Parent shares
The Parent has been listed on the Warsaw Stock Exchange since June 30th 2008.
The Parent’s share capital amounts to PLN 495,977,420 and is divided into 99,195,484 shares with a par value of PLN 5 per share. Parent shares (ticker: ATT) are listed on the WSE main market in the continuous trading system and are included in the WIG, WIG-Poland, WIG30 and mWIG40 indices and the chemical sector index, WIG-Chemia.
Since November 19th 2009, the Parent has been a constituent of the RESPECT index managed by the Warsaw Stock Exchange. The Parent has been appreciated for its engagement in applying corporate social responsibility principles and having highest standards in corporate governance, corporate disclosure discipline, and investor relations, as well as environmental, social, and employee matters. In December 2015, the Parent was for the ninth time included in the elite group of companies covered by the RESPECT Index, the first CSR-focused index in Central and Eastern Europe.
In February 2013, the Parent became a constituent of the MSCI Emerging Markets index.
MSCI indices have been published by Morgan Stanley since 1970.
On March 4th 2015, the Parent was included, and since March 23rd 2015 it has been featured, in the FTSE Emerging Markets index. The FTSE Emerging Markets index is part of the FTSE Global Equity Index Series (GEIS), which includes large and mid cap securities from advanced and secondary emerging markets. The FTSE indices are listed on the London Stock Exchange.
All other key information on Parent shares, including information on voting restrictions, is presented in the sections concerning Statement of compliance with corporate governance rules.
Shareholding structure
Shareholding structure as at December 31st 2015
| Shareholder | Number of shares | % of share capital | Number of votes | % of voting rights |
|---|---|---|---|---|
| State Treasury of Poland | 32 734 509 | 33 | 32 734 509 | 33 |
| ING OFE | 9 883 323 | 9.96 | 9 883 323 | 9.96 |
| Norica Holding S.à r.l. (indirectly: 19,841,700 shares, i.e. 20.0026%) | 571 348 | 0.57 | 571 348 | 0.57 |
| Rainbee Holdings Limited*) | 9 820 352 | 9.9 | 9 820 352 | 9.9 |
| Opansa Enterprises Limited*) | 9 450 000 | 9.53 | 9 450 000 | 9.53 |
| TFI PZU S.A. | 8 530 189 | 8.6 | 8 530 189 | 8.6 |
| EBRD | 5 700 000 | 5.75 | 5 700 000 | 5.75 |
| Other | 22 505 763 | 22.69 | 22 505 763 | 22.69 |
| Razem | 99 195 484 | 100 | 99 195 484 | 100 |
)* A direct subsidiary of Norica Holding S.à r.l.
In the period from December 31st 2015 to the date of issue of this Report, the Parent was not notified of any changes in major holdings of its shares.
Dividend policy
The Parent’s dividend policy is consistent with the Strategy for 2014–2020. Distributions to shareholders depend on the Parent’s earnings and financial position. The Management Board, recommending dividend payouts equal to 40−60% of the Parent’s non-consolidated net profit for a given financial year, takes into account a number of factors relevant to the Company and the Grupa Azoty Group, such as business prospects, future profits, cash requirement, financial position, business expansion plans and legal requirements. The dividend policy will be revised on an as-needed basis, and any decisions made by the Parent in this respect will take account of a number of factors concerning both the Company and the entire Group.
The final decision on profit distribution for a given financial year is made each time by shareholders at the Annual General Meeting.
Dividend paid out in 2008−2015
| Year for which dividend was paid | Dividend record date | Dividend payment date | Profit earned | Total dividend | Dividend per share |
|---|---|---|---|---|---|
| 2008 | 26.06.2009 | Tranche 1: August 31st 2009
Tranche 2: November 6th 2009 |
PLN 61,935 thousand | PLN 39,898,749.42 | PLN 1.02 |
| 2012 | 22.04.2013 | 24.05.2013 | PLN 250,692 thousand | PLN 148,793,226.00 | PLN 1.50 |
| 2013 | 18.06.2014 | 09.07.2014 | PLN 44,117 thousand | PLN 19,839,096.80 | PLN 0.20 |
Performance of Parent shares
The Parent shares opened 2015 at PLN 64.20, gaining significantly after the fluctuations observed at the end of 2014. The figure turned out to be the lowest price of Parent shares in the reporting period. The share price gradually climbed, reaching over PLN 86 in April 2015, to temporarily drop to slightly above PLN 75.61 in May/June, and then to rebound and return to the uptrend. The Parent shares closed 2015 at PLN 99.89, beating the all-time high and setting the new maximum price of PLN 113 per share at the beginning of December 2015.
In 2015, the rate of return on the Parent shares was 56.4%. The value of the Parent shares has grown more than five-fold since the Parent’s first listing on the Warsaw Stock Exchange in 2008. The steady growth trend in the price of Parent shares (the only stock from the mWIG index showing such a trend), both in short- and long term, was appreciated by the market – Grupa Azoty was selected by journalists and analysts from the Puls Biznesu daily newspaper and the Bankier.pl website to the group of 16 companies to compete for the 2015 Champion of the WSE title.
Parent share price from the IPO (June 30th 2008) to December 31st 2015
Source: GPWInfoStrefa, Grupa Azoty.
Recommendations
In 2015, analysts of 11 brokerage houses and investor banks covering the Parent published 24 recommendations concerning the target prices of its shares.
Analyst recommendations for Company shares, published between January 1st 2015 and the date of this Report
Investor relations
Acting in accordance with the highest standards of capital market communications and corporate governance, the Parent provides all market participants, in particular current and prospective shareholders, with exhaustive and reliable information on events taking place at the Parent and the Grupa Azoty Group. In its communication with investors, the Parent goes above and beyond the statutory disclosure requirements. The Company pursues an open information policy in response to the high expectations of capital market participants.
Upon the issue of periodic reports, Grupa Azoty holds conferences at which the Management Board representatives present and discuss financial performance. As part of the consolidation process and to present a coherent picture of the Group to investors and analysts, such conferences are organised jointly by all issuers from the Group. Because of the shareholding structure and significant interest they attract, earnings conferences for capital market analysts are broadcast online in real time, in Polish and in English. Conference recordings together with the presentations are available on the Company’s website and on social networking sites.
In 2014, representatives of the Grupa Azoty Group also met with capital market participants during numerous one-on-one meetings and conferences, held both in Poland and abroad. They also attended industry conferences and conferences at which listed companies from Eastern and Central Europe were presented.
Keen to communicate with its retail investors as well, the Grupa Azoty Group holds open webchat sessions following publication of its financial reports, where the shareholders are able to communicate directly with the Group’s representatives and ask them questions. Presentations on financial performance, addressed in particular to institutional investors, investor presentations, and chat logs are available on the Company’s website (the Investor Relations section).
Since its IPO, Grupa Azoty has held annual meetings with retail investors during the Wall Street conference and the affiliated Targi Akcjonariat fair, both organised by the Polish Association of Retail Investors. In 2015, for the first time, the Grupa Azoty Group’s representatives took part in Capital Market Games, a sports event addressed to minority investors, organised by the Polish Association of Retail Investors.
In response to the shareholders’ expectations, the Parent makes every effort to ensure that the published information is disseminated among as many recipients as possible. To this end, Grupa Azoty publishes its key announcements also in social media. The corporate website is a key tool for communicating with the capital market, featuring the Parent’s current and periodic reports, important information about AGMs and EGMs, analyst recommendations and financial results. The website, with its dedicated section for investors, was upgraded to provide more precise capital market information in a more user-friendly manner. The content and presentation quality of the IR section, as well as the Internet communication with investors, were once again recognised by the jury of the Golden Website Award for Listed Companies, organised by the Polish Association of Listed Companies. Grupa Azoty once again won the prestigious Golden Website Award following the 8th edition of the competition held in June 2015, where it competed in the “Polish companies listed in the WIG20 and mWIG40 indices” category.
The Parent’s website was assessed in terms of content, innovation and clarity of communication. The judging panel emphasised that Grupa Azoty deserved special recognition for the balanced and transparent layout, rich information content and state-of-the-art technologies applied on its website.
Also in June 2015, Grupa Azoty S.A. received the Special Award of the Minister of State Treasury for the best communication with retail investors through a website.
The Parent’s IR efforts were also recognised by investors, who praised its active participation in the “Akcja Inwestor” campaign in the popular Polish economic daily Puls Biznesu. Consequently, the Parent has been honoured with the prestigious “Responds to Investors” mark since August 2010.
The Parent participates in the “10 out of 10” Programme organised by the Polish Association of Retail Investors. The goal of the Programme is to deliver best practices in communication with retail investors, based on their needs and communication models functioning on foreign markets. By participating in the project, the Parent promises to pursue a proactive policy of communication with retail investors and respect the rights of this group of investors. The Company also boasts the “2014 Capital Market Hero” in recognition of its active two-way communication with retail investors.
