Shareholders and investors

Shareholding structure

As at December 31st 2021, the share capital of PGNiG was approximately PLN 5.78bn.

Shareholding structure as at December 31st 2021

Shareholders	Number of shares/voting rights as at December 31st 2020	Percentage ownership/voting interest in the Company as at December 31st 2020	Change in 2021	Number of shares/voting rights as at December 31st 2021	Percentage of share capital/voting rights at GM as at December 31st 2021
State Treasury	4,153,706,157	71.88%	–	4,153,706,157	71.88%
Other shareholders	1,624,608,700	28.12%	–	1,624,608,700	28.12%
Total	5,778,314,857	100.00%	–	5,778,314,857	100.00%

For information on shares in PGNiG and its related companies held by members of the Management and Supervisory Boards, see Corporate governance chapter.

Price performance of the PGNiG shares

Since September 23rd 2005, the PGNiG shares have been listed in the continuous trading system of the main market on the Warsaw Stock Exchange. The issue price per share in the Company’s public offering was PLN 2.98. In 2021, PGNiG shares were included in the following indices: WIG, WIG20, WIG30, WIG-Poland, WIG-ESG, WIGdiv, WIG-PALIWA sectoral index and WIG. MS-PET macrosectoral index.

In 2021, the annual rate of return on Company shares, net of dividend, was 13%. Over the same period, the sectoral index WIG PALIWA and the blue-chip index WIG20, yielded rates of return of 29% and 13%, respectively. The PGNiG share price movements ranged from -12% (the lowest closing price of PLN 5.46 on November 30th 2021) to +12% (the highest closing price of PLN 6.98 on April 14th 2021) relative to the 2021 average closing price of PLN 5.46. To compare, the range of movements of the WIG20 index was from -14% (year low of 1,876.85 points on March 25th 2021) to +14% (year high of 2,472.33 points on October 12th 2021) relative to the 2021 average.

13%

the annual rate of return on the Company's shares calculated excluding dividends

Source: WSE – Warsaw Stock Exchange.
* Rebased to PGNiG share price.

Stock exchange indicators

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Key metrics	Unit	2021	2020	2019	2018	2017	Change (%) 2021/2020
Net profit attributable to owners of the parent	PLNm	6,014	7,340	1,371	3,209	2,923	-16%
Earnings per share¹	PLN	1.04	1.27	0.24	0.56	0.51	-16%
Share price at the close of the last session of the year	PLN	6.3	5.54	4.33	6.91	6.29	14%
Average stock price in the year²	PLN	6.2	4.4	5.59	6.12	6.33	41%
Number of shares outstanding	million shares	5,778	5,778	5,778	5,778	5,778	–
Capitalisation at year end	PLNm	36,401	32,023	25,019	39,928	36,346	14%
Average daily trading volume	million shares	4.15	5.83	5.02	3.9	3.5	-29%
Average daily trading value	PLNm	25.75	24.45	27.62	24.2	21.7	5%
Dividend³	PLNm	1,213	520	1,040	–	1,156	133%
Stock ratios²
P/E at average share price	–	5.79	3.46	23.56	11.02	12.52	67%
P/E at year end	–	5.89	4.36	18.25	12.44	12.44	35%
P/BV at year end	–	0.36	0.73	0.66	1.09	1.08	-51%
EV/EBITDA	–	2.54	2.69	5.22	5.58	5.59	-6%
Dividend per share³	PLN	0.21	0.09	0.18	–	0.2	133%

Source: WSE – Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.)
¹⁾ Attributable to holders of ordinary shares in the parent.
²⁾ Share price at close.
³⁾ Dividend from previous year's profit.
P/E at average share price = average share price in financial year / net earnings per share attributable to owners of the parent
P/E at year end = share price at close of trading on last session day in financial year / net earnings per share attributable to owners of the parent
P/BV at year end = share price at close of trading on last session day in financial year / book value per share
EV/EBITDA = market capitalisation at close of trading on last session day in financial year + net debt at end of financial year / operating profit (earnings before interest, taxes, depreciation and amortisation) in financial year + total depreciation and amortisation in financial year

Dividend per share = dividend for previous financial year / number of shares outstanding

PGNiG Investor Relations

In 2021, in the performance of its disclosure obligations, PGNiG published 52 current reports, including reports on: amendments to trade contracts, execution of letters of intent, acquisition and merger processes, administrative decisions, as well as operating and financial results.

The Company held four public teleconferences (for analysts and investors) and press conferences following each release of its periodic reports. It also prepared an integrated report for 2020, presenting a wealth of information on the oil and gas market and the PGNiG Group growth initiatives. In 2021, representatives of PGNiG held close to 30 meetings with investors and stock analysts, mostly in the form of video conferences.

As part of the ‘Best Annual Report 2020’ competition, in October 2021 PGNiG was ranked among the ‘Best of the Best’ group of entities whose financial reporting is a benchmark and may serve as an example of good practices in communication with stakeholders. The competition was organised by the Institute of Accountancy and Taxes.

Dividend policy

The PGNiG Group's Strategy for 2017–2022 provides for distribution of up to 50% of consolidated net profit as dividend, with the proviso that in recommending dividend payments the PGNiG Management Board must always take into account the PGNiG Group’s current financial condition and investment plans.

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	2020	2019	2018	2017	2016	2015	2014
Dividend for financial year (PLNbn)	1.21	0.52	1.04	–	1.16	1.06	1.18
Dividend per share (PLN)	0.21	0.09	0.18	–	0.2	0.18	0.2
Average annualised share price (PLN)	4.4	5.59	6.12	6.33	5.16	5.94	4.85
Dividend yield*	4.77%	1.61%	2.94%	–	3.88%	3.03%	4.12%

* Dividend yield – dividend per share divided by the average annual share price.

On July 9th 2021, the Annual General Meeting of PGNiG, acting in line with the recommendation of the PGNiG Management Board of May 25th 2021, resolved to distribute PLN 6,908,548,870.60, comprising PGNiG S.A.’s net profit for 2020 of PLN 6,908,551,193.11 and accumulated loss brought forward of PLN 2,322.51 resulting from correction of prior period, as follows:

PLN 1,213,446,119.97 was to be distributed to the Company’s shareholders as dividend (PLN 0.21 per share);
PLN 5,695,102,750.63 was to be transferred to PGNiG’s statutory reserve funds.

The Annual General Meeting of PGNiG also set the dividend record date for July 19th 2021 and the dividend payment for August 3rd 2021.

Since its IPO, PGNiG has paid a total dividend of PLN 1.29 per share. The absolute rate of return on the shares since the IPO, including dividends, was 155% as at the end of 2021.

Ratings

Credit rating is an evaluation of the creditworthiness of a business entity or of the risk associated with various financial instruments. Credit ratings are assigned by credit rating agencies, which apply a rating scale with letter and number designations and plus or minus signs to adjust the rating upwards or downwards.

PGNiG received two rating outlooks listed below:

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