INVESTOR PRESENTATION July 2019 2 GRUPA AZOTY AT A GLANCE GRUPA - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION July 2019 2 GRUPA AZOTY AT A GLANCE GRUPA - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION July 2019 2 GRUPA AZOTY AT A GLANCE GRUPA AZOTY Grupa Azoty, Poland's largest chemical company and a significant chemical industry player in the EU market, is one of the major chemical groups in the EU,

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INVESTOR PRESENTATION

July 2019

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GRUPA AZOTY AT A GLANCE

GRUPA AZOTY

Grupa Azoty, Poland's largest chemical company and a significant chemical industry player in the EU market, is one of the major chemical groups in the EU,

  • ffering

a diversified product portfolio – from mineral fertilizers and engineering plastics through OXO products to melamine.

4 locations of main production plants 60 group companies 15,530 employees

  • No. 2 in the UE in

mineral fertilizer production

  • No. 3 in the EU in PA6 production
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GRUPA AZOTY AT A GLANCE

KEY DATA

FINACIAL RESULTS Y2018 PLNm REVENUE 9 999 EBITDA

EBITDA adjusted**

764

777

EBITDA MARGIN 8% NET PROFIT

NET PROFIT adjusted**

8

65

PLN 4.5 bn* MARKET CAPITALISATION 99,195,484 shares SHARES min/max price PLN 6 - PLN 113 NET DEBT 2 029 NET DEBT/EBITDA 2.42*** (ratio)

WSE: WIG30, mWIG40, WIG- CHEMIA, WIG30, mWIG 40, WIG, WIG-Poland, WIG.MS-PET

STOCK INFORMATION FOREIGN INDEXES: MSCI, FTSE ESG: RESPECT INDEX, FTSE4GOOD, MSCI ESG

**Data adjusted for one-off items ***Net debt/EBITDA increase as at December 31st 2018 was attributable to financing

  • f the Compo acquisition on November 26th 2018, taking into account Compo’s

EBITDA for 12M 2018.

*Market capitalisation at 12.07.2019

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GRUPA AZOTY AT A GLANCE

OWNERSHIP STRUCTURE

State Treasury 33.00% ING OFE 9.96% TFI PZU S.A. 8.60% EBRD 2.87% Other 25.75% Opansa Enterprises Limited 9.51% Rainbee Holdings Limited 9.90% Norica Holding S.à.r.l. 0.41%

STATE TREASURY

  • Government of Poland
  • Represented by the Chancellery
  • f the Prime Minister

EBRD

  • European Bank of Research and Development
  • Shareholder since 2013

TFI PZU S.A.

  • Financial investor (investment fund)

ING OFE (NN OFE)

  • Financial investor (open pension fund)

NORICA HOLDING S.À.R.L.

  • Subsidiary of Acron and Mr. Viatcheslav Kantor
  • Shareholder since 2012
  • Norica and its subsidiaries hold 19.82% of shares

Norica indirectly 19.82%

Free float – 25.75 %

Based on official notifications received by the Company

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SLIDE 5

BUSINESS

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BUSINESS

CORE BIZNES

ZMPP Port Fosfory BBM Terminal Grupa Azoty Police ZMPP

  • Port

Navitrans

  • Logistics

Grupa Azoty S.A.

  • AN, CAN
  • ASN, AS
  • CPL, PA 6, POM
  • Compounding

Logistics Production

NPK Urea NPK TiO2

Grupa Azoty Puławy

Ammonia N fertilizers Urea

Grupa Azoty ATT Polymers

Melamine CPL

Grupa Azoty Siarkopol

PA6 S

Grupa Azoty S.A. Parent Z.A. Chorzów S.A.

CPL

Grupa Azoty Kędzierzyn

NPK PA6 Compounding Urea

Logistics

Plasticizers OXO

Production

Speciality fertilizers

Goat TopCo GmbH

N fertilizers N fertilizers

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AGRO FERTILIZERS

BUSINESS

7

APPLICATIONS AND USE

IN AGRICULTURE TO INCREASE HARVEST VOLUMES AND QUALITY PLASTICS AND AUTOMOTIVE INDUSTRIES AUTOMOTIVE, CONSTRUCTION, FOIL AND COATING, HOUSEHOLD APPLIANCES, FOOD PROCESSING AND TEXTILE INDUSTRIES OWN CONSUMPTION, SALES OF ELECTRICITY AND HEATING WATER TO LOCAL USERS CATALYST PRODUCTION, SUPPORT SERVICES, LABORATORIES LOGISTICS, MANAGEMENT, ENVIRONMENTAL PROTECTION

OTHER PLASTICS

31%

CHEMICALS ENERGY

BROAD PRODUCT PORTFOLIO

AN, CAN, NPK, AS, ASN UREA UAN, AMMONIA SULFUR MINING POLYAMIDE CAPROLACTAM OXO PRODUCTS MELAMINE, PIGMENTS TECHNICAL-GRADE UREA ELECTRICITY AND HEAT CATALYSTS, LABORATORY SERVICES, OTHER

SEGMENTS BY SHARE 2018 REVENUE PRODUCTS 49% 16% 2% 2%

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TARGET MARKETS

GEOGRAPHICAL STRUCTURE BY SEGMENT IN 2018

South America 1% Africa 2% European Union 36% Asia 2% Other Europe 4% North America 1%

3554 185 1191 253155 Agro Fertilizers Plastics Chemicals Energy Other Activities

Poland 54%

33 34 22 100 15 23 1036 1063 1519 9 151 37 158 2 16 215 2 1 15 12 198 BUSINESS

PLNm

Excluding Compo Expert’s sales markets

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FROM RAW MATERIAL TO PRODUCT GRUPA AZOTY

Natural gas Oxygen Nitrogen Methanol Phenol Benzene Sulfur Ammonia Nitric acid

Ammonium Nitrate (AN)

Calcium ammonium nitrate (CAN) Ammonium sulfate nitrate (ASN)

Ammonium sulfate (AS)

Mixed acid

Caprolactam

PA 6 POM Trioxane Modified plastics C-non Oleum Dolomite

Manufacture of syngas and hydrogen

Formalin Sulfuric acid Ilmenite Titanium slag Titanium white Phosphate rock Potassium chloride Phosphoric acid NP fertilizers NPK/PK fertilizers Phthalic anhydride

Terephthalic acid

Plasticizers OXO alcohols Urea Propylene Aldehydes Melamine UAN

BUSINESS

Raw materials

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FEEDSTOCK CONSUMPTION BY GRUPA AZOTY GROUP

GRUPA AZOTY POLICE GRUPA AZOTY KĘDZIERZYN

Feedstock cost analysis

BUSINESS

GRUPA AZOTY PUŁAWY GRUPA AZOTY S.A.

60% 11% 10% 9% Natural gas Energy Benzene Coal 38% 35% 10% 5% 4% Propylene Natural gas Energy Terephthalic acid Fine coal

Gas 38% Other 18% Energy 9% Propylene 9% Potassium chloride 7%

Phenol 6%

Phosphate rock 4% Fine coal 6% Benzene 3%

31% 21% 11% 11% 6% Phenol Natural gas Ammonia Caprolactam Coal 30% 24% 15% 6% 4% 4% Natural gas Potassium chloride Phosphate rock Coal Electricity Sulfur

BUSINESS

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ACQUISITIONS

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ACQUISITIONS

CREATING VALUE FOR GRUPA AZOTY THROUGH ACQUISITIONS

  • Puławy (up to 95.98%)
  • Siarkopol (99.33%)

1.3 1.4 1.2 1.9 5.3 7.1 9.8 9.9 10.0 9.0 9.6 10.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

  • Puławy (10.4%)
  • Police (66%)
  • Kędzierzyn (up to 94%)
  • ATT Polymers GmbH (100%)
  • Kędzierzyn (53%)

Consolidated revenue (PLNbn)

12

  • Transaction completed on

November 26th 2018

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ENHANCED FERTILIZER PRODUCT PORTFOLIO

ACQUISITIONS

Fertigation and foliar fertilizers SRF | CRF Stabilised NPK NPK (SOP-based) NPK (MOP-based) UAN | ASN | CAN AN | AS | DAP Ammonia | Urea Grupa Azoty product portfolio Commodity fertilizers

Standard fertilizers widely applied all around the world. Typically contain one or two nutrients. In the case of NPK fertilizers, they are based on potassium chloride. Priced lower that speciality fertilizers.

COMPO EXPERT product portfolio Speciality fertilizers

Technologically advanced agrochemical products with a higher added value than commodity fertilizers. Designed mainly for high-value crops (fruit, vegetables, ornamental plants). Speciality fertilizers are priced higher, but offer many benefits, including slow release of nutrients. Some speciality products can be used for covered or greenhouse cultivation, as well as for lawns and turf grass. They are available in solid form (granules) and as liquids (for soil and foliar application). The most advanced products positively influence certain characteristics of the plants, such as size, colour or – in the case of fruit and vegetables – taste.

Margin Volume Liquid fertilizers and biostimulants

Fertilizer value pyramid

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Adjusted EBITDA

(FY 2018)* ACQUISITIONS

COMPO EXPERT SALES MARKETS

Americas Western and Central Europe Southern Europe and Africa Asia and Australia

(2017)

Key sales market Markets reached by COMPO EXPERT products

PLN 1 488m

Revenue

(FY 2018)*

PLN 120m

*Adjusted for restructurisation and integration one-offs

(2018)

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COMPO EXPERT ACQUISITION

ACQUISITIONS

Raw material and product synergies

4.

Production know-how synergies

1.

Sales synergies

2.

R&D synergies

3.

Financing synergies

5.

Appointment of consolidation teams for:

  • Procurement
  • Agro Segment’s sales and marketing
  • Research and development
  • Manufacturing, technical and technology areas
  • Accounting and financial flows
  • Legal
  • Corporate supervision
  • IT
  • SYNERGIES DELIVERED BY DEBT REFINANCING

Syndicated debt Compo Expert Interest expense Interest expense Financing from the Grupa Azoty EUR 127m EUR 127m EUR 127m refinanced within the cash pool ≈x4

INTEGRATION INITIATIVES

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OPERATIONS

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Net profit/(loss) Consolidated revenue EBITDA margin Consolidated EBITDA

OPERATIONS

FINANCIAL HIGHLIGHTS 2018 AND Q1 2019

9,999

PLNm

764

adjusted*: 777

8%

Y2018

3,365 18% 608

Q1 2019

8

adjusted*: 65

323

*Data adjusted for one-off items

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OPERATIONS

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2018 REVENUE STRUCTURE

AGRO FERTILIZERS CHEMICALS PLASTICS PLNm

4 904 82

Revenue EBITDA

FINANCIAL HIGHLIGHTS EBITDA MARGIN 2% 9% 12%

6,283 164

PERCENTAGE SHARE 11% 49%

3,114 282

Revenue EBITDA

37% 31%

1,562 192

Revenue EBITDA

25% 16% Adjusted for the Goat TopCo acquisition – 2018 pro forma data 3%

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ENERGY COMMODITIES

NATURAL GAS PRICES

TOTAL GAS CONSUMPTION IN 2018 22,168,000 MWH

4,373,000 MWh 2,261, 000 MWh 10,917,000 MWh

GRUPA AZOTY POLICE GRUPA AZOTY KĘDZIERZYN GRUPA AZOTY PUŁAWY GRUPA AZOTY S.A.

4,617,000 MWh

HARD COAL PRICES [Y/Y] ELECTRICITY PRICES [Y/Y]

PLN/MWh USD/t

140 190 240 290

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

IRDN 40 60 80 100

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

ARA

CO2 PRICES [Y/Y]

2 7 12 17 22

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

EEX

EUR/t

10 15 20 25 30 35 40 60 80 100 120 140

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19

EUR/MWh PLN/MWh

Average gas price paid by GA PGNiG tariff gas price Imported gas price PPE gas price TTF DA gas price (right axis)

OPERATIONS

PLN -35m PLN -68m PLN -508m PLN -77m

EFFECT ON EBITDA Y2018: TOTAL PLN –904m

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(PLNm) 2017 2018 Y/Y CHANGE 2018 – proforma data Segment revenue, including: 5,028 4,904

  • 2%

6,283 Nitrogen fertilizers and ammonia 2,988 2,891

  • 3%

2,891 Compound fertilizers 1,680 1,579

  • 6%

2,121 EBITDA 484 82

  • 83%

164 EBITDA margin 10% 2%

  • 8pp

3% OPERATIONS

AGRO FERTILIZERS

PRODUCTION CAPACITIES

  • No. 2

in EU

  • No. 1

in Poland

TARGET MARKETS

Source: Fertilizers Europe 5 000 10 000 15 000

Azomures S.A. Groupe Roullier Nitrogenmuvek Rt. Achema JSC Fertiberia Eurochem Agrofert Borealis Grupa Azoty Yara

[tt] Poland 73% Other EU countries 21% Other Europe 3% Asia 0,3% Africa 0,3% North America 1% South America 2%

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OPERATIONS

CHEMICALS

OXO alcohols 22% Plasticizers 8% Urea (technica l grade) 22% Melamine 17% Titanium white 12% Other 19%

PRODUCT GROUPS

(PLNm) 2017 2018 Y/Y CHANGE Segment revenue, including: 2,789 3,114 12% Titanium white 370 372 1% Melamine 476 511 7% Urea (technical grade) 582 647 11% Plasticizers 222 236 6% OXO alcohols 557 655 18% EBITDA 348 282

  • 19%

EBITDA margin 12% 9%

  • 3pp

MEDICAL INDUSTRY CABLES AND ELECTRICAL WIRES WALLPAPERS GARDEN HOSES TOYS FOOTWEAR AUTOMOTIVE FUEL ADDITIVES PAINTS AND VERNISHERS TEXTILES

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OPERATIONS

CHEMICALS

[tt]

OXO * * PRODUCTION CAPACITIES PLASTICIZERS*

[tt]

Aldehydes Plasticizers

Oxoviflex

OXO alcohols

Construction industry Automotive Paints and varnishes Footwear Electric cables and wiring

* Production capacities for phthalate plasticizers and terephthalate plasticizers. Source:IHS (UE) 2018

  • No. 1

in Poland

  • No. 5 in

EU

  • No. 1 in

Poland

  • No. 4

in EU

100 200 300 400 500 Valtris Perstorp OXO AB Deza Grupa Azoty * Polynt Evonik BASF ExxonMobil 100 200 300 400 500 Oltchim SA Perstorp OXO Grupa Azoty Ineos Oxea Group BASF ** Production capacities for 2 EH, N-butanol, isobutanol Source:IHS (UE) 2018

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OPERATIONS

CHEMICALS

  • Wood processing

(laminates, resins, adhesives)

  • Automotive industry (varnishes)
  • Paper industry
  • Electrotechnical industry
  • Anti-inflammatory agents
  • Plastics
  • Rubber

, leather and ceramic industries

  • Textile and cosmetics industries

PRODUCTION CAPACITIES MELAMINE

20 40 60 80 100 120 140 160

Azomures S.A. BASF SE Grupa Azoty Grupa Borealis OCI Melamine

  • No. 3

in EU

[tt]

TITANIUM WHITE

OPERATIONS Paints Paper Laminates Varnishes

  • No. 1

in Poland

  • No. 1

in Poland

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OPERATIONS

PLASTICS

PRODUCTION CAPACITIES

POLYAMIDE 6

Poland 12% Other EU countries 68% Other Europe 2% Asia 14% Africa 1% North America 2% South America 1%

TARGET MARKETS

Source: PCI Nylon, YellowBook 2015 Integrated

  • No. 3

in EU

  • No. 1

in Poland

50 100 150 200 250 Nurel Beaulieu Ube Rhodia Domo Radici DSM Aquafil Grupa Azoty Lanxess BASF (PLNm) 2017 2018 Y/Y CHANGE Segment revenue, including: 1,419 1,562 10% Polyamide 969 1,322 36% Caprolactam 372 163

  • 56%

EBITDA 221 192

  • 13%

EBITDA margin 16% 12%

  • 4pp
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INVESTMENTS

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STRATEGY

STRATEGIC GROWTH DIRECTIONS

Our mission Complete the Group consolidation process

1.

Reinforce leadership in agricultural solutions in Europe

2.

Create value for the Company and the national economy by delivering safe, useful and innovation-driven chemical products Our vision Strengthen the second

  • perating pillar by

expanding the non- fertilizer business

3.

Develop and implement innovations to drive growth of the chemical industry

4.

Deploy state-of-the-art and comprehensive chemical industry solutions that meet stakeholder expectations

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INVESTMENTS INVESTMENTS

COMPLETED INVESTMENT PROJECTSORGANIC GROWTH

27

Pulgran/PulgranS in Puławy Upgrade of the ammonia unit in Police New CHP plant in Kędzierzyn – phase 1 Flue Gas Treatment Unit in Tarnów (project co-financed under the Norwegian Financial Mechanism) Polyamide Unit in Tarnów New Research and Development Centre in Tarnów

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INVESTMENTS

INVESTMENTS

CAPITAL EXPENDITURE

CAPEX PROJECTS including: CAPEX in 2018 GROWTH CAPEX 631 MAINTENANCE CAPEX 181 MANDATORY CAPEX 42 PURCHASE OF FINISHED GOODS 52 OTHER (COMPONENTS, MAJOR OVERHAULS) 201 TOTAL 1,107 CONSOLIDATED CAPEX – CASH FLOW 1,097

POLIMERY POLICE PROJECT FINANCING STRUCTURE

Financial institutions (Debt) PROJECT BUDGET EUR 1.5BN

  • CAPEX – EUR 1.2bn
  • f which general contractor:

EUR 992.8m

  • additional working

capital financing: USD 200m

2019 CAPEX* ≈PLN 1.3BN

2014 2015 2016 2017 2018 2019 plan

Investors (Equity) at PDH level

*Excluding equity investments PLNm

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POLICE POLYMERS

MANUFACTURING COMPLEX PROJECT SCOPE: Propylene and polypropylene units, a polypropylene logistics base, and a propane and ethylene handling and storage terminal

  • Annual production capacity:
  • 429 000 tonnes of propylene
  • 437 000 tonnes of polypropylene
  • Location: Police
  • Start of construction – Q1 2020
  • Commercial commissioning – Q4 2022
  • Financing under a project finance model
  • Investment Cooperation Agreement:
  • Hyundai Engineering Co., Ltd and KIND (Korea Overseas

Infrastructure & Urban Development Corporation,

  • Grupa Lotos
  • Budgeted cost of the project: EUR 1.5 bn, CAPEX EUR ca. 1.2 bn
  • Hyundai Engineering Co., Ltd. as General Contractor

PROPYLENE UNIT POLYPROPYLENE UNIT SEA TERMINAL WITH FEEDSTOCK TANK FARM AUXILIARY AND LOGISTICS INFRASTRUCTURE PROJECT’S KEY BENEFITS: diversification of revenue streams, additional profits for the Grupa Azoty Group, expansion of the product portfolio, flattening of business cycles

29

MAIN PROJECTS IN PROGRESS

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NITRATE GRANULATION PLANT

PRODUCTS PROJECT SCOPE: Plant for production of ammonium nitrate-based granulated fertilizers 385,000

  • The plant’s daily production capacity:

1,400 tonnes of CAN

  • r

1,200 tonnes of mechanically granulated nitrate

  • Project completion timeframe: 2015 - 2020
  • Location: Puławy
  • Capital expenditure: PLN 385m

PROJECT’S KEY BENEFITS: Improvement of fertilizer quality as a result of applying modern mechanical granulation

30

MAIN PROJECTS IN PROGRESS

Calcium ammonium nitrate (CAN) Granulated ammonium nitrate

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NITRIC ACID AND NEUTRALISATION UNITS

MAIN PROJECTS IN PROGRESS

PROJECT SCOPE: new nitric acid unit 1,000 t/d, neutralisation unit 1,300 t/d, fertilizer production line 600 t/d, upgrade of existing nitric acid lines

  • Project completion timeframe: 2017 – 2024
  • Project carried out jointly with Thyssenkrupp Industrial

Solutions AG

  • Location: Puławy
  • Capital expenditure: PLN 695m

PROJECT’S KEY BENEFITS: higher production capacity, addition of new solid and liquid fertilizers (Ca, K, Mg) to product range, avoiding downtime (production losses), elimination of bottlenecks in absorption and cooling, improvement in production efficiency and consumption rates (ammonia, steam yield, electricity)

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COAL GASIFICATION PROJECT

RAW MATERIALS PROJECT SCOPE: Construction of hard coal gasification unit

  • Products: methanol or ammonia
  • Estimated construction period: 36 months
  • Location: Kędzierzyn
  • Project carried out jointly with Tauron Polska Energia S.A.
  • Estimated capital expenditure: EUR 400m–600m

KEY OBJECTIVES: Improved security of gas supplies thanks to in-house production of syngas, development of low-emission, clean coal-based technologies, development of new production capacities in the chemical and energy sectors

32

coal

  • xygen

nitrogen

MAIN PROJECTS IN PROGRESS

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POWER GENERATION UNIT

MAIN PROJECTS IN PROGRESS

PROJECT’S KEY BENEFITS: The new unit and the upgraded captive CHP plant will provide Grupy Azoty Puławy with an energy system appropriate for its electricity and process heat requirement. PROJECT SCOPE: Construction of a new coal-fired unit

  • Launch of the unit: 2021
  • A 100 MWe coal-fired unit
  • Integrated with the captive CHP plant
  • Location: Puławy
  • Project budget: ca. PLN 1.2bn
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SELECTED R&D PROJECTS

R&D

3D PRINTING

 PA6 filaments for FDM  PA6 powders for SLS  Enhancement of the Grupa Azoty Group’s product portfolio  Entering new markets

OUTCOME: SCOPE: ORGANIC SYNTHESIS TECHNOLOGY

 Developing new organic synthesis products  Extension of the product chain  Enhancement of the Grupa Azoty Group’s product portfolio  Entering new markets  Low-tonnage, high-margin products

HUMIC ACIDS

 Construction of a humic acid unit  Addition of plant growth stimulants and

  • rganic fertilizers to the Grupa Azoty

Group’s fertilizer portfolio  Expansion of the Grupa Azoty Group’s product portfolio  Entering new markets

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FINANCING

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FINANCING

GRUPA AZOTY GROUP FINANCES AS AT DECEMBER 31ST 2018

*Net debt/EBITDA increase as at December 31st 2018 was attributable to financing of the Compo acquisition on November 26th 2018, taking into account Compo’s EBITDA for 12M 2018.

  • Revolving and umbrella credit facility
  • PLN 3,873m

PKO and bank syndicate

  • Term Loan Agreement
  • PLN 650m

EBRD

  • Term Loan Agreement
  • PLN 1,131m

EIB

  • PLN 5,654m

Total corporate financing

NET DEBT

2015 2016 2017 2018 Net debt (PLNm)

  • 41

233 327 2,029 Net debt/EBITDA for 12 months (ratio)

  • 0.03x

0.23x 0.28x 2.42* 52 677 2,353

Other financing sources Overdraft and multi-purpose facilities Corporate credit facilities

AVAILABLE FUNDING

(PLNm)

COVENANTS Net debt/EBITDA

  • max 3.0x
  • max 3.5x

(Dec 2020–Jun 2023)

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Thank you for your attention For more information, visit www.grupaazoty.com Contact: ir.tarnow@grupaazoty.com