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Directors' Report on the Operations of Grupa Azoty S.A. and the Group For

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Directors' Report on the Operations of Grupa Azoty S.A. and the Group For Directors’ Report on the Operations of Grupa Azoty S.A. and the Group for the 12 months ended December 31st 2016 Grupa Azoty Directors’ Report on the operations of Grupa Azoty S.A. and the Group for the 12 months ended December 31st 2016 (all amounts in PLN ‘000 unless stated otherwise) This Directors’ Report presents the key events which occurred in the 12 months ended December 31st 2016 at the Group and Grupa Azoty S.A., the Group’s parent. The Report contains all information which is essential for the assessment of the Group’s and the parent’s financial condition and assets, including results of their operations, as well as a description of relevant risks and threats. It also presents financial and non-financial indicators, if material for the assessment of the Group’s and the parent’s condition, as well as additional explanations on the amounts presented in the consolidated and separate financial statements. Grupa Azoty Page 2 of 134 Directors’ Report on the operations of Grupa Azoty S.A. and the Group for the 12 months ended December 31st 2016 (all amounts in PLN ‘000 unless stated otherwise) Contents 1. General information on the Group and its parent ......................................................... 5 1.1. Organisation and structure ................................................................................. 5 1.2. Changes in the organisational structure ................................................................. 9 1.3. Organisational or equity ties between the Group companies and other entities................. 9 2. Management policy ............................................................................................ 11 2.1. Parent’s organisational chart ............................................................................ 11 2.2. Workforce ................................................................................................... 12 3. Business overview .............................................................................................. 14 3.1. Business segments ......................................................................................... 14 3.2. Overview of key products ................................................................................ 15 3.3. Sales markets and procurement of raw materials, merchandise and services .................. 18 3.4. Significant agreements.................................................................................... 20 3.5. Significant events .......................................................................................... 24 4. Growth strategy and policy .................................................................................. 26 4.1. Strategy and growth directions .......................................................................... 26 4.2. Growth prospects and market strategy ................................................................ 28 4.3. Key investments in Poland and abroad ................................................................. 29 4.4. Equity investments ........................................................................................ 33 4.5. Feasibility of investment plans .......................................................................... 35 4.6. Significant R&D achievements ........................................................................... 35 5. Financial condition of the Group ............................................................................ 37 5.1. Assessment of factors and non-typical events having a material impact on the Group’s operations and financial performance ............................................................... 37 5.2. Market overview ........................................................................................... 41 5.3. Key financial and economic data ....................................................................... 52 5.3.1. Consolidated financial information ................................................................. 52 5.3.2. Segments’ consolidated financial information .................................................... 53 5.3.3. Structure of consolidated operating expenses .................................................... 55 5.3.4. Structure of consolidated assets, equity and liabilities ......................................... 56 5.3.5. Consolidated financial ratios ........................................................................ 57 5.3.6. Separate financial data ............................................................................... 59 5.3.7. Separate financial data by segment ................................................................ 60 5.3.8. Structure of separate operating expenses ......................................................... 62 5.3.9. Structure of separate assets, equity and liabilities .............................................. 63 5.3.10. Separate financial ratios.............................................................................. 64 5.4. Management of capital and assets ...................................................................... 66 5.5. Bank deposits ............................................................................................... 67 5.6. Credit facility and loan agreements executed or terminated during the financial year ...... 67 5.7. Loans granted, including loans to the Group’s related parties .................................... 69 5.8. Guarantees and sureties, including guarantees and sureties issued to and received from related parties ........................................................................................... 71 5.9. Material off-balance-sheet items ....................................................................... 75 5.10. Financial instruments – risk management policy and risk management instruments, objectives and methods ................................................................................ 75 5.11. Expected financial condition ............................................................................ 78 6. Risk, threats and growth prospects ......................................................................... 78 6.1. Significant risk factors and threats ..................................................................... 78 6.2. Significant external and internal growth factors ..................................................... 83 7. Shares and shareholding structure .......................................................................... 85 7.1. Total number and par value of Grupa Azoty shares, holdings of the shares by supervisory and management personnel, and interests of such persons in the parent’s related entities ... 85 7.2. Treasury shares held by the parent, the Group companies and persons acting on their behalf .............................................................................................................. 85 Grupa Azoty Page 3 of 134 Directors’ Report on the operations of Grupa Azoty S.A. and the Group for the 12 months ended December 31st 2016 (all amounts in PLN ‘000 unless stated otherwise) 7.3. Grupa Azoty shares ........................................................................................ 85 8. Statement of compliance with corporate governance standards ..................................... 89 8.1. Corporate governance code applicable to the parent and the place where the text of the code is available to the public ........................................................................ 89 8.2. Information on the parent’s non-compliance, if any, with the corporate governance standards and reasons for such non-compliance ................................................... 90 8.3. Internal control and risk management systems ...................................................... 95 8.4. Management standards and systems .................................................................... 96 8.5. Shareholding structure .................................................................................... 98 8.6. Special control powers of security holders ........................................................... 100 8.7. Restrictions on voting rights ............................................................................ 100 8.8. Restrictions on the transferability of securities ..................................................... 100 8.9. Rules governing appointment and removal of the management staff; powers of the management staff, including in particular the authority to resolve to issue or buy back shares ..................................................................................................... 100 8.10. Rules governing amendments to the parent’s Articles of Association ........................... 102 8.11. Operation of the General Meeting ..................................................................... 102 8.12. Composition and operation of the Company’s management and supervisory bodies ......... 103 8.13. Diversity policy ............................................................................................ 114 8.14. Remuneration policy ..................................................................................... 115 8.15. Sponsorship, charitable or similar activities ......................................................... 118 9. Other material information and events ................................................................... 125 9.1. Qualified auditor .........................................................................................
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