DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

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Dispute with EMFESZ NG Sp. z o.o. Directors’ Report on PGNiG S.A.’s Operations in 2008 On March 9th 2006, proceedings before the President of URE were instigated upon a motion filed by EMFESZ NG Polska Sp. z o.o. regarding refusal to execute an agreement on provision of gaseous fuel storage services. On June 11th 2007, a team of URE experts completed their work aimed at preparing an expert opinion on the technological feasibility of provision of gas storage services by PGNiG S.A. to third parties. On August 24th 2007, the President of URE announced that the relevant decision would be made by October 24th 2007. Afterwards, by virtue of subsequent documents, the President of URE was continuously postponing this date up to February 24th 2008. On February 25th 2008, he passed a resolution suspending the proceedings until the decision of the European Commission on the introductory issue regarding examination of the President of URE’s stand on PGNiG’s request for temporary exemption from the obligation to store gaseous fuels. 42 of 55
Directors’ Report on PGNiG S.A.’s Operations in 2008 Chapter IX: Financial Standing 1. Financial Performance in 2008 The 2008 financial statements of PGNiG S.A. and the 2008 consolidated financial statements of the PGNiG Group have been audited by Deloitte Audyt Sp. z o.o. The agreement with the auditor was concluded on August 16th 2007 for a term of three years (2007–2009). The scope of the auditor’s responsibilities includes: • auditing financial statements for 2007, 2008 and 2009, • reviewing financial statements for Q1 2008, Q1 2009 and Q1 2010, • reviewing financial statements for H1 2007, H1 2008 and H1 2009, and • reviewing financial statements for three quarters of 2007, three quarters of 2008 and three quarters of 2009. The table below shows the auditor’s fee paid or payable for the years 2007–2008: The auditor’s fee (PLN) 2008 2007 Audit of the annual financial statements 330,000 390,000 Other confirmation services, including review of financial statements 540,000 440,000 Tax advisory services - - Other services 288,124 25,881 1.1. Key Business and Financial Information The 2008 net profit of PGNiG S.A. stood at PLN 546.2m, down by PLN 1,608.7m (75%) compared with the figure posted in 2007. Summary information on PGNiG S.A.’s financial standing in 2008, compared with 2007, is presented in the following financial statements prepared in accordance with the International Financial Reporting Standards: • the balance sheet, • the income statement, • the cash flow statement, • the selected financial ratios. 43 of 55
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DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

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