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

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Non-consolidated Income Statement (PLNm) Directors’ Report on <strong>PGNiG</strong> S.A.’s Operations in 2008 2008 2007 Sales revenue 18,038.8 15,119.9 Total operating expenses (17,745.9) (13,001.9) Raw materials and energy used (11,119.3) (7,837.2) Employee benefits (678.7) (513.1) Depreciation and amortisation (577.1) (577.6) Contracted services (5,365.1) (3,871.6) Cost of products and services for own needs 6.3 9.0 Other net operating expenses (12.0) (211.4) Operating profit 292.9 2,118.0 Financial income 379.8 481.5 Financial expenses (107.8) (178.5) Pre-tax profit 564.9 2,421.0 Corporate income tax (18.7) (266.1) Distribution of profit - - Net profit 546.2 2,154.9 Discontinued operations Operating profit/(loss) from discontinued - - operations - - Net profit for the year 546.2 2,154.9 Non-consolidated Cash Flow Statement (PLNm) 2008 2007 Net cash provided by/used in operating activities 266.8 2,032.9 Net cash provided by/used in investing activities (1,099.6) (1,469.2) Net cash provided by/used in financing activities 585.7 (2,501.9) Change in net cash (247.1) (1,938.2) Cash and cash equivalents at beginning of period 1,055.3 2,993.5 Cash and cash equivalents at end of period 808.2 1,055.3 46 of 55
Financial Ratios Profitability Ratios EBIT (PLNm) operating profit EBITDA (PLNm) operating profit + depreciation/amortisation ROE (Return on Equity) net profit to equity at end of period NET MARGIN net profit to sales revenue ROA (Return on Assets) net profit to assets at end of period Liquidity Ratios Directors’ Report on <strong>PGNiG</strong> S.A.’s Operations in 2008 CURRENT RATIO current assets (net of prepayments and accrued income) to current liabilities QUICK RATIO current assets (net of prepayments and accrued income) decreased by inventories to current liabilities Debt Ratios DEBT RATIO total liabilities to total equity and liabilities DEBT/EQUITY RATIO total liabilities to equity 1.2. Overview of the Financial Performance 2008 2007 292.9 2,118.0 870.0 2,695.6 3.2% 12.1% 3.0% 14.3% 2.3% 9.1% 2008 2007 1.5 1.7 1.1 1.4 2008 2007 26.7% 24.5% 36.4% 32.4% The Company’s operating profit decreased by PLN 1,825.1m (or 86%) relative to 2007. The decrease is attributable to lower profit margins on high-methane gas, caused by the following factors: • a 37% rise in unit purchase costs of imported gas, • an 11% rise in the volume of imported gas, • a mismatch between the tariff rates for gaseous fuels and purchase costs of imported gas. The rise in unit purchase costs of imported gas was driven by the growing prices of crude oil and petroleum products on international markets, and the dollar exchange rates. The surge in crude oil prices peaked in June 2008. Despite a considerable fall in crude oil prices in the subsequent months, the highest increase in price of imported gas was recorded in Q4 2008. This followed from the fact that prices of imported gas are indexed to a nine-month moving average price of petroleum products. Another driver of imported gas prices were changes on the FX markets, in particular the depreciation of the złoty against the US dollar seen in H2 2008. In the discussed period, the Company imported higher volumes of gas, which was driven by the following factors: • a 2% rise in volumes of high-methane gas sold, • a 38% decrease in use of gas from underground storage facilities, 47 of 55
Page 1 and 2: DIRECTORS’ REPORT ON PGNiG S.A.
Page 3 and 4: Directors’ Report on PGNiG S.A.
Page 7 and 8: 4. Equity Links Directors’ Report
Page 11 and 12: 7. Gas Sales and Procurement Direct
Page 15 and 16: • High-methane natural gas (E gro
Page 21 and 22: Exploratory Work Abroad Directors
Page 25 and 26: Delayed Work Directors’ Report on
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Page 51 and 52: 2. Financial Management Directors
Page 55: Directors’ Report on PGNiG S.A.

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

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