presentation of q1 2020 results may 21st 2020 · q1 2017 q2 2017 q3 2017 q4 2017 q1 2018 q2 2018 q3...
TRANSCRIPT
PRESENTATION OF Q1 2020 RESULTS
May 21st 2020
2
CONSOLIDATED REVENUE
- PLN 261m (7.8%) less than in Q1 2019
- PLN 1,927m revenue in the Fertilizers segment, with Compo Expert's share at 25%
CONSOLIDATED NET PROFIT/(LOSS)
- PLN 127m (39.3%) less than in Q1 2019
CONSOLIDATED EBITDA
- PLN 132m (21.7%) less than in Q1 2019
- EBITDA margin at 15.3% (2.8 pp down on Q1 2019)
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
Q1 2020 FINANCIAL RESULTS
3,104
(PLNm)
476
196
3 KEY DEVELOPMENTS
BUSINESS SEGMENTS DURING THE PANDEMIC
PLASTICS
FERTILIZERS
CHEMICALS
- lower prices of all products
- benzene and phenol prices increased by 20% (then fell after collapse of oil prices)
- no signs of demand recovery from the automotive industry
- lower prices of melamine (20%), OXO alcohols (15%) and technical urea (12%)
- higher prices of sulfur (6%) and other urea solutions (4%)
- higher volumes of sales of OXO (12%) and technical urea (8%), lower volume of sales of
sulfur (40%)
- pandemic concerns spurred farmers’ purchasing decisions
- 5% increase in sales volume
- gas prices down 40% relative to Q1 2019
4
Donation of PLN 3,200,000 to institutions and entities which combat COVID-19 (PLN
750,000 from Grupa Azoty S.A., Grupa Azoty ZAK S.A., Grupa Azoty Zakłady
Chemiczne Police S.A. and PLN 950,000 from Grupa Azoty Zakłady Azotowe PUŁAWY
S.A.);
Free-of-charge lend of 40 company cars to healthcare establishments for the
purpose of combating the epidemic.
Manufacture of biocidal decontaminant by Grupa Azoty Zakłady Azotowe PUŁAWY
S.A., based on hydrogen peroxide (4.9%), authorisation from the Office for
Registration of Medical Devices and Biocidal Products;
Manufacture of “safe gloves” with antiviral properties, covered with a layer of
silver;
Donation of Tarfuse filaments for the #DrukarzeDlaSzpitali initiative (3D printing of
protective mask and goggle components) and the VentilAid project, a Polish ‘last
chance’ ventilator (on the open source basis);
PLN 300,000 donations from Hyundai Engineering to purchase ventilators for
hospitals in Police
MEASURES TAKEN IN RESPONSE TO THE CORONAVIRUS EPIDEMIC
KEY DEVELOPMENTS
5 KEY DEVELOPMENTS
Project schedule not affected by COVID-19 pandemic
December 23rd 2019 – issue of FNTP to the general contractor;
January 7th 2020 – handover of the construction site to the general contractor;
March 30th 2020 – commitment letters with 11 banks and institutions on USD 1.075bn debt financing
Debt financing agreement nearly finalised
ISB News – distinction under the category 'Most Reliable in the Fuel and Chemical Sector'
POLICE POLYMER PROJECT
6 KEY DEVELOPMENTS
NEW PRODUCTS AND TECHNOLOGIES
LAUNCH OF SALE OF 3D PRINTING MATERIALS
SPECIALISED FERTILIZER OFFERING BY GA CHORZÓW
PROJECTS ON THE LIST OF NCBiR-RECOMMENDED INITIATIVES
- R&D programme began in 2017
- FDM technology filaments based on PA6 polyamide manufactured by GA
- Online retail store to launch soon
- Research into SLS printing powders and SLA and DLP polymers
- Total amount of co-financing PLN 20m
- Grupa Azoty PUŁAWY, GA POLICE and Łukasiewicz-INS’s projects third on the list
- Modern fertilizer formulae: functional additives, polymer coating
- Technologies for optimum use of intermediate products and waste products
- successful restructuring of the company
- development of compound fertilizers based on potassium nitrate and calcium nitrate
- AZOPLON fertilizers for foliar feeding of crops, fruit and vegetables
- FERTIPLON fertilizers intended mainly for cultivation under cover
R&D&I
8
GRUPA AZOTY GROUP’S PROJECTS RECOMMENDED BY NCBIR FOR POIR CO-FINANCING (2020)
1. Grupa Azoty PUŁAWY + Grupa Azoty POLICE + Łukasiewicz-INSEnvironmentally friendly slow-release fertilizers
Project value: PLN 5.80mCo-financing: PLN 3.82m
2. Grupa Azoty S.A. Specialist ammonium nitrate fertilizer productswith functional additives
Project value: PLN 4.88mCo-financing: PLN 1.95m
3. Grupa Azoty ZAKDevelopment of technology for production of high-purity neopentyl glycoland hydroxipival aldehyde oxime with the use of low-value intermediate product and waste hydrogen stream.
Project value: PLN 27.40mCo-financing: PLN 11.67m
4. Grupa Azoty ZAKDevelopment of innovative process to obtain a range of ester for ionic liquid catalyst
Project value: PLN 5.87mCo-financing: PLN 2.52m
RESEARCH AND DEVELOPMENT
9 RESEARCH AND DEVELOPMENT
1. Grupa Azoty PUŁAWY
Strengthening R&D&I potential (POIR/NCBiR)
2. Grupa Azoty ZAK
GA ZAK Innovation Centre (POIR/NCBiR)
3. Grupa Azoty ZAK
Specialist ammonium nitrate compound fertilizers
containing additional ingredients (POIR/NCBiR)
4. Grupa Azoty Police
Development of new type of liquid fertilizers
based on phosphorous raw materials of sedimentary origin (POIR/NCBiR)
5. Grupa Azoty S.A.
Development of new generation catalyst for low-temperature
hydrogen and syngas production process (POIR/NCBiR)
6. Grupa Azoty S.A.
Co-funding for three start-ups in IMPACT_POLAND 2.0 (PARP)
7. Grupa Azoty S.A.
Co-funding for two start-ups in the KPT ScaleUp programme (PARP)
External funds for R&D&I projects in 2019
PLN 20.57m
PLN 9.6m
PLN 2.49m
PLN 6.58m
PLN 0.63m
PLN 0.75m
PLN 0.5m
10 RESEARCH AND DEVELOPMENT
CURRENT R&D PROJECTS
TOTAL: 81 PROJECTS (as at May 2020)
11 RESEARCH AND DEVELOPMENT
PROJECT PORTFOLIOS
12 RESEARCH AND DEVELOPMENT
BUDGETS
External funding ca. PLN 40m
Total budget ca. PLN 170m
13 RESEARCH AND DEVELOPMENT
1. 3D printing – product innovation
2. Vacuum coating – product innovation
OWN PROJECTS: EXAMPLES
PA6 filaments for FDM
Project launched in 2017
- March 2020 – product commercialised
- May 2020 – launch of online store
SLS powders
Advanced research to obtain SLS powders from PA 6
and other structural polymers
Launch of vacuum metal and non-metal
coating unit
Physical vapour deposition technology
offers a number of advantages over competing solutions.
Work on new types of coatings, e.g. biocidal coatings.
14 RESEARCH AND DEVELOPMENT
SCALE UP
Grupa Azoty S.A. 's participation as Technology Recipient in two projectsimplemented by: Krakowski Park Technologiczny, Funding Box
More than 15 accelerated start-ups in both programmes
Implementation: Jan 1 2019 – Dec 31 2021
COOPERATION WITH START-UPS
IDEA4AZOTY
Grupa Azoty S.A.'s business accelerator programme
35 applications, 19 projects in second stage of recruitment
2 applications at evaluation stage, with terms of another 5 under
discussion
15 RESEARCH AND DEVELOPMENT
1. SatAgro
Agriculture 4.0 - satellite field monitoring
Optimisation of fertilizer application depending on soil conditionsPilot 2017Season 2019: 253 farms, 63 thousand hectares monitored
START-UPS’ PROJECTS: EXAMPLES
2. Sinteco
Diversification of business - organic chemicals
and highly specialised products
Production of high-purity polyglycerols
and glycerine-based polyglycerol esters
Implementation of innovative low-temperature synthesis
CONSOLIDATED FINANCIAL INFORMATION OF
GRUPA AZOTY GROUP
17 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
EFFECT OF PANDEMIC ON CHEMICAL INDUSTRY
Agricultural market
The COVID-19 pandemic had no significant impact on the crop segment of Poland’s agriculture.
Fertilizers - Poland
The COVID-19 pandemic had no significant impact on the Fertilizer segment in Poland.
Fertilizers - other countries
Except temporary logistics constraints of local nature, the COVID-19 pandemic had no significant impact on the fertilizer
segment in the EU.
PolyamideRecord-high price declines in polyamide 6. Increased demand from the food packaging and healthcare sectors.
MelamineOversupply on Asian markets. Demand is still low due to the pandemic.
OXO ALCOHOLS Demand expected to pick up in Q3 2020. Very low crude oil prices expected to keep in check any meaningful increase in product
prices.
Titanium whiteThere has been no reduction in the supply of titanium white in Europe, while the demand is strongly affected by the measures
taken in response to the spread of coronavirus.
Natural gasRecord-high winter temperatures in Europe. Subdued demand due to the COVID-19 epidemic.
18 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
IMPACT OF THE PANDEMIC ON THE GRUPA AZOTY GROUP’S BUSINESS
IDENTIFIED RISK AREAS:
Disruptions in feedstock supply chains and in
sale of products due to disruptions in transport
Risk of temporary disruptions in timely
delivery of capital and maintenance projects
Disruptions in continuity of production
processes due to potentially reduced
availability of workforce
Risk of deteriorated liquidity faced by some
trading partners due to payment backlogs
Exchange rate volatility
Possible risks of sales disruption in individual
segments
GDP CHANGES AS FORECAST BY EC
-4.3% -6.1%
-6.2% -7%
-7.2% -7.9%
-8.2% -9.7%
Source: European Economic Forecast Spring 2020
close monitoring of sales, trading partners’ position and
collection of receivables
implementation of crisis management rules, particularly in
maintenance and investment activities
cooperation with public administration to develop
appropriate regulations to mitigate adverse economic
consequences of COVID-19 pandemic
MITIGATING MEASURES:
19
Grupa Azoty S.A.10%
Grupa Azoty Puławy22%
Grupa Azoty Police20%
Grupa Azoty Kędzierzyn16%
COMPO EXPERT15%
Other17%
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
GRUPA AZOTY GROUP’S FINANCIAL HIGHLIGHTS
19
(PLNm)
-8%
2476 2687 2497
33653104
1000
2000
3000
4000
REVENUE
NET PROFIT
Higher sales volume
Lower fertilizer prices
Lower prices of plastics
EUR and USD exchange rates
307255
188
323
196
0
200
400
1Q2016 1Q2017 1Q2018 1Q2019 1Q2020
-39%
CONTRIBUTION TO THE GROUP’S REVENUE IN Q1 2020
20
Grupa Azoty S.A.14%
Grupa Azoty Puławy42%
Grupa Azoty Police10%
Grupa Azoty Kędzierzyn19%
COMPO EXPERT13%
Other2%
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
GRUPA AZOTY GROUP’S FINANCIAL HIGHLIGHTS
20
(PLNm)
• * Data for Q1 2017 adjusted for impairment loss on capitalised expenditure at Elektrownia Puławy Sp. z o.o.
517
453403
608
476462
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
EBITDA
EBITDA1(adjusted)*
CONTRIBUTION TO THE GROUP’S EBITDA IN Q1 2020
-22%
Limited impact of pandemic
Higher volumes of fertilizer sales
Low price natural gas
COMPO EXPERT growth
21 GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
FEEDSTOCK PRICES
EBITDA BRIDGE
KEY FACTORS Q1 2020
positive effect on EBITDA
negative effect on EBITDA
PLNm +230
+19
Decrease in natural gas
prices
Decrease in propylene
prices
Higher commodity prices
-17
-10
-7
Phenol
Benzene
Phosphates
-34 Higher coal and energy
prices
608476
12 356
184 5 23 0
Q1 2019EBITDA
Sales volume* Sellingprices
Feedstockprices
CO2 Other One-offevents**
EBITDA Q12020
* Margin generated on sales volume.
PRICE DEVIATION
-227 Agro Fertilizers
- 45 Plastics
- 84 Chemicals
22
27
12172227
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
EEX
30
50
70
90
110
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
GPL* Gas - PPX*
Zmiana TGE*
1Q19/20
-40%
130
180
230
280
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Electricity (IRDN) − PLN/MWh
30
50
70
90
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020
Hard coal ARA prices (USD/t)
PRICES OF HARD COAL
ELECTRICITY PRICES
CO2 PRICES [Q/Q]
PLN/MWh
Change Q1
19/20
-20%
USD/t
EUR/t
The long-term growth trend initiated in Q3 2017 is in the correction phase.
The number of emission allowances held by the Grupa Azoty Group companies is
sufficient to cover their CO2 emissions for 2019.
The EC continues to work on the European Green Deal which will enforce emission
reductions and reduce the allocation of free emission allowances.
We expect the downward trend to continue.
The Grupa Azoty Group companies have secured the required volumes under their
contracts.
We are awaiting decisions about reliefs under the Capacity Market Act. Regulations on
the amount of charges come into force as of October 1st 2020, already accounted for
in the 2020 budget.
We expect prices to continue at recent levels. In Poland, the supply exceeds the
demand in both the producer and the customer segments of the market.
The Group companies are parties to long-term contracts securing the required volumes.
Deliveries are made as planned.
In mid-year, the EC plans to start its revision of the Community framework for the
taxation of energy products.
NATURAL GAS PRICES 40% year-on-year decline in the average quarterly gas prices according to Gaspool data
High stock levels maintained in case transit through Ukraine is suspended
Significant increase in LNG supply on the global market
Low gas prices in Asia – Europe more favourable to LNG suppliers from the Atlantic
region.
Change Q1
19/20
-31%
Change Q1
19/20
7%
Change
GPL* Q1
19/20
-45%
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
ENERGY COMMODITIES
PLN/MWH
* Excluding transmission.
23
TOTAL FERTILIZERS
62%
47%
15%
22%
12%
2% 2%
66%22%
2%
5% 5%
SEGMENTS
AGRO FERTILIZERS
REVENUE Q1 2020
EBITDA
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
COMPO EXPERT
FERTILIZERS
CHEMICALS
PLASTICS
ENERGY OTHER ACTIVITIES
24
Nitrogen fertilizers and ammonia
40%
Nitrogen fertilizers with sulfur
10%
Compoundfertilizers
24%
Specialityfertilizers
21%
Other5%(PLNm) Q1 2019 Q1 2020
Q/Q
change
Segment
revenue
2,097 1,927 -8%
EBITDA412 313 -24%
EBITDA
margin
20% 16% -4pp
SEGMENTS
FERTILIZERS
REVENUE
PANDEMIC-RESILIENT SEGMENT
REVENUE Prices of nitrogen and compound fertilizers fell by
ca. 8-15% year on year, with a ca. 5 increase in
sales volumes year on year.
EBITDA Mainly on the back of low gas prices.
MARGIN Margin driven by a combination of revenue and
cost factors.
PRODUCT GROUPS REVENUE AT COMPANIES
479
265
541
629
223
COMPO EXPERT
Grupa AzotyKędzierzyn
Grupa Azoty POLICEGroup
Grupa Azoty PUŁAWYGroup*
Grupa Azoty S.A.(separate data)
* Excluding melamine and non-fertilizer urea
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue499 479 -4%
EBITDA45 61 36%
EBITDA
margin9% 13% 4pp
COMPO EXPERT
25 SEGMENTS
AGROMETEOROLOGICAL FACTORS
Agrometeorological factors:
• Driest start of spring since 1979.
• Frost in late March and early April (Finland,
Estonia and Latvia)
WEATHER FACTORS IN EUROPEMarch 1st–April 24th 2020
Source: European Commission, data as at April 27th 2020 and April
30th 2020
0
50
100
150
200
250
300
2017 2018 2019 2020
Forecast total cereal production volume [million tonnes]
EU 27 Poland 5-year average EU 27 5-year average PL
0,0
5,0
10,0
15,0
20,0
25,0
2017 2018 2019 2020
Forecast production of rape seed [million tonnes]
EU 27 Poland 5-year average EU 27 5-year average PL
Excessive
precipitationPrecipitation
deficit
Frost
Drought
26
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment revenue
753 686 -9%
EBITDA102 105 3%
EBITDA margin
14% 15% 1pp
SEGMENTS
CHEMICALS
REVENUE
MAINTAINED MARGINS ON THE DIFFICULT MARKET
REVENUE Lower prices and sales volumes in key business lines
EBITDA Lower prices of almost all chemical products and key feedstock helped
maintain the margin.
MARGIN
Titanium white12%
Melamine15%
Urea (technical …
Plasticizers8%
OXO alcohols21%
Other21%
PRODUCT GROUPS REVENUE AT COMPANIES
479
94
191
Grupa AzotyKędzierzyn
Grupa Azoty POLICEGroup
Grupa Azoty PUŁAWYGroup*
* Melamine and non-fertilizer urea
27
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment revenue
409 373 -9%
EBITDA54 8 -85%
EBITDA margin
13% 2% -11pp
SEGMENTS
PLASTICS
REVENUE
REVENUE Decline in prices of key products by ca. 12%, with sales
volumes maintained
EBITDA Slowdown in demand from key industries, combined with
higher prices of main raw materials, translated into the
segment’s lower margins.MARGIN
Caprolactam6%
Natural polyamide79%
Modified polyamide
9%
Other6%
PRODUCT GROUPS Q1 2020
SEGMENT MOST SUSCEPTIBLE TO CORONAVIRUS EFFECTS
REVENUE AT COMPANIES
95
284
Grupa AzotyPUŁAWY Group
Grupa AzotyS.A.
(separatedata)
28 GRUPA AZOTY
GRUPA AZOTY GROUP FINANCES AS AT MARCH 31ST 2020
AVAILABLE FUNDING LIMITSSECURED CORPORATE FINANCING
• Revolving and umbrella credit facility
• PLN 3,891m
PKO and bank syndicate
• Term Loan Agreement
• PLN 627m
EBRD
• Term Loan Agreement
• PLN 1,115m
EIB
• PLN 5,633m
Total corporate financing*Includes undrawn amount of PLN 507m under a payment services
agreement to finance trade payables.
1 642
717
559
0 600 1 200 1 800
Corporate credit facilities
Overdraft and multi-purpose
facilities
Other financing sources
29
FINANCING OF POLICE POLYMER PROJECT
INVESTOR POTENTIAL AMOUNT
Hyundai (HEC) USD 73m
KIND USD 57m
Grupa LOTOS PLN 500m
GRUPA AZOTY’S INVESTMENT
The Grupa Azoty Group has secured its own funding for the Project
for a total amount of USD 464m, including:
• USD 118m – equity contributed to date
• USD 160m – capital to be contributed
• USD 186m – subordinated loans to be contributed
within the permitted limits of the total “equity” contribution specified in the
Group's corporate financing agreements.
including 47% of equity from Grupa Azoty S.A., 53% of Grupa Azoty Police
Each Sponsor will provide the following “equity”:
• 60% pure equity
• 40% loan
The “equity” financing was raised at the full amount agreed with the banks, i.e. USD 720m. The Group also has a safety buffer to cushion
adverse exchange rate movements until hedges are put in place.
* All amounts translated at the USD/PLN exchange rate of 3.95. Grupa LOTOS's contribution was converted from PLN to USD.
Company's current capital
Grupa Azoty; 345
LOTOS; 127
HEC &
KIND
130
118
Grupa Azoty64,16%
LOTOS17,71%
HEC & KIND18,13%
GRUPA AZOTY
TARGET SHAREHOLDING STRUCTURE *
“EQUITY” FINANCING STRUCTURE*
USD 720M
Thank you for your attention.
31
DISCLAIMER
The information presented below has been prepared by the Grupa Azoty Group (the “Group”) solely for the purpose of its presentation to investors and market analysts on
May 21st 2020 (the “Presentation”). By participating in the meeting at which the Presentation is delivered or by referring to this Presentation, you agree to the following
specific restrictions and disclaimers.
This Presentation does not constitute or form any part of, and should not be considered as, an offer to sell or as an offer to subscribe for, or as a guarantee to purchase or
acquire in other way, any securities of any company of the Group. Neither this Presentation nor any part hereof may form the basis of, or be relied upon in connection with,
any subscription for or acquisition of any securities of the Group. Neither this Presentation nor any part hereof may form the basis of, or be relied upon in connection with,
any investment agreement, commitment or decision relating to securities of the Group companies. This Presentation does not constitute a recommendation regarding any
securities of the Group companies.
No statement or assurance, expressed or implied, has been made by or on behalf of the Group or any of its shareholders, members of its bodies, officers, employees, agents
or advisers or any other person, as to the accuracy, completeness or reliability of information or opinions contained in this Presentation.
This Presentation may contain forward-looking statements. Forward-looking statements are different from statements of historical facts. Statements containing such words as
‘expects’, ‘intends’, ‘plans’, ‘believes’, ‘anticipates’, ‘will’, ‘aims’, ‘can’, ‘would’, ‘could’, ‘continues’ or similar words are examples of such forward-looking statements.
Forward-looking statements include statements about the financial performance, business strategy, plans and objectives of the Group (including development plans relating
to the Group). All forward-looking statements contained in this Presentation relate to matters involving known and unknown risks, issues that are impossible to predict, and
other factors. Actual results and achievements of the Group may be materially different from those described in statements concerning the past,
and from the results and achievements of the Group in the past. Forward-looking statements are made based on various assumptions as to future events, including numerous
assumptions regarding present and future business strategies of the Group and its future business environment. Although the Group believes that its estimates and
assumptions are reasonable, they may prove to be incorrect. The information, opinions and forward-looking statements contained herein are valid only on the date of this
Presentation and are subject to change without notice. The Group and its advisers are not obliged to publish any updates or modify any information, data or statements
contained in this Presentation in the event of a change of strategy or the intentions of the Group, or of facts or circumstances that will have an impact on the strategy or
intentions of the Group, unless such an obligation arises under law. Please note that the only reliable source of information on the financial results, forecasts, events and
ratios of the Group and its individual companies are the current and periodic reports released
by the Group companies in the performance of their disclosure obligations under Polish law.
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of this Presentation with any additional information or to update this Presentation.
This Presentation contains information on the chemical industry in Poland and globally, including information on market shares of the Company and some of its competitors.
The source of such information is always provided in this Presentation, and the Group or any other entity acting on behalf of the Group has not made any independent
verification of the information referred to above.
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requirements of the Act.
32
SUBSIDIARIES’ PERFORMANCE
APPENDIX 1
GRUPA AZOTY PUŁAWY GROUP
34 GRUPA AZOTY PUŁAWY GROUP
GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS
34
(PLNm)
-11%REVENUE
NET PROFIT
Net profit/(loss) decline:
lower revenue from sales of most products, driven
mainly by a decrease in selling prices (which was higher
than raw material price declines)
higher distribution costs, finance costs and
administrative expenses
161138
86
168
112
1Q2016 1Q2017 1Q2018 1Q2019 1Q2020
-34%
Agro86%
Plastics 10%
Energy2%
Other2%
REVENUE
951 1 003 9101 069
954
35 GRUPA AZOTY PUŁAWY GROUP
GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS
35
(PLNm)
QUARTERLY EBITDA
+108 Decrease in natural gas prices
-23 Higher prices of benzene, hard coal and electricity
-115 Decline in revenue, including:
-146 on lower prices
+31 on higher volumes
-31 Other items
PLNm
227204
159
269
207
227 212
159
269
207
23,8% 20,3% 17,4% 25,1% 21,7%
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
EBITDA
EBITDA1(adjusted)*
EBITDA MARGIN
Agro93,6%
Plastics 2,1%
Energy4,0%
Other0,2%
EBITDA
-23%
36
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue 914 820 -10%
EBITDA 273 228 -16%
EBITDA
margin 30% 28% -2pp
GRUPA AZOTY PUŁAWY GROUP
SEGMENTS
DETERIORATED PERFORMANCE DUE TO LOWER SELLING PRICES OF
PRODUCTS DESPITE ATTRACTIVE GAS PRICES
Nitrogen fertilizer
s 60%
Phosphate and compound fertilizers
6%
Melamine12%
Non-fertilizer urea (PULREA, PULNOX,
NOXy)11%
Other11%
PRODUCT GROUPSAGRO
PLASTICS
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue 113 95 -15%
EBITDA 13 5 -59%
EBITDA
margin 11% 5% -6pp
DETERIORATED PERFORMANCE DUE TO LOWER PRICES AND SALES
VOLUMES OF CAPROLACTAM, WITH HIGHER BENZENE PRICESCaprolactam
99%
Other1%
PRODUCT GROUPS
37 GRUPA AZOTY PUŁAWY GROUP
ONGOING CAPEX PROJECTS
PLN 94.2m
CAPITAL EXPENDITURE IN Q1 2020
Q1 2020 CAPEX STRUCTURE
Construction of coal-fired
power generation unit
1,200 million
Budget spent: 1%
Upgrade of nitric acid unit
695 million
Budget spent: 12%
Facility for production of granulated
fertilizers based on ammonium nitrate
385 million
Budget spent: 96%
Upgrade of steam generator OP-215 No. 2
to reduce NOx emissions
93 million
Budget spent: 41%
Mandatory ; 6%
Maintenance capex; 22%
Growth capex; 55%
Purchase of finished goods; 2%
Other ; 15%
38 GRUPA AZOTY PUŁAWY GROUP
SUMMARY
KEY DEVELOPMENTS IN Q1 2020
changes on the Management Board of Grupa Azoty Zakłady Azotowe Puławy
merger of Koncept Sp. z o.o. and Prozap Sp. z o.o. (registered with National Court Register on January 29th
2020)
new commercial contracts for additional production capacities of ONECON
confirmation of compliance with the requirements for prevention of major industrial accidents
positive reviewer opinion of the application for compensation for energy-intensive sectors and subsectors
agreement on collective disputes with ZZPC trade union
work to expand product portfolio at Zakłady Azotowe Chorzów S.A. – increased sales of fertilizer blends
effects of coronavirus pandemic:
• decline in crude oil and natural gas prices
• lower production and sales of caprolactam (technical problems on the PA6 unit in Guben; smaller
shipments to an Italian customer, logistics constraints, low prices and weak demand as a result of the
pandemic)
• development of a new disinfectant product PULSEPT 5, based on hydrogen peroxide; investment in
PULSEPT 5 production capacities
• engagement with Military Institute of Hygiene and Epidemiology to conduct research on hydrogen
peroxide effects on SARS-Cov-19 viruses
GRUPA AZOTY POLICE GROUP
40 GRUPA AZOTY POLICE GROUP
GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS
(PLNm)
Fertilizers83%
Pigments15%
Polymers0,02%
Other2%
Lower average selling prices of most products
Lower cost of natural gas consumption
Increase in prices of other strategic raw materials
REVENUE
-11%
REVENUE
NET PROFIT
6847
3349
23
-20
0
20
40
60
80
100
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
687 699615
727648
0
200
400
600
800
1000
41 GRUPA AZOTY POLICE GROUP
GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS
41
(PLNm)
EBITDA for Q1 2020 by segment
29
18
-4
0
Fertilizers
Pigments
Polymers
Other
QUARTERLY EBITDA – deviations from Q1 2019
+55 Decrease in natural gas prices
-13 Higher prices of other strategic raw materials
-77 Revenue decline on lower prices
107
84
68
90
43
15,6% 12,0% 11,1% 12,4% 6,6%
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
EBITDA
EBITDA MARGIN
42
(PLNm) Q1 2019 Q1 2020 Q/Q change
Segment
revenue 613 541 -11.8%
EBITDA 78 29 -63.1%
EBITDA margin13% 5%
GRUPA AZOTY POLICE GROUP
SEGMENTS
PRODUCT GROUPS – revenueFERTILIZERS
PIGMENTS
(PLNm) Q1 2019 Q1 2020 Q/Q change
Segment
revenue 101 94 -7.6%
EBITDA 17 18 4.2%
EBITDA margin17% 19%
PRODUCT GROUPS – revenue
Compound fertilizers
65%
Urea and ammonia
29%
Other6%
Titanium white91%
Other9%
Good situation in the nitrogen sector, less favourable price relation of
products to raw materials on the compound fertilizers market
Growth in EBITDA margin
43 GRUPA AZOTY POLICE GROUP
ONGOING CAPEX PROJECTS
KEY PROJECT:
Police Polymers
Production of demineralised water
Construction of PULNOx technical-grade urea solution
production, storage and loading facility
Power station upgrade to connect and supply propane
dehydrogenation and polypropylene units
44 GRUPA AZOTY POLICE GROUP
SUMMARY – KEY DEVELOPMENTS IN Q1 2020
Funds spent on fight against coronavirus
Grupa Azoty Police provided PLN 750,000 to finance fight against
SARS-CoV-2; most of the funds were transferred to the Provincial
Sanitary and Epidemiological Station of Szczecin and used to
purchase high-class coronavirus diagnostic equipment and
consumables necessary to carry out tests
R&D project
The Company is implementing an R&D project: development of a
technology for the production of liquid fertilizers based on
phosphorous bearing materials of sedimentary origin, co-financed
from European Funds (maximum funding amount: PLN 7.4m);
the expected result is product innovations in the form of
advanced liquid fertilizers
Share capital increase
On January 10th 2020, the District Court for Szczecin-Centrum in
Szczecin, 13th Commercial Division of the National Court Register,
registered an increase in the Company's share capital from PLN
750,000,000 to PLN 1,241,757,680 by way of an issue of
49,175,768 Series C ordinary bearer shares with a par value of PLN
10.00 per share
GRUPA AZOTY KĘDZIERZYN
45
46 GRUPA AZOTY KĘDZIERZYN
GRUPA AZOTY KĘDZIERZYN FINANCIAL HIGHLIGHTS
(PLNm)
Fertilizers51%
OXO41%
Other8%
REVENUE
-2.3%
REVENUE
NET PROFIT
Lower prices of natural gas
Lower prices of OXO alcohols, plasticisers, UAN
Higher prices of electricity
Higher sales volumes in the Fertilizers segment
66
48
36
47 49
30Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
+5.4%
441
485 495529 517
400
47 GRUPA AZOTY KĘDZIERZYN
GRUPA AZOTY KĘDZIERZYN FINANCIAL HIGHLIGHTS
47
(PLNm)
QUARTERLY EBITDA
+36.4 Lower cost of gas consumption
-3.7 Higher cost of hard coal and electricity consumption
-11.9 Decline in revenue, including:
-81.5 on lower prices
+74.6
-4.8
-25.7
+ 10.2
- 5.5
on higher volumes
on sales of merchandise and materials
Change in inventories (due to higher sales volumes)
Lower cost of propylene consumption
Increase in distribution costs
- 2.1 Other items
PLNm
104
81 75
93 91
23,6%
16,6%15,2%
17,6% 17,6%
0,0%
10,0%
20,0%
30,0%
-30
20
70
120
1Q2016 1Q2017 1Q2018 1Q2019 1Q2020
EBITDA
MARŻAEBITDA
-2.5%
EBITDA
Fertilizers74%
OXO10%
Other16%
48
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue260 265 1.8%
EBITDA 74 67 -9.4%
EBITDA
margin28.6% 25.4% -3.1pp
GRUPA AZOTY KĘDZIERZYN
SEGMENTS
Nitrogen fertilizers
71%RedNOx
10%
Other19%
PRODUCT GROUPSFERTILIZERS
OXO ALCOHOLS SEGMENT
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue232 213 -8.1%
EBITDA 5 9 71.9%
EBITDA
margin2.3% 4.2% 2.0pp
Alcohols and aldehydes72%
Speciality fertilizers
1%
Oxoviflex27%
PRODUCT GROUPS
49 GRUPA AZOTY KĘDZIERZYN
SUMMARY
KEY DEVELOPMENTS IN Q1 2020
New website zak.grupaazoty.com
Extension of the compliance certificate for the integrated
management system
Implementation of the first international standard
in occupational safety management
New energy concept [Innovative Heat Management Programme] –
projects in progress:
Upgrade of partial combustion unit at the Ammonia Department
of Grupa Azoty ZAK S.A.
Upgrade of the ammonia liquefaction unit at the Ammonia
Department Cooling Centre
Replacement of steam compressors K-2 and K-3, compressing
gaseous ammonia, with new electric compressors
Research and Development Centre – resolution of the tender
procedure for construction work
Modernisation of car weights
at the main gate – building permit secured, start of upgrade work
50 GRUPA AZOTY KĘDZIERZYN
On March 13th, an internal order was implemented on measures to reduce the risk of infection with SARS-CoV-2 and
on rules to be followed in the event of infection and spread of infectious diseases at Grupa Azoty ZAK S.A.
On March 16th, the state of epidemic threat was introduced on the company premises as of 10:00 am on that day
until further notice
On March 18th, the company provided PLN 750,000 to the Independent Public Healthcare Complex of Kędzierzyn-
Koźle to combat coronavirus
On March 24th, a special information service for the employees InfoZAK was launched
On March 24th, an agreement on the possibility of changing the work organisation system was reached with the trade
unions active at the company
On March 25th, an additional entry gate for pedestrian, bicycle and passenger cars was opened
On March 31st, the company provided the first batch of sodium hypochlorite to the Independent Public Healthcare
Complex of Kędzierzyn-Koźle; 3 tonnes of the disinfectant for wastewater treatment were secured
On April 10th, the Company lent free-of-charge seven vehicles to hospitals in the region of Opole
On May 6th, a new diagnostic laboratory, financed by Grupa Azoty ZAK S.A., was opened in the infectious disease
hospital in Kędzierzyn-Koźle
The Company granted additional benefits to parents of children aged 8 to 12 who cannot benefit from the Social
Security Institution's allowance
COMPO EXPERT
52
Granular NPK fertilizers
19%
SRF & CRF25%
Fertigation and foliar fertilizers
36%
Liquid fertilizers and biostimulants
20%
COMPO EXPERT
COMPO EXPERT
Consistent implementation of the Group strategy focusing on high-value with a positive
effect on EBITDA
PRODUCT GROUPS
(PLNm) Q1 2019Q1
2020
Q/Q
change
Segment
revenue
499 479 -4%
EBITDA45 61 36%
EBITDA
margin
9% 13% 4pp
53 COMPO EXPERT
KEY DEVELOPMENT FACTORS
Constant focus on strategic initiatives and digitisation – during the
COVID-19 epidemic the worldwide COMPO EXPERT team is
successfully working on a remote basis, engaging in active
customer interaction (product launches via webinars, frequent
exchange of field trial data, remote diagnostics, virtual customer
visits, etc.)
Share of specialty fertilizer sales supporting growth and strategy
implementation at COMPO EXPERT
Despite the adverse impact of COVID-19, COMPO EXPERT achieved
EBITDA growth of 36% (PLN 16m) year on year, driven by a shift
towards high margin products and effective pricing and cost
management
54 COMPO EXPERT
STRATEGIC INITIATIVES
Booster & Forestry project
Optimisation of the fertilizer footprint of a controlled-release
fertilizer in EMEA, South East Asia and South Africa
Target crops: fruit trees, forests, tree nurseries, oil palms
Balu project
Focus on bio-control products as an alternative to traditional
plant protection products in Ecuador, Mexico, and Latin
American countries
Target plants: bananas for export
Tequila project
Focus on on rapidly growing markets in Mexico and
neighbouring countries | NPK water soluble salts
Target crops: berries, avocados, peppers
Those initiatives are expected to strengthen COMPO EXPERT's position as best-in-class
provider of solutions for high-value crops and to help end users increase yields
55
GRUPA AZOTY S.A.
SEPARATE DATA
APPENDIX 2
56
56
(PLNm)
-7%
436 479 476558 521
0
100
200
300
400
500
600
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
REVENUE
NET PROFIT
Lower revenue – price effect
Slowdown in the Plastics segment – deterioration
of polyamide delta
Positive effect of gas prices
22
45 4657
-31
-40
-30
-20
-10
0
10
20
30
40
50
60
70
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
-154%
GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION
GRUPA AZOTY S.A. FINANCIAL HIGHLIGHTS
Agro Fertiliz
ers43%
Plastics 55%
Energy1%
Other1%
REVENUE Q1 2020
57 GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION
GRUPA AZOTY S.A. FINANCIAL HIGHLIGHTS
57
(PLNm)
QUARTERLY EBITDA
56
86 86
108
69
12,8% 18,0% 18,1% 19,4% 13,2%
1Q2016 1Q2017 1Q2018 1Q2019 1Q2020
EBITDA
EBITDA(skorygowana)*
MARŻA EBITDA
PLNm
-36%
Agro Fertiliz
ers77%
Plastics 9%
Energy3%
Other11%
EBITDA Q1 2020
Negative contribution from the Plastics segment
(slowdown in the sector)
Lower fertilizer prices
More favourable gas price levels
58
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue243 223 -8%
EBITDA55 53 -4%
EBITDA
margin23% 24% 1pp
GRUPA AZOTY S.A. – SEPARATE FINANCIAL INFORMATION
SEGMENTS
Nitrogen
fertilizers…
Other11%
PRODUCT GROUPS Q1 2020FERTILIZERS
PLASTICS
(PLNm) Q1 2019 Q1 2020Q/Q
change
Segment
revenue302 284 -6%
EBITDA41 6 -85%
EBITDA
margin14% 2% -12pp
Polyamide
82%
Caprolactam2%
Other16%
PRODUCT GROUPS Q1 2020
59
APPENDIX 3
QUARTERLY RESULTS
60
FINANCIAL DATA
(PLNm)
-120
-20
80
180
280
380
480
-500
0
500
1 000
1 500
2 000
2 500
Revenue Net profit
Q1 2
008
Q2 2
008
Q3 2
008
Q4 2
008
Q1 2
009
Q2 2
009
Q3 2
009
Q4 2
009
Q1 2
010
Q2 2
010
Q3 2
010
Q4 2
010
Q1 2011
Q2 2
011
Q3 2
011
Q4 2
011
Q1 2012
Q2 2
012
Q3 2
012
Q4 2
012
Q1 2
013
Q2 2
013
Q3 2
013
Q4 2
013
Q1 2
014
Q2 2
014
Q3 2
014
Q4 2
014
Q1 2
015
Q2 2
015
Q3 2
015
Q4 2
015
Q1 2
016
Q2 2
016
Q3 2
016
Q4 2
016
Q1 2
017
Q2 2
017
Q3 2
017
Q4 2
017
Q1 2
018
Q2 2
018
Q3 2
018
Q4 2
018
Q1 2
019
Q2 2
019
Q3 2
019
Q4 2
019
Q1 2
020-200
300
800
1300
1800
2300
2800
EBITDA
EBITDA
GRUPA AZOTY GROUP – CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED RESULTS OF THE GRUPA AZOTY GROUP, BY QUARTER
REVENUE AND NET PROFIT
61
Q1 2
008
Q2 2
008
Q3 2
008
Q4 2
008
Q1 2
009
Q2 2
009
Q3 2
009
Q4 2
009
Q1 2
010
Q2 2
010
Q3 2
010
Q4 2
010
Q1 2011
Q2 2
011
Q3 2
011
Q4 2
011
Q1 2012
Q2 2
012
Q3 2
012
Q4 2
012
Q1 2
013
Q2 2
013
Q3 2
013
Q4 2
013
Q1 2
014
Q2 2
014
Q3 2
014
Q4 2
014
Q1 2
015
Q2 2
015
Q3 2
015
Q4 2
015
Q1 2
016
Q2 2
016
Q3 2
016
Q4 2
016
Q1 2
017
Q2 2
017
Q3 2
017
Q4 2
017
Q1 2
018
Q2 2
018
Q3 2
018
Q4 2
018
Q1 2
019
Q2 2
019
Q3 2
019
IV2019
Q1 2
020
-1 000
-750
-500
-250
0
250
500
EBITDA NET DEBT
-50
0
50
100
150
200
250
-250
0
250
500
750
1 000
1 250
Revenue Net profit
FINANCIAL DATA
(PLNm)
EBITDA AND NET DEBT
GRUPA AZOTY PUŁAWY GROUP
CONSOLIDATED RESULTS OF THE GRUPA AZOTY PUŁAWY GROUP, BY
QUARTER
REVENUE AND NET PROFIT
62
FINANCIAL DATA
(PLNm)
-350
-250
-150
-50
50
150
0
100
200
300
400
500
600
700
800
900
1 000
Revenue Net profit
-100,0%
-50,0%
0,0%
Q1 2
008
Q2 2
008
Q3 2
008
Q4 2
008
Q1 2
009
Q2 2
009
Q3 2
009
Q4 2
009
Q1 2
010
Q2 2
010
Q3 2
010
Q4 2
010
Q1 2011
Q2 2
011
Q3 2
011
Q4 2
011
Q1 2012
Q2 2
012
Q3 2
012
Q4 2
012
Q1 2
013
Q2 2
013
Q3 2
013
Q4 2
013
Q1 2
014
Q2 2
014
Q3 2
014
Q4 2
014
Q1 2
015
Q2 2
015
Q3 2
015
Q4 2
015
Q1 2
016
Q2 2
016
Q3 2
016
Q4 2
016
Q1 2
017
Q2 2
017
Q3 2
017
Q4 2
017
Q1 2
018
Q2 2
018
Q3 2
018
Q4 2
018
Q1 2
019
Q2 2
019
Q3 2
019
Q4 2
019
Q1 2
020
-300
-100
100
EBITDA EBITDA MARGINEBITDA AND EBITDA MARGIN
GRUPA AZOTY POLICE GROUP
CONSOLIDATED RESULTS OF THE GRUPA AZOTY POLICE GROUP, BY
QUARTERREVENUE AND NET PROFIT
The 2013–2015 net profit and EBITDA figures are shown based on a 2016 adjustment related to AFRIG S.A., with an estimated effect on each performance
metric (the effect on the bottom line totals approximately PLN 223m); the results for 2016–2020 are based on reported data
63
PRICES AND VOLUMES
APPENDIX 4
64
41
45
APPENDIX 3
GROUP’S BUSINESS BY GEOGRAPHY
Production
units
Sales representative
officesStabilisation unitsLogistics
1045
44
271
66 48
7
POLAND48%
273 253335
3
280
EU
37%
North America
2%
135
58
South America
1%
Africa
1%
Other Europe
8%
127
16 611
39
Asia
3%
3943
WORLD
EUR
Grupa Azoty
Plastics
Chemicals
Energy
Compo Expert
Agro Fertilizers
REVENUE Q1 2020
PLNm
REVENUE ANALYSIS 2019
Q1 2020
Other
4 4
126
65 APPENDIX 3
AGRO FERTILIZERS
0 200 400 600 800 1 000
Nitrogen fertilizers and ammonia
Nitrogen-sulfur fertilizers
Compound fertilizers
Specialty fertilizers
Q1 2019 Q1 2020
VOLUMES (‘000 TONNES)
0
100
200
300
Nitratefertilizers
Ammoniumnitrate
Urea UAN
Q1 2019 Q1 2020
0
100
200
300
Siarczan amonu Saletrosan RSMS
0
100
200
300
NPK fertilizers NP fertilizers Granular NPKfertilizers
0
100
200
300
SRF & CRF Fertigation andfoliar
fertilizers
Specialtyfertilizers NPK
Liquidfertilizers andbiostimulants
66 APPENDIX 3
AGRO FERTILIZERS
PRICES
source: Ministry of Agriculture and Rural Development
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020 1 kg
/1 kg NPLN/t
Prices of wheat, maize and rapeseed
Ratio 1 kg of milling wheat /1 kg N
Milling wheat − PLN/t
Fodder corn − PLN/t
50
150
250
350
450
550
650
100
150
200
250
300
350
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 USD/tEUR/t
Prices of nitrogen fertilizers (urea, CAN, AN, AS) and ammonia
Calcium ammonium nitrate (CAN) 27% Germany, CIF inland (bulk) (EUR/t) Ammonium nitrate AN 33.5% France, delivered (bulk) (EUR/t)
Ammonium sulfate Black Sea FOB (white) (USD/t) Ammonia FOB YUZHNY (USD/t)
Prilled urea FOB Baltic–USD/t
źródło: Argus, ICIS, Profercy
50
100
150
200
250
300
350
400
450
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020USD/t
Prices of compound fertilizers (NPK, DAP), potassium chloride and phosphate rock
DAP FOB Baltic USD/t
NPK 3x16 FOB Baltic (USD/t)
source: WFM, Fertecon, CCM
67 APPENDIX 3
CHEMICALS
VOLUMES (‘000 TONNES) PRICES
400
600
800
1000
1200
1400
1600
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020EUR/t
Prices of 2-EH, DOTP and propylene
2-EH FD NWE EUR/t (spot) Propylene FD NWE EUR/t (spot)
DOTP FD * NWE spot – EUR/t
źródło: ICIS
0
50
100
150
OXOalcohols
Plasticizers Urea(technical
grade)
Melamine Titaniumwhite
Q1 2019
Q1 2020
68 APPENDIX 3
PLASTICS
VOLUMES (‘000 TONNES) PRICESPRICES
500
700
900
1100
1300
1500
1700
1900
2100
2300
2500
400
600
800
1000
1200
1400
1600
1800
2000
2200
2400
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Q12020 USD/tEUR/t
Prices of PA6, caprolactam, benzene and phenol
Liquid caprolactam, New Contract, Molten (Monthly) DDP WE (EUR/t)
Polyamide 6 Engineering Resin DDP WE (EUR/t)
Phenol FD NWE (EUR/t)
Benzene CIF NWE (EUR/t)
Crystalline caprolactam CFR N.E.ASIA (USD/t)
source: ICIS, Tecnon
0
10
20
30
40
50
Caprolactam Naturalpolyamide
Modifiedpolyamide
Q1 2019 Q1 2020