Grupa Azoty S.A.

Earnings Release • Apr 19, 2018

Financial highlights − consolidated data

	(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	Dec 31	Dec 31	Dec
	2017	2016	2017	31 2016
Revenue	9 617 495	8 966 804	2 265 766	2 049 227
Operating profit	597 214	427 604	140 696	97 722
Profit before tax	576 405	432 076	135 794	98 744
Net profit	488 826	315 243	115 161	72 044
Total profit or loss and other
comprehensive income	506 014	300 655	119 211	68 710
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per
ordinary share (PLN)	4,60	3,04	1,08	0,69
Net cash from operating
activities	1 114 225	1 115 380	262 498	254 903
Net cash from investing activities	(709 222)	(1 302 973)	(167 084)	(297 775)
Net cash from financing activities	54 490	73 643	12 837	16 830
Total net cash flows	459 493	(113 950)	108 251	(26 042)
Cash at beginning of period	641 895	754 289	151 223	172 381
Cash at end of period	1 085 885	641 895	255 821	146 695
	as at	as at	as at	as at
	Dec 31 2017	Dec 31 2016	Dec 31 2017	Dec 31 2016
Non-current assets	8 069 981	7 655 038	1 934 830	1 730 343
Current assets	3 668 063	3 338 557	879 442	754 647
Non-current liabilities	2 336 621	2 103 324	560 220	475 435
Current liabilities	1 958 016	1 850 799	469 447	418 354
Equity	7 443 407	7 039 472	1 784 605	1 591 201
Share capital	495 977	495 977	118 914	112 111
Non-controlling interests	587 648	576 774	140 892	130 374

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 method generally applicable 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 29th 2017 was EUR 1 = PLN 4.1709 (table No. 251/A/NBP/2017);

The exchange rate as at December 30th 2016 was EUR 1 = PLN 4.4240 (table No. 252/A/NBP/2016);

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 rates announced by the National Bank of Poland for the last day of each month in the reporting period:

In the period January 1st – December 31st 2017, the average exchange rate was EUR 1 = PLN 4.2447;

In the period January 1st – December 31st 2016, the average exchange rate was EUR 1 = PLN 4.3757.

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