The consolidated financial statements as of 31 December 2011 included the following entities:

a) Parent Company – Polskie Górnictwo Naftowe i Gazownictwo SA

We have audited the financial statements of Polskie Górnictwo Naftowe i Gazownictwo SA, the Parent Company, for the period from 1 January to 31 December 2011. As a result of our audit, on 1 March 2012 we issued an emphasis of matter opinion.

b) Companies subject to full consolidation:

Name and address of the Company Interest
in the capital (%)		 Name of entity that audited the financial statements and type of opinion issued Balance sheet
date of the
consolidated entity		 Opinion date
Geofizyka Kraków Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 28.02.2012
Geofizyka Toruń Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 06.02.2012
PNiG Jasło Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
GK PNiG Kraków 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 28.02.2012
PNiG NAFTA Sp. z o.o. w Pile 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 10.02.2012
ZRG Krosno Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 29.02.2012
PN DIAMENT Sp. z o.o. w Zielonej Górze 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
POGC Libya B.V. 100.00% Deloitte Accountants B.V. (Holandia) disclaimer of opinion 31.12.2011 n/a
­PGNiG Norway AS 100.00% Deloitte AS (Norwegia)
unqualified opinion		 31.12.2011 27.02.2012
Dolnośląska Spółka Gazownictwa Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
Górnośląska Spółka Gazownictwa Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
Karpacka Spółka Gazownictwa Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
GK Mazowiecka Spółka Gazownictwa 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
Pomorska Spółka Gazownictwa Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
Wielkopolska Spółka Gazownictwa Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 27.02.2012
BSiPG Gazoprojekt SA we Wrocławiu 75.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 01.03.2012
Geovita Sp. z o.o. w Warszawie 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 29.02.2012
­PGNiG Energia SA 100.00% Deloitte Audyt Sp. z o.o.
opinia z zastrzeżeniem		 31.12.2011 01.03.2012
­PGNiG Technologie Sp. z o.o. 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 27.02.2012
­PGNiG SPV1 Sp. z o.o. 100.00% CHE Consulting Sp. z o.o.
unqualified opinion		 31.12.2011 20.02.2012
­PGNiG Sales&Trading GmbH 100.00% PricewaterhouseCoopers
unqualified opinion		 31.12.2011 01.03.2012
­PGNiG Finance AB 100.00% Deloitte AB unqualified opinion 31.12.2011 24.02.2012
Operator Systemu Magazynowania Sp. z o.o. 100.00% CHE Consulting Sp. z o.o.
unqualified opinion		 31.12.2011 31.01.2012
INVESTGAS SA 100.00% Deloitte Audyt Sp. z o.o.
unqualified opinion		 31.12.2011 29.02.2012

c) Companies subject to equity method of consolidation:

Name and address of the Company Interest
in the capital (%)		 Name of entity that audited the financial statements and type of opinion issued Balance sheet
date of the
consolidated entity		 Opinion date
SGT EuRoPol Gaz SA 49.74% As at the opinion date, no opinion 31.12.2011 n/a
Gas-Trading SA 43.41% As at the opinion date, no opinion 31.12.2011 n/a

The Parent Company preparing the consolidated financial statements did not simplify or alter consolidation principles in relation to the consolidated entities.

In the financial year, no changes occurred in the composition of the audited Capital Group and its entities included in consolidation, for which the Parent Company has prepared the audited consolidated financial statements.

2. Information about the consolidated financial statements for the prior financial year

The activities of the Capital Group in 2010 resulted in a net profit of PLN 2,457,184 thousand. The consolidated financial statements of the Capital Group for 2010 were audited by a certified auditor. The audit was performed by authorized entity Deloitte Audyt Sp. z o.o. On 3 March 2011 the certified auditor issued an emphasis of matter opinion on those financial statements, stating as follows:

  • “The information presented in Note 6, in which the Parent’s Management Board has presented factors resulting in uncertainty of assumptions on which measurement of shares in SGT EuRoPol Gas SA co-subsidiary was based. Measurement of the shares was based on assumptions and future events beyond control of the Parent, whose effects could not have been clearly projected as at the date of the consolidated financial statements. The Parent’s Management Board explained also reasons of having made impairment write-downs on the shares of the co-subsidiary.
  • The information presented in Note 37.8, in which the Parent’s Management Board has informed about the uncertainty related to the current political situation in Libya and therefore the uncertainty of future operating activity in this country.”

The General Shareholders’ Meeting which approved the consolidated financial statements for the 2010 financial year was held on 20 April 2011.

In accordance with applicable laws, the consolidated financial statements for the 2010 financial year were submitted to the National Court Register (KRS) on 27 April 2011 and filed for publication in Monitor Polski B on 29 April 2011. They were published in ­Monitor Polski B No. 1652 on 22 September 2011.

3. Details of the authorized entity and the key certified auditor acting on its behalf

The audit of the consolidated financial statements was performed based on the agreement of 28 June 2010 concluded between Polskie Górnictwo Naftowe i Gazownictwo SA and Deloitte Audyt Sp. z o.o. with its registered office in Warsaw, al. Jana Pawła II 19, recorded under number 73 on the list of entities authorized to provide audit services kept by the National Council of Statutory Auditors. On behalf of the authorized entity, the audit of the consolidated financial statements was conducted under the supervision of Piotr Sokołowski, key certified auditor (No. 9752) in the registered office of the Parent Company from 24 October to 10 November 2011 and from 29 January to 1 March 2012.

The entity authorized to audit the consolidated financial statements was appointed by the resolution of the Supervisory Board of 28 May 2011 based on authorization included in Article 33 of the Parent Company’s articles of association.

Deloitte Audyt Sp. z o.o. and Piotr Sokołowski, key certified auditor, confirm that they are authorized to carry out audits and meet the requirements of Article 56 of the Act on statutory auditors and their self-governing body, auditing firms and on public oversight (Journal of Laws of 2009, No. 77, item 649, as amended) to express an unbiased and independent opinion on the consolidated financial statements of the Polskie Górnictwo Naftowe i Gazownictwo SA Capital Group.

4. Availability of data and management’s representations

The scope of our audit was not limited.

During the audit, all necessary documents and data as well as detailed information and explanations, were provided to the authorized entity and the key certified auditor, as confirmed e.g. in the written representation of the Management Board of the Parent Company of 1 March 2012.

Consolidated Financial Statements for the 2011 Financial Year