Polskie Górnictwo Naftowe i Gazownictwo S.A.
INTERIM REPORT
for Q1
ended March 31st 2017
prepared in accordance with the International Financial Reporting Standards
as endorsed by the European Union
POLISH FINANCIAL SUPERVISION AUTHORITY Consolidated Quarterly Report QSr 1 / 2017quarter / year
(pursuant to Par. 82.2 and Par. 83.1 of the Regulation of the Minister of Finance of February 19th 2009 - consolidated text: Dz.U. of 2014, item 133, as amended)
for issuers of securities in the manufacturing, construction, trade, and services sectorsfor the first quarter of the 2017 financial year, covering the period from January 1st to March 31st 2017, containing interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN), and interim condensed separate financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN).
May 25th 2017
(filing date)
POLSKIE GÓ RNI CTWO N AF TO WE i G AZOW NICTWO SPÓ ŁK A AK CY JN A | |
(company name) | |
PGNiG | Fuels industry (pal) |
(abbreviated name) | (sector according to the WSE classification) |
01-224 | Warsaw |
(postal code) | (city/town) |
Marcina Kasprzaka | 25 |
(street) | (number) |
+48 22 589 45 55 | +48 22 691 82 73 |
(telephone) | (fax) |
pr@pgnig.pl | www.pgnig.pl |
(email) | (website) |
525−000−80−28 | 012216736 |
(NIP) | (Industry Identification Number - REGON) |
Financial highlights
Interim condensed consolidated financial data PLNm EURm
3 months ended
Mar 31 2017
3 months ended
Mar 31 2016
3 months ended
Mar 31 2017
3 months ended
Mar 31 2016
Revenue | 11,652 | 10,980 | 2,717 | 2,521 |
Operating profit before depreciation and amortisation (EBITDA) | 2,769 | 2,393 | 646 | 549 |
Operating profit (EBIT) | 2,074 | 1,721 | 484 | 395 |
Profit before tax | 2,105 | 1,769 | 491 | 406 |
Net profit attributable to owners of the parent | 1,599 | 1,386 | 373 | 318 |
Net profit | 1,599 | 1,386 | 373 | 318 |
Total comprehensive income attributable to owners of the parent | 1,472 | 1,362 | 343 | 313 |
Total comprehensive income | 1,472 | 1,362 | 343 | 313 |
Cash flows from operating activities | 2,965 | 2,819 | 691 | 647 |
Net cash from investing activities | (1,191) | (768) | (278) | (176) |
Cash flows from financing activities | (2,281) | 16 | (532) | 4 |
Net cash flows | (507) | 2,067 | (118) | 475 |
Basic and diluted earnings per share (PLN) | 0.28 | 0.23 | 0.06 | 0.05 |
As at Mar 31 2017
As at Dec 31 2016
As at Mar 31 2017
As at Dec 31 2016
Total assets | 48,400 | 49,672 | 11,470 | 11,228 |
Total liabilities | 14,912 | 17,656 | 3,534 | 3,991 |
Total non-current liabilities | 7,127 | 7,303 | 1,689 | 1,651 |
Total current liabilities | 7,785 | 10,353 | 1,845 | 2,340 |
Total equity | 33,488 | 32,016 | 7,936 | 7,237 |
Share capital | 5,778 | 5,778 | 1,369 | 1,306 |
Weighted average number of ordinary shares (million) | 5,778 | 5,867 | 5,778 | 5,867 |
Book value per share and diluted book value per share (in PLN and EUR) | 5.80 | 5.46 | 1.37 | 1.23 |
Dividend per share declared or paid (in PLN and EUR)* | - | 0.18 | - | 0.04 |
*Dividend paid in the period.
PGNiG S.A's quarterly financial data PLNm EURm
3 months ended Mar 31 2017 | 3 months ended Mar 31 2016 | 3 months ended Mar 31 2017 | 3 months ended Mar 31 2016 | |
Net revenue | 5,997 | 5,596 | 1,398 | 1,285 |
Profit before tax | 851 | 901 | 198 | 207 |
Net profit | 681 | 729 | 159 | 167 |
Total comprehensive income | 578 | 718 | 135 | 165 |
Cash flows from operating activities | 1,580 | 1,782 | 368 | 409 |
Net cash from investing activities | (483) | (447) | (113) | (103) |
Cash flows from financing activities | (1,679) | 424 | (391) | 97 |
Net increase/(decrease) in cash and cash equivalents | (582) | 1,759 | (136) | 404 |
Earnings and diluted earnings per share attributable to holders of ordinary shares (in PLN | 0.12 | 0.12 | 0.03 | 0.03 |
and EUR) | ||||
As at Mar 31 2017 | As at Dec 31 2016 | As at Mar 31 2017 | As at Dec 31 2016 | |
Total assets | 34,524 | 35,769 | 8,181 | 8,085 |
Total liabilities | 8,718 | 10,541 | 2,066 | 2,383 |
Total non-current liabilities | 2,135 | 2,144 | 506 | 485 |
Total current liabilities | 6,583 | 8,397 | 1,560 | 1,898 |
Equity | 25,806 | 25,228 | 6,115 | 5,703 |
Share capital and share premium | 7,518 | 7,518 | 1,782 | 1,699 |
Weighted average number of shares (million) | 5,778 | 5,778 | 5,778 | 5,778 |
Book value per share and diluted book value per share (in PLN and EUR)
Dividend per share declared or paid (PLN/EUR)
4.47 4.37 1.06 0.99
- 0.18 - 0.04
Average EUR/PLN exchange rates quoted by the NBP | Mar 31 2017 | Mar 31 2016 | Dec 31 2016 |
Average exchange rate in period | 4.2891 | 4.3559 | 4.3757 |
Exchange rate at end of period | 4.2198 | 4.2684 | 4.4240 |
Items of the statement of profit or loss, statement of comprehensive income and statement of cash flows were translated at the EUR/PLN exchange rate computed as the arithmetic mean of mid rates quoted by the National Bank of Poland (NBP) for the last day of each calendar month in the reporting period.
Items of the statement of financial position were translated at the mid-rate for EUR/PLN quoted by the NBP at the end of the reporting period.
TABLE OF CONTENTSInterim condensed consolidated financial statements 5
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS CONTAINED IN THIS REPORT 9
EFFECT OF NEW STANDARDS ON THE FINANCIAL STATEMENTS OF THE PGNIG GROUP 10
Information on the Group and its reporting segments 14
CHANGES IN THE GROUP STRUCTURE 16
EQUITY-ACCOUNTED INVESTEES 16
REPORTING SEGMENTS IN FIGURES 17
OVERVIEW OF FINANCIAL RESULTS OF INDIVIDUAL REPORTING SEGMENTS 18
FACTORS AND EVENTS THAT MAY AFFECT FUTURE PERFORMANCE OF THE PGNIG GROUP 19
Notes to the interim condensed consolidated financial statements 20
DEFERRED TAX 20
IMPAIRMENT LOSSES/WRITE-DOWNS 20
PROVISIONS 21
REVENUE 22
OPERATING EXPENSES 22
OTHER INCOME AND EXPENSES 23
NET FINANCE INCOME/(COSTS) 23
INCOME TAX 23
PROPERTY, PLANT AND EQUIPMENT 24
DERIVATIVE FINANCIAL INSTRUMENTS 25
CONTINGENT ASSETS AND LIABILITIES 28
Supplementary information to the report 29
KEY EVENTS RELATED TO THE ISSUER IN THE REPORTING PERIOD 29
SHARES HELD BY MANAGEMENT AND SUPERVISORY PERSONNEL 31
DIVIDEND PAID (DECLARED) 31
ISSUE, REDEMPTION, AND REPAYMENT OF DEBT SECURITIES 31
SEASONALITY OF OPERATIONS 32
MATERIAL COURT, ARBITRATION AND ADMINISTRATIVE PROCEEDINGS 32
SETTLEMENTS UNDER COURT PROCEEDINGS 34
CHANGES IN THE ECONOMIC ENVIRONMENT AND TRADING CONDITIONS WITH A MATERIAL BEARING ON THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 34
DEFAULT UNDER LOANS OR BREACH OF ANY MATERIAL TERMS OF LOAN AGREEMENTS, WITH RESPECT TO WHICH NO REMEDIAL ACTION HAD BEEN TAKEN BY THE END OF THE REPORTING PERIOD 35
RELATED-PARTY TRANSACTIONS 35
MANAGEMENT BOARD'S POSITION ON THE FEASIBILITY OF MEETING PUBLISHED FORECASTS FOR A GIVEN YEAR 35
EVENTS SUBSEQUENT TO THE REPORTING DATE 35
OTHER INFORMATION MATERIAL TO THE ASSESSMENT OF HUMAN RESOURCES, ASSETS, FINANCIAL CONDITION AND PERFORMANCE, AS WELL AS TO THE ASSESSMENT OF ABILITY TO FULFIL OBLIGATIONS 35
Quarterly financial information of PGNiG S.A 36
BASIC FINANCIAL STATEMENTS 36
NOTES TO THE INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS 41
-
Interim condensed consolidated financial statements
Consolidated statement of profit or loss
3 months ended
Mar 31 2017
3 months ended
Mar 31 2016
Revenue from sale of gas
unaudited
unaudited
9,468
9,218
Note 3.4
Other revenue
2,184
1,762
Note 3.4
Revenue
11,652
10,980
Cost of gas sold
(6,749)
(6,993)
Note 3.5
Other raw materials and consumables used
(643)
(643)
Note 3.5
Employee benefits expense
(640)
(545)
Note 3.5
Transmission services
(294)
(239)
Other services
(361)
(236)
Note 3.5
Taxes and charges
(524)
(448)
Other income and expenses
167
351
Note 3.6
Work performed by the entity and capitalised
159
163
Recognition and reversal of impairment losses on property, plant and equipment and intangible assets
2
3
Note 3.5
Operating profit before depreciation and amortisation (EBITDA)
2,769
2,393
Depreciation and amortisation expense
(695)
(672)
Operating profit (EBIT)
2,074
1,721
Net finance costs
19
48
Note 3.7
Profit/(loss) from equity-accounted investees
12
-
Profit before tax
2,105
1,769
Income tax
(506)
(383)
Note 3.8
Net profit
1,599
1,386
Net profit attributable to:
1,599
1,386
Owners of the parent
Non-controlling interests
-
-
Weighted average number of ordinary shares (million)
5,778
5,900
Basic and diluted earnings per share (PLN)
0.28
0.23
Consolidated statement of comprehensive income
3 months ended
Mar 31 2017
3 months ended
Mar 31 2016
Net profit
unaudited
unaudited
1,599
1,386
Exchange differences on translating foreign operations
(27)
(23)
Hedge accounting
(127)
(1)
Revaluation of financial assets available for sale
4
-
Deferred tax
23
-
Other comprehensive income subject to reclassification to profit or loss
(127)
(24)
Other comprehensive income, net
(127)
(24)
Total comprehensive income
1,472
1,362
Total comprehensive income attributable to:
1,472
1,362
Owners of the parent
Non-controlling interests
-
-
Consolidated statement of cash flows
3 months ended
Mar 31 2017
3 months ended
Mar 31 2016
Cash flows from operating activities
unaudited
unaudited
Net profit
1,599
1,386
Depreciation and amortisation expense
695
672
Current tax expense
506
383
Net gain/(loss) on investing activities
(17)
(45)
Other non-monetary adjustments
181
(11)
Income tax paid
(303)
(155)
Movements in working capital
304
589
Cash flows from operating activities
2,965
2,819
Cash flows from investing activities
Payments for acquisition of tangible exploration and evaluation assets under construction
(127)
(161)
Payments for other property, plant and equipment and intangible assets
(626)
(617)
Payments for shares in related entities
(137)
-
Other items, net
(301)
10
Net cash from investing activities
(1,191)
(768)
Cash flows from financing activities
Increase in debt
7
198
Proceeds from derivative financial instruments
165
89
Decrease in debt
(2,440)
(252)
Dividends paid
-
-
Payments for derivative financial instruments
(20)
(20)
Other items, net
7
1
Cash flows from financing activities
(2,281)
16
Net cash flows
(507)
2,067
Cash and cash equivalents at beginning of period
5,832
6,021
Foreign exchange differences on cash and cash equivalents
(23)
(8)
Cash and cash equivalents at end of period
5,325
8,088
Consolidated statement of financial position
As at Mar 31 2017
As at Dec 31 2016
ASSETS
unaudited
audited
Property, plant and equipment
32,838
33,149
Note 3.9
Intangible assets
1,035
1,079
Deferred tax assets
121
100
Equity-accounted investees
1,378
1,229
Other assets
696
679
Non-current assets
36,068
36,236
Inventories
1,480
2,510
Receivables
4,687
4,288
Derivative financial instruments
283
623
Note 3.10
Other assets
522
129
Cash and cash equivalents
5,299
5,829
Assets held for sale
61
57
Current assets
12,332
13,436
TOTAL ASSETS
48,400
49,672
EQUITY AND LIABILITIES
Share capital and share premium
7,518
7,518
Accumulated other comprehensive income
(131)
(4)
Retained earnings
26,098
24,499
Equity attributable to owners of the parent
33,485
32,013
Equity attributable to non-controlling interests
3
3
TOTAL EQUITY
33,488
32,016
Financing liabilities
1,168
1,346
Employee benefit obligations
699
702
Provision for well decommissioning costs
1,629
1,641
Note 3.3
Other provisions
194
198
Note 3.3
Grants
802
815
Deferred tax liabilities
1,987
1,932
Other liabilities
648
669
Non-current liabilities
7,127
7,303
Financing liabilities
2,676
5,006
Derivative financial instruments
245
346
Note 3.10
Trade and tax payables*
3,131
3,179
Employee benefit obligations
371
334
Provision for well decommissioning costs
20
20
Note 3.3
Other provisions
552
560
Note 3.3
Other liabilities
790
908
Current liabilities
7,785
10,353
TOTAL LIABILITIES
14,912
17,656
TOTAL EQUITY AND LIABILITIES
48,400
49,672
* Including income tax of PLN 406m (2016: PLN 180m)
PGNiG GROUP
Interim report for Q1 2017
(in PLN million unless stated otherwise)
Consolidated statement of changes in equity
Share capital
Equity attributable to owners of the parent
and share premium, including:
Accumulated other comprehensive income:
Share capital
Share premium
As at Jan 1 2016 (audited)
5,900
1,740
(51)
(565)
- (21)
- 23,733
30,736
5
30,741
Net profit
-
-
-
-
- -
- 1,386
1,386
-
1,386
Other comprehensive income, net
-
-
(23)
(1)
- -
- -
(24)
-
(24)
Total comprehensive income
-
-
(23)
(1)
- -
- 1,386
1,362
-
1,362
As at Mar 31 2016 (unaudited)
5,900
1,740
(74)
(566)
- (21)
- 25,119
32,098
5
32,103
Exchange differences on translating foreign operations
Hedging reserve
Revaluation of financial assets available for sale
Actuarial gains/(losses) on employee benefits
Share of other comprehensive income of equity- accounted investees
Retained
earnings Total
Equity attributable to non-controlling interests
Total equity
As at Jan 1 2017 (audited)
5,778
1,740
(28)
69
2
(45)
(2)
24,499
32,013
3
32,016
Net profit
-
-
-
-
-
-
-
1,599
1,599
-
1,599
Other comprehensive income, net
-
-
(27)
(103)
3
-
-
-
(127)
-
(127)
Total comprehensive income
-
-
(27)
(103)
3
-
-
1,599
1,472
-
1,472
As at Mar 31 2017 (unaudited)
5,778
1,740
(55)
(34)
5
(45)
(2)
26,098
33,485
3
33,488
Page8 of 45
- General information
Key information about the Group
Name
Polskie Górnictwo Naftowe i Gazownictwo Spółka Akcyjna
Registered office
ul. Marcina Kasprzaka 25, 01-224 Warsaw, Poland
Court of registration
District Court for the Capital City of Warsaw, 16th Commercial Division
National Court Register (KRS) No.
0000059492
Industry Identification Number (REGON)
012216736
Tax Identification Number (NIP)
525-000-80-28
Description of business
The Company's principal business activity includes exploration for and production of crude oil and natural gas, import, storage and sale of gas fuels, as well as trade in electricity.
Polskie Górnictwo Naftowe i Gazownictwo Spółka Akcyjna is the Parent of the PGNiG Group (the "PGNiG Group", the "Group"). PGNiG shares are listed on the Warsaw Stock Exchange ("WSE").
As at the date of issue of this interim report for Q1 2017, the State Treasury, represented by the Minister of Energy, was the only shareholder holding 5% or more of the Company's share capital.
The shareholding structure of PGNiG S.A. was as follows:
Shareholder
Number of shares as at the date of issue of the previous interim report*
% share in total voting rights as at the date of issue of the previous interim report*
% change in the period
% share in total voting rights at GM as at the date of issue of this report**
Number of shares as at the date of issue of this report**
State Treasury
4,153,706,157
71.884%
0.000%
71.884%
4,153,706,157
Other shareholders
1,624,608,700
28.116%
0.000%
28.116%
1,624,608,700
Total
5,778,314,857
100.00%
0.00%
100.00%
5,778,314,857
*As at December 31st 2016
**As at March 31st 2017
The PGNiG Group is the only vertically integrated company in the Polish gas sector, holding the leading position in all segments of the country's gas industry. It is also a significant domestic producer of heat and electricity. The scope of the PGNiG Group's business comprises exploration for hydrocarbon deposits, oil and gas exploration and production, import, storage and distribution of and trade in gas fuels. The PGNiG Group imports gas fuel from Russia and Germany, and is the main producer of natural gas from Polish deposits. The Group's upstream operations are one of the key contributors to PGNiG's competitive position on the liberalised gas market in Poland.
For detailed information on the business segments and consolidated entities, see Note 2.
Basis of preparation of the financial statements contained in this report
These interim condensed consolidated financial statements and interim condensed separate financial statements for Q1 2017 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting(IAS 34) as endorsed by the European Union and the Regulation of the Minister of Finance on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (consolidated text: Dz.U. of 2014, item 133, as amended).
This interim report has been prepared on the assumption that the Group companies, except for Geofizyka Kraków S.A. w likwidacji (in liquidation), will continue as going concerns in the foreseeable future. As at the date of authorisation of these financial statements for issue, no circumstances were identified which would indicate any threat to other Group companies' continuing as going concerns.
The functional currency of PGNiG S.A. and the presentation currency of these consolidated financial statements is the Polish zloty (PLN). The method of translation of items denominated in foreign currencies is presented in the full-year consolidated financial statements for the period ended December 31st 2016, issued on March 8th 2017.
Unless otherwise indicated, all amounts in this report are given in millions of Polish zloty.
This interim report for Q1 2017 has been signed and authorised for issue by the Parent's Management Board on May 25th 2017.
Applied accounting policies
The policies used in the preparation of the interim condensed consolidated and interim condensed separate financial statements were consistent with those applied to prepare the consolidated financial statements for 2016, except for the presentation changes described in Note 1.5.1.
Effect of new standards on the financial statements of the PGNiG Group
In these financial statements, the Group did not opt for early application of the following standards, interpretations or amendments to existing standards which have been issued and are relevant to the Group's business:
Standard
Description
Estimated effect
Effective date
IFRS 9
Financial Instruments
The standard introduces a model based on the following classification categories for financial assets: measured at fair value through profit or loss (FVTPL), at fair value through other comprehensive income (FVTOCI), and at amortised cost. Assets are classified on initial recognition depending on an entity's financial instrument management model and the characteristics of contractual cash flows from such instruments.
IFRS 9 introduces a new impairment recognition model based on expected credit losses.
The majority of the requirements under IAS 39 concerning classification and measurement of financial liabilities were incorporated into IFRS 9 unchanged.
The key change is the new requirement that entities present in other comprehensive income the effect of changes in their own credit risk related to financial liabilities designated as at fair value through profit or loss.
Changes were also made to the hedge accounting model to factor in risk management.
The Group is currently analysing the effects of IFRS 9 on its consolidated financial statements. Based on a preliminarily analysis, it has been assumed that IFRS 9 may have an effect on the consolidated financial statements with respect to hedge accounting and recognition of impairment losses on receivables based on expected credit losses; the latter is expected to have an effect on the Group's statement of financial position by increasing the opening balance of impairment losses. However, the amount of impairment losses on receivables is not expected to change considerably.
The Group assumes that the hedging instruments currently designated for hedge accounting will not change. The Group does not expect any changes with respect to fair value measurement.
January 1st 2018
IFRS 15
Revenue from Contracts with Customers
IFRS 15 will apply to all contracts giving rise to revenue. The core principle of the new standard is that revenue is to be recognised upon transfer of goods or services to a customer, at the transaction price. Any goods or services that are sold in bundles and are distinct within the bundle should be recognised separately, and any discounts and rebates on the transaction price should be allocated to the specific bundle items. Where a contract contains elements of variable consideration, under the new standard such variable consideration is recognised as revenue only if it is highly probable that its remeasurement will not result in a revenue reversal in the future. Furthermore, in accordance with IFRS 15, the cost of obtaining and securing a contract with a customer should be capitalised and amortised over the period in which the
contract's benefits are consumed.
The Group is currently analysing the effects of IFRS 15 on its consolidated financial statements. It is expected that the amendments will have no significant effect on the consolidated financial statements when first adopted.
January 1st 2018
Standard
Description
Estimated effect
Effective date
IFRS 16
Leases
The new standard establishes principles for the recognition, measurement, presentation and disclosure of leases. All lease transactions result in the lessee acquiring a right-of-use asset and incurring a lease liability. Thus, IFRS 16 abolishes the operating and finance lease classification under IFRS 17 and provides a single lessee accounting model, requiring lessees to recognise (a) assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value and (b) amortisation of the leased asset separately from interest on lease liability in the statement of profit or loss.
IFRS 16's approach to lessor accounting is substantially unchanged from its predecessor, IAS 17. Lessors continue to classify leases as operating or finance leases, with each of them subject to different
accounting treatment.
Based on preliminary assessment, IFRS 16 may potentially have an effect on the Company's financial statements mainly due to the fact that the Company is a holder of perpetual usufruct rights to land. The Group has not yet analysed the potential effect of the new standard on its financial statements. A detailed analysis will be carried out in 2018-2019.
January 1st 2019
The other standards and interpretations that have been issued but are not yet effective are not relevant to the Group's business or will have no significant effect on the accounting policies applied by the PGNiG Group.
Presentation changes in the financial statements
Changes in reporting segment presentation
In Q1 2017, the Group made significant changes in segment reporting, involving in particular:
For the purposes of transferring gas produced in Poland between the Exploration and Production segment and the Trade and Storage segment, the following methodology was applied to determine the settlement price: transfer of gas from the Exploration and Production segment to the Trade and Storage segment is made at a price calculated as the average monthly price quoted on the POLPX Day-Ahead Market, less a discount enabling the Trade and Storage segment to cover an appropriate position of costs of high-methane gas storage plus margin. The settlement price used for gas transfers between other segments, in particular for own consumption, also changed and was set as the average monthly price quoted on the POLPX Day-Ahead Market.
In addition, reclassifications were also made between other items of operating expenses based on the type of operations.
PGNiG S.A.'s corporate centre and the company PGNiG Finance AB have been separated from the Trade and Storage segment and are now disclosed under Other Segments. The PGNiG Management Board resolved to adjust the financial results of the Trade and Storage segment for the revenue, costs and expenses generated by PGNiG S.A.'s Head Office and PGNiG Finance AB, which perform support functions for the other segments of the PGNiG Group.
As the above changes were applied retrospectively, the table below shows restated data as at March 31st 2016.
PGNiG GROUP
Interim report for Q1 2017
(in PLN million unless stated otherwise)
Reporting segments | Sales to external customers | Inter-segment sales | Total revenue | EBITDA | Depreciation and amortisation | EBIT (operating profit) | Recognition and reversal of impairment losses on property, plant and equipment and intangible assets | Expenditure on acquisition of property, plant and equipment and intangible assets | Property, plant and equipment | Workforce* |
Exploration and Production before restatement | 678 | 367 | 1,045 | 619 | (286) | 333 | 7 | (294) | 13,470 | 8,347 |
Change of rules of calculating revenue from inter-segment sales of domestically produced gas in the Exploration and Production segment | - | 297 | 297 | 298 | - | 298 | - | - | - | - |
Other reallocation of revenue and operating expenses at PGNiG S.A. | - | 9 | 9 | (38) | (1) | (39) | - | - | - | - |
Exploration and Production after restatement | 678 | 673 | 1,351 | 879 | (287) | 592 | 7 | (294) | 13,470 | 8,347 |
Trade and Storage before restatement | 9,526 | 93 | 9,619 | 660 | (61) | 599 | - | (26) | 4,246 | 3,470 |
Change of rules of calculating revenue from inter-segment sales of gas produced in Poland in the Exploration and Production segment | - | - | - | (298) | - | (298) | - | - | - | - |
Other reallocation of revenue and operating expenses at PGNiG S.A. | - | - | - | 38 | 1 | 39 | - | - | - | - |
Presentation changes with respect to the corporate centre | (2) | 3 | 1 | 23 | 12 | 35 | - | 4 | (370) | (692) |
Trade and Storage after restatement | 9,524 | 96 | 9,620 | 423 | (48) | 375 | - | (22) | 3,876 | 2,778 |
Other Segments before restatement | 22 | 25 | 47 | (10) | (4) | (14) | - | (2) | 132 | 1,290 |
Corporate centre presentation change | 2 | 31 | 33 | (23) | (12) | (35) | - | (4) | 370 | 692 |
Other Segments after restatement | 24 | 56 | 80 | (33) | (16) | (49) | - | (6) | 502 | 1,982 |
Reconciliation with consolidated data before restatement | (1,870) | 4 | - | 4 | - | 11 | (240) | - | ||
Change of rules of calculating revenue from inter-segment sales of gas produced in Poland in the Exploration and Production segment | (297) | - | - | - | - | - | - | - | ||
Other reallocation of revenue and operating expenses at PGNiG SA | (9) | - | - | - | - | - | - | - | ||
Corporate centre presentation change | (34) | - | - | - | - | - | - | - | ||
Reconciliation with consolidated data after restatement | (2,210) | 4 | - | 4 | - | 11 | (240) | - |
*Excluding the workforce of equity-accounted investees.
Page12 of 45
PGNiG - Polish Oil & Gas Company published this content on 25 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 June 2017 02:10:19 UTC.
Original documenthttp://en.pgnig.pl/documents/1910852/2032706/Periodic_Report_PGNiG_Group_1Q_2017_EN.pdf/cf27c438-c3cb-4ca9-9b8f-7d757482714e
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