DOCSLIB.ORG

Grupa Azoty: Hold (Downgraded) ATT PW; ATT.WA | Chemicals, Poland

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Grupa Azoty: Hold (Downgraded) ATT PW; ATT.WA | Chemicals, Poland Tuesday, August 30, 2016 | update Grupa Azoty: hold (downgraded) ATT PW; ATT.WA | Chemicals, Poland Cheap Grain Keeps Fertilizer Prices Down Current Price PLN 64.79 Target Price PLN 65.50 After a bumper harvest in former Soviet states and in both Americas, the world is set for the fourth consecutive global grain surplus in the Market Cap PLN 6.4bn 2016/2017 season which, in our view, is more than likely to keep Free Float PLN 1.5bn the prices of crops and cereals low at least through to the end of ADTV (3M) PLN 8.52m 2016. In this environment, there is no room for producers of agricultural fertilizers like Grupa Azoty to raise their sales prices for Ownership at least another year-and-a-half. Accordingly, we have lowered our 2016 and 2017 grain price assumptions, originally predicated on the Polish Government 33.00% expectation that a lower harvest in Europe would mitigate the global Wiaczesław Kantor (Acron) 19.70% oversupply of crops, and likewise we have downgraded our NN OFE 9.96% expectations as to the prices of fertilizers. Consequently, we have TFI PZU AM 8.60% revised our financial forecasts for Grupa Azoty's Fertilizer business, EBRD 5.75% and we now expect that the segmental EBITDA will post a drop of 12.2% in 2016 and 25.2% in 2017. On a positive note, at the same time we expect improvement in the Chemicals segment, driven Others 22.99% mainly by high prices of melamine. On our updated estimates, ATT is trading at respective premiums of 4% and 16% relative to 2017E Business Profile and 2018E peer EV/EBITDA ratios. We are lowering our price target Grupa Azoty is a fertilizer producer with a portfolio for Grupa Azoty from PLN 86.10 to PLN 65.50 per share, with the consisting among others of nitrogen fertilizers (with annual maximum production at 2.0-2.1mmt of investment rating downgraded from buy to hold. nitrate fertilizer, 0.7mmt of ammonium nitrate, 0.7mmt of ammonium sulfate, 1.2mmt of UAN, and Grupa Azoty posts weak second quarter of 2016 0.2mmt of "AdBlue" technical urea), compound On a higher sales volume, Grupa Azoty reported disappointing profits in Q2 fertilizers (1.8mmt max), caprolactam (170,000 2016, led by the Fertilizer business. With EBITDA per ton of fertilizer sold in tons), PA6 (92,000 tons), melamine (96,000 tons), the period shrunken by about one-third compared to Q2 2015, the total plasticizers (83,500 tons), OXO alcohols (205,000 quarterly EBITDA fell 39% short of the market estimate, and the net profit tons), and titanium white (40,000 tons). Grupa Azoty is a top-two fertilizer producer in Poland missed the consensus by 63%. The worsened profitability of fertilizer sales alongside Anwil. was additionally exacerbated by an unexpected increase in SG&A expenses. ATT vs. WIG Europe trails World on wheat harvest 120 The USDA predicts that due to adverse weather conditions the European wheat supply in the 2016/2017 season will be 7.8% lower than in the PLN previous season. At the same time, a much higher harvest is expected in former Soviet states and in North America. The resulting oversupply on a 105 global scale, while the local yields tighten, is likely to reduce the purchasing power of EU farmers, with demand for fertilizers further dampened by the fact that the soil needs less fertilizer after a poorer harvest. 90 Gas costs due to fall again in Q3 Low prices of natural gas fuel help mitigate weak demand for fertilizers at Grupa Azoty, and in Q3 2016 we expect the Company's gas costs to go down 75 3%. ATT WIG Scaled-back CAPEX Grupa Azoty has recently revised its planned 2016 capital expenditures from 60 Aug-15 Nov-15 Feb-16 May-16 Aug-16 the original PLN 2.0bn to PLN 1.6bn after reviewing the projects lined up by the former Management Board. Within the next few months, given that it Target Price Rating spent only PLN 0.55bn in the first half of the year, we expect the Company Company to cut the CAPEX budget further to ca. PLN 1.4bn. new old new old Grupa Azoty 65.50 86.10 hold buy Current Target Upside / (PLN m) 2014 2015 2016E 2017E 2018E Company Price Price Downside Revenue 9,898.5 10,024.4 9,260.1 9,760.0 9,896.4 Grupa Azoty 64.79 65.50 +1.1% EBITDA 822.4 1,309.3 1,204.9 1,114.7 1,268.6 Forecast revision 2016E 2017E 2018E EBITDA margin 8.3% 13.1% 13.0% 11.4% 12.8% since last update EBIT 302.2 830.0 709.4 584.1 686.4 Revenue -5.3% -1.5% -2.2% Net profit 231.4 609.5 507.6 399.4 458.6 EBITDA -15.9% -15.5% -11.6% DPS 0.42 0.00 0.84 1.54 2.42 Net profit -21.9% -25.6% -20.9% P/E 27.8 10.5 12.7 16.1 14.0 P/CE 8.6 5.9 6.4 6.9 6.2 Analyst: P/BV 1.1 1.0 0.9 0.9 0.9 EV/EBITDA 9.2 5.5 6.3 7.3 6.6 Jakub Szkopek +48 22 438 24 03 DYield 0.6% 0.0% 1.3% 2.4% 3.7% [email protected] Market Outlook World biggest wheat-producing regions (mmt), 2012-2017 Crop Harvest 180 160 The US Department of Agriculture projects the 2016/2017 140 global wheat harvest at 728 million tons after a year- 120 on-year rise of 1.2%, driven by a record expected average yield of 3.37 tons per hectare led by former Soviet 100 states, North America, and South Asia. As a result, the 80 Agency anticipates the fourth consecutive season of 60 growing world supplies , with the stocks-to-use ratio kept high at close to 35%. 40 20 Global wheat production and consumption (mmt, 0 lhs), and average yield (t/ha, rhs), 2000-2017P East Asia EU28 F. Soviet North South Asia 800 4.0 States America 12/13 13/14 14/15 15/16 16/17 700 3.5 Source: USDA, Dom Maklerski mBanku 600 3.0 500 2.5 Net wheat exports by region (mmt), 2012-2017 400 2.0 50 300 1.5 40 200 1.0 100 0.5 30 0 0.0 20 10 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Production Consumption Yield per hectare 0 Source: USDA, Dom Maklerski mBanku -10 Global wheat stocks (mmt, lhs) and stocks-to-use -20 ratio (%, rhs), 2000-2017 East Asia EU28 F. Soviet North South Asia States America 300 40% 12/13 13/14 14/15 15/16 16/17 35% 250 Source: USDA, Dom Maklerski mBanku 30% 200 25% The USDA also anticipates a record global corn harvest 150 20% in the 2016/2017 season at a projected 1,028mmt after a 7.2% y/y jump, resulting in a high stocks-to-usage 15% 100 ratio above 20% . 10% 50 5% The areas where the corn harvest is expected to be the highest this year are North America and South 0 0% America, with the latter, similarly to the wheat-producing former Soviet States, able to offer low dollar prices in the 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 wake of local currency depreciation. Stocks Stock/Usage ratio Global corn production and consumption (mmt, lhs), Source: USDA, Dom Maklerski mBanku and average yield (t/ha, rhs), 2000-2017P At the same time, the USDA's forecast for Europe is that, 1,200 7 due to adverse weather conditions (flooding, heavy rainfall 6 during planned harvest), the European wheat supply in 1,000 the 2016/2017 season will be 7.8% lower than in 5 800 the previous season . Contrary to what we had assumed 4 earlier, however, the lower harvest in Europe will not result 600 in a reduction in the global oversupply. 3 400 2 After a high harvest, shipments of wheat from the former Soviet states and from North America are due to increase 200 1 in the 2016/2017 season, putting downward pressure on 0 0 global prices. This effect will be compounded by the fact that, after a sharp depreciation in their respective local currencies in the last three years, exporters in Ukraine, 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Kazakhstan, and Russia can generate high profit margins Production Consumption Yield per hectare even as global wheat prices decline. Source: USDA, Dom Maklerski mBanku 2 Global corn stocks (mmt, lhs) and stocks-to-use Fertilizer Market ratio (%, rhs), 2000-2017 250 35% The expected low prices of basic crops will most likely affect the purchasing power of EU-based farmers, with 30% 200 implications for fertilizer producers. In Poland, a 5% 25% higher grain harvest and a bigger vegetable harvest will be offset by a 10-20% lower rapeseed harvest this year. What 150 20% is more, the lower crop yields anticipated in Europe, 100 15% leaving the soil less depleted of nutrients, may mean reduced fertilizer purchases for the 2017 planting 10% 50 season.
Load more

Recommended publications
  • Orlen, Fuelling the Future
    SEPARATE ANNUAL REPORT OF PKN ORLEN S.A. FOR THE YEAR 2016 1. LETTER OF THE PRESIDENT OF THE BOARD 2. OPINION AND REPORT OF THE INDEPENDENT AUDITOR 3. SELECTED FINANCIAL DATA 4. SEPARATE FINANCIAL STATEMENT OF PKN ORLEN S.A. 5. MANAGEMENT BOARD REPORT ON THE OPERATIONS OF ORLEN GROUP AND PKN ORLEN S.A. SELECTED FINANCIAL DATA OF PKN ORLEN PLN million EUR million 12 MONTHS 12 MONTHS 12 MONTHS 12 MONTHS ENDED ENDED ENDED ENDED 31/12/2016 31/12/2015 31/12/2016 31/12/2015 Sales revenues 53 633 60 466 12 257 13 819 Profit from operations increased by depreciation and amortisation (EBITDA) 5 011 2 869 1 145 656 Profit from operations (EBIT) 3 869 1 769 884 404 Profit before tax 6 069 1 308 1 387 299 Net profit 5 364 1 048 1 226 240 Net profit before net impairment allowances* 4 247 1 845 971 422 Total net comprehensive income 5 177 2 279 1 183 521 Net cash from operating activities 5 434 948 1 242 217 Net cash (used) in investing activities (1 873) (1 669) (428) (381) Net cash (used) in financing activities (1 970) (1 796) (450) (410) Net increase/(decrease) in cash 1 591 (2 517) 364 (575) Net profit and diluted net profit per share (in PLN/EUR per share) 12.54 2.45 2.87 0.56 31/12/2016 31/12/2015 31/12/2016 31/12/2015 Non-current assets 25 109 23 146 5 676 5 232 Current assets 17 963 13 835 4 060 3 127 Total assets 43 072 36 981 9 736 8 359 Share capital 1 058 1 058 239 239 Total equity 22 168 17 846 5 011 4 034 Non-current liabilities 8 918 9 459 2 016 2 138 Current liabilities 11 986 9 676 2 709 2 187 Number of shares 427 709 061 427 709
    [Show full text]
  • GRUPA AZOTY Zakłady Azotowe "Puławy" S.A
    GRUPA AZOTY Zakłady Azotowe "Puławy" S.A. Investment or Cooperation Offer April 2016 Puławy Production Park - (PPP) Subzone Puławy SEZ Starachowice www.sse.pulawy.com On 24 April, 2003, Puławy Municipality and Zakłady Azotowe "Puławy" S.A. (ZAP S.A.), set up the Puławy Production Park. Today Puławy Production Park spreads out on the area of nearly 700 ha and it covers four areas of competence: 1. Puławy Production Park (PPP) - area of approx. 570 ha, administered by Zakłady Azotowe "Puławy" S.A. 2. Puławy Subzone of The "Starachowice" Special Economic Zone - area of approx. 99 ha, located with in the premises of Puławy Production Park - administered by the Management of SSE "Sta- rachowice" S.A. and the Management Board of GRUPA AZOTY Zakłady Azotowe "Puławy" S.A. 3. Puławy Production Park - area of approx. 130 ha, administered by Puławy Municipality. 4. Puławy Science and Technology Park (PPN-T) - curently erected within the premises of PPP, administered by Puławy Municipality. 1 Location Puławy is situated in the South-East Poland, where the three following geographic regions meet: Nizina Mazowiecka, Małopolski Przełom Wisły and Wyżyna Lubelska. Distances from bigger towns of the region, Poland and Europe: Warsaw 110 km Lublin 45 km Lwów 260 km Berlin 700 km Nearest airports: Świdnik 55 km Warsaw 110 km Rzeszów 167 km Nearest sea ports: Gdańsk, Gdynia approx. 450 km - own transshipment terminal. Profile of the Subzone Due to specific activity of GRUPA AZOTY Zakłady Azotowe "Puławy" S.A., closely related to the "Great Chemical Synthesis Sector", the Puławy Subzone of the Starachowice Special Economic Zone is a perfect location for investors whose undertakings can be realized in cooperation with GA ZAP SA, based on a broad basis of products and components manufactured in Puławy, available here unique media and feedstocks.
    [Show full text]
  • THE IMPACT of ACQUISITION on STOCK VALUE in CASE of WARSAW STOCK EXCHANGE Wojciech Kaczmarczyk1
    ECONOMICS AND CULTURE 16(1), 2019 DOI: 10.2478/jec-2019-0008 THE IMPACT OF ACQUISITION ON STOCK VALUE IN CASE OF WARSAW STOCK EXCHANGE Wojciech Kaczmarczyk1 DOI: 10.1515/jec-2016-0014 1University of Economics in Katowice, 1 Maja street 50, 40-287 Katowice, Poland, [email protected], ORCID: 0000-0003-2037-2568 Abstract Research purpose: Seven of 10 companies that have won the Polish Forbes edition Merge & Acquisition 2018 Ranking are listed on Warsaw Stock Exchange. The aim of the conducted research was to test if the biggest acquisitions have an impact on stocks value and is it possible for typical investor to create extra profit by using knowledge of acquisition based on public information. Design/Methodology/Approach: Using data from Warsaw Stock Exchange (quotations), typical measures such as rate of return, standard deviation (risk), correlation and transaction volume changes were calculated. Each of the case results obtained for the company was compared with the result for stock market indexes: WIG (Warszawski Indeks Giełdowy – main WSE index), WIG20 (WSE sub-index of the 20 largest companies), mWIG40 (WSE sub-index of 40 medium companies) and sWIG80 (WSE sub-index of 80 small companies). In addition, the outcomes were confronted with public news (from WSE Electronic System for Information Transfer). Findings: Conducted research has shown that generally successful finalisation of acquisition results in changes of stock prices behaviour. Unfortunately, observed reactions were not the same. Acquisitions induced both increases and decreases in stock prices; there was also no rule in case of risk change. Generally, acquisitions and merges had rather good influence in banking sector (which is still concentrating), but there was no common reaction in other sectors.
    [Show full text]
  • SOCIO-ECONOMIC ANALYSIS Public Version
    SOCIO-ECONOMIC ANALYSIS Public version Legal name of applicant: Grupa Azoty S.A. Submitted by: Grupa Azoty S.A. Substance: Trichloroethylene Use title: Industrial use as a process chemical in caprolactam purification Use number: 1 Disclaimer This report has been prepared by Risk & Policy Analysts Ltd, with reasonable skill, care and diligence under a contract to the client and in accordance with the terms and provisions of the contract. Risk & Policy Analysis Ltd will accept no responsibility towards the client and third parties in respect of any matters outside the scope of the contract. This report has been prepared for the client and we accept no liability for any loss or damage arising out of the provision of the report to third parties. Any such party relies on the report at their own risk. Table of contents 1 Summary of socio-economic analysis ....................................................................................1 1.1 Description of the use and importance of TCE ...............................................................................1 1.2 Requested review period................................................................................................................1 1.3 Human health impacts from the continued use of TCE..................................................................1 1.4 Economic and social benefits from the continued use of TCE........................................................2 2 Aims and scope of the SEA....................................................................................................3
    [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]
  • Winter in Prague 144 Companies Representing 15 Countries Can Be Selected for Meetings Online
    emerging europe conference Winter in Prague 144 companies representing 15 countries can be selected for meetings online Atrium / X5 / Banca Transilvania / Torunlar REIC have recently signed up click here Registration closes on Friday Tuesday to Friday 4 November For more information please contact your WOOD sales representative: 29 November to 2 December 2016 Warsaw +48 222 22 1530 Prague +420 222 096 452 Radisson Blu Alcron Hotel London +44 20 3530 0611 [email protected] Companies by country Bolded confirmed Companies by sector Bolded confirmed Austria Hungary Romania Turkey Consumer Financials Healthcare TMT Atrium ANY Biztonsagi Nyomda Nyrt. Banca Transilvania Anadolu Efes Aegean Airlines Alior Bank Georgia Healthcare Group Agora AT&S Magyar Telekom Bucharest Stock Exchange Arcelik AmRest Alpha Bank Krka Asseco Poland CA Immobilien MOL Group Conpet Bizim Toptan Anadolu Efes Athex Group (Hellenic Exchanges) Lokman Hekim AT&S Conwert OTP Bank Electrica Cimsa Arcelik Banca Transilvania CME Erste Bank Wizz Air Fondul Proprietatea Coca-Cola Icecek Astarta Bank Millennium Industrials Cyfrowy Polsat S.A. Immofinanz Hidroelectrica Dogan Holding Atlantic Grupa BGEO Ciech LiveChat Software PORR Poland Nuclearelectrica Dogus Otomotiv Bizim Toptan Bank Pekao Cimsa Luxoft Raiffeisen Bank Agora OMV Petrom Ford Otosan CCC Bank Zachodni WBK Dogus Otomotiv Magyar Telekom RHI Alior Bank Romgaz Garanti Coca-Cola Icecek Bucharest Stock Exchange Ford Otosan O2 Czech Republic Uniqa AmRest SIF-2 Moldova Halkbank DIXY CSOB Grupa Azoty Orange Polska Vienna Insurance Group Asseco Poland Transelectrica Lokman Hekim Eurocash Erste Bank Grupa Kęty OTE Warimpex Bank Millennium Transgaz Migros Ticaret Folli Follie Eurobank HMS Group Turk Telekom Wienerberger Bank Pekao Pegasus Airlines Fortuna Garanti Industrial Milk Company Wirtualna Polska Holding Bank Zachodni WBK Russia Sabanci Holding Gorenje Getin Noble Bank Intercars Croatia CCC DIXY Teknosa Hellenic Petroleum Halkbank Mytilineos Atlantic Grupa Ciech Gazprom Tofas Kernel Hellenic Bank Pegas Nonwovens Podravka Cyfrowy Polsat S.A.
    [Show full text]
  • Poland Is Promoted to Developed Market Status by Ftse Russell
    POLAND IS PROMOTED TO DEVELOPED MARKET STATUS BY FTSE RUSSELL As of 24 September 2018, Poland is classified as a Key issues Developed market by FTSE Russell. This promotion to the highest possible status in FTSE Russell's classifications is a • About FTSE Russell and FTSE significant achievement and a recognition of continuous Global Equity Index Series enhancements of the capital markets infrastructure and (GEIS) steady economic growth in Poland. Poland is now among the • International context eight largest economies in the European Union (EU) and 25 • For whom is Poland's promotion relevant? largest economies in the world. • Status of some Polish blue chips • Further implications ABOUT FTSE RUSSELL AND FTSE GLOBAL EQUITY INDEX SERIES (GEIS) FTSE Russell, a subsidiary of the London Stock Exchange Group, is a provider of stock market indices and associated data services, one of the largest in the world. FTSE Global Equity Index Series (GEIS) is a benchmark measuring the performance of global equity markets. According to FTSE Russell, FTSE GEIS looks at around 7,400 large-, mid- and small-cap stocks across 47 countries, with a total net market capitalization of USD 52 trillion, covering approximately 98 percent of the world’s investable market. FTSE Russell classifies markets using four categories: Developed, Advanced Emerging, Secondary Emerging and Frontier. Developed market status means that apart from market quality and size criteria being met, the country is considered as having high gross national income with developed market infrastructures. When determining a country's status, FTSE Russell measures, amongst other things, the market quality (regulatory framework, transactional landscape, derivatives market, etc.), adequateness of the market size, consistency and predictability, stability and market access (ease of investment and disinvestment).
    [Show full text]
  • Sprawozdanie Zarządu Z Działalności Za 2018R
    SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI GRUPY AZOTY ZAKŁADY AZOTOWE „PUŁAWY” SPÓŁKA AKCYJNA ORAZ GRUPY KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „PUŁAWY” SPÓŁKA AKCYJNA za okres 1 stycznia 2018 roku – 31 grudnia 2018 roku Sprawozdanie Zarządu z działalności Grupy Azoty Zakłady Azotowe „Puławy” Spółka Akcyjna oraz Grupy Kapitałowej Grupa Azoty Zakłady Azotowe „Puławy” Spółka Akcyjna za okres 1 stycznia 2018 roku – 31 grudnia 2018 roku SPIS TREŚCI 1. PODSTAWOWE INFORMACJE O GRUPIE AZOTY ZAKŁADY AZOTOWE „PUŁAWY” S.A. I GRUPIE KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „PUŁAWY” S.A. ..................................................................................................................... 4 1.1. STRUKTURA WŁASNOŚCI KAPITAŁU - GRUPA AZOTY ZAKŁADY AZOTOWE „P UŁAWY ” S.A. .................................... 4 1.2. ORGANIZACJA GRUPY KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „P UŁAWY ” S.A. ................................... 4 1.3. ZMIANY W STRUKTURZE GRUPY KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „P UŁAWY ” S.A. ...................... 5 1.4. STRUKTURA WŁASNOŚCI KAPITAŁU – SPÓŁKI KONSOLIDOWANE ........................................................................ 7 1.5. SYTUACJA GRUPY AZOTY ZAKŁADY AZOTOWE „P UŁAWY ” S.A. NA RYNKU KAPITAŁOWYM .................................... 9 2. ZAKRES DZIAŁALNOŚCI PODMIOTÓW GRUPY KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „PUŁAWY” S.A. ....... 11 3. OFERTA PRODUKTOWA GRUPY KAPITAŁOWEJ GRUPA AZOTY ZAKŁADY AZOTOWE „PUŁAWY” S.A. ............................. 12 4. PERSPEKTYWY ROZWOJU ..............................................................................................................................................
    [Show full text]
  • Winter in Prague Tuesday 5 December to Friday 8 December 2017
    emerging europe conference Winter in Prague Tuesday 5 December to Friday 8 December 2017 Our 2017 event held over 4 informative and jam-packed days, will continue the success of the previous five years and host almost 3,000 investor meetings, with over 160 companies representing 17 countries, covering multiple sectors. For more information please contact your WOOD sales representative: WOOD & Company Save Warsaw +48 222 22 1530 the Date! Prague +420 222 096 452 conferences 2017 London +44 20 3530 0611 [email protected] Participating companies in 2016 - by country Participating companies in 2016 - by sector Austria Hungary Romania Turkey Consumer Financials Healthcare TMT Atrium ANY Banca Transilvania Anadolu Efes Aegean Airlines Alior Bank Georgia Healthcare Group Asseco Poland AT&S Budapest Stock Exchange Bucharest Stock Exchange Arcelik AmRest Alpha Bank Krka AT&S CA Immobilien Magyar Telekom Conpet Bizim Toptan Anadolu Efes Athex Group (Hellenic Exchanges) Lokman Hekim CME Conwert MOL Group Electrica Cimsa Arcelik Banca Transilvania Cyfrowy Polsat S.A. Erste Bank OTP Bank Fondul Proprietatea Coca-Cola Icecek Astarta Bank Millennium Industrials Luxoft Immofinanz Wizz Air Hidroelectrica Dogan Holding Atlantic Grupa BGEO Aeroflot Magyar Telekom PORR Nuclearelectrica Dogus Otomotiv Bizim Toptan Bank Zachodni WBK Cimsa O2 Czech Republic RHI Kazakhstan OMV Petrom Ford Otosan CCC Bucharest Stock Exchange Ciech Orange Polska Uniqa Insurance Group Steppe Cement Romgaz Garanti Coca-Cola Icecek Budapest Stock Exchange Dogus Otomotiv OTE Vienna
    [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]
  • 05.07.2017 Grupa Azoty S.A
    05.07.2017 Grupa Azoty S.A. named Leader of Polish Export Grupa Azoty S.A. received an Acknowledgement Letter and Cup of the Leader of Polish Export, awarded by the Association of Polish Exporters. “It is important that we are perceived as one of Poland’s leading exporters. After all, for our business export is essential,” emphasised Małgorzata Malec, Head of the Plastics Segment. “The major markets for our products are located outside of Poland, and it is where we must compete with leading plastics manufacturers from all over the world,” she added. Grupa Azoty S.A.’s main export product is Tarnamid®, which is the trade name of polyamide 6 (PA6), produced in a number of modified varieties. This engineering plastic has exceptional strength and fatigue endurance properties, and is characterised by high thermal and chemical resistance. Therefore, it has plenty of applications, across the automotive, textile, electrical engineering, electronic and other industries, as well as in medicine. Thanks to its high quality and numerous varieties, Tarnamid has earned multiple awards and distinctions. At the 21st International Fair of Plastics and Rubber Processing PLASTPOL, held from May 23rd to May 26th, Grupa Azoty S.A. received a distinction for Tarnamid® with reduced flammability, which can be used in the railway transport. The Leader of Polish Export distinction was granted during the 15th edition of the Programme Conference of the Association of Polish Exporters, entitled “International Business Expansion as part of the Sustainable Development Strategy”. Apart from Grupa Azoty S.A., nearly thirty other companies were awarded – all of them major exporters or contributors to export growth.
    [Show full text]
  • Grupa Azoty Named Ambassador of Polska Chemia Brand Grupa Azoty Was Awarded the Coveted Title of Ambassador of the Polska Chemia Brand
    14.06.2018 Grupa Azoty named Ambassador of Polska Chemia brand Grupa Azoty was awarded the coveted title of Ambassador of the Polska Chemia brand. The title was presented to Wojciech Wardacki, President of the Grupa Azoty Management Board, during the fifth Polska Chemia Congress. ‘With its immense potential, Grupa Azoty is leading the way for the Polish chemical industry today. It is our ambition to consolidate and restructure our group into a modern and even more efficient organisation, operating on advanced business models. This would benefit the company itself, its owners, customers, the entire chemical industry and Poland’s economy. The Polish chemical industry needs a strong and integrated Grupa Azoty. I strongly believe that the coming years will decide the pace and directions of growth of the Polish chemical sector. We are facing some strategic decisions that will determine the future shape of our market. As a guardian and ambassador of the Polish chemical industry, we will make every effort to support its growth and enhance its competitiveness in Europe and globally,” said Wojciech Wardacki, President of the Grupa Azoty Management Board. The Ambassador of Polska Chemia title is awarded to individuals, institutions, businesses and organisations for promoting the Polska Chemia brand and for their service to the industry. The title is awarded by the Polish Chamber of Chemical Industry in partnership with the Jury of the Polska Chemia campaign. The fifth Polska Chemia Congress was held on June 13th and June 14th 2018 in Wieliczka. The Congress is the premier industry event in Poland, providing a forum for sharing experience, showcasing innovative ideas and building strategies for the chemical sector as a vital branch of industry.
    [Show full text]