NEWS

Changes in the Company Supervisory and Management Board

In accordance with the provisions of the Capital Market Act and the Rules of the Zagreb Stock Exchange, we announce that at today's meeting of the Supervisory Board, Mr Mijo Šepak was elected President of the Supervisory Board.
At the meeting, the Supervisory Board also passed a decision establishing as of 6 February 2017 the mandate termination of the President of the Management Board, Mr Nenad Zečević and the Board members Ms Antonija Perošević Galović, Ms Tamara Pernar and Mr Vladimir Fresl.
Furthermore, the Supervisory Board appointed Mr Đuro Popijač, MSc as President and Mr Nenad Zečević as member of the Management Board.
The mandate of the appointed members of the Board shall begin on 7 February 2017 and last until 6 February 2021.
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Signed Agreement with HEP ESCO

Petrokemija, Plc. and HEP ESCO d.o.o. signed the agreement on implementation of energy efficiency project – Modernization of Electromotor Drives Systems at Water-2, Power Plant and Pakra Pumping Station Facilities and Modernization of a Part of Outdoor Lighting System. These investments in energy efficiency measures will result in annual electricity savings of around 3.4 GWh, with a very quick return on investment within two years.
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Business Results for First Nine Months of 2016

Supervisory Board of Petrokemija, Plc. considered the results of operations in the first nine months of 2016. In this period, the company reported total revenue of HRK 1,438.1 million, total expense of HRK 1,467.8 million and reported a loss of HRK 29.7 million or 2.1 percent of the total revenues. The loss is by HRK 22.1 million lower compared to the same period of 2015 when it amounted to HRK 51.8 million kuna. The realized results confirm the continuation of a more positive business trend and further stabilization of the Company.

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Consultant approved for Restructuring Program

The Supervisory Board of Petrokemija, Plc. approved the appointment of KPMG Croatia doo, Zagreb as consultant for the development of the Company Restructuring Program in accordance with the prescribed activities following the Government decision on approval of 200 million kuna loan to Petrokemija from the Croatian Bank for Reconstruction and Development. The development of the Restructuring Program starts on 15 September 2016.
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Petrokemija signed loan agreement with HBOR

Following the Government Decision on approval of HRK 200 million loan to Petrokemija, Plc. Fertilizer Company, the Company and the Croatian Bank for Reconstruction and Development signed a loan agreement. The loan will be used for the implementation of the restructuring and financial consolidation of the Company in accordance with the decisions of the Croatian Government.
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Croatian Government approved loan collateral

At its meeting of 31 August 2016, the Croatian Government gave its consent to Petrokemija, Plc. Fertilizer Company to seek a loan of 200 million kuna from the Croatian Bank for Reconstruction and Development for the implementation of restructuring and financial consolidation of the Company and approved a state collateral for the loan.
Details on the website of the Croatian Government:
https://vlada.gov.hr/sjednice/38-sjednica-vlade-republike-hrvatske-19380/19380

       

 

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Overhaul completed

In line with the planned overhaul jobs for 2016, the start-up of Ammonia and Urea Plants marked the completion of fertilizer facilities overhaul, which as to the scope of works, was one of the larger overhauls in the last decade.
Out of the the total investment of HRK 110 million, co-financed by the Croatian Bank for Reconstruction and Development, HRK 45 million was invested in the construction of a new high-pressure gas pipeline that supplies all the Company's production facilities.
The investment Measure M7 was carried out at Urea Plant in the course of the overhaul. This will significantly improve the environmental standards in terms of reducing waste water pollution.  
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Profit in business

Yesterday, the Supervisory Board of Petrokemija, Plc. discussed the results of operations of the first six months of 2016. In the first half-year, the Company has realized operating profit of HRK 1.2 million, for the first time since 2011. In the same period last year, the losses amounted to HRK 9.3 million. The EBITDA (earnings before interest, taxes, depreciation and amortization) was HRK 58.6 million positive.
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Completion of investment in high-pressure gas pipeline

In accordance with the announcement of 27 June, in July this year Petrokemija, Plc. financed the construction of high-pressure gas pipeline from GMRS Kutina 1 to the facilities and further on to Ammonia Plant in order to improve energy efficiency. The investment, for the most part financed by the program Financing Projects of Environmental Protection, Energy Efficiency and Renewable Energy Resources of the Croatian Bank for Reconstruction and Development, has been successfully completed. Supply of power facilities with natural gas from the new pipeline has already begun.
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Overhaul and HBOR loan for investment

Petrokemija, Plc. will carry out the overhaul of its facilities for manufacture of mineral fertilizers. With regard to the scope of works, it will be one of the largest in recent years. The overhaul will begin today, June 27, 2016 by the shutdown of the UREA 2 Plant, followed by the shutdowns of the remaining production facilities on July 1, 2016. The works will be done in July, after which the re-start the Ammonia Plant is planned for August 1, 2016, to be followed by the other plants.
"Measure M7" investment will be realized at Urea plant in the course of the overhaul, which will result in significant improvement in environmental standards in terms of reducing pollution of waste water.
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Production resumed

As we have informed the public, due to technical and technological problems and a failure at the ammonia production plant, the Urea and Ammonia Plants were temporarily shut down on 2 June 2016. The breakdown has been successfully repaired: Ammonia Plant is in operation since 6 June 2016 and Urea Plant since 7 June 2016. The repair of the breakdown was carried out extremely quickly and all plants continue with operation until the end of June 2016 when the planned overhaul of all mineral fertilizer production plants starts.
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Production temporarily suspended

Due to technical and technological problems and a failure at the ammonia production plant, the Urea and Ammonia Plants were temporarily shut down at Wednesday (1 June 2016). Other plants are operating in accordance with the plans. The repair of the breakdown is underway and the estimated time of production suspension is up to a week. The Company will announce the restart of the production plants.
The temporary shutdown of the Ammonia and Urea Plants will not affect the end consumers in their agricultural activities as Petrokemija has ensured sufficient supplies of mineral fertilizers to supply domestic and regional markets with all types of fertilizers until the production of ammonia is resumed.
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Appointment of Supervisory Board Chairman and Vice-Chairman

At its meeting held today 12 May 2016, the Supervisory Board of Petrokemija, Plc. appointed Mr Marijan Kuprešak as Chairman of the Supervisory Board and Mr Željko Klaus as Vice-Chairman of the Supervisory Board.

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Decisions of the Company General Meeting

The General Meeting of Petrokemija, Plc. was held on 11 May 2016 at the Company headquarters.  The General Meeting adopted the Decision on covering the Company loss, Decision on the appointment of auditors for 2016, Decision on granting clearance to Management Board members, Decision on granting clearance to Supervisory Board members and Decision on the recall of Supervisory Board members – Sonja Ivoš, Branimir Fleković and Krešimir Huljev. Appointed new members of The Supervisory Board of Petrokemija, Plc. are:  Ladislav Turčinović, Marijan Kuprešak, Mladen Novak and Mijo Šepak.
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Supervisory Board Discussed Business Results

Yesterday, the Supervisory Board of Petrokemija Plc. considered business results for first three months of 2016. At that period Petrokemija, Plc. had total income of HRK 534.4 million, total expense of HRK 541.0 million and reported loss in business operations of HRK 6.6 million or 1.2% of the total revenues. In the same period of previous year, the loss was HRK 15.9 million (2.3 % of total revenues), which shows a positive development in the financial result of HRK 9.3 million.  
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