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2.4 Non-controlling interest

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2.4.1. Accounting policy

Non-controlling interests constitute that part of capital in a subsidiary that is not directly or indirectly attributable to the parent company. As at the date of obtaining control, non-controlling interests are measured at the at the non-controlling interest’s proportionate share in the fair value of the subsidiary’s identifiable net assets. As at the subsequent balance sheet dates, the value of non-controlling interests is updated by the value of comprehensive income attributable to non-controlling interests.      

2.4.2. Quantitative data

The table below presents subsidiaries with certain non-controlling interest (at present or in the past):

Name of the entity 31 December 2020 31 December 2019
Pekao1 79.98% 79.98%
Alior Bank2 68.07% 68.07%
Przedsiębiorstwo Usług Medycznych PROELMED sp. z o.o. 43.00% 43.00%
Sanatorium Uzdrowiskowe „Krystynka” sp. z o.o. 0.91% 0.91%
UAB PZU Lietuva Gyvybes Draudimas 0.66% 0.66%
AAS Balta 0.01% 0.01%
Centrum Medyczne Gamma sp. z o.o.3 0.00% 39.54%

1 As a result, PZU also holds non-controlling interests in Pekao’s subsidiaries listed in the table in section 2.2.
2 As a result, PZU also holds non-controlling interests in Alior Bank’s subsidiaries listed in the table in section 2.2.
3 On 30 October 2020 PZU Zdrowie SA acquired the remaining shares in Centrum Medyczne Gamma sp. z o.o. and as of that date the PZU Group’s equity stake and share of votes at the shareholder meeting is 100%.


Carrying amount of non-controlling interests 31 December 2020 31 December 2019
Pekao Group 20,329 18,683
Alior Bank Group 4,296 4,430
Other 1 6
Total 24,626 23,119

Both Pekao and Alior Bank conduct operations primarily in the territory of Poland. Presented below is condensed financial information for the Pekao Group and the Alior Bank Group included in the consolidated financial statements (without consolidation eliminations). The data of the Pekao Group and the Alior Bank Group incorporate the effect of adjustments resulting from the measurement of assets and liabilities to fair value as at the date control was acquired and their subsequent amortization over time.

Assets
Pekao Group Alior Bank Group
31 December 2020 31 December 2019 31 December 2020 31 December 2019
Goodwill 692 692 - -
Intangible assets 1,938 1,683 424 644
Deferred tax assets 1,251 1,087 1,217 1,178
Other assets 53 45 44 35
Property, plant and equipment 2,098 2,112 702 764
Entities carried by the equity method - - 5 10
Assets held for sale 53 16 - -
Loan receivables from clients 141,332 139,464 55,783 55,368
Financial derivatives 5,591 2,457 717 508
Investment financial assets 73,116 48,338 16,037 15,996
  Measured at amortized cost 28,569 15,743 8,753 5,387
  Measured at fair value through other comprehensive income 43,069 31,167 7,072 10,438
  Measured at fair value through profit or loss 1,478 1,428 212 171
Receivables 2,305 1,956 1,106 667
Cash and cash equivalents 4,727 5,463 2,359 1,319
Total assets 233,156 203,313 78,394 76,489

Equity and liabilities Pekao Group Alior Bank Group
31 December 2020 31 December 2019 31 December 2020 31 December 2019
Equity



Equity attributable to equity holders of the parent 25,417 23,360 6,311 6,508
Share capital 262 262 1,306 1,306
  Other capital 22,092 20,510 5,776 5,637
  Retained earnings 3,063 2,588 (771) (435)
Non-controlling interest 11 12 - -
Total equity 25,428 23,372 6,311 6,508





Liabilities



Subordinated liabilities 2,758 2,764 1,793 1,794
Liabilities on the issue of own debt securities 6,152 6,322 1,380 2,951
Liabilities to banks 9,165 6,097 619 437
Liabilities to clients under deposits 177,006 156,688 65,680 62,433
Derivatives 5,690 2,649 479 369
Other liabilities 5,908 4,687 1,794 1,638
Provisions 938 704 337 358
Deferred tax liability 28 30 1 1
Liabilities related directly to assets classified as held for sale 83 - - -
Total liabilities 207,728 179,941 72,083 69,981
Total equity and liabilities 233,156 203,313 78,394 76,489

Consolidated profit and loss account for the period from 1 January to 31 December 2020 PZU Group Elimination of Pekao’s data Elimination of Alior Bank’s data Elimination of consolidation adjustments PZU Group without Pekao and Alior Bank
Gross written premium 23,866 - - 24 23,890
Reinsurers’ share in gross written insurance premium (1,016) - - - (1,016)
Net written premiums 22,850 - - 24 22,874
Movement in net provision for unearned premiums 174 - - 1 175
Net earned premium 23,024 - - 25 23,049






Fee and commission income 4,197 (2,884) (1,160) 97 250
Interest income calculated using the effective interest rate 10,262 (5,761) (3,201) 78 1,378
Other net investment income 586 (234) (133) 5 224
Result on derecognition of financial instruments and investments 111 (124) (80) - (93)
Movement in allowances for expected credit losses and impairment losses on financial instruments (3,342) 1,620 1,736 - 14
Net change in the fair value of assets and liabilities carried at fair value 869 (133) (63) - 673
Other operating income 1,395 (175) (166) 59 1,113






Claims and movement in technical provisions (16,105) - - (9) (16,114)
Claims and movement in insurance liabilities ceded to re-insurers 525 - - - 525
Net insurance claims and benefits paid (15,580) - - (9) (15,589)
Fee and commission expense (1,031) 481 555 (5) -
Interest expenses (1,134) 638 427 (17) (86)
Acquisition costs (3,317) - - (136) (3,453)
Administrative expenses (6,597) 3,288 1,508 (36) (1,837)
Other operating expenses (5,385) 1,616 827 1,240 (1,702)
Operating profit (loss) 4,058 (1,668) 250 1,301 3,941
Share of the net financial results of entities measured by the equity method - - - - -
Profit (loss) before tax 4,058 (1,668) 250 1,301 3,941
Income tax (1,528) 612 81 - (835)
Net profit (loss) 2,530 (1,056) 331 1,301 3,106

Consolidated profit and loss account for the period from 1 January to 31 December 2019
(restated)
PZU Group Elimination of Pekao’s data Elimination of Alior Bank’s data Elimination of consolidation adjustments PZU Group without Pekao and Alior Bank
Gross written premium 24,191 - - 25 24,216
Reinsurers’ share in gross written insurance premium (1,012) - - - (1,012)
Net written premiums 23,179 - - 25 23,204
Movement in net provision for unearned premiums (89) - - (12) (101)
Net earned premium 23,090 - - 13 23,103






Fee and commission income 4,139 (2,857) (1,151) 107 238
Interest income calculated using the effective interest rate 12,015 (6,672) (3,959) 34 1,418
Other net investment income 376 (229) 52 (7) 192
Result on derecognition of financial instruments and investments 278 (154) (78) - 46
Movement in allowances for expected credit losses and impairment losses on financial instruments (2,208) 740 1,468 - -
Net change in the fair value of assets and liabilities carried at fair value 837 (127) (219) 3 494
Other operating income 1,203 (211) (167) 42 867






Claims and movement in technical provisions (16,085) - - - (16,085)
Claims and movement in insurance liabilities ceded to re-insurers 390 - - - 390
Net insurance claims and benefits paid -15 695 - - - (15,695)
Fee and commission expense (860) 388 473 (3) (2)
Interest expenses (2,129) 1,215 789 (19) (144)
Acquisition costs (3,363) - - (60) (3,423)
Administrative expenses (6,606) 3,389 1,478 (34) (1,773)
Other operating expenses -3 993 1,567 787 (76) (1,715)
Operating profit (loss) 7,084 (2,951) (527) - 3,606
Share of the net financial results of entities measured by the equity method (4) - (1) - (5)
Profit (loss) before tax 7,080 (2,951) (528) - 3,601
Income tax -1 895 825 249 - (821)
Net profit (loss) 5,185 (2,126) (279) - 2,780

Statement of comprehensive income Pekao Group Alior Bank Group
1 January – 31 December 2020 1 January – 31 December 2019
(restated)
1 January – 31 December 2020 1 January – 31 December 2019
(restated)
Net profit 1,056 2,126 (331) 279
Other comprehensive income 1,001 146 139 22
  To be reclassified to profit or loss in the future 939 154 135 38
    Valuation of debt instruments 550 63 20 23
    Measurement of loan receivables from clients 17 18 - -
    Net cash flow hedges 372 73 115 15
  Not to be transferred to profit or loss in the future 62 (8) 4 (16)
    Valuation of equity instruments measured at fair value through other comprehensive income 71 (6) 6 (17)
    Actuarial gains and losses related to employee provisions (9) (2) (2) 1
Total net comprehensive income 2,057 2,272 (192) 301

Cash flow statement Pekao Group Alior Bank Group
1 January – 31 December 2020 1 January – 31 December 2019 1 January – 31 December 2020 1 January – 31 December 2019
Net cash flows from operating activities 23,573 (1,388) 2,776 53
Net cash flows from investing activities (25,025) (7,506) (71) (335)
Net cash flows from financing activities 624 1,140 (1,691) (475)
Total net cash flows (828) (7,754) 1,014 (757)

Dividend-related information Pekao Group Alior Bank Group
1 January – 31 December 2020 1 January – 31 December 2019 1 January – 31 December 2020 1 January – 31 December 2019
Date of ratifying the dividend - 26 June 2019 - -
Record date - 10 July 2019 - -
Dividend payment date - 30 July 2019 - -
Dividend per share (PLN) - 6.6 - -
Dividend due to the PZU Group - 347 - -
Dividend due to non-controlling shareholders - 1,385 - -