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The Warsaw Voice » Business » November 30, 2010
Business & Economy
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Puławy SA—Five Years on the WSE
November 30, 2010   
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On the fifth anniversary of its stock exchange debut, chemical plant Zakłady Azotowe Puławy SA won the third Premium Brand program, and was named as a Company with a Good Reputation.

This is a major award and concludes a very successful period in the company’s history.

“This important award confirms our position among the elite of Polish exchange-listed companies,” says Paweł Jarczewski, chairman of the board. “Such confidence and recognition takes many years to build, but looking at our financial results from the past five years we have plenty to boast about.” In fact, over those five years Zakłady Azotowe Puławy SA has generated a net profit of zl.809.5 million, of which zl.308.7 million was paid out to shareholders as dividends. In the same period, the company spent zl.801.2 million in capital expenditure. Dividing the profit for the 2009/2010 operating year, the management board proposed a dividend for shareholders in excess of zl.19 million, which is zl.1 per share. “We proposed a balanced distribution of profit among shareholders, employees and the company’s extensive investment plans,” Jarczewski said. “We feel that this proposal meets the shareholders’ expectations and allows us to accumulate enough capital to carry out the company’s plans. We have been guided by this principle of balanced distribution every year since the stock exchange debut in October 2005.”

Zakłady Azotowe Puławy SA continues to implement an extensive investment program, on which the record sum of zl.352.5 million was spent last year. Despite such substantial outlays in the 2009/2010 operating year (more than double the amount spent in 2008/09), this operating year the company plans to spend more than the total for the three years prior to the crisis (2005/06-2007/08). Of the zl.331.5 million planned for this operating year, Puławy SA spent almost zl.55 million in the first quarter of 2010/2011.

The finalization of a project involving oxygen generation, ammonia production and urea production is currently key for the company. Once completed, it will provide many benefits. Ammonia production efficiency will grow, from 480 to 550 metric tons per day on each of the three process lines of Amoniak II. Nowa Tlenownia, the new oxygen generating plant put into commission by Air Liquide, will increase oxygen generation by 120 million Nm3 per year. In addition, using oxygen from the new Air Liquide system in place of the old and worn-out oxygen units will improve consumption indices and raise production capacity in the Amoniak I and Amoniak II systems to more than 3,500 tons per day. Another 270,000 tons or more per year will be obtained after the revamping of the urea production system. Puławy SA will increase its production capacity to almost 1.22 billion tons of urea per year. Raw material and energy consumption indices will improve, and the project will also have a positive impact on the natural environment.

In the present operating year, the plan is to continue several important projects. They include tasks under the New Fertilizer Complex program: launching the production of solid and liquid fertilizers based on urea and ammonium sulfate (160,000 tons per year of Pulgran S and 190,000 per year of Pulaski). The production of these new fertilizers will be facilitated by additional tons of ammonium sulfate from a new waste gas desulfurization system currently being built. Not only will sulfur dioxide emissions be reduced to 200 mg/Nm3, but an extra 40,000 tons per year of ammonium sulfate will be obtained from this system as well.

Puławy SA’s current investment achievements also include modernization of the ammonia synthesis converter interiors and redevelopment of a system removing carbon dioxide from the gas for synthesizing ammonia, redevelopment of the water softening system, expansion of the storage facility for ashes, slag and sludge and modernization of the ammonium nitrate packing department.

Zakłady Azotowe Puławy SA has attracted the interest of analysts. Reports on the company have been prepared by 14 different brokerages. During the past five years Puławy SA received 103 recommendations from analysts, of which 72 were positive and only 15 were negative. During this period, Puławy SA’s shares grew in price by about 50 percent.

B.G.
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