Key figures of the PGNiG Group

Key figures PLN 2015 2014 2013 2012 2011 2010 2009
PLN m
Sales revenue 36 464 34 304 32 120 28 730 23 004 21 281 19 332
EBIT 3 290 3 843 3 149 2 533 1 686 2 887 1 375
EBIT margin 9.0% 11.2% 9.8% 8.8% 7.3% 13.6% 7.1%
EBITDA 6 080 6345 5 612 4 602 3 260 4 411 2 871
EBITDA margin 16.7% 18.5% 17.5% 16.0% 14.2% 20.7% 14.9%
Net profit 2 136 2 822 1 920 2 234 1 626 2 457 1 237
PLN m
Assets 49 825 48 926 47 144 47 917 37 964 33 642 31 074
Equity 30 741 30 169 28 453 27 247 24 497 23 519 21 435
Net debt 143 2 880 4 834 8 263 3 494 826 832
PLN
EPS 0.36 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
Download XLS file
Key figures EUR 2015 2014 2013 2012 2011 2010 2009
EUR m
Sales revenue 8 715 8 197 7 652 6 865 5 584 5 327 4 467
EBIT 786 918 750 610 409 723 318
EBIT margin 9.0% 11.2% 9.8% 8.9% 7.3% 13.6% 7.1%
EBITDA 1 453 1 516 1 337 1 100 791 1 104 663
EBITDA margin 16.7% 18.5% 17.5% 16.0% 14.2% 20.7% 14.9%
Net profit 511 674 457 534 395 615 286
EUR m
Assets 11 692 11 479 11 368 11 721 8 595 8 495 7 564
Equity 7 214 7 078 6 861 6 665 5 546 5 939 5 218
Net debt 34 676 1 166 2 021 791 209 202
EUR
EPS 0.09 0.11 0.08 0.09 0.07 0.11 0.05
DPS 0.05 0.04 0.03 0.00 0.03 0.02
Download XLS file

*average exchanege rate EUR / PLN – 2011 (4,1198); 2012 (4,1850); 2013 (4,1975); 2014 (4,1852); 2015 (4,1839)
**EUR / PLN exchange rate as at the end of the period – 2011 (4,4168); 2012 (4,0882); 2013 (4,1472); 2014 (4,2623);
2015 (4,2615)

Main ratios & employment

Financial ratios 2015 2014 2013 2012 2011 2010 2009
ROE 6.9% 9.4% 6.7% 8.2% 6.6% 10.4% 5.8%
ROA 4.3% 5.8% 4.1% 4.7% 4.3% 7.2% 4.0%
Current ratio 2.5 2.2 1.6 1.2 0.9 1.2 1.1
Quick ratio 2.1 1.6 1.1 0.9 0.7 1.0 0.9
Debt to liabilities 38.3% 38.3% 39.6% 43.1% 35.5% 30.1% 31.0%
Debt to equity 62.1% 62.2% 65.7% 75.9% 55.0% 43.0% 45.0%
Employment at the end of period, by segments 2015 2014 2013 2012 2011
persons
PGNiG Head Office 675 689 606 617 838
Exploration and Production 8903 10221 10754 10990 12054
Trade and Storage 2787 3240 3464 3 780 3 841
Distribution 10 678 12 173 13 050 13 255 13 865
Generation 1 071 1 068 1 066 1 069 -
Other 1 305 1 605 1 990 2 327 2 185
Total employment 25419 28 996 30 930 32038 32783
Download XLS file

Key share data

Share indicators based on year-end share price 2015 2014 2013 2012 2011 2010 2009
Price/ Earnings 14.3 9.3 15.6 13.7 14.6 8.5 18.0
Price/Book value 1.0 0.9 1.1 1.1 0.9 0.9 1.0
Price/Cash Flow 6.2 4.9 6.9 7.1 7.5 5.3 8.2
EV/EBITDA 5.0 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 5 900
DPS 0.20 0.15 0.13 0.00 0.12 0.08
EPS 0.36 0.48 0.33 0.38 0.28 0.42 0.21
Highest price* 6.95 5.33 6.55 5.21 4.64 3.91 4.57
Lowest price ** 4.20 4.17 5.14 3.62 3.45 3.16 3.24
Year-end share price 5.14 4.45 5.15 5.21 4.08 3.57 3.79
Yearly average share price 5.94 4.85 5.83 4.06 3.97 3.57 3.79
Dividend yield *** - 4.12% 2.57% 3.20% - 3.36% 2.11%
PLN m
Year-end market cap 30 326 26 255 30 385 30 739 24 072 21 063 22 361
Capitalization based on yearly average price 35 046 28 615 34 397 23 954 23 423 21 063 22 361
Year-high market cap **** 41 005 31 447 38 645 30 739 27 376 23 069 26 963
Year-low market cap ***** 24 780 24 603 30 326 21 358 20 355 18 644 19 116
Download XLS file

*  07 .07 .2011; 28 .12 .2012; 07 .08 .2013; 23 .07 .2014; 22 .06 .2015
**  14 .01 .2011; 27 .02 .2012; 27 .12 .2013; 24 .03 .2014; 16 .01 .2015
***  Dividend yield = annual dividend per share / yearly average share price
**** 07 .07 .2011; 28 .12 .2012; 07 .08 .2013; 23 .07 .2014; 22 .06 .2015
*****  14 .01 .2011; 27 .02 .2012; 27 .12 .2013; 24 .03 .2014; 16 .01 .2015

Share price and shareholders structure

Shareholders structure 2015 2014 2013 2012 2011 2010 2009
State Treasury 70.8% 72.4% 72.4% 72.4% 72.41% 72.44% 72.94%
Others 29.2% 27.6% 27.6% 27.6% 27.59% 27.56% 27.06%
Download XLS file

Consolidated income statement

Consolidated income statement 2015 2014 2013 2012 2011 2010 2009
PLN m
Sales revenue 36 464 34 304 32 120 28 730 23 004 21 281 19 332
Total operating expenses, including: -33 174 -30 462 -28 971 -26 197 -21 318 -18 394 -17 957
- Raw and other materials used -24 216 -21 229 -19 512 -17 447 -14 059 -11 675 -11 523
- Employee benefits -2 714 -2 827 -3 214 -3 054 -2 809 -2 647 -2 454
- External services -2 674 -2 843 -2 808 -3 060 -3 241 -3 149 -2 964
Operating profit 3 290 3 843 3 149 2 533 1 686 2 887 1 375
Financial income 80 86 69 216 136 81 203
Financial expenses -305 -432 -465 -380 -152 -30 -95
Share in profit/loss of undertakings valued with equity method -51 129 -44 173 43 -1 0
Pre-tax profit 3 014 3 626 2 709 2 542 1 712 2 936 1 483
Corporate income tax -878 -804 -789 -308 -87 -479 -246
Net profit 2 136 2 822 1 920 2 234 1 626 2 457 1 237
- Attributable to equity holders of the parent company 2 134 2 823 1 918 2 236 1 627 2 454 1 235
- Attributable to minority intrests 2 -1 2 -2 -1 3 2
Download XLS file

Consolidated statement of financial position

Assets 2015 2014 2013 2012 2011 2010 2009
PLN m
Non-current assets, including 36 959 37 692 36 239 37 084 30 435 27 433 24 658
- Property, plant and equipment 32 967 33 528 33 033 33 784 28 427 25 662 22 889
- Investments in associated undertakings valued with equity method 840 856 727 771 598 556 557
Current assets, including: 12 866 11 234 10 905 10 833 7 529 6 210 6 417
- Inventories 2 229 3 189 3 378 3 064 2 082 1 050 1 259
- Trade and other receivables 3 372 4 236 4 086 5 374 3 378 3 387 3 680
- Cash and cash equivalents 6 239 2 958 2 827 1 948 1 505 1 373 1 196
Total assets 49 825 48 926 47 144 47 917 37 964 33 643 31 074
Equity and liabilities 2015 2014 2013 2012 2011 2010 2009
PLN m
Total equity, including: 30 741 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 5 900
- Retained earnings 23 733 22 794 20 856 19 693 2 723 3 655 2 380
- Equity attributable to minority intrests 5 5 6 4 7 13 10
Total liabilities, including: 19 084 18 757 18 691 20 670 13 468 10 123 9 639
- Total long-term liabilities, including: 12 795 12 384 10 853 11 057 5 622 4 973 3 740
- Loans, borrowings and debt secutities 5 799 5 069 5 385 5 509 1 382 970 44
- Total short-term liabilities, including: 6 289 6 373 7 838 9 613 7 846 5 150 5 899
- Loans, borrowings and debt secutities 583 769 2 276 4 702 3 617 1 229 1 984
Total equity and liabilities 49 825 48 926 47 144 47 917 37 965 33 643 31 074
Download XLS file

Consolidated statement of cash flows

Consolidated statement of cash flows 2015 2014 2013 2012 2011 2010 2009
PLN m
Net cash from operating activities, including: 7 258 6 979 7 813 2 552 2 468 3 843 2 555
- Net profit 2 136 2 822 1 920 2 234 1 626 2 457 1 237
- Depreciation and amortization 2 790 2 502 2 463 2 069 1 574 1 525 1 496
- Profit (loss) on investing activities 578 739 568 138 86 -346 -212
- Income tax paid -833 -677 -495 -591 -396 -216 -556
- Change in receivables, net 823 -128 1 310 -1 734 12 -361 62
- Change in inventories 960 189 -321 -620 -1 031 217 462
- Change in current liabilities -255 -477 394 248 315 239 -571
Net cash from investment activities -3 147 -3 680 -3 060 -6 149 -4 019 -3 559 -3 638
Net cash from financial activities -829 -3 169 -3 874 4 040 1 682 -108 858
Cash and cash equivalents at the end of the period 6 238 2 956 2 826 1 947 1 504 1 373 1 196
Download XLS file

Operating expenses

Operating expenses 2015 2014 2013 2012 2011 2010 2009
PLN m
Raw and other materials used -24 216 -21 229 -19 873 -17 447 -14 059 -11 675 -11 523
Employee benefits -2 714 -2 827 -3 214 -3 054 -2 809 -2 647 -2 454
Depreciation and amortization -2 790 -2 502 -2 463 -2 069 -1 574 -1 525 -1 496
Contracted serivces -2 674 -2 843 -3 245 -3 060 -3 241 -3 149 -2 964
Cost of products and services for internal puroposes 953 980 983 1 006 1 001 1 043 900
Other operating expenses -1 734 -2 040 -1 520 -1 573 -637 -442 -420
Total operating expenses -33 174 -30 461 -28 971 -26 197 -21 318 -18 394 -17 957
Raw and other materials used 2015 2014 2013 2012 2011 2010 2009
PLN m
Cost of gas sold -22 005 -18 750 -17 569 -15 714 -13 353 -11 005 -10 862
Fuels for electricity and heat generation -695 -760 -908 -984 - - -
Electricity for trading -917 -1 093 -670 -
Other raw and other materials used -599 -626 -726 -749 -706 -670 -661
Contracted services 2015 2014 2013 2012 2011 2010 2009
PLN m
Purchases of transmission services -1 156 -1 076 -1 474 -1 454 -1 463 -1 531 -1 354
Costs of written off dry wells -169 -282 -132 -127 -276 -162 -265
Other contracted services -1 349 -1 485 -1 639 -1 479 -1 502 -1 455 -1 449
Download XLS file

Operating segments

Segments 2015 2014 2013 2012 2011 2010 2009
PLN m
Exploration and Production 1 095 2 006 2 331 1 353 1 126 588 174
Trade and Storage 382 583 -8 325 -184 815 113
Distribution* 1 449 1 138 739 878 784 1 491 1 086
Generation 367 162 144 15
Download XLS file

* 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 recoverable amount. The 1,317m PLN write-off was revesed during 2009-2010 following a significant improvement of the Distribution segment's profitability.

Exploration and Production 2015 2014 2013 2012 2011 2010 2009
PLN m
Total segment revenue 4 854 6 071 6 261 4 325 4 081 3 452 3 201
Total segment costs -3 760 -4 065 -3 930 -2 972 -2 954 -2 864 -2 865
EBIT 1 095 2 006 2 331 1 353 1 126 588 337
Segment assets 14 743 15 442 15 364 16 580 14 923 12 797 11 063
Segment liabilities 4 065 5 532 4 954 5 823 2 177 1 863 1 608
Capital expenditure -1 460 -2 063 -1 630 -1 676 -2 537 -2 193 -1 913
Trade and Storage 2015 2014 2013 2012 2011 2010 2009
PLN m
Total segment revenue 31 743 28 826 25 659 23 713 20 045 19 080 17 371
Total segment costs -31 361 -28 242 -25 667 -23 388 -20 229 -18 264 -17 421
EBIT 382 583 -8 325 -184 815 -50
Segment assets 18 283 18 299 17 344 18 650 12 117 10 447 10 201
Segment liabilities 4 615 4 873 4 634 3 937 2 774 3 536 2 921
Capital expenditure -171 -269 -341 -719 -619 -506 -780
Download XLS file
Distribution 2015 2014 2013 2012 2011 2010 2009
PLN m
Total segment revenue 4 584 4 283 4 250 3 583 3 471 3 538 3 040
Total segment costs -3 135 -3 145 -3 511 -2 705 -2 687 -2 047 -1 995
EBIT 1 449 1 138 739 878 784 1 491 1 045
Segment assets 14 331 14 142 14 067 13 089 12 420 12 228 11 039
Segment liabilities 2 515 2 638 2 879 2 234 1 915 1 932 1 872
Capital expenditure -1 179 -1 091 -1 110 -1 141 -1 125 -958 -1 127
Generation 2015 2014 2013 2012 2011 2010 2009
PLN m
Segment’s total revenue 1 888 1 943 2 063 1 957
Total segment costs -1 520 -1 781 -1 919 -1 942
EBIT 367 162 144 15
Segment assets 4 256 4 184 4 124 4 345
Segment liabilities 2 016 2 049 1 943 2 870
Capital expenditure -353 -285 -203 -196
Other operations 2015 2014 2013 2012 2011 2010 2009
PLN m
Total segment revenue 325 325 424 543 504 568 461
Total segment costs -330 -393 -489 -563 -509 -541 -439
EBIT -6 -68 -65 -20 -4 27 21
Segment assets 281 387 411 483 490 415 366
Segment liabilities 128 219 187 171 95 131 136
Capital expenditure -7 -10 -13 -29 -17 -13 -20
Download XLS file

Production of gas, crude oil and other products

Wydobycie gazu i ropy naftowej 2015 2014 2013 2012 2011 2010 2009
mcm
High-methane gas 2 031 1 876 1 890 1 608 1 615 1 612 1 637
Nitrogen-rich gas* 2 599 2 627 2 692 2 710 2 714 2 609 2 468
Total natural gas 4 630 4 503 4 582 4 317 4 329 4 220 4 105
ths tons
Crude oil, condensate and NGLs 1 428 1 207 1 099 492 468 501 504
Total natural gas, crude oil, condensate and NGLs in mboe 40 38 38 31 31 31 30
Other products 2015 2014 2013 2012 2011 2010 2009
ths tons
Propane-butane gas 35 32 30 23 21 21 20
Sulphur 41 41 39 25 24 25 25
LNG 25 30 32 28 23 27 20
mcm
Helium 2.8 2.9 3.0 3.3 3.4 3.1 2.5
Download XLS file

Reserves of gas and crude oil

Natural gas 2015 2014 2013 2012 2011 2010 2009
mboe
Poland 500 527 550 579 589 592 608
Norway 38 43 40 43 43 35 36
Pakistan 51 53 53 53 53 53 29
Total 589 622 643 675 685 680 673
Crude oil, condensate and NGLs 2015 2014 2013 2012 2011 2010 2009
mboe
Poland 130 136 141 146 149 151 147
Norway 49 38 21 26 26 23 23
Total 179 174 162 172 175 174 170
Download XLS file

Natural gas and crude oil sales volume

Natural gas and crude oil sales volume 2015 2014 2013 2012 2011 2010 2009
mcm
Natural gas 23 000 18 609 16 208 14 913 14 277 14 417 13 284
ths tons
Crude oil, condensate and NGLs 1 391 1 169 1 106 485 467 500 506

PGNiG Group’s gas sales volumes by customer group

 
 2014
 2015

 

Download XLS file

Sales revenue

Sales revenue 2015 2014 2013 2012 2011 2010 2009
PLN m
High-methane gas 28 541 25 726 23 540 22 309 19 014 17 888 16 208
Nitrogen-rich gas 1 425 1 402 1 430 1 389 1 217 1 187 1 281
Crude oil, condensate and NGLs 1 878 2 654 2 757 1 263 1 100 842 664
Helium 75 120 183 161 58 44 37
Electricity 1 571 1 695 1 360 842 11 - -
Heat 1 127 1 079 1 069 978 - - -
Geophysical and geological services 115 281 252 329 448 279 226
Exploration services 267 480 653 586 578 408 377
Other sales 1 467 620 876 874 578 633 538
Total sales revenues 36 464 34 057 32 120 28 730 23 004 21 281 19 332
Download XLS file

Sources of natural gas

Sources of natural gas 2015 2014 2013 2012 2011 2010 2009
mcm
Domestic production 4 005 4 027 4 211 4 317 4 329 4 220 4 105
Imports 9 330 9 700 10 850 11 001 10 915 10 066 9 136
Eastern direction 8 155 8 097 8 733 9 018 9 336 9 034 8 142
Western direction 1 169 1 225 1 564 1 427 1 370 1 032 993
Northern direction 0 0 0 0 0 0 0
Southern direction 6 378 553 556 209 0 0
Total 13 335 13 726 15 061 15 318 15 245 14 287 13 241
Download XLS file

Gas storage facilities

Download XLS file

Currency exchange rates

Yearly average exchange rate 2015 2014 2013 2012 2011 2010 2009
USD/PLN 3.7701 3.1551 3.1608 3.257 2.9634 3.0157 3.1162
EUR/PLN 4.1839 4.1852 4.1975 4.185 4.1198 3.9946 4.3273
Exchange rate at the end of the period 2015 2014 2013 2012 2011 2010 2009
USD/PLN 3.9011 3.5073 3.0120 3.0996 3.4174 2.9641 2.8503
EUR/PLN 4.2615 4.2623 4.1472 4.0882 4.4168 3.9603 4.1082

 Source: National Bank of Poland

Average prices of crude oil Q1 Q2 Q3 Q4 Q1-Q4
USD/bbl
2009 45.0 59.3 68.3 74.9 62.0
2010 76.8 78.6 76.4 86.9 79.7
2011 105.2 116.8 112.9 109.3 111.1
2012 118.7 108.7 109.9 110.5 112.0
2013 112.8 103.0 110.0 109.4 108.8
2014 107.9 109.7 102.2 76.1 99.0
2015 53.9 62.1 50.2 43.3 52.4
Download XLS file

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

Conversion rates

Conversion rates 1 bcm of natural gas 1 bn cf of natural gas 1 mn tons of crude oil 1 mn tons of LNG 1 mn tons of hard coal 1 x 10^12 Btu 1 PJ 1 m boe 1 TWh
1 mld m3 gazu ziemnego 1 35.3 0.90 0.73 1.35 36 38 6.45 10.97
1 mld cf gazu ziemnego 0.028 1 0.026 0.021 0.038 1.03 1.08 0.18 0.29
1 mln t ropy naftowej 1.113 39.2 1 0.81 1.52 40.4 42.7 7.33 11.65
1 mln t LNG 1.38 48.7 1.23 1 1.86 52 55 8.68 14.34
1 mln t węgla kamiennego 0.74 26.1 0.66 0.54 1 26.7 28.1 4.66 8.14
1 bln 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 mln boe 0.16 5.61 0.14 0.12 0.21 5.8 6.04 1 1.70
1 TWh 0.096 3.41 0.086 0.07 0.123 3.41 3.6 0.59 1
Download XLS file
Previous section Previous page Next section Next page
Download report as a pdf file Download data in XLS tables See interactive charts Contact
Polish Oil and Gas Company (PGNiG)
KRS 0000059492, NIP 525-000-80-28, share capital 5 900 000 000 PLN - fully paid
PGNiG Head Office 25 M. Kasprzaka St., 01-224 Warsaw
Phone: +48 22 589 45 55, fax : +48 22 691 82 73