INTEGRATED ESG
REPORT 2020

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PL

Consolidated Financial Statements of The PGNiG Group for 2020

Financial statements

XLS

Consolidated statement of profit or loss Note 2020 2019
Revenue from sales of natural gas* Note 3.1. 27,715 30,430
Other revenue Note 3.1. 11,482 11,593
Revenue 39,197 42,023
Cost of gas Note 3.2. (19,808) (26,686)
Effect of annex executed with PAO Gazprom/OOO Gazprom Export on cost of gas in 2014–2019 Note 3.2. 4,915 –
Other raw materials and consumables used Note 3.2. (3,224) (2,977)
Employee benefits expense Note 3.2. (3,381) (3,168)
Transmission services (1,048) (1,053)
Other services Note 3.2. (1,888) (1,828)
Taxes and charges (911) (782)
Other income and expenses Note 3.3. (159) (442)
Work performed by the entity and capitalised 1,102 1,076
Recognition and reversal of impairment losses on property, plant and equipment and intangible assets Note 3.2. (1,786) (659)
Operating profit before depreciation and amortisation (EBITDA) Note 2.2. 13,009 5,504
Depreciation and amortisation expense Note 2.2. (3,424) (3,056)
Operating profit (EBIT) Note 2.2. 9,585 2,448
Net finance costs Note 3.4. 35 (54)
Profit/(loss) from equity-accounted investees Note 2.4. (595) (235)
Profit before tax 9,025 2,159
Income tax Note 4.1. (1,685) (788)
Net profit 7,340 1,371
Net profit attributable to:
Owners of the parent 7,340 1,371
Non-controlling interests – –
Weighted average number of ordinary shares (million) 5,778 5,778
Basic and diluted earnings per share (PLN) Note 3.5. 1.27 0.24
* In the reporting period, the Company changed the presentation of revenue from sales of propane-butane. For details, see Note 2.3.
XLS

Consolidated statement of comprehensive income Note 2020 2019
Net profit 7,340 1,371
Exchange differences on translating foreign operations (10) (14)
Hedge accounting Note 7.1.3 (1,217) 919
Deferred tax** 231 (175)
Share of other comprehensive income of equity-accounted investees (1) –
Other comprehensive income subject to reclassification to profit or loss (997) 730
Actuarial losses on employee benefits (69) (32)
Deferred tax 13 6
Share of other comprehensive income of equity-accounted investees (2) (7)
Other comprehensive income not subject to reclassification to profit or loss (58) (33)
Other comprehensive income, net (1,055) 697
Total comprehensive income 6,285 2,068
Total comprehensive income attributable to:
Owners of the parent 6,285 2,068
Non-controlling interests – –
** In the reporting period, the Group changed the presentation of deferred tax relative to the comparative period: PLN 19m was reclassified to the consolidated statement of changes in equity and disclosed under ‘Change in equity recognised in net inventories’. For details, see additional information on the consolidated statement of changes in equity.
XLS

Consolidated statement of cash flows Note 2020 2019
Cash flows from operating activities
Net profit 7,340 1,371
Depreciation and amortisation expense 3,424 3,056
Current tax expense 1,685 788
Net gain/(loss) on investing activities 1,618 433
Other non-cash adjustments Note 5.5.2. 782 (384)
Income tax paid Note 4.1.1. (1,745) (852)
Movements in working capital Note 5.5.1. 1,014 526
Net cash from operating activities 14,118 4,938
Cash flows from investing activities
Payments for acquisition of tangible exploration and evaluation assets under construction Note 2.2. (952) (1,215)
Payments for other property, plant and equipment and intangible assets Note 2.2. (4,843) (4,854)
Payments for shares in related entities (2) (1)
Payments for acquisition of short-term securities (523) (10)
Proceeds from sale of short-term securities 134 30
Other items, net (68) (102)
Net cash from investing activities (6,254) (6,152)
Cash flows from financing activities
Increase in debt Note 5.1. 496 3,851
Decrease in debt Note 5.1. (3,605) (2,868)
Dividends paid Note 5.3. (520) (636)
Other items, net (24) (20)
Net cash from financing activities (3,653) 327
Net cash flows 4,211 (887)
Cash and cash equivalents at beginning of the period 3,037 3,925
Foreign exchange differences on cash and cash equivalents Note 5.5.3. (148) (1)
Impairment losses on cash and cash equivalents Note 5.5.3. (2) –
Cash and cash equivalents at end of the period 7,098 3,037
XLS

Consolidated statement of financial position Note 2020 2019
ASSETS
Property, plant and equipment Note 6.1.1. 42,565 40,002
Intangible assets Note 6.1.2. 693 729
Deferred tax assets Note 4.1.2. 42 32
Equity-accounted investees Note 2.4. 966 1 564
Derivative financial instruments 143 237
Other assets Note 8.2. 1,834 1,375
Non-current assets 46,243 43,939
Inventories Note 6.2.1. 2,684 4,042
Receivables Note 6.2.2. 5,288 5 504
Derivative financial instruments Note 7.2. 1,310 2,390
Other assets Note 8.2. 217 259
Cash and cash equivalents Note 5.4. 7,098 3,037
Assets held for sale Note 8.1. 31 14
Current assets 16,628 15,246
TOTAL ASSETS 62,871 59,185
EQUITY AND LIABILITIES
Share capital and share premium 7,518 7,518
Hedging reserve (16) 739
Accumulated other comprehensive income (315) (246)
Retained earnings 36,939 30,097
Equity attributable to owners of the parent 44,126 38,108
Equity attributable to non-controlling interests (1) (1)
TOTAL EQUITY 44,125 38,107
Financing liabilities Note 5.1. 3,859 3,507
Derivative financial instruments 285 20
Employee benefit obligations Note 6.3.1. 1,046 890
Provision for decommissioning, restoration and environmental remediation costs Note 6.3.2. 3,241 2,510
Other provisions Note 6.3.3. 135 124
Grants Note 6.3.4. 695 705
Deferred tax liabilities Note 4.1.2. 2,228 2,383
Other liabilities Note 6.3.5. 177 239
Non-current liabilities 11,666 10,378
Financing liabilities Note 5.1. 325 3,245
Derivative financial instruments Note 7.2. 1,113 1,277
Trade and tax payables* Note 6.2.3. 3,297 3,487
Employee benefit obligations Note 6.3.1. 468 398
Provision for decommissioning, restoration and environmental remediation costs Note 6.3.2. 70 61
Other provisions Note 6.3.3. 789 701
Grants Note 6.3.4. 49 48
Other liabilities Note 6.3.5. 969 1,483
Current liabilities 7,080 10,700
TOTAL LIABILITIES 18,746 21,078
TOTAL EQUITY AND LIABILITIES 62,871 59,185
* Including income tax: PLN 168m (2019: PLN 132m).
XLS

Consolidated statement of changes in equity
Equity attributable to owners of the parent Equity attributable to non-controlling interests Total equity
Share capital and share premium, including: Hedging reserve Accumulated other comprehensive income: Retained earnings Total
Share capital Share premium Translation reserve Revaluation of financial assets available for sale Actuarial gains/(losses) on employee benefits Share of other comprehensive income of equity-accounted investees
As at Jan 1 2019 5,778 1,740 73 (112) – (91) 0 29,246 36,634 (2) 36,632
Impact of IFRS 16 – – – – – – – 119 119 – 119
Net profit – – – – – – – 1,371 1,371 – 1,371
Other comprehensive income, net* – – 744 (14) – (26) (7) – 697 – 697
Total comprehensive income – – 744 (14) – (26) (7) 1,371 2,068 – 2,068
Change in equity recognised in net inventories* – – (78) – – – – – (78) – (78)
Dividend – – – – – – – (636) (636) – (636)
Changes in the Group – – – 4 – – – (3) 1 1 2
As at Dec 31 2019 5,778 1,740 739 (122) – (117) (7) 30,097 38,108 (1) 38,107
Net profit – – – – – – – 7,340 7,340 – 7,340
Other comprehensive income, net – – (986) (10) – (56) (3) – (1,055) – (1,055)
Total comprehensive income – – (986) (10) – (56) (3) 7,340 6,285 – 6,285
Change in equity recognised in net inventories – – 231 – – – – – 231 – 231
Dividend – – – – – – – (520) (520) – (520)
Changes in the Group – – – – – – – 22 22 – 22
As at Dec 31 2020 5,778 1,740 (16) (132) – (173) (10) 36,939 44,126 (1) 44,125
* In the reporting period, the Group changed the presentation of deferred tax disclosed in the consolidated statement of comprehensive income relative to the presentation for the period ended December 31st 2019. The change consisted in the reclassification of deferred tax calculated on hedge accounting to the extent recognised in inventories, previously presented in the consolidated statement of comprehensive income, directly to the consolidated statement of changes in equity, where it was disclosed under ‘Change in equity recognised in net inventories’. As a result, the line item ‘Change in equity recognised in inventories’ is presented on a net basis, i.e. including deferred tax. The comparative data for the period ended December 31st 2019 was adjusted for PLN 19m.
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