These consolidated financial statements of the Capital Group of Powszechny Zakład Ubezpieczeń Spółka Akcyjna (henceforth: the consolidated financial statements and PZU Group, respectively) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) published and effective as at 31 December 2014 and endorsed by the European Commission.
Entities of PZU Group maintain their accounting records in accordance with local GAAP, while these consolidated financial statements include adjustments made in order to provide compliance with IFRS.
The consolidated financial statements have been prepared for the period of 12 months from 1 January 2014 to 31 December 2014.
Financial Statements approval
These consolidated financial statements were signed and authorised for issue by the Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna (PZU, the parent entity) on 16 March 2015 and shall be subject to approval of the Annual General Meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna.
Functional and presentation currency
The Polish zloty (PLN) is the PZU functional and presentation currency. Unless expressly stated otherwise, all financial data presented in the consolidated financial statements are expressed in PLN ’000.
Going concern assumption
The consolidated financial statements have been prepared based on the assumption that the PZU Group’s entities will operate as a going concern during the period of at least 12 months following the balance sheet date. As at the date of signing these consolidated financial statements, no facts and circumstances indicate a risk to the PZU Group entities’ ability to operate as a going concern during 12 months after the balance sheet date due to the intended or forced discontinuation, with the exception of companies in liquidation that did not conduct operating activities as at the balance sheet date, whose liquidation can be completed.
In 2014, the entities in PZU Group did not discontinue any significant type of operations.