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

Directors’ Report on PGNiG S.A.’s Operations in 2008
1. Investment Projects in the Exploration and Production Segment .................................... 35
2. Investment Projects in the Trade and Storage Segment ................................................... 37
3. Investment Projects in the Other Activities Segment ....................................................... 37
Chapter VII: Environmental Protection .............................................................. 38
Chapter VIII: Other Information ......................................................................... 39
Chapter IX: Financial Standing ........................................................................... 43
1. Financial Performance in 2008 ........................................................................................ 43
1.1. Key Business and Financial Information .................................................................. 43
1.2. Overview of the Financial Performance .................................................................... 47
2. Financial Management ..................................................................................................... 51
2.1. Current Investments .................................................................................................. 51
2.2. Loan Agreements ...................................................................................................... 51
2.3. Guarantees and Sureties ............................................................................................ 52
2.4. Financial Risk Management ...................................................................................... 52
3. Financial Forecasts ........................................................................................................... 53
Appendix:
Statement on Compliance with Corporate Governance Principles at Polskie Górnictwo
Naftowe i Gazownictwo S.A. in 2008.
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