Appendix to Resolution No. 187/VIII/2021 of the Grupa Azoty Zakłady Chemiczne Police S.A. Supervisory Board of April
14th 2021
1
Grupa Azoty Zakłady Chemiczne Police S.A. Supervisory Board’s reasoned assessment
of the separate financial statements of Grupa Azoty Zakłady Chemiczne Police S.A.,
consolidated financial statements of the Grupa Azoty Zakłady Chemiczne Police Group,
and Directors’ Report on the Company’s and the Group’s operations for the 12 months
ended December 31st 2020
Acting pursuant to Art. 382.3 of the Commercial Companies Code, Par. 70.1.14 and Par.
71.1.12 of the Minister of Finance’s Regulation of March 29th 2018 on current and periodic
information to be published by issuers of securities and conditions for recognition as
equivalent of information whose disclosure is required under the laws of a non-member
state, and Art. 28.1.6 and Art. 28.1.9 of the Company’s Articles of Association, the
Supervisory Board of Grupa Azoty Zakłady Chemiczne Police S.A. (the “Company”) issues a
positive assessment of the following documents submitted by the Company’s Management
Board:
1. Separate financial statements of the Company for the 12 months ended on December
31st 2020;
2. Consolidated financial statements of the Grupa Azoty Zakłady Chemiczne Police Group
(the “Group”) for the 12 months ended December 31st 2020;
3. Directors’ Report on the operations of Grupa Azoty Zakłady Chemiczne Police S.A. and
the Grupa Azoty Zakłady Chemiczne Police Group in the 12 months ended December
31st 2020.
The Supervisory Board assessed the financial statements and the report and determined that
they contained the information required by applicable laws and were accurate.
The financial statements and the report were reviewed, analysed and assessed by the Audit
Committee of the Company’s Supervisory Board. The Audit Committee, in the performance
of the obligations imposed by the Act on Statutory Auditors, Audit Firms, and Public
Oversight of May 11th 2017 (Dz.U. of 2020, item 1415, as amended, the “Act”) supervised
the financial reporting processes, effectiveness of the internal control and risk management
systems as well as internal audit processes, with particular focus on ensuring reliability of
the financial statements and their compliance with relevant legal requirements.
As part of the audit of the financial statements, the Audit Committee held regular meetings
with representatives of the audit firm auditing the financial statements of Grupa Azoty
Zakłady Chemiczne Police S.A. and representatives the Company’s finance department to
monitor the audit process and discuss key matters. The Audit Committee also read the audit
reports on the financial statements, submitted by the audit firm, and the additional report
prepared for the Audit Committee, in accordance with Regulation (EU) No 537/2014 of the
European Parliament and of the Council of 16 April 2014 on specific requirements regarding
statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC
(Official Journal of the European Union L 158/77) and the requirements stipulated in the Act
on Statutory Auditors, Audit Firms, and Public Oversight. Having analysed the above
documents, the Audit Committee recommended that the Company’s Supervisory Board give
a positive assessment of the Company’s financial statements and reports for 2020.
Appendix to Resolution No. 187/VIII/2021 of the Grupa Azoty Zakłady Chemiczne Police S.A. Supervisory Board of April
14th 2021
2
The Supervisory Board’s positive assessment of the financial statements prepared by the
Company is based on the positive recommendation from the Audit Committee and the
independent auditor’s reports on the Company’s separate financial statements and the
Grupa Azoty Zakłady Chemiczne Police Group’s consolidated financial statements for the
financial year ended December 31st 2020, stating that:
1. The financial statements give a true and fair view of the Company’s and the Group’s
assets and financial position as at December 31st 2020, separate and consolidated
financial performance, and separate and consolidated cash flows for the financial year
ended December 31st 2020, in accordance with the applicable International Financial
Reporting Standards endorsed by the European Union and the adopted accounting
policies;
2. The Company’s financial statements for the year ended December 31st 2020 were
prepared on the basis of properly maintained accounting records;
3. The Company’s financial statements and the Group’s consolidated financial statements
comply in form and content with the laws and regulations applicable to the Company
and the Group and with the Company’s Articles of Association.
In the opinion of the Company’s auditor, the Directors’ Report on the operations of Grupa
Azoty Zakłady Chemiczne Police S.A. and the Grupa Azoty Zakłady Chemiczne Police Group
in the 12 months ended December 31st 2020 was prepared in accordance with the applicable
laws and is consistent with the information included in the Company’s separate financial
statements and the Group’s consolidated financial statements for the stated period.
Based on the above procedures and additional explanations provided by the Company’s
Management Board and the auditor, the Supervisory Board has issued a positive opinion on
the financial statements and the report submitted by the Management Board. This
assessment does not include an economic analysis of the Company’s and the Group’s
performance, which has been performed by the Supervisory Board in a separate procedure.
Members of the Supervisory Board:
Mirosław Kozłowski − Chairman of the Supervisory Board
Paweł Bakun – Deputy Chairman of the Supervisory Board
Bożena Licht − Secretary of the Supervisory Board
Agnieszka Dąbrowska − Member of the Supervisory Board
Andrzej Rogowski – Member of the Supervisory Board
Iwona Wojnowska – Member of the Supervisory Board
Representation made pursuant to a resolution of the Grupa Azoty Zakłady Chemiczne Police
S.A. Supervisory Board of April 14th 2021
