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Grupa Kapitałowa Grupa Azoty
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Grupa Azoty S.A. has signed an annex to the agreement dated February 2, 2024, as amended, on behalf of itself and selected companies from the Grupa Azoty Capital Group. This extension, valid until July 30, 2024, allows for continued development of a long-term restructuring plan for Grupa Azoty.
Following successful discussions with banks, Grupa Azoty Polyolefins signed an Amendment to the Stabilization Agreement, originally dated December 15, 2023, on May 29. The parties extended the financing conditions for the Polimery Police project until June 14, 2024. The Amendment involved 15 financial institutions.
In Q1 2024, Grupa Azoty reported consolidated sales revenues of PLN 3,399 million and an EBITDA of minus PLN 50 million, with an EBITDA margin of minus 1.5%. These results align with the estimated financial results published on May 21, 2024.
In Q1 2024, Grupa Azoty achieved consolidated sales revenues of PLN 3,399 million and an EBITDA result of minus PLN 50 million, with an EBITDA margin of minus 1.5%. The first quarter of 2024 was marked by continued unfavorable global macroeconomic conditions. Demand for products offered by Grupa Azoty remained too low to restore the Group's operational profitability, especially given the ongoing decline in their prices. Additionally, in the first half of the quarter – similar to previous periods – there was a lack of effective adjustment actions by the Company to market conditions.
Grupa Azoty has decided to stop publishing estimated production volumes. This decision was made, among other reasons, due to the lack of significant deviations in production volumes of Grupa Azoty companies in the recent period compared to the corresponding period of the previous year, while gradually increasing the utilization of production capacities within the Grupa Azoty S.A. Capital Group.
On May 10, 2024, the Supervisory Board of Grupa Azoty Polyolefins S.A. dismissed Paweł Bakun from his position as Vice President of the Management Board.