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Activities in 2021

PGNiG Technologie

PGNiG Technologie S.A. is active mainly on the domestic oil and gas market and, to a lesser extent, on foreign markets. Its business covers three main areas: gas pipelines and gas infrastructure, exploration and production, and storage of gas. With regard to the first area, the company provides construction and assembly services and supplies finished products used in the construction, extension and repair of gas networks and gas infrastructure. Its operations in the exploration and production area consist in the provision of construction and assembly services as well as finished products dedicated for hydrocarbon production and exploration. In the storage business, PGNiG Technologie provides products and services relating to the development, repair and operation of gas storage facilities.

In 2021, as part of its business diversification efforts, the company continued executing orders in new areas relating to the supply of compressor sets. A new addition to the offering of PGNiG Technologie, and a novelty for PGNiG as the investor, was the construction of two sets of mobile production units (MPU 100) to conduct production tests and regular production from wells. In 2021, PGNiG Technologie provided its services to PGNiG Group companies and third parties, including: GAZ-SYSTEM, ORLEN Upstream Sp. z o.o and DC Goryzonty i MHWirth AS. A significant project carried out in 2021 was the continued development of the Kamień Mały crude oil field for PGNiG, the facilities scheduled to be commissioned in the first quarter of 2022.

PGNiG Serwis

The principal business of PGNiG Serwis Sp. z o.o. is the provision of comprehensive finance and accounting services, HR and payroll services, ICT services, direct physical security services, technical security services, property management, and management of adjacent areas for the PGNiG Group companies.

GAZOPROJEKT

PGNiG GAZOPROJEKT S.A. specialises in comprehensive preparation of pre-design and design documentation for the gas, fuel and energy as well as general construction sectors. After a period of high demand for design services for large strategic projects from the company’s main customers, i.e. PERN S.A., OGP GAZ-SYSTEM S.A. and Polska Spółka Gazownictwa Sp. z o.o., the market is now saturated, with construction projects in the execution phase. Due to the situation on the fuel market, the segment of storage and distribution of liquid fuels shows some potential for new projects. The construction of new underground gas and oil storage facilities is currently in the decision-making phase.

Geovita

Geovita S.A.’s business involves leisure-related activities, spa treatment services, health protection, medical rehabilitation, and provision of conference and training services. The company’s facilities are located in Dąbki, Mrzeżyno, Dźwirzyno, Jadwisin near Serock, Płotki near Piła, Gronów near Łagów, Jugowice, Lądek-Zdrój, Zakopane, Wisła, Złockie near Muszyna, Krynica-Zdrój, Czarna near Ustrzyki Dolne and Kraków. In 2021, the company signed a conditional agreement for the sale of the facility in Jugowice and tender procedures were announced for the divestment of unprofitable assets in Płotki near Piła and Gronów near Łagów. In 2021, the restructuring process initiated in 2017 was continued with a view to increasing the company’s value.

On December 16th 2021, the PGNiG Group and Polski Holding Hotelowy Sp. z o.o. signed a conditional agreement for the sale of Geovita’s leisure facilities. On February 28, 2022, the last of the conditions precedent was fulfilled, and on March 4, 2022, the ownership of the shares was transferred to Polski Holding Hotelowy Sp. z o.o.

Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych (Polski Gaz TUW, mutual insurance company)

Polski Gaz TUW offers insurance cover to PGNiG Group companies, including: property, motor and third-party liability insurance, legal protection as well as insurance guarantees. It also provides insurance cover to third parties, especially from the power sector. In 2021, the company continued cooperation with the PGNiG Group companies in relation to insurance contracts.

The key project completed in the reporting period involved the acquisition of assets held within Employee Pension Plans by Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych na Życie, i.e. a subsidiary of Polski Gaz TUW, whose main focus is now the offering of Employee Pension Plans in the form of unit-linked group life insurance. As at the end of 2021, Polski Gaz TUW managed 16 Employee Pension Plans of PGNiG Group companies.

In 2021, Polski Gaz TUW continued to sell insurance products distributed through PGNiG Obrót Detaliczny, i.e. ‘Doradca Prawny dla Ciebie’ and ‘Doradca Prawny dla Firmy’ legal service packages. Additionally, in partnership with PGNiG OD, Polski Gaz TUW prepared a cyber insurance product which is consistent with PGNIG OD’s efforts to ensure customer security, i.e. the ‘informed customer’ campaign, and provides the first consumer cyber solutions in Poland. The new product will provide cover against theft, accidents and financial risks caused by cybersecurity incidents.

In 2021, in view of the ongoing SARS-CoV-2 pandemic, Polski Gaz TUW prepared and started to sell COVID insurance policies for employers, offering a comprehensive package of services to protect the health and safety of employees who bear the brunt of the pandemic.

PGNiG Ventures

PGNiG Ventures Sp. z o.o.’s strategy is to invest in companies with growth potential or those that are in the rapid growth phase and demonstrate continued ability to grow. Investments are made in companies from the industrial sector that operate in fast-growing market segments, have a competitive edge and potential for product development or geographical expansion. In 2021, PGNiG Ventures reviewed 122 projects and chose to invest in three predictive maintenance projects (Industry 4.0), smart metering (digitisation of metering infrastructure – power generation) and SaaS services supporting sales of PV systems, heat pumps, etc.

Development prospects and challenges for the future

PGNiG Technologie

In 2022–2024, the company will focus on continuing growth within its existing markets. This will involve in particular activities relating to projects and deliveries for the hydrocarbon production industry. Business development efforts have been made to build new competencies in acquiring contracts for delivery of gas compressor sets, mobile production units and gas-fired heat generation facilities.

To diversify revenue streams and expand its order book, the company will take steps to secure contracts in the gas transmission and distribution market, construct reduction stations, make deliveries to the railway industry and develop export sales of finished goods (Norway, Ukraine).

PGNiG Serwis

In 2022, PGNiG Serwis intends to remain involved in the implementation of the PGNiG Group’s strategic plans. PGNiG Serwis sees opportunities in the demand for optimisation measures and reduction of operating costs, which is facilitated by the company taking over support functions and services for more companies in the PGNiG Group. PGNiG Serwis also intends to expand its personal and property security business, IT support and property management services.

Gazoprojekt

In 2022, the downward trend in new large-scale transmission projects is expected to continue. On the other hand, projects to connect electricity and heat generation systems to the gas network should increase. This will largely depend on the way the state’s energy policy is implemented, as well as on possible changes in the EU’s approach to such projects, i.e. formal and actual recognition of natural gas as a transitional fuel and co-financing of gas projects. Due to the situation on the fuel market, the segments of storage and distribution of liquid fuels, construction of underground gas and liquid fuel storage facilities, show some potential for new projects. The planned energy revolution, including its financing tools, and consolidation trends in the Polish energy sector, may be an opportunity for the company to strengthen its market position.

Geovita

In the near future, Geovita will continue its restructuring efforts as regards cost optimisation, efficiency improvement across all business areas, and divestments of unprofitable assets.

Furthermore, upon satisfaction of the conditions precedent to the agreement for sale of Geovita between the PGNiG Group and PHH, the company will be separated from the Group and transferred to the new owner.

Polski Gaz Towarzystwo Ubezpieczeń Wzajemnych (Polski Gaz TUW)

According to its strategy for 2021-2025, Polski Gaz TUW will continue to operate as a subsidiary of PGNiG providing it with end-to-end effective insurance services. In 2022, Polski Gaz TUW na Życie plans to sell, under an agency model, an individual protection product providing nursing care benefits for the insured.

PGNiG Ventures

PGNiG Ventures expects to continue its capital expenditure efforts in 2022, taking into account the impact of the macroeconomic situation in which the PGNiG Group operates. Therefore, the company expects to close the investment process launched in 2021 in the first quarter of 2022. In the next quarters of 2022, the company will continue to seek opportunities for new investment projects; it also plans to prepare investment documentation for one or two projects.

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