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General Contractor for the Polimery Police Project submits proposed amendments to EPC agreement, with parallel negotiations underway on final project settlement
Hyundai Engineering Co., Ltd., the General Contractor for the Polimery Police project, has submitted two proposed amendments to the EPC contract. Notably, Grupa Azoty Polyolefins is currently negotiating with the General Contractor regarding the final settlement of the Polimery Police project, aiming to reach an agreement on mutual claims. As part of these negotiations, Grupa Azoty Polyolefins informed the General Contractor of its position and evaluation concerning the previous amendment proposals submitted in 2023 and February 2024. Based on the documents and information provided, Grupa Azoty Polyolefins has largely found no grounds to accommodate the contractor’s claims from 2023 and February 2024.
06.09.2024
Chemik Police Files Criminal Allegations Against Former Club President
Chemik Police Volleyball Club, in which Grupa Azoty Capital Group indirectly holds 100% of the shares, has filed a criminal complaint against its former president. The complaint alleges that the former president, responsible for managing the club's assets, abused his authority and failed to fulfill his duties, resulting in significant financial damage estimated at PLN 227,000. The alleged crime falls under Article 296 of the Polish Penal Code.
04.09.2024
Grupa Azoty Reviews Non-Compete Agreements from Recent Years. First Complaint Filed with the Prosecutor's Office.
Grupa Azoty is currently analysing non-compete agreements signed in recent years that have been unfavourable for particular companies within the Group and have caused harm to these entities. The first such complaint, concerning the signing of a non-compete agreement after the termination of employment, has been filed by Grupa Azoty Puławy with the District Prosecutor's Office in Puławy.
02.09.2024
Grupa Azoty Polyolefins and Financial Institutions extend financing terms for Polimery Police project
Grupa Azoty Polyolefins has extended the terms of the Stabilization Agreement, originally dated December 15, 2023, and later amended, concerning the financing of the Polimery Police project. The agreed-upon financing conditions provided by financial institutions will now remain in effect until September 30 of this year.
30.08.2024
Grupa Azoty Announces Preliminary Financial Results
In the first half of 2024, Grupa Azoty generated consolidated sales revenues of PLN 6,743 million, with an EBITDA result of minus PLN 179 million and an EBITDA margin of minus 2.7%. This represents an improvement of nearly PLN 830 million compared to the same period last year. The net loss for the first half of this year amounted to PLN 748 million, compared to a loss of PLN 1,098 billion in the first half of 2023.
26.08.2024
Agreements Signed on Suspension of Collective Bargaining Agreements in Three Grupa Azoty Companies. Negotiations continue at Grupa Azoty's Puławy plant.
The management boards of Grupa Azoty S.A., Grupa Azoty Police, and Grupa Azoty Kędzierzyn have signed agreements with Trade Union Organizations to suspend selected cost-intensive provisions of their Collective Bargaining Agreements (ZUZP). This marks another step in the cost restructuring process that has been underway since spring this year, in response to the financial difficulties Grupa Azoty has faced since the second half of 2022.
26.08.2024
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