News
01.04.2014 PGNiG Management Board's recommendation concerning allocation of the 2013 profit
The Management Board of Polskie Górnictwo Naftowe i Gazownictwo SA has resolved to recommend that the General Meeting of PGNiG allocate an amount of PLN 885m, out of the 2013 net profit of approximately PLN 1.69bn, to dividend payment. This would translate into dividend per share of PLN 0.15.
The Management Board of PGNiG further proposed August 14th 2014 as the record date and September 4th 2014 as the dividend payment date.
It also recommended that approximately PLN 797m be allocated to the Company's statutory reserve funds.
In the coming years, PGNiG intends to maintain a high level of capital expenditure. The spending will focus on projects related to the exploration for and appraisal of crude oil and natural gas deposits, projects designed to maintain hydrocarbon production capacities, as well as construction and extension of underground gas storage facilities.
In 2014, the PGNiG Group is planning capital expenditure of close to PLN 4.5bn, chiefly in the upstream segment and on expansion and upgrade of its gas network.
PLN 1.9bn has been allocated to the exploration for and production of hydrocarbons from domestic and foreign fields, of which the largest part (PLN 0.9bn) will be spent on the Group's exploration programme. Approximately PLN 0.7bn has been earmarked for projects to extend and modernise oil and gas extraction facilities, mainly drilling of production wells. The Group will spend approximately PLN 1.2bn to extend and upgrade its gas network and PLN 0.7bn - to expand its underground gas storage capacities, with a strong focus on the salt caverns in Mogilno and Kosakowo. Another PLN 0.7bn will be invested in the Generation business, with the capex budget for heat and power generation projects up by 170% on 2013.
The Management Board also recommended that approximately PLN 6.6m be allocated to cover accumulated losses taken over by PGNiG S.A. on merger with PGNiG Energia S.A.
After it receives the PGNiG Supervisory Board's opinion, the Management Board will propose to the General Meeting to adopt a relevant resolution on profit allocation.
Dorota Gajewska
Press Officer
