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Consolidated Quarterly Report of the Grupa Azoty Zakłady Chemiczne Police Group

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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 ..................................................... 16 1.2. Composition of the Group ..................................................................................................................... 16 1.3. Composition of the Parent’s Management Board and Supervisory Board ........................................... 17 2. Significant events in the three months ended March 31st 2021 and until the authorisation date ...... 19 2.1 Fulfilment of conditions for the financial close by Grupa Azoty Polyolefins S.A. .................................. 19 2.2 Impact of COVID-19 pandemic on the Company’s and Group’s business............................................. 19 3. Policies applied in the preparation of the interim condensed consolidated financial statements....... 19 3.1. Statement of compliance and general policies ..................................................................................... 19 3.2. Accounting policies and computation methods .................................................................................... 20 4. Selected supplementary and explanatory notes ................................................................................... 21 4.1. Explanatory notes ................................................................................................................................. 21 4.2. Related parties ...................................................................................................................................... 31 4.3. Events after the reporting period that could affect financial results in the future ............................... 33 4.4. Dividends ............................................................................................................................................... 33 4.5. Seasonality of operations ...................................................................................................................... 33 III. INTERIM CONDENSED SEPARATE 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 .............................................................................................. 34 Interim condensed separate statement of profit or loss and other comprehensive income ............... 35 Interim condensed separate statement of financial position ............................................................... 36 Interim condensed separate statement of cash flows .......................................................................... 39 Notes to the interim condensed separate financial statements ........................................................... 41 1. Overview of the Company ..................................................................................................................... 41 1.1. Organisation of the Company ............................................................................................................... 41 2. Significant events in the three months ended March 31st 2021 and until the authorisation date ...... 41 3. Policies applied in the preparation of the interim financial statements ............................................... 41 3.1. Statement of compliance and general basis of preparation ............................................................. 41 3.2. Accounting policies and computation methods ............................................................................... 42 4. Selected supplementary and explanatory notes .............................................................................. 42 IV. MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................... 43 1. General information about the Group .................................................................................................. 44 1.1. Organisation and structure ................................................................................................................... 44 2. Financial condition and assets .............................................................................................................. 47 2.1. Assessment of factors and one-off events with a material impact on operations and financial performance .......................................................................................................................................... 47 2.2. Market overview ................................................................................................................................... 47 2.3. Key financial and economic data........................................................................................................... 51 2.3.1. Consolidated financial results ............................................................................................................... 51 2.3.2. Segments’ financial results .................................................................................................................... 53 2.3.3. Operating expenses............................................................................................................................... 54 2.3.4. Structure of assets, equity and liabilities .............................................................................................. 55 2.3.5. Financial ratios ...................................................................................................................................... 57 2.4. Financial liquidity .................................................................................................................................. 59 2.5. Borrowings ............................................................................................................................................ 59 2.6. Key projects ........................................................................................................................................... 61 2.7. Factors which will affect performance over at least the next reporting period ................................... 64 3. Other information ................................................................................................................................. 66 3.1. Significant events .................................................................................................................................. 66 3.2. Significant agreements .......................................................................................................................... 66 3.3. Sureties and guarantees ........................................................................................................................ 67 3.4. Shareholding structure .......................................................................................................................... 69 3.5. Parent shares held by management and supervisory personnel .......................................................... 69 3.6. Composition of the Management Board and the Supervisory Board ................................................... 69 3.7. Awards and distinctions ........................................................................................................................ 74 4. Other information ................................................................................................................................. 74 I. FINANCIAL HIGHLIGHTS Grupa Azoty Zakłady Chemiczne Police S.A. Interim condensed consolidated financial statements for the three months ended March 31st 2021 (all amounts in PLN ‘000 unless indicated otherwise) Financial highlights Consolidated financial highlights (PLN ‘000) (EUR ‘000) for the period for the period for the period for the period Jan 1 − Jan 1− Jan 1 − Jan 1− Mar 31 2021 Mar 31 2020 Mar 31 2021 Mar 31 2020 unaudited unaudited unaudited unaudited Revenue 718,146 648,224 157,071 147,448 Operating profit 27,052 9,163 5,917 2,084 Profit before tax 20,660 29,555 4,519 6,723 Net
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