Other Activities

­PGNiG Energia

The business of PGNiG Energia SA involves execution of power engineering projects, investments in gas-fired cogeneration and pilot biogas projects. The company also trades in electricity on the wholesale market, and in carbon and other greenhouse gas allowances.

The largest project implemented in cooperation with Elektrownia Stalowa Wola SA is the construction of a CCGT unit with 400 MW electricity and 229 MW heat capacity in Stalowa Wola. In 2011, the company continued the organisational and investment activities related to the project, as part of which an agreement on operation of an SPV (Elektrociepłownia Stalowa Wola SA, in which ­PGNiG Energia holds a 50% interest) was executed, the share capital of the SPV was increased, and the procedure for selecting the general contractor was commenced.

Further, in 2011 PGNiG executed a comprehensive gas supply agreement with Elektrociepłownia Stalowa Wola SA, while Elektrociepłownia Stalowa Wola SA executed an electricity sales agreement with PGNiG Energia and TAURON Polska ­Energia SA. The agreements will come into force on the condition precedent that relevant agreements are executed to secure the financing for construction, start-up and launch of the CCGT unit in Stalowa Wola.

In 2011, ­PGNiG Energia started to provide a comprehensive range of services related to electricity purchasing to members of the ­PGNiG Group and one external customer. In the carbon allowances trading segment, the company signed three contracts based on the EFET (European Federation of Energy Traders) standards.

On January 31st 2012, ­PGNiG Energia began trading in electricity and CO2 emission allowances on the Polish Power Exchange.

In 2012, the company will continue its organisational and investment activities as part of the Stalowa Wola project, including in particular selection of the general contractor and share capital increase at the SPV. The company will also continue wholesale trade in electricity and related products on exchanges and OTC platforms.

Entity 2011 2010
Revenue PLN m 24.2 4.7
Net profit (loss) PLN m −1.8 −0.6
Equity PLN m 27.4 5.4
Total assets PLN m 32.4 7.5
Headcount as at December 31 persons 48 20

­PGNiG Technologie

­PGNiG Technologie Sp. z o.o. was established in 2010 to consolidate construction and assembly companies within ­PGNiG Group’s “Other Activities” segment. On December 22nd 2011, the consolidation process involving the merger of BUG ­Gazobudowa Sp. z o.o., ZUN Naftomet Sp. z o.o., BN Naftomontaż Sp. z o.o. and ZRUG Sp. z o.o. into ­PGNiG Technologie was completed. All assets of the merged companies were transferred to ­PGNiG Technologie. The consolidation of the construction and assembly resources into one strong entity will help enhance its competitive position on the domestic and international markets.

­PGNiG Technologie offers construction and assembly services, including construction of gas transmission and gas distribution pipelines and infrastructure, such as nodes, gas compressor stations, and gas stations, development of gas reserves and construction of oil and gas production facilities, construction and extension of underground gas storage facilities, manufacture of field equipment and drilling rig components, as well as manufacture and repair of equipment for the coal mining industry. The services offered by the company also include repair of drilling and production equipment.

In 2012 and beyond, ­PGNiG Technologie intends to develop its business in the current market segment, while seeking to ensure that its technical resources and production capabilities deliver maximum leverage. As part of its development plan, the company intends to become a provider of complete design, construction and installation services for the oil and gas industry in Poland and abroad. ­PGNiG will continue to be the key customer for ­PGNiG Technologie.

In 2010, ­PGNiG consolidated ­PGNiG Technologie’s subsidiaries as separate entities. Consequently, the data for 2010 was restated to ensure comparability with the 2011 figures.

Entity 2011 2010
Revenue PLN m 409.2 469.9
Net profit (loss) PLN m 0.6 21.6
Equity PLN m 165.4 116.3
Total assets PLN m 293.8 306.5
Headcount as at December 31 persons 1,507 1,688
Other Activities

Gazoprojekt

Biuro Studiów i Projektów Gazownictwa ­Gazoprojekt SA offers comprehensive design services for gas production, storage, transmission and distribution projects, and for gas system stations and switching stations. With a 75% equity interest, ­PGNiG is the majority shareholder in the company. 25% of the Gazoprojekt shares are held by natural persons (company employees).

In 2011, Gazoprojekt generated revenue of PLN 45.4 m, of which 59% was derived from services rendered to customers outside the ­PGNiG Group. The key third-party customers were OGP Gaz-System SA and PBG SA. In 2011, Gazoprojekt drafted project design documents for the construction of Gustorzyn-Odolanów and Świnoujście-Szczecin high-pressure gas pipelines, and provided supervision services for the Wierzchowice underground storage facility construction project.

In 2012, the company plans to deliver work under awarded contracts. The largest ones include a contract for the preparation of design documentation for the Odolanów node extension project commissioned by OGP Gaz-System SA; a contract for the preparation of preliminary and design documentation under the KRNiGZ LMG-Paproć high-pressure gas pipeline construction project; and preparation of design documentation for other projects involving construction of gas pipelines and service lines.

  Entity 2011 2010
Revenue PLN m 45.4 95.8
Net profit (loss) PLN m 4.5 4.3
Equity PLN m 38.1 33.6
Total assets PLN m 48.7 55.0
Headcount as at December 31 persons 243 246

Geovita

Geovita Sp. z o.o. offers hospitality and catering services in Poland, through 11 own facilities and three leased hotels. The company’s facilities form a network of recreational, training and spa centres. They are located either at the sea coast, in mountain areas or in the central part of Poland. The company offers its services to Polish and foreign customers.

In 2011, Geovita expanded its hotel management business by adding new accommodation facilities. Since October 2011, the company has operated two ­PGNiG-owned hotels: Bukowy Dworek in Gronów and Perła Bieszczadów in Czarna. The facility management agreement is effective until September 2013.

In 2011, Geovita reported total revenue of PLN   m, including ca. PLN 8 m from hotel management services. Most of the company’s customers were from outside the ­PGNiG Group, and accounted for 73% of the company’s total revenue.

In 2012, the company will continue the restructuring process. A plan is in place to transform Geovita Sp. z o.o. (a limited liability company) into a joint stock company in 2012. In the future, the company intends to expand its customer base and roll out uniform service standards across its network.

  Entity 2011 2010
Revenue PLN m 36 32.8
Net profit (loss) PLN m −1.2 0.2
Equity PLN m 77.9 79.1
Total assets PLN m 98.5 100.8
Headcount as at December 31 persons 349 303