Estimates of the results for the fourth quarter of the gas PGNiG show that the company earned several billion on futures contracts, although losses were expected. Everyone was interested in how PGNiG dealt with the autumn gas price rally and the settlement of contracts hedging their risk, which the opposition leaders asked about (some of them accused the company of the speculative nature of the contracts and over a billion losses). The presented report of the company shows that in Q4 PGNiG generated PLN 2,328 billion for the valuation and implementation of instruments hedging gas prices. In January it was said that even a loss of PLN 1 billion could be seen in this position. In addition, after in the third quarter on the derivatives market, it amounted to as much as PLN 812 million. The entire net profit in the fourth quarter is estimated at PLN 3.09 billion - these are the company's best quarterly results (without the results for Q2 2020 and the one-time impact from Gazprom for 1.5 billion dollars). “PGNiG's results are much better than expected, firstly due to very good upstream production volumes, which was to be expected taking into account previously published operating data, and secondly - the company posted PLN 2.3bn profit on hedging, while we expected a loss of PLN 1 billion. These two factors determine the results, but in each segment they are better than our expectations "- Łukasz Prokopiuk told PAP Biznes, an analyst at DM BOŚ, quoted by PAP. Throughout 2021, PGNiG's consolidated net profit decreased to PLN 6.19 billion from PLN 7.34 billion in 2020 (Gazprom's contribution), and EBITDA increased to PLN 15.6 billion from PLN 13.01 billion. The debt due to loans, bonds and leasing at the end of 2021 amounted to PLN 14.6 billion, which means an increase by PLN 10.5 billion y-o-y, including an increase in the fourth quarter of 2021 by PLN 8.5 billion.