SEGMENT PERFORMANCE

Revenue in the Trade and Storage segment in 2017–2019

 
2019
2018
2017*
Revenue from non-PGNiG Group customers
32,415
31,038
29,932
Inter-segment revenue
835
666
563
Total revenue, including
33,250
31,704
30,496
- high-methane and nitrogen-rich gas,
29,334
29,503
28,167
- electricity
2,488
2,010
2,012
* Data reflecting the potential impact of IFRS 15.

Operating expenses in the Trade and Storage segment in 2017–2019

 
2019
2018
2017*
Total expenses
(33,934)
(32,741)
(27,179)
- depreciation and amortisation expense
(214)
 (189)
(205)
- raw materials and consumables used
(31,669)
(30,940)
(25,271)
- employee benefits expense
(401)
(384)
(326)
- services
(745)
(707)
(591)
- transmission services
(175)
(143)
(154)
- recognition and reversal of impairment losses on property, plant and equipment and intangible assets
(5)
-
(364)
- work performed by the entity and capitalised
22
29
62
- other expenses, net
(747)
(406)
(331)
* Data restated to ensure comparability following adoption of the new IFRS 9 and IFRS 15 with effect from January 1st 2018.

Change in the T&S segment’s EBITDAear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion: 2018 vs 2019

 

  • Revenue from sale of gas (including the effect of hedging transactions) up PLN 0.8bn yoy (to approximately PLN 30bn), with sales volumes up +6% yoy in the segment of non-PGNiG customers.
  • Gain/loss realised on hedging instruments designated for hedge accounting: PLN +571m in 2019 vs PLN -362m in 2018.
  • Lower yoy gas imports from countries east of Poland (2019: 8.95 bcm vs 2018: 9.04 bcm). Higher LNG import volumes (+0.71bcm yoy) and from western sources (2019: 2.03bcm vs 2018: 1.42bcm).
  • Total revenue from sale of electricity: PLN 2.5bn, up PLN 0.5bn (+24%) yoy, with cost of energy for trading up PLN 524m (+27%) yoy.
  • Gas inventory write-down up PLN -305m in 2019; in 2018, gas inventory write-down of PLN -21m. As at the end of 2019, the write-downs totalled PLN -376m.
  • Effect of recognition of a provision for energy efficiency buy-out price: PLN -196m in 2019 vs PLN -69m in 2018.

 

Capital expenditure made in 2019 on PGNiG Group’s property, plant and equipment in the Trade and Storage segment was PLN 159m, that is 72% of the planned amount. Compared with 2018, the capital expenditure increased by 47%.

Financial performance of subsidiaries

PGNiG OD’s financial performance
PGNiG OD (PLNm)
2019
2018
2017
Revenue
10,965
9,097
11,934
EBITDAear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion
561
76
432
EBITear­nings be­fo­re in­te­rest and ta­xes
534
67
425
Net profit/loss
425
54
346
Total assets
3,445
3,183
2,549
Equity
1,188
809
1,056

PST Group’s financial performance
PST Group (EURm)
2019
2018
2017
Revenue
1,671
1,531
1,077
EBITDAear­nings be­fo­re in­te­rest, ta­xes, de­pre­cia­tion and amor­ti­za­tion
3
0
(1)
EBITear­nings be­fo­re in­te­rest and ta­xes
2
0
(2)
Net profit/loss
0
(1)
(2)
Total assets
350
418
199
Equity
6
6
7