Segment performance
Revenue in the Trade and Storage segment in 2018–2020
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Revenue from non-PGNiG Group customers | 29,850 | 32,415 | 31,038 |
| Inter-segment revenue | 793 | 835 | 666 |
| Total revenue, including | 30,643 | 33,250 | 31,704 |
| – high-methane and nitrogen-rich gas | 25,951 | 29,334 | 29,503 |
| – electricity | 2,858 | 2,488 | 2,010 |
Operating expenses in the Trade and Storage segment in 2018–2020
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total expenses | (21,285) | (33,934) | (32,741) |
| – depreciation and amortisation expense | (223) | (214) | (189) |
| – raw materials and consumables used | (19,499) | (31,669) | (30,940) |
| – employee benefits expense | (441) | (401) | (384) |
| – services | (824) | (745) | (707) |
| – transmission services | (171) | (175) | (143) |
| – recognition and reversal of impairment losses on property, plant and equipment and intangible assets | (5) | (5) | – |
| – work performed by the entity and capitalised | 28 | 22 | 29 |
| – other expenses, net | (150) | (747) | (406) |
Change in the T&S segment’s EBITDA 2019 vs 2020
- operating expenses on gas reduced as a result of recognition of the effect of settlement under the annex to the Yamal contract of PLN 5,689m (approximately PLN 4,915m relates to gas costs in 2014-2019) and net exchange gains on accounting for mutual settlements (approximately PLN 300m);
- revenue from sales of type E and type Ls/Lw gas (including the effect of hedging transactions) down PLN -2.9bn y/y (-10% y/y);
- net gain/(loss) on settlement of hedging instruments designated for hedge accounting of PLN +1,062m in 2020 vs PLN +571m in 2019 recognised in gas inventory as reduction in gas costs by PLN +286m (2019: PLN +97m);
- slightly higher volumes of gas imports to Poland y/y from countries east of Poland (2020: 9.00 bcm vs 2019: 8.95 bcm), higher LNG import volumes (0.33 bcm y/y) and lower from western sources (2020: 1.71 bcm vs 2019: 2.03 bcm);
- total revenue from sales of electricity: PLN 2.86bn, increase by PLN 370m (15%) y/y, with cost of energy for trading higher by PLN -288m (-12%) y/y;
- effect of reversal of a gas inventory write-down at PLN +358m. In 2019, recognition of gas inventory write-downs at PLN -256m;
- effect of recognition of a provision for energy efficiency buy-out price: PLN -233m in 2020 vs PLN -196m in 2019.
Capital expenditure made in 2020 on PGNiG Group’s property, plant and equipment in the Trade and Storage segment was PLN 90m.
Financial performance of subsidiaries
PGNiG OD’s financial performance
| PGNiG OD (PLNm) | 2020 | 2019 | 2018 |
|---|---|---|---|
| Revenue | 9,667 | 10,965 | 9,097 |
| EBITDA | 930 | 561 | 76 |
| EBIT | 897 | 534 | 67 |
| Net profit/loss | 721 | 425 | 54 |
| Total assets | 3,107 | 3,445 | 3,183 |
| Equity | 1,475 | 1,188 | 809 |
Group’s financial performance
| PST Group (EURm) | 2020 | 2019 | 2018 |
|---|---|---|---|
| Revenue | 1,036 | 1,671 | 1,531 |
| EBITDA | 3 | 3 | 0 |
| EBIT | 2 | 2 | 0 |
| Net profit/loss | 0 | 0 | (1) |
| Total assets | 233 | 350 | 418 |
| Equity | 6 | 6 | 6 |