1. General information

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 ENTITYHEAD OFFICERANGE OF ACTIVITY% SHARE IN EQUITY *
31.12.201431.12.2013
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 ENTITYHEAD OFFICERANGE OF ACTIVITY% SHARE IN EQUITY*
31.12.201431.12.2013
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.