DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania
DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania
DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania
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Financial Ratios<br />
Profitability Ratios<br />
EBIT (PLNm)<br />
operating profit<br />
EBITDA (PLNm)<br />
operating profit + depreciation/amortisation<br />
ROE (Return on Equity)<br />
net profit to equity at end of period<br />
NET MARGIN<br />
net profit to sales revenue<br />
ROA (Return on Assets)<br />
net profit to assets at end of period<br />
Liquidity Ratios<br />
Directors’ Report on <strong>PGNiG</strong> S.A.’s Operations in 2008<br />
CURRENT RATIO<br />
current assets (net of prepayments and accrued income) to current<br />
liabilities<br />
QUICK RATIO<br />
current assets (net of prepayments and accrued income)<br />
decreased by inventories to current liabilities<br />
Debt Ratios<br />
DEBT RATIO<br />
total liabilities to total equity and liabilities<br />
DEBT/EQUITY RATIO<br />
total liabilities to equity<br />
1.2. Overview of the Financial Performance<br />
2008 2007<br />
292.9 2,118.0<br />
870.0 2,695.6<br />
3.2% 12.1%<br />
3.0% 14.3%<br />
2.3% 9.1%<br />
2008 2007<br />
1.5 1.7<br />
1.1 1.4<br />
2008 2007<br />
26.7% 24.5%<br />
36.4% 32.4%<br />
The Company’s operating profit decreased by PLN 1,825.1m (or 86%) relative to 2007. The decrease<br />
is attributable to lower profit margins on high-methane gas, caused by the following factors:<br />
• a 37% rise in unit purchase costs of imported gas,<br />
• an 11% rise in the volume of imported gas,<br />
• a mismatch between the tariff rates for gaseous fuels and purchase costs of imported gas.<br />
The rise in unit purchase costs of imported gas was driven by the growing prices of crude oil and<br />
petroleum products on international markets, and the dollar exchange rates. The surge in crude oil<br />
prices peaked in June 2008. Despite a considerable fall in crude oil prices in the subsequent months,<br />
the highest increase in price of imported gas was recorded in Q4 2008. This followed from the fact<br />
that prices of imported gas are indexed to a nine-month moving average price of petroleum products.<br />
Another driver of imported gas prices were changes on the FX markets, in particular the depreciation<br />
of the złoty against the US dollar seen in H2 2008.<br />
In the discussed period, the Company imported higher volumes of gas, which was driven by the<br />
following factors:<br />
• a 2% rise in volumes of high-methane gas sold,<br />
• a 38% decrease in use of gas from underground storage facilities,<br />
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