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Directors' Report on the Operations of the Grupa

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Directors' Report on the Operations of the Grupa Directors’ Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group for the 12 months ended December 31st 2015 Directors’ Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group for the 12 months ended December 31st 2015 (all figures in PLN ‘000 unless otherwise stated) Contents 1. General information on the Group ............................................................................ 4 1.1. Organisation ...................................................................................................... 4 1.2. Changes in the organisation .................................................................................... 8 1.3. Company organisational and equity ties ..................................................................... 9 1.4. Parent’s branches (divisions) .................................................................................. 9 2. Management of the Group ....................................................................................... 9 2.1. Parent organisational chart .................................................................................... 9 2.2. Changes in key management policies ...................................................................... 10 2.3. Organisational changes at the Parent ...................................................................... 10 2.4. Workforce ....................................................................................................... 10 3. Business overview ............................................................................................... 11 3.1. Basic information .............................................................................................. 11 3.2. Overview of key products, goods and services ........................................................... 12 3.3. Sales markets and supply sources ........................................................................... 14 3.4. Significant agreements ........................................................................................ 15 3.5. Material related-party transactions on non-arm’s length terms....................................... 16 3.6. Significant events .............................................................................................. 16 4. Strategy and development 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 ....................................................................................... 20 4.6. Feasibility of investment plans .............................................................................. 20 4.7. Significant R&D achievements ............................................................................... 20 4.8. Corporate Social Responsibility Policy ..................................................................... 21 5. The Group’s current financial position ..................................................................... 21 5.1. Assessment of non-recurring factors and events having a material impact on operations and financial performance .................................................................................... 21 5.2. Market overview ............................................................................................... 22 5.3. Key financial and economic data ........................................................................... 24 5.3.1. Consolidated financial information ...................................................................... 24 5.3.2. Segment results .............................................................................................. 25 5.3.3. Operating expenses by nature ............................................................................ 27 5.3.4. Structure of assets, equity and liabilities ............................................................... 28 5.4. Financial ratios ................................................................................................. 29 5.5. Explanation of differences between actual performance and financial forecasts ................. 31 5.6. Management of capital and assets .......................................................................... 31 5.7. Bank deposits ................................................................................................... 32 5.8. Borrowing agreements concluded or terminated during the financial year ......................... 32 5.9. Loans advanced ................................................................................................ 34 5.10. Sureties and guarantees received and issued ........................................................... 35 5.11. Material off-balance-sheet items .......................................................................... 35 5.12. Financial instruments ........................................................................................ 35 5.13. Forecast financial position .................................................................................. 36 6. Risks, threats and growth prospects ........................................................................ 36 6.1. Significant risk factors and threats ......................................................................... 36 6.1.1. Strategic management ..................................................................................... 36 6.1.2. Technical and environmental safety ..................................................................... 36 6.1.3. Comprehensive customer support ........................................................................ 38 6.1.4. Availability of feedstocks and materials ................................................................ 39 6.2. Grupa Azoty Group’s significant external and internal growth factors .............................. 40 6.2.1. External factors .............................................................................................. 40 6.2.2. External factors .............................................................................................. 40 7. Parent’s equity and other securities and its major shareholders .................................... 41 7.1. Total number and par value of Parent shares, holdings of Parent shares by supervisory and management personnel, and interests of such persons in the Parent’s related entities ..... 41 Grupa Azoty Zakłady Chemiczne Police Group Page 2 of 63 Directors’ Report on the operations of the Grupa Azoty Zakłady Chemiczne Police Group for the 12 months ended December 31st 2015 (all figures in PLN ‘000 unless otherwise stated) 7.2. Agreements known to the Parent which may cause future changes in share percentages of existing shareholders and bondholders ................................................................ 42 7.3. Control systems for employee share ownership plans ................................................... 42 7.4. Treasury shares held by the Parent, Group companies and persons acting on their behalf ...... 42 7.5. Issue, redemption, and repayment of debt and equity securities .................................... 43 7.6. Use of proceeds from share issues .......................................................................... 43 7.7. Parent shares ................................................................................................... 43 8. Statement of compliance with corporate governance principles .................................... 44 8.1. Corporate governance code applicable to the Parent and availability of the text of the code to the public ................................................................................................ 44 8.2. Degree of the Company’s non-compliance with corporate governance principles, specification of the principles not complied with, and reasons for the non-compliance ..... 45 8.3. Internal control and risk management systems .......................................................... 47 8.4. Shareholding structure ........................................................................................ 48 8.5. Special control powers of security holders ................................................................ 49 8.6. Restrictions on voting rights ................................................................................. 49 8.7. Restrictions on the transferability of securities .......................................................... 49 8.8. Rules governing appointment and removal from office of management personnel; powers of such personnel, including their authority to decide on the issue or buy-back of shares ..... 49 8.9. Rules governing amendments to the Parent’s Articles of Association ................................ 50 8.10. Operation of the General Meeting ......................................................................... 50 8.11. Composition and operation of the Company’s management and supervisory bodies ............ 52 8.12. Remuneration and additional benefits ..................................................................
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