PGNiG : Consolidated Quarterly Report for the I quarter 2017

Polskie Górnictwo Naftowe i Gazownictwo S.A.

INTERIM REPORT

for Q1

ended March 31st 2017

prepared in accordance with the International Financial Reporting Standards

as endorsed by the European Union

POLISH FINANCIAL SUPERVISION AUTHORITY Consolidated Quarterly Report QSr 1 / 2017

quarter / year

(pursuant to Par. 82.2 and Par. 83.1 of the Regulation of the Minister of Finance of February 19th 2009 - consolidated text: Dz.U. of 2014, item 133, as amended)

for issuers of securities in the manufacturing, construction, trade, and services sectors

for the first quarter of the 2017 financial year, covering the period from January 1st to March 31st 2017, containing interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN), and interim condensed separate financial statements prepared in accordance with International Financial Reporting Standards in the Polish zloty (PLN).

May 25th 2017

(filing date)

POLSKIE GÓ RNI CTWO N AF TO WE i G AZOW NICTWO SPÓ ŁK A AK CY JN A
(company name)
PGNiG	Fuels industry (pal)
(abbreviated name)	(sector according to the WSE classification)
01-224	Warsaw
(postal code)	(city/town)
Marcina Kasprzaka	25
(street)	(number)
[phone]	[phone]
(telephone)	(fax)
[e-mail]	www.pgnig.pl
(email)	(website)
525−000−80−28	012216736
(NIP)	(Industry Identification Number - REGON)

Financial highlights

Interim condensed consolidated financial data PLNm EURm

3 months ended

Mar 31 2017

3 months ended

Mar 31 2016

3 months ended

Mar 31 2017

3 months ended

Mar 31 2016

Revenue	11,652	10,980	2,717	2,521
Operating profit before depreciation and amortisation (EBITDA)	2,769	2,393	646	549
Operating profit (EBIT)	2,074	1,721	484	395
Profit before tax	2,105	1,769	491	406
Net profit attributable to owners of the parent	1,599	1,386	373	318
Net profit	1,599	1,386	373	318
Total comprehensive income attributable to owners of the parent	1,472	1,362	343	313
Total comprehensive income	1,472	1,362	343	313
Cash flows from operating activities	2,965	2,819	691	647
Net cash from investing activities	(1,191)	(768)	(278)	(176)
Cash flows from financing activities	(2,281)	16	(532)	4
Net cash flows	(507)	2,067	(118)	475
Basic and diluted earnings per share (PLN)	0.28	0.23	0.06	0.05

As at Mar 31 2017

As at Dec 31 2016

As at Mar 31 2017

As at Dec 31 2016

Total assets	48,400	49,672	11,470	11,228
Total liabilities	14,912	17,656	3,534	3,991
Total non-current liabilities	7,127	7,303	1,689	1,651
Total current liabilities	7,785	10,353	1,845	2,340
Total equity	33,488	32,016	7,936	7,237
Share capital	5,778	5,778	1,369	1,306
Weighted average number of ordinary shares (million)	5,778	5,867	5,778	5,867
Book value per share and diluted book value per share (in PLN and EUR)	5.80	5.46	1.37	1.23
Dividend per share declared or paid (in PLN and EUR)*	-	0.18	-	0.04

*Dividend paid in the period.

PGNiG S.A's quarterly financial data PLNm EURm

3 months ended Mar 31 2017	3 months ended Mar 31 2016	3 months ended Mar 31 2017	3 months ended Mar 31 2016
Net revenue	5,997	5,596	1,398	1,285
Profit before tax	851	901	198	207
Net profit	681	729	159	167
Total comprehensive income	578	718	135	165
Cash flows from operating activities	1,580	1,782	368	409
Net cash from investing activities	(483)	(447)	(113)	(103)
Cash flows from financing activities	(1,679)	424	(391)	97
Net increase/(decrease) in cash and cash equivalents	(582)	1,759	(136)	404
Earnings and diluted earnings per share attributable to holders of ordinary shares (in PLN	0.12	0.12	0.03	0.03
and EUR)
As at Mar 31 2017	As at Dec 31 2016	As at Mar 31 2017	As at Dec 31 2016
Total assets	34,524	35,769	8,181	8,085
Total liabilities	8,718	10,541	2,066	2,383
Total non-current liabilities	2,135	2,144	506	485
Total current liabilities	6,583	8,397	1,560	1,898
Equity	25,806	25,228	6,115	5,703
Share capital and share premium	7,518	7,518	1,782	1,699
Weighted average number of shares (million)	5,778	5,778	5,778	5,778

Book value per share and diluted book value per share (in PLN and EUR)

Dividend per share declared or paid (PLN/EUR)

4.47 4.37 1.06 0.99

- 0.18 - 0.04

Average EUR/PLN exchange rates quoted by the NBP	Mar 31 2017	Mar 31 2016	Dec 31 2016
Average exchange rate in period	4.2891	4.3559	4.3757
Exchange rate at end of period	4.2198	4.2684	4.4240

Items of the statement of profit or loss, statement of comprehensive income and statement of cash flows were translated at the EUR/PLN exchange rate computed as the arithmetic mean of mid rates quoted by the National Bank of Poland (NBP) for the last day of each calendar month in the reporting period.

Items of the statement of financial position were translated at the mid-rate for EUR/PLN quoted by the NBP at the end of the reporting period.

TABLE OF CONTENTS

Interim condensed consolidated financial statements 5

1. General information 9

2. KEY INFORMATION ABOUT THE GROUP 9

3. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS CONTAINED IN THIS REPORT 9

4. APPLIED ACCOUNTING POLICIES 10

5. EFFECT OF NEW STANDARDS ON THE FINANCIAL STATEMENTS OF THE PGNIG GROUP 10

6. PRESENTATION CHANGES IN THE FINANCIAL STATEMENTS 11

7. Information on the Group and its reporting segments 14

8. CHANGES IN THE GROUP STRUCTURE 16

9. EQUITY-ACCOUNTED INVESTEES 16

10. REPORTING SEGMENTS IN FIGURES 17

11. OVERVIEW OF FINANCIAL RESULTS OF INDIVIDUAL REPORTING SEGMENTS 18

12. FACTORS AND EVENTS THAT MAY AFFECT FUTURE PERFORMANCE OF THE PGNIG GROUP 19

13. Notes to the interim condensed consolidated financial statements 20

14. DEFERRED TAX 20

15. IMPAIRMENT LOSSES/WRITE-DOWNS 20

16. PROVISIONS 21

17. REVENUE 22

18. OPERATING EXPENSES 22

19. OTHER INCOME AND EXPENSES 23

20. NET FINANCE INCOME/(COSTS) 23

21. INCOME TAX 23

22. PROPERTY, PLANT AND EQUIPMENT 24

23. DERIVATIVE FINANCIAL INSTRUMENTS 25

24. CONTINGENT ASSETS AND LIABILITIES 28

25. Supplementary information to the report 29

26. KEY EVENTS RELATED TO THE ISSUER IN THE REPORTING PERIOD 29

27. SHARES HELD BY MANAGEMENT AND SUPERVISORY PERSONNEL 31

28. DIVIDEND PAID (DECLARED) 31

29. ISSUE, REDEMPTION, AND REPAYMENT OF DEBT SECURITIES 31

30. SEASONALITY OF OPERATIONS 32

31. MATERIAL COURT, ARBITRATION AND ADMINISTRATIVE PROCEEDINGS 32

32. SETTLEMENTS UNDER COURT PROCEEDINGS 34

33. CHANGES IN THE ECONOMIC ENVIRONMENT AND TRADING CONDITIONS WITH A MATERIAL BEARING ON THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 34

34. DEFAULT UNDER LOANS OR BREACH OF ANY MATERIAL TERMS OF LOAN AGREEMENTS, WITH RESPECT TO WHICH NO REMEDIAL ACTION HAD BEEN TAKEN BY THE END OF THE REPORTING PERIOD 35

35. RELATED-PARTY TRANSACTIONS 35

36. MANAGEMENT BOARD'S POSITION ON THE FEASIBILITY OF MEETING PUBLISHED FORECASTS FOR A GIVEN YEAR 35

37. EVENTS SUBSEQUENT TO THE REPORTING DATE 35

38. OTHER INFORMATION MATERIAL TO THE ASSESSMENT OF HUMAN RESOURCES, ASSETS, FINANCIAL CONDITION AND PERFORMANCE, AS WELL AS TO THE ASSESSMENT OF ABILITY TO FULFIL OBLIGATIONS 35

39. Quarterly financial information of PGNiG S.A 36

40. BASIC FINANCIAL STATEMENTS 36

41. NOTES TO THE INTERIM CONDENSED SEPARATE FINANCIAL STATEMENTS 41

42. Interim condensed consolidated financial statements

    Consolidated statement of profit or loss	3 months ended Mar 31 2017	3 months ended Mar 31 2016
    Revenue from sale of gas	unaudited	unaudited
    	9,468	9,218	Note 3.4
    Other revenue	2,184	1,762	Note 3.4
    Revenue	11,652	10,980
    Cost of gas sold	(6,749)	(6,993)	Note 3.5
    Other raw materials and consumables used	(643)	(643)	Note 3.5
    Employee benefits expense	(640)	(545)	Note 3.5
    Transmission services	(294)	(239)
    Other services	(361)	(236)	Note 3.5
    Taxes and charges	(524)	(448)
    Other income and expenses	167	351	Note 3.6
    Work performed by the entity and capitalised	159	163
    Recognition and reversal of impairment losses on property, plant and equipment and intangible assets	2	3	Note 3.5
    Operating profit before depreciation and amortisation (EBITDA)	2,769	2,393
    Depreciation and amortisation expense	(695)	(672)
    Operating profit (EBIT)	2,074	1,721
    Net finance costs	19	48	Note 3.7
    Profit/(loss) from equity-accounted investees	12	-
    Profit before tax	2,105	1,769
    Income tax	(506)	(383)	Note 3.8
    Net profit	1,599	1,386
    Net profit attributable to:	1,599	1,386
    Owners of the parent
    Non-controlling interests	-	-
    Weighted average number of ordinary shares (million)	5,778	5,900
    Basic and diluted earnings per share (PLN)	0.28	0.23

    Consolidated statement of comprehensive income	3 months ended Mar 31 2017	3 months ended Mar 31 2016
    Net profit	unaudited	unaudited
    	1,599	1,386
    Exchange differences on translating foreign operations	(27)	(23)
    Hedge accounting	(127)	(1)
    Revaluation of financial assets available for sale	4	-
    Deferred tax	23	-
    Other comprehensive income subject to reclassification to profit or loss	(127)	(24)
    Other comprehensive income, net	(127)	(24)
    Total comprehensive income	1,472	1,362
    Total comprehensive income attributable to:	1,472	1,362
    Owners of the parent
    Non-controlling interests	-	-

    Consolidated statement of cash flows	3 months ended Mar 31 2017	3 months ended Mar 31 2016
    Cash flows from operating activities	unaudited	unaudited
    Net profit	1,599	1,386
    Depreciation and amortisation expense	695	672
    Current tax expense	506	383
    Net gain/(loss) on investing activities	(17)	(45)
    Other non-monetary adjustments	181	(11)
    Income tax paid	(303)	(155)
    Movements in working capital	304	589
    Cash flows from operating activities	2,965	2,819
    Cash flows from investing activities
    Payments for acquisition of tangible exploration and evaluation assets under construction	(127)	(161)
    Payments for other property, plant and equipment and intangible assets	(626)	(617)
    Payments for shares in related entities	(137)	-
    Other items, net	(301)	10
    Net cash from investing activities	(1,191)	(768)
    Cash flows from financing activities
    Increase in debt	7	198
    Proceeds from derivative financial instruments	165	89
    Decrease in debt	(2,440)	(252)
    Dividends paid	-	-
    Payments for derivative financial instruments	(20)	(20)
    Other items, net	7	1
    Cash flows from financing activities	(2,281)	16
    Net cash flows	(507)	2,067
    Cash and cash equivalents at beginning of period	5,832	6,021
    Foreign exchange differences on cash and cash equivalents	(23)	(8)
    Cash and cash equivalents at end of period	5,325	8,088

    Consolidated statement of financial position	As at Mar 31 2017	As at Dec 31 2016
    ASSETS	unaudited	audited
    Property, plant and equipment	32,838	33,149	Note 3.9
    Intangible assets	1,035	1,079
    Deferred tax assets	121	100
    Equity-accounted investees	1,378	1,229
    Other assets	696	679
    Non-current assets	36,068	36,236
    Inventories	1,480	2,510
    Receivables	4,687	4,288
    Derivative financial instruments	283	623	Note 3.10
    Other assets	522	129
    Cash and cash equivalents	5,299	5,829
    Assets held for sale	61	57
    Current assets	12,332	13,436
    TOTAL ASSETS	48,400	49,672
    EQUITY AND LIABILITIES
    Share capital and share premium	7,518	7,518
    Accumulated other comprehensive income	(131)	(4)
    Retained earnings	26,098	24,499
    Equity attributable to owners of the parent	33,485	32,013
    Equity attributable to non-controlling interests	3	3
    TOTAL EQUITY	33,488	32,016
    Financing liabilities	1,168	1,346
    Employee benefit obligations	699	702
    Provision for well decommissioning costs	1,629	1,641	Note 3.3
    Other provisions	194	198	Note 3.3
    Grants	802	815
    Deferred tax liabilities	1,987	1,932
    Other liabilities	648	669
    Non-current liabilities	7,127	7,303
    Financing liabilities	2,676	5,006
    Derivative financial instruments	245	346	Note 3.10
    Trade and tax payables*	3,131	3,179
    Employee benefit obligations	371	334
    Provision for well decommissioning costs	20	20	Note 3.3
    Other provisions	552	560	Note 3.3
    Other liabilities	790	908
    Current liabilities	7,785	10,353
    TOTAL LIABILITIES	14,912	17,656
    TOTAL EQUITY AND LIABILITIES	48,400	49,672

    * Including income tax of PLN 406m (2016: PLN 180m)

    PGNiG GROUP

    Interim report for Q1 2017

    (in PLN million unless stated otherwise)

    Consolidated statement of changes in equity

    Share capital

    Equity attributable to owners of the parent

    and share premium, including:

    Accumulated other comprehensive income:

    Share capital

    Share premium

    As at Jan 1 2016 (audited)	5,900	1,740	(51)	(565)	- (21)	- 23,733	30,736	5	30,741
    Net profit	-	-	-	-	- -	- 1,386	1,386	-	1,386
    Other comprehensive income, net	-	-	(23)	(1)	- -	- -	(24)	-	(24)
    Total comprehensive income	-	-	(23)	(1)	- -	- 1,386	1,362	-	1,362
    As at Mar 31 2016 (unaudited)	5,900	1,740	(74)	(566)	- (21)	- 25,119	32,098	5	32,103

    Exchange differences on translating foreign operations

    Hedging reserve

    Revaluation of financial assets available for sale

    Actuarial gains/(losses) on employee benefits

    Share of other comprehensive income of equity- accounted investees

    Retained

    earnings Total

    Equity attributable to non-controlling interests

    Total equity

    As at Jan 1 2017 (audited)	5,778	1,740	(28)	69	2	(45)	(2)	24,499	32,013	3	32,016
    Net profit	-	-	-	-	-	-	-	1,599	1,599	-	1,599
    Other comprehensive income, net	-	-	(27)	(103)	3	-	-	-	(127)	-	(127)
    Total comprehensive income	-	-	(27)	(103)	3	-	-	1,599	1,472	-	1,472
    As at Mar 31 2017 (unaudited)	5,778	1,740	(55)	(34)	5	(45)	(2)	26,098	33,485	3	33,488

    Page8 of 45
43. General information

44. Key information about the Group

    Name	Polskie Górnictwo Naftowe i Gazownictwo Spółka Akcyjna
    Registered office	ul. Marcina Kasprzaka 25, 01-224 Warsaw, Poland
    Court of registration	District Court for the Capital City of Warsaw, 16th Commercial Division
    National Court Register (KRS) No.	0000059492
    Industry Identification Number (REGON)	012216736
    Tax Identification Number (NIP)	525-000-80-28
    Description of business	The Company's principal business activity includes exploration for and production of crude oil and natural gas, import, storage and sale of gas fuels, as well as trade in electricity.

    Polskie Górnictwo Naftowe i Gazownictwo Spółka Akcyjna is the Parent of the PGNiG Group (the "PGNiG Group", the "Group"). PGNiG shares are listed on the Warsaw Stock Exchange ("WSE").

    As at the date of issue of this interim report for Q1 2017, the State Treasury, represented by the Minister of Energy, was the only shareholder holding 5% or more of the Company's share capital.

    The shareholding structure of PGNiG S.A. was as follows:

    Shareholder	Number of shares as at the date of issue of the previous interim report*	% share in total voting rights as at the date of issue of the previous interim report*	% change in the period	% share in total voting rights at GM as at the date of issue of this report**	Number of shares as at the date of issue of this report**
    State Treasury	4,153,706,157	71.884%	0.000%	71.884%	4,153,706,157
    Other shareholders	1,624,608,700	28.116%	0.000%	28.116%	1,624,608,700
    Total	5,778,314,857	100.00%	0.00%	100.00%	5,778,314,857
    *As at December 31st 2016
    **As at March 31st 2017

    The PGNiG Group is the only vertically integrated company in the Polish gas sector, holding the leading position in all segments of the country's gas industry. It is also a significant domestic producer of heat and electricity. The scope of the PGNiG Group's business comprises exploration for hydrocarbon deposits, oil and gas exploration and production, import, storage and distribution of and trade in gas fuels. The PGNiG Group imports gas fuel from Russia and Germany, and is the main producer of natural gas from Polish deposits. The Group's upstream operations are one of the key contributors to PGNiG's competitive position on the liberalised gas market in Poland.

    For detailed information on the business segments and consolidated entities, see Note 2.

45. Basis of preparation of the financial statements contained in this report

    These interim condensed consolidated financial statements and interim condensed separate financial statements for Q1 2017 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting(IAS 34) as endorsed by the European Union and the Regulation of the Minister of Finance on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (consolidated text: Dz.U. of 2014, item 133, as amended).

    This interim report has been prepared on the assumption that the Group companies, except for Geofizyka Kraków S.A. w likwidacji (in liquidation), will continue as going concerns in the foreseeable future. As at the date of authorisation of these financial statements for issue, no circumstances were identified which would indicate any threat to other Group companies' continuing as going concerns.

    The functional currency of PGNiG S.A. and the presentation currency of these consolidated financial statements is the Polish zloty (PLN). The method of translation of items denominated in foreign currencies is presented in the full-year consolidated financial statements for the period ended December 31st 2016, issued on March 8th 2017.

    Unless otherwise indicated, all amounts in this report are given in millions of Polish zloty.

    This interim report for Q1 2017 has been signed and authorised for issue by the Parent's Management Board on May 25th 2017.

46. Applied accounting policies

    The policies used in the preparation of the interim condensed consolidated and interim condensed separate financial statements were consistent with those applied to prepare the consolidated financial statements for 2016, except for the presentation changes described in Note 1.5.1.

47. Effect of new standards on the financial statements of the PGNiG Group

    In these financial statements, the Group did not opt for early application of the following standards, interpretations or amendments to existing standards which have been issued and are relevant to the Group's business:

    Standard	Description	Estimated effect	Effective date
    IFRS 9 Financial Instruments	The standard introduces a model based on the following classification categories for financial assets: measured at fair value through profit or loss (FVTPL), at fair value through other comprehensive income (FVTOCI), and at amortised cost. Assets are classified on initial recognition depending on an entity's financial instrument management model and the characteristics of contractual cash flows from such instruments. IFRS 9 introduces a new impairment recognition model based on expected credit losses. The majority of the requirements under IAS 39 concerning classification and measurement of financial liabilities were incorporated into IFRS 9 unchanged. The key change is the new requirement that entities present in other comprehensive income the effect of changes in their own credit risk related to financial liabilities designated as at fair value through profit or loss. Changes were also made to the hedge accounting model to factor in risk management.	The Group is currently analysing the effects of IFRS 9 on its consolidated financial statements. Based on a preliminarily analysis, it has been assumed that IFRS 9 may have an effect on the consolidated financial statements with respect to hedge accounting and recognition of impairment losses on receivables based on expected credit losses; the latter is expected to have an effect on the Group's statement of financial position by increasing the opening balance of impairment losses. However, the amount of impairment losses on receivables is not expected to change considerably. The Group assumes that the hedging instruments currently designated for hedge accounting will not change. The Group does not expect any changes with respect to fair value measurement.	January 1st 2018
    IFRS 15 Revenue from Contracts with Customers	IFRS 15 will apply to all contracts giving rise to revenue. The core principle of the new standard is that revenue is to be recognised upon transfer of goods or services to a customer, at the transaction price. Any goods or services that are sold in bundles and are distinct within the bundle should be recognised separately, and any discounts and rebates on the transaction price should be allocated to the specific bundle items. Where a contract contains elements of variable consideration, under the new standard such variable consideration is recognised as revenue only if it is highly probable that its remeasurement will not result in a revenue reversal in the future. Furthermore, in accordance with IFRS 15, the cost of obtaining and securing a contract with a customer should be capitalised and amortised over the period in which the contract's benefits are consumed.	The Group is currently analysing the effects of IFRS 15 on its consolidated financial statements. It is expected that the amendments will have no significant effect on the consolidated financial statements when first adopted.	January 1st 2018

    Standard	Description	Estimated effect	Effective date
    IFRS 16 Leases	The new standard establishes principles for the recognition, measurement, presentation and disclosure of leases. All lease transactions result in the lessee acquiring a right-of-use asset and incurring a lease liability. Thus, IFRS 16 abolishes the operating and finance lease classification under IFRS 17 and provides a single lessee accounting model, requiring lessees to recognise (a) assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value and (b) amortisation of the leased asset separately from interest on lease liability in the statement of profit or loss. IFRS 16's approach to lessor accounting is substantially unchanged from its predecessor, IAS 17. Lessors continue to classify leases as operating or finance leases, with each of them subject to different accounting treatment.	Based on preliminary assessment, IFRS 16 may potentially have an effect on the Company's financial statements mainly due to the fact that the Company is a holder of perpetual usufruct rights to land. The Group has not yet analysed the potential effect of the new standard on its financial statements. A detailed analysis will be carried out in 2018-2019.	January 1st 2019

    The other standards and interpretations that have been issued but are not yet effective are not relevant to the Group's business or will have no significant effect on the accounting policies applied by the PGNiG Group.

48. Presentation changes in the financial statements

49. Changes in reporting segment presentation

50. In Q1 2017, the Group made significant changes in segment reporting, involving in particular:

51. For the purposes of transferring gas produced in Poland between the Exploration and Production segment and the Trade and Storage segment, the following methodology was applied to determine the settlement price: transfer of gas from the Exploration and Production segment to the Trade and Storage segment is made at a price calculated as the average monthly price quoted on the POLPX Day-Ahead Market, less a discount enabling the Trade and Storage segment to cover an appropriate position of costs of high-methane gas storage plus margin. The settlement price used for gas transfers between other segments, in particular for own consumption, also changed and was set as the average monthly price quoted on the POLPX Day-Ahead Market.

52. In addition, reclassifications were also made between other items of operating expenses based on the type of operations.

53. PGNiG S.A.'s corporate centre and the company PGNiG Finance AB have been separated from the Trade and Storage segment and are now disclosed under Other Segments. The PGNiG Management Board resolved to adjust the financial results of the Trade and Storage segment for the revenue, costs and expenses generated by PGNiG S.A.'s Head Office and PGNiG Finance AB, which perform support functions for the other segments of the PGNiG Group.

As the above changes were applied retrospectively, the table below shows restated data as at March 31st 2016.

PGNiG GROUP

Interim report for Q1 2017

(in PLN million unless stated otherwise)

Reporting segments	Sales to external customers	Inter-segment sales	Total revenue	EBITDA	Depreciation and amortisation	EBIT (operating profit)	Recognition and reversal of impairment losses on property, plant and equipment and intangible assets	Expenditure on acquisition of property, plant and equipment and intangible assets	Property, plant and equipment	Workforce*
Exploration and Production before restatement	678	367	1,045	619	(286)	333	7	(294)	13,470	8,347
Change of rules of calculating revenue from inter-segment sales of domestically produced gas in the Exploration and Production segment	-	297	297	298	-	298	-	-	-	-
Other reallocation of revenue and operating expenses at PGNiG S.A.	-	9	9	(38)	(1)	(39)	-	-	-	-
Exploration and Production after restatement	678	673	1,351	879	(287)	592	7	(294)	13,470	8,347
Trade and Storage before restatement	9,526	93	9,619	660	(61)	599	-	(26)	4,246	3,470
Change of rules of calculating revenue from inter-segment sales of gas produced in Poland in the Exploration and Production segment	-	-	-	(298)	-	(298)	-	-	-	-
Other reallocation of revenue and operating expenses at PGNiG S.A.	-	-	-	38	1	39	-	-	-	-
Presentation changes with respect to the corporate centre	(2)	3	1	23	12	35	-	4	(370)	(692)
Trade and Storage after restatement	9,524	96	9,620	423	(48)	375	-	(22)	3,876	2,778
Other Segments before restatement	22	25	47	(10)	(4)	(14)	-	(2)	132	1,290
Corporate centre presentation change	2	31	33	(23)	(12)	(35)	-	(4)	370	692
Other Segments after restatement	24	56	80	(33)	(16)	(49)	-	(6)	502	1,982
Reconciliation with consolidated data before restatement	(1,870)	4	-	4	-	11	(240)	-
Change of rules of calculating revenue from inter-segment sales of gas produced in Poland in the Exploration and Production segment	(297)	-	-	-	-	-	-	-
Other reallocation of revenue and operating expenses at PGNiG SA	(9)	-	-	-	-	-	-	-
Corporate centre presentation change	(34)	-	-	-	-	-	-	-
Reconciliation with consolidated data after restatement	(2,210)	4	-	4	-	11	(240)	-

*Excluding the workforce of equity-accounted investees.

Page12 of 45