The Group posted a revenue of more than PLN 32bn, which represents a 12% increase on PLN 28.7bn in 2012. Revenue grew consistently across all segments. In 2013, revenue from sales of crude oil increased by PLN 1.5bn year on year, while revenue from sales of high-methane gas was up PLN 1.2bn on 2012.

At the operating level, the Group's EBITDA grew 22%, to PLN 5.6bn (2012: PLN 4.6bn).

Exploration and Production segment - earnings growth

Revenue from the Exploration and Production segment in 2013 came in at PLN 6.26bn, a year-on-year increase of 45%, which translated into EBITDA of PLN 3.38bn, up 72% on 2012.

The segment's robust performance was mainly led by crude oil sales, which more than doubled the previous year's figures, combined with higher inter-segment gas sales from the Norwegian fields to PGNiG Sales & Trading.

The Group's oil and condensate production in 2013 grew more than twofold to 1.1 million tonnes, from 492 thousand tonnes in 2012. Oil and condensate sales also increased more than twofold to over 1.1 million tonnes in 2013, while oil and condensate revenues grew up 118%, to PLN 2.76bn.

The full year's production of natural gas measured as high-methane gas equivalent increased to 4.6 billion cubic metres (including 0.34 billion extracted in Norway), from 4.3 billion cubic metres in 2012.

Margin on gas sales continued negative

The Trade and Storage segment's performance in 2013 was chiefly affected by the gas tariff price, which was not sufficient to fully cover gas purchase costs. In consequence, the Group reported a negative margin of -2% on high-methane gas sales.

Revenue of the Trade and Storage segment went up 8%, to PLN 25.7bn, largely on PGNiG Sales & Trading's increased share in total revenue from gas sales, from PLN 0.4bn in 2012 to PLN 1.7bn in 2013. Another positive contributor was a ten-fold rise in revenue from sales of electricity, to PLN 1bn in 2013, from PLN 0.1bn in 2012.

Gas sales went up nearly 9% year on year, to 16.1 billion cubic metres in 2013. By customer category, stronger gas sales were recorded for refineries, trade and services, households, and customers of PGNiG Sales & Trading. Sales of gas on the German market, through PST, grew by over 1 billion cubic metres, from 310 million in 2012 to 1.38 billion cubic metres in 2013.

PGNiG Group's performance in 2013 (PLNm)

PGNiG Group performance in Q4 2013 (PLNm)

Distribution segment's stable performance

In 2013, the Distribution segment reported a nearly 20% increase in revenue, to PLN 4.25bn in 2013, mainly following amendments to the Transmission Grid Code. EBITDA net of non-recurring items remained stable at PLN 1.6bn, with the year's distribution volume up 2%.

Generation segment's stronger performance on high sales volumes

Compared with the previous year, the Generation segment saw a 5% increase in revenue, which came in at above PLN 2bn in 2013. The contributory factors included stronger revenue from electricity sales, which rose by PLN 113m, to PLN 916m. Annual sales volumes for electricity produced by the Generation segment in 2013 remained broadly flat on 2012. Heat and electricity sales totalled 40.2 TJ and 3.7 GWh, respectively.

Record high utilisation of gas storage capacity

The stocks of high-methane gas held in underground storage at the end of 2013 were at a record high of 2.1 billion cubic metres, relative to 1.8 billion cubic metres in December 2012.

Dorota Gajewska

Press Officer