DOCSLIB.ORG

Directors' Report on the Operations of Grupa Azoty

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Directors' Report on the Operations of Grupa Azoty Directors’ Report on the operations of Grupa Azoty Zakłady Chemiczne Police S.A. and the Grupa Azoty Zakłady Chemiczne Police Group in the 12 months ended December 31st 2018 Grupa Azoty Zakłady Chemiczne Police Group Directors' Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group in the 12 months ended December 31st 2018 (all figures in PLN '000 unless otherwise stated) This Directors’ Report presents key developments that occurred in the 12 months ended December 31st 2018 at the Grupa Azoty Zakłady Chemiczne Police Group and Grupa Azoty Zakłady Chemiczne Police S.A., the Group’s parent, including results of their operations, as well as a description of relevant risks and threats. It also presents financial and non-financial indicators, if material for the assessment of the Group’s and the parent’s condition, as well as additional explanations on the amounts presented in the consolidated and separate financial statements. Grupa Azoty Zakłady Chemiczne Police Group Page 2of 90 Directors' Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group in the 12 months ended December 31st 2018 (all figures in PLN '000 unless otherwise stated) Contents 1. General information about the Group ........................................................................... 5 1.1. Organisation and structure ........................................................................................ 5 1.2. Changes in the organisational structure ........................................................................... 8 1.3. Company organisational and equity ties .......................................................................... 8 2. Management of the Group ........................................................................................ 9 2.1. Parent’s organisational chart ...................................................................................... 9 2.2. Changes in key management policies ............................................................................. 9 2.3. The Group’s workforce .......................................................................................... 10 3. Business overview................................................................................................. 11 3.1. Key information.................................................................................................. 11 3.2. Overview of key products ....................................................................................... 13 3.3. Sales markets and supply sources ............................................................................... 15 3.4. Significant agreements .......................................................................................... 16 3.5. Significant events ................................................................................................ 16 4. Growth strategy and policy ...................................................................................... 17 4.1. Strategy ........................................................................................................... 17 4.2. Directions of development ...................................................................................... 17 4.3. Growth prospects and market strategy .......................................................................... 18 4.4. Key investments in Poland and abroad ......................................................................... 19 4.5. Key equity investments .......................................................................................... 22 4.6. Feasibility of investment plans .................................................................................. 22 4.7. Significant R&D achievements ................................................................................. 22 5. Financial condition of the Group ............................................................................... 23 5.1. Assessment of factors and one-off events with a material impact on operations and financial performance ............................................................................................... 23 5.2. Market overview ................................................................................................. 25 5.3. Key financial and economic data ............................................................................... 30 5.3.1. Segments’ financial results .................................................................................... 32 5.3.2. Operating expenses ............................................................................................ 34 5.3.3. Structure of assets, equity and liabilities ..................................................................... 35 5.3.4. Financial ratios ................................................................................................. 38 5.4. Management of capital and assets .............................................................................. 40 5.5. Bank deposits .................................................................................................... 40 5.6. Borrowings ....................................................................................................... 40 5.7. Loans advanced .................................................................................................. 43 5.8. Sureties and guarantees received and issued ................................................................... 43 5.9. Material off-balance-sheet items ................................................................................ 47 5.10. Financial instruments ........................................................................................... 47 5.11. Expected financial condition ................................................................................... 48 6. Risk, threats and growth prospects ............................................................................. 48 6.1. Significant risk factors and threats .............................................................................. 48 6.1.1. Investment project management .............................................................................. 48 6.1.2. Laws, regulations and compliance ............................................................................ 49 6.1.3. Management of fixed production assets ...................................................................... 50 6.1.4. Technical safety ................................................................................................ 51 6.1.5. Comprehensive customer support............................................................................. 52 6.2. Grupa Azoty Group’s significant external and internal growth factors ....................................... 54 6.2.1. External factors ................................................................................................ 54 6.2.2. Internal factors ................................................................................................. 55 7. Equity and other securities and its major shareholders ..................................................... 56 7.1. Total number and par value of Company shares, holdings of Company shares by supervisory and management personnel, and interests of such persons in the Company’s related entities ............. 56 7.2. Treasury shares held by the Parent, Group companies and persons acting on their behalf .................. 56 7.3. Shares of the Parent .............................................................................................. 56 8. Statement of compliance with corporate governance standards ............................................ 58 8.1. Corporate governance code applicable to the Parent and the place where the text of the code is available to the public ............................................................................................... 58 8.2. Declaration of applying the recommendations contained in the ‘Best Practice for WSE Listed Companies 2016’ ......................................................................................... 59 Grupa Azoty Zakłady Chemiczne Police Group Page 3 of 90 Directors' Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group in the 12 months ended December 31st 2018 (all figures in PLN '000 unless otherwise stated) 8.3. Internal control and risk management systems ................................................................. 63 8.4. Management standards and systems ............................................................................ 64 8.5. Shareholding structure ........................................................................................... 65 8.6. Special control powers of holders of securities ................................................................ 66 8.7. Restrictions on voting rights .................................................................................... 66 8.8. Restrictions on the transferability of securities ................................................................. 66 8.9. Rules governing appointment and removal of the management staff. Powers of the management staff, including in particular the authority to resolve to issue or buy back shares ........................... 66 8.10. Rules governing amendments to the Parent’s Articles of Association ...................................... 67 8.11. Operation of the General Meeting ............................................................................
Load more

Recommended publications
  • Development Priorities
    HIERARCHICAL STRUCTURE OF THE CITIES KOPENHAGA SZTOKHOLSZTOKHOLM Lubmin METROPOLITAN HAMBURG OSLO LUBEKA Greifswald Zinnowitz REGIONAL Wolgast M Dziwnów GDAŃSKRYGA SUBREGIONAL Loitz DEVELOPMENT PRIORITIES SUPRA-LOCAL Heringsdorf Kamień Gutzkow Międzyzdroje Jarmen Pomorski LOCAL Świnoujście the Polish Part of MAIN CONNECTIONS Anklam ROAD CROSS BORDER METROPOLITAN REGION OF Wolin RAILWAY Golczewo ZACHODNIOPOMORSKIE WATER REGION Ducherow NATIONAL ROAD SZCZECIN REGIONAL ROAD Uckermunde Nowe Warpno VIA HANSEATICA Altentreptow Eggesin CETC-ROUTE 65 Friedland Ferdindndshof INTERNATIONAL CYCLING TRAILS Nowogard Torgelow PROTECTED NATURAL AREAS Neubrandenburg Police INLAD AND SEA INFRASTRUCTURE Goleniów THE ASSOCIATION OF SEAPORTS WITH BASIC MEANING FOR NATIONAL ECONOMY THE SZCZECIN METROPOLITAN REGION Burg Stargard SEAPORTS Pasewalk Locknitz SMALL SEAPORTS Woldegk HARBOURS Szczecin MARINAS ACCESS CHANNELS AVIATION INFRASTRUCTURE Feldberg Stargard Szczeciński SZCZECIN-GOLENIÓW AIRPORT Prenzlau WARSZAWA COMMUNICATION AIRPORTS THE CITY OF ŚWINOUJŚCIE PROPOSED AIRPORTS, BASED ON EXISTING INFRASTRUCTURE Gryfino Gartz RAILWAY NETWORK - PLANNED SZCZECIN METROPOLITAN RAILWAY LOCAL LINE POSSIBLE CONNECTIONS Templin Pyrzyce TRAIN FERRY ECONOMICAL ACTIVITY ZONES Schwedt POZNAŃ MAIN INDUSTRIAL & SERVICE AREAS WROCŁA THE ASSOCIATION OF POLISH MUNICIPALITIES Angermunde EUROREGION POMERANIA MAIN SPATIAL STRUCTURES AGRICULTURAL Chojna Trzcińsko Zdrój TOURISTIC W Myślibórz SCIENCE AND EDUCATION Cedynia UNIVERSITIES SCHOOLS WITH BILINGUAL DEPARTMENTS Moryń CONFERENCE
    [Show full text]
  • Nitrogen Source for Inflorescence Development in Phalaenopsis: I
    J. AMER.SOC.HORT.SCI. 139(1):69–75. 2014. Nitrogen Source for Inflorescence Development in Phalaenopsis: I. Relative Significance of Stored and Newly Absorbed Nitrogen Hadi Susilo, Ying-Chun Peng, and Yao-Chien Alex Chang1 Department of Horticulture and Landscape Architecture, National Taiwan University, 1 Roosevelt Road Sec. 4, Taipei 10617, Taiwan ADDITIONAL INDEX WORDS. moth orchid, nitrogen-15, nitrogen partitioning, nutrient mobilization, sink-source relationship, stable isotope ABSTRACT. Phalaenopsis orchid is a slow-growing crop that responds slowly to fertilization. In this study, we used 15N- labeled Johnson’s solution to investigate the accumulation and use of fertilizer nitrogen (N) during the vegetative and reproductive growth stages of Phalaenopsis Sogo Yukidian ‘V3’ with a focus on the nitrogen source for inflorescence development. Labeling of fertilizer applied to mature plants 6 weeks before forcing or at 6 weeks into forcing showed that in the inflorescence, the ratio of N derived from fertilizer applied 6 weeks before forcing to the N derived from fertilizer applied 6 weeks into forcing was 31% to 69%, which shows the importance of newly absorbed fertilizer for supplying the N needed for inflorescence development. The fate of fertilizer N applied during the small, medium, or large plant stage of vegetative Phalaenopsis Sogo Yukidian ‘V3’ was traced separately with 15N-labeling. The capacity of the plant to accumulate N after fertilizer application was different during the various stages of vegetative growth, with large plants having more N storage capacity as a result of their greater biomass. However, the percentage of the accumulated N that was later allocated to the inflorescence was similar regardless of the stage of fertilizer application: of the fertilizer N absorbed during various stages of the vegetative period, 6% to 8% was allocated to the inflorescence at the visible bud stage.
    [Show full text]
  • Grupa Azoty Strengthens Partnership with New Chemical Syntheses
    08.02.2018 Grupa Azoty strengthens partnership with New Chemical Syntheses Institute of Puławy On the initiative of Przemysław Czarnek, Governor of the Lublin Province, the Grupa Azoty Group, Poland’s leading chemical group, and the New Chemical Syntheses Institute of Puławy (INS), a renowned Polish research centre, have signed a letter of intent on close and regular cooperation. Group-wide coordination of R&D activities combined with new multidisciplinary projects will improve the Group’s chances of launching innovative solutions on an industrial scale. Fully unlocking the research potential of the Institute, a well- established research centre with over 50 years of presence in the Lublin Province, will also spur further development of the region and the Polish chemical industry at large. “ I am very glad that the New Chemical Syntheses Institute of Puławy will collaborate not only with Grupa Azoty Puławy, but also with other Grupa Azoty Group companies across Poland. It is an important milestone on the road towards closer cooperation between science and business – an effort championed by Polish Prime Minister Mateusz Morawiecki and Minister of Science and Higher Education Jarosław Gowin. I believe that strong links between all Grupa Azoty Group companies and the INS, fostered across many areas, will contribute to the development of the Institute itself, which already has a successful track record in scientific research spanning several decades, as well as of the entire Lublin Province,” said Przemysław Czarnek, the Lublin Province Governor. The partnership will involve participation in R&D and implementation projects in Poland and abroad, research and development of new products and manufacturing technologies and their pilot implementation.
    [Show full text]
  • Recreational Space Valorisation in Western Pomerania District
    Eliza Kalbarczyk, Robert Kalbarczyk Recreational space valorisation in Western Pomerania district Acta Scientiarum Polonorum. Administratio Locorum 6/3, 59-73 2007 Acta Sci. Pol., Administratio Locorum 6(3) 2007, 59-73 RECREATIONAL SPACE VALORISATION IN WESTERN POMERANIA DISTRICT Eliza Kalbarczyk, Robert Kalbarczyk Agricultural University in Szczecin Abstract. The paper has been aimed at finding agrotourism development opportunities in particular municipalities of Western Pomerania district. A Drzewiecki’s method, comprising seven criteria scale for agro tourism attractiveness for each municipality, was used to valorise recreational space in there. According to Drzewiecki a rural or urbanrural municipality can be regarded as a rural recreational space only if three, out of seven criteria, are met. In case of Western Pomerania region, municipalities happen to meet the criteria of agrotourism attractiveness mainly due to small population density (89% of municipalities), high individual agriculture rate (52% of municipalities), and last but not least, high forest to overall area rate (47% of municipalities). Specifically, 41 municipalities shall be regarded as country recreational space since they meet at least three, out of the seven concerned, criteria. Country recreational space in the Western Pomerania district amounts to 10 700 km2 (47% of the total district area), which is inhabited by 206 000 people (12% of the district population). The area does not provide a compact space, though the agrotourism oriented municipalities tend to conglomerate in Drawskie Lakeland (namely Drawsko, Łobez, and Szczecinek counties), as well as in Goleniów county. Four criteria (maximum) are met, however, only by 14 municipalities of Western Pomerania (zachodniopomorskie) District, most frequently in Drawsko, Goleniów, and Stargard Szczeciński counties.
    [Show full text]
  • Consolidated Half-Year Report Including Directors’ Report on the Activities of the Grupa Azoty Zakłady Chemiczne Police Group for the First Half of 2017
    Consolidated half-year report including Directors’ Report on the activities of the Grupa Azoty Zakłady Chemiczne Police Group for the first half of 2017 Grupa Azoty Zakłady Chemiczne Police Group Contents 1. General information about the Group .................................................................................. 3 2. Financial condition and assets ........................................................................................... 4 2.1. Assessment of non-recurring factors and events having a material impact on the Group’s business and financial results ......................................................................................................... 4 2.2. Market overview ........................................................................................................... 5 2.3. Key financial and economic data ....................................................................................... 10 2.3.1. Consolidated financial results ........................................................................................ 10 2.3.2. Segments’ financial results ........................................................................................... 11 2.3.3. Sales by product groups ............................................................................................... 14 2.3.4. Operating expenses .................................................................................................... 15 2.3.5. Structure of assets, equity and liabilities ..........................................................................
    [Show full text]
  • Towards an Integrated Market for Seeds and Fertilizers in West Africa Public Disclosure Authorized
    93630 Towards an Integrated Market for Seeds and Fertilizers in West Africa Public Disclosure Authorized John C. Keysera, Marjatta Eilittäb, Georges Dimithec, Gbolagade d e Ayoola , and Louis Sène January, 2015 Public Disclosure Authorized Public Disclosure Authorized a Lead author, World Bank Group; b West Africa trade and fertilizer specialist, lead consultant; c Public Disclosure Authorized institutional development specialist, consultant; d fertilizer and seed trade specialist, consultant; e seed trade specialist, consultant. TOWARDS AN INTEGRATED MARKET FOR SEEDS AND FERTILIZERS IN WEST AFRICA Abstract To improve farmer access to quality seeds and fertilizers, West African governments have been working through ECOWAS and other regional organizations to develop harmonized rules for input trade for many years. After extensive consultations, regional regulations based on advanced international standards have mostly been agreed upon and are already helping to guide quality improvements in some countries. Despite these encouraging signs, most countries do not currently have the physical capacity or institutional structures needed to implement the agreed trade rules which will take considerable time and investment to develop. The analysis, therefore, points to a need for pragmatic solutions that are easy for individual countries or groups of countries to implement in the near term while longer-term progress towards full harmonization continues. Key words Africa, regional trade, crop inputs, harmonization Acknowledgements This working paper is the result of numerous consultations with seed, fertilizer, and regional trade experts in West Africa who generously gave their time for interviews, for sharing data, and for answering questions after the country visits. The complete list of individuals met is too long for this page, but the team would like everyone to know that their time and efforts are greatly appreciated.
    [Show full text]
  • Pdf Esp 862.Pdf
    SZCZECIN 2016 European Capital of Culture Candidate Text Dana Jesswein-Wójcik, Robert Jurszo, Wojciech Kłosowski, Józef Szkandera, Marek Sztark English translation Andrzej Wojtasik Proof-reading Krzysztof Gajda Design and layout Rafał Kosakowski www.reya-d.com Cover Andrej Waldegg www.andrejwaldegg.com Photography Cezary Aszkiełowicz, Konrad Królikowski, Wojciech Kłosowski, Andrzej Łazowski, Artur Magdziarz, Łukasz Malinowski, Tomasz Seidler, Cezary Skórka, Timm Stütz, Tadeusz Szklarski Published by SZCZECIN 2016 www.szczecin2016.pl ISBN 978-83-930528-3-7 (Polish edition) ISBN 978-83-930528-4-4 (English edition) This work is licensed under a Creative Commons licence (Attribution – Noncommercial – NoDerivs) 2.5 Poland I edition Szczecin 2010 Printed by KADRUK s.c. www.kadruk.com.pl SZCZECIN 2016 European Capital of Culture Candidate We wish to thank all those who contributed in different ways to Szczecin’s bid for the title of the European Capital of Culture 2016. The group is made up of experts, consultants, artists, NGO activists, public servants and other conscious supporters of this great project. Our special thanks go to the following people: Marta Adamaszek, Krzysztof Adamski, Patrick Alfers, Katarzyna Ireneusz Grynfelder, Andreas Guskos, Elżbieta Gutowska, Amon, Wioletta Anders, Maria Andrzejewska, Adrianna Małgorzata Gwiazdowska, Elke Haferburg, Wolfgang Hahn, Chris Andrzejczyk, Kinga Krystyna Aniśko, Paweł Antosik, Renata Arent, Hamer, Kazu Hanada Blumfeld, Martin Hanf, Drago Hari, Mariusz Anna Augustynowicz, Rafał Bajena, Ewa
    [Show full text]
  • Safety Data Sheet SDS-Zchp- 008/10 According to Regulation (EC) 1907/2006 Version 05
    Safety Data Sheet SDS-ZChP- 008/10 according to Regulation (EC) 1907/2006 version 05 Zaklady Compound fertilizer NPK, NPKMg The date of: Chemiczne containing calcium compilation revision „Police” S.A. bis(dihydrogenorthophosphate) 09.11.2010 22.06.2015 SECTION 1: Identification of the mixture and of the company/undertaking 1.1. Product identifier Trade name Compound fertilizer (NPK, NPKMg) 1.2. Relevant identified uses of the mixture and uses advised against Used as a mineral fertilizer. 1.3. Details of the supplier of the safety data sheet Grupa Azoty Zaklady Chemiczne „Police” S.A. Internet: grupaazoty.com Kuznicka 1, 72-010 Police, Poland Phone no: + 48 91 317 1090 Tele-Fax no: + 48 91 317 3103 A person responsible for Safety Data Sheet Agnieszka Belcyr /MSc eng/ Phone no. + 48 91 317 1750; Tele-Fax: + 48 91 317 2122; e-mail: [email protected] 1.4. Emergency telephone number Chief Dispatcher Alarm telephone no: + 48 91 317 1616 (24h) Telephone no: + 48 91 317 4201 (24h) SECTION 2: Hazards identification 2.1. Classification of the mixture Hazard Class and Category Code Eye Dam. 1 Hazard Statement H318 Explanation of the phrases in section 16 Human Health effects Skin effect Longer contact may cause skin irritation. Eyes effect Longer contact may cause severe eye irritation. Swallowing There is no toxic effect when ingesting small amounts. Ingestion of a high amount leads to gastrointestinal discomforts. Inhalation High concentration of wafting dust may cause nose irritation and irritation of the upper respiratory tract and produce symptoms like sore throat and cough.
    [Show full text]
  • Grupa Azoty Integrated Report
    TY TED 5 A AZO GRA 201 GRUP INTE REPORT OUR GROUP OUR BUSINESS OUR RESPONSIBILITY OUR FINANCES OUR REPORT RAPORT ZINTEGROWANY GRUPY AZOTY ZA ROK 2015 om c . y t o grupaaz TABLE OF CONTENTS OUR GROUP OUR BUSINESS OUR RESPONSIBILITY OUR FINANCES OUR REPORT Letter of the Management Board . 2 1.0 OUR GROUP . 7 2.0 OUR BUSINESS . 41 3.0 OUR RESPONSIBILITY. 73 4.0 OUR FINANCES . 117 5.0 OUR REPORT . 129 Grupa Azoty in key figures . 4 1.1. About the Grupa Azoty Group . 9 2.1. Our products . 43 3.1. Our employees . 75 4.1. Basis of preparation 5.1. About the report . 131 of the summary 1.1.1 The structure 2.2.1. Our main products . 43 3.1.1. Who forms 5.2.Index GRI . 133 financial statements . 119 of the Grupa Azoty Group . 9 2.2. Our production. 52 the Grupa Azoty Group? . 75 5.3. Independent confirming 4.2.Consolidated statement report . 138 1.1.2. Our strategy . 12 2.2.1. Raw materials used 3.1.2. Developing the potential of profit or loss and other of our employees . 81 1.1.3. Our key investments . 13 for manufacturing comprehensive income. 120 of our products . 52 3.1.3. Conducting dialogue 1.1.4. Results of the Azoty PRO 4.3.Consolidated statement with employees . 84 Program . 18 2.2.2. Supply chain management. 55 of financial position . 122 3.1.4. Preventing discrimination . 87 1.1.5. The place for responsible 2.2.3. Development of our products.
    [Show full text]
  • Fully Trap the Limiting Resource (P) Until P Becomes Totally Restricted
    Annals of Tropical Research 4123242 ( ): - (201 9 ) © VSU, Leyte, Philippines Direct 33P labeling approach is a very powerful technique that has high sensitivity in tracing the fate of added phosphorus (P) fertilizers across various P pools. Nonetheless, only a few studies have used this approach. This study traced the fate of applied P fertilizer in acidic P-limited soil using the 33 P labeling approach. 33 The incorporation of P-labeled KH2 PO 4 in available P (P AEM ), microbial biomass P (Pmic ) and Fe/Al-bound P (P NaOH ) pools was followed in Cambisol as influenced by C and N sources applied as glucose and ammonium sulfate, respectively. Results showed that not all of the added P fertilizer remains in available pool; instead, it was distributed to poorly-available pools. Fast, almost instantaneous P fixation by the Fe and Al oxides and immobilization by microbial uptake were recorded. Applying glucose boosts microbial growth and demand for P, resulting in increased 33P 33 33 recovery. High P recovery in Pmic (20% of the applied P) and in P NaOH (45% of applied 33P) showed the dominance of P immobilization by microorganisms and adsorption by Fe and Al oxides on the fate of P in an acidic soil. Nevertheless, these can contribute to long-term P availability after the turnover of microbial biomass and desorption of fixed P. Keywords: 33P isotopic labeling, Phosphorus dynamics , Phosphorus availability , Phosphorus fractions, Microbial biomass P , P-limited soil Phosphorus (P) as orthophosphate is essential to life as a structural and functional component of all living organisms and cannot be substituted by any other nutrient (Chimdi et al 2014, Frossard et al 2016).
    [Show full text]
  • EPC Contract Signed with Contractor for Polimery Police Project
    11.05.2019 EPC contract signed with contractor for Polimery Police project. Polypropylene unit to enter commercial operation in three years’ time. On May 11th 2019, PDH Polska S.A., a company owned by Grupa Azoty and Grupa Azoty Police, signed a contract for turnkey execution of the Polimery Police project with Hyundai Engineering Co., Ltd, marking a milestone in what is the largest chemical project in years. The contract provides for comprehensive implementation of the Polimery Police project, a new petrochemical complex in Police comprising five sub-projects: (1) a propane dehydrogenation unit (PDH Unit), (2) a polypropylene unit (PP Unit), (3) a system for packaging, storage, logistics and dispatch of polypropylene, (4) auxiliary units and inter-unit connections, and (5) a handling and storage terminal comprising port facilities for the unloading and storage of propane and ethylene from seagoing vessels. The target capacity of the PDH Unit is 400,000 tonnes of propylene with a purity of 99.6% by volume (polymer grade) per 8,000 hours, and that of the PP Unit – 400,000 tonnes of polypropylene per 8,000 hours. “The implementation of this strategic project is a landmark event for the Grupa Azoty Group and the Polish chemical industry. Once brought on stream, Polimery Police will help us significantly and strategically diversify our business into the promising and fast-growing plastics market, particularly the polypropylene market segment. We expect the share of the plastics business in consolidated revenue will expand from around 16% in 2018 to over 30% in a few years’ time. Stepping up our efforts to expand non-fertilizer business lines will allow us to diversify revenue sources and mitigate seasonal fluctuations in demand.
    [Show full text]
  • Consolidated Quarterly Report of the Grupa Azoty Zakłady Chemiczne Police Group
    Consolidated quarterly report of the Grupa Azoty Zakłady Chemiczne Police Group for Q1 2021 Contents I. FINANCIAL HIGHLIGHTS ....................................................................................................................... 4 Consolidated financial highlights ............................................................................................................ 5 Separate financial highlights ................................................................................................................... 6 II. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31ST 2021 PREPARED IN ACCORDANCE WITH IAS 34 INTERIM FINANCIAL REPORTING AS ENDORSED BY THE EUROPEAN UNION ................................................................................................ 7 Interim condensed consolidated statement of profit or loss and other comprehensive income .......... 8 Interim condensed consolidated statement of financial position ........................................................ 10 Interim condensed consolidated statement of changes in equity ........................................................ 12 Interim condensed consolidated statement of cash flows ................................................................... 14 1. The Group ............................................................................................................................................. 16 1.1. Organisation of the Grupa Azoty Zakłady Chemiczne Police Group ....................................................
    [Show full text]