Grupa Azoty S.A.

Earnings Release • Sep 10, 2020

Selected financial data for H1 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−
	Jun 30 2020	Jun 30 2019	Jun 30 2020	Jun 30 2019
Revenue	5 372 618	6 102 509	1 209 695	1 423 160
Operating profit	372 367	470 587	83 842	109 745
Profit before tax	317 005	446 274	71 377	104 075
Net profit	222 105	342 384	50 009	79 847
Comprehensive income for the
year	207 512	327 459	46 723	76 366
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per share:
	1,97	3,15	0,44	0,73
Net cash from operating
activities	1 186 991	669 511	267 262	156 136
Net cash from investing
activities	(897 391)	(509 813)	(202 056)	(118 893)
Net cash from financing
activities	(163 705)	(453 343)	(36 860)	(105 724)
Total net cash flows	125 895	(293 645)	28 346	(68 481)
Cash at beginning of period	770 087	846 532	173 392	197 419
Cash in hand	906 759	550 613	204 165	128 408
	as at	as at	as at	as at
	Jun 30 2020	Dec 31 2019	Jun 30 2020	Dec 31 2019
Non-current assets	11 813 828	10 705 437	2 645 282	2 513 899
Current assets	4 635 284	4 773 254	1 037 905	1 120 877
Non-current liabilities	4 801 956	4 288 382	1 075 225	1 007 017
Current liabilities	3 544 599	3 496 362	793 685	821 031
Equity	8 102 557	7 693 947	1 814 276	1 806 727
Share capital	495 977	495 977	111 056	116 468
Non-controlling interests	891 223	657 573	199 557	154 414

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 2020	Jun 30 2019	Jun 30 2020	Jun 30 2019
Revenue	825 156	1 016 443	185 792	237 044
Operating profit	25 674	73 207	5 781	17 073
Profit before tax	144 028	100 063	32 429	23 336
Net profit	129 618	82 289	29 185	19 191
Comprehensive income for the
year	95 426	83 920	21 486	19 571
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per share:
	1,31	0,83	0,29	0,19
Net cash from operating
activities	109 976	166 669	24 762	38 869
Net cash from investing
activities	(90 388)	(88 449)	(20 352)	(20 627)
Net cash from financing
activities	515 849	(259 585)	116 148	(60 538)
Total net cash flows	535 437	(181 365)	120 559	(42 296)
Cash at beginning of period	1 158 379	1 000 980	260 820	233 438
Cash in hand	1 693 660	819 895	381 343	191 207
	as at	as at	as at	as at
	Jun 30 2020	Dec 31 2019	Jun 30 2020	Dec 31 2019
Non-current assets	7 507 493	7 490 721	1 681 033	1 759 005
Current assets	2 467 738	1 749 672	552 561	410 866
Non-current liabilities	3 101 829	2 615 741	694 543	614 240
Current liabilities	1 937 346	1 784 022	433 799	418 932
Equity	4 936 056	4 840 630	1 105 252	1 136 698
Share capital	495 977	495 977	111 056	116 468

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 described below:

• individual 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 2020 was EUR 1 = PLN 4.4660 (table 125/A/NBP/2020); the exchange rate as at December 31st 2019 was EUR 1 = PLN 4.2585 (table 251/A/NBP/2019),
• items of the statement of profit or loss and other comprehensive income and statement of cash flows were translated at the arithmetic averages 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 2020, the average exchange rate was EUR 1 = PLN 4.4413, in the period January 1st-June 30th 2019, the average exchange rate was EUR 1 = PLN 4.2880.

The amounts were translated at the exchange rates specified above by dividing amounts expressed in thousands of the złoty by the exchange rate.