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Consolidated Half-Year Report Including Consolidated half -year report including Directors’ Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group for H1 2018 Grupa Azoty Zakłady Chemiczne Police Group Contents 1. General information about the Group ............................................................................ 3 2. Financial condition and assets ..................................................................................... 5 2.1. Assessment of non-recurring factors and events having a material impact on the Group’s operations and financial performance............................................................................................ 5 2.2. Market overview .................................................................................................... 7 2.3. Key financial and economic data ................................................................................ 12 2.3.1. Consolidated financial results .................................................................................. 12 2.3.2. Segments’ financial results ..................................................................................... 14 2.3.3. Operating expenses ............................................................................................. 16 2.3.4. Structure of assets, equity and liabilities ...................................................................... 16 2.3.5. Financial ratios .................................................................................................. 18 2.4. Financial liquidity................................................................................................. 19 2.5. Borrowings ........................................................................................................ 20 2.6. Key projects ....................................................................................................... 22 2.7. Factors which will affect the Group’s results over at least the next reporting period ......................... 24 3. Risks and threats .................................................................................................. 26 3.1. Strategic management ............................................................................................ 26 3.2. Management of fixed production assets ......................................................................... 27 3.3. Comprehensive customer support ................................................................................ 29 3.4. Financial management ............................................................................................ 31 4. Other information ................................................................................................. 31 4.1. Other material events ............................................................................................. 31 4.2. Significant agreements ........................................................................................... 32 4.3. Sureties and guarantees ........................................................................................... 33 4.4. Shareholding structure ............................................................................................ 37 4.5. Parent shares held by management and supervisory personnel................................................. 37 4.6. Composition of the Management Board and the Supervisory Board .......................................... 37 4.7. Environmental performance ...................................................................................... 41 5. Other information ................................................................................................. 42 Grupa Azoty Zakłady Chemiczne Police Group Page 2 of 43 Grupa Azoty Zakłady Chemiczne Police Group Directors’ Report on the Group’s operations in H1 2018 (all amounts in PLN '000 unless indicated otherwise) 1. General information about the Group As at June 30th 2018, the Grupa Azoty Zakłady Chemiczne Police Group comprised Grupa Azoty Zakłady Chemiczne Police S.A. (the “Parent”, the “Company”) and: eight subsidiaries (in which Grupa Azoty Zakłady Chemiczne Police S.A. held ownership interests above 50%), including one company in liquidation, two associates (in which the Company held ownership interests below 50%), including one company in liquidation bankruptcy. The Company has for decades been a leading European manufacturer of fertilizers and one of the largest Polish chemical companies. With significant volumes of sales to foreign markets, the Company is also one of the largest Polish exporters. The Company’s advantages include a titanium white unit of a type unique in Poland, the size of its ammonia, phosphoric acid and sulfuric acid production, and the strong position in the market for compound mineral fertilizers. Internationally, the Company is appreciated not only for its fertilizer production and sales volumes, but also for contributing to the development of the chemical industry and global agriculture. The Company pays due regard to CSR matters, engaging in projects that support local communities and regional development. Liaising with local authorities, Grupa Azoty Zakłady Chemiczne Police S.A. supports vocational education, with a particular focus on professions useful to the Company. The Company has also established links with higher education institutions, sharing expertise with students majoring in chemistry, environmental protection, management and marketing. Upon graduation, some of them move on to become Company employees. Table 1. Parent’s interests in subsidiaries as at June 30th 2018 Registered Share % of shares held Entity office/address capital by the Parent ul. Kuźnicka 1, Grupa Azoty Police Serwis Sp. z o.o. 9,618 100.00 72-010 Police, Poland ul. Kuźnicka 1, Koncept Sp. z o.o. 512 100.00 72-010 Police, Poland ul. Monopolowa 6, Supra Agrochemia 51-501 Wrocław, 19,721 100.00 Sp. z o.o. Poland Transtech Usługi Sprzętowe ul. Kuźnicka 1, 9,783 100.00 i Transportowe Sp. z o.o. 72-010 Police, Poland Grupa Azoty Route de Ngor Villa No. XOF 132,000 Africa S.A. w likwidacji (in 99.99 12, Dakar, Senegal thousand liquidation) Zarząd Morskiego Portu Police Sp. z ul. Kuźnicka 1, 32,642 99.91 o.o. 72-010 Police, Poland ul. Kuźnicka 1, PDH Polska S.A. 304,000 59.93 72-010 Police, Poland Infrapark Police S.A. ul. Kuźnicka 1, 14,986 54.43 w likwidacji (in liquidation) 72-010 Police, Poland Budchem Sp. z o.o. ul. Moczyńskiego 8/10, 1,201 48.96 in liquidation bankruptcy 70-101 Szczecin, Poland ul. Kuźnicka 6, Kemipol Sp. z o.o. 3,445 33.99 72-010 Police, Poland Page 3 of 43 Grupa Azoty Zakłady Chemiczne Police Group Grupa Azoty Zakłady Chemiczne Police Group Directors’ Report on the Group’s operations in H1 2018 (all amounts in PLN '000 unless indicated otherwise) Changes in the structure of business entities On March 29th 2018, AFRIG S.A. announced its insolvency and filed a petition in bankruptcy with the Commercial Court of Dakar, Senegal1. Following the execution of a termination agreement, including annexes, with DGG Eco Sp. z o.o., on May 30th 2018 the shares in AFRIG S.A. (acquired under an agreement of August 28th 2013) were returned to the seller. As a result, on May 30th 2018 the Parent lost control of the subsidiary AFRIG S.A. and, indirectly, of AFRIG Trade SARL. For details, see Section 2.1 of this report. On November 10th 2017, an Extraordinary General Meeting of the subsidiary PDH Polska S.A. resolved to increase the company’s share capital by PLN 124,000 thousand. In Q1 2018, payments for the new shares of PLN 7,500 thousand and PLN 23,500 thousand were made by the Company and Grupa Azoty S.A., respectively. As at March 31st 2018, PDH Polska S.A. disclosed in its interim condensed statement of financial position the share capital after the increase, in the aggregate amount of PLN 304,000 thousand. On April 9th 2018, the District Court for Szczecin-Centrum in Szczecin, 13th Commercial Division of the National Court Register, registered the increase of PDH Polska S.A.’s share capital. Following the registration, the share capital of PDH Polska S.A. amounts to PLN 304,000 thousand, including paid-up capital of PLN 211,000 thousand. Since April 9th 2018, the Company has held 59.93% of the subsidiary’s share capital and 84.54% of the total voting rights at its General Meeting (votes attached to shares which were fully paid-up). The rest of PDH Polska S.A.’s share capital will be paid up by the shareholders by September 1st 2018 in accordance with the resolution of the subsidiary’s General Meeting, dated November 10th 20172. Group subsidiaries: Grupa Azoty POLICE Serwis Sp. z o.o. The subsidiary was registered on March 15th 2002 under No. 0000099823 by the District Court of Szczecin, 13th Commercial Division of the National Court Register. The company’s business includes overhauls and project execution in the mechanical and construction industries (construction of systems and apparatuses, including those made of plastics, maintenance services, workshop services, treatment of metals, and technical supervision services), project execution and technical and engineering services in the areas of automation and power engineering, repairs of control and instrumentation equipment and power generation plant and equipment, plant engineering in automatics and power generation, including plant engineering in process control and visualisation systems. Koncept Sp. z o.o. The subsidiary was registered on September 6th 2001 under No. 0000041533 by the District Court of Szczecin,
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