Corporate client analysis — balance sheet, income statement & ratio analysis, FY2021–2023
A full standardized financial statement analysis of Grupa Azoty S.A., Poland's largest chemical and fertilizer group, covering three fiscal years. Built from the company's public annual reports: a standardized balance sheet and income statement, vertical and horizontal analysis, and a full profitability, activity, and solvency ratio breakdown — completed alongside a peer company as part of a comparative group assignment.
The full standardized workbook — balance sheet, income statement, vertical/horizontal analysis and ratio calculations.
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2023 was a difficult year for Grupa Azoty: revenue fell 45% as fertilizer and chemical prices normalized after the 2022 energy-price spike, while costs stayed elevated — pushing gross profit, EBIT, and net profit all into negative territory for the first time in the three-year window.
€13.5bnRevenue, 2023
−€3.29bnNet profit, 2023
€24.3bnTotal assets, 2023
−40.1%Return on equity, 2023
Revenue & Net Profit — 2021–2023
RevenueNet profit
All figures in € billions, as entered in the standardized analysis template.
Standardized balance sheet (€m)
Line item
2023
2022
2021
Intangible fixed assets
€1,935
€2,035
€2,123
Tangible fixed assets
€13,748
€13,459
€12,026
Other fixed assets
€1,582
€1,455
€757
Total fixed assets
€17,265
€16,949
€14,906
Inventory
€2,469
€3,444
€2,313
Accounts receivable
€1,433
€2,026
€2,454
Cash and cash equivalents
€1,012
€1,377
€2,362
Other current assets
€2,117
€2,070
€1,610
Total current assets
€7,031
€8,917
€8,739
TOTAL ASSETS
€24,297
€25,866
€23,645
Issued share capital
€496
€496
€496
Other equity
€5,972
€9,460
€8,436
TOTAL EQUITY
€6,468
€9,956
€8,932
Long-term liabilities
€2,997
€7,294
€5,951
Total non-current liabilities
€2,997
€7,294
€5,951
Accounts payable
€5,388
€6,141
€5,827
Other current liabilities
€9,443
€2,474
€2,934
Total current liabilities
€14,831
€8,615
€8,761
TOTAL EQUITY AND LIABILITIES
€24,297
€25,866
€23,645
Total Assets, Equity & Liabilities — 2021–2023
Total assetsTotal equityTotal liabilities
Standardized income statement (€m)
Line item
2023
2022
2021
Revenue
€13,545
€24,658
€15,901
Cost of goods sold
€13,834
€20,723
€12,823
Gross profit
-€289
€3,935
€3,078
Other operating expenses
-€3,312
-€3,069
-€2,202
Operating profit (EBIT)
-€3,600
€866
€877
Financial expenses
-€374
-€331
-€221
Financial income
€391
€154
€78
Net financial income/(expense)
€17
-€177
-€143
Profit (loss) before tax
-€3,583
€689
€734
Income tax expense
€293
-€105
-€100
Net profit
-€3,290
€584
€634
EBIT Margin & Net Margin — 2021–2023
EBIT marginNet margin
Vertical (common-size) analysis restates every line as a percentage of total assets (balance sheet) or total revenue (income statement) — useful for spotting structural shifts year to year, independent of scale.
Line item
2023
2022
2021
Balance sheet — as % of total assets
Intangible fixed assets
8.0%
7.9%
9.0%
Tangible fixed assets
56.6%
52.0%
50.9%
Other fixed assets
6.5%
5.6%
3.2%
Total fixed assets
71.1%
65.5%
63.0%
Inventory
10.2%
13.3%
9.8%
Accounts receivable
5.9%
7.8%
10.4%
Cash and cash equivalents
4.2%
5.3%
10.0%
Other current assets
8.7%
8.0%
6.8%
Total current assets
28.9%
34.5%
37.0%
Issued share capital
2.0%
1.9%
2.1%
Other equity
24.6%
36.6%
35.7%
TOTAL EQUITY
26.6%
38.5%
37.8%
Long-term liabilities
12.3%
28.2%
25.2%
Accounts payable
22.2%
23.7%
24.6%
Other current liabilities
38.9%
9.6%
12.4%
Total current liabilities
61.0%
33.3%
37.1%
Income statement — as % of revenue
Revenue
100.0%
100.0%
100.0%
Cost of goods sold
102.1%
84.0%
80.6%
Gross profit
-2.1%
16.0%
19.4%
Other operating expenses
-24.4%
-12.4%
-13.8%
Operating profit (EBIT)
-26.6%
3.5%
5.5%
Financial expenses
-2.8%
-1.3%
-1.4%
Financial income
2.9%
0.6%
0.5%
Net financial income/(expense)
0.1%
-0.7%
-0.9%
Profit (loss) before tax
-26.5%
2.8%
4.6%
Income tax expense
2.2%
-0.4%
-0.6%
Net profit
-24.3%
2.4%
4.0%
Asset Composition, 2023 (% of total assets)
% of total assets
Horizontal analysis tracks year-over-year growth for each line — revealing the swing from 2022's post-spike surge to 2023's sharp contraction.
Line item
2023 vs 2022
2022 vs 2021
Balance sheet — year-over-year growth
Intangible fixed assets
-4.9%
-4.2%
Tangible fixed assets
2.1%
11.9%
Other fixed assets
8.8%
92.2%
Total fixed assets
1.9%
13.7%
Inventory
-28.3%
48.9%
Accounts receivable
-29.3%
-17.4%
Cash and cash equivalents
-26.5%
-41.7%
Other current assets
2.3%
28.6%
Total current assets
-21.1%
2.0%
TOTAL ASSETS
-6.1%
9.4%
Other equity
-36.9%
12.1%
TOTAL EQUITY
-35.0%
11.5%
Long-term liabilities
-58.9%
22.6%
Accounts payable
-12.3%
5.4%
Other current liabilities
281.7%
-15.7%
Total current liabilities
72.2%
-1.7%
Income statement — year-over-year growth
Revenue
-45.1%
55.1%
Cost of goods sold
-33.2%
61.6%
Gross profit
-107.3%
27.8%
Other operating expenses
7.9%
39.4%
Operating profit (EBIT)
-515.9%
-1.2%
Financial expenses
13.0%
50.1%
Financial income
153.6%
97.5%
Profit (loss) before tax
-620.3%
-6.2%
Income tax expense
-379.2%
4.7%
Net profit
-663.6%
-7.9%
Year-over-Year Growth — Key Line Items
2023 vs 20222022 vs 2021
Profitability
Ratio
2023
2022
Return on Equity
-40.1%
6.2%
Return on Assets
-14.3%
1.3%
Return on Fin. Leverage
-25.7%
4.9%
Gross profit margin
-2.1%
16.0%
Profit margin
-26.5%
1.3%
Profitability Ratios — 2023 vs 2022
20232022
Solvency & Liquidity
Ratio
2023
2022
Current ratio
0.47x
1.04x
Quick ratio
0.16x
0.39x
Debt to equity ratio
2.76x
1.60x
Times Interest Earned
-9.62x
2.61x
Liquidity & Solvency — 2023 vs 2022
20232022
Activity
Ratio
2023
2022
Accounts receivable turnover (x)
7.83x
11.01x
Average Collection Period (days)
46.60 days
33.15 days
Inventory turnover (x)
4.68x
7.20x
Average days inventory outstanding (days)
78.01 days
50.70 days
Asset turnover (x)
0.54x
1.00x
This analysis was completed alongside a peer company, ALSO Holding AG (Switzerland, IT distribution), as part of a comparative group assignment — a useful benchmark for how differently a capital-intensive commodity chemicals business and an asset-light distributor perform under the same ratio framework.