Segment performance
Revenue in the Trade and Storage segment in 2018–2021
| Trade and Storage financial data | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Revenue from non- PGNiG Groupcustomers | 57,807 | 29,850 | 32,415 | 31,038 |
| Inter-segment revenue | 2,140 | 793 | 835 | 666 |
| Total revenue, including | 59,947 | 30,643 | 33,250 | 31,704 |
| high-methane gas, nitrogen-rich gas, LNG, CNG, adjustment on hedging transactions | 55,126 | 27,135 | 30,008 | 29,220 |
| electricity | 3,778 | 2,858 | 2,488 | 2,010 |
| Operating profit before interest, taxes, depreciation and amortisation (EBITDA) | -1,702 | 9,580 | -470 | -848 |
| Operating profit (EBIT) | -1,913 | 9,357 | -684 | -1,037 |
Operating expenses in the Trade and Storage segment in 2018–2021
| 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|
| Total costs, including: | -61,860 | -21,286 | -33,934 | -32,741 |
| cost of gas | -55,148 | -16,717 | -29,181 | -28,971 |
| raw materials and consumables used | -3,813 | -2,782 | -2,489 | -1,970 |
| employee benefits expense | -431 | -441 | -401 | -384 |
| transmission services | -185 | -171 | -175 | -143 |
| other services | -805 | -824 | -745 | -707 |
| taxes and charges | -39 | -48 | -38 | -35 |
| other income and expenses | -1,156 | -466 | -457 | -365 |
| work performed by the entity and capitalised | 17 | 28 | 22 | 29 |
| depreciation and amortisation expense | -211 | -223 | -214 | -189 |
T&S segment’s EBITDA bridge in 2020–2021
- total revenue from sale of natural gas in the segment (including the effect of hedging transactions) up PLN 27,991m (+103%) year on year;
- PLN 38,431m (230%) year-on-year increase in the cost of gas sold in the segment due to higher gas prices on European commodity exchanges;
- recognition in 2020 of the effect of settlement under the annex to the Yamal contract of PLN 5,689m (approximately PLN 4,915m relates to gas costs in 2014-2019) and net exchange gains on accounting for mutual settlements (approximately PLN 300m);
- net gain/(loss) on measurement and realisation of hedging instruments recognised in operating profit/(loss) in a total amount of PLN 1,415m, of which:
- recognised in revenue: PLN -697m (2020: PLN +1,062m),
- recognised in cost of gas: PLN +1,590m (2020: PLN -296m),
- recognised in other expenses, net: PLN +522m (2020: PLN +233m);
- slightly higher year-on-year volumes of gas imports to Poland from across its eastern border (2021: 9.9 bcm vs 2020: 9.00 bcm), from the western and southern direction (2021: 2.28 bcm vs 2020: 2.04 bcm), as well as higher volumes of LNG imports (2021: 3.94 bcm vs 2020: 3.76 bcm);
- total revenue from sale of electricity in the segment: PLN 3,778m, increase by PLN 920m (32%) year on year, with cost of energy for trading higher by PLN -1,023m (37%) year on year;
- effect of gas inventory write-down of PLN -89m, vs gas inventory write-down of PLN +358m reversed in 2020;
- effect of recognition of a provision for energy efficiency buy-out price: PLN -302m in 2021 vs PLN -233m in 2020.
Capital expenditure made in 2021 on the PGNiG Group’s property, plant and equipment in the Trade and Storage segment was PLN 80m.
For more information on key investment projects and expenditure in the segment, see Section 4.2.3. Key projects and investments.
Financial results of subsidiaries
PGNiG OD’s financial performance
| PGNiG OD (PLNm) | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Revenue | 13,941 | 9,667 | 10,965 | 9,097 |
| EBITDA | -601 | 930 | 561 | 76 |
| EBIT | -637 | 897 | 534 | 67 |
| Net profit/loss | -530 | 721 | 425 | 54 |
| Total assets | 5,898 | 3,107 | 3,445 | 3,183 |
| Equity | 229 | 1,475 | 1,188 | 809 |
PST Group’s financial performance
| PST Group (EURm) | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Revenue | 4,659 | 1,036 | 1,671 | 1,531 |
| EBITDA | 8 | 3 | 3 | 0 |
| EBIT | 8 | 2 | 2 | 0 |
| Net profit/loss | 2 | 0 | 0 | (1) |
| Total assets | 1,614 | 233 | 350 | 418 |
| Equity | 8 | 6 | 6 | 6 |
