Slide 1: PGNiG Group Q2 2022 Results
PGNiG Group Q2 2022 Results August 18th 2022
Slide 2: Table of contents
Table of contents 2 1. Key events 2. Performance drivers 3. Financial highlights – Q2 2022 4. Segments – overview: Exploration and Production Trade and Storage Distribution Generation 5. Appendices
Slide 3: Key events in Q2 2022
Key events in Q2 2022 Compensation from Price Difference Payment Fund for PGNiG Obrót Detaliczny 3 04 April Final status of the judgment of the Stockholm Court of Appeals of March 9th 2022, dismissing Gazprom’s petition for reversal of the Arbitration Court’s final award of March 30th 2020 PGNiG’s r
Slide 4: External and market factors
External and market factors USD/PLN exchange rate up +16% yoy in Q2 2022, to PLN USD/PLN and EUR/PLN exchange rates PLN Quarterly average USD/PLN Q2’21 Q2’22 °C 20,0 Temperatures* USD/PLN and EUR/PLNQ2’22 Q2’21 exchange 4 4.8 exchange rate 4.36. Quarterly average EUR/PLN 4,53 4,65 13,81 exchange rat
Slide 5: Gas markets
Gas markets TTF and GPL gas prices (Month-Ahead contract) in PLN in Q2 2022: TTF and GPL/THE gas prices (Month-Ahead contract) PLN/MWh Q2’2021 5 Q2’2022 TTF Month-Ahead contract price +310% (yoy) +319% (yoy) April: +405% and +405% yoy, 1200 +1% (qoq) +1% (qoq) Average TTF Month-Ahead for quarter May
Slide 6: Financial highlights for Q2 2022
Financial highlights for Q2 2022 [PLNm] Revenue Q2 2021 10,432 Q2 2022 30,973 change % 197% Exploration and Production 6 Revenue from sales of gas up +477% yoy, to PLN 6,829m, with revenue from sales of crude oil and condensate up PLN +77% yoy, to PLN 1,189m. Operating expenses (excl. D&A) -8,630 -2
Slide 7: Segment - Exploration and Production
Segment - Exploration and Production Revenue and EBITDA growth, with a yoy increase in oil prices and significantly higher gas prices on POLPX (+285%) and TTF (+310%). [PLNm] Revenue Q2 2021 2,005 Q2 2022 8,276 change% 313% 7 Operating expenses (excl. D&A) -599 -52 -91% Comments Cost of dry wells an
Slide 8: Segment - Trade and Storage
Segment - Trade and Storage Segment’s performance driven by higher volumes of gas sold to domestic buyers and higher unit gas costs [PLNm] Revenue Q2 2021 7,971 Q2 2022 27,763 change% 248% Comments Revenue from sales of gas (including the effect of hedging transactions) up 8 PLN 16.67bn (+235%) yoy
Slide 9: Segment - Distribution
Segment - Distribution Segment’s performance driven by higher temperatures, lower gas distribution volumes and a higher distribution tariff. [PLNm] Q2 2021 Q2 2022 change% 9 Revenue 1,199 1,143 -5% Operating expenses (excl. D&A) -657 -744 13% Comments EBITDA 542 399 -26% Gas distribution volumes dow
Slide 10: Segment - Generation
Segment - Generation Segment’s performance driven by higher sales volumes of heat generated from the segment’s own sources and higher tariff for heat. generation and transmission. [PLNm] Q2 2021 Q2 2022 change% 10 Revenue 589 1,451 146% Operating expenses (excl. D&A) -419 -1,219 191% Comments Revenu
Slide 11: Contact details
Contact details Marcin Piechota Head of the Investor Relations Division Anna Galińska Investor Relations Specialist 11 Phone: +48 22 106 43 22 Phone: +48 22 106 41 09 Mobile: +48 885 889 890 Mobile: +48 723 514 086 Email: marcin.piechota@pgnig.pl Email: anna.galinska@pgnig.pl Aleksander Kutnik Senio
Slide 12: Appendices
Appendices 12 1. Gas sales and imports structure 2. Operating expenses 3. Debt and sources of funding 4. CAPEX, statement of financial position, statement of cash flows 5. Production and sales volumes
Slide 13: H1 2022 financial highlights
H1 2022 financial highlights [PLNm] Revenue H1 2021 24,985 H1 2022 78,372 change% 214% Exploration and Production 13 Revenue from sales of gas up PLN 12,432m (+519%) yoy, with revenue from sales of crude oil and condensate up PLN 1,130m (+104%) yoy. Operating expenses (excl. D&A) -19,790 -63,305 220
Slide 14: Operating expenses in Q2 2022 vs Q2 2021
Operating expenses in Q2 2022 vs Q2 2021 [PLNm] Cost of gas Q2 2021 -6,023 Q2 2022 -23,044 change% 283% Comments: 14 Cost of gas sold up +283% yoy to PLN -23,044m, with a +3% yoy increase in gas Fuels for heat and power generation -150 -162 8% volumes sold outside the Group. Other raw materials and
Slide 15: Gas sales and imports structure
Gas sales and imports structure Rise in LNG imports and in imports from western and Imports of natural gas to Poland Q2 2022 Eastern Gas sales outside the PGNiG Imports Groupgas of natural by to company Poland 15 southern sources, with lower direction; [mcm] Q2 2021 Q2 2022 change% 21% imports from
Slide 16: Debt and sources of funding
Debt and sources of funding Sources of funding (as at June 30th 2022) 16 PLNm used available Dividend per share for the financial year PLN 10 000 0.30 0.2 0.2 0.21 2 589 0.19 0.18 0.18 0.20 0.17 0.15 0.15 0.12 0.13 5 000 0.09 431 0.09 0.08 0.10 1 809 2 736 0 0.00 Revolving credit facility (June 2024
Slide 17: CAPEX, statement of financial position and statement of cash flows
CAPEX, statement of financial position and statement of cash flows CAPEX incurred as at June 30th 2022* CAPEX PLNm Non-cur rent Current 17 Group’s statement of financial position (as at June 30th 2022) Equity PLNbn E&P 1.05 T&S 0.48 Distribution 1.53 42,411 59,925 Generation 1.02 Total 4.08 Consolid
Slide 18: Production and sales volumes
Production and sales volumes NATURAL GAS PRODUCTION BY THE PGNIG GROUP [mcm] HIGH-METHANE GAS (E) including in Poland including in Norway NITROGEN-RICH GAS (Ls/Lw as E equiv.) Q2 2022 1,098 326 773 601 Q1 2022 1,091 326 765 689 Q4 2021 1,096 323 773 710 Q3 2021 582 326 257 669 Q2 2021 487 318 168 60