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May. 29 | Transcript : Grupa Azoty S.A., Q1 2024 Earnings Call, May 29, 2024 | |
May. 28 | Grupa Azoty S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI |
June 04, 2024 at 10:08 am EDT
Share
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 | |
(all amounts in PLN '000 unless indicated otherwise) | |
Contents | |
Material consolidated financial highlights | 4 |
Consolidated statement of comprehensive income | 5 |
Consolidated statement of financial position | 6 |
Consolidated statement of changes in equity for the period ended 31 December 2023 | 7 |
Consolidated statement of changes in equity for the period ended 31 December 2022 | 7 |
Consolidated statement of cash flows | 8 |
Notes to the consolidated financial statements | 9 |
1. Organisation of the Group | 9 |
2. Composition of the Group | 9 |
3. Changes in the Group's structure | 12 |
4. Management Board and Supervisory Board of the Parent | 12 |
5. Material accounting policies | 16 |
5.1. Compliance statement | 16 |
5.2. Changes in applied accounting policies and data presentation | 16 |
5.3. Basis of accounting | 18 |
5.4. Functional currency and presentation currency | 18 |
5.5. Professional judgement and estimates | 19 |
5.6. Going concern assumption | 21 |
5.7. Basis of consolidation | 23 |
5.7.1. Subsidiaries | 23 |
5.7.2. Associates and joint ventures | 23 |
5.7.3. Consolidation procedures | 24 |
5.7.4. Business combinations | 24 |
5.7.5. Acquisition of non-controlling interests | 24 |
5.7.6. Loss of control | 24 |
6. Impairment testing | 24 |
7. Execution of Waiver and Amendment Letters | 27 |
8. Other information | 27 |
9. Business segment reporting | 28 |
10. Notes to the consolidated financial statements | 32 |
NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 32 |
Note 1. Revenue from contracts with customers | 32 |
Note 2. Operating expenses | 34 |
Note 2.1. Employee benefits expense | 35 |
Note 2.2. Reconciliation of lease costs | 35 |
Note 3. Other income | 36 |
Note 4. Other expenses | 36 |
Note 5. Finance income | 37 |
Note 6. Finance costs | 37 |
Note 7. Income tax | 38 |
Note 7.1. Income tax expense disclosed in the statement of profit or loss | 38 |
Note 7.2. Effective tax rate | 38 |
Note 7.3. Income tax expense disclosed in other comprehensive income | 39 |
Note 7.4. Deferred tax assets and liabilities | 39 |
Note 7.5. Change in temporary differences | 40 |
Note 7.6. Unrecognised deferred tax assets/liabilities | 41 |
Note 8. Earnings per share | 41 |
NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 42 |
Note 9. Property, plant and equipment | 42 |
Note 10. Right-of-use assets | 44 |
Note 11. Investment property | 47 |
Note 12. Intangible assets | 47 |
Note 12.1. Goodwill | 49 |
Note 13. Financial assets | 50 |
Note 13.1. Shares | 50 |
Note 13.2. Other financial assets | 51 |
Note 14. Inventories | 51 |
Note 15. Property rights | 52 |
Note 15.1. CO2 emission allowances | 52 |
Note 16. Trade and other receivables | 53 |
Grupa Azoty Spółka Akcyjna | Page 2 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 | |
(all amounts in PLN '000 unless indicated otherwise) | |
Note 16.1. Accrued expenses | 54 |
Note 17. Cash | 55 |
Note 18. Other assets | 56 |
Note 19. Equity | 56 |
Note 19.1. Share capital | 56 |
Note 19.2. Share premium | 56 |
Note 19.3. Hedging reserve | 57 |
Note 19.4. Non-controlling interests | 57 |
Note 19.5. Acquisition of non-controlling interests | 58 |
Note 19.6. Obligation to repurchase shares in Grupa Azoty POLYOLEFINS from non-controlling shareholders | 58 |
Note 19.7. Recognition of a future obligation to repurchase shares in Grupa Azoty POLYOLEFINS from non-controlling shareholders for | |
subsequent cancellation, involving a rate-of-return stabilisation mechanism | 58 |
Note 19.8. Dividend | 59 |
Note 20. Borrowings | 59 |
Note 21. Lease liabilities | 61 |
Note 22. Other financial liabilities | 62 |
Note 23. Change in liabilities arising from financing activities | 64 |
Note 24. Employee benefit obligations | 64 |
Note 25. Trade and other payables | 67 |
Note 25.1. Accrued expenses | 68 |
Note 26. Provisions | 68 |
Note 27. Grants | 70 |
NOTES TO FINANCIAL INSTRUMENTS | 71 |
Note 28. Financial instruments | 71 |
Note 28.1. Capital management | 73 |
Note 28.2. Categories of financial instruments | 73 |
Note 28.3. Financial risk management | 75 |
Note 28.4. Fair value of financial instruments | 79 |
Note 28.5. Derivative instruments | 80 |
Note 28.6. Hedge accounting | 81 |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS | 82 |
Note 29. Notes to the statement of cash flows | 82 |
OTHER NOTES | 82 |
Note 30. Contingent liabilities, contingent assets, sureties and guarantees | 82 |
Note 31. Related-party transactions | 83 |
Note 32. Investment commitments | 86 |
Note 33. Impact of the war in Ukraine | 86 |
Note 34. Information on sanctions | 87 |
Note 35. Events after the reporting date | 87 |
Signatures of members of the Management Board | 90 |
Person responsible for maintaining accounting records | 90 |
Grupa Azoty Spółka Akcyjna | Page 3 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Material consolidated financial highlights
x | (PLN '000) | (EUR '000) | ||
For period | For period | For period | For period | |
1 Jan − | 1 Jan − | 1 Jan − | 1 Jan − | |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2022 | |
Revenue | 13,545,094 | 24,657,853 | 2,991,143 | 5,259,444 |
Operating (loss)/profit | (3,600,222) | 865,649 | (795,032) | 184,640 |
(Loss)/profit before tax | (3,583,264) | 688,686 | (791,287) | 146,895 |
Net (loss)/profit | (3,290,464) | 583,820 | (726,628) | 124,527 |
Comprehensive income for period | (3,474,889) | 1,040,754 | (767,355) | 221,990 |
Number of shares | 99,195,484 | 99,195,484 | 99,195,484 | 99,195,484 |
Earnings/(loss) per ordinary share (PLN) | (28.45) | 6.25 | (6.28) | 1.33 |
Net cash from operating activities | 6,558,992 | 5,608,373 | 1,448,413 | 1,196,249 |
Net cash from investing activities | (2,494,175) | (2,808,542) | (550,785) | (599,053) |
Net cash from financing activities | (4,419,708) | (3,792,730) | (975,998) | (808,978) |
Total net cash flows | (354,891) | (992,899) | (78,370) | (211,782) |
Cash and cash equivalents at beginning of period | 1,376,541 | 2,362,193 | 303,980 | 503,849 |
Cash and cash equivalents at end of period | 1,012,355 | 1,376,541 | 223,557 | 293,612 |
As at | As at | As at | As at | |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2022 | |
Non-current assets | 17,265,116 | 16,948,753 | 3,970,818 | 3,613,884 |
Current assets | 7,031,404 | 8,916,891 | 1,617,158 | 1,901,297 |
Non-current liabilities | 2,997,479 | 7,294,419 | 689,393 | 1,555,346 |
Current liabilities | 14,830,752 | 8,614,858 | 3,410,937 | 1,836,896 |
Equity | 6,468,289 | 9,956,367 | 1,487,647 | 2,122,938 |
Share capital | 495,977 | 495,977 | 114,070 | 105,754 |
Non-controlling interests | 516,835 | 1,021,718 | 118,867 | 217,855 |
Material items of the statement of comprehensive income, statement of financial position and statement of cash flows have been translated into the euro using the generally applicable method described below:
- Items of assets and equity and liabilities in the statement of financial position have been translated at the exchange rate effective for the last day of the reporting period:
the exchange rate as at 29 December 2023 was EUR 1 = PLN 4.3480 (table No. 251/A/NBP/2023); the exchange rate as at 31 December 2022 was EUR 1 = PLN 4.6899 (table No. 252/A/NBP/2022); - Items of the statement of comprehensive income and statement of cash flows have been translated using the arithmetic average of the EUR/PLN exchange rates announced by the National Bank of Poland for the last day of each month in the reporting period:
in the period 1 January 2023-31 December 2023, the average exchange rate was EUR 1 = PLN 4.5284; in the period 1 January 2022-31 December 2022, the average exchange rate was EUR 1 = PLN 4.6883.
The translation was made using the exchange rates specified above by dividing amounts expressed in thousands of the złoty by the exchange rate.
Grupa Azoty Spółka Akcyjna | Page 4 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Consolidated statement of comprehensive income
(PLN '000 except for earnings per share) | |||||
For period | For period | ||||
x | Note | 1 Jan − | 1 Jan − | ||
31 Dec 2023 | 31 Dec 2022 | ||||
Profits and losses | |||||
Revenue | 1 | 13,545,094 | 24,657,853 | ||
Cost of sales | 2 | (13,833,787) | (20,722,832) | ||
Gross (loss)/profit | (288,693) | 3,935,021 | |||
Selling and distribution expenses | 2 | (976,300) | (1,164,041) | ||
Administrative expenses | 2 | (983,820) | (979,960) | ||
Other income | 3 | 421,151 | 111,552 | ||
Other expenses | 4 | (1,772,560) | (1,036,923) | ||
Operating (loss)/profit | (3,600,222) | 865,649 | |||
Finance income | 5 | 363,453 | 136,027 | ||
Finance costs | 6 | (374,055) | (331,140) | ||
Net finance income/(costs) | (10,602) | (195,113) | |||
Share of profit of equity-accounted investees | 27,560 | 18,150 | |||
(Loss)/profit before tax | (3,583,264) | 688,686 | |||
Income tax | 7.1 | 292,800 | (104,866) | ||
Net (loss)/profit | (3,290,464) | 583,820 |
Other comprehensive income
Actuarial losses from defined benefit plans
Losses on remeasurement of equity instruments at fair value through other comprehensive income
Tax on items that will not be reclassified to profit or loss
Items that will not be reclassified to profit or loss
Cash flow hedges - effective portion of fair-value change Translation reserve
Income tax relating to items that are or will be reclassified to profit or loss
Items that are or may be reclassified to profit or loss
Total other comprehensive income
Comprehensive income for period
Net (loss)/profit attributable to:
Owners of the parent
Non-controlling interests
Comprehensive income for period attributable to:
Owners of the parent
Non-controlling interests
(Loss)/earnings per share: Basic (PLN)
Diluted (PLN)
24 | (30,707) | (2,247) |
- | (2,569) | |
7.3 | 5,676 | 520 |
(25,031) | (4,296) | |
29 | (51,900) | 427,759 |
(96,956) | 32,441 | |
7.3 | (10,538) | 1,030 |
(159,394) | 461,230 | |
(184,425) | 456,934 | |
(3,474,889) | 1,040,754 | |
8 | (2,822,147) | 620,122 |
(468,317) | (36,302) | |
(2,983,195) | 992,735 | |
(491,694) | 48,019 | |
(28.45) | 6.25 | |
(28.45) | 6.25 |
Grupa Azoty Spółka Akcyjna | Page 5 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Consolidated statement of financial position
x | Note | As at | As at | ||||||||||
31 Dec 2023 | 31 Dec 2022 | ||||||||||||
ASSETS | |||||||||||||
NON-CURRENT ASSETS | |||||||||||||
Property, plant and equipment | 9 | 13,676,472 | 13,392,162 | ||||||||||
Right-of-use assets | 10 | 760,159 | 758,713 | ||||||||||
Investment property | 11 | 71,290 | 66,613 | ||||||||||
Intangible assets | 12 | 892,274 | 971,484 | ||||||||||
Goodwill | 12.1 | 282,848 | 305,016 | ||||||||||
Shares | 13.1 | 10,172 | 10,172 | ||||||||||
Equity-accounted investees | 13.1 | 104,642 | 95,436 | ||||||||||
Other financial assets | 13.2 | 2,858 | 3,961 | ||||||||||
Derivative financial instruments | 28.4 | 291,543 | 383,800 | ||||||||||
Other receivables | 16 | 609,262 | 629,999 | ||||||||||
Deferred tax assets | 7.4 | 563,087 | 330,889 | ||||||||||
Other non-current assets | 18 | 509 | 508 | ||||||||||
Total non-current assets | 17,265,116 | 16,948,753 | |||||||||||
CURRENT ASSETS | |||||||||||||
Inventories | 14 | 2,469,246 | 3,444,385 | ||||||||||
Property rights | 15 | 2,047,478 | 2,009,349 | ||||||||||
Derivative financial instruments | 28.4 | - | 3,122 | ||||||||||
Other financial assets | 13.2 | 2,005 | 1,998 | ||||||||||
Current tax assets | 47,467 | 33,719 | |||||||||||
Trade and other receivables | 16 | 1,432,699 | 2,026,024 | ||||||||||
Cash and cash equivalents | 17 | 1,012,355 | 1,376,541 | ||||||||||
Other current assets | 18 | 20,154 | 21,753 | ||||||||||
Total current assets | 7,031,404 | 8,916,891 | |||||||||||
TOTAL ASSETS | 24,296,520 | 25,865,644 | |||||||||||
EQUITY AND LIABILITIES | |||||||||||||
EQUITY | |||||||||||||
Share capital | 19.1 | 495,977 | 495,977 | ||||||||||
Share premium | 19.2 | 2,418,270 | 2,418,270 | ||||||||||
Hedging reserve | 19.3 | 243,830 | 285,136 | ||||||||||
Translation reserve | (9,483) | 87,421 | |||||||||||
Other capital reserves | (17,700) | (17,700) | |||||||||||
Retained earnings | 2,820,560 | 5,665,545 | |||||||||||
Equity attributable to owners of the parent | 5,951,454 | 8,934,649 | |||||||||||
Non-controlling interests | 516,835 | 1,021,718 | |||||||||||
Total equity | 6,468,289 | 9,956,367 | |||||||||||
LIABILITIES | |||||||||||||
Borrowings | 20 | 626,865 | 4,971,706 | ||||||||||
Lease liabilities | 21 | 375,714 | 360,957 | ||||||||||
Other financial liabilities | 22 | 789,893 | 682,818 | ||||||||||
Employee benefit obligations | 24 | 477,788 | 439,656 | ||||||||||
Trade and other payables | 25 | 9,122 | 17,887 | ||||||||||
Provisions | 26 | 234,707 | 241,007 | ||||||||||
Grants | 27 | 185,321 | 193,896 | ||||||||||
Deferred tax liabilities | 7.4 | 298,069 | 386,492 | ||||||||||
Total non-current liabilities | 2,997,479 | 7,294,419 | |||||||||||
Borrowings | 20 | 6,867,697 | 689,738 | ||||||||||
Derivative financial instruments | 28.4 | 6,680 | - | ||||||||||
Lease liabilities | 21. | 72,145 | 71,629 | ||||||||||
Other financial liabilities | 22 | 2,188,240 | 1,290,942 | ||||||||||
Employee benefit obligations | 24 | 49,726 | 54,801 | ||||||||||
Current tax liabilities | 31,186 | 243,545 | |||||||||||
Trade and other payables | 25 | 5,388,239 | 6,141,011 | ||||||||||
Provisions | 26 | 123,257 | 94,345 | ||||||||||
Grants | 27 | 103,582 | 28,847 | ||||||||||
Total current liabilities | 14,830,752 | 8,614,858 | |||||||||||
Total liabilities | 17,828,231 | 15,909,277 | |||||||||||
TOTAL EQUITY AND LIABILITIES | 24,296,520 | 25,865,644 | |||||||||||
Grupa Azoty Spółka Akcyjna | Page 6 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Consolidated statement of changes in equity for the period ended 31 December 2023
x
As at 1 Jan 2023
Other | Equity | |||||||||||||||||||
Share | Share | Hedging | Translation | Retained | attributable to | Non-controlling | ||||||||||||||
capital | Total equity | |||||||||||||||||||
capital | premium | reserve | reserve | earnings | owners of the | interests | ||||||||||||||
reserves | ||||||||||||||||||||
parent | ||||||||||||||||||||
495,977 | 2,418,270 | 285,136 | 87,421 | (17,700) | 5,665,545 | 8,934,649 | 1,021,718 | 9,956,367 |
Profit or loss and other comprehensive income
Net loss | - | - | - | - | - | (2,822,147) | (2,822,147) | (468,317) | (3,290,464) |
Other comprehensive income | - | - | (41,306) | (96,904) | - | (22,838) | (161,048) | (23,377) | (184,425) |
Comprehensive income for | (2,844,985 | ||||||||
period | - | - | (41,306) | (96,904) | - | ) | (2,983,195) | (491,694) | (3,474,889) |
Transactions with owners, | |||||||||
recognised directly in equity | |||||||||
Dividends | (13,189) | (13,189) | |||||||
As at 31 Dec 2023 | 495,977 | 2,418,270 | 243,830 | (9,483) | (17,700) | 2,820,560 | 5,951,454 | 516,835 | 6,468,289 |
Consolidated statement of changes in equity for the period ended 31 December 2022
x
As at 1 Jan 2022
Profit or loss and other comprehensive income
Other | |||||||||||||
Share | Share | Hedging | Translation | Retained | |||||||||
capital | |||||||||||||
capital | premium | reserve | reserve | earnings | |||||||||
reserves | |||||||||||||
495,977 | 2,418,270 | (58,403) | 54,936 | (17,700) | 5,048,783 |
Equity
attributable to Non-controllingowners of the interests parent
7,941,863 990,304
Total equity
8,932,167
Net profit | - | - | - | - | - | 620,122 | 620,122 | (36,302) | 583,820 |
Other comprehensive income | - | - | 343,539 | 32,485 | - | (3,411) | 372,613 | 84,321 | 456,934 |
Comprehensive income for | |||||||||
period | - | - | 343,539 | 32,485 | - | 616,711 | 992,735 | 48,019 | 1,040,754 |
Transactions with owners, | |||||||||
recognised directly in equity | |||||||||
Dividends | - | - | - | - | - | - | - | (16,482) | (16,482) |
Changes in ownership interests | |||||||||
in subsidiaries | |||||||||
Changes in the Group | - | - | - | - | - | 51 | 51 | (123) | (72) |
As at 31 Dec 2022 | 495,977 | 2,418,270 | 285,136 | 87,421 | (17,700) | 5,665,545 | 8,934,649 | 1,021,718 | 9,956,367 |
Grupa Azoty Spółka Akcyjna | Page 7 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Consolidated statement of cash flows
For period | For period | |||||
x | Note | 1 Jan − | 1 Jan − | |||
31 Dec 2023 | 31 Dec 2022 | |||||
Cash flows from operating activities | ||||||
(Loss)/profit before tax | (3,583,264) | 688,686 | ||||
Depreciation and amortisation | 808,174 | 756,013 | ||||
Recognition of impairment losses | 1,420,896 | 916,999 | ||||
Gain on investing activities | (6,133) | (852) | ||||
Share of profit of equity-accounted investees | (27,559) | (18,150) | ||||
Interest, foreign exchange gains or losses | 269,602 | 162,888 | ||||
Dividends | (35) | (311) | ||||
Fair value (loss)/gain on financial assets | 143,280 | (293,532) | ||||
Decrease in trade and other receivables | 29 | 696,588 | 357,108 | |||
Decrease/(increase) in inventories and property rights | 881,146 | (1,571,483) | ||||
Increase in trade and other payables | 29 | 6,153,406 | 4,810,195 | |||
Increase in provisions | 29 | 5,395 | 25,594 | |||
Increase in employee benefit obligations | 29 | 10,039 | 17,190 | |||
Increase/(decrease) in grants | 29 | 58,431 | (8,074) | |||
Other adjustments | (14,470) | (1,961) | ||||
Income tax paid | (256,504) | (231,937) | ||||
Net cash from operating activities | 6,558,992 | 5,608,373 | ||||
Cash flows from investing activities | ||||||
Proceeds from sale of intangible assets, property, | 29 | |||||
plant and equipment, and investment property | 3,823 | 27,534 | ||||
Purchase of intangible assets, property, | ||||||
plant and equipment, and investment property | (2,496,079) | (2,830,715) | ||||
Dividend received | 35 | - | ||||
Purchase of other financial assets | (1,997) | (3,994) | ||||
Proceeds from sale of other financial assets | 1,997 | 3,994 | ||||
Loans | - | (1,219) | ||||
Other cash provided by (used in) investing activities | (1,954) | (4,142) | ||||
Net cash from investing activities | (2,494,175) | (2,808,542) | ||||
Cash flows from financing activities | ||||||
Dividends paid | (13,189) | (16,482) | ||||
Proceeds from borrowings | 2,106,693 | 2,084,701 | ||||
Repayment of borrowings | (99,496) | (878,737) | ||||
Interest paid | (414,081) | (199,172) | ||||
Payment of lease liabilities | (78,017) | (71,429) | ||||
Payment of reverse factoring liabilities | (5,929,115) | (4,725,291) | ||||
Other cash provided by (used in) financing activities | 7,497 | 13,680 | ||||
Net cash from financing activities | (4,419,708) | (3,792,730) | ||||
Total net cash flows | (354,891) | (992,899) | ||||
Cash and cash equivalents at beginning of period | 1,376,541 | 2,362,193 | ||||
Effect of exchange rate fluctuations on cash held | (9,295) | 7,247 | ||||
Cash and cash equivalents at end of period | 1,012,355 | 1,376,541 |
The consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, and the consolidated statement of cash flows should be read in conjunction with the notes, which constitute an integral part of the full-year consolidated financial statements.
Grupa Azoty Spółka Akcyjna | Page 8 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
Notes to the consolidated financial statements
1. Organisation of the Group
The Grupa Azoty Spółka Akcyjna Group (the "Grupa Azoty Group" or the "Group") comprises Grupa Azoty Spółka Akcyjna (the "Parent", "GASA") and its subsidiaries.
Grupa Azoty Spółka Akcyjna is the ultimate Parent of the Group.
The Parent's principal place of business and registered office are located in Tarnów, Poland.
Tts registered office address is ul. Eugeniusza Kwiatkowskiego 8, 33-101 Tarnów, Poland.
The Parent is incorporated Poland.
The Parent is a joint-stock company.
The principal place of business of the Grupa Azoty Group companies are the towns where the companies' registered offices are located.
The Group's principal business is in particular the processing of nitrogen products, manufacture and sale of fertilizers, manufacture and sale of plastics, manufacture and sale of oxo alcohols, manufacture and sale of titanium white, manufacture and sale of melamine, production of sulfur and processing of sulfur products.
The Parent was entered in the Register of Businesses in the National Court Register (entry No. KRS 0000075450) on 28 December 2001, pursuant to a ruling of the District Court for Kraków-Śródmieście in Kraków, 12th Commercial Division of the National Court Register, dated 28 December 2001. The Parent's REGON number for public statistics purposes is 850002268.
As of 22 April 2013, the Parent trades under the name Grupa Azoty Spółka Akcyjna (abbreviated to Grupa Azoty S.A.). During the reporting period, the Parent did not change its name.
The Parent and the Group companies were incorporated for an indefinite period.
These consolidated financial statements were authorised for issue by the Parent's Management Board on 29 April 2024.
2. Composition of the Group
As at 31 December 2023, the Grupa Azoty Group comprised: Grupa Azoty Spółka Akcyjna as the Parent and its subsidiaries:
Grupa Azoty Spółka Akcyjna | Page 9 of 90 |
Consolidated financial statements of the Grupa Azoty Group for the 12 months ended 31 December 2023 (all amounts in PLN '000 unless indicated otherwise)
x | Name | Entity holding | Interest | Share capital | Consolidation | |||||||||||||
shares | held | method | ||||||||||||||||
1. | Grupa Azoty S.A. | Parent | PLN 495,977 | Parent | ||||||||||||||
thousand | ||||||||||||||||||
2. | COMPO EXPERT Holding GmbH ("COMPO EXPERT") | GASA | 100% | EUR 25 thousand | Full | |||||||||||||
3. | Grupa Azoty ATT Polymers GmbH ("ATT Polymers") | GASA | 100% | EUR 9,000 | Full | |||||||||||||
thousand | ||||||||||||||||||
4. | Grupa Azoty Compounding Sp. z o.o. ("Grupa Azoty | GASA | 100% | PLN 72,008 | Full | |||||||||||||
COMPOUNDING") | thousand | |||||||||||||||||
5. | Grupa Azoty Energia Sp. z o.o. ("Grupa Azoty ENERGIA") | GASA | 100% | PLN 1,000 | Full | |||||||||||||
thousand | ||||||||||||||||||
6. | Grupa Azoty Kopalnie i Zakłady Chemiczne Siarki Siarkopol | GASA | 99.56% | PLN 60,620 | Full | |||||||||||||
S.A. ("Grupa Azoty SIARKOPOL") | thousand | |||||||||||||||||
7. | Grupa Azoty Zakłady Azotowe Puławy S.A. ("Grupa Azoty | GASA | 95.98% | PLN 191,150 | Full | |||||||||||||
PUŁAWY") | thousand | |||||||||||||||||
8. | Grupa Azoty Zakłady Azotowe Kędzierzyn S.A. ("Grupa | GASA | 93.48% | PLN 285,064 | Full | |||||||||||||
Azoty KĘDZIERZYN") | thousand | |||||||||||||||||
Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. | GASA | 63.27% | PLN 85,631 | |||||||||||||||
9. | Grupa Azoty | Full | ||||||||||||||||
("Grupa Azoty PKCh") | 36.73% | thousand | ||||||||||||||||
KĘDZIERZYN | ||||||||||||||||||
10. | Grupa Azoty Zakłady Chemiczne Police S.A. ("Grupa Azoty | GASA | 62.86% | PLN 1,241,758 | Full | |||||||||||||
POLICE") | thousand | |||||||||||||||||
GASA | 60.00% | |||||||||||||||||
Grupa Azoty | 20.00% | PLN 54,600 | ||||||||||||||||
11. | Grupa Azoty Koltar Sp. z o.o. ("Grupa Azoty KOLTAR") | KĘDZIERZYN | Full | |||||||||||||||
thousand | ||||||||||||||||||
Grupa Azoty | 20.00% | |||||||||||||||||
PUŁAWY | ||||||||||||||||||
Grupa Azoty Polyolefins Spółka Akcyjna ("Grupa Azoty | GASA | 30.52% | PLN 922,968 | |||||||||||||||
12. | Grupa Azoty | Full | ||||||||||||||||
POLYOLEFINS") | 34.41% | thousand | ||||||||||||||||
POLICE | ||||||||||||||||||
13. | Agrochem Puławy Sp. z o.o. | Grupa Azoty | 100.00% | PLN 68,639 | ||||||||||||||
PUŁAWY | thousand | Full | ||||||||||||||||
14. | SCF Natural Sp. z o.o. | Grupa Azoty | 100.00% | PLN 15,001 | Full | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
15. | Grupa Azoty Zakłady Fosforowe Gdańsk Sp. z o.o. | Grupa Azoty | 99.19% | PLN 59,003 | Full | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
16. | Grupa Azoty Zakłady Azotowe Chorzów S.A. | Grupa Azoty | 96.48% | PLN 94,700 | Full | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
17. | STO-ZAP Sp. z o.o. | Grupa Azoty | 96.15% | PLN 1,117 | Not consolidated | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
18. | Remzap Sp. z o.o. | Grupa Azoty | 97.17% | PLN 3,528 | Full | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
Grupa Azoty | 78.86% | |||||||||||||||||
PUŁAWY | ||||||||||||||||||
19. | Prozap Sp. z o.o. | PLN 892 thousand | Full | |||||||||||||||
Grupa Azoty | 7.35% | |||||||||||||||||
POLICE | ||||||||||||||||||
20. | Bałtycka Baza Masowa Sp. z o.o. | Grupa Azoty | 50.00% | PLN 19,500 | Equity method | |||||||||||||
PUŁAWY | thousand | |||||||||||||||||
21. | Grupa Azoty Transtech Sp. z o.o. | Grupa Azoty | 100.00% | PLN 9,783 | Full | |||||||||||||
POLICE | thousand | |||||||||||||||||
22. | Grupa Azoty Police Serwis Sp. z o.o. | Grupa Azoty | 100.00% | PLN 21,426 | Full | |||||||||||||
POLICE | thousand | |||||||||||||||||
23. | Grupa Azoty Africa S.A. w likwidacji (in liquidation) | Grupa Azoty | 99.99% | XOF 132,000 | Full | |||||||||||||
POLICE | thousand | |||||||||||||||||
24. | Zarząd Morskiego Portu Police Sp. z o.o. | Grupa Azoty | 99.91% | PLN 32,642 | Full | |||||||||||||
POLICE | thousand | |||||||||||||||||
25. | Budchem Sp. z o.o. w upadłości likwidacyjnej (in | Grupa Azoty | 48.96% | PLN 1,201 | Not consolidated | |||||||||||||
liquidation bankruptcy) | POLICE | thousand | ||||||||||||||||
26. | Kemipol Sp. z o.o. | Grupa Azoty | 33.99% | PLN 3,445 | Equity method | |||||||||||||
POLICE | thousand | |||||||||||||||||
27. | ZAKSA S.A. | Grupa Azoty | 92.45% | PLN 6,000 | Full | |||||||||||||
KĘDZIERZYN | thousand | |||||||||||||||||
28. | Grupa Azoty Jednostka Ratownictwa | Grupa Azoty PKCH | 100.00% | PLN 21,749 | Full | |||||||||||||
Chemicznego Sp. z o.o. ("Grupa Azoty JRCH") | thousand | |||||||||||||||||
29. | Grupa Azoty Prorem Sp. z o.o. ("Grupa Azoty PROREM") | Grupa Azoty PKCH | 100.00% | PLN 11,567 | Full | |||||||||||||
thousand | ||||||||||||||||||
Grupa Azoty Spółka Akcyjna | Page 10 of 90 |
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Grupa Azoty SA published this content on 04 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 June 2024 14:07:07 UTC.
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Latest news about Grupa Azoty S.A.
Transcript : Grupa Azoty S.A., Q1 2024 Earnings Call, May 29, 2024 | ||
Grupa Azoty S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024 | CI | |
Transcript : Grupa Azoty S.A., Q1 2024 Earnings Call, Apr 30, 2024 | ||
Grupa Azoty S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 | CI | |
Azoty Group Provides Earnings Guidance for the Fourth Quarter and Full Year 2023 | CI | |
Azoty Group Appoints New Members to Supervisory Board | CI | |
Azoty Reports Production Results for the January 2024 | CI | |
Grupa Azoty S.A. Agrees on the Key Terms of A Transaction to Acquire A 100 Percent Stake in Solarfarm Brzezinka | CI | |
Grupa Azoty Stops Talks On Potential Takeover Of GA Pulawy By Orlen | CI | |
Grupa Azoty S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 | CI | |
Grupa Azoty S.A. Reports Production Results for the Month of September 2023 | CI | |
Transcript : Grupa Azoty S.A., H1 2023 Earnings Call, Sep 28, 2023 | ||
Grupa Azoty S.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023 | CI | |
Grupa Azoty S.A. Suffers Interruption of Fertilizers Production by Kedzierzyn Unit - Filing, Temporarily Halted | CI | |
Azoty Launches Polypropylene Production at Polimery Police, Expects First Sales in August | CI | |
Orlen Eyes Takeover of Grupa Azoty Pulawy | CI | |
Grupa Azoty Starts Talks on Potential Acquisition of GA Pulawy by PKN Orlen | CI | |
Polish fertiliser company Grupa Azoty highlights financing risks after Q1 loss | RE | |
Transcript : Grupa Azoty S.A., Q1 2023 Earnings Call, May 23, 2023 | ||
Grupa Azoty S.A. Reports Earnings Results for the First Quarter Ended March 31, 2023 | CI | |
Transcript : Grupa Azoty S.A., Q4 2022 Earnings Call, Mar 31, 2023 | ||
Grupa Azoty S.A. Reports Earnings Results for the Full Year Ended December 31, 2022 | CI | |
Grupa Azoty S.A. Announces Executive Changes | CI | |
Transcript : Grupa Azoty S.A., Grupa Azoty Zaklady Azotowe "Pulawy" S.A, Grupa Azoty Zaklady Chemiczne Police S.A., Q3 2022 Earnings Call, Nov 10, 2022 | ||
Grupa Azoty S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022 | CI |
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Company Profile
Grupa Azoty SA is a Poland-based producer of chemical products. Its products portfolio is divided into five segments. Fertilizers segment includes manufacturing and sales of nitrogenous fertilizers (urea, nitrate, ammonium nitrates, ammonium sulphate nitrate, a mixture of ammonium sulphate and urea, ammonium sulphate), compound fertilizers, ammonia; Plastics segment is engaged in manufacturing and sales of polyamide 6 (Tarnamid, Alphalon), polyacetal (Tarnoform), caprolactam; OXO segment includes manufacturing and sales of alcohols (2-ethylohexanol, n-butanol, isobutanol, octanol F) and plasticizers, such as bis(2-ethylhexyl) phthalate, diisobutyl phthalate, among others; Pigment segment is engaged in manufacturing and sales of titanium white, Tytanpol; Other Activities segment includes energy, laboratory services, catalysts, rental of properties. The Company operates through subsidiaries, including Grupa Azoty ZAK SA, ATT Polymers GmbH, Zaklady Chemiczne Police SA, among others.
Sector
Agricultural Chemicals
Calendar
2024-08-27 - Q2 2024 Earnings Release
More about the company
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Ratings for Grupa Azoty S.A.
Trading Rating
Investor Rating
ESG Refinitiv
C
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Analysts' Consensus
Sell
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
4
Last Close Price
22.38PLN
Average target price
21.86PLN
Spread / Average Target
-2.35%
Consensus
EPS Revisions
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Quarterly revenue - Rate of surprise
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- News Grupa Azoty S.A.
- Grupa Azoty S A : Ad. 10 Consolidated financial statement 2023