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

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Directors’ Report on PGNiG S.A.’s Operations in 2008 The volume of natural gas sales is determined by the pace of the country’s economic growth. A potential drop in gas demand may have a positive bearing on the financial performance of PGNiG S.A. PGNiG S.A. still assumes that production of natural gas will be highly profitable; the level of own production should be similar to the volumes reported in the previous year. The profitability of crude oil sales will depend on oil prices on international markets. In 2009, PGNiG S.A. plans to increase capital expenditure, chiefly on projects aimed at increasing the production capacity, diversifying gas supply sources and expanding underground gas storage facilities. The Company plans to increase capital expenditure on power projects using natural gas. Moreover, it will also intensify its efforts designed to search for and prove new oil and gas reserves. The wideranging investment activities will be financed from operating cash flows and available credit facilities. 54 of 55
Directors’ Report on PGNiG S.A.’s Operations in 2008 Members of the Management Board President Michał Szubski Vice-President Mirosław Dobrut Vice-President Radosław Dudziński Vice-President Sławomir Hinc Vice-President Mirosław Szkałuba Vice-President Waldemar Wójcik 55 of 55
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DIRECTORS’ REPORT ON PGNiG S.A.
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Page 7 and 8: 4. Equity Links Directors’ Report
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Page 15 and 16: • High-methane natural gas (E gro
Page 21 and 22: Exploratory Work Abroad Directors
Page 25 and 26: Delayed Work Directors’ Report on
Page 47 and 48: Financial Ratios Profitability Rati
Page 51 and 52: 2. Financial Management Directors
Page 53: Directors’ Report on PGNiG S.A.
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DIRECTORS' REPORT ON PGNiG SA'S OPERATIONS ... - Notowania

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