In 2019, PSE total assets amounted to PLN 20,640.1 million and increased by PLN 263.1 million compared to 2018. The increase in PSE assets was influenced by an increase in fixed assets by PLN 1,019.5 million, i.e. by 6% compared to 2018. The total value of company fixed assets as of 31 December 2019 amounted to PLN 17,519.57 million, which accounted for 85% of the company total assets. The value of company current assets amounted to PLN 3,120.5 million in 2019, which was a decrease by PLN 756.5 million, i.e. 20% compared to 2018. PSE current assets in 2019 accounted for 15% of the company total assets.

In 2019, PSE fixed assets amounted to PLN 17,519.6 million and increased by PLN 1,019.5 million, i.e. by 6% compared to 2018. The increase in PSE assets was influenced by an increase in tangible fixed assets by PLN 998.2 million, i.e. by 6% compared to 2018. The total value of company tangible fixed assets as of 31 December 2019 amounted to PLN 17,155.7 million, which accounted for 98% of the company fixed assets.

In 2019, PSE current assets in the amount of PLN 3,120.5 million accounted for 15% of the company total assets. This was a decrease by PLN 756.5 million, i.e. by 20% compared to 2018. PSE current assets consisted mainly of short-term investments in the amount of PLN 1,980.3 million (63% of current assets) and short-term receivables in the amount of PLN 1,053.2 million (34% of current assets).

In 2019, the value of PSE assets financing sources amounted to PLN 20,640.1 million and increased by PLN 263.1 million compared to 2018. This increase was influenced by an increase in equity by PLN 617.6 million, i.e. by 4% compared to 2018. The company equity as of 31 December 2019 amounted to PLN 15,133.5 million, which accounted for 71% of the company total liabilities. The high share of equity in the structure of PSE assets financing sources proves a stable financial standing of the company.

In 2019, PSE equity of PLN 15,133.5 million accounted for 71% of total company financing sources. In 2019, the share capital in the amount of PLN 9,605.5 million (63%) and the supplementary capital in the amount of PLN 4,460.9 million (29%) prevailed in the equity. Equity increased in 2019 compared to 2018 by PLN 617.6 million in total, i.e. by 4% This increase was influenced by an increase in the supplementary and reserve capitals by PLN 417.9 million in total (profit distribution effect for 2018) and an increase in net profit after write-offs by PLN 199.6 million compared to 2018.

In 2019, PSE borrowed capital of PLN 5,506.5 million accounted for 27% of the total company financing sources. In 2019, the share of provisions for liabilities and long-term liabilities in the total amount of PLN 2,564.1 million (47%) prevailed in borrowed capital. Short-term liabilities in the amount of PLN 1,282.7 million accounted for 23% of the borrowed capital value, and accrued expenses in the amount of PLN 1,659.6 million accounted for its 30% share. The decrease in borrowed capital in 2019 by PLN 354.5 million, i.e. by 6%, resulted from the decrease in the value of short-term liabilities by PLN 247.8 million and prepayments and accruals by PLN 144 million.

In the analyzed period, i.e. in 2019 and 2018, the company fixed assets were not fully covered with equity (the equity to fixed assets ratio was 86% in 2019 and 88% in 2018, respectively), which means that the golden balance sheet rule, according to which fixed assets should be fully financed from the company equity, was not observed.

In the analyzed period, i.e. in 2019 and 2018, the company fixed assets were fully covered with fixed capital (the fixed capital to fixed assets ratio was 101% in 2019 and 103% in 2018, respectively), which ensured the stability of financing of fixed assets with a very low liquidity level, the capital left in the company on a long-term basis, also ensuring certain coverage of the current assets.

The value of revenues from sales in 2019 amounted to PLN 9,105.5 million and was lower by PLN 991.5 million, i.e. by 10% compared to 2018. The decrease in sales in 2019 was mainly caused by a decrease in sales of services by PLN 1,691.4 million, i.e. by 25%, and was partially covered by an increase in revenues from sales of goods and materials by PLN 460.3 million, i.e. by 14%.

In 2019, revenues from sales of services amounted to PLN 5,059.2 million and accounted for 56% of total revenues from PSE sales during this period. Revenues from sales of services decreased in 2019 compared to 2018 by PLN 1,691.4 million, i.e. by 25%, mainly as a result of the decrease in revenues from transitional fee - by PLN 2,254.6 million, i.e. by 95%. This decrease was partly covered, i.e. in total in the amount of PLN 584.5 million, by the increase in sales of transmission services and transmission capacity reservation and on account of revenue from cogeneration fee.

In 2019, revenues from sales of goods and materials amounted to PLN 3,742.3 million and accounted for 41% of total PSE revenues from sales during this period. Revenues from sales of goods and materials increased in 2019 compared to 2018 by PLN 460.3 million, i.e. by 14%, mainly as a result of an increase in revenues from sales of energy by PLN 459.7 million, i.e. by 14%.

In 2019, operating expenses in the amount of PLN 8266.5 million decreased by PLN 1,211.8 million, i.e. by 13% compared to 2018. The decrease was caused by the costs of third-party services lower by PLN 1,917.6 million, i.e. by 41%.

The profit on sales in 2019 was higher by PLN 220.3 million, i.e. by 36% as a result of operating expenses lower by PLN 1,211.8 million, i.e. by 13%, thus covering the negative effect of the decrease in revenues from sales by PLN 991.5 million, i.e. by 10%. In 2019, EBITDA in the amount of PLN 1,512.5 million was higher by PLN 324 million, i.e. by 27% compared to 2018, as a result mainly of an increase in profit on sales by PLN 220.3 million and an increase in the result of other operating activities by PLN 95.9 million. Depreciation costs in 2019 in the amount of PLN 637.6 million were lower by PLN 8.5 million compared to 2018, positively influencing EBITA profit, which in 2019 was PLN 316.1 million, i.e. by 57% higher than EBITA in 2018. The net profit in 2019 of PLN 729.4 million was higher by PLN 239.5 million mainly as a result of an increase in the profit on sales.

The amount of cash as of 31 December 2019 was PLN 1,980.3 million and was lower by PLN 562.2 million, i.e. by 22% compared to the amount as of 31 December 2018. The decrease was caused by cash lower by 451.5 million at the beginning of 2019 compared to 2018 and a decrease in cash flows in 2019 compared to 2018 both from operating activities (by PLN 108,5 million) and investment activities (by PLN 154.0 million). A positive cash increase dynamics in 2019 compared to 2018 was generated on financial activities.

The basic source of cash increase in 2019 compared to 2018 was the profit generated by the company in 2019, higher by PLN 239.5 million compared to 2018, and higher inflows from financial activities by PLN 184.4 million. In 2019, the Company increased its investment expenses by PLN 158.4 million compared to 2018 and spent in 2019 more cash for tax activities by PLN 348.8 million in total compared to 2018. The increase in the expenses in the core activities in 2019 compared to 2018 was mainly related to a higher repayment of the company's liabilities.

The amount of cash as of 31 December 2019 was PLN 1,980.3 million and was lower by PLN 562.2 million, i.e. by 22% compared to the amount as of 31 December 2018. The Company recorded positive balance of cash from the core activities, i.e. PLN 1,171.1 million, negative balance from investment activities in the amount of PLN -1,819.8 million, which is typical for companies investing in the development of fixed assets, and positive balance from financial activities in the amount of PLN 88.4 million.