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Grupa Kapitałowa Grupa Azoty
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Following discussions and agreements with banks, on April 26, Grupa Azoty Polyolefins signed an Amendment to the Stabilization Agreement dated December 15, 2023, regarding the financing of the Polimery Police project. The parties agreed on the conditions under which the Financial Institutions will provide financing for the Project in the next period of the Stabilization Agreement, until May 29, 2024. The Amendment was signed with 15 financing institutions.
Grupa Azoty S.A. signed, on its own behalf and on behalf of selected companies from the Grupa Azoty Capital Group, an Annex to the Agreement dated February 2, 2024, as amended.
In the fourth quarter of 2023, Grupa Azoty achieved consolidated sales revenues of PLN 3,083 million and an EBITDA result of minus PLN 10 million, with an EBITDA margin of minus 0.3%. The financial results for Q4 2023 were significantly impacted by substantial impairment write-downs on non-financial fixed assets. The information regarding these write-downs was disclosed in the current report dated April 5, 2024.
The financial situation that the new management board encountered at Grupa Azoty prioritizes ensuring the continuity of operations within the Capital Group companies and developing and implementing a recovery plan. Consequently, Grupa Azoty is making difficult decisions to withdraw from sponsorship activities. It is worth noting that the sponsorship policies adopted by the previous management board do not allow Grupa Azoty companies to engage in such activities in 2024.
During a meeting on April 12, the Supervisory Board of Grupa Azoty Puławy made changes to the company's Management Board. The Supervisory Board adopted resolutions to dismiss the following individuals from the Management Board and their respective functions:
On April 12, the Supervisory Board of Grupa Azoty S.A. adopted a resolution to appoint Hubert Kamola as a Member of the Management Board, effective April 13, and entrusted him with the role of Vice President of the Management Board. On the same day, Hubert Kamola resigned from his position as a Member of the Supervisory Board, effective at the end of April 12.