Grupa Azoty S.A.

Earnings Release • Apr 8, 2020

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−
	Dec 31 2019	Dec 31 2018	Dec 31 2019	Dec 31 2018
Revenue	11 307 915	9 998 967	2 628 673	2 343 380
Operating profit	612 824	81 144	142 459	19 017
Profit before tax	558 459	40 553	129 821	9 504
Net profit	407 673	7 760	94 769	1 819
Comprehensive income for the
year	375 728	(16 795)	87 343	(3 936)
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per
ordinary share (PLN)	3,76	0,10	0,87	0,02
Net cash from operating
activities	2 033 434	1 082 530	472 698	253 704
Net cash from investing activities	(1 186 489)	(1 761 460)	(275 815)	(412 820)
Net cash from financing activities	(919 939)	433 450	(213 852)	101 584
Total net cash flows	(72 994)	(245 480)	(16 968)	(57 531)
Cash and cash equivalents at
beginning of period	846 532	1 085 885	196 787	254 490
Cash and cash equivalents at
end of period	770 087	846 532	179 017	198 395
	as at	as at	as at	as at
	Dec 31 2019	Dec 31 2018	Dec 31 2019	Dec 31 2018
Non-current assets	10 705 437	9 993 114	2 513 899	2 323 980
Current assets	4 773 254	4 272 898	1 120 877	993 697
Non-current liabilities	4 288 382	3 662 586	1 007 017	851 764
Current liabilities	3 496 362	3 275 467	821 031	761 737
Equity	7 693 947	7 327 959	1 806 727	1 704 177
Share capital	495 977	495 977	116 468	115 343
Equity attributable to non
controlling interests	657 573	625 188	154 414	145 393

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 appropriate 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 December 31st 2019 of EUR 1 = PLN 4.2585 (table No. 251/A/NBP/2019), the exchange rate as at December 31st 2018 of EUR 1 = PLN 4.3000 (table No. 252/A/NBP/2018);
• items of the statement of profit or loss and other comprehensive income and statement of cash flows were translated using the arithmetic mean of the EUR/PLN exchange 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–December 31st 2019, the average exchange rate of EUR 1 = PLN 4.3018, in the period January 1st–December 31st 2018, the average exchange rate of EUR 1 = PLN 4.2669.

The amounts were translated using the exchange rates specified above by dividing the amounts expressed in PLN'000 by the respective exchange rate.