1) the value of the Group’s investments in joint ventures measured using the equity method
|‘Centrum Obsługi Biznesu’ Sp. z o.o.||-||3 460|
|Purchase price||17 498||17 498|
|Change in share of net assets||(14 819)||(14 038)|
|Impairment allowance||(2 679)||-|
|Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o.||206 228||201 380|
|Fair value of the remaining part of shares as at the date of obtaining joint control||197 320||197 320|
|Change in share of net assets||8 908||4 060|
|Total||206 228||204 840|
2) the value of the Group’s investments in associates measured using the equity method
|The Bank Pocztowy SA Group *||161 500||117 646|
|Purchase price||161 500||146 500|
|Change in valuation with equity method||81 372||74 142|
|Impairment allowance||(81 372)||(102 996)|
|‘Poznański Fundusz Poręczeń Kredytowych’ Sp. z o.o.||-||-|
|Purchase price||1 500||1 500|
|Change in valuation with equity method||4 275||4 219|
|Impairment allowance||(5 775)||(5 719)|
|FERRUM SA||24 143||-|
|Purchase price||24 143||-|
|Total||185 643||117 646|
*considering that the shares were acquired on 28 December 2015, the Company is a public company and the date of preparation of this report has not published data for 2015, the valuation takes into account only the purchase price.
|Change of the investment value in joint ventures||2015||2014|
|Investments in joint ventures at the beginning of the period||204 840||202 972|
|Share in profit (loss)||29 638||23 527|
|Net impairment allowance||(2 679)||-|
|Dividends||(25 571)||(21 387)|
|Investments in joint ventures at the end of the period||206 228||204 840|
|Change of the value of investments in associates||2015||2014|
|Investments in associates at the beginning of the period||117 646||106 720|
|Net impairment allowance||21 568||1 583|
|Share in profit (loss)||8 477||8 283|
|Share in other comprehensive income of an associate||(1 191)||1 060|
|Increased capital involvment in associates||39 143||-|
|Change of the value of investments in associates at the end of period||185 643||117 646|
In 2015, the Group decreased impairment allowances against shares of Bank Pocztowy SA by PLN 21 624 thousand and increased impairment allowances against shares of ‘Poznański Fundusz Poręczeń Kredytowych’ Sp. z o.o. by PLN 56 thousand.
The value of shares of Bank Pocztowy SA, owned by PKO Bank Polski SA in the Group’s balance sheet was incorporated in the amount equal to the Bank’s involvement in the Company, based on the impairment test made using the discounted dividends.
As at 31 December 2015 and 31 December 2014, the parent company had no share in contingent liabilities of associates acquired jointly with other investor.
Financial data separately for joint venture and each associate of the PKO Bank Polski SA Group.
The disclosed amounts are derived from the financial statements of particular entities prepared in accordance with the IFRS or PAS (Polish Accounting Standards).
|Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o.||31.12.2015||31.12.2014|
|Current assets||103 372||132 100|
|Non-current assets||132 733||59 069|
|Short-term liabilities||70 476||72 219|
|Long-term liabilities||37 259||3 780|
|Revenues||456 530||401 429|
|Profit (loss) from continuing operations||88 408||73 912|
|Profit (loss) for the year||88 408||73 912|
|Total comprehensive income||88 408||73 912|
|Dividends received from an entity classified as joint venture||25 571||21 387|
The data presented are derived from the audited financial statements of the company, prepared in accordance with IFRS.
PKO Bank Polski SA together with its Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. offers comprehensive services in the field of acquiring and operating of entities for the foundation of POS terminals and settlement of transactions made with payments instruments with a use of these terminals.
Both entities jointly participate in tenders and regulate their cooperation with an agreements.
- marketing cooperation in the field of services of fundamental importance for the functioning of products and services offered by both the Bank and the Company,
- the provision of services related to the payment of cash in the agencies and the Bank’s branches and post offices with payment cards Visa and MasterCard with the use of POS terminals,
- cooperation in the provision of services related to the acquisition of outlets accepting payment instruments,
- operating cashless transactions using payment instruments for bilateral agreements with merchants.
The company has two subsidiaries in which it exercises control.
|„Centrum Obsługi Biznesu" Sp. o.o.||31.12.2015||31.12.2014|
|Current assets||9 589||13 002|
|Non-current assets||87 378||90 889|
|Short-term liabilities||12 888||10 236|
|Long-term liabilities||77 615||84 103|
|Revenues||20 461||19 942|
|Profit (loss) for the year||(3 087)||(3 631)|
The data presented are derived from the Company’s financial statements prepared in accordance with Polish Accounting Standards, including the 2014 of audited statement.
„Centrum Obsługi Biznesu” Sp. z o.o. is a joint venture of PKO Bank Polski SA, Buldico Poznań SA and City of Poznań involving the construction of the hotel in Poznań. PKO Bank Polski is a member of bank consortium, which granted the company an investment loan for the realisation of this project. Hotel was built and commenced operating in February 2007. Achieved by the Company results of operations are not able to provide a current, full service of liabilities under the credit agreement. In this situation, the Company requested the banks – members of the consortium for the restructuring of credit debt, which at the date of this report is subject to an analysis by the consortium of banks and conversations with the Company.
As at 31 December 2015 on the shares of the Company in financial statement of the Group, the impairment was created in the full amount of commitment.
In June 2015, the following shares of the Company were sold to NEPTUN – fizan a subsidiary of the Bank (the above-mentioned fund where shares of companies are gradually sold, whose business is not complementary to the offer of financial services of the Bank)
|Bank Pocztowy SA||30.09.2015||30.09.2014|
|Total assets||6 880 000||7 028 000|
|Total liabilities||5 567 000||5 925 000|
|9 months 2015||9 months 2014|
|Revenues||245 500||256 800|
|Profit (loss) from continuing operations||33 700||34 600|
|Profit (loss) for the year||2014|
|Other comprehensive income||-||43 639|
The data presented are derived from the consolidated financial statements of the Bank Pocztowy SA Group prepared in accordance with IFRS. Given that the company conducts works related to the initial public offering here we present its financial data publicly available and comparable for the same period of 2014.
Bank Pocztowy SA specializes in standard banking products offered to retail customers (including individuals engaged in business activity), and institutional clients, also operates in the segment of accounting and tax. As part of the strategic partnership with Poczta Polska SA (shareholder with 75% stake minus 10 shares of the Company) uses a potential of a shareholder and develops a range of products in collaboration with stakeholders across the Poczta Polska Group. Bank Pocztowy Sa is also a client of PKO Bank Polski SA and uses the selected services provided by the Bank.
In 2015, Bank Pocztowy SA conducted preparatory works to raise capital through an initial public offering and listing on the Stock Exchange in Warsaw. PKO Bank Polski SA participated in the process as a potential selling shareholder, ie. considering selling of part of the package of shares of the Company by the above-mentioned offer. Given the current status of the work on offer, the Bank ceased to demonstrate shares of Bank Pocztowy SA in the position of non-current assets held for sale (in which position the Company shares were recorded from 31 March 2015). Shares of the Company as at 31 December 2015 are recognised in investments in associates and joint ventures.
The company has two subsidiaries in which it maintains control.
|„Poznański Fundusz Poręczeń Kredytowych" Sp. z o.o.||31.12.2015||31.12.2014|
|Current assets||23 242||22 353|
|Short-term liabilities||4 021||4 084|
|Long-term liabilities||1 631||1 298|
|Revenues||2 440||2 772|
|Profit (loss) for the year||620||6|
The data presented are derived from the audited financial statements of the Company prepared in accordance with Polish Accounting Standards.
“Poznański Fundusz Poręczeń Kredytowych” Sp. z o.o. is a specialized entity supporting the development of small and medium-sized enterprises by providing guarantees and advisory services, in the preparation of business plans, financial statements and forecasts of financial statements in connection with applying for a loan. The company guarantees loans, advances and the guarantees granted by bank including PKO Bank Polski SA, as well as leasing and factoring transaction. Cooperates with PKO Leasing SA.
The Company’s offer also includes guarantees for small and medium-sized enterprises, under the JEREMIE (Join European Resources for Micro to Medium Enterprises), which are re-underwritten at 70% or 80% from the Wielkopolski Regionalny Program Operacyjny, managed by the Bank Gospodarstwa Krajowego.
Under the agreement, the Company, the company’s profit is entirely allocated to cover potential losses from previous years and for statutory purposes, including to increase the capital.
PKO Bank Polski SA holds shares of FERRUM SA, which is an associate of the Bank. The Company’s shares were taken up in 28 December 2015 under the debt recovery actions (acquisition of ownership of the collateral).
The Company is a public company whose shares are listed on the Stock Exchange in Warsaw and at the date of the report the company did not publish its financial data for 2015.
The Company’s business is the production of steel pipes, production of closed profiles (sections) and pipe isolation.
The Company has two subsidiaries in which maintains full control.