NEWS

Implementation of the Energy Efficiency Project

In accordance with the Contract  on implementation of Energy Efficiency Projects - Modernization of the Electric Motor Drive Systems at Water - 2 Plant, Energy Plant and Pakra Pump Station and a Part of External Lighting System - signed between Petrokemija d.d. and HEP ESCO d.o.o., all these projects have been successfully implemented as planned. The whole process, involving the modernization of the systems, from the feasibility study through main projects to the installation of equipment and commissioning was carried out by the own know-how of experts of Petrokemija d.d. and HEP ESCO-d.o.o. 

This investment in energy efficiency measures achieves savings in electricity consumption of about 3.4 GWh per year, with a two-year investment return period.

In addition to the modernization of electric motor drives and lighting, a remote sensing of energy products has been introduced and ESCO Monitor® has been installed to support the introduction of energy management system in accordance with ISO 50001 standard. ESCO Monitor® is a computerized business management system that provides insight into consumption, analysis and planning of consumption, monitoring and control, and early detection and alarm in case of changes in energy consumption.

By realization of energy efficiency projects, Petrokemija d.d. proves the traceability of the basic principles in accordance with the successfully introduced ISO 50001 energy management system and will thus continue to implement all other planned investments to further reduce energy consumption.

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Decision of Commercial Court

In line with the provisions of the Capital Market Act, the Companies Act and the Rules of the Zagreb Stock Exchange, this is to inform you that the Commercial Court in Zagreb, pursuant to the Decision of the Court No Tt-17/35177-2  published the entry of the change of the scope of business – activity, of the provision of Articles of Association and share capital increase of PETROKEMIJA AGRO TRADE d.o.o., limited liability company for trade and services, based in Kutina, Aleja Vukovar 4, into registry insert with company number 080985686 and ID number (OIB) 09211081279. By increasing the amount of the existing share contribution of the sole member and founder, Petrokemija d.d. Fertilizer Company, the share capital of  PETROKEMIJA AGRO TRADE is increased from HRK 20,000.00 by HRK 5,245,600.00 to the amount of HRK 5,265,600.00. The founder of the company, Petrokemija d.d., has increased the share capital by investing assets in accordance with the Real Property Value Assessment - in kind, the land of phosphogypsum landfill and the land of process water neutralization pond with associated equipment.

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General Meeting Invitation

Management Board of Petrokemija d.d. adopted the Decision on convening and invites you to participate in the work of Extraordinary General meeting of Petrokemija d.d. Kutina that will be held at the Company headquarters on Wednesday 11 October 2017 at 12.00 hrs. The agenda is the adoption of the decision on a simplified reduction of the share capital by merging the Company shares and the adoption of the decision to amend the Articles of Association. You can download an invitation to the Extraordinary General Assembly here . 

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Extension of deadlines for due diligence process and submitting binding offers in the recapitalization process

At its meeting of 5 July 2017, Petrokemija's Supervisory Board gave its consent to the Management Board for the due diligence analyses of Petrokemija d.d. and opening of the data room in accordance with the established data lists and previously-signed Non Disclosure Agreements. The due diligence analysis was planned to be conducted in the period from 10 July  to 15 August 2017. Following the completion of the in-depth analyses of business, all interested investors were invited to submit their binding bids, in accordance with the Restructuring Program of Petrokemija d.d. - Concretization of proposal of the restructuring concept  by recapitalization with a private investor, which is an integral part of the documentation in the due diligence process, by 1 September 2017.  

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Due Diligence Process and Invitation to Bid

In the period from 5 to 30 June 2017, where all interested investors were asked to express indicative interest in the recapitalization of Petrokemija d.d., the Company received a certain number of bids as well as requests for performing the due diligence of Petrokemija's business. At its meeting of 5 July 2017, Petrokemija's Supervisory Board gave its consent to the Management Board for in-depth analysis and opening of the data room in accordance with the established data lists and previously-signed Non Disclosure Agreements. The due diligence analysis will be conducted in the period from 4 July  to 15 August 2017.

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Information about completed Public invitation

Based on the publicly announced Invitation for Indication of Interest in Recapitalization of Petrokemija, Plc. the Company has received Letters of intent from interested investors within the aforementioned deadline for submitting the Letters stated in Invitation and in Notice of extension of the deadline for Letters of intent. The offers of potential investors will be presented to the Supervisory Board of Petrokemija as well as to the Ministry of State Property and the Restructuring and Sale Center (CERP) as representatives of the majority owner.  We will inform the public about further steps in the process.

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Letters of Intent - change of deadline and way of delivery

Based on the prior consent of the Supervisory Board and following the Invitation for Indication of Interest in Recapitalization of Petrokemija, publicly announced on 5 June 2017, the Board of Petrokemija, d.d. issued a Decision on publishing a change of deadline for delivery of Letters of Intent specified in the Invitation.

Accordingly, the delivery deadline for Letter of Intent is extended and thus the investors interested in the recapitalization of the Company can submit their Letters of Intent as statements of indicative interest by 3 pm. on 30 June 2017. The Letter of Intent can be delivered in person at Aleja Vukovar 4, Kutina, or to e-mail address: uprava@petrokemija.hr with a subsequent mandatory delivery by post to the above mentioned address.

The remaining part of the Invitation for Indication of Interest in Recapitalization of Petrokemija, d.d., as published earlier, is unchanged. This change of deadline was published on the websites of ZSE, Petrokemija, d.d., CERP, HANFA and Hina.

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Decisions of the Company General Meeting

The General Meeting of Petrokemija, Plc. was held on 9 June 2017 at the Company headquarters. It was attended by 10.973.586 votes or 85,26 % of the total 12,871,180 votes.  The General Meeting adopted the following decisions:

• Decision on covering the Company loss (Item 4. of the Agenda) 
• Decision on granting clearance to Management Board members (Item 5.a of the   Agenda)
• Decision on granting clearance to Supervisory Board members (Item 5.b of the Agenda) 
• Decision on the appointment of auditors for 2017 (Item 6. of the agenda)
   in accordance with the decision proposals attached to the Invitation to the General Meeting published on 28 April 2017 on the website of the Zagreb Stock Exchange, HINA and Petrokemija, Plc., as well as in the Official Register of Prescribed Information (Hanfa) and Court Register on 29 April 2017. 

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Invitation for Indication of interest in recapitalization of Petrokemija

As one of the measures in preparation of the Company Restructuring and Privatization Program, on 5 June 2017, the Management Board of Petrokemija d.d. Kutina, after obtaining approval of the Supervisory Board, passed a Decision on the Publication of Invitation for Indication of interest in the recapitalization of Petrokemija Fertilizer Company d.d. Kutina.  

This Invitation is in line with the Decision of the Croatian Government on the provision of a loan-repayment guarantee of 27 April 2017, long-term loan agreements with the Croatian Bank for Reconstruction and Development and Croatian Postal Bank d.d. as well as the agreement on short-term financing with Erste&Steiermarkische Bank d.d. in the total amount of HRK 350 million. These agreements, among other, stipulate the obligation of the Restructuring and Sale Center (CERP) to initiate the process of restructuring and privatization of Petrokemija d.d.  

The invitation for indication of interest in the recapitalization of the Company is posted on the web site of the Zagreb Stock Exchange d.d. www.zse.hr, Petrokemija d.d. www.petrokemija.hr, Restructuring and Sale Center (CERP) www.cerp.hr, Hanfa and Hina.




 

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Appointment of a Management Board member

At today's meeting, Petrokemija, Plc. Supervisory Board made a decision on appointing Mr Davor Žmegač MS, from Kutina, a member of the Management Board. The mandate of the Management Board member starts to run on 29 May 2017 and lasts for four years.

Accordingly, as of 29 May 2017, the Petrokemija Board acts as a three-member management consisting of:
 - Đuro Popijač MS, President of the Board
 - Nenad Zečević BS, member of the Board
 - Davor Žmegač MS, member of the Board

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Loan agreements signed

Petrokemija, Plc. has signed long-term loan agreements with the Croatian Bank for Reconstruction and Development and the Croatian Postal Bank, as well as a short-term financing agreement with Erste & Steiermarkische Bank in the total amount of HRK 350 million. The agreements were preceded by the decision of the Government of the Republic of Croatia on securing the loan repayments of 27 April 2017. The loan will be used to ensure the stability of Petrokemija's business and maintenance of business processes.
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Convening of General Meeting of Petrokemija, Plc.

The Board of Petrokemija, Plc. passed a decision on covening the General Meeting of the Company, which will be held on June 9, 2017, starting at 12 noon. The agenda of the General Meeting includes financial statements for the year 2016, after being approved by the Management Board and the Supervisory Board, as well as reports of the Management and the Supervisory Board on the Company's state of affairs. All shareholders of Petrokemija, Plc. have the right to participate and vote at the General Meeting, provided they have submitted their application for participation to the Management Board in writing by June 3, 2017.
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HRK 11.1 million profit for the first quarter

Yesterday, Petrokemija Supervisory Board reviewed the Company's financial results for the first quarter of 2017. In that period Petrokemija, Plc. realized total revenues of HRK 618 million, total expenditures of HRK 606.9 million, and reported operating profit of HRK 11.1 million or 1.8 percent of the total revenues. In the same period last year, the loss amounted to HRK 6.6 million, which indicates a positive development in the business of HRK 17.7 million. This is the first positive financial result reported for the first quarter of the year since 2011.
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Supervisory Board approved Audited Annual Financial Statements for 2016

At it's yesterday's meeting The Supervisory Board of Petrokemija, Plc. discussed and approved Audited Annual Financial Statements for 2016  which are published today on the Zagreb Stock Exchange and Petrokemija,Plc. website.  It was pointed out that the independent audit company confirmed previously announced unaudited business result of Petrokemija, Plc. and Petrokemija Group. 
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Facilities operation resumed

Manufacturing facilities of Petrokemija, Plc. return to full production after a successful agreement with the supplier of natural gas, Prvo plinarsko društvo, d.o.o. on resuming deliveries of natural gas.
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