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Boryszew S.A BORYSZEW S.A. REPORT ON ACTIVITIES OF BORYSZEW S.A. AND BORYSZEW CAPITAL GROUP IN 2019 The report was approved for publication on: 28 May 2020 1 TABLE OF CONTENTS 1. INTRODUCTION...................................................................................................................................... 4 2. PREPARATION OF THE REPORT .......................................................................................................... 4 3. ORGANIZATIONAL STRUCTURE ........................................................................................................... 5 4. INFORMATION ON THE ISSUER'S ORGANIZATIONAL OR CAPITAL RELATIONS WITH OTHER ENTITIES AND SPECIFICATION OF ITS MAIN DOMESTIC AND OVERSEAS INVESTMENTS, IN PARTICULAR IN SECURITIES, FINANCIAL INSTRUMENTS, INTANGIBLE ASSETS AND REAL ESTATE, INCLUDING CAPITAL INVESTMENTS OUTSIDE THE GROUP OF RELATED ENTITIES AND DESCRIPTION OF THEIR FINANCING METHODS ................................................................................................................. 12 5. SIGNIFICANT EVENTS ......................................................................................................................... 12 6. CORE BUSINESS, MARKETS, SOURCES OF SUPPLIES AND COMPETITION ................................... 21 7. DESCRIPTION OF ASSETS, EQUITY AND LIABILITIES STRUCTURE ................................................. 47 8. Description of significant off-balance sheet items .............................................................................. 52 9. SIGNIFICANT CONTRACTS.................................................................................................................. 53 10. SIGNIFICANT CAPITAL INVESTMENTS AND CHANGES IN THE STRUCTURE................................... 55 11. RESEARCH AND DEVELOPMENT ....................................................................................................... 56 12. TRANSACTIONS WITH AFFILIATED ENTITIES .................................................................................... 60 13. LOANS AND BORROWINGS ................................................................................................................ 62 14. GUARANTEES AND SURETIES ........................................................................................................... 67 15. OWN SHARES ...................................................................................................................................... 69 16. ISSUES OF SECURITIES ...................................................................................................................... 70 17. DIVIDEND PAID OR DECLARED .......................................................................................................... 70 18. FINANCIAL RESULT FORECAST ......................................................................................................... 70 19. PRINCIPLES OF MANAGEMENT OF FINANCIAL RESOURCES .......................................................... 70 20. ASSESSMENT OF POSSIBILITIES OF IMPLEMENTATION OF THE INTENDED INVESTMENTS ......... 71 21. FACTORS AND UNUSUAL EVENTS AFFECTING THE RESULT .......................................................... 71 22. INFORMATION ON THE ADOPTED DEVELOPMENT STRATEGY OF THE EMITTER AND EMITTER’S CAPITAL GROUP AND THE ACTIONS TAKEN TO IMPLEMENT THE STRATEGY IN THE REPORTING PERIOD, INCLUDING A DESCRIPTION OF THE PROSPECTS FOR DEVELOPMENT OF EMITTER'S BUSINESS IN THE COMING YEAR ................................................................................................................ 71 23. DESCRIPTION OF SIGNIFICANT RISK FACTORS AND HAZARDS ..................................................... 74 24. FACTORS WHICH WILL INFLUENCE THE ISSUER'S FINANCIAL PERFORMANCE IN 2020 ............... 82 25. EMPLOYMENT...................................................................................................................................... 83 26. CHANGES IN FUNDAMENTAL PRINCIPLES OF MANAGING THE ENTERPRISE OF THE COMPANY AND OF ITS CAPITAL GROUP ...................................................................................................................... 83 27. AGREEMENTS CONCLUDED BETWEEN THE COMPANY AND ITS OFFICERS, PROVIDING FOR COMPENSATION IN THE EVENT OF RESIGNATION OR DISMISSAL OF SUCH PERSONS FROM THE POSITIONS HELD WITHOUT CAUSE, OR WHERE SUCH DISMISSAL IS CAUSED BY MERGER OR TAKEOVER. ................................................................................................................................................... 83 28. REMUNERATION OF MANAGEMENT BOARD AND SUPERVISORY BOARD...................................... 84 29. COMPANY’S SHARES AND SHARES IN SUBSIDIARY ENTITIES HELD BY MEMBERS OF GOVERNING AND SUPERVISORY BODIES .................................................................................................. 85 2 30. INFORMATION ON AGREEMENTS OF WHICH THE COMPANY IS AWARE AND UNDER WHICH FUTURE CHANGES MAY OCCUR IN THE PROPORTIONS OF SHARES HELD BY THE EXISTING SHAREHOLDERS AND BONDHOLDERS ...................................................................................................... 85 31. INFORMATION ON THE SYSTEM OF CONTROLLING EMPLOYEE SHARES ...................................... 85 32. AGREEMENT WITH INDEPENDENT STATUTORY AUDITOR............................................................... 86 33. LITIGATION UNDERWAY ..................................................................................................................... 86 PROCEEDINGS BEFORE A COURT, ARBITRATION BODY OR PUBLIC ADMINISTRATION AUTHORITY ... 86 34. SPONSORING AND CHARITY ACTIVITIES .......................................................................................... 88 35. REMUNERATION POLICY .................................................................................................................... 88 36. CORPORATE GOVERNANCE PRINCIPLES STATEMENT ................................................................... 89 37. DECLARATIONS OF THE MANAGEMENT BOARD ............................................................................ 104 38. INFORMATION OF THE MANAGEMENT BOARD ON THE SELECTION OF THE AUDIT FIRM TO CARRY OUT THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS IN ACCORDANCE WITH THE PROVISIONS, INCLUDING THOSE CONCERNING THE SELECTION AND PROCEDURE FOR THE SELECTION OF THE AUDIT FIRM ............................................................................................................... 104 3 1. INTRODUCTION COMPANY DATA The head office of Boryszew Spółka Akcyjna is located in Warsaw. The company is registered with the District Court for the capital city of Warsaw, 12th Commercial Division of the National Court Register under KRS number 0000063824. The Company was assigned statistical number REGON 750010992 and NIP 837-000-06-34. The company is established for an indefinite period of time. HISTORY The history of Boryszew S.A. ("Company", "Issuer") dates back to 1911, when the Belgian Society of the Sochaczew Rayon Factory was established. Following the II WW the factory was nationalised. In 1991, as a result of privatisation of the state-owned enterprise Boryszew ERG, a joint stock company Boryszew S.A. with 100% private capital was established. The Company is listed on the Warsaw Stock Exchange since May 1996. In 1999 Boryszew S.A., offering a wide range of chemicals (including Borygo, a widely known coolant) gained a strategic investor, Mr Roman Karkosik. The new shareholder initiated a dynamic growth of the company. Acquisitions of manufacturing companies in the same industry combined with restructuring, mergers as well as organic growth of sales in Group’s companies contributed to significant improvement of results. Boryszew Capital Group is one of the largest industrial groups in Poland, with production facilities on 4 continents, involved in automotive, metals and chemical industry. The Capital Group employs more than 9 000 employees. 2. PREPARATION OF THE REPORT This report on the activity of Boryszew S.A. and Boryszew Capital Group in 2019, an integral part of the consolidated financial statements of Boryszew S.A. for 2019, was approved for publication by the resolution of the Management Board of Boryszew S.A. on 28 May 2020 and presents the situation of Boryszew S.A. and Boryszew Capital Group in accordance with legal requirements for the period between 1 January 2019 and 31 December 2019, including any events which occurred by the date of preparation of this report for publication. A significant part of the information contained herein was presented in more detail in the Company’s current announcements which are available at Company’s website www.boryszew.com which also contains a great deal of other information on the Company and the Capital Group. This report contains information the scope of which is specified in § 70 and § 71 of the Regulation of the Minister of Finance of 29 March 2018 on current and interim information to be submitted by issuers of securities and on conditions under which information required by legal regulations of a third country may be recognised as equivalent (Regulation). Under § 62 section 6 of the Regulation, this report includes disclosures of information required for the report on the Issuer's activities referred to in § 70 section 1 item 4 of the Regulation, and thus the Issuer did not prepare a separate report on the activities of the Parent Company. The consolidated annual financial statements of Boryszew Capital Group and the separate annual
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