Grupa Azoty has released estimates of production volumes for January 2024. The figures confirm that the fertilizer market is prepared for the peak application season as a result of the purchases made in December. The announced data shows that nitrogen fertilizer production at Group companies declined relative to December last year, with estimated volumes for January 2024 at 199,000 tonnes, compared to 281,000 tonnes for December. On the other hand, an uptick in production was recorded for speciality fertilizers, with 25,000 tonnes estimated for January 2024, compared with 17,000 tonnes in December 2023. In the case of compound fertilizers, estimated production in January 2024 was 48,000 tonnes, compared to 54,000 tonnes in December 2023.

On 9 February 2024, Grupa Azoty S.A. published a current report in which it announced that in the course of work on the preparation of the full-year consolidated financial statements for the financial year 2023 indications of impairment of the assets of Grupa Azoty Polyolefins S.A., with an effect on the value of Grupa Azoty S.A.’s assets, were identified.

Azoty Group S.A. has signed an agreement with financing institutions that ensures that the credit facilities under the financing agreements with the institutions remain available, the financing institutions will not take steps to cancel or reduce the credit facilities available under the financing agreements, and that they will not exercise certain rights under the financing agreements in connection with an actual or potential breach of the financing agreements during the term of the agreement, which has been concluded for the period until 27 February 2024. This will facilitate the formulation of a long-term restructuring plan for Grupa Azoty. The agreement was signed on 2 February 2024 by Grupa Azoty S.A. on its own behalf and for the Grupa Azoty Group companies with the following financing institutions: Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Santander Bank Polska S.A., Caixabank S.A. Polish Branch, BNP Paribas Faktoring sp. z o.o., ING Commercial Finance Polska S.A., Pekao Faktoring sp. z o.o., BNP Paribas Bank Polska S.A., Santander Factoring sp. z o.o., and Banco Santander S.A., Frankfurt Branch, as well as the European Bank for Reconstruction and Development and the European Investment Bank.

On 2 February 2024, at the registered office of Grupa Azoty Polyolefins, the General Contractor submitted a change proposal to the turn-key contract for the execution of the Polimery Police project, as announced by Grupa Azoty S.A. in a current report.

The estimated production volumes for December 2023 released by the Grupa Azoty Group indicate that nitrogen fertilizer production at Group companies will be nearly the same as in November, with estimated volumes for December at 281 thousand tonnes compared to 282 thousand tonnes for November. OXO production also remains relatively stable, with an estimated 11 thousand tonnes in December compared to 13 thousand tonnes in November.

Grupa Azoty S.A. has received state aid under the ‘Aid to energy-intensive industries related to natural gas and electricity prices in 2023’ programme administered by the National Fund for Environmental Protection and Water Management. The amount of the financial support granted to Grupa Azoty S.A. is PLN 12m, with compensation for the Grupa Azoty Group companies totalling PLN 173m.