Annual Report 2014
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PGNiG in numbers

Key figures of the PGNiG Group

[PLN m] 2014 2013 2012 2011 2010 2009
Sales revenue 34,304 32,044 28,730 23,004 21,281 19,332
EBIT 3,843 3,149 2,533 1,686 2,887 1,375
EBIT margin 11.2% 9.8% 8.8% 7.3% 13.6% 7.1%
EBITDA 6,345 5,612 4,602 3,260 4,411 2,871
EBITDA margin 18.5% 17.5% 16.0% 14.2% 20.7% 14.9%
Net profit 2,822 1,920 2,234 1,626 2,457 1,237
[PLN m] 2014 2013 2012 2011 2010 2009
Assets 48,926 48,384 47,917 37,964 33,642 31,074
Equity 30,169 28,453 27,247 24,497 23,519 21,435
Net debt 2,880 4,834 8,263 3,494 826 832
PLN 2014 2013 2012 2011 2010 2009
EPS 0.48 0.33 0.38 0.28 0.42 0.21
DPS 0.20 0.15 0.13 0.00 0.12 0.08
 
[EUR m1] 2014 2013 2012 2011 2010 2009
Sales revenue 8,188 7,610 6,884 5,556 5,314 4,454
EBIT 917 748 607 407 721 317
EBIT margin 11.2% 9.8% 8.8% 7.3% 13.6% 7.1%
EBITDA 1,515 1,333 1,103 787 1,102 661
EBITDA margin 18.5% 17.5% 16.0% 14.2% 20.7% 14.9%
Net profit 674 456 535 393 614 285
[EUR m2] 2014 2013 2012 2011 2010 2009
Assets 11,479 11,667 11,721 8,595 8,495 7,564
Equity 7,078 6,861 6,665 5,546 5,939 5,218
Net debt 676 1,166 2,021 791 209 202
[EUR1] 2014 2013 2012 2011 2010 2009
EPS 0,11 0,08 0,09 0,07 0,10 0,05
DPS 0,05 0,04 0,03 0,00 0,03 0,02
 

1 average exchange rate EUR/PLN – 2009 (4.3406); 2010 (4.0044); 2011 (4.1401); 2012 (4.1736); 2013 (4.2110); 2014 (4.1893).
2 EUR/PLN exchange rate as at the end of the period – 2009 (4.1082); 2010 (3.9603); 2011 (4.4168); 2012 (4.0882); 2013 (4.1472); 2014 (4.2623).

Ratios

Financial ratios 2014 2013 2012 2011 2010 2009
ROE 9.4% 6.7% 8.2% 6.6% 10.4% 5.8%
ROA 5.8% 4.0% 4.7% 4.3% 7.2% 4.0%
Current ratio 1.8 1.4 1.1 1.0 1.2 1.1
Quick ratio 1.3 1.0 0.8 0.7 1.0 0.9
Debt to liabilities 38.3% 41.2% 43.1% 35.5% 30.1% 31.0%
Debt to equity 62.2% 70.0% 75.9% 55.0% 43.0% 45.0%
 

Employment

Employment at the end of the period by segment [persons] 2014 2013 2012 2011 2010 2009
Exploration and Production 10,221 10,754 10,990 12,054 11,592 10,800
Trade and Storage 3,929 4,070 3,780 3,841 4,947 4,961
Distribution 12,173 13,050 13,255 13,865 13,881 13,851
Generation 1,068 1,066 1,069 - - -
Other 1,605 1,990 2,327 2,185 2,296 2,073
Total employment 28,996 30,930 31,421 31,945 32,716 31,685
 

Share data

Share indicators based on year end share price 2014 2013 2012 2011 2010 2009
Price/Earnings 9.3 15.6 13.7 14.6 8.5 18.0
Price/Book Value 0.9 1.1 1.1 0.9 0.9 1.0
Price/Cash Flow 4.9 6.9 7.1 7.5 5.3 8.2
EV/EBITDA 4.6 6.3 8.5 8.5 5.0 8.1
No. of shares (million) 5,900 5,900 5,900 5,900 5,900 5,900
DPS 0.20 0.15 0.13 0.00 0.12 0.08
EPS 0.48 0.33 0.38 0.28 0.42 0.21
High1 5.33 6.55 5.21 4.64 3.91 4.57
Low2 4.17 5.14 3.62 3.45 3.16 3.24
Year end share price 4.45 5.15 5.21 4.08 3.57 3.79
Yearly average share price 4.85 5.83 4.06 3.97 3.57 3.79
Dividend yield3 4.12% 2.57% 3.20% - 3.36% 2.11%
[PLN m] 2014 2013 2012 2011 2010 2009
Year end market cap 26,255 30,385 30,739 24,072 21,063 22,361
Capitalization based on yearly average price 28,615 34,397 23,954 23,423 21,063 22,361
Year high market cap1 31,447 38,645 30,739 27,376 23,069 26,963
Year low market cap2 24,603 30,326 21,358 20,355 18,644 19,116
 

1 30/07/2009; 12/11/2010; 07/07/2011; 28/12/2012; 07/08/2013; 23/07/2014
2 17/02/2009; 20/05/2010; 14/01/2011; 27/02/2012; 27/12/2013; 24/03/2014
3 dividend yield = annual dividend per share/ yearly average share price.

Fluctuations in share price and structure of shareholders

Share price fluctuations 2014 2013 2012 2011 2010 2009
State Treasury 72.40% 72.40% 72.40% 72.41% 72.44% 72.94%
Others 27.60% 27.60% 27.60% 27.59% 27.56% 27.06%
 

Consolidated income statement

[PLN m] 2014 2013 2012 2011 2010 2009
Sales revenue 34,304 32,044 28,730 23,004 21,281 19,332
Total operating expenses, including: -30,461 -28,895 -26,197 -21,318 -18,394 -17,957
Raw and other materials used -21,229 -19,873 -17,447 -14,059 -11,675 -11,523
Employee benefits -2,827 -3,214 -3,054 -2,809 -2,647 -2,454
External services -2,843 -2,808 -3,060 -3,241 -3,149 -2,964
Operating profit 3,843 3,149 2,533 1,686 2,887 1,375
Financial income 86 69 216 136 81 203
Financial expenses -432 -465 -380 -152 -30 -95
Share of profits of associated companies 129 -44 173 43 -1 -0
Pre-tax profit 3,626 2,709 2,542 1,712 2,936 1,483
Corporate income tax -804 -789 -308 -87 -479 -246
Net profit 2,822 1,920 2,234 1,626 2,457 1,237
Attributable to equity holders of the parent company 2,823 1,918 2,236 1,627 2,454 1,235
Attributable to minority interests -1 2 -2 -1 3 2
 

Consolidated statement of financial position

Assets [PLN m] 2014 2013 2012 2011 2010 2009
Non-current assets, including 37,692 37,479 37,084 30,435 27,433 24,658
Property, plant and equipment 33,528 33,033 33,784 28,427 25,662 22,889
Investments in associates undertakings valued with equity method 856 727 771 598 556 557
Current assets, including 11,234 10,905 10,833 7,529 6,210 6,417
Inventories 3,189 3,378 3,064 2,082 1,050 1,259
Trade and other receivables 4,236 4,086 5,374 3,378 3,387 3,680
Cash and cash equivalents 2,958 2,827 1,948 1,505 1,373 1,196
Total assets 48,926 48,384 47,917 37,964 33,643 31,074
Equity and liabilities [PLN m] 2014 2013 2012 2011 2010 2009
Total equity, including 30,169 28,453 27,247 24,497 23,519 21,435
Share capital 5,900 5,900 5,900 5,900 5,900 5,900
Retained earnings 22,794 20,856 19,693 2,723 3,655 2,380
Equity attributable to minority interests 5 6 4 7 13 10
Total liabilities 18,757 19,931 20,670 13,468 10,123 9,639
Total long-term liabilities, including 12,384 12,093 11,057 5,622 4,973 3,740
Loans, borrowings and debt securities 5,069 5,385 5,509 1,382 970 44
Total short-term liabilities, including 6,373 7,838 9,613 7,846 5,150 5,899
Loans, borrowings and debt securities 769 2,276 4,702 3,617 1,229 1,984
Total equity and liabilities 48,926 48,384 47,917 37,965 33,643 31,074
 

Consolidated cash flow statement

[PLN m] 2014 2013 2012 2011 2010 2009
Net cash from operating activities, including 6,979 7,813 2,552 2,468 3,843 2,555
Net profit 2,822 1,920 2,234 1,626 2,457 1,237
Depreciation and amortization 2,502 2,463 2,069 1,574 1,525 1,496
Profit (loss) on investing activities 739 568 138 86 -346 -212
Income tax paid -677 -495 -591 -396 -216 -556
Change in receivables, net -128 1,310 -1,734 12 -361 62
Change in inventories 189 -321 -620 -1,031 217 462
Change in current liabilities -477 394 248 315 239 -571
Net cash from investment activities -3,680 -3,060 -6,149 -4,019 -3,559 -3,638
Net cash from financial activities -3,169 -3,874 4,040 1,682 -108 858
Cash and cash equivalents at the end of the period 2,956 2,826 1,947 1,504 1,373 1,196
 

Revenue from sales of products, services, goods for resale and materials

Revenue from sales of products1 [PLN m] 2014 2013 2012 2011 2010 2009
High-methane gas 25,726 23,540 22,309 19,014 17,888 16,208
Low-methane gas 1,402 1,430 1,389 1,217 1,187 1,281
Crude oil, condensate and NGLs 2,654 2,757 1,263 1,100 842 664
Helium 120 183 161 58 44 37
Electricity 1,695 1,360 842 11 - -
Heat 1,079 1,069 978 - - -
Geophysical and geological services 281 239 329 448 279 226
Exploration services 480 594 586 578 408 377
Other sales 620 519 874 578 633 538
Total sales revenue 34,057 32,120 28,730 23,004 21,281 19,332
 

1 Data includes both domestic and export sales.

Operating expenses

[PLN m] 2014 2013 2012 2011 2010 2009
Raw and other materials used -21,229 -19,873 -17,447 -14,059 -11,675 -11,523
Employee benefits -2,827 -3,214 -3,054 -2,809 -2,647 -2,454
Depreciation and amortization -2,502 -2,463 -2,069 -1,574 -1,525 -1,496
Contracted services -2,843 -2,808 -3,060 -3,241 -3,149 -2,964
Cost of products and services for internal purposes 980 983 1,006 1,001 1,043 900
Other operating expenses, net -2,040 -1,520 -1,573 -637 -442 -420
Total operating expenses -30,461 -28,895 -26,197 -21,318 -18,394 -17,957
Raw and other materials used [PLN m] 2014 2013 2012 2011 2010 2009
Cost of gas sold -18,750 -17,569 -15,714 -13,353 -11,005 -10,862
Fuels for electricity and heat generation -760 -908 -984 - - -
Electricity for trading -1,093 -670 - - - -
Other raw and other materials used -626 -726 -749 -706 -670 -661
Contracted services [PLN m] 2014 2013 2012 2011 2010 2009
Purchases of transmission services from GTO Gaz-System SA -1,076 -1,113 -1,454 -1,463 -1,531 -1,354
Costs of written off dry wells -282 -132 -127 -276 -162 -265
Other contracted services -1,485 -1,563 -1,479 -1,502 -1,455 -1,449
 

Operating segments

Exploration and Production. The segment supplies gas and oil, as well as providing geophysical and exploration services. The operations within this segment comprise the entire process of gas and crude oil production: from geophysical testing before exploration, to extraction and preparation of the product for sale.

Trade and Storage. This segment is responsible for gas purchased by the Company, tariff-based gas sales and storage activity, as well as electricity trading.

Distribution. This segment deals with gas distribution to end customers, primarily retail customers, as well as the operation, maintenance and expansion of the distribution system.

Generation. The segment’s activities involve the generation of electricity and heat.

Other operations. This segment provides engineering services and manufactures machinery for facilities and units used in oil mining and gas engineering.

EBIT of separate operating segments [PLN m]

* Distribution System Operators (currently Gas Companies) tested their non-current assets for impairment on 31 December 2007. The analyses prepared by these companies showed that the book value of assets is higher than their current realizable value. The PLN 1,317m write-off was reversed in 2009-2010 after a significant improvement in the profitability of the Distribution segment.

Exploration and Production [PLN m] 2014 2013 2012 2011 2010 2009
Total segment revenue 6,071 6,185 4,325 4,081 3,452 3,201
Total segment costs -4,065 -3,854 -2,972 -2,954 -2,864 -2,865
Operating result 2,006 2,331 1,353 1,126 588 337
Segment assets 15,442 15,364 16,580 14,923 12,797 11,063
Segment liabilities 5,531 4,954 5,823 2,177 1,863 1,608
Capital expenditure -2,063 -1,630 -1,676 -2,537 -2,193 -1,913
Trade and Storage [PLN m] 2014 2013 2012 2011 2010 2009
Total segment revenue 28,825 25,659 23,713 20,045 19,080 17,371
Total segment costs -28,242 -25,667 -23,388 -20,229 -18,264 -17,421
Operating result 583 -8 325 -184 815 -50
Segment assets 18,299 17,344 18,650 12,117 10,447 10,201
Segment liabilities 4,873 4,634 3,937 2,774 3,536 2,921
Capital expenditure -269 -341 -719 -619 -506 -780
Distribution [PLN m] 2014 2013 2012 2011 2010 2009
Total segment revenue 4,283 4,250 3,583 3,471 3,538 3,040
Total segment costs -3,145 -3,511 -2,705 -2,687 -2,047 -1,995
Operating result 1,138 739 878 784 1,491 1,045
Segment assets 14,142 14,067 13,089 12,420 12,228 11,039
Segment liabilities 2,638 2,879 2,234 1,915 1,932 1,872
Capital expenditure -1,091 -1,110 -1,141 -1,125 -958 -1,127
Generation [PLN m] 2014 2013 2012 2011 2010 2009
Total segment revenue 1,943 2,063 1,957 - - -
Total segment costs -1,781 -1,919 -1,942 - - -
Operating result 162 144 15 - - -
Segment assets 4,184 4,124 4,345 - - -
Segment liabilities 2,049 1,943 2,870 - - -
Capital expenditure -285 -203 -196 - - -
Other operations [PLN m] 2014 2013 2012 2011 2010 2009
Total segment revenue 325 424 543 504 568 461
Total segment costs -393 -489 -563 -509 -541 -439
Operating result -68 -65 -20 -4 27 21
Segment assets 387 411 483 490 415 366
Segment liabilities 219 187 171 95 131 136
Capital expenditure -10 -13 -29 -17 -13 -20
 

Production of gas, crude oil and other products

Natural gas [million m³] 2014 2013 2012 2011 2010 2009
High-methane gas 1,876 1,890 1,608 1,615 1,612 1,637
Low-methane gas1 2,627 2,692 2,710 2,714 2,609 2,468
Total natural gas 4,503 4,582 4,317 4,329 4,220 4,105
Crude oil, condensate and NGLs [ths tonnes] 2014 2013 2012 2011 2010 2009
Crude oil, condensate and NGLs 1,207 1,098 492 468 501 504
Total natural gas, crude oil, condensate and NGLs [m boe] 38 38 31 31 31 30
Other products [ths tonnes] 2014 2013 2012 2011 2010 2009
Propane-butane gas 32 30 23 21 21 20
Sulphur 41 39 25 24 25 25
LNG 30 32 28 23 27 20
Other products [million m³] 2014 2013 2012 2011 2010 2009
Helium 3 3 3 3 3 2
 

1 High-methane gas equivalent in normal conditions

Reserves of gas and crude oil

Natural gas [m boe] 2014 2013 2012 2011 2010 2009
Poland 527 550 579 589 592 608
Norway 43 40 43 43 35 36
Pakistan 53 53 53 53 53 29
Total 622 643 675 685 680 673
Crude oil, condensate and NGLs [m boe] 2014 2013 2012 2011 2010 2009
Poland 136 141 146 149 151 147
Norway 38 21 26 26 23 23
Total 174 162 172 175 174 170
 

Natural gas and crude oil sales volume

[million m3] 2014 2013 2012 2011 2010 2009
Natural gas 18,602 16,208 14,913 14,277 14,417 13,284
[ths tonnes] 2014 2013 2012 2011 2010 2009
Crude oil, condensate and NGLs 1,169 1,106 485 467 500 506

Volume of gas sales in 2013-2014 by customer group (billion m3)

Underground gas storage facilities

Current and target capacity of underground gas storage facilities [million m3]
Name Type of investment Working capacity Target working capacity Estimated completion
Underground gas storage facilities for high-methane gas        
Wierzchowice   1,200 1,200  
Husów   500 500  
Mogilno extension 408 800 2024
Strachocina   360 360  
Swarzów   90 90  
Brzeźnica extension 65 100 2016
Kosakowo extension 119 250 2021
Underground gas storage facilities for low-methane gas        
Bonikowo   200 200  
Daszewo   30 30  
Total   2,972 3,530  
 

Sources of natural gas

[million m³] 2014 2013 2012 2011 2010 2009
Domestic production 4,027 4,211 4,317 4,329 4,220 4,105
Imports 9,700 10,850 11,001 10,915 10,066 9,136
From the East 8,097 8,733 9,018 9,336 9,034 8,142
From the West 1,225 1,564 1,427 1,370 1,032 993
From the North - - - - - -
From the South 378 553 556 209 - -
Total 13,726 15,061 15,318 15,245 14,287 13,241
 

Exchange rates

Yearly average exchange rate 2014 2013 2012 2011 2010 2009
USD/PLN 3.1774 3.1658 3.2304 2.9636 3.0179 3.1162
EUR/PLN 4.1893 4.2110 4.1736 4.1401 4.0044 4.3406
Exchange rate at the end of the period 2014 2013 2012 2011 2010 2009
USD/PLN 3.5073 3.0120 3.0996 3.4174 2.9641 2.8503
EUR/PLN 4.2623 4.1472 4.0882 4.4168 3.9603 4.1082

Source: National Bank of Poland.

Average prices of crude oil

USD/bbl Q1 Q2 Q3 Q4 Q1–4
2009 45.04 59.28 68.25 74.93 62.04
2010 76.78 78.63 76.41 86.93 79.73
2011 105.21 116.80 112.90 109.31 111.05
2012 118.71 108.73 109.90 110.49 111.96
2013 112.83 103.00 110.04 109.40 108.82
2014 107.86 109.70 102.15 76.11 98.96

Source: Bloomberg, European Dated Brent Forties Oseberg (BFO).

Conversion rates

  1 bn m3
of natural gas		 1 bn cf
of natural gas 		1 m tonnes
of crude oil 		1 m tonnes
of LNG 		1 m tonnes
of bituminous coal 		1 x 1012 Btu 1 PJ 1 m boe 1 TWh
1 bn m3 of natural gas 1 35.3 0.90 0.73 1.35 36 38 6.45 10.97
1 bn cf of natural gas 0.028 1 0.026 0.021 0.038 1.03 1.08 0.18 0.29
1 m tonnes
of crude oil 		1.113 39.2 1 0.81 1.52 40.4 42.7 7.33 11.65
1 m tonnes
of LNG 		1.38 48.7 1.23 1 1.86 52 55 8.68 14.34
1 m tonnes of bituminous coal 0.74 26.1 0.66 0.54 1 26.7 28.1 4.66 8.14
1 x 1012 Btu 0.028 0.98 0.025 0.02 0.038 1 1.06 0.17 0.29
1 PJ 0.026 0.93 0.23 0.019 0.036 0.95 1 0.17 0.28
1 m boe 0.16 5.61 0.14 0.12 0.21 5.8 6.04 1 1.70
1 TWh 0.091 3.41 0.086 0.07 0.123 3.41 3.6 0.59 1

Definitions

boe barrel of oil equivalent (1 barrel equals approx. 0.136 tonnes)
Btu British thermal units; amount of heat required to raise the temperature of one pound of liquid water by one degree Fahrenheit
cf standard cubic feet

Financial calendar

  Publications dates
Annual statement - 2014 5 March 2015
Quarterly consolidated report - Q1 2015 8 May 2015
Half-yearly consolidated report - H1 2015 14 August 2015
Quarterly consolidated report - Q3 2015 6 November 2015

PGNiG provides a webcast of press conferences on the results at www.pgnig.pl in Polish and English.

Mailing list

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