DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

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Directors’ Report on PGNiG S.A.’s Operations in 2008 Investments Outside PGNiG S.A.’s Related Companies On June 18th 2008, the Management Board of Zakłady Azotowe w Tarnowie-Mościcach S.A. allotted to PGNiG S.A. 4,000,001 Series B shares with a par value of PLN 5.00 and the issue price of PLN 19.50 per share, representing 10.23% of the share capital of Zakłady Azotowe w Tarnowie- Mościcach S.A. The increase in the share capital of Zakłady Azotowe w Tarnowie-Mościcach S.A. was registered with the National Court Register on July 22nd 2008. The total value of the investment was PLN 78m. As at December 31st 2008, the total nominal value of PGNiG S.A.’s capital exposure outside PGNiG S.A.’s related companies was PLN 43.8m. 6. Employment The table below presents the employment as at December 31st 2008, by segments. PGNiG S.A.’s Head Office provides services to all segments. Accordingly, it is disclosed separately. Employment by segments (no. of staff) 2008 2007 Head Office 837 604 Exploration and Production 4,223 4,087 Trade and Storage 3,702 3,705 Other activities 37 36 Total 8,799 8,432 From January 1st 2000 to December 31st 2008, PGNiG S.A. carried out the “Programme of employment restructuring and employee protection measures for PGNiG S.A. branches and subsidiaries”. Over that period, as a result of various organisational and structural as well as employment restructuring efforts, the headcount at PGNiG S.A. decreased by 24,356. This figure concerns the persons employed under contracts for unspecified period and includes the effect of spinoffs of the Gas Companies and the transfer of 2,181 employees as part of the spin-off of OGP Gaz- System Sp. z o.o. On December 11th 2008, the Extraordinary General Shareholders Meeting of PGNiG S.A. adopted the Programme for Streamlining of Employment and Redundancy Payments to the Employees of the PGNiG Group for 2009–2011 (phase III). The programme came into force in January 2009. Contrary to the previous employment restructuring programmes, it is based on a “stand-by” formula. It may be implemented in extreme circumstances and requires that individual Group members apply procedures which are uniform across the whole PGNiG Group. The programme may only be implemented when it is justified by the scale of the planned restructuring measures related to trimming of workforce and/or closing down of posts. 10 of 55
7. Gas Sales and Procurement Directors’ Report on PGNiG S.A.’s Operations in 2008 PGNiG S.A. recorded sales revenue of PLN 18bn, with 94% of that figure derived from sales and distribution of natural gas. Sales revenue (PLNm) 2008 2007 Natural gas, including: 16,962.1 13,955.0 - high-methane gas 15,568.9 12,755.3 - nitrogen-rich gas 1,393.2 1,199.7 Crude oil 775.6 777.9 Condensate 3.0 1.6 Helium 27.6 30.5 Propane-butane 42.6 39.5 Geophysical and geological services 64.9 33.5 Other sales 163.0 281.9 Total 18,038.8 15,119.9 In 2008, PGNiG S.A. sold 13.9bn m 3 of natural gas, with 96% of that figure accounted for by revenues from the transmission and distribution systems and the balance – by direct sales of natural gas from deposits. Natural gas sales volume (million m 3 ) 2008 2007 Trade and Storage 13,250.8 13,056.2 Exploration and Production 611.3 629.5 Total 13,862.1 13,685.7 In 2008, the volume of natural gas acquired by PGNiG S.A. reached 14.4bn m 3 , with 71.5% of that amount sourced from imports, mostly from Russia and the Middle East. Natural gas production from domestic deposits represented 28.4% of the total volume acquired. The table below sets forth the structure of natural gas supplies measured as high-methane gas equivalent. Natural gas procurement (million m 3 ) 2008 2007 Imports 10,264.3 9,286.0 Domestic production 4,073.9 4,276.1 Domestic suppliers 22.1 13.5 Total 14,360.3 13,575.6 11 of 55
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DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

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