Financial optimisation

At the end of 2009, we are pleased to report that our balance sheet has never been stronger. For the second consecutive year, we have been able to reduce our net debt by PLN 1 billion. Our net debt to EBITDA ratio is at a low level of 0.7, with net gearing after hedging at 21%.

The Euro bonds issue has improved the Group’s debt structure and extended the average maturity. Our liquidity stands at a healthy PLN 8 billion and our strong credit rating is unchanged.