Grupa Azoty S.A.

Earnings Release • Nov 10, 2021

Financial highlights for Q3 2021

Consolidated financial highlights

	(PLN '000)		(EUR '000)
	for the period Jan 1 − Sep 30 2021	for the period Jan 1 − Sep 30 2020	for the period Jan 1 − Sep 30 2021	for the period Jan 1 − Sep 30 2020
Revenue	10 416 755	7 788 663	2 285 128	1 753 414
Operating profit	489 435	433 966	107 368	97 696
Profit before tax	377 231	371 817	82 753	83 705
Net profit	267 690	263 085	58 723	59 227
Comprehensive income for the period	251 205	250 975	55 107	56 500
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per ordinary share (PLN)	2,44	2,28	0,54	0,51
Net cash from operating activities	2 863 694	1 784 234	628 210	401 674
Net cash from investing activities	(1 865 865)	(1 700 623)	(409 316)	(382 851)
Net cash from financing activities	(1 211 566)	(291 908)	(265 782)	(65 715)
Total net cash flows	(213 737)	(208 297)	(46 888)	(46 893)
Cash and cash equivalents at beginning of period	923 328	770 087	202 551	173 365
Cash and cash equivalents at end of period	706 675	576 137	155 024	129 702
	as at Sep 30 2021	as at Dec 31 2020	as at Sep 30 2021	as at Dec 31 2020
Non-current assets	14 832 104	13 511 725	3 201 473	2 927 911
Current assets	6 061 333	4 695 425	1 308 324	1 017 471
Non-current liabilities	6 488 874	5 704 419	1 400 607	1 236 114
Current liabilities	5 869 654	4 213 829	1 266 950	913 112
Equity	8 534 909	8 288 902	1 842 239	1 796 156
Share capital	495 977	495 977	107 055	107 475
Non-controlling interests	960 226	949 828	207 262	205 822

Separate financial highlights

	(PLN '000)		(EUR '000)
	for the period Jan 1 −	for the period Jan 1 −	for the period Jan 1 −	for the period Jan 1 −
	Sep 30 2021	Sep 30 2020	Sep 30 2021	Sep 30 2020
Revenue	1 682 630	1 207 548	369 119	271 848
Operating profit	43 448	28 274	9 531	6 365
Profit before tax	137 764	130 465	30 221	29 371
Net profit	130 155	116 798	28 552	26 294
Comprehensive income for the period	134 292	73 213	29 460	16 482
Number of shares	99 195 484	99 195 484	99 195 484	99 195 484
Earnings per ordinary share (PLN)	1,31	1,18	0,29	0,27
Net cash from operating activities	629 792	349 576	138 158	78 698
Net cash from investing activities	82 423	(731 105)	18 081	(164 589)
Net cash from financing activities	(412 535)	268 163	(90 498)	60 370
Total net cash flows	299 680	(113 366)	65 741	(25 521)
Cash and cash equivalents at beginning of period	464 174	1 158 379	101 826	260 779
Cash and cash equivalents at end
of period	763 836 as at Sep 30 2021	1 046 703 as at Dec 31 2020	167 563 as at Sep 30 2021	235 638 as at Dec 31 2020
Non-current assets	8 671 743	8 732 723	1 871 774	1 892 330
Current assets	1 851 711	1 112 819	399 687	241 141
Non-current liabilities	3 523 139	3 080 489	760 461	667 524
Current liabilities	1 956 857	1 855 887	422 383	402 160
Equity	5 043 458	4 909 166	1 088 618	1 063 787
Share capital	495 977	495 977	107 055	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 September 30th 2021 was EUR 1 = PLN 4.6329 (table No. 190/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–September 30th 2021, the average exchange rate was EUR 1 = PLN 4.5585;

in the period January 1st–September 30th 2020, the average exchange rate was EUR 1 = PLN 4.4420.

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