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Investor Presentation Q3 2018

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Investor Presentation Q3 2018 INVESTOR PRESENTATION Q3 2018 2 GRUPA AZOTY AT A GLANCE GRUPA AZOTY Grupa Azoty, Poland's largest chemical company and a significant chemical industry player in the EU market, is one of the major chemical groups in the EU, offering a diversified product portfolio – from mineral fertilizers and engineering plastics through OXO products to melamine. 4 locations of main production plants 60 group companies Approximately 15,000 employees No. 2 in the UE in mineral fertilizer production No. 3 in the EU in PA6 production 3 GRUPA AZOTY AT A GLANCE KEY DATA FINACIAL RESULTS PLNm MARKET PLN 3.4bn Jan–Sep 2018 CAPITALISATION REVENUE 7,202 SHARES 99,195,484 shares EBITDA 573 EBITDA MARGIN 8% min/max price NET PROFIT* 59 PLN 6 - PLN 113 NET DEBT 766 1M average trading volume PLN 3.204m NET DEBT/EBITDA 0.97 (ratio) WSE: WIG30, mWIG40, WIG- STOCK CHEMIA, WIG30, mWIG 40, INFORMATION WIG, WIG-Poland FOREIGN INDEXES: MSCI, FTSE ESG: RESPECT INDEX, FTSE4GOOD, MSCI ESG * Data adjusted for one-off items 4 GRUPA AZOTY AT A GLANCE OWNERSHIP STRUCTURE STATE TREASURY Pozostali 25.75% - Government of Poland EBOiR 2.87% - Represented by the Chancellery TFI PZU S.A. of the Prime Minister 8.60% Opansa Enterprises EBRD Limited - European Bank of Research and 9.51% Development Norica indirectly - Shareholder since 2013 19.82% Rainbee ING OFE Holdings TFI PZU S.A. 9.96% Limited - Financial investor Skarb 9,90% Państwa ING OFE (NN OFE) 33.00% Norica Holding - Financial investor S.à. r.l. 0.41% NORICA HOLDING S.À. R.L. - Subsidiary of Acron and Mr. Viatcheslav Kantor - Shareholder since 2012 - Norica and its subsidiaries hold 19.82% of shares Free float – 25.75 % Based on official notifications received by the Company 5 GRUPA AZOTY MANAGEMENT BOARD DIVISION OF RESPONSIBILITIES AMONG MANAGEMENT BOARD MEMBERS President of the Vice President of Vice President of the Vice President of Vice President of Member Management Board the Management Management Board the Management the Management of the Management Wojciech Wardacki, Board Grzegorz Board Board Board PhD Witold Szczypiński Kądzielawski, PhD Paweł Łapiński Mariusz Grab Artur Kopeć Management Director General Infrastructure Procurement Production assets and HR policy Grupa Azoty S.A. Finance strategy Raw material and Research and Planning Plant safety Audit and risk Agro Segment product and infrastructure development and controlling integration Communication Plastics Segment Environmental Growth strategy Logistics protection Organic Synthesis Social dialogue CSR Segment Investments President of the Management Board Production Grupa Azoty integration Investor relations POLICE M&A GRUPA AZOTY S.A. 5 6 GRUPA AZOTY AT A GLANCE BROAD PRODUCT PORTFOLIO Agro Fertilizers 48% Chemicals Other 31% 2% Energy 3% Plastics 16% Jan–Sep 2018 7 GRUPA AZOTY AT A GLANCE CORE BIZNES ZMPP BBM Fosfory Grupa Azoty Police Port ZMPP Terminal NPK • Port Navitrans Urea NPK TiO2 • Logistics Grupa Azoty Puławy Ammonia N fertilizers Urea Melamine CPL Goat TopCo GmbH Grupa Azoty Grupa Azoty Siarkopol Speciality ATT Polymers S fertilizers PA6 Grupa Azoty S.A. Parent Z.A. ChorzówGrupa S.A. Azoty Grupa Azoty S.A.N fertilizers CPL Kędzierzyn NPK • AN, CAN • ASN,Compounding AS PA6 Logistics • CPL, PA 6, POM N fertilizers Urea • Compounding Logistics Production Production OXO Plasticizers ACQUISITIONS 9 ACQUISITIONS CREATING VALUE FOR GRUPA AZOTY THROUGH ACQUISITIONS • Puławy (up to 95.98%) • Transaction completed on • Siarkopol (99.33%) November 26th 2018 • Puławy (10.4%) 9.9 10.0 9.8 9.6 9.0 • Police (66%) • Kędzierzyn (94%) 7.1 7.2 5.3 • ATT Polymers GmbH (100%) • Kędzierzyn (53%) 1.9 1.3 1.4 1.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Jan-Sep 2018 Consolidated revenue (PLNbn) 9 10 ACQUISITIONS ENHANCED FERTILIZER PRODUCT PORTFOLIO Fertilizer value pyramid COMPO EXPERT Speciality fertilizers product portfolio Liquid fertilizers Technologically advanced agrochemical products with a and biostimulants higher added value than commodity fertilizers. Designed mainly for high-value crops (fruit, vegetables, ornamental plants). Speciality fertilizers are priced higher, but offer Fertigation many benefits, including slow release of nutrients. Some and foliar speciality products can be used for covered or greenhouse fertilizers cultivation, as well as for lawns and turf grass. They are available in solid form (granules) and as liquids (for soil and foliar application). The most advanced products positively influence certain characteristics of the plants, such as size, SRF | CRF colour or – in the case of fruit and vegetables – taste. Stabilised NPK Volume Margin NPK (SOP-based) NPK (MOP-based) Grupa Azoty Commodity fertilizers product portfolio Standard fertilizers widely applied all around the world. Typically UAN | ASN | CAN contain one or two nutrients. In the case of NPK fertilizers, they are based on potassium chloride. Priced lower that speciality fertilizers. AN | AS | DAP Ammonia | Urea 11 ACQUISITIONS COMPO EXPERT SALES MARKETS (2017) Americas Western and Central Europe Revenue (FY 2017) approximately Southern Europe and Africa Asia and Australia EUR 333m Adjusted EBITDA (FY 2017) approximately EUR 30m Markets reached by COMPO EXPERT products Key sales market 12 ACQUISITIONS COMPO EXPERT ACQUISITION INTEGRATION INITIATIVES Consolidation of the Grupa Appointment of consolidation teams for: Azoty Group’s and the Procurement TopCo Goat Group’s Agro Segment’s sales and marketing financial statements Research and development Manufacturing, technical and technology areas since Q4 2018 Accounting and financial flows Legal Corporate supervision IT 1. 2. 3. 4. 5. Production Sales synergies R&D synergies Raw material Financing know-how and product synergies synergies synergies OPERATIONS 14 OPERATIONS ENERGY COMMODITIES ELECTRICITY PRICES [YOY] NATURAL GAS PRICES PLN/MWh 33% 48% 290 140 30 130 25 240 120 190 110 20 100 140 15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 90 PLN/MWh IRDN EUR/MWh 80 10 70 5 HARD COAL PRICES [YOY] 60 50 0 USD/t sty 16 kwi 16 lip 16 paź 16 sty 17 kwi 17 lip 17 paź 17 sty 18 kwi 18 lip 18 paź 18 120 0% Average gas price paid by GA PGNiG tariff gas price Imported gas price 100 PPE gas price TTF DA gas price (right axis) 80 60 NATURAL GAS CONSUMPTION (MILLION MWH) 40 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 ARA H1 2018 TOTAL 11.8 CO2 PRICES [YOY] Grupa Azoty S.A. 1.0 EUR/t 180% Grupa Azoty POLICE 2.9 22 17 Grupa Azoty PUŁAWY 5.7 12 7 Grupa Azoty KĘDZIERZYN 2.2 2 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 EEX 15 OPERATIONS AGRO FERTILIZERS 2017 PRODUCTION CAPACITIES Revenue: Compound YARA PLN 5.3bn fertilizers 36% Grupa Azoty Nitrogen 4 Agrofert No. 2 fertilizers and 3 EBITDA: 0% 0% in EU ammonia Borealis PLN 484m 64% 6 5 0% 0% Fertiberia EBITDA MARGIN: Eurochem No. 1 9.6% Achema JSC in Poland Timac Agro Azomures TARGET MARKETS Petrokemija [tt] 0 5 000 10 000 15 000 Europe - EU (excl. Source: Fertilizers Europe other Poland) 0.2% 2.8% South America Poland 0.2% 6.8% Africa 0.1% North America Asia 0.0% 0.0% 16 OPERATIONS CHEMICALS 2017 Revenue: PLN 2.8bn EBITDA: Melamine Titanium PLN 348m 17% white 13% EBITDA MARGIN: 12.5% Urea (technical Other grade) 21% 21% PRODUCT GROUPS Plasticizers OXO alcohols 8% 20% 17 OPERATIONS CHEMICALS PRODUCTION CAPACITIES Construction industry PLASTICIZERS* ExxonMobil Basf Plasticizers Evonik No. 5 Electric cables and wiring Oxoviflex in EU Polynt Grupa Azoty No. 1 OXEA GROUP in DEZA Aldehydes Poland Footwear Perstorp OXO AB [tt] 0 100 200 300 400 500 OXO * * Automotive Basf OXO alcohols Oxea Group No. 5 Ineos in EU Perstrop OXO AB No. 1 Grupa Azoty Paints and varnishes in Oltchim SA Poland [tt] 0 100 200 300 400 500 *Production capacities for phthalate plasticizers and terephthalate plasticizers. ** Production capacities for 2-EH, N-butanol, isobutanol. Source: Plasticizers Alkohols 2013 and Plasticizers (UE) 2013 18 OPERATIONS CHEMICALS PRODUCTION CAPACITIES Wood processing (laminates, resins, adhesives) MELAMINE OCI Melamine Automotive industry (varnishes) Grupa Borealis No. 3 Paper industry in EU Grupa Azoty Electrotechnical industry BASF SE No. 1 in Poland Anti-inflammatory agents Azomures S.A. Plastics [tt] 0 20 40 60 80 100 120 140 160 Rubber, leather TITANIUM WHITE and ceramic industries No. 1 Textile and cosmetics industries in Poland Paints Laminates Paper Varnishes OPERATIONS 19 OPERATIONS PLASTICS 2017 PRODUCTION CAPACITIES Revenue: PLN 1.4m Caprolactam POLYAMIDE 6 26% Polyamide EBITDA: 68% Other BASF* PLN 221m 6% Lanxess* GRUPA AZOTY* EBITDA MARGIN: Aquafil* 15.6% No. 3 DSM* in EU Radici TARGET MARKETS Domo* No. 1 Rhodia in Poland Nyobe UE 64% Ube* Nurel Asia 10% 0 50 100 150 200 250 Poland other 23% 3% Source: PCI Nylon, YellowBook 2015 Integrated INVESTMENTS 21 STRATEGY STRATEGIC GROWTH DIRECTIONS Our mission Create value for the Company and the Reinforce leadership national economy by delivering safe, Complete the Group in agricultural useful and innovation-driven chemical consolidation process solutions in Europe products 1. 2. Our vision Deploy state-of-the-art and comprehensive chemical industry Strengthen the second Develop and solutions that meet stakeholder operating pillar by implement innovations expectations expanding the non- to drive growth of the fertilizer business chemical industry 3. 4. 22 INVESTMENTS INVESTMENTS CAPITAL EXPENDITURE RESEARCH AND DEVELOPMENT CENTRE IN TARNÓW (PLNm) 2014 2015 2016 2017 I-IX 2018 CAPEX in CAPEX PROJECTS Jan–Sep including:
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