SEGMENT PERFORMANCE
share:
| Revenue in the Distribution segment in 2017–2019 [PLN m] | |||
|
2019
|
2018
|
2017*
|
|
Revenue from non-PGNiG Group customers
|
4,481
|
4,604
|
4,753
|
|
Inter-segment revenue
|
106
|
323
|
184
|
|
Total revenue, including
|
4,587
|
4,927
|
4,937
|
|
- distribution services
|
4,208
|
4,414
|
4,595
|
| * Data reflecting the potential impact of IFRS 15. | |||
| Operating expenses in the Distribution segment in 2017–2019 [PLN m] | |||
|
2019
|
2018
|
2017*
|
|
Total expenses
|
(3,607)
|
(3,469)
|
(3,369)
|
|
- depreciation and amortisation expense
|
(1,015)
|
(927)
|
(925)
|
|
- raw materials and consumables used
|
(246)
|
(436)
|
(365)
|
|
- employee benefits expense
|
(1,394)
|
(1,177)
|
(1,149)
|
|
- services
|
(250)
|
(259)
|
(193)
|
|
- transmission services
|
(655)
|
(635)
|
(641)
|
|
- recognition and reversal of impairment losses on property, plant and equipment and intangible assets
|
6
|
(2)
|
3
|
|
- work performed by the entity and capitalised
|
346
|
288
|
230
|
|
- other expenses, net
|
(399)
|
(321)
|
(329)
|
| * Data restated to ensure comparability following adoption of the new IFRS 9 and IFRS 15 with effect from January 1st 2018. | |||
Change in the Distribution segment’s EBITDA: 2018 vs 2019 [PLN m]earnings before interest, taxes, depreciation and amortization
- Stable gas distribution volumes of 11.53 bcm (-2% yoy), with average temperatures up 0.6°C yoy.
- Revenue from distribution services down by PLN 206m (-5% yoy), mainly due to reduction in tariff prices effective from February 15th 2019 (approximately 5% down relative to former tariff).
- Net income/cost of system balancing: PLN -30m in 2019, compared with PLN -57m in 2018.
- Employee benefits expense up by PLN 217m (+18% yoy) due to higher salaries and wages and other remuneration components, i.e. bonuses and social security contributions.
Capital expenditure made in 2019 on PGNiG Group’s property, plant and equipment in the Distribution segment was PLN 2,278m, that is 114% of the planned amount. Compared with 2018, the capital expenditure increased by 26%.
Financial performance of subsidiaries
| PSG Group’s financial performance | |||
|
PSG Group (PLNm)
|
2019
|
2018
|
2017
|
|
Revenue
|
4,587
|
4,927
|
4,937
|
|
|
1,985
|
2,346
|
2,469
|
|
|
960
|
1,412
|
1,535
|
|
Net profit/loss
|
700
|
1,121
|
1,250
|
|
Total assets
|
17,642
|
15,190
|
14,834
|
|
Equity
|
11,750
|
12,123
|
11,937
|