Consolidated financial statements for 2021

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Consolidated statement of profit or loss	Note	2021	2020

Revenue from sales of gas	Note 3.1.	54,962	27,715
Other revenue	Note 3.1.	15,002	11,482
Revenue	Note 3.2.	69,964	39,197

Cost of gas	Note 3.3.	(43,758)	(19,808)
Effect of the annex executed with PAO Gazprom/OOO Gazprom Export on cost of gas in 2014–2019	Note 3.3.	–	4,915
Other raw materials and consumables used	Note 3.3.	(4,168)	(3,224)
Employee benefits expense	Note 3.3.	(3,480)	(3,381)
Transmission services		(1,159)	(1,048)
Other services	Note 3.3.	(2,112)	(1,888)
Taxes and charges		(1,226)	(911)
Other income and expenses	Note 3.4.	(423)	(159)
Work performed by the entity and capitalised		1,564	1,102
Recognition and reversal of impairment losses on property, plant and equipment and intangible assets	Note 3.3.	391	(1,786)

Operating profit before interest, taxes, depreciation and amortisation (EBITDA)	Note 2.2.	15,593	13,009

Depreciation and amortisation expense	Note 2.2.	(4,031)	(3,424)

Operating profit (EBIT)	Note 2.2.	11,562	9,585

Net finance costs	Note 3.5.	(587)	35
Profit/(loss) from equity-accounted investees	Note 2.4.	7	(595)

Profit before tax		10,982	9,025

Income tax	Note 4.1.	(4,968)	(1,685)

Net profit		6,014	7,340

Net profit attributable to:
Owners of the parent		6,014	7,340
Non-controlling interests		–	–

Weighted average number of ordinary shares (million)		5,778	5,778
Basic and diluted earnings per share (PLN)	Note 3.5.	1.04	1.27

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Consolidated statement of comprehensive income	Note	2021	2020

Net profit		6,014	7,340
Exchange differences on translating foreign operations		(30)	(10)
Hedge accounting	Note 7.1.3	(3,467)	(1,217)
Deferred tax		659	231
Share of other comprehensive income of equity-accounted investees		1	(1)
Other comprehensive income subject to reclassification to profit or loss		(2,837)	(997)

Actuarial losses on employee benefits		66	(69)
Deferred tax		(13)	13
Share of other comprehensive income of equity-accounted investees		10	(2)
Other comprehensive income not subject to reclassification to profit or loss		63	(58)
Other comprehensive income, net		(2,774)	(1,055)

Total comprehensive income		3,240	6,285

Total comprehensive income attributable to:
Owners of the parent		3,240	6,285
Non-controlling interests		–	–

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Consolidated statement of cash flows	Note	2021	2020

Cash flows from operating activities

Net profit		6,014	7,340
Depreciation and amortisation expense		4,031	3,424
Current tax expense		4,968	1,685
Net gain/(loss) on investing activities		(841)	1,618
Other non-cash adjustments	Note 5.5.2.	618	782
Income tax paid	Note 4.1.1.	(1,336)	(1,745)
Movements in working capital	Note 5.5.1.	(9,984)	1,014

Net cash from operating activities		3,470	14,118

Cash flows from investing activities
Payments for acquisition of tangible exploration and evaluation assets under construction	Note 2.2.	(745)	(952)
Payments for other property, plant and equipment and intangible assets	Note 2.2.	(6,290)	(4,843)
Proceeds from sale of property, plant and equipment and intangible assets		275	26
Payments for shares in related entities		(35)	(2)
Payments for acquisition of short-term securities		(21)	(523)
Proceeds from sale of short-term securities		3	134
Payment for acquisition of INEOS E&P Norge AS		(1,309)	–
Other items, net		30	(94)

Net cash from investing activities		(8,092)	(6,254)

Cash flows from financing activities
Increase in debt	Note 5.1.	12,741	496
Decrease in debt	Note 5.1.	(2,895)	(3,605)
Dividends paid	Note 5.3.	(1,213)	(520)
Other items, net		(5)	(24)

Net cash from financing activities		8,628	(3,653)

Net cash flows		4,006	4,211
Cash and cash equivalents at beginning of the period		7,098	3,037
Foreign exchange differences on cash and cash equivalents	Note 5.5.3.	311	(148)
Impairment losses on cash and cash equivalents	Note 5.5.3.	(2)	(2)
Cash flows associated with cash pooling transactions		(3)	–

Cash and cash equivalents at end of the period		11,410	7,098
including restricted cash		4,300	1,208

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Consolidated statement of financial position	Note	2021	2020

ASSETS
Property, plant and equipment	Note 6.1.1.	50,192	42,565
Intangible assets	Note 6.1.2.	1,826	693
Deferred tax assets	Note 4.1.2.	1,494	42
Equity-accounted investees	Note 2.4.	984	966
Derivative financial instruments	Note 7.2.	1,396	143
Other assets	Note 8.2.	1,588	1,834
Non-current assets		57,480	46,243

Inventories	Note 6.2.1.	8,235	2,684
Receivables	Note 6.2.2.	16,462	5,288
Derivative financial instruments	Note 7.2.	7 ,572	1,310
Other assets	Note 8.2.	336	217
Cash and cash equivalents	Note 5.4.	11,410	7,098
Assets held for sale	Note 8.1.	81	31
Current assets		44,096	16,628
TOTAL ASSETS		101,576	62,871

EQUITY AND LIABILITIES
Share capital and share premium	Note 5.3.	7,518	7,518
Hedging reserve		(4,598)	(16)
Accumulated other comprehensive income	Note 5.3.	(281)	(315)
Retained earnings	Note 5.3.	41,740	36,939
Equity attributable to owners of the parent		44,379	44,126
Equity attributable to non-controlling interests		–	(1)
TOTAL EQUITY		44,379	44,125

Financing liabilities	Note 5.1.	4,489	3,859
Derivative financial instruments	Note 7.2.	4,867	285
Employee benefit obligations	Note 6.3.1.	933	1,046
Provision for decommissioning, restoration and environmental remediation costs	Note 6.3.2.	3,161	3,241
Other provisions	Note 6.3.3.	260	135
Grants	Note 6.3.4.	695	695
Deferred tax liabilities	Note 4.1.2.	5,572	2,228
Other liabilities	Note 6.3.5.	130	177
Non-current liabilities		20,107	11,666

Financing liabilities	Note 5.1.	10,148	325
Derivative financial instruments	Note 7.2.	10,164	1,113
Trade and tax payables*	Note 6.2.3.	12,924	3,297
Employee benefit obligations	Note 6.3.1.	571	468
Provision for decommissioning, restoration and environmental remediation costs	Note 6.3.2.	103	70
Other provisions	Note 6.3.3.	762	789
Grants	Note 6.3.4.	42	49
Other liabilities	Note 6.3.5.	2,376	969
Current liabilities		37,090	7,080
TOTAL LIABILITIES		57,197	18,746

TOTAL EQUITY AND LIABILITIES		101,576	62,871

* Including income tax: PLN 4,853m (2020: PLN 168m)

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	Equity attributable to owners of the parent
	Share capital and share premium, including:		Hedging reserve	Accumulated other comprehensive income:			Retained earnings	Total	Equity attributable to non-controlling interests	Total equity
	Share capital	Share premium	Hedging reserve	Translation reserve	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 1st 2020	5,778	1,740	739	(122)	(117)	(7)	30,097	38,108	(1)	38,107
Net profit	–	–	–	–	–	–	7,340	7,340	–	7,340
Other comprehensive income, net	–	–	(986)	(10)	(56)	(3)	–	(1,055)	–	(1,055)
Total comprehensive income	–	–	(986)	(10)	(56)	(3)	7,340	6,285	–	6,285
Change in equity recognised in inventories, net	–	–	231	–	–	–	–	231	–	231
Dividend	–	–	–	–	–	–	(520)	(520)	–	(520)
Changes in the Group	–	–	–	–	–	–	22	22	–	22

As at Dec 31st 2020	5,778	1,740	(16)	(132)	(173)	(10)	36,939	44,126	(1)	44,125
Net profit	–	–	–	–	–	–	6,014	6,014	–	6,014
Other comprehensive income, net	–	–	(2,808)	(30)	53	11	–	(2,774)	–	(2,774)
Total comprehensive income	–	–	(2,808)	(30)	53	11	6,014	3,240	–	3,240
Change in equity recognised in inventories, net	–	–	(1,774)	–	–	–	–	(1,774)	–	(1,774)
Dividend	–	–	–	–	–	–	(1,213)	(1,213)	–	(1,213)

As at Dec 31st 2021	5,778	1,740	(4,598)	(162)	(120)	1	41,740	44,379	–	44,379

Consolidated statement of profit or loss

Consolidated statement of comprehensive income

Consolidated statement of cash flows

Consolidated statement of financial position

Consolidated statement of changes in equity

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