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 2013 and include comparative data for the year ended 31 December 2012. 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 information available as at 31 December 2013 the Bank's shareholding structure is as follows:
| Name of entity | Number of shares | Number of votes % | Nominal value of 1 share | Share in equity % |
|---|---|---|---|---|
| As at 31 December 2013 | ||||
| The State Treasury | 392,406,277 | 31.39 | PLN 1 | 31.39 |
| Aviva Otwarty Fundusz Emerytalny | 83,952,447 | 6.72 | PLN 1 | 6.72 |
| ING Otwarty Fundusz Emerytalny* | 64,594,448 | 5.17 | PLN 1 | 5.17 |
| Other shareholders | 709,046,828 | 56.72 | PLN 1 | 56.72 |
| Total | 1,250,000,000 | 100.00 | --- | 100.00 |
| As at 31 December 2012 | ||||
| The State Treasury | 417,406,277 | 33.39 | PLN 1 | 33.39 |
| Bank Gospodarstwa Krajowego | 128,102,731 | 10.25 | PLN 1 | 10.25 |
| ING Otwarty Fundusz Emerytalny* | 64,594,448 | 5.17 | PLN 1 | 5.17 |
| Other shareholders | 639,896,544 | 51.19 | PLN 1 | 51.19 |
| Total | 1,250,000,000 | 100.00 | --- | 100.00 |
*According to information provided by the shareholder on 27 July 2012.
According to the Resolution of the Extraordinary General Shareholders’ Meeting No. 3/2011 dated on 14 April 2011 on amending the Memorandum of Association of PKO Bank Polski SA, the decrease in share of the State Treasury in the equity of Bank (maximum up to 25%) will not lead to limiting the control of the State Treasury over the Bank’s strategic decisions.
On 31 January 2013 PKO Bank Polski SA received notification from Bank Gospodarstwa Krajowego (‘BGK’) and the Minister of the State Treasury of selling off a considerable block of shares on 24 January 2013, through the Warsaw Stock Exchange (WSE) in block transactions. As a result of these transactions BGK sold all of the Bank’s shares held (128 102 731 shares), which constituted 10.25% of the share capital and the total number of votes at the General Shareholders’ Meeting of the Bank, whereas the State Treasury sold 25 000 000 of 417 406 277 Bank’s shares held (which amounted to 2.00% of the share capital and the total number of votes at the General Shareholder’s Meeting of the Bank).
On 1 February 2013, PKO Bank Polski SA received a notification from Aviva Powszechne Towarzystwo Emerytalne Aviva BZ WBK SA about increasing by the Aviva Otwarty Fundusz Emerytalny Aviva BZ WBK (‘Aviva OFE’) the stake of the Bank’s shares and exceeding the 5% threshold of the total number of votes in the Bank as the result of the purchase transaction concluded on 24 January 2013. Prior to the settlement of the above mentioned transaction Aviva OFE as at 28 January 2013 held 57 152 447 Bank’s shares representing 4.57% of the Bank’s share capital and the total number of votes at the Bank’s General Shareholders’ Meeting. After conclusion and settlement of the above mentioned transactions, as at
29 January 2013 Aviva OFE held 83 952 447 Bank’s shares representing 6.72% of share capital and the total number of votes at the Bank’s General Shareholders’ Meeting.
On 1 March 2013 the Bank received a copy of a letter from the Ministry of State Treasury (‘MSP’) sent to MSP by BGK, informing that with reference to the sale of all the Bank’s shares held by BGK and thus the loss of the Bank’s shareholder Status by BGK., the Agreement on cooperation in the joint exercise of corporate governance (joint control) over the Bank concluded on 21 April 2010 between the State Treasury and BGK ceased to be binding.
The Bank is a listed company on the Warsaw Stock Exchange. According to the Warsaw Stock Exchange Bulletin (Ceduła Giełdowa), the Bank is classified under the macro-sector ‘Finance’, sector ‘Banks’.
The structure of PKO Bank Polski SA share capital:
| Series | Type of shares | Number of shares | Nominal value of 1 share | Series amount by nominal value |
|---|---|---|---|---|
| Series A | registered ordinary shares | 312,500,000 | PLN 1 | PLN 312,500,000 |
| Series A | bearer ordinary shares | 197,500,000 | PLN 1 | PLN 197,500,000 |
| Series B | bearer ordinary shares | 105,000,000 | PLN 1 | PLN 105,000,000 |
| Series C | bearer ordinary shares | 385,000,000 | PLN | PLN 385,000,000 |
| Series D | bearer ordinary shares | 250,000,000 | PLN 1 | PLN 250,000,000 |
| Total | --- | 1,250,000,000 | --- | PLN 1,250,000,000 |
In 2013, there were no changes in the amount of the share capital of PKO Bank Polski SA. Issued shares of PKO Bank Polski SA are not preferred shares and are fully paid.
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, it conducts banking activities in Ukraine and investment, real estate development and debt collection activities. In 2013 the Group also conducted activities relating to servicing and settlement of card transactions.
The scope of activities of each of the Group entities is set out in this note in the table ‘Structure of the PKO Bank Polski SA Group’.
In 2013 the Group operated 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.
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* | |
|---|---|---|---|---|
| 31.12.2013 | 31.12.2012 | |||
| PKO Towarzystwo Funduszy Inwestycyjnych SA | Warszaw | investment fund management | 100.00 | 100.00 |
| PKO BP BANKOWY PTE SA | Warszaw | pension fund management | 100.00 | 100.00 |
| PKO Leasing SA 1 | Łódź | leasing services | 100.00 | 100.00 |
| PKO Bankowy Leasing Sp. z o.o. 2 | Łódź | leasing services | 100.00 | 100.00 |
| PKO Leasing Sverige AB 3 | Stockholm, Sweden | leasing services | 100.00 | 0.00 |
| Bankowe Towarzystwo Kapitałowe SA | Warszaw | services | 100.00 | 100.00 |
| PKO BP Faktoring SA 4 | Warszaw | factoring | 99.9889 | 99.9889 |
| Inteligo Financial Services SA | Warszaw | development and maintenance of IT systems | 100.00 | 100.00 |
| PKO BP Finat Sp. z o.o. | Warszaw | transfer agent services | 100.00 | 100.00 |
| KREDOBANK SA | Lwów, Ukraine | banking activities | 99.5655 | 99.5655 |
| Finansowa Kompania „Idea Kapitał” Sp. z o.o. | Kijów, Ukraine | financial services | 100.00 | 100.00 |
| ‘Inter-Risk Ukraina’ Additional Liability Company5 | Kijów, Ukraine | debt collection services | 100.00 | 100.00 |
| Finansowa Kompania „Prywatne Inwestycje” Sp. z o.o. 6 | Kijów, Ukraine | factoring | 91.8766 | 6.5920 |
| PKO Finance AB | Sztokholm, Szwecja | financial services | 100.00 | 100.00 |
| Qualia Development Sp. z o.o.7 | Warszaw | real estate development | 100.00 | 100.00 |
| Qualia Sp. z o.o. | Warszawa | general partner in limited partnerships of the Qualia Development Group entities | 100.00 | 100.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Neptun Park Sp.k. | Warszaw | real estate development | 99.9975 | 99.9975 |
| Qualia spółka z ograniczoną odpowiedzialnością – Sopot Sp. k. | Warszaw | real estate development | 99.9787 | 99.9787 |
| Qualia spółka z ograniczoną odpowiedzialnością – Nowy Wilanów Sp. k. | Warszaw | real estate development | 99.9750 | 99.9750 |
| Qualia spółka z ograniczoną odpowiedzialnością – Jurata Sp. k. | Warszaw | real estate development | 99.9608 | 50.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Zakopane Sp.k. | Warszaw | real estate development | 99.9123 | 50.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Pomeranka Sp.k. | Warszaw | real estate development | 99.8951 | 99.8951 |
| Qualia spółka z ograniczoną odpowiedzialnością – Projekt 1 Sp. k. | Warszaw | real estate development | 50.00 | 50.00 |
| Qualia spółka z ograniczoną odpowiedzialnością – Władysławowo Sp. k. | Warszaw | real estate development | 50.00 | 50.00 |
| Qualia Hotel Management Sp. z o.o. | Warszaw | real estate development | 100.00 | 100.00 |
| Qualia - Residence Sp. z o.o. | Warszaw | real estate development | 100.00 | 100.00 |
| Qualia – Rezydencja Flotylla Sp. z o.o. | Warszaw | real estate development | 100.00 | 100.00 |
| Fort Mokotów Inwestycje Sp. z o.o. 8 | Warszaw | real estate development | 100.00 | 0.0109 |
| Sarnia Dolina Sp. z o.o. | Warszaw | real estate development | 100.00 | 56.00 |
| Giełda Nieruchomości Wartościowych Sp. z o.o. | Warszaw | intermediation in the sale of real estate | 100.00 | 0.00 |
| Fort Mokotów Sp. z o.o. in liquidation | Warszaw | in liquidation | 51.00 | 51.00 |
| Merkury - fiz an 9 | Warszaw | placement of funds collected from fund members | 100.00 | 0.00 |
| „Zarząd Majątkiem Górczewska” Sp. z o.o. | Warszaw | real estate management | 100.00 | 0.00 |
| Molina Sp. z o.o. | Warszaw | general partner in limited joint-stock partnership entities of the Fund | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 1 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 2 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 3 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 5 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
| Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. | Warszaw | purchasing and selling of real estate | 100.00 | 0.00 |
* Share in equity of direct parent entity
- formerly Bankowy Fundusz Leasingowy SA,
- formerly Bankowy Leasing Sp. z o.o.,
- the Company was registered in Sweden on 18 September 2013,
- the second shareholder of the Entity is PKO Bank Polski SA,
- in 2013 the share in the Entity is recognised in non-current assets held for sale,
- the second shareholder of the Entity is ‘Inter-Risk Ukraina’ Sp. z d.o. In 2013 the share in the Entity is recognised in non-current assets held for sale. Until 9 September 2013 the Entity was a direct subsidiary of ‘Inter-Risk Ukraina’ Sp. z d.o. (share in equity of the Entity as at the end of 2012 was 93.408%),
- the total contributions made by the limited partner - Qualia Development Sp. z o.o. are presented in the position ‘Share in equity’
- Until 30 December 2013 the Entity was a direct subsidiary of PKO Bank Polski SA (the share in equity of the Entity as at the end of 2012 was 99.9891%)
- PKO Bank Polski SA has investment certificates of the Fund; ‘Share in equity’ the share of possessed investment certificates of the Fund is presented in the position; the Fund’s subsidiaries are consolidated on the level of the PKO Bank Polski SA Group.
Additionally, the Bank holds the following jointly controlled entities and associates included in the consolidated financial statements:
| NAME OF ENTITY | HEAD OFFICE | RANGE OF ACTIVITY | % SHARE IN EQUITY* | |
|---|---|---|---|---|
| 31.12.2013 | 31.12.2012 | |||
| Jointly controlled entities | ||||
| Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. 1 | Warszaw | servicing and settlement of card transactions | 34.00 | 100.00 |
| Centrum Obsługi Biznesu Sp. z o.o. | Poznań | hotel management | 41.44 | 41.44 |
| CENTRUM HAFFNERA Sp. z o.o. | Sopot | subsidiaries’ real estate management | 49.43 | 49.43 |
| Sopot Zdrój Sp. z o.o. | Sopot | hotel 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 2 | Sopot | in liquidation | 100.00 | 100.00 |
| Associates | ||||
| Bank Pocztowy SA | Bydgoszcz | banking activities | 25.0001 | 25.0001 |
| Centrum Operacyjne Sp. z o.o. | Bydgoszcz | activities supporting financial services | 100.00 | 100.00 |
| Spółka Dystrybucyjna Banku Pocztowego Sp. z o.o. | Warszaw | intermediary financial services | 100.00 | 100.00 |
| Poznański Fundusz Poręczeń Kredytowych Sp. z o.o. | Poznań | guarantees | 33.33 | 33.33 |
| Kolej Gondolowa Jaworzyna Krynicka SA3 | Krynica - Zdrój | cable railway transport | 0.00 | 37.53 |
| Agencja Inwestycyjna CORP-SA SA 4 | Warszaw | office real estate management | 0.00 | 22.31 |
- Until 30 December 2013 the entity was a direct subsidiary of PKO Bank Polski, SA,
- On 24 January 2014 the Entity was removed from the National Court Register,
- Shares of the Entity were sold on 24 September 2013,
- Shares of the Entity were sold on 31 October 2013.
Information on changes in the participation in the share capital of the subsidiaries is set out in Note 45 ‘Changes to the entities of the Group’.
Information on members of the Management and Supervisory Board of the Bank
As at 31 December 2013 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 2013 no changes took place in the composition of the Bank’s Management Board. Moreover, 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.
As at 31 December 2013, the Bank's Supervisory Board consisted of:
- Cezary Banasiński - Chairman of the Supervisory Board
- Tomasz Zganiacz - Deputy-Chairman of the Supervisory Board
- Mirosław Czekaj - Secretary of the Supervisory Board
- Zofia Dzik - Member of the Supervisory Board
- Piotr Marczak - Member of the Supervisory Board
- Marek Mroczkowski - Member of the Supervisory Board
- Ryszard Wierzba - Member of the Supervisory Board
- Elżbieta Mączyńska Ziemacka - Member of the Supervisory Board
During the year ended 31 December 2013 the Ordinary General Shareholders’ Meeting of PKO Bank Polski SA appointed as of 20 June 2013
Mrs Elżbieta Mączyńska – Ziemacka as a member of the Supervisory Board of PKO Bank Polski SA and at the same time dismissed from the Supervisory Board of PKO Bank Polski SA Mr Jan Bossak. Moreover, on 21 November 2013 the Bank’s Management Board has accepted resignation of Mr Krzysztof Kilian from performing the function of the Bank’s Supervisory Board member.
Approval of financial statements
These consolidated financial statements, reviewed by the Bank’s Supervisory Board’s Audit Committee on 5 March 2014, have been approved for issuance by the Bank’s Management Board on 4 March 2014.