May 23rd 2019

@Grupa_Azoty

#GrupaAzoty1Q2019

Q1 2019 RESULTS PRESENTATION

May 23rd 2019

2

POLIMERY POLICE

MOST RECENT DEVELOPMENTS

Propylene & polypropylene units, polypropylene logistics,

propane & ethylene handling and storage terminal

Annual production capacity – up to 437,000 tonnes

Start of project work – Q1 2020

Commercial commissioning – 2022

Funding under a project finance model

Location: within the Pomeranian Special Economic

Zone (state aid of up to PLN 428m)

Budgeted project cost: EUR 1.5bn, CAPEX – EUR 1.2bn

Grupa Azoty close to developing the target financing

model

Hyundai Engineering Co., Ltd. as the EPC contractor

KEY BENEFITS EXPECTED FROM THE PROJECT:

diversification of revenue streams, additional profits for the Grupa Azoty Group, expansion of the product

portfolio, flattening out of business cycles

2

HIGHLIGHT

April 2019

Consent from Grupa Azoty Police

shareholders to carry out a public

offering of shares subject to the

existing shareholders’ pre-emptive

rights, of approximately PLN 1bn.

Letter of intent between Grupa

Azoty S.A., Grupa Azoty Police and

Grupa LOTOS concerning Grupa

LOTOS’ potential involvement in

the financing of the Polimery Police

Project and acquisition of new

shares in the share capital of PDH

Polska S.A.

May 2019

Signing of an investment

cooperation agreement with

Hyundai and KIND.

Signing of the EPC contract with

the general contractor.

3

POLIMERY POLICE – PLANT WITH A CAPACITY OF

UP TO 437 THOUSAND TONNES, LOCATED AT THE HEART OF EUROPE

TARGET MARKET ACCESSIBLE FOR PDH POLSKA S.A. >12

MILLION TONNES PER YEAR

INVESTMENTS 3

HIGHLIGHT

The plant’s proximity to the Baltic Sea will facilitate

Grupa Azoty’s access to competitive feedstock markets,

including Russia and the North Sea.

Grupa Azoty will have access to the European

polypropylene market with an annual size of more than

12 million tonnes.

As the European market is undersupplied, it will need to

import an estimated over 3 million tonnes of

polypropylene per year.

The size of the key market, on which Grupa Azoty has

its strategic location, will reach 4.3 million tonnes.

Approximately 70% of total output will be sold on the

key market.

The plant’s location near the Baltic Sea and advantages

in logistics costs will allow Grupa Azoty to serve

customers preferring to be supplied by sea (the short

sea market).

Demand for polypropylene, by region and country in 2022 (thousand tonnes/year)

4

CLEAR LOGISTICS BENEFITS AND SHORTER

DELIVERY TIMES

INVESTMENTS 4

HIGHLIGHT

Most PP units being located in

Western Europe, the Project will

enjoy an advantage in terms of

geographical location and

logistics, supporting its ability to

serve markets in Central Europe.

Order delivery times will be two

days, compared with four to

five days needed by direct

competitors.

PDH Polska will be one of the

three plants on the key market

relying on the Unipol technology,

capable of delivering products

tailored to customer needs.

5

Consolidated revenue

Consolidated EBIT

Net profit/(loss)

Consolidated EBITDA

DEVELOPMENTS

Q1 2019 FINANCIAL HIGHLIGHTS

PLNmQ1 2019

3,365

608

408

323

CONSOLIDATED FINANCIAL INFORMATION

GRUPA AZOTY GROUP

7

17%

21%

17% 16% 18%

2 834 2 476 2 687 2 497

3,365

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION

Q1 2019 RESULTS

EBITDA

Revenue

Net profit

PLNm

485 517453

403

608

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

306 307255

188

323

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

Grupa Azoty Compo Expert

EBITDA margin

8

2,097

412


8

Q1 2019 SEGMENT RESULTS

AGRO

FERTILIZERS CHEMICALS PLASTICS

PLNm

FINANCIAL

HIGHLIGHTS

EBITDA MARGIN 20% 14% 13%

PERCENTAGE

SHARE

68%62%

753

102

17%22%

409

54

9%12%

Revenue EBITDA

Compo Expert

Total

Revenue EBITDA Revenue EBITDA

PLNm PLNm

15%

47%

10 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION

TARGET MARKETS

Poland

50%

North America

2%

European Union

36%

Africa

1%

South America

2%

Other Europe

5%

Asia

4%

1222

51 301 66 37

8

137 6

46

176

46

3 231

4673

10210 35 1

28

258 276 372 2

298

Grupa Azoty

Plastics

Chemicals

Energy

Other

Compo Expert

Agro Fertilizers

Geographical structure by segment in Q1 2019

11

403

563608

27

228 -40-27

-28 45

EBITDA 1Q2018 Wolumensprzedaży*

Ceny sprzedaży Ceny surowców CO2 Inne Compo Expert EBITDA 1Q2019

PLN +27m gas


Q1 2019 EBITDA − KEY DRIVERS

positive effect on EBITDA

negative effect on EBITDA

PLN -67mPLNm

PLN -26m coal/energy

PLN -16m Potassium

chloride

PLN -10m phosphate rock

PLN -10m propylene

* Margin generated on sales volume

13 AGRO FERTILIZERS

FERTILIZERS

0

100

200

300

400

500

600

700

800

900

Nitrogenfertilizers and

ammonia

Nitrogen-sulfurfertilizers

Compoundfertilizers

Specialityfertilizers

Q1 2018* Q1 2019

VOLUMES (‘000 TONNES)(PLNm) Q1 2018* Q1 2019

Q/Q

change

Segment revenue,

including: 1,679 2,097 25%

Nitrogen fertilizers

and ammonia661 830 26%

Nitrogen-sulfur

fertilizers149 210 41%

Compound


Speciality fertilizers 395 408 3%

EBITDA 210 412 96%

EBITDA margin 13% 20% 7 pp

REVENUE

0

50

100

150

200

250

300

Nitrate fertilizers Ammoniumnitrate

Urea UAN

Q1 2018 Q1 2019

* PRO

FO

RM

A D

ATA

Q1 2019/Q1 2018 IMPORTS

Ammonium nitrate +5.7%

Urea -23%

14 AGRO FERTILIZERS

AGROMETEOROLOGICAL FACTORS

Source: DG AGRI -G4

Much drier than usual in south-

eastern Europe and part of

Mediterranean

6%

19%

8%

7%

9%

-12%

-1,4%

-17%

-30% -10% 10% 30%

France

Germany

Poland

Italy

UK

Spain

Hungary

Romania

Forecast changes in grain production

in EU 28

Rainfall – deviation from the long-term average (LTA) March 1st−April 8th 2019

Temperatures much above normal:

Central and Eastern Europe: +2ºC to

+4ºC

Temperature – deviation from the long-term average (LTA) March 1st−April 8th 2019

Central and Eastern Europe:

aggregate temperatures above the

long-term average (LTA)

Aggregate temperatures – deviation from the long-term average (LTA) March 1st−April 8th 2019

Europe: minimum daily temperatures

below 0ºC without damage to crops

Minimum daily temperaturesMarch 1st−April 8th 2019

Total major grain producers

(80% of EU output)

15 AGRO FERTILIZERS

Compo Expert

0

20

40

60

80

100

120

Granulated NPK SRF & CRF Fertigation andfoliar fertilizers

Liquid fertilizersand

biostimulants

Q1 2018 Q1 2019

VOLUMES (‘000 TONNES)

(PLNm)Q1

2018

Q1

2019

Q/Q

change

Segment revenue,

including: 467 499 7%

Granular NPK

fertilizers 186 200 8%

SRF & CRF 105 112 7%

Fertigation and

foliar fertilizers119 124 4%

Liquid fertilizers

and biostimulants54 50 -7%

EBITDA 42 45 7%

EBITDA margin 9% 9%

REVENUE

(PLNm)Q1

2018

Q1

2019

Q/Q

change

Non-current assets 1,118 1,100 -2%

Current assets 1,031 839 -19%

TOTAL ASSETS 2,149 1,939 -10%

Equity 1,075 715 -33%

Liabilities 1,074 1,224 14%

TOTAL EQUITY AND

LIABILITIES2,149 1,939 -10%

BALANCE SHEET

1% 60% 6% 15% 9% 9%

0% 20% 40% 60% 80% 100%

GEOGRAPHICAL STRUCTURE OF SALES

Poland European Union Other Europe

Asia North America South America

17 CHEMICALS

CHEMICALS

0

20

40

60

80

100

120

140

160

OXO alcohols Plasticizers Urea(technical

grade)

Melamine Titaniumwhite

1Q2018 1Q2019


Market deltas

0

400

800

1 200

1 600

Q1 1

7

Q2 1

7

Q3 1

7

Q4 1

7

Q1 1

8

Q2 1

8

Q3 1

8

Q4 1

8

Q1 1

9

EU

R/t

2-EH Propylene DEHT (DOTP)

MARKET OVERVIEW

Mark

et

spre

ads

567

617

488

297

376

380

0

100

200

300

400

500

600

700

2015 2016 2017 2018 Q1 2018Q1 2019

EU

R/t

DEHT/propylene spread

(PLNm)Q1

2018

Q1

2019

Q/Q

change

Segment revenue,

including: 769 753 -2%

Titanium white 106 95 -10%

Melamine 132 119 -10%

Technical-grade

urea147 167 14%

Plasticizers 66 67 2%

OXO alcohols 158 147 -7%

EBITDA 127 102 -20%

EBITDA margin 17% 14% -3 pp

REVENUE

18 PLASTICS

PLASTICS

(PLNm)Q1

2018

Q1

2019

Q/Q

change

Segment revenue,

including: 411 409

Polyamide 339 356 5%

Caprolactam 50 33 -34%

EBITDA 60 54 -10%


MARKET OVERVIEW

REVENUE

0

500

1 000

1 500

2 000

2 500

Q1 1

7

Q2 1

7

Q3 1

7

Q4 1

7

Q1 1

8

Q2 1

8

Q3 1

8

Q4 1

8

Q1 1

9

EU

R/t

Caprolactam Benzene Polyamide 6

Market deltas

0

5

10

15

20

25

30

35

40

45

50

Caprolactam Polyamide

Q1 2018 Q1 2019


19 GRUPA AZOTY GROUP

Major capex projects in 2019

2019 PLANNED

ComponentsOtherPurchase of finished goods

(PLN ‘000)

Project name Company

Project

budget in

2019

Upgrade of steam generator to reduce NOx emissions ZAP 42,500

Upgrade of synthesis gas compression unit supplying the

Ammonia PlantZAK 37,982

Raw gas compressor (GHH) ZAK 12,762

Construction of new draft cooling tower for the Lactam

Department ZAT 10,100

Replacement of 311Y PN-2 fertilizer drying unit ZCH 9,500

Upgrade of existing and construction of new nitric acid units,

and facilities for neutralisation and production of new

fertilizers based on nitric acid

ZAP 147,805

Power generation unit ZAP 81,065

Facility for production of granulated fertilizers based on

ammonium nitrateZAP 68,962

Construction of turbo generator set using steam from the

Sulfuric Acid Unit and Dual-Pressure Nitric Acid Unit, and 4 MPa

steam pipeline from the Sulfuric Acid Unit to the Dual-Pressure

Nitric Acid Unit

ZAT 15,000

Adaptation of continuous FDO unit to periodic production of

OxoviflexZAK 10,204

Installation of second line for polyamide 6 surface modification ZAT 10,000

20 GRUPA AZOTY – INVESTMENTS

INVESTMENTS

CAPITAL EXPENDITURE

CAPEX PROJECTS

including:

CAPEX in

Q1 2019

GROWTH CAPEX 81

MAINTENANCE CAPEX 17

MANDATORY INVESTMENTS 6

PURCHASE OF FINISHED GOODS 17

OTHER (COMPONENTS, MAJOR OVERHAULS) 27

TOTAL 148

CONSOLIDATED CAPEX – CASH FLOW 245

2019 CAPEX*

≈PLN 1.3BN

PLNm

Tarnów13%

Grupa Azoty

PUŁAWY Group54%

Grupa Azoty POLICE Group

9%Grupa Azoty

Kędzierzyn Group11%

Other13%

Q1 2019 CAPITAL EXPENDITURE

21 GRUPA AZOTY – FINANCES

Grupa Azoty Group finances as at March 31st 2019

• Revolving and umbrella credit facility

• PLN 3,873m

PKO and bank syndicate

• Term Loan Agreement

• PLN 650m

EBRD

• Term Loan Agreement

• PLN 1,131m

EIB

• PLN 5,654m

Total corporate financing

52

677

2,535

pozostałe finansowanie

kredyty bieżące i wielocelowe

kredyty korporacyjne

AVAILABLE FUNDING

(mln PLN)

COVENANTS

Net debt/EBITDA

- max 3.0x

- max 3.5x (Dec 2020–Jun 2023)

NET DEBT 2018 Q1 2019

Net debt (PLNm) 2,029 2,661

Net debt/EBITDA

for 12 months (ratio)2,42* 2,66*

• Net debt to EBITDA as at December 31st 2018 and December 31st 2019 includes Compo’s EBITDA for the last 12 months.

An increase in net debt to EBITDA as at December 31st 2019 is attributable to the recognition, as of January 1st 2019, of operating leases in the balance

sheet (previously recognised as an off-balance sheet item), in accordance with IAS 16.

GRUPA AZOTY PUŁAWY GROUP

23

227 227204

159

269

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

21%24%

20%17%

25%

1,070951 1 003

9101,069

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

GRUPA AZOTY PUŁAWY GROUP – CONSOLIDATED FINANCIAL INFORMATION

EBITDA

Revenue

Net profit

175161 138

86

168

Q1 2015 Q1 2016 Q1 2017 Q1 2018 1Q2019

EBITDA

margin

PLNm

Q1 2019 RESULTS

24

159

269

0

53

10510.5 -0,2 -59

0

PLN -11.3melectricity prices

PLN -7.5mhard coal prices

PLN +11.8mgas prices

PLN +17.5m benzene prices





one-offs

PLNm PLN 10.3m

25 GRUPA AZOTY PUŁAWY GROUP

FERTILIZERS

(PLNm) Q1 2018Q1

2019Q/Q change

Segment revenue,


Nitrogen fertilizers 409 570 39%

Phosphate and

compound


EBITDA 108 215 99%

EBITDA margin 21.3% 31.2% 9,9pp


0

100

200

300

Q1 2018 Q1 2019

+34% +25%

+17%

+12%

+22%

CHEMICALS

0

50

100

Melamine Caprolactam Urea

Q1 2018 Q1 2019

-5% +1%

-8%


(PLNm) Q1 2018Q1

2019Q/Q change

Segment revenue,

including: 353 346 -2%

Melamine 132 119 -10%


Urea 66 72 9%

EBITDA 68 77 14%

EBITDA margin 19.3% 22.3% 3,0pp

Fertilizers65%

Chemicals32%

Other3%

Q1 2019 revenue


Grupa Azoty Puławy in Q1 2019

SIGNIFICANT FIGURES

KEY DEVELOPMENTS

New coal-fired generation unit – preliminary bid approval –

Consortium comprising: Polimex-Mostostal S.A. of Warsaw,

Polimex Energetyka Sp. z o.o. of Warsaw and SBB ENERGY

S.A. of Opole.

New three-year contract for the supplies of melamine and

PULREA® (urea) concluded between Grupa Azoty Zakłady

Azotowe Puławy S.A. and LERG S.A. of Pustkowo.


INVESTMENTS IN Q1 2019(PLNm)

CAPEX PROJECTTOTAL

BUDGET

EXPECTED COMPLETION

DATE

TOTAL ACTUAL COST

TO DATEQ1 2019 CAPEX

Upgrade of nitric acid unit 695.0 2024 103.7 18.1

Facility for production of

granulated fertilizers based on

ammonium nitrate

385.0 2020 312.8 20.4

Increasing the volumes of and

optimising liquid carbon dioxide

production

35.3 2019 31.6 1.4

Upgrade of unit for CO2 absorption

in potassium carbonate solutions –

Line II and III of the Gas Pre-

Treatment System

24.7 2021 1.8 0.6

Purchase and assembly of

synthesis gas compressor No. 7 –

KS7

24.4 2020 12.4 0.6

TYPEQ1 2019 CAPEX

AT GRUPA AZOTY PUŁAWY

Business growth 47.4

Business maintenance 3.1

Mandatory 2.6

Purchase of finished goods 1.7

Other (components, improvements,major overhauls, catalysts, other)

23.9

Total 78.7

MAJOR GROWTH PROJECTS

Business growth

60%

Business maintenance

4%

Mandatory3%

Purchase of finished goods

2%

Other31%

CAPEX STRUCTURE Q1 2019

GRUPA AZOTY POLICE GROUP

29

13%

16%

12%11%

12%

94107

8468

90

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

746 687 699615

727

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019


EBITDA

Revenue

Net profit 51

68

47

33

49

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

EBITDA

margin

PLNm

Q1 2019 RESULTS

The Q1 2019 results are in line with the previously released estimates.

30 GRUPA AZOTY POLICE GROUP




6890

6811 52

5

PLNm

Higher prices of raw materials,

including phosphate rock and

potassium chloride, and of CO2

emission allowances


FERTILIZERS


PIGMENTS


0

50

100

150

200

250

300

Fertilizerscompoundfertilizers

Urea Ammonia

Q1 2018 Q1 2019

24%

-35%

0

2

4

6

8

10

12

Titanium white

Q1 2018 Q1 2019

1%

(PLNm) Q1 2018 Q1 2019 Q/Q CHANGE

Segment

revenue, including:492 613 25%

Urea

and ammonia159 156 -2% m

Compound fertilizers 298 425 43%

EBITDA 37 78 111%

EBITDA margin 7.5% 12.7% 5.2 pp


Segment

revenue, including:110 101 -7% m

Titanium white 106 95 -10% m

EBITDA 34 17 -49% m

EBITDA margin 30.9% 17.0% -13.9 pp m

Fertilizers84%

Pigments14%

Other2%

Q1 2019 revenue


Grupa Azoty POLICE

Decisions by the company’s corporate bodies – planned share capital increase through

the rights issue of new shares, of up to PLN 1,100,000 thousand. Issue proceeds to

applied towards financing of the strategic Polimery Police Project.

Appointment of Hyundai Engineering Co., Ltd. as the general contractor and signing of

the EPC contract for the Polimery Police Project (after the reporting date).

Signing letters of intent with entities interested in providing financing for PDH Polska

S.A. and the Polimery Police Project (after the reporting date).

Conclusion by the company of an agreement for UE co-financing of the ‘Development of

a technology for the production of liquid fertilizers based on phosphorous bearing

materials of sedimentary origin’ R&D project. Project objective – development of a

new technology for purifying and condensing phosphoric acid for the production of

ammonium polyphosphate (APP) and APP-based innovative liquid fertilizers. The

company is the leader of the project consortium.

KEY DEVELOPMENTS

GRUPA AZOTY KĘDZIERZYN

33

34

17%

24%

17%15%

19%

93 10481 75

93

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

543441

485 495 529

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

GRUPA AZOTY KĘDZIERZYN

EBITDA

Revenue

Net profit60 66

4836

47

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

EBITDA

margin

PLNm

Q1 2019 RESULTS

35 GRUPA AZOTY KĘDZIERZYN




(PLNm)

75

93

47

14 -18

--1

-25

0

20

40

60

80

100

120

140

PLN +17m

propylene quantities

PLN -6m

energy carrier prices

PLN +2m

natural gas quantities

PLN +5m

natural gas prices

PLN -10m

propylene prices

PLN -3m

terephthalic acid

prices

PLN +3m

chemicals prices

PLN +9m

Oxo alcohol

prices

PLN +3m

nitrogen fertilizer

quantities

PLN – 3m

chemicals quantities

PLN -20m

Oxo alcohol

quantities

PLN -4m

PLN 22m

PLN -5m

energy carrier

quanitities

PLN +32m

nitrogen fertilizer

prices


FERTILIZERS


OXO ALCOHOLS


175

107

171

117

Nitrogen fertilizers Other productsQ1 2018 Q1 2019

- 2,4%

9,3%

5951

Oxoplast Segment's products

Q1 2018 Q1 2019

-13,3%

Plasticizers14%

OXO alcohols30%


37%

Rednox6%

Other13%

2019 revenue


Segment

224 260 16%

revenue, including:


Rednox 23 27 18%

EBITDA 40 74 85%

EBITDA margin 18.0% 28.6% 10.6 pp


Segment

241 232 -4%revenue, including:

OXO alcohols 158 147 -7%

Plasticizers 66 67 3%

EBITDA 21 5 -75%

EBITDA margin 8.6% 2.3% -6.3 pp


Grupa Azoty KĘDZIERZYN

SIGNIFICANT FIGURES

KEY DEVELOPMENTS

Launch of a new module base to support

sales of liquid UAN fertilizers.

The project will bring a number of benefits for Grupa

Azoty’s entire product distribution network, by

shortening delivery times, enhancing the flexibility in

adjusting output to demand, increasing the availability

of UAN, boosting its sales and expanding storage

capacities.

Thank you for your attentionFor more information, please visit www.grupaazoty.com

39

DISCLAIMER

The information presented below has been prepared by the Grupa Azoty Group (the “Group”) solely for the purpose of its presentation to investors and market analysts on

May 23rd 2019 (the “Presentation”). By participating in the meeting at which the Presentation is presented or by referring to this Presentation, you agree to the following

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40

APPENDIX 1

GRUPA AZOTY S.A.

SEPARATE DATA

41

11%13%

18% 18% 19%

498436

479 476558

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

GRUPA AZOTY S.A. – SEPARATE FINANCIAL DATA

Q1 2019 RESULTS

EBITDA

Revenue

Net profit

PLNm

54 56

86 86

108

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

1822

45 4657

Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019

EBITDA margin

42 GRUPA AZOTY S.A. – SEGMENTS

FERTILIZERS

0

100

200

300


Q1 2018 Q1 2019

VOLUMES (‘000 TONNES) VOLUMES (‘000 TONNES)

0

10

20

30

40

Polyamide Caprolactam

Q1 2018 Q1 2019

Plastics54%

Other 2%

Fertilizers44%

Q1 2019 revenue

PLASTICS

(PLNm)Q1

2018

Q1

2019

Q/Q

change

Segment revenue,


Polyamide 238 262 10%


EBITDA 49 41 -16%


(PLNm)Q1

2018

Q1

2019

Q/Q

change

Segment revenue,



EBITDA 27 55 104%

EBITDA margin 15% 23% 8 pp

43

APPENDIX 2

44

(PLNm)

-120

-20

80

180

280

380

480

-500

0

500

1 000

1 500

2 000

2 500

Revenue Net profit

Q1 2

008

Q2 2

008

Q3 2

008

Q4 2

008

Q1 2

009

Q2 2

009

Q3 2

009

Q4 2

009

Q1 2

010

Q2 2

010

Q3 2

010

Q4 2

010

Q1 2011

Q2 2

011

Q3 2

011

Q4 2

011

Q1 2012

Q2 2

012

Q3 2

012

Q4 2

012

Q1 2

013

Q2 2

013

Q3 2

013

Q4 2

013

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

Q4 2

015

Q1 2

016

Q2 2

016

Q3 2

016

Q4 2

016

Q1 2

017

Q2 2

017

Q3 2

017

Q4 2

017

Q1 2

018

Q2 2

018

Q3 2

018

Q4 2

018

Q1 2

019-200

300

800

1300

1800

2300

2800

3300

EBITDA NET DEBT

EBITDA AND NET DEBT


CONSOLIDATED RESULTS OF THE GRUPA AZOTY GROUP, BY QUARTER

REVENUE AND NET PROFIT

45

FINANCIAL DATA

(PLNm)

-50

0

50

100

150

200

250

-250

0

250

500

750

1 000

1 250

Revenue Net profit

Q1 2

008

Q2 2

008

Q3 2

008

Q4 2

008

Q1 2

009

Q2 2

009

Q3 2

009

Q4 2

009

Q1 2

010

Q2 2

010

Q3 2

010

Q4 2

010

Q1 2011

Q2 2

011

Q3 2

011

Q4 2

011

Q1 2012

Q2 2

012

Q3 2

012

Q4 2

012

Q1 2

013

Q2 2

013

Q3 2

013

Q4 2

013

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

Q4 2

015

Q1 2

016

Q2 2

016

Q3 2

016

Q4 2

016

Q1 2

017

Q2 2

017

Q3 2

017

Q4 2

017

Q1 2

018

Q2 2

018

Q3 2

018

Q4 2

018

Q1 2

019

-1 000

-750

-500

-250

0

250

500

EBITDA NET DEBT

EBITDA AND NET DEBT


CONSOLIDATED RESULTS OF THE GRUPA AZOTY PUŁAWY GROUP, BY

QUARTERREVENUE AND NET PROFIT

46

FINANCIAL DATA

(PLNm)

-350

-250

-150

-50

50

150

0

100

200

300

400

500

600

700

800

900

1 000

Revenue Net profit

-100,0%

-50,0%

0,0%

Q1 2

008

Q2 2

008

Q3 2

008

Q4 2

008

Q1 2

009

Q2 2

009

Q3 2

009

Q4 2

009

Q1 2

010

Q2 2

010

Q3 2

010

Q4 2

010

Q1 2011

Q2 2

011

Q3 2

011

Q4 2

011

Q1 2012

Q2 2

012

Q3 2

012

Q4 2

012

Q1 2

013

Q2 2

013

Q3 2

013

Q4 2

013

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

Q4 2

015

Q1 2

016

Q2 2

016

Q3 2

016

Q4 2

016

Q1 2

017

Q2 2

017

Q3 2

017

Q4 2

017

Q1 2

018

Q2 2

018

Q3 2

018

Q4 2

018

Q1 2

019

-300

-100

100

EBITDA EBITDA MARGINEBITDA AND EBITDA MARGIN


CONSOLIDATED RESULTS OF THE GRUPA AZOTY POLICE GROUP, BY

QUARTERREVENUE AND NET PROFIT

The 2013–2015 net profit and EBITDA figures are shown based on a 2016 adjustment related to AFRIG S.A., with an estimated effect on each performance

metric (with the effect on the bottom line totalling approximately PLN 223m). The results for 2016–2018 are based on reported data.

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Documents

May 23rd 2019