Financial results by operating segments

The following table presents the Group's results broken down into distinct areas (segments) of activity in 2012 and 2011:

	2012	2011 (restated data)	Growth rate
Black coal mining and sales
Revenues on sales to external buyers	4,134.9	4,943.3	83.6%
Operating profit of the segment	1,268.6	2,736.3	46.4%
EBITDA	2,074.6	3,422.1	60.6%
Production and sales of coke and coal derivatives
Revenues on sales to external buyers	4,307.9	4,220.0	102.1%
Operating profit of the segment	(97.8)	171.4	(57.1)%
EBITDA	103.3	297.0	34.8%
Other operations
Revenues on sales to external buyers	378.2	213.5	177.1%
Operating profit of the segment	73.7	20.4	361.3%
EBITDA	139.0	57.0	243.9%

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Black coal mining and sales

In 2012, revenues on sales of coal to external buyers were PLN 4,134.9 million, down by 16.4% compared to the previous year. This decrease resulted from a change in the classification of coal deliveries from outside sales to intragroup sales (in respect of KK Zabrze and WZK Victoria) and lower prices of coking coal.

EBITDA for the 12-month period ended 31 December 2012 was PLN 2,074.6 million. To compare, the previous year’s EBITDA was PLN 3,422.1 million. The decrease in EBITDA in the segment under analysis by 39.4% compared to the previous year resulted primarily from a decrease in the segment’s operating profit despite an increase in depreciation by PLN 120.2 million (17.5%) from 2011.

Production and sales of coke and coal derivatives

In 2012, total revenues on sales of coke and coal derivatives to external buyers were PLN 4,307.9 million, up by approx. 2.1% compared to the previous year.

After four quarters of 2012, EBITDA was PLN 103.3 million compared to PLN 297.0 million in the previous year. The decrease in EBITDA in the segment under analysis by 65.2% in 2012 compared to 2011 resulted primarily from a decrease in revenues on sales of coke associated with lower selling prices obtained (down by 19%), which was the result of lower demand for coke.

Other operations

In 2012, revenues on sales to external buyers were PLN 378.2 million, up by 77.1% compared to 2011.

EBITDA for 2012 was PLN 139.0 million compared to the previous year’s EBITDA of PLN 57.0 million. The 143.9% increase in EBITDA in the segment under analysis in 2012 compared to the previous year resulted primarily from an increase in sales profit caused by higher revenues on sales, related mainly to the inclusion of PEC into the Group.