Let us recall that recently we informed with high losses net Grupa Azoty. For the first half of 2024, they amounted to PLN 748.4 million. The Group also reported then that consolidated revenues from their sales reached PLN 6.74 billion, and the EBITDA result (operating result increased by depreciation and amortization) was PLN 179 million in the red.
Notification to the prosecutor's office of Grupa Azoty Puławy. It concerns PLN 5 million
September 23 Azoty Group Puławy informed about submitting a notification to the prosecutor's office about the suspicion of committing a crime. statement The case concerns “actions to the detriment of the company in the scope of sponsorship and advertising agreements and donation agreements”, which were to lead to property damage amounting to over PLN 5.2 million.
“The agreements included in the notification were concluded from the fourth quarter of 2022, i.e. already at the time when Grupa Azoty Puławy began to record record levels of losses. (…) Sponsorship expenditures and donations provided by the previous Management Boards were surprising from the beginning. The company, which suspended a significant part of its production in the third quarter of 2022 and recorded a net loss of almost half a billion zlotys in the fourth quarter, did not change its approach to sponsorship expenditures, despite the fact that it urgently needed a recovery plan and an immediate suspension of a number of expenditures,” the group explained in a press release. The case is to be handled by the District Prosecutor's Office in Lublin.
Another notification was also sent to the prosecutor's office
The statement also mentioned that in early September, a notification in a similar case was filed by Grupa Azoty SA – whose property damage was estimated at over PLN 7.5 million in 2023. In both cases, “it concerns agreements concluded by companies despite the limitation, and in certain periods even the suspension of non-critical expenses due to the difficult financial situation of the companies and in violation of internal procedures and legal regulations.”