, and abroad.

Production

For years of work of the entity in structure of production there were big changes. Release of the new improved products types is increased.
The entity has been oriented by the project to release of one type of products - ammophos (the high-concentrated water-soluble nitrogen-phosphorus fertilizer used on various soils under all crops), from one type of raw materials – phosphorites of Karatau.
The staff of the entity carries out permanent purposeful job, both on product quality improvement, and on expansion of the range, taking into account local raw material resources. Since 2001 use of a domestic type of raw materials – the Kyzyl Kum phosphorites is begun; in 2009 the amount of conversion of the washed burned thermoconcentrate has reached 400 thousand tons, the washed dried kontsetrat – 80 thousand tons.
As a result of laborious work now the entity has fulfilled industrial technologies for release of a number of resource-saving products, with the set, balanced content of nutritious components.

  • "Ammophos";
  • "Suprefos-NS" – from  29.12.2004
  • "Superphosphate" – from  December, 2011;
  • "Fodder Phosphates of Ammonium (FPA)" - since April, 2011.
  • "PS Agro" - since January, 2013.
  • "MAF-A" - since April, 2010.

Methods of product receipt are protected by fixed patents of the Republic of Uzbekistan:

  • "Ammophos";
  • "Monoammonium phosphate – MAF-A";
  • "Ammonium sulfate";
  • "Ammonium of a sulfatfosfat";
  • "Fodder Phosphates of Ammonium (FPA)";
  • "Fibre boards";
  • "Suprefosa-NS";
  • "PS Agro".

1.6 Structure of the entity

The structure of the enterprise unites in the structure shops of the basic production purpose, auxiliary divisions and services, administrative personnel. The structure of the entity is the independent document, development, review and statement is performed as required. Organigramma is applied.

1.7 Market

Being the largest producer of chemical products, the entity sells the products, both on internal, and in the foreign market.
Market of internal consumption of the Republic of Uzbekistan
The domestic market includes generally regional territorial JSC Kishlokhuzhalikimyo, regional Exchange bases in case of TAO "KHK", and also, if necessary, the authorized warehouses realizing the made mineral fertilizers on behalf of the entity.
Also products are sold through the exchange biddings and under direct agreements to the farmer, Dehkan farms and firms which are engaged in sale of mineral fertilizers.
The competitive environment taking into account changes of tax, price and customs policy of the State, amount of turnover, sales profit, implementation speed, and also – the factors influencing on sale is analyzed.
Permanent job, as on product quality improvement, and expansion of its assortment is carried out.
Marketing researches on studying of the product demand and prospects of market development of sale are conducted. Mineral fertilizers are advertized in printing information publications, such as "Farmer Press", "Kishlok Hayoti", etc., the advertisement is placed in the catalog of an industrial output of Uzbekistan.
Specialists of the entity constantly participate in the international exhibitions, fairs held as in the Republic, and abroad, for the purpose of advertizing of the made products.
JSC Ammofos-Maxam turns out only high-quality products that is confirmed by lack of claims from consumers. Products are in great demand, both in the republic, and beyond its limits.

Export of mineral fertilizers
The traditional markets are the republics of Central Asia (Kazakhstan, Turkmenistan), Central Asia (Afghanistan), Ukraine, Belarus, Moldova, some European countries (Bulgaria, Hungary, Romania).
Such limited geography of export is explained, first of all, by comfortable transportation conditions, absence of manufacturing plants of fertilizers in the price plan near potential consumers.
Export of fertilizers to other regions, because of logistics problems, is performed seldom and is connected usually with the crisis phenomena in the international economy, changes in the customs legislation of consuming countries of fertilizers and so forth.
For an entry into the new markets, fixing on them, a gain of the authority and acquisition of new buyers, the entity has implemented and applies the integrated quality management system and an ecological safety, labor protection and safety of workers conforming to the international requirements of ISO 9001, ISO 14001, OHSAS 18001
Products of the entity are certified, the test laboratory and measuring laboratory of metrology are accredited on compliance to requirements of ISO 17025.
For the purpose of fixing in the new markets of mineral fertilizers the entity confers powers to some consumers to operate on the country buyer territory on its own behalf. So, for example, the markets of Ukraine, Georgia, Turkmenistan have been fixed.
For increase of level of competitiveness of the fertilizers made on JSC Ammofos-Maksam, the entity follows the following rules:

- quality of the exported goods shall correspond precisely to the regulating documentation (GOST, TU, certificates of conformity, safety and so forth)
- continuous work on decrease in production cost value of the made fertilizers;
- weekly monitoring of the prices in the world market of fertilizers;
- timely and exact accomplishment of all conditions stipulated in export contracts.

Specialists of the entity constantly conduct marketing researches of the markets of mineral fertilizers. For ensuring efficiency of marketing works the Internet round the clock works, the system of exchange of information with GAVK "Markazsanoateksport" is adjusted, the database on the foreign companies interested in regular acquisition of fertilizers is created.
Information sources on sales of fertilizers, such as "Fertilizer Week", by "Fertecon", "FMB Price Guide" are regularly studied. It is corresponded with the foreign companies concerning the conclusion of export contracts.
Specialists of the entity participate in the international exhibitions, fairs held as in the republic, and abroad for the purpose of advertizing of products made at the entity. The website of the entity with the description of types of the exported goods and the rendered services is created and is regularly updated.

2 RESULTS OF WORK

2.1 Technological indicators

For January-September, 2015 it is made products on the amount of 213 432,4 million bags that constitutes 85,3% of accomplishment of parameters of the Business plan of 2015 (250 241,4 million bags).
Growth rate on products of-104,8%.
For the accounting period 97,79 thousand tons of mineral fertilizers are developed (in 100% of nutrients), including:

- phosphoric –79,62 thousand tons,
- nitric – 18,17 thousand tons.

238,49 thousand tons of mineral fertilizers in kind are made, in case of the plan – 321,12 thousand tons (74,3%). Growth rate by 2014 of-89,6%.

For January-September, 2015 it is made:

- ammophos – 42,930 thousand tons;
- suprefosa-NS – 43,04 thousand tons;
- superphosphate – 78,031 thousand tons;
- PS Agro – 74,489 thousand tons.
- KFA – 3,392 thousand tons.

161,908 thousand tons of sulfuric acid in case of the plan of 234,6 thousand tons are developed. (Accomplishment of a plan target – 69,0%, growth rate – 92,7%).

Use of production capacities for 2014:

- phosphoric fertilizers, 100% of P2O5 – 48,8%;
- production of sulfuric acid – 43,2%.

Underexploitation of capacities is explained by deficit of sulfuric acid. Production of mineral fertilizers worked is unloaded. (Deficit of sulfuric acid, following the results of 9 months – 99 498 tons. In case of requirement on balance of production of 515 430 tons 415 932 tons are received).

Reasons of spasmodic work:

  • depreciation of processing equipment;
  • insufficient overall performance of absorbing system;
  • unevenness of shipment of products;
  • lack of phosphoric acid.

2.2 Production of consumer goods

The plan for production of TNP for January-September, 2015 is established in the amount of 8 915,3 million sum.
Only 9 978,2 tons of the packed-up fertilizers, including 4 503,2 tons of ammophos, 3 520 ton suprefosa-NS, PS Agro – 1 955 tons.
Implementation of TNP for January-September, 2015 has constituted in terms of money 9 370,6 million sum, in natural indicators – 9 142 tons of the packed-up fertilizers, including: ammophos – 8 225,3 tons; suprefos-NS – 148,2 tons; KFA – 214,5 tons, PS Agro-270,6 tons, NPK – 38,6 tons, Superphosphate – 244,9 tons.
Percent of accomplishment of the production schedule of TNP of-105,1%.
Growth rate by the similar period of 2014 of-103,3%.

2.3 Market of fertilizers and its components

Sale of products of society is oriented to the internal and external markets. The entity is the leading producer of phosphoric fertilizers in Uzbekistan, from shares of domestic sales more than 75%.

2.3.1 Domestic market

TAO "Kishlokhuzhalikkimyo" is the intermediary organization of the domestic market and buys up to 80% of all goods sold in the republic.
For accomplishment of contractual commitments on sales of products to agricultural industry purchased for the state needs, in cash flows of the Business plan for January-September, 2015 the plan of implementation of phosphoric fertilizers in number of 68,85 thousand tons is provided in 100% of P2O5, 59,076 thousand tons of 100% of P2O5 are actually realized, including:

  • Ammophos – 4,204 thousand tons in 100% of P2O5;
  • PS – Agro – 29,868 thousand tons in 100% of P2O5;
  • Suprefosa – NS – 5,74 thousand tons in 100% of P2O5;
  • Superphosphate - 19,264 thousand tons in 100% of P2O5.
  • The percent of accomplishment has made 85,8%.

9,59 thousand tons in 100% of P2O5 are planned for implementation through market fund for January-September, 2015; 8,4323 thousand tons in 100% of P2O5 are actually realized; through the exchange biddings in case of the plan of 7,73 thousand tons in 100% of P2O5; it is realized – 5,751 thousand tons in 100% of P2O5.
In 9 months 2015 it is realized mineral fertilizers in physical. weight, tons.

2.3.2 Export of products

According to cash flows of the Business plan of 2015, export of products is provided for the accounting period in number of 73,0 thousand tons in kind, including:

- suprefos-NS - 36,5,0 thousand tons
- ammophos - 36,5 thousand tons,

In total for export 21,217 thousand tons of products are actually realized. The plan is implemented for 29,1%.

For the accounting period of 2015 for export about 9% of mineral fertilizers of the total amount of implementation are shipped that has provided inflow of freely convertible currency and has allowed to make calculations with the budget, with personnel and to perform purchase of goods.

2.4 Pricing

32% of products made in 9 months 2015 belong to exclusive types.

The price of one ton of products in the domestic market with 8/4/2015 (excluding VAT) constitutes:

- Ammophos – 1 053 850 sum;
- Suprefos-NS – 593 375 sum.

Also the new type of phosphoric fertilizers, PS Agro – 1 034 840 sum, with prospect of export of products is realized further on the domestic market.

Both internal, and export prices are calculated on the basis of production cost value plus financial and administrative expenses. The prices are reviewed in process of the change in price for raw materials and fuel and energy resources. On exclusive products of the price are submitted for approval in the Ministry of Finance. During the periods of high inflation, the price of exclusive products take place to lag behind a rate of inflation and cause serious problems for society.
The profit of society in case of implementation of an exclusive product depends on the Ministry of Finance.
According to the current legislation, profitability of sales on exclusive products, permitted by Committee on Demonopolization, is insignificant. Not all cost items are included in the list considered when pricing. All this adequate level does not allow society to get a net profit and exerts a negative impact on a financial position of society.

2.5 Financial and economic indicators.

Considering importance of activities of JSC Ammofos-Maksam for agricultural industry, being a monopolist on production of mineral fertilizers, staple prices, the turned-out and sold products strictly are controlled by the Government of the Republic of Uzbekistan.
Following the results of financial and economic activities for January-September, 2015 the net profit of society has constituted 17 522,4 million sum. The major factors promoting profit earning were: decrease in other operating expenses and decrease in cost value of the made products according to No. 5 PKM RU from 1/8/2014. "About additional measures for reducing production costs and decrease in product cost in the industry". Despite it, for replenishment of own current assets and salary payment in January-September, 2015 the credits of bank for the amount of 14 328,63 million sum have been utilized.
Receivables on 10/1/2015 have constituted 346 796,8 million sum, including delayed – 470,1 million sum. Accounts payable on 10/1/2015 of all – 321 259,1 million sum, from it delayed – 7 263,0 million sum.
From the total amount of receivables of 343 131,0 million sum – debt of TAO "Kishlokhuzhalikkimyo".
Based on the Protocol No. 28 from 9/23/2015, meetings of the Republican commission on reducing and liquidation of overdue receivables and payables and strengthening of discipline of payments in the budget, receivables of TAO "Kishlokhuzhalikkimyo" and intrasystem debt formed on 9/1/2015 for total amount – 315 522,3 million sum are delayed. By the same protocol the accounts payable formed on 9/1/2015 before prime vendors of raw materials, energy resources and GAZhK "UTY" for the total amount of 274 239,4 million sum for up to 01.01.2016 is delayed.
In total for January-September, 2015 it is shown on receivables:

- claims - 98 on 143 446,8 million sum  from which 108 claims the amount of 75 298,2 million sum are accepted (including on earlier shown).
- claims - 15 on the amount of 12 691,8 million sum, from them 12 claims on the amount of 12 681,0 million sum are satisfied.

2.6 Decrease in product cost

According to the resolution KM from 1/22/2015 No. 8 "About additional measures for reducing production costs and decrease in product cost in the industry" for 2015 decrease in product cost on the amount of 37 989,3 million sum is predicted that constitutes 11,2% of total annual costs, respectively forecast decrease in cost value for January - September constitutes 27 708,4 million sum that constitutes 8,17% of annual costs.

The actual decrease for 9 mesyatsev2015 constitutes years 22 393,2 million sum (6,6% of total costs), for the account:

- economy of energy resources of-140,6 million sum;
- cost optimizations on raw materials and materials – 7 346,0 million sum;
- decrease in other production costs and operating expenses – 11 259,9 million sum;
- expense reductions on content of AUP – 759,5 million sum;
- decrease in superimposed costs – 2 887,2 million sum.

Basic reason of the allowed lagging – delivery of expensive phosphatic raw materials with GP Navoiy MMC as the main issue of the Program of decrease in cost value – use of preferential price of phosphatic raw materials is not resolved.
"Road map" - the program for financial and economic improvement of the entity developed together with competent specialists of JSC Uzkimyosanoat for the purpose of ensuring increase of level of product competitiveness in the foreign market and creations of conditions for accomplishment of the export program of 2015, – has provided study with the RUZ authorized bodies of a question "price stabilizations on raw material resources at the expense of 30% decrease in selling price of phosphoritic raw materials of GP NGMK"
However the made offer has not found support of authorized bodies: Ministries of Finance, Department of Economic Affairs and GP NGMK.
Course of execution of the approved "Package of measures" monthly was considered at the operational meetings with the assistance of the chairman of the board, results of actually reached decrease in cost value of products were discussed and led up to all divisions and each employee of the entity, with use of the prepared presentation materials.

2.7 Production of localizable types of products     

2.6.1 The program of localization in the accounting period of 2015 provided release PS Agro in number of 96 770 tons, 74 489 tons on the amount of 80 366,4 million sum are actually issued.

80 096 tons on the amount of 84 667,2 million sum are realized for January-September, 2015.

2.8 Personnel, training

According to the plan of professional training of personnel for the accounting period of 2015 in the conditions of educational base:

1 It is prepared trained) again accepted workers, only 147 people, in case of the plan of 135 people (108,5%);
2 Have improved skills of workers of only 312 people, in case of the plan of 300 people (104,0%) from them:

- on professional development course at the entity of 266 people;
- with a separation from work at institutes of advanced training, training centers – 46 people.

3 heads and specialists of only 145 people Have improved skills, in case of the plan of 124 people (116,9%) from them:

- on professional development course at the entity of 130 people;
- with a separation from work at institutes of advanced training, training centers – 15 people.

4 On a paid and contractual basis at the expense of enterprise assets only 18 people are trained. For training in 2 semester 2014-2015 academic years payment in the amount of 42 588,4 thousand bags is made.
5 At the entity have passed production and externship of 85 students of HIGHER EDUCATION INSTITUTIONS and 859 pupils of professional colleges.

The organization of work practice of students of HIGHER EDUCATION INSTITUTIONS and pupils of professional colleges is performed based on the Provision "About an Order of Passing of Work Practice of Students of HIGHER EDUCATION INSTITUTIONS and Pupils of Professional Colleges" approved 12.3.2014 years.
According to the protocol of Cabinet council of the Republic of Uzbekistan No. of a 20-of 13.04.2015 to the entity has assigned the Almalyk industrial professional college.

3 FORECAST INDICATORS of 2016.

3.1 Technological indicators

At the entity work on increase in extent of use of production capacities, on expansion of the range of products and improvement of quality of main types of mineral fertilizers with receipt of products, competitive in the world market, conforming to international standards and also – to a growth in volumes and efficiency of use of local types of raw materials is conducted. 
The production forecast of phosphoric fertilizers in 2016 constitutes 132,87 thousand tons of 100% of P2O5.
Main types of raw materials for production of phosphoric fertilizers:

- the washed burned concentrate – the IOC (26% of P2O5)
- ammonia, JSC Maxam-Chirchik; JSC Ferganaazot;
- acid sulfuric technical, AGMK;
- sulfur technical, MGPZ.

For ensuring production of the planned amounts of phosphoric fertilizers and new products the necessary amount of raw material resources makes:

- a fossyrye of the IOC of 26% - 628,67 thousand tons – 163,449 thousand tons in 100% of P2O5;
- the AGMK sulfuric acid - 404,061 thousand tons;
- technical MGPZ-of 88,14 thousand tons is gray.

3.2 Production of consumer goods

According to requests private and farms, mineral fertilizers will be shipped to 50, 40 kg packagings.
The production forecast TNP for 2016 constitutes in terms of money 12 395,7 million sum (excluding VAT), in kind, in the form of the packed-up packagings:

- 50 kg – 8 800,0 tons of ammophos,      
- 50 kg – 2 861,0 tons suprefosa-NS,
- 50 kg – 584,0 tons PS Agro.

For satisfaction of the consumer demand of the population in consumer goods release of mineral fertilizers in small packing from 450 g to 3000 g is planned.

3.3 Forecast of financial and economic indicators

The production forecast of phosphoric fertilizers in 2016 – 132,87 thousand tons of 100% of P2O5:

- Ammophos – 32,2 thousand tons of 100% of P2O5 for 81 784,8 million sum;
- Suprefos-NS – 34,8 thousand tons of 100% of P2O5 for 91 853,4 million sum;
- PS Agro – 50,27 thousand tons of 100% of P2O5 for 136 899,0 million sum;
- Superphosphate – 15,6 thousand tons of 100% of P2O5 on 46 089,5mln. sum.

3.4 Distribution and sale of finished goods

The sales forecast in 2016 is oriented:

- on the domestic market - on 263 196,1 million sum,
- for export – on 31 500 thousand dollars of the USA.

73,6% of total amount of implementation are oriented to accomplishment of contractual commitments of the domestic market; more than 26% are constituted by the sales forecast on the foreign market.
The sales forecast of mineral fertilizers in the domestic market – 98,24 thousand tons of 100% of P2O5, including according to balance sheet items:

 - delivery of products to agricultural industry, under state purchase of 87,56 thousand tons of 100% of P2O5, including:

  • ammophos – 7,92 thousand tons of 100% of P2O5;
  • PS Agro – 21,84 thousand tons of 100% of P2O5;
  • suprefos-NS – 41,42 thousand tons of 100% of P2O5;
  • superphosphate – 16,38 thousand tons of 100% of P2O5.

- under the article "exchange biddings" – 3,84 thousand tons of 100% of P2O5, including:

  • ammophos – 1,68 thousand tons of 100% of P2O5;
  • suprefos-NS – 0,84 thousand tons of 100% of P2O5;
  • PS Agro – 1,32 thousand tons of 100% of P2O5.

- under the article "market fund" – 6,84 thousand tons in 100% of P2O5, including:

  • PS Agro – 6,84 thousand tons of 100% of P2O5.
  • under the article "Implementation for Export".

The forecast of export of phosphorus-containing mineral fertilizers is established of 35,0 thousand tons of 100% of P2O5, or 100 thousand tons in kind, from them:

  • Ammophos – 50,0 thousand tons (23,0tys. tons in 100% of P2O5)
  • suprefos-NS – 50,0 thousand tons (12,0 thousand tons in 100% of P2O5)

After carrying out obligatory 50% - ache sales of the arrived currency means, the approximate remaining balance of currency means from export of mineral fertilizers will constitute 15 750,0 thousand dollars of the USA which are planned to be directed to acquisition of materials, the equipment and spare parts under import contracts and goods in the republic.In case of increase in the prices in 2016 for energy resources and phosphatic raw materials, there is a risk of increase in production costs of products, decrease in an opportunity to realize it in the foreign market. Insolvency of agricultural producers of the domestic market attracts to need for increase in the credits of bank for purchase of raw materials and goods, and also for payment of a salary to employees of the entity, and, therefore, to increase creditor and receivables.