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Financial highlights (PLNm)

* Data not restated, as reported.
** Data restated according to the new segmentation of the PGNiG Group’s operations

Natural gas sales outside the PGNiG Group (mcm)

Financial highlights

 PLNm 2017  2016**  2015*  2014*  2013* 
Total revenue 30,495 28,180 31,742 28,825  25,659
Revenue from sales outside the Group, including: 30,000 27,733 31,274 28,367  25,341
– high-methane and nitrogen-rich gas, 27,813 25,615 29,413 26,555  24,392
Inter-segment revenue 495 454  468 458  318
EBITDA (435) 614 623 764  170
EBITDA adjusted for impairment losses on property, plant and equipment (70) 626  627 822 183
* Data not restated, as reported.
** Data restated according to the new segmentation of the PGNiG Group's operations

 

Natural gas sales outside the PGNiG Group

mcm 2017 2016 2015 2014 2013
High-methane gas (E) 25,261 22,818 21,596 17,289 14,934
Nitrogen-rich gas (Ls/Lw as E equivalent) 701 671 611 514 519
TOTAL (measured as E equivalent) 25,962 23,489 22,207 17,803 15,453
including:
PGNiG 16,159 13,734 12,415 12,834 14,070
PGNiG OD 7,617 7,245 7,753 3,209
PST 2,186 2,510 2,039 1,760 1,383

In 2017, the Trade and Storage segment reported an operating loss of PLN -640m, down by PLN 1,045m from the PLN +405m net profit generated in 2016. At the EBITDA level, the segment recorded a loss of PLN -435m, a result lower by PLN 1,049m than in 2016 when the Group generated an EBITDA of PLN +614m. The segment’s revenue reached PLN 30,495m, up by PLN 2,315m (8%) year on year.

In 2017, there was a significant increase in the segment’s operating expenses, which went up by PLN 3,360m (12%). The segment’s poorer performance was attributable to higher prices of crude oil driving up the cost of gas procurement, which translated into lower margins. In addition, the segment’s 2017 performance deteriorated by PLN 364m following the recognition of impairment losses on property, plant and equipment (in 2016, the effect of impairment losses was PLN -12m) and by PLN 54m due to inventory write-downs (including on gas inventories in the UGSF) ), while in 2016 the reversal of impairment losses/write-downs improved the segment’s performance by almost PLN 200m.

At the end of 2017, the stocks of gas owned by PGNiG and held in underground high-methane gas storage facilities stood at approximately 2.3 bcm and remained close to the level recorded at the end of 2016, when they amounted to 2.2 bcm.