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PGNiG : Condensed Consolidated Half Yearly Report for the 2017

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08/18/2017 | 06:57am CEST
PGNiG GROUP DIRECTORS' REPORTFOR H1 2017

(in PLN million, unless stated otherwise)

Polskie Górnictwo Naftowe i Gazownictwo S.A.

Directors' Report on the operations of PGNiG S.A and the PGNiG Group

in the first half of 2017

Definitions

Whenever any of the following acronyms and terms appear in this Directors' Report and nothing to the contrary is stated herein, these acronyms and terms should be interpreted as follows: PGNiG or the Issuer - PGNiG S.A. as the parent of the group; PGNiG Group, Group - the PGNiG Group, which includes PGNiG S.A. as the parent, and subsidiaries; PGNiG UN - PGNiG Upstream Norway AS; POGC Libya - Polish Oil and Gas Company - Libya B.V.; PSG - Polska Spółka Gazownictwa Sp. z o.o.; PST - PGNiG Supply & Trading GmbH; PGNiG OD - PGNiG Obrót Detaliczny Sp. z o.o.; GSP - Gas Storage Poland Sp. z o.o.; PGNiG TERMIKA - PGNiG TERMIKA S.A.; PGNiG Technologie - PGNiG Technologie Sp. z o.o.; GEOFIZYKA Kraków - GEOFIZYKA Kraków Sp. z o.o. w likwidacji; GEOFIZYKA Toruń - GEOFIZYKA Toruń Sp. z o.o.; GEOVITA - GEOVITA S.A.; Gazoprojekt - Biuro Studiów i Projektów Gazownictwa Gazoprojekt S.A.; EXALO - EXALO Drilling S.A.; PEC - Przedsiębiorstwo Energetyki Cieplnej S.A. w Jastrzębiu Zdroju; PGNiG TERMIKA EP - PGNiG TERMIKA Energetyka Przemysłowa S.A.; CLPB - Oddział Centralne Laboratorium Pomiarowo-Badawcze PGNiG S.A.; PGG - Polska Grupa Górnicza Sp. z o.o.; ECSW - Elektrociepłownia Stalowa Wola S.A.; URE - Energy Regulatory Office; TTF - Title Transfer Facility; PPX - Towarowa Giełda Energii S.A. (Polish Power Exchange) UGSF - Underground gas storage facilities; CGSF - Cavern gas storage facility; CHPP - combined heat and power plant; HP - heat plant; SF − storage facilities; SFG - Storage Facilities Group; EGM − Extraordinary General Meeting; GM − General Meeting; AGM - Annual General Meeting; National Court Register - National Court Register; With respect to currency and other units: amounts expressed in the złoty are designated with the acronym PLN; amounts expressed in the euro are designated with the acronym EUR; amounts expressed in the US dollars are designated with the acronym USD; amounts expressed in the Norwegian crown are designated with the acronym NOK; amounts expressed in the Swedish crown are designated with the acronym SEK; and the acronym boe is used to designate barrel of oil equivalent.

Converters

Converters

1bn m3 of natural

gas

1m tonnes of

crude oil

1m tonnes of

LNG

1 PJ

1m boe

1 TWh

1bn m3 of natural gas

1

0.90

0.73

38

6.45

10.97

1m tonnes of crude oil

1.113

1

0.81

42.7

7.33

11.65

1m tonnes of LNG

1.38

1.23

1

55

8.68

14.34

1 PJ

0.026

0.23

0.019

1

0.17

0.28

1m boe

0.16

0.14

0.12

6.04

1

1.70

1 TWh

0.091

0.086

0.07

3.6

0.59

1

TABLE OF CONTENTS

Definitions 2

Converters 2

  1. PGNiG Group in the first half of 2017 4

  2. Key financial and operating metrics 4

  3. Calendar of corporate events 5

  4. Events subsequent to the reporting date 5

  5. Companies of the PGNiG Group 6

  6. Strategy of the PGNiG Group 7
  7. Mission, vision, overriding objective 7

  8. Challenges 7

  9. Strategy of the PGNiG Group 8

  10. Risks 8

  11. Research and development 8

  12. Regulatory and market environment 10
  13. Regulatory environment 10

  14. Fuel prices and currency exchange rates 12

  15. Financial results for the first half of 2017 17
  16. Separate financial data of the Parent 17

  17. Consolidated financial data of the PGNiG Group 18

  18. Change in presentation of the PGNiG Group's segments 20

  19. Expected financial standing of the Group 21

  20. Results of the PGNiG Group by segments 22
  21. Exploration and Production 22

  22. Trade and Storage 26

  23. Distribution 33

  24. Generation 36

  25. Other Segments 38

  26. Additional information on the PGNiG Group 39
  27. Structure of the PGNiG Group 39

  28. Other ownership interests and organisational links 40

  29. Governing bodies 41

  30. Court proceedings 42

  31. Shareholding structure. PGNiG at WSE 44
  32. Shareholding structure 44

  33. Dividend 44

  34. PGNiG Group in the first half of 2017
  35. Key financial and operating metrics

  36. PLN 18.8bn

    Revenue

    PLN 4.2bn

    EBITDA

    PLN 2.8bn

    EBIT

    PLN 2.1bn

    Net profit

    PLN 45.1bn

    Total assets

    4th

    Largest company listed on the WSE

    PLN 36.5bn

    Market capitalisation

    24.9 thousand

    Number of employees

    6.4%

    ROE

    4.7%

    ROA

    8.4%

    EV/EBITDA

    17.4

    P/E

    1.1

    P/BV

    PLN 24.1m

    Average daily value of trading

    0.6 m tonnes

    Production of crude oil, condensate, and NGL

    2.2bn m3

    Production of natural gas

    14.5bn m3

    Volume of gas sold

    3.0bn m3

    Gas storage capacities

    4.8bn m3

    Volume of gas sold on PPX

    6.6bn m3

    Volume of imported gas

    6.4bn m3

    Volume of distributed gas

    132 thousand km

    Length of gas distribution network, excluding service line

    24.4 PJ

    Heat output

    2.2 Twh

    Electricity output

PGNiG - Polish Oil & Gas Company published this content on 18 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 August 2017 04:56:01 UTC.

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