Good afternoon, ladies and gentlemen. It is my privilege to welcome you to the results conference, which will be to discuss the results of the companies in the Azoty Group in the Q4 of this year and 2021. The speakers today will be Marek Wadowski, the Deputy President of Grupa Azoty, Tomasz Hryniewicz, Deputy President and President of [Grupa] Azoty Puławy, and Michał Siewierski, Deputy President of [Grupa] Azoty Police. Mr. Presidents will join us distantly, and we have also with us Grzegorz Kuberski, the Director of Corporate Controlling. Before I pass the floor to Mr. President, let me invite you to ask questions using our website, our conference website. Mr. Wadowski, please start the conference.
Welcome, ladies and gentlemen. Despite the fact that we have some challenges surrounding us, and despite the large number of changes in the commodity markets and the product markets, Azoty has created quite good financial results in 2021. It was possible with diversification of our operations. We maintained continuity of the operation process throughout 2021. It was particularly important in the last quarter of that year. It is also good to mention that in terms of the fertilizers, we managed one of the lowest prices in the European Union. In 2021, we published the new strategy up to 2030, and this is the strategy concentrated on environments. This is the direction which is coherent with the E.U. requirements. In 2021, we have been running our largest investments in Polimery Police.
By the end of that year, it was completed in 83%, and now it is almost 90%. Ladies and gentlemen, a very brief summary of our results. A significant increase in incomes. As I said, we have had quite significant changes in the surrounding, also in the commodities markets, but also in the products market. The increase of income was mainly due to the increasing costs, which were also translated into the prices of our products. It is also good to remember that, we had a significant increase in EBITDA, and EBITDA comparable in 2021 increased versus 2020 by 85%. We maintained the EBITDA margin with the financial results net. A significant event, one of events, was write-off in the plastics, which decreased the net results by PLN 290 million.
At Q4 alone, the trend was very similar. A significant increase in incomes, increase in EBITDA. In the Q4, those significantly affected the results. As I said before, the result achieved in 2021 was possible with diversification of our operations. This is the slide showing the structure of the EBITDA. As you can see clearly, in 2021, we became, we changed from a fertilizer chemical group. We turned into chemical fertilizer group, and other segments outside of fertilizers generated a majority of our EBITDA. In the Q4, the situation was similar. It is clearly visible, a significant increase of share of non-fertilizer segments in the structure of the EBITDA. Outside of taking care of the financial results, we also take care of the surroundings, and we also want our influence on the environments to decrease.
In 2021, we decrease emission of CO2 by 12%, and we decreased the emission of sulfur dioxide by 37%. We also increased the energy consumption efficiency, ladies and gentlemen. Now moving on to the market conditions. It is important to remember what was happening in our surroundings in 2021. We experienced the reconstruction of the business activity worldwide after the pandemic crisis. The increase of business activity was also affected by the favorable conditions in the labor market. On the raw materials commodities side, we had significant turbulences due to broken supply chains, and it all translated into the changes, increases of prices. Commodities are important elements within our group.
We also had changes in the gas market, and the gas significantly increased in its price, particularly late last year. It is also important to remember two other events in regulation. First, it is a requirement starting from the 1st of August 2021 to use inhibitor , urease inhibitor or biodegradable cover layering. This is for urea. Another important regulatory change is publication by the E.U. on the 14th of July, the Fit for 55 package. Grupa Azoty has been implementing solutions which are a reply to the changes in the surrounding. In the strategic commodities market, the dominating factor affecting the condition is a reconstruction of the business activity after the pandemic crisis.
It significantly affected the availability of commodities, and also it was translated into increase of prices and also in the product manufacturing costs in Azoty. The financial results also show some important events. One of the important events was the assault of Russia on Ukraine, which increased those changes I have mentioned before. An important element is also the supplies of gas to Poland and Azoty Group is secured. We have contracts in place with PGNiG, and so this contract is being now realized as agreed. We also have presented the major elements affecting our situation.
On the chart, you can clearly see that not only the commodities prices, but also the monetary policy that was tightened late in 2021, and it also was a result of increasing inflation, and it also translated into challenges in the environment and the cost of operations. As for the gas, which is our largest commodity, if you analyze the situation in early, starting from early 2017, it is clearly visible that by the end of 2020, we were experiencing stable prices and the fluctuations were not significant. From the second half of 2021, the changes significantly increased. Prices significantly increased. In 2021, the prices reached their top in the Q4.
It is also good to remember that the prices were even higher than in 2021. The consumption of gas in the group was on a stable level. On the next slide we are presenting calculation of CO2 emission allowances due to the fact that we purchase not only allowances but also get free of charge, which significantly affects our costs. As I said before, a very significant increase of costs in 2021. If we wanted to analyze this year as a whole, you will see a significant increase in cost of gas and petrol-based commodities, so benzene, phenol and propylene. Increase in costs was translated into increase of income. The cost increased almost twice, income's less than that.
In related values, these numbers are similar with a little bit higher increase on the income side. In the Q4 alone, the trends were even stronger. The increase of cost was more than 150%, income more by 100%. In the fertilizers — fertilizers segment, it is good to mention that the prices of products in 2021 were increasing, and they were following the prices of gas. Yes, this is what the market looks like. The market also responds like this. That in 2021 also the crops prices were increasing, and that was a result of the higher cost of the manufacturing process. In agro fertilizers and so multi compounds fertilizer, the situation was similar.
Here and here, not only gas prices, but also potassium chloride prices were important. In the Q4, the market margin based on market prices of fertilizers versus commodities prices was negative, which made the products prices not to be able to follow the prices of commodities. In 2021, the import of fertilizers to Poland was smaller, and this is the comparison to 2020 with the division to individual types. It is clearly visible that imports significantly decreased, particularly in the second half of the year, which made the supply and demand for our fertilizers was not threatened. An important element was a huge demand on polyamide [PA6] throughout 2021.
Nevertheless, in the Q4, we experienced the decrease from the automotive industry, which was caused by some difficulties with the manufacturing of vehicles. An important factor which affected operation of the plastic segment were logistical problems which were translated into prices of both the commodities and products. The chemical segment, very strong, strongly visible is the increase of the demand after pandemic, particularly in the areas like paints, construction industry or furniture industry. The broken supply chains affected availability of commodities and also the demands in the chemical segment was particularly good for oxo or melamine. Now let me move on to the results for individual segments throughout 2021. At the forefront, we have the chemical segments which generated historical largest results EBITDA. A very good result was also generated by the plastics.
In 2021 as a whole, the result of Fertilizers was a little bit worse than in the previous year, and we maintained the margin, EBITDA. In Q4 only, and significant factor affecting EBITDA was [Chemical], and it was a good quarter. Also, Plastics and Fertilizers both had good quarters and Fertilizers, it is good to remember that EBITDA was not that high as if we compare it to EBITDA of other segments. In Q4, Chemical segment was dominating, its EBITDA was the highest out of all segments. Now, ladies and gentlemen, Fertilizers and Agro. This is very important that throughout 2021 we maintained the maximum level of production. At the same time, simultaneously, we maintained one of the lowest prices in the European Union.
The primary factor deciding on what was happening in that sector were the prices of gas. The market was responding to those changes. Not only prices are important, but also volatility and variability. Many companies were stopping their productions, and we maintained our production process throughout 2021. A little bit smaller volumes of sales are a result of planned stoppages for repairs. The Q4, it is also an important increase of gas prices which translated into cost of production of fertilizers and also the increase of prices. Nevertheless, Azoty Group maintained continuity of operations and maintained one of the best prices in Europe. In the Plastics segment, we also see a significant increase of market on the EBITDA level.
Throughout 2021 we experienced very good market conditions, particularly due to increase of demands in the automotive industry and carpet fibers, DCE. It is also good to remember that in that segment, we also experienced some one-off events which by net increased EBITDA by PLN 20 million . These are one-off events which will not decide or influence the conditions in the next periods. In Q4 alone, we can see also the higher EBITDA. That's Q4 alone and a little bit worse condition in automotive industry due to problems with manufacturing of vehicles. Nevertheless, the conditions out beyond only this one element were still good. In chemistry we have a very strong demand, as I said before, caused by the recovery from the pandemic, and the largest increases of incomes are melamine and urea.
As I said before, that was a very good historically best year for the group, for this segment. It's clearly visible that our Q4 also looks good and EBITDA was higher than in that segment, than in the Fertilizers. Our financial situation in 2021 was stable. It was really good. We decreased the level of net debt by PLN 700 million. By the end of 2021 we maintained EBITDA and debt ratio below 1 .96x. Let me just remind you that the maximum ratio which is included in the financing documents is 3.5x. The good financial situation allows us to implement our strategic investments. We are showing also the currency structure of credits, where the major currency is Polish zloty and euros.
The currency structure is correlated with our income, sources of income. Our investments in 2021 were carried out according to the schedule. This is why we changed the expenditures and this results with the implementation of the schedules. This is the situation throughout the Q4. Ladies and gentlemen, whenever we speak about investments, the most important investment, the largest, obviously, it is Polimery Police, and this is investment advanced by the end of 2021 at the level of 83%. I think about the progress in investment, and now it is 90%. On the next slides, we are showing the elements or these areas of the investments being implemented. They are carried out according to the schedule, which was updated by an appendix.
Let me just remind you that the appendix number three, which includes the schedule of the investment, it also changes the value for the general contractor. This appendix number three does not affect increase in the budget or the increase of the payments as it results from the reserve, which was established under the budget at the very beginning of the investment. Other major investments are presented on the next slide. This is, first of all, the new concept of the power supply for [cogeneration] plants. It is based mainly on usage of heat generated in the manufacturing processes, and by the same decrease of energy consumption of the process, which can be translated into decrease of consumption of fuels and decreased emissions. Briefly about the results of individual companies.
The results of our companies in terms of income and EBITDA are better or were better in 2021, and the same is the case in the Q4 alone. Let me now pass the floor to Mr. Hryniewicz to tell you about the results of the Azoty, Grupa Azoty Puławy.
Good afternoon, ladies and gentlemen. Thank you. Yeah, thank you for this very nice introduction. We have very similar conditions, so it is not going to be a surprise for you that the speed up of the market. We had also a significant increase of demand for our products, chemical products and fertilizers.
On the other hand, we had the crisis in the energy sources market, and Grupa Azoty Puławy significantly were affected by significant increases in prices of gas, which strongly affected our manufacturing costs and by the same also were translated into prices of our products. Grupa Azoty Puławy, which is the largest consumer in Grupa Azoty, was the most significantly affected by the turbulences in the energy sources market. Similarly to other companies, we were working full power. Let me just say what Marek Wadowski said. Throughout Europe, we had in our competitive surrounding some companies stopped their operations or they were significantly slowing down their production. Grupa Azoty Puławy and all companies within the group were operating full power, which translated also to the volumes available in the market, in the domestic market.
It is also good to mention that this negative influence in the gas market, where we show that on the 22nd gas increased to EUR 172 per MWh, that was perfectly mitigated by hedging transactions. That was something new for the company to that scale. At the end of October to the end of the year, going forward and also in the next months, we had a stable situation in terms of prices. We had stable fertilizer prices, and it was encouraging farmers and our distributors to purchase at that favorable period of time. Not only manufacturing process, but also investments were completed on time and according to the schedule. I will be speaking about this further in the presentation.
What I would like to emphasize here, what was also mentioned by Marek, sales of fertilizers was mainly to the domestic market. We maintained also one of the lowest prices, sales prices, in the European Union. As for the consolidated financial results of Grupa Azoty Puławy, the increase in income, more than 70% was determined mainly by the prices of gas. That's what we used to calculate our margin. This results from the specificity of our plant and the parity of the nitrogen-based fertilizers and consolidated EBITDA was PLN 660 million, and it was higher by 30% compared to the previous year. It was positively affected, the consolidated results, EBITDA, was affected by the higher prices of majority of products, particularly melamine.
After the change of approach to shaping of the prices and by securing the European market, but also we had the larger total volume of sales. The sales income increased by PLN 2.82 million, and it was PLN 2.96 million due to the increase in prices and due to the increase in volume that was PLN 186 million. The decrease of EBITDA margin was due to particularly to one-off increase in gas prices, as in some periods we sell monthly due to that fact we needed to supply products according to the contracts we signed before and the commitments we made before that. EBIT and the profit, net profits, they were affected by the write off mentioned by Marek.
This write-off, the value of the assets according to the policies are not included in the calculation of the EBITDA, EBIT. The largest write-off was PLN 264 million due to the results of losing of value of plastics. That's obviously caprolactam installation. In each slide, so for comparability of the results, we also included one-off events affecting those results in the previous years. That was the sales, that was the compensation, sectoral compensations. Summarizing the quarter, the incomes increased by more than PLN 182 million, and they were more than double year-over-year. Due to the increase of the price, that was a value of PLN 1.22 billion, and due to increase in volume, PLN 56.7 million.
Quarterly consolidated EBITDA, that was PLN 395 million. It was higher more than three times compared to Q4 of 2020. This increase was dictated, as I said before, by a very good securing of gas supplies and also profitability on melamine and that. These were the major determinants affecting our operations. The largest change we experienced that was changes in natural gas which affected the income. We had more than 430% of increase and the major determinants we used to shape our prices and the cost of sales increased by PLN 996 million. EBITDA margin 18.5%, this is increased by 4.6% versus Q4 of 2020.
Looking at the segment results, regardless of the composition of the segment, the largest income share on sales was income of Agro. In whole 2021, they made 86.6% of the total income versus 82.2% in the previous year, and that was PLN 4.074 billion. Versus to the previous year, it is increased by PLN 2 billion. It is 72%. The major reason for that was the increase in prices of melamine and also increases of the gas prices. In Plastics, that was 9.6% of the Capital Group Puławy versus 8.7% in the previous year and that was PLN 524 million.
Versus the previous year, that was an increase by 24, 246%, 247 million, 87%. This is also the caprolactam and also semi products, and benzene. Quarterly, we had significant increase in Agro, which was 90.5% versus 83% in the previous year. The incomes were PLN 1.9 billion. We also had a decrease in sales from 10.9 to 6.6. Now moving on to the investments. In the Q4, we continued our investments as scheduled. According to the last day of December of the last year, the largest advancements of the investments, about 98%, that was the granulated fertilizers.
In the last year, we started the first plant of that installation. This year we are planning to commission and the full ramp up of the second plant and the completion of the investment as a whole by the end of 2022. Advancements of the power unit of the largest currently investment with more than 63% and the largest element of the unit, this is a pressure part of the boiler and the turbo system were installed. The project is now on the stage on a facility inside of the building. We also build the manufacturing plant of the assets. We carry out also the nitric acid line is being now mapped. As for the boiler, we have more than 70% of advancement of works.
This is the modernization to advance the boiler to the new requirements of the emission of NOx and also to recreate the boiler together with the boiler 4 and 5. This will be the basic primary manufacturing power generation elements. As for the quarter, the investments, the consolidated investments, in the Q4 were PLN 199 million. Throughout the whole year, 2021, this is PLN 1.085 million zlotys. They were 32% higher than the previous year. That was mainly due to the schedule of Puławy power plants. It is good to emphasize here that the main source of the financing were our own funds.
The investments for the last day of last year, we had debts under the contracts on fixed assets and PLN 395 million and those investments debts. This is mainly because of the construction of the power plants unit and also the [nitric] acid plants. Summarizing, the group is planning to increase in 2022. We want to spend the amount of PLN 621 million . Out of this, on the environmental protection, there will be PLN 79 million . Thank you very much.
Thank you. Now let me pass the floor to Michał Siewierski to tell us about the results of Grupa Azoty Police.
Thank you, Mr. President. Welcome, ladies and gentlemen. The summary of 2021, I'm going to start with drawing your attention to a couple of events which happened last year, they include the closure of the debt financing of the Polimery Police and making our factoring contract with ING and mBank in Poland and also BNP Paribas Faktoring [Sp. z o.o.] And Pekao Faktoring Faktoring [Sp. z o.o.]. We also had changes in the composition of the management board and the supervisory board. Let me just remind you also, as my colleague said, the advancement of the key investment as Polimery Police, the advancement is 83% as of the 31st of December 2021.
Now moving on to the consolidated financial results, it is good to mention that significantly we had significantly higher incomes than in 2020, and that was generated in particularly in operations. The EBITDA margin was 9%. This is insignificantly by 1 percentage point more than the margin the previous year. The consolidated EBITDA result in 2021 was PLN 298 million. The Grupa Azoty Police in 2021 finished on the result was PLN 113 million. This is PLN 11 million below the results from the previous year. The income generated by the company in 2021 were PLN 3.2 billion. In 2021, that's a significant increase of prices of key product like gas, phosphorites and potassium chloride.
In 2021, we made a couple of optimization activities, purchasing processes and selling processes, to mitigate negative influence resulting from increasing prices of commodities. All the segments in 2021 achieved positive results on the level of EBITDA and influence of energy compensation in Police was not significant. That's an amount like PLN 6 million. Also an important aspect affecting the consolidated net result in Police was the results from the associated parties. That was the effect of -PLN 41 million, and this is mainly due to Grupa Azoty Polyolefins, and this resulted from financing of the financial instrument hedging the investment Polimery Police.
Now moving on to the summary of the results of the quarter, I can say that the EBITDA margin in the Q4 of 2021 was like 10%. It is 3 percentage points more than the margin in 2020. The Q4 of 2021, Police closed with a net result of PLN 47 million . It is PLN 30 million below the net result from the previous year. In fertilizers and other segments in the Q4, both segments had positive EBITDA. The most important factors affecting the financial results in the Q4 in Police, it is the increased prices of many commodities we use for manufacturing processes, particularly natural gas, but also other like phosphorites, potassium chloride, and sulfur.
We also were affected by the changes in our products and the changes of commodities increased the cost of production and the increasing prices in the markets, but also the ratios of demand and supply affected the prices of products. The largest share in the consolidated product in Police was fertilizers, and it was both in the Q4 of 2021 and also throughout 2021. Operation-wise, the largest margin in 2021 was achieved in dyes, the level was 17% in 2021, and as for fertilizers, the level was 8%. As for the investments, please remember our flagship Polimery Police, the budget $1.8 billion, modernization of the power plant, GPZ Police, for connectivity of propane, the decarbonization.
The budget is PLN 56 million. The management of hydrogen from a propylene installation, the budget was PLN 30 million. Becoming independent from demi water, becoming independent from the changing salinity of the Odra River, the budget PLN 108 million. Another important, it is, the exchange of the tower WA2, the budget PLN 16.35 million. In 2021, the Grupa Azoty Police had the expenditure on fixed assets and intangible assets, PLN 108 million and 43%, these were expenditures on development of the business. In 2021, the company started 25 new investment tasks with a total budget of PLN 71 million. We continued 39 investments started in previous years. Thank you very much.
Thank you, ladies and gentlemen. Now let me move on to a very brief summary of the results of Grupa Azoty in 2021. Let me just emphasize, as I said at the very beginning, that Grupa Azoty had good financial results. We maintained the margin despite the demanding surrounding in the market. We made a lot of activities or responses to what was happening in our environment. That environment was very volatile, particularly late last year. Volatility in the gas market was never experienced before, and the prices were fluctuating from EUR 16-EUR 184 . That's a huge volatility looking historically on gas prices. We maintain at one of the lowest fertilizers prices throughout E.U., and we maintained production process continuity throughout 2021 despite the significant volatility and significant changes in our surrounding.
In 2021, we also accepted a new strategy to 2030. In the financial statements, we also have some events after the balance sheet date. The most important thing, it is aggression of Russia on Ukraine, which even makes the challenges stronger in our surrounding. The Grupa Azoty is expecting another very volatile year, and we are undertaking all the activities to maintain our good financial situation in that much volatile conditions. Now let me pass the floor to Asha.
Thank you, gentlemen, for a very broad presentation of results. We have some questions from you. What affected a higher net result than the gross results?
Let me ask Mr. Hryniewicz to answer this question.
In 2021, the results was better than in 2020 due to some releases of individuals. Very soon ladies and gentlemen, the quality of voice is really, I'm unable to interpret this.
Thank you. The next question, it is about the CapEx value expected by the group in 2022.
Ladies and gentlemen, the investment expenditures need to be perceived from two perspectives. Firstly, this is a total investment expenditures, and secondly, these are investments without our flagship investment in Polimery Police. Why do we have these two perspectives as Polimery Police? This is something what is financed as a project. Project finance formula is applied here, and so the finance is dedicated only to that investment.
Looking at the investment expenditures without Polimery Police in 2022, we expect the increase, roughly 10% of the investment expenditures versus to 2021. Year-to-year, 2022, 2021, the increase is going to be, like, 10%. But due to the fact that the investment in Polimery Police is continuously carried out due to its advancement, we expect a significant increase of the expenditures only for that investment. For that investment alone, these expenditures can be even twice as big as in 2021.
Thank you. The next question is about gas. Can you explain your hedging policy on gas from Q4? How is the company going to hedge the price? How the company was hedging the prices, where it is clearly visible in the statements and what were the costs of hedging, and what is the current position on gas? Do you use PGNiG or some other option solutions?
Ladies and gentlemen, how we operate in the gas market, it is a response to significant changes in the surroundings. Particularly in the Q4, we had a significant increase in volatility and also had a very significant changes and increases in prices. This problem also needs to be perceived from two perspectives. First perspective is the price. As we said before, the increase of our product prices, particularly in fertilizers, but not only, was due to the increase in price. That was a market-based increase.
We still maintained one of the lowest prices throughout the European Union in the market, but the fertilizers price was significantly increased due to the increase of prices of gas. We can say that in fact there is no problem, but a very significant volatility, significantly bigger volatility than in the previous year, causes a lot of problems for manufacturers. Grupa Azoty tries to tackle this volatility, stabilizing the prices of gas. For this purpose, we use a mechanism we have included in the agreement with the PGNiG, and that's where we can assess prices or fix prices based on the market, but we can do it in advance. This is not a classical hedging, but this is buying of gas at price fixed in advance, and this is the mechanism that we have been using.
Ladies and gentlemen, for the results, obviously, the influence on the EBITDA is significant, and this in the Q4 alone is more than PLN 200 million.
Thank you. The next question: How much percentage of propane purchase was for the Polimery Police, and what are the major sources of buying for Polimery Police?
For securing of this investment and supplying propane, we are now in the process of selecting of suppliers, and after that, we will be adjusting the policy to secure the prices. We haven't done that yet, but this is something on what we are working on.
Depending on the results of the discussion with potential suppliers, we will shape our process of securing our prices.
Thank you. The next question is also about gas. What was the effective price of gas in the Q4 2021? When is the company going to come back to the previous policy on benchmarking of monthly-based and spot-based products without hedging?
The second part of the question, so this is the question about the future, and I think much will depend on how the market is going to develop. As we have demonstrated on the chart, starting in 2017, the situation was stable. If the situation is stable, the hedging of prices of buying of gas at a price fixed in advance is not that important as in situation of significant changes in the market.
Continuously, we have been working on making the price stable, and we have the results. One of the very important results is maintaining of the continuity of manufacturing process operations. This is very important for the plants and for securing of the market with the supplies, particularly in the situation of much lower import of fertilizers. I can only say that in the Q4 only, and the gas price, that it was on a lower level than what finally was in the Q4 in the market. This is why we had a positive result. Let me emphasize that this is not the result which is going to be with us continuously as the prices depend on how the market is going to develop.
A very important element is stabilizing of price, which allows you to continue operations and maintain of supplies to the market of fertilizers and allows to achieve good results with that you are able to continue your operations.
Thank you. The next question, what security activities were started within the group to secure potential problems with supply of natural gas in 2022?
I'd like to ask Mr. Hryniewicz to answer the question, but I can say only, as we said before, that supplies are based on PGNiG, and these contracts are being implemented without any obstacles. Further comments will come from Mr. Hryniewicz.
Ladies and gentlemen, as a group, as the largest consumer of gas and being the closest to the east of the country is most significantly affected by all perturbations. This is another day we have been working on, we fully switched off the Eastern part and we have not had any decrease in supplies. There have been no limitations due to this fact, our plants have been operating according to our schedules 100%, and which are available off-season, in the low season.
Yeah. We've got wonderful supplies, technically, and the gas system activities were made many years ago, and they were investing in the pumping stations and other technical solutions, and they guarantee us to be supplied with gas throughout the national system.
The next question is also about gas. How long do you have stocks of gas, and how long will you continue your operations, using your stocks of gas?
Grupa Azoty doesn't have storage facilities. Obviously, we use gas available in the grid, and the gas in the grid obviously is transferred to Grupa Azoty with the storage facilities. But these are not storage facilities owned by Grupa Azoty, and these are managed by other entities.
The most important for us is the contract with PGNiG, and this is being implemented without any obstacles.
Thank you. Next question is how Russian invasion of Ukraine affected the demand for fertilizers, and what share of fertilizers used in Poland in 2021 were imported from Russia or Ukraine?
So let me ask Mr. Hryniewicz to answer this question.
Ladies and gentlemen, I think we need to talk about while summarizing the year 2021, and we were not forecasting the situation as it in fact was the case, but I had to summarize the full season, which is now about to be finished. That was a really good season, a season full of challenges, but also turbulences and changes in prices and the directions and development of the demand.
That season was one of the best. Those actions we did, mitigating actions on the one hand, that was securing of the gas prices, and on the other hand, that was increasing of the volumes to Poland. Please remember that we were only exporting where we had some contractual and where penalties were disabled and withdrawing from those contracts. Maximum volumes were placed to the Polish market, and we secured our farmers, and we allowed them to have full availability. Also those embargoes and geopolitical things and stoppages of supplies from the Eastern market. As said before, those switches off of the plants, they all affected the deficit of imports to our country. Thank you.
Ladies and gentlemen, let us once again display the slides showing the imports comparison of fertilizers in 2021, which confirms what Mr. Hryniewicz has just said about the good season. The import was much lower than in 2020. Thank you.
Thank you, ladies and gentlemen. Mr. President, thank you for broadly explaining of the situation in 2021. Should you have any further questions, please contact our Department of Investor Relations and feel invited to the next results conference. Thank you.