News
06.06.2012 Annual General Meeting of PGNiG SA. Granting discharge to members of the Management Board in respect of their performance of duties
On June 6th 2012, the Annual General Meeting of PGNiG SA approved the Company's and the Group's financial statements and the Directors' Reports on the Company's and the Group's operations in 2011. The General Meeting also approved the PGNiG Management Board's recommendation to contribute the entire profit for 2011 to statutory reserve funds.
The Annual General Meeting of PGNiG SA granted discharge to all members of the Company's Management and Supervisory Boards in respect of their performance of duties in 2011.
The Meeting resolved to allocate the entire net profit and retained earnings for 2011, respectively of PLN 1,615,690,672.36 and PLN 72,471,800.88, to the Company's statutory reserve funds. The rationale underlying this decision is to ensure financing for projects launched under the approved investment plan for 2012.
Leaving aside any planned spending related to PGNiG Termika, the PGNiG Group's investment plan for 2012 envisages capital expenditure of approximately PLN 5bn, including on hydrocarbon exploration and production projects.
The Annual General Meeting also resolved to establish PGNiG Poszukiwania SA, a new company within the PGNiG Group.
"These changes have followed as part of implementation of the PGNiG Group's strategy, which provides for consolidation of some of the Group's companies and business units. Growing scale of activity in the area of exploration for unconventional gas will boost demand for drilling and well servicing services, leading to intensified competition on this market in Poland. Establishing PGNiG Poszukiwania SA is the Group's response to these challenges. By floating its shares on the stock exchange, the new entity will raise capital to finance its development, grow the scale of its business and enhance its operational efficiency. We also hope that the restructuring measures preceding the share issue will allow us to significantly improve the quality of our services and streamline the use of our assets," said Grażyna Piotrowska-Oliwa, President of PGNiG.
PGNiG Poszukiwania SA will be built from the structures of five existing subsidiaries, including Poszukiwania Nafty i Gazu Jasło SA, Poszukiwania Nafty i Gazu Kraków SA, Poszukiwania Nafty i Gazu NAFTA SA of Piła, Poszukiwania Naftowe Diament Sp. z o.o. of Zielona Góra, and Zakład Robót Górniczych Krosno Sp. z o.o.
Joanna Zakrzewska
Press Officer
