SEGMENT PERFORMANCE
share:
| 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 EBITDA: 2018 vs 2019earnings before interest, taxes, depreciation and amortization
- 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
|
|
|
561
|
76
|
432
|
|
|
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
|
|
|
3
|
0
|
(1)
|
|
|
2
|
0
|
(2)
|
|
Net profit/loss
|
0
|
(1)
|
(2)
|
|
Total assets
|
350
|
418
|
199
|
|
Equity
|
6
|
6
|
7
|