list prezesaDear Ladies and Gentlemen,
The development of the gas transmission system is one of the important factors affecting the growth of Polish economy in the years to come. The transmission of gas from the LNG terminal and the future shale gas production sources is currently the major challenge for the company. For several years now, GAZ‑SYSTEM S.A. has made efforts to overcome the historically contingent limitations of the transmission system and has consistently implemented its investment plan to expand the national grid and interconnections by 2014. Moreover, the company is putting forward new investment objectives for the coming years and is seeking financing to deliver them.

In 2012, the company’s efforts to promote gas market liberalisation in Poland are worthy of a special mention. GAZ‑SYSTEM S.A. prepared a new Transmission Network Code which is a milestone in the full liberalisation of Poland’s gas market. The development and codification of the new rules are the first step towards the launch of a gas exchange. The company has definitely stepped up to this challenge. The document, which was approved by the President of the Energy Regulatory Office, is a major step towards ensuring a transparent, stable and competitive gas market in Poland.

I am very pleased that GAZ‑SYSTEM S.A. is pro-actively seeking to strengthen its position on the European gas market. The company has ambitions to play an important role in the transmission of natural gas in Europe, not only in the traditional East-to-West direction, but also from the North to the South. This is particularly important in the context of the planned European gas corridor designed to connect the transmission systems in Poland, the Czech Republic, Slovakia, Hungary and Croatia.

The strengths of GAZ‑SYSTEM S.A. include efficient financial management and the stable financial position of the company while carrying out major infrastructure projects. At the same time, European Union funding is also used very effectively in support of these investments. Financial support for investments and EU grants for infrastructure projects prove the relevance of our corporate strategy and the acceptance for the pursued business objectives.

GAZ-SYSTEM’s corporate social responsibility and building relationships with its stakeholder environment should also be appreciated. Once again, the company has been recognised as a reliable employer in two independent surveys. I believe it is an important and, at the same time, objective measure of the company’s performance and its external image. I sincerely congratulate the company’s staff and management team on these awards.

In conclusion, I would like to firmly declare that my view of all aspects of GAZ‑SYSTEM S.A.’s operation in 2012 is extremely positive.

I wish all those interested in our 2012 activities and results a pleasant read of this report.

Yours sincerely,

podpis
Jerzy Molak
Chairman of the Supervisory Board of GAZ‑SYSTEM S.A.