The Board of Directors of Zakłady Chemiczne Police wants Grupa Azoty to use supplementary capital and capital from the share issue to cover a net loss of more than PLN 1.2 billion for the 2023 financial year.
Zakłady Chemiczne “Police” announced the positive opinion of the Company’s Supervisory Board regarding the request to cover a huge financial loss. The board of directors of the chemical company requested “to cover the net loss for the financial year ending December 31, 2023 with additional capital and capital from the issue of shares above par value amounting to PLN 641,153,720.67.”
In turn, the Police Board wants to cover the uncovered net loss for fiscal year 2023 in the amount of PLN 565.1 million with profits for subsequent fiscal years.
The final decision on covering the net loss for the financial year 2023 will be taken by the company’s Ordinary General Assembly.
Zakłady Chemiczne Police faces serious problems due to delayed investment by Grupa Azoty Polyolefins. In early April, Grupa Azoty, Grupa Azoty Police and Grupa Azoty Polyolefins created further delistings in the results for 2023, their size meaning a general meeting needed to be held to vote on the continued presence of the Zakłady Chemiczne Police.
In the case of Zakłady Chemiczne Police, the impairment loss amounts to PLN 151 million. Impairment tests performed on fixed assets increased Grupa Azoty Polyolefins’ impairment loss by PLN 206 million – to PLN 1,343 billion.
ZCh Police is part of Grupa Azoty, which owns 62.9 percent. Shares in plants. Police has been listed on the Warsaw Stock Exchange since September 2005.
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