Grupa Azoty S.A.

Earnings Release • Sep 9, 2021

Financial highlights for the first half of 2021

Consolidated financial highlights

	(PLN '000)		(EUR '000)
	for the period	for the period	for the period	for the period
	Jan 1 −	Jan 1 −	Jan 1 −	Jan 1 −
	Jun 30 2021	Jun 30 2020	Jun 30 2021	Jun 30 2020
Revenue	6 534 655	5 372 618	1 437 072	1 209 695
Operating profit	382 541	372 367	84 127	83 842
Profit before tax	341 604	317 005	75 124	71 377
Net profit	253 716	222 105	55 796	50 009
Comprehensive income for the
period	225 183	207 512	49 521	46 723
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per
ordinary share (PLN)	2,33	1,97	0,51	0,44
Net cash from operating
activities	2 177 874	1 186 991	478 948	267 262
Net cash from investing
activities	(1 546 794)	(897 391)	(340 164)	(202 056)
Net cash from financing
activities	(576 083)	(163 705)	(126 690)	(36 860)
Total net cash flows	54 997	125 895	12 095	28 346
Cash and cash equivalents at beginning of period	923 328	770 087	203 054	173 392
Cash and cash equivalents at
end of period	972 038	906 759	213 766	204 165
	as at	as at	as at	as at
	Jun 30 2021	Dec 31 2020	Jun 30 2021	Dec 31 2020
Non-current assets	14 463 144	13 511 725	3 199 244	2 927 911
Current assets	5 732 719	4 695 425	1 268 076	1 017 471
Non-current liabilities	5 897 809	5 704 419	1 304 594	1 236 114
Current liabilities	5 788 885	4 213 829	1 280 500	913 112
Equity	8 509 169	8 288 902	1 882 226	1 796 156
Share capital	495 977	495 977	109 710	107 475
Non-controlling interests	962 326	949 828	212 866	205 822

Separate financial highlights

	(PLN '000)		(EUR '000)
	for the period	for the period	for the period	for the period
	Jan 1 −	Jan 1 −	Jan 1 −	Jan 1 −
	Jun 30 2021	Jun 30 2020	Jun 30 2021	Jun 30 2020
Revenue	994 227	825 156	218 646	185 792
Operating profit	10 070	25 674	2 215	5 781
Profit before tax	124 087	144 028	27 289	32 429
Net profit	118 360	129 618	26 029	29 185
Comprehensive income for the
period	137 365	95 426	30 209	21 486
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per
ordinary share (PLN)	1,19	1,31	0,26	0,29
Net cash from operating
activities	481 228	109 976	105 830	24 762
Net cash from investing
activities	6 739	(90 388)	1 482	(20 352)
Net cash from financing activities	(210 200)	515 849	(46 226)	116 148
Total net cash flows	277 767	535 437	61 085	120 559
Cash and cash equivalents at
beginning of period	464 174	1 158 379	102 079	260 820
Cash and cash equivalents at end
of period	741 899	1 693 660	163 155	381 343
	as at	as at	as at	as at
	Jun 30 2021	Dec 31 2020	Jun 30 2021	Dec 31 2020
Non-current assets	8 669 679	8 732 723	1 917 731	1 892 330
Current assets	1 782 788	1 112 819	394 352	241 141
Non-current liabilities	3 096 244	3 080 489	684 889	667 524
Current liabilities	2 309 692	1 855 887	510 903	402 160
Equity	5 046 531	4 909 166	1 116 292	1 063 787
Share capital	495 977	495 977	109 710	107 475

Selected items of the statement of profit or loss and other comprehensive income, statement of financial position and statement of cash flows were translated into the euro using the generally applicable method described below:

• Items of assets and equity and liabilities in the statement of financial position were translated at the exchange rate effective for the last day of the reporting period: the exchange rate as at June 30th 2021 was EUR 1 = PLN 4.5208 (table No. 124/A/NBP/2021), the exchange rate as at December 31st 2020 was EUR 1 = PLN 4.6148 (table No. 255/A/NBP/2020),
• Items of the statement of profit or loss and other comprehensive income and statement of cash flows were translated using the arithmetic average of the EUR/PLN rates quoted by the National Bank of Poland as effective for the last day of each month in the reporting period: in the period January 1st–June 30th 2021, the average exchange rate was EUR 1 = PLN 4.5472; in the period January 1st–June 30th 2020, the average exchange rate was EUR 1 = PLN 4.4413.

The translation was made using the exchange rates specified above by dividing amounts expressed in thousands of the złoty by the exchange rate.