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| Associates and joint ventures | 31 December 2014 | 31 December 2013 | 31 December 2014 | 31 December 2013 | 31 December 2014 | 31 December 2013 |
|---|---|---|---|---|---|---|
| Name of entity | EMC Instytut Medyczny SA |
GSU Pomoc Górniczy Klub Ubezpieczonych SA |
Armatura Tower Sp. z o.o. |
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| Nature of the relationship between PZU and the entity |
Associate - non-strategic | Associate - non-strategic | Joint-venture - non-strategic |
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| Seat of the entity | Wrocław | Wrocław | Tychy | Tychy | Kraków | Kraków |
| Share in the entity's capital | 28.58% | 29.87% | 30.00% | 30.00% | 50.00% | 50.00% |
| Share in the entity's votes | 25.41% | 25.31% | 30.00% | 30.00% | 50.00% | 50.00% |
| Valuation method in consolidated financial statements |
Equity method | Equity method | Equity method | |||
| Accounting standards applied by the entity |
IFRS | PAS | IFRS | |||
| Carrying amount of the involvment in the entity |
65,707 | 47,954 | 586 | 616 | 18 | 25 |
| Fair value of the interest in the entity |
52,737 | 44,746 | None – entity is not listed |
None – entity is not listed |
None – entity is not listed |
None – entity is not listed |
| Dividends received from the entity |
- | - | 36 | 104 | - | - |
| Basic financial information | ||||||
| Assets, including: | 241,290 | 231,397 | 2,509 | 2,633 | 35 | nd 1) |
| Short-term assets, including: | 49,796 | 79,690 | 2,002 | 2,594 | 35 | nd 1) |
| Cash and cash equivalents | 16,931 | 59,685 | 1,752 | 2,494 | 32 | nd 1) |
| Long-term assets | 191,494 | 151,707 | 507 | 39 | - | nd 1) |
| Equity | 136,475 | 139,021 | 1,953 | 2,053 | 35 | nd 1) |
| Liabilities, including: | 104,815 | 92,376 | 556 | 580 | - | nd 1) |
| Short-term liabilities, including: | 60,162 | 48,905 | 556 | 580 | - | nd 1) |
| Short-term financial liabilities | 23,930 | 23,384 | - | - | - | nd 1) |
| Long-term liabilities, including: | 44,653 | 43,471 | - | - | - | nd 1) |
| Long-term financial liabilities | 24,286 | 25,436 | - | - | - | nd 1) |
| Revenue from core operations | 243,262 | 172,556 | 1,093 | 677 | - | nd 1) |
| Depreciation and amortisation | 12,607 | 9,121 | 49 | 24 | - | nd 1) |
| Interest income | 1,130 | 172 | 133 | 153 | - | nd 1) |
| Interest expense | 2,419 | 2,78 | - | - | - | nd 1) |
| Income tax | -211 | 569 | 33 | 54 | - | nd 1) |
| Total net comprehensive income, including: |
-7,233 | 78 | 21 | 121 | -15 | nd 1) |
| Profit/loss, including: | -6,605 | 171 | 21 | 121 | -15 | nd 1) |
| Profit (loss) from continued operations |
-6,605 | 171 | 21 | 121 | -15 | nd 1) |
| Profit (loss) from discontinued operations |
- | - | - | - | - | nd 1) |
| Other comprehensive income | -628 | -93 | - | - | - | nd 1) |
1) The company did not prepare financial statements as at 31 December 2013.
There are no restrictions (e.g. due to lending arrangements, regulatory requirements or contracts) concerning the possibility of transfer of funds by associates and joint ventures in the form of cash dividends.
| Change in the share in the net assets of associates | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
|---|---|---|
| Opening balance | 19,334 | - |
| Change in the scope of entities measured using the equity method |
- | 685 |
| Purchase of EMC shares | 19,459 | 19,176 |
| Acquisition of shares in Armatura Tower sp. z o.o. | - | 25 |
| Share in net profit/(loss) | -1,525 | -428 |
| Dividends 1) | -36 | -104 |
| Share in other comprehensive income | -182 | -20 |
| Closing balance | 37,050 | 19,334 |
1) Dividend paid by GSU Pomoc Górniczy Klub Ubezpieczonych SA.
| Change in goodwill related to associates | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
|---|---|---|
| Opening balance | 29,261 | - |
| Acquisition of an associate | - | 29,261 |
| Closing balance | 29,261 | 29,261 |
The total balance of goodwill related to associates concerns EMC.
| Reconciliation of the EMC measurement | 1 January -31 December 2014 | 1 January - 31 December 2013 |
|---|---|---|
| Net assets of EMC | 136,475 | 139,021 |
| Non-controlling interest | -7,825 | -4,141 |
| The increase registered on 14 March 2014 1) | - | -70,89 |
| The difference between net assets resulting from the audit of financial statements of EMC conducted by an auditor |
- | -260 |
| Goodwill in financial statements of EMC as at the moment of achieving a considerable inflow |
-1,151 | -1,151 |
| Net assets of EMC measured using the equity method |
127,499 | 62,579 |
| PZU Group’s share in EMC capitals | 36,446 | 18,693 |
| Goodwill in financial statements of PZU Group | 29,261 | 29,261 |
| Carrying amount | 65,707 | 47,954 |
1) The EMC’s equities presented in the EMC 2013 financial statements have been increased by the effect of issuing new shares. The increase was registered on 14 March 2014. PZU Group has considered the effect of acquisition of shares from the new issue in the measurement using the equity method as of the date of registering the above increase. Hence, as at the end of 2013, for the purposes of equity measurement method the EMC equities have been decreased by the value of non-registered shares issue.
Impairment test
Based on the impairment test it was concluded that the recoverable amount was not lower than the carrying amount, hence no impairment losses are required to be recognised.
The recoverable amount was determined on the basis of the fair value estimated using the most recent financial plans and the following assumptions:
| Entity generating cash flows | Discount rate | Terminal growth rate |
|---|---|---|
| EMC | 6.9% | 3.5% |
As a result of the test, no impairment loss was recognized. The table below shows the surplus of the recoverable amount over the carrying amount and the maximum discount rates as well as minimum terminal growth rate, at the level of which the carrying amount of EMC shares equals its recoverable amount.
| Entity generating cash flows | Surplus | Marginal value of discount rate | Marginal value of discount rate after the forecast period |
|---|---|---|---|
| EMC | 783 | 6.93% | 3.47% |
