Intensive work is currently under way on its operationalisation. What amount of dividend will you pay this year?
The dividend amount will be in line with the adopted strategy. To my knowledge, the Chairwoman said that Grupa Azoty was analysing many potential targets, not Ciech specifically. We are interested in Organika Nowa Sarzyna, but the project has been suspended pending the tender offer.
Are you looking for opportunities abroad? How did the exchange rate movements caused by the Ukraine crisis affect the Company? How big were the movements?
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We feel at home here. In my opinion, services soared compared with Q1 What are these expenses? The old CHP plant is to remain in operation until By how much will the costs of operating two CHP plants rise?
The operating costs of the new boiler will be considerably lower compared with the existing boilerhouse. In winter, we will run both boilerhouses, but their combined operating costs will not exceed the annual operating costs of the old boilerhouse.
The operating costs of the turbine generator set will not change, as the new turbine will be located in the existing building next to the other turbines. Is Grupa Azoty considering the acquisition of Anwil? But for this to happen, the buyer must be willing to buy and, more importantly, the seller must be willing to sell. Grupa Azoty is said to be willing to make further investments in Africa. What investments are you considering?
Have you had any problems doing business in Senegal?
2018 Q3 Revenue
Is cooperation with local authorities going smoothly? Some of these officials even speak Polish. There are problems, of course, but they are operational in nature, and we can handle them.
Will the Company be represented by someone from the Management Board? We have met with our shareholders at WallStreet conferences every year since our debut in What are your plans to cut costs and waste in the coming period? In many areas we realise the available synergies, cut energy generation costs and diversify natural gas suppliers.
But for some our efforts will never be enough.
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You always ask this question. Has been for over two years! In formulating the strategy and in day-to-day management, the Management Board makes independent decisions. In important matters we ask the Supervisory Board for approval.
The Russian shareholder has no influence over the decision-making process. Why is the dividend so small? What percentage of profit is it? What does the Company intend to do with the remaining profit? The final decision rests with the General Meeting, of course. All the more so because back in the goal was The company reported PLN 96m in proceeds from sale of financial assets. What assets were they? Does the threat of Russian companies taking over control of the Company or increasing their shareholdings still exist?
At present, Norica holds What acquisitions do you envisage? What is the forecast for Q2 ? Why did cash flows from investing activities decline? Lower cash flows from investing activities resulted from the sale of financial assets a long-term deposit was reclassified as cash and cash equivalents in Q1. Which expense items contributed to the decline in particular? The main item which adversely affected our performance was selling and distribution expenses resulting chiefly from increased volumes.
Before that happens we will make every effort to turn the threat to our advantage. Before US-made products are brought here, we can work on raw materials and semi-finished products to improve our performance. Can you tell us more about it? What is the status of the cooperation at the moment?
At present, the project is at the concept development stage, covering several areas, including phosphogypsum processing, exploration for potassium chloride, phosphate rock and access to natural gas sources. In Q1profitability declined compared with Q1 Are profitability ratios likely to improve in the future? What major investments are you planning to make in the near future?
We are nearing completion of the operationalisation of our strategy. When will you announce your investment plans? We are proud of you! We will give you more information in due course. Work on the project is under way. We have had the support for two years now. So far we have been successful in that area.
How about your support? We expect the final ruling to be passed in the coming weeks. We maintain our opinion on the validity of the Grupa Azoty ATT Polymers GmbH share sale agreement and we still believe that there are no circumstances justifying reverse transfer of ownership of the shares to any entity. Assets as well as equity and liabilities decreased. Lower equity and liabilities mainly resulted from the repayment of bank and other borrowings.
Soda is not our business. It was mainly due to the downward price trends on the crude oil market, which sets the price levels for our feedstocks benzene, phenolwhich, in turn, are one of the key drivers for our product prices. What is the average salary at Grupa Azoty?
We do not publish information on average salaries, but you are welcome to read our financial statements, where you will find our employment costs and average headcount. Can we expect anything in the coming months to make us optimistic about the future?
We are also looking for savings in feedstocks. What were the results of the Plastics segment for ? Do you expect any impairment losses in the coming quarters? There are currently no indications of impairment to be recognised by the Group in the coming quarters. The best interest of our Shareholders is always top of mind! What kind of innovations can you focus on? We are investing in innovative solutions to support our traditional business fertilizer formulas, plastics, pigmentsbut are also paving the way for new areas of activity.
Inthe Group wants to invest much more than in Can you specify what investment projects are planned for ? What about my question about the dividend payment? Are you considering an equity issue to finance your extensive investment plans? We have secured sufficient financing to go ahead with our investment plans. Our perception by Investors is equally favourable.
The Group has also gained significant experience in capital raising. All in all, we are secure in terms of financing at this point. Have you incurred high losses? The case is currently being investigated by competent authorities. Exactly — we will publish the recommendation in due course, as prescribed by law.
We are not aware of any such plans. How do you want to achieve stronger consolidation within the Group? This was dealt with in detail by the Management Board President at the latest conference. The performance of individual Companies has benefited from integration with the Group, and we see potential for further synergies. The subject will be back on the table soon. Have you launched graphene production yet? It is only natural that dividends are so important to our Shareholders.
We must remember that in previous years Grupa Azoty financed its acquisitions, partially at the expense of rising debt with banks. Importantly, dividends paid by subsidiaries were used to service the debt incurred to consolidate them with Grupa Azoty. Is it still on the table?
At this point, we have access to reliable, commercially viable and well-diversified sources of potassium, which better cater to our needs. Why did you decide to buy more gas from PGNiG, contrary to your drive towards diversification? The idea behind diversification of gas sources was primarily price-related — we have been clear about that. The terms offered by PGNiG were appreciated by the Group, and we are happy with our relationship with that supplier.
Moreover, their new tariff sounds even more promising. One more question from me: He has set our goal: We are working on several innovative projects that will require state support, and the government has expressed interest in these initiatives.
You plan to produce graphene?!? And what if we actually make it happen? Will you attend the WallStreet conference in Karpacz?
Of course, we will be there. Please come over to say hello!