Consolidated financial statements of the Powszechna Kasa Oszczędności Bank Polski SA Group (‘the PKO Bank Polski SA Group’, ‘the Group’) have been prepared for the year ended 31 December 2014 and include comparative data for the year ended 31 December 2013. Financial data have been presented in Polish zloty (PLN), rounded to thousand zloty, unless indicated otherwise.
The parent company of the Group is Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (‘PKO Bank Polski SA’, ‘the Bank’).
The Bank was established in 1919 as Pocztowa Kasa Oszczędnościowa. In 1950 it operated as the Powszechna Kasa Oszczędności State-owned bank. Pursuant to the Decree of the Council of Ministers dated 18 January 2000 (Journal of Laws No. 5, item 55 with subsequent amendments) Powszechna Kasa Oszczędności (a State-owned bank) was transformed into a State-owned joint-stock company, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna with its Head Office in Warsaw, Puławska 15, 02-515 Warsaw, Poland.
On 12 April 2000, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna was registered and entered into the Register of Companies by the District Court for the capital city of Warsaw, Commercial Court XVI Registration Department. At present, the appropriate court is the District Court for the capital city of Warsaw, XIII Economic Department of the National Court Register. The Bank was registered under entry
No. KRS 0000026438 and was granted a statistical REGON No. 016298263. The paid share capital amounts to PLN 1 250 000 000.
According to the Warsaw Stock Exchange Bulletin (Ceduła Giełdowa), the Bank is classified under the macro-sector ‘Finance’, sector ‘Banks’.
Business activities of the Group
PKO Bank Polski SA is a universal deposit-loan commercial bank offering services to both residents and non-residents retail, corporate and other clients. PKO Bank Polski SA is licensed to hold foreign exchange and currencies and sell/buy them, as well as to perform a full range of foreign exchange services, to open and hold bank accounts abroad and to deposit foreign exchange in these accounts.
Moreover, through its subsidiaries, the Group provides financial services relating to leasing, factoring, investment funds, pension funds and life insurance and provides support services in the field of running a business, it conducts real estate development activities and manages real estate, and also through its subsidiaries in Ukraine it conducts banking, debt collection and factoring activities.
The scope of activities of each of the Group entities is set out in the item ‘Structure of the PKO Bank Polski SA Group’.
The Group operates in the Republic of Poland and through its subsidiaries: KREDOBANK SA, ‘Inter-Risk Ukraina’ Additional Liability Company, Finansowa Kompania ‘Prywatne Inwestycje’ Sp. z o.o., Finansowa Kompania ‘Idea Kapitał’ Sp. z o.o in Ukraine as well as through its subsidiaries PKO Finance AB and PKO Leasing Sverige AB in Sweden.
Approval of financial statements
These consolidated financial statements, reviewed by the Bank’s Supervisory Board’s Audit Committee on 11 March 2015, have been approved for issuance by the Bank’s Management Board on 10 March 2015.
Structure of the PKO Bank Polski SA Group
The PKO Bank Polski SA Group consists of the following direct and indirect subsidiaries:
| NAME OF ENTITY | HEAD OFFICE | RANGE OF ACTIVITY | % SHARE IN EQUITY * | |
|---|---|---|---|---|
| 31.12.2014 | 31.12.2013 | |||
| PKO Towarzystwo Funduszy Inwestycyjnych SA | Warsaw | investment funds management | 100.00 | 100.00 |
| PKO BP BANKOWY PTE SA | Warsaw | pension funds management | 100.00 | 100.00 |
| PKO Leasing SA | Łódź | leasing services | 100.00 | 100.00 |
| PKO Bankowy Leasing Sp. z o.o. | Łódź | leasing services | 100.00 | 100.00 |
| PKO Leasing Sverige AB | Stockholm, Sweden | leasing services | 100.00 | 100.00 |
| Bankowe Towarzystwo Kapitałowe SA | Warsaw | services | 100.00 | 100.00 |
| PKO BP Faktoring SA1 | Warsaw | factoring | 99.9889 | 99.9889 |
| Inteligo Financial Services SA2 | Warsaw | - | - | 100.00 |
| PKO BP Finat Sp. z o.o. | Warsaw | services, including servicessupporting funds management | 100.00 | 100.00 |
| PKO Życie Towarzystwo Ubezpieczeń SA3 | Warsaw | life insurance | 100.00 | - |
| Ubezpieczeniowe Usługi Finansowe Sp. z o.o. 4 | Warsaw | services | 100.00 | - |
| PKO Bank Hipoteczny SA5 | Gdynia | banking activities | 100.00 | - |
| PKO Finance AB | Stockholm, Sweden | financial services | 100.00 | 100.00 |
| KREDOBANK SA | Lviv, Ukraine | banking activities | 99.5655 | 99.5655 |
| Finansowa Kompania ‘Idea Kapitał’ Sp. z o.o. | Lviv, Ukraine | financial services | 100.00 | 100.00 |
| ‘Inter-Risk Ukraina’ Additional Liability Company | Kiev, Ukraine | debt collection services | 100.00 | 100.00 |
| Finansowa Kompania ‘Prywatne Inwestycje’ Sp. z o.o.6 | Kiev, Ukraine | factoring | 95.4676 | 91.8766 |
| Qualia Development Sp. z o.o.7 | Warsaw | real estate development | 100.00 | 100.00 |
| Qualia Sp. z o.o. | Warsaw | general partner in limited partnerships of the Qualia Development Group | 100.00 | 100.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Neptun Park Sp. k. | Warsaw | real estate development | 99.9975 | 99.9975 |
| Qualia spółka z ograniczoną odpowiedzialnością – Sopot Sp. k. | Warsaw | real estate development | 99.9811 | 99.9787 |
| Qualia spółka z ograniczoną odpowiedzialnością – Jurata Sp. k. | Warsaw | real estate development | 99.977 | 99.9608 |
| Qualia spółka z ograniczoną odpowiedzialnością – Nowy Wilanów Sp. k. | Warsaw | real estate development | 99.975 | 99.975 |
| Qualia spółka z ograniczoną odpowiedzialnością – Zakopane Sp. k. | Warsaw | real estate development | 99.9123 | 99.9123 |
| Qualia spółka z ograniczoną odpowiedzialnością – Pomeranka Sp. k. | Warsaw | real estate development | 99.8951 | 99.8951 |
| Qualia spółka z ograniczoną odpowiedzialnością – Projekt 1 Sp. k. | Warsaw | real estate development | 50.00 | 50.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Władysławowo Sp. k. | Warsaw | real estate development | 50.00 | 50.00 |
| Qualia Hotel Management Sp. z o.o. | Warsaw | real estate development | 100.00 | 100.00 |
| Qualia – Residence Sp. z o.o. | Warsaw | real estate development | 100.00 | 100.00 |
| Qualia – Rezydencja Flotylla Sp. z o.o. | Warsaw | real estate development | 100.00 | 100.00 |
| ‘Fort Mokotów Inwestycje’ Sp. z o.o. | Warsaw | real estate development | 100.00 | 100.00 |
| Sarnia Dolina Sp. z o.o. | Warsaw | real estate development | 100.00 | 100.00 |
| Giełda Nieruchomości Wartościowych Sp. z o.o. | Warsaw | intermediation in the sale of real estate | 100.00 | 100.00 |
| ‘Fort Mokotów’ Sp. z o.o. in liquidation | Warsaw | in liquidation | 51 | 51 |
| ‘CENTRUM HAFFNERA’ Sp. z o.o. 8 | Sopot | subsidiaries’ real estate management | 72.9766 | 49.43 |
| ‘Sopot Zdrój’ Sp. z o.o. | Sopot | real estate management | 100.00 | 100.00 |
| ‘Promenada Sopocka’ Sp. z o.o. | Sopot | rental services and real estate management | 100.00 | 100.00 |
| ‘Centrum Majkowskiego’ Sp. z o.o. in liquidation | Sopot | in liquidation | 100.00 | 100.00 |
| ‘Kamienica Morska’ Sp. z o.o. in liquidation 9 | Sopot | - | - | 100.00 |
| Merkury – fiz an10 | Warsaw | placement of funds collected from fund members | 100.00 | 100.00 |
| ‘Zarząd Majątkiem Górczewska’ Sp. z o.o. | Warsaw | real estate management | 100.00 | 100.00 |
| Molina Sp. z o.o. | Warsaw | general partner in limited joint-stock partnership entities of the Fund | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 1 S.K.A. | Warsaw | purchase and sale of real estate for own account, real estate management | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 2 S.K.A. | Warsaw | purchase and sale of real estate for own account, real estate management | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 3 S.K.A. | Warsaw | purchase and sale of real estate for own account, real estate management | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A. | Warsaw | purchase and sale of real estate for own account, real estate management | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 5 S.K.A. | Warsaw | purchase and sale of real estate for own account, real estate management | 100.00 | 100.00 |
| Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. | Warsaw | purchase and sale of real estate for own account,real estate management | 100.00 | 100.00 |
* Share in equity of direct parent entity
1) PKO Bank Polski SA is the second shareholder of the Entity.
2) On 28 November 2014 a merger of the entity Inteligo Financial Services SA (as acquiree) and the entity PKO BP Finat Sp. z o.o. (as acquirer) was registered with the National Court Register of the domicile of the acquirer.
3) Subsidiary of PKO Bank Polski SA since 1 April 2014; formerly ‘Nordea Polska Towarzystwo Ubezpieczeń na Życie’ SA.
4) Indirect subsidiary of PKO Bank Polski SA since 1 April 2014; formerly Nordea Usługi Finansowe Sp. z o.o.
5) The Entity was registered with the National Court Register on 24 October 2014.
6) The second shareholder of the Entity is ‘Inter-Risk Ukraina’ Sp. z d.o. (Additional Liability Company).
7) As at the end of 2014 the Entity is recognised as non-current assets held for sale; for limited partnership entities of the Qualia Development Group the total contribution made by the limited partner - Qualia Development Sp. z o.o. is presented in the position ‘Share in equity’.
8) The Entity was recognised as a joint venture of PKO Bank Polski SA until 19 January 2014.
9) The Entity has been removed from the National Court Register on 24 January 2014.
10) PKO Bank Polski SA has investment certificates of the Fund; the share of possessed investment certificates of the Fund is presented in the position ‘Share in equity’; the Fund’s subsidiaries are consolidated at the level of the PKO Bank Polski SA Group.
Additionally, the Bank holds the following associates and joint ventures included in the consolidated financial statements:
| NAME OF ENTITY | HEAD OFFICE | RANGE OF ACTIVITY | % SHARE IN EQUITY* | |
|---|---|---|---|---|
| 31.12.2014 | 31.12.2013 | |||
| Joint ventures | ||||
| Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. | Warsaw | activities supporting financial services, including servicing of transactions made by payment instruments | 34 | 34 |
| ‘Centrum Obsługi Biznesu’ Sp. z o.o. | Poznań | hotel management | 41.44 | 41.44 |
| Associates | ||||
| Bank Pocztowy SA | Bydgoszcz | banking activities | 25.0001 | 25.0001 |
| Centrum Operacyjne Sp. z o.o. | Bydgoszcz | activities supporting financial services | 100 | 100 |
| Spółka Dystrybucyjna Banku Pocztowego Sp. z o.o. | Warsaw | intermediary financial services | 100 | 100 |
| ‘Poznański Fundusz Poręczeń Kredytowych’ Sp. z o.o. | Poznań | guarantees | 33.33 | 33.33 |
* Share in equity of direct parent entity.
Information on changes in the participation in the share capital of the subsidiaries is set out in the note 48 ‘Changes to the entities of the Group’.
Information on members of the Supervisory and Management Board of the BankAs at 31 December 2014, the Bank's Supervisory Board consisted of:
- Jerzy Góra Chairman of the Supervisory Board
- Tomasz Zganiacz Deputy-Chairman of the Supervisory Board
- Mirosław Czekaj Secretary of the Supervisory Board
- Mirosława Boryczka Member of the Supervisory Board
- Zofia Dzik Member of the Supervisory Board
- Jarosław Klimont Member of the Supervisory Board
- Piotr Marczak Member of the Supervisory Board
- Elżbieta Mączyńska – Ziemacka Member of the Supervisory Board
- Marek Mroczkowski Member of the Supervisory Board
On 26 June 2014 the Ordinary General Shareholders’ Meeting of the Bank dismissed from the Supervisory Board of PKO Bank Polski SA Mr Cezary Banasiński and Mr Ryszard Wierzba as of that day, and appointed to the Supervisory Board Mrs Mirosława Boryczka, Mr Jerzy Góra and
Mr Jarosław Klimont.
As at 31 December 2014 the Bank's Management Board consisted of:
- Zbigniew Jagiełło President of the Management Board
- Piotr Alicki Vice-President of the Management Board
- Bartosz Drabikowski Vice-President of the Management Board
- Piotr Mazur Vice-President of the Management Board
- Jarosław Myjak Vice-President of the Management Board
- Jacek Obłękowski Vice-President of the Management Board
- Jakub Papierski Vice-President of the Management Board
During the year ended 31 December 2014 no changes took place in the composition of the Bank’s Management Board. On 8 January 2014 the Supervisory Board of PKO Bank Polski SA passed the Resolutions appointing to mentioned persons to perform indicated functions, for the joint term which commence with the end of the current joint term of the Bank’s Management Board.