“We are moving into the next phase of negotiations with the banks, during which we will present the strategic directions for the Capital Group. This aims to enable the signing of a final agreement. In addition to ongoing corrective measures, which have already shown positive effects in our H1 results, we are grappling with the significant challenge of fertilizer imports from Russia and Belarus. Alarmingly high volumes of imported fertilizers from these regions are severely undermining the competitiveness of domestic and European fertilizer producers. The decisive factor for purchasing fertilizers from Russia and Belarus is their lower price, driven by low gas costs and the absence of CO2 emission fees,” said Andrzej Skolmowski, Vice President of the Management Board of Grupa Azoty S.A..

The Annex to the Agreement ensures the continued availability of financing limits under the Financing Agreements and prevents financial institutions from taking actions to cancel or reduce these limits. It also protects against the enforcement of certain rights arising from the Financing Agreements in the event of breaches or potential breaches during the Agreement’s validity period. The Agreement may be further extended with the consent of the financial institutions.

Grupa Azoty has emphasized that it continues to meet all obligations related to the servicing and repayment of debts under the Financing Agreements. The available financing limits ensure liquidity and financial stability for Grupa Azoty, enabling it to meet its obligations to suppliers and maintain business continuity.

The Annex was signed with the following financial institutions: Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Santander Bank Polska S.A., Caixabank S.A., Poland 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, European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB).