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Consolidated Interim Report of the Grupa Azoty Group for the Three Months Ended March 31St 2021

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Consolidated Interim Report of the Grupa Azoty Group for the Three Months Ended March 31St 2021 Consolidated interim report of the Grupa Azoty Group for the three months ended March 31st 2021 Grupa Azoty Group Consolidated interim report of the Grupa Azoty Group for the three months ended March 31st 2021 (all amounts in PLN '000 unless indicated otherwise) Contents Interim condensed consolidated financial statements of the Grupa Azoty Group for the three months ended March 31st 2021. .............................................................................................. 4 Interim condensed consolidated statement of profit or loss and other comprehensive income ....... 5 Interim condensed consolidated statement of financial position ........................................... 7 Interim condensed consolidated statement of changes in equity ........................................... 9 Interim condensed consolidated statement of cash flows .................................................. 10 Supplementary information to the interim condensed consolidated financial statements ........... 12 1. Description of the Group ................................................................................... 12 1.1. The Group’s organisational structure ................................................................. 12 1.2. Changes in the Group’s structure ...................................................................... 15 2. Basis of preparation of the interim condensed consolidated financial statements .............. 15 2.1. Statement of compliance and general basis of preparation ...................................... 15 2.2. Accounting policies and data presentation .......................................................... 16 3. Selected notes and supplementary information ........................................................ 20 3.1. Business segment reporting ............................................................................. 20 3.2. Impairment testing ....................................................................................... 25 3.3. Other material changes in the statement of financial position and statement of profit or loss .......................................................................................................... 26 3.4. Contingent liabilities, contingent assets, sureties and guarantees .............................. 27 3.5. Related-party transactions .............................................................................. 27 3.6. Accounting estimates and assumptions ............................................................... 27 3.7. Dividend .................................................................................................... 28 3.8. Seasonality of operations ............................................................................... 28 3.9. Information on the effects of the COVID-19 pandemic ............................................ 29 3.10. Events after the reporting date ....................................................................... 30 Interim condensed separate financial statements of Grupa Azoty Spółka Akcyjna for the three months ended March 31st 2021 ................................................................................... 32 Interim condensed separate statement of profit or loss and other comprehensive income .......... 33 Interim condensed separate statement of financial position .............................................. 34 Interim condensed separate statement of changes in equity .............................................. 36 Interim condensed separate statement of cash flows ....................................................... 37 Supplementary information to the interim condensed separate financial statements ................ 38 1. Basis of preparation of the interim condensed separate financial statements ................... 38 1.1. Statement of compliance and general basis of preparation ...................................... 38 1.2. Accounting policies and data presentation .......................................................... 38 2. Supplementary information ................................................................................ 43 2.1. Impairment testing ....................................................................................... 43 2.2. Information on the effects of the COVID-19 pandemic ............................................ 43 2.3. Additional information ................................................................................... 43 Management’s discussion and analysis of Grupa Azoty S.A.’s performance in the three months ended March 31st 2021 ...................................................................................................... 45 1. General information on the Grupa Azoty Group ......................................................... 46 1.1. Organisation and structure ................................................................................ 46 1.2. Business segments ........................................................................................... 49 1.3. Overview of key products .................................................................................. 50 1.4. Sources of strategic raw materials ....................................................................... 52 2. Financial position of the Group ............................................................................. 54 2.1. Assessment of factors and one-off events having a material impact on the Group’s operations and financial performance ................................................................................. 54 2.2. Market overview ............................................................................................. 57 2.3. Key financial and economic data ......................................................................... 71 2.3.1. Consolidated financial information .............................................................. 71 2.3.2. Segment results ..................................................................................... 71 2.3.3. Structure of operating expenses ................................................................. 73 2.3.4. Assets, equity and liabilities ...................................................................... 74 2.3.5. Financial ratios ...................................................................................... 75 2.4. Financial liquidity ........................................................................................... 76 2.5. Borrowings .................................................................................................... 77 Grupa Azoty Page 2 of 92 Consolidated interim report of the Grupa Azoty Group for the three months ended March 31st 2021 (all amounts in PLN '000 unless indicated otherwise) 2.6. Type and amounts of one-off items affecting the assets, equity and liabilities, capital, net profit/loss or cash flows ................................................................................... 77 2.7. Key investment projects ................................................................................... 77 2.8. Factors which will affect the Group’s performance over at least the next reporting period . 80 3. Other information ............................................................................................. 83 3.1. Other significant events .................................................................................... 83 3.2. Significant agreements ..................................................................................... 85 3.3. Sureties for credit facilities or loans, guarantees issued ............................................. 86 3.4. Shares and shareholding structure ....................................................................... 86 3.5. Parent shares held by management and supervisory personnel ..................................... 87 3.6. Composition of the management and supervisory bodies ............................................ 87 4. Additional information ........................................................................................ 91 Grupa Azoty Page 3 of 92 Interim condensed consolidated financial statements of the Grupa Azoty Group for the three months ended March 31st 2021. Grupa Azoty Group Consolidated interim report of the Grupa Azoty Group for the three months ended March 31st 2021 (all amounts in PLN '000 unless indicated otherwise) Interim condensed consolidated statement of profit or loss and other comprehensive income for the period for the period Jan 1 − Jan 1 − Mar 31 2021 Mar 31 2020 unaudited unaudited restated* Profit/loss Revenue 3,361,982 3,103,720 Cost of sales (2,693,871) (2,411,275) Gross profit 668,111 692,445 Selling and distribution expenses (249,755) (254,930) Administrative expenses (192,651) (198,670) Other income 8,508 20,308 Other expenses (20,787) (11,069) Operating profit 213,426 248,084 Finance income 22,044 17,227 Finance costs (106,871) (51,009) Net finance costs (84,827) (33,782) Share of profit of equity-accounted investees 3,475 3,467 Profit before tax 132,074 217,769 Income tax (46,197) (52,715) Net profit 85,877 165,054 Other comprehensive income Items that will not be reclassified to profit or loss Actuarial gains from defined benefit plans - 5 Tax on items that will not be reclassified to profit or loss - (1) - 4 Items that are or may be reclassified to profit or loss Cash flow hedges – effective portion of fair-value change (18,367) (58,728) Exchange differences on translating foreign operations 11,722 54,806 Income tax
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