Financial data

Under Art. 81, par.1, item 2 of the Law on Public Trading of Securities dated 21 August 1997 (Official Journal of Bills No 118, item 754 with the later amendments) The Management Board of Polski Koncern Naftowy S.A. informs that:

• Net profit of PKN (not consolidated) in IV quarter 1999, i.e. 1.10.1999 – 31.12.1999, calculated under Polish Accounting Standards (PAS) equalled PLN 281 175 thousand;
• Net profit of PKN (not consolidated) after IV quarters 1999 calculated under PAS equalled PLN 658 917 thousand. This figure includes CPN’s figures from the periods starting September 7, 1999 when CPN was incorporated into PKN.
• Net profit of PKN (not consolidated and pro forma) in 1999 calculated under PAS equalled around PLN 760 000 thousand. The pro forma figure means it was calculated as if PKN, after merger of CPN and Petrochemia Plock, was performing since January 1, 1999. The merger took place on September 7, 1999;
• PKN’s estimated net profit (consolidated and pro forma) in 1999 calculated under International Accounting Standards (IAS) equalled around PLN 950 000 thousand. PKN’s net profit in 1998 under IAS equalled about PLN 773 000 thousand, which is around 23% lower compared to 1999.