H RESULTS PRESENTATION. August 24th

Transcription

1 H RESULTS PRESENTATION August 24th 2017

2 AGENDA Page Key developments 3 Investments 9 Grupa Azoty Group 11 Grupa Azoty PUŁAWY 27 Grupa Azoty POLICE 34 Grupa Azoty KĘDZIERZYN 41 Summary 46 Appendices 50 2 GRUPA AZOTY GROUP 2

3 KEY DEVELOPMENTS IN H UPDATE OF STRATEGY PDH PROJECT WITH PREDOMINANT POLYPROPYLENE OPTION RAISING FUNDS FOR CAPITAL PROJECTS AWARDS: LEADER OF POLISH EXPORT AND TRANSPARENT COMPANY OF THE YEAR 2016 imag e INVESTMENTS IN INNOVATION R&D LETTER OF INTENT FOR COAL GASIFICATION PROJECT FEEDSTOCK SUPPLY SECURED GAS CONTRACT GRUPA AZOTY IN FTSE4GOOD EMERGING GRUPA AZOTY GROUP 3

4 H PERFORMANCE DRIVERS STRONG DEMAND FOR PLASTICS SUPPORTS HIGH POLYAMIDE BENZENE DELTAS HIGHER GAS PRICES AFFECT PERFORMANCE IN FERTILIZERS AND CHEMICALS CONTINUED STRENGTH IN MANUFACTURING AND CONSTRUCTION CONTRIBUTES TO SIGNIFICANT IMPROVEMENT IN PIGMENTS PERFORMANCE GROWING COMPETITION IN NITRATE FERTILIZERS (AN/CAN) DRIVES DOWN SALES VOLUMES STRATEGY TO GROW NPK SALES VOLUMES TO OFFSET FALLING PRICES AND RETAIN MARKET SHARE RISING PROPYLENE PRICES SQUEEZE MARGINS ON OXO ALCOHOLS GRUPA AZOTY GROUP 4

5 GRUPA AZOTY GROUP H FINANCIAL HIGHLIGHTS (PLNm) REVENUE 4,870 COMMENTARY Financial results improve year on year EBITDA 714 Strong GDP growth across EU supports record earnings in Plastics EBITDA MARGIN 14.7% NET PROFIT 378 Wide margins on pigments in the Chemicals segment driven by uptrends in manufacturing and construction EBITDA triples in Tarnów GRUPA AZOTY GROUP 5

6 GROUP COMPANIES' PERFORMANCE IN H (PLNm) REVENUE EBITDA Grupa Azoty S.A. (stand-alone data) Grupa Azoty Puławy Group 1, Grupa Azoty Police Group 1, Grupa Azoty Kędzierzyn

7 CONSOLIDATED REVENUE BY SEGMENT (PLNm) 3,055 2,742 2,673 1,210 1,128 1, Agro Fertilizers Chemicals Plastics 1H2015 1H2016 1H2017 1H2015 1H2016 1H2017 1H2015 1H2016 1H2017 7

8 DIVIDENDS PAID BY THE PARENT (PLNm) Dividend for Dividend for Dividend for Dividend for Dividend for Dividend amount Profit earned GRUPA AZOTY HAS PAID OVER PLN 370M TO SHAREHOLDERS SINCE IPO GRUPA AZOTY GROUP 8

9 INVESTMENTS

10 INVESTMENTS BY COMPANY BY TYPE COMPLETED INVESTMENT PROJECTS: PLN 501m Tarnów 26% Puławy 26% Maintenance 30% Mandatory 8% Other 4% Kędzierzyn 20% Police 24% Expansion 49% Other 10% Purchase of finished goods 3% 2017 CAPEX PLN 1.3bn GRUPA AZOTY GROUP 10

11 GRUPA AZOTY GROUP

12 GRUPA AZOTY GROUP FINANCIAL HIGHLIGHTS (PLNm) REVENUE 2,159 2,000 2,323 2,687 2, Q2016 3Q2016 4Q2016 1Q2017 2Q2017 1H2016 1H2017 EBITDA 16.9% 12.0% EBITDA (adjusted)* EBITDA MARGIN 8.2% 6.6% 7.7% Q Q Q Q2017 2Q2017 1H2016 1H % NET PROFIT NET PROFIT (adjusted)* NET PROFIT MARGIN % % % 1.2% H H2017 2Q Q Q Q2017 2Q2017 * The 2016 figures adjusted for impairment losses associated with subsidiary AIG and impairment losses on the fat processing unit; the 2017 figures adjusted for impairment losses on the fat processing unit. GRUPA AZOTY GROUP 12

13 GRUPA AZOTY GROUP H EBITDA BY SEGMENT (PLNm) positive effect on EBITDA negative effect on EBITDA Marked improvement in Plastics performance, driven by record-high PA6/caprolactam-benzene deltas A deterioration in earnings reported by Fertilizers and Chemicals (technical-grade urea/melamine), mainly as a result of higher gas prices and increased imports of nitrate fertilizers affecting prices GRUPA AZOTY GROUP 13

14 REVENUE BY SEGMENT H/H CHANGE IN REVENUE Agro Fertilizers -3% Agro Fertilizers 55% Chemicals 26% Chemicals +12% Plastics 15% Plastics Energy +30% -1% Other 2% Energy 2% Other -3% GRUPA AZOTY GROUP 14

15 AGRO FERTILIZERS H REVENUE Agro Fertilizers 55% Chemicals 26% Plastics 15% Agro Fertilizers PLN 2,673m MARKET POSITION Poland 1 Other 2% Energy 2% EU 2 GRUPA AZOTY GROUP 15

16 AGRO FERTILIZERS GLOBALLY USD/t USD/t USD/t max Source: Profercy, WFM Urea market prices in and 2017 average prices min max average prices min months months max average min prices DAP market prices in and 2017 NPK market prices in and months Oilseed rape, wheat and corn prices Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-1 PLN/t Consumable wheat PLN/t Source: Ministry of Agriculture and Rural Development EU-28 GRAIN PRODUCTION FORECAST (2016/2017)* France 21.2% Germany 0.8% Poland 3.0% Italy -6.1% UK 6.0% Spain -26.2% Hungary -21.3% Romania -1.4% * Largest producers (accounting for 80% of the EU's production)/dg AGRI-G4 Fodder corn PLN/t GRUPA AZOTY GROUP 16

17 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 AGRO FERTILIZERS GLOBALLY EUR/t USD/t MARKET SPREADS PER N CAN equivalent NPK equivalent PRICING TRENDS CAN (27%N) Urea (27%N) Ammonia (27%N) DAP NPK 3x16 Phosphate rock OUTLOOK Weather conditions in the spring with a minor impact on grain yields in Poland Global oversupply of grains Low oil prices likely to drive oilseed prices Economic upturn and growth in demand for food products expected in Poland Direct subsidies support demand for fertilizers Low ammonia prices; potassium chloride prices expected to remain strong Oversupply of DAP fertilizers and urea production cuts likely to help stabilize prices GRUPA AZOTY GROUP 17

18 NITROGEN FERTILIZER IMPORTS COMPARISON OF AMMONIUM NITRATE IMPORT VOLUMES MONTHLY CUMULATIVELY % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec COMPARISON OF UREA IMPORT VOLUMES MONTHLY CUMULATIVELY % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Analytical Centre, the Tax Administration Chamber in Warsaw GRUPA AZOTY GROUP 18

19 GRUPA AZOTY GROUP: AGRO FERTILIZERS (PLNm) 1H2016 1H2017 Segment revenue including: Nitrogen fertilizers, and ammonia 2Q Q 2017 Change Q/Q 2,742 2,673 1,166 1,150-1% 1,645 1, % Compound fertilizers % EBITDA % EBITDA margin 18% 14% 10% 11% +1pp VOLUMES '000 tonnes H2016 1H2017 2Q2016 2Q2017 GRUPA AZOTY GROUP 19

20 CHEMICALS H REVENUE Chemicals Agro Fertilizers 55% Chemicals 26% MARKET POSITION MELAMINE PLN 1,264m Plastics +XX% Poland Plastics 15% 1 Chemicals EU +XX% 3 Other 2% Energy 2% PLASTICIZERS Polska 1 EU 5 Energy OXO products +XX% Other +XX% GRUPA AZOTY GROUP 20

21 CHEMICALS GLOBALLY MARKET SPREADS OUTLOOK EUR/t PRICING TRENDS DEHT (DOTP) 2-EH Propylene Expected double-digit rise in melamine prices Projected rise in titanium white prices Increase in titanium white feedstock prices Movements in feedstock prices, chiefly propylene, likely to trigger strong reactions Growing demand and higher prices expected in the plasticizers market during maintenance shutdowns GRUPA AZOTY GROUP 21

22 GRUPA AZOTY GROUP: CHEMICALS (PLNm) 1H2016 1H2017 2Q Q 2017 Change Q/Q Segment revenue including: % OXO alcohols % Plasticizers % Urea (technical grade) % Melamine % Titanium white % EBITDA % EBITDA margin 15% 12% 13% 8% -5pp VOLUMES '000 tonnes OXO alcohols Plasticizers Urea (technical grade) Melamine Titanium white 0 OXO alcohols Plasticizers Urea (technical grade) Melamine Titanium white 1H2016 1H2017 2Q2016 2Q2017 GRUPA AZOTY GROUP 22

23 PLASTICS H REVENUE Plastics Agro Fertilizers 55% Chemicals 26% PLN 743m Plastics +XX% Plastics 15% MARKET POSITION PA6 PA6 Chemicals +XX% Poland Other 2% Energy 2% 1 EU * 5 Energy +XX% * Integrated basis Other +XX% GRUPA AZOTY GROUP 23

24 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 GLOBAL PLASTICS MARKET WIDER MARKET SPREADS EUR/t Polyamide 6 Benzene PRICING TRENDS OUTLOOK Strong impact of supply-demand dynamics and oil prices PA6 prices trending upwards in H CPL and PA6 shortages due to unscheduled plant shutdowns and market conditions in Asia Reduced PA6 oversupply; upswing in the automotive and textile sectors Year-on-year improvement in PA6 and CPL price spread Changes expected in PA6 demand structure, with the engineering plastics, film and flexible packaging sector gaining prominence GRUPA AZOTY GROUP 24

25 GRUPA AZOTY GROUP: PLASTICS (PLNm) 1H2016 1H2017 Segment revenue, including: 2Q Q 2017 Change Q/Q % Polyamide % Caprolactam % EBITDA % EBITDA margin -4% 16% -4% 17% +21pp VOLUMES '000 tonnes '000 tonnes Polyamide 1H2016 1H2017 Caprolactam 0 Polyamide 2Q2016 2Q2017 Caprolactam GRUPA AZOTY GROUP 25

26 GRUPA AZOTY GROUP FINANCING SOURCES AT JUNE 30TH 2017 FINANCING STRUCTURE AVAILABLE FUNDS 10% 9% (PLNm) 81% Corporate credit facilities Overdraft and multi-purpose facilities 923 RATIOS 1H2016 1H2017 Net debt (PLNm) month net debt/ebitda (ratio) GRUPA AZOTY GROUP 26

27 GRUPA AZOTY PUŁAWY GROUP

28 GRUPA AZOTY PUŁAWY GROUP FINANCIAL HIGHLIGHTS (PLNm) REVENUE* , Q2016 3Q2016 4Q2016 1Q2017 2Q2017 1H2016 1H2017 EBITDA* 20.3% 14.4% EBITDA (adjusted)** EBITDA MARGIN % 9.2% % Q Q Q Q2017 2Q2017 1H2016 1H2017 NET PROFIT 13.8% NET PROFIT (adjusted)** NET PROFIT MARGIN 8.2% 2.2% % % Q Q Q Q2017 2Q2017 1H2016 1H2017 * Restated initially to ensure data comparability following changes to the accounting policy as of January 1st 2017 ** Adjusted for impairment losses on assets, including mainly the fat processing unit at ZA Chorzów and Elektrownia Puławy's assets GRUPA AZOTY PUŁAWY 28

29 GRUPA AZOTY PUŁAWY GROUP H EBITDA BY SEGMENT (PLNm) positive effect on EBITDA negative effect on EBITDA Growth in product prices and sales volumes in the Chemicals segment (notably, a 61.4% surge in caprolactam prices) Falling fertilizer prices and sales volumes in the Agro segment Agro and Chemicals report an increase in the cost of products sold * Restated to ensure data comparability following changes to the accounting policy as of January 1st ** Adjusted for impairment losses on assets, including mainly the fat processing unit at ZA Chorzów and Elektrownia Puławy's assets GRUPA AZOTY PUŁAWY 29

30 GRUPA AZOTY PUŁAWY GROUP BY SEGMENT H/H CHANGE IN REVENUE Chemicals 37% Fertilizers -7% Chemicals +22% Energy - 11% Fertilizers 59% Energy 2% Other -9% Other 2% GRUPA AZOTY PUŁAWY 30

31 GRUPA AZOTY PUŁAWY GROUP: FERTILIZERS SEGMENT (PLNm) 1H2016* 1H2017 2Q 2016* 2Q 2017 Change Q/Q Segment revenue including: 1,130 1, % Nitrogen fertilizers % Phosphate and compound fertilizers % EBITDA % EBITDA margin 27.4% 20.7% 20.9% 16.1% VOLUMES '000 tonnes -4.8 p.proc % -5% -5% -25% +6% % +1% +31% -49% +4% 0 Ammonium Phosphate and NPK fertilizers Urea Ammonium sulfate UAN 0 Ammonium Phosphate and NPK fertilizers Urea Ammonium sulfate UAN 1H2016 1H2017 2Q2016 2Q2017 * Restated to ensure data comparability following changes to the accounting policy as of January 1st GRUPA AZOTY PUŁAWY 31

32 GRUPA AZOTY PUŁAWY GROUP: CHEMICALS (PLNm) 1H2016* 1H2017 Segment revenue including: VOLUMES 2Q 2016* 2Q 2017 Change Q/Q % Melamine % Caprolactam % Urea % EBITDA % EBITDA margin 18.0% 19.8% 19.2% 13.5% '000 tonnes -5.7 p.proc % % % -13% % -35% -50 Melamine Caprolactam Urea 0 Melamine Caprolactam Urea 1H2016 1H2017 2Q2016 2Q2017 * Restated to ensure data comparability following changes to the accounting policy as of January 1st GRUPA AZOTY PUŁAWY 32

33 GRUPA AZOTY PUŁAWY FINANCING SOURCES AT JUNE 30TH 2017 AVAILABLE FUNDS 97 Corporate credit facilities (PLNm) 500 Overdraft and multi-purpose facilities RATIOS 1H2016 1H2017 Net debt (PLNm) month net debt/ebitda (ratio) GRUPA AZOTY PUŁAWY 33

34 GRUPA AZOTY POLICE GROUP

35 GRUPA AZOTY POLICE GROUP FINANCIAL HIGHLIGHTS (PLNm) REVENUE 1,454 1,249 1,440 1,292 1,350 1H H H H H 2017 EBITDA 8.4% 12.4% 10.5% 13.1% EBITDA (adjusted)* 7.8% EBITDA MARGIN H H H H H 2017 NET PROFIT 7.4% 6.0% 7.4% NET PROFIT (adjusted)* 3.9% 3.8% NET PROFIT MARGIN H H H H H 2017 * Net of one-off items relating to AFRIG The H1 2013, H and H results are reported data; they do not include impairments recognised through profit or loss brought forward. GRUPA AZOTY POLICE GROUP 35

36 GRUPA AZOTY POLICE GROUP H EBITDA BY SEGMENT (PLNm) EBITDA net of one-off items positive effect on EBITDA negative effect on EBITDA one-off items concerning AFRIG - effect on EBITDA GRUPA AZOTY POLICE GROUP 36

37 GRUPA AZOTY POLICE GROUP BY SEGMENT H/H CHANGE IN REVENUE Fertilizers +3% Fertilizers 84% Pigments 14% Pigments Other +19% -3% Other 2% GRUPA AZOTY POLICE GROUP 37

38 GRUPA AZOTY POLICE GROUP: FERTILIZERS (PLNm) 1H2016 1H2017 2Q Q 2017 Change Q/Q Segment revenue, including: 1,112 1, % Compound fertilizers, % Urea % Ammonia % EBITDA % EBITDA margin 11% 12% 4% 14% +10pp. VOLUMES '000 tonnes % +14% +40% % +14% +53% 0 1H2016 1H2017 1H2016 1H2017 1H2016 1H2017 Compound fertilizers, Urea Ammonia Poland Exports 0 2Q2016 2Q2017 2Q2016 2Q2017 2Q2016 2Q2017 Compound fertilizers Poland Urea Exports Ammonia GRUPA AZOTY POLICE GROUP 38

39 GRUPA AZOTY POLICE GROUP: PIGMENTS (PLNm) 1H2016 1H2017 2Q Q 2017 Q/Q change Segment revenue, including: % Titanium white % Other % EBITDA % EBITDA margin 6% 24% 9% 25% +16pp. VOLUMES '000 tonnes 25 +2% H2013 1H2014 1H2015 1H2016 1H2017 Titanium white GRUPA AZOTY POLICE GROUP 39

40 GRUPA AZOTY POLICE GROUP FINANCING SOURCES AT JUNE 30TH 2017 FINANCING STRUCTURE AVAILABLE FUNDS 34% 14% 209 (PLNm) 52% Corporate credit facilities Overdraft and multipurpose facilities 438 RATIOS 1H2016 1H2017 Net debt (PLNm) month net debt/ebitda (ratio) GRUPA AZOTY POLICE GROUP 40

41 GRUPA AZOTY ZAKŁADY AZOTOWE KĘDZIERZYN S.A.

42 11,0% 9,0% 7,0% 5,0% 3,0% 1,0% -1,0% -3,0% GRUPA AZOTY KĘDZIERZYN: FINANCIAL HIGHLIGHTS (PLNm) REVENUE Q2016 3Q2016 4Q2016 1Q2017 2Q2017 1H2016 1H % EBITDA 12.2% EBITDA MARGIN % % % Q2016 3Q2016 4Q2016 1Q2017 2Q2017 1H2016 1H % NET PROFIT 6.8% NET PROFIT MARGIN % % % H H2017 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 GRUPA AZOTY KĘDZIERZYN 42

43 GRUPA AZOTY KĘDZIERZYN BY SEGMENT H/H CHANGE IN REVENUE OXO alcohols 46% Fertilizers OXO alcohols -8.8% +18.9% Fertilizers 48% Other +9.1% Other 6% GRUPA AZOTY KĘDZIERZYN 43

44 GRUPA AZOTY KĘDZIERZYN: PERFORMANCE BY SEGMENT (PLNm) 1H2016 1H2017 2Q Q 2017 Change Q/Q Fertilizers revenue EBITDA EBITDA margin 25.3% 15.2% 16.5% 5.9% -10.6% OXO revenue EBITDA EBITDA margin 7.5% 3.0% 6.6% -0.3% -6.9pp. VOLUMES '000 tonnes H2016 1H Q Q H2016 1H Q Q 2017 Fertilizers OXO products GRUPA AZOTY KĘDZIERZYN 44

45 GRUPA AZOTY KĘDZIERZYN FINANCING SOURCES AT JUNE 30TH 2017 FINANCING STRUCTURE AVAILABLE FUNDS 9% 1% (PLNm) 90% Corporate credit facilities Overdraft and multipurpose facilities RATIOS 1H2016 1H2017 Net debt (PLNm) month net debt/ebitda (ratio) * footnotes GRUPA AZOTY KĘDZIERZYN 45

46 SUMMARY GRUPA AZOTY'S PRIORITIES

47 GRUPA AZOTY'S PRIORITIES OPERATIONAL PHASE Successful completion of the Polyamides project Securing funding for the project NEAR TERM INNOVATION Corporate decisions: - on the PDH project including PP production plant - on the coal gasification project once the PREFEED stage is completed. Working with Tauron on the project implementation Grupa Azoty Research and Development Centre Biotechnology Innovations services for precision agriculture, plasticizers, catalysts, plastics. SUMMARY 47

48 DISCLAIMER The information presented below has been prepared by the Grupa Azoty Group (the Group ) solely for the purpose of presentation to investors and market analysts on August 24th 2017 (the Presentation ). By participating in the meeting at which the Presentation is presented 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 invitation 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 any securities of the Group, or their acquisition. 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50 APPENDIX 1 THE PARENT

51 GRUPA AZOTY S.A.: FINANCIAL HIGHLIGHTS REVENUE Q Q2016 3Q2016 4Q2016 1Q2017 2Q2017 1H2016 1H2017 EBITDA 12.8% 18.0% 15.6% EBITDA (adjusted)* EBITDA MARGIN % 1.4% % H H2017 1Q Q Q Q Q2017 2Q2017 (PLNm) NET PROFIT NET PROFIT (adjusted)* 50 NET PROFIT MARGIN % % -4.6% % % % 51 1Q Q Q Q Q2017 2Q2017 * NET PROFIT was adjusted for dividends received (in all periods). ** Restated following application of uniform accounting policies across the Grupa Azoty Group H H2017 GRUPA AZOTY S.A. 51

52 GRUPA AZOTY S.A.: FERTILIZERS (PLNm) 1H2016 1H2017 2Q Q 2017 Change Q/Q Segment revenue including % Nitrogen fertilizers, % EBITDA % EBITDA margin 12% 13% -7% 1% +8pp VOLUMES '000 tonnes Nitrogen fertilizers 0 Nitrogen fertilizers 1H2016 1H2017 2Q2016 2Q2017 GRUPA AZOTY S.A. 52

53 GRUPA AZOTY S.A.: PLASTICS (PLNm) 1H2016 1H2017 2Q Q 2017 Change Q/Q Segment revenue including % Polyamide % Caprolactam % EBITDA % EBITDA margin -0.5% 18% -1% 21% +22pp. VOLUMES '000 tonnes Polyamide Caprolactam 0 Polyamide Caprolactam 1H2016 1H2017 2Q2016 2Q2017 GRUPA AZOTY S.A. 53

54 SHARE PERFORMANCE Increase since June 30th 2008: 328% High (Dec ) PLN Low (Feb ) PLN Jan-17 Volume Price Jul GRUPA AZOTY S.A. 54

55 APPENDIX 2 MARKET PRICES

56 PRICES OF AMMONIA, AMMONIUM SULFATE AND CALCIUM AMMONIUM NITRATE USD/t Q Q Q Q Q Q Q Q Q Q Ammonia USD/t Ammonium sulfate AS USD/t Calcium ammonium nitrate CAN EUR/t EUR/t 56

57 NATURAL GAS PRICES Q Q Q Q Q Q Q Q Q Q EUR/MWh PGNiG tariff TTF DA net of transmission costs EEX GPL DA net of transmission costs 57

58 PRICES OF BENZENE, PHENOL, CPL, PA EUR/t Q Q Q Q Q Q Q Q Q Q Benzene Liquid caprolactam PA6 Phenol 58

59 PRICES OF AN, UAN AND UREA EUR/t Q Q Q Q Q Q Q Q Q Q Ammonium nitrate EUR/t UAN EUR/t Urea USD/t 150 USD/t 59

60 MELAMINE AND CAPROLACTAM PRICES EUR/t Q Q Q Q Q Q Q Q Q Q Melamine EUR/t Crystalline caprolactam USD/t 1000 USD/t 60

61 PRICES OF NPK, DAP, PHOSPHATE ROCK, POTASSIUM CHLORIDE USD/t Q Q Q Q Q Q Q Q Q Q NPK DAP Phosphate rock Potassium chloride 61

62 PRICES OF TITANIUM WHITE, ILMENITE AND TITANIUM SLAG EUR/t Q Q Q Q Q Q Q Q Q Q Titanium white EUR/t Ilmenite USD/t Titanium slag USD/t USD/t 62

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