24. Investments in associates and jointly controlled entities

1) the value of the Group’s investments in jointly controlled entities (i.e. the acquisition cost adjusted to share in the change in the net assets after acquisition date and impairment allowances)

2) the value of the Group's investments in associates (i.e. the acquisition cost adjusted to share in net assets change and impairment allowances)

Selected information on jointly controlled entities accounted for using the equity method

Financial data concerning Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. presented in the above table are derived from financial statements prepared in accordance with the IFRS/IAS. Financial data about other companies are derived from financial statements prepared in accordance with the Polish Accounting Standards. According to the Group’s estimates, differences between the above mentioned financial statements and the financial statements prepared in accordance with IFRS/IAS are not significant from the perspective of the financial statements of the Group. Data of entities for the year 2012 are derived from audited financial statements.

Selected information on associates accounted for using the equity method

Financial data concerning Bank Pocztowy SA, presented in the table above are derived from consolidated financial statements prepared in accordance with the IFRS/IAS. Data about other companies are derived from financial statements prepared in accordance with the Polish Accounting Standards. According to the Group’s estimates, differences between the above mentioned financial statements and the financial statements prepared in accordance with IFRS/IAS are not significant from the perspective of the financial statements of the Group. Data for the year 2012 are derived from audited financial statements.

In the consolidated financial statements for the year ended 31 December 2013, all associates and jointly controlled entities are accounted for using the equity method.

In 2013, the Group took into account in the valuation of the shares of CENTRUM HAFFNERA Sp. z o.o., a share of this Company in the loss of the Group for 2013, and for remaining value recognised 100% impairment allowances – as a result, impairment allowances decreased by PLN 4 311 thousand compared to 2012. Impairment allowances on shares of CENTRUM HAFFNERA Sp. z o.o. were recognised on the basis of assessment of value in use of the Company’s shares, calculated based on the discounted cash flow model.

In 2013, the Group increased impairment allowances against shares of Bank Pocztowy SA by PLN 7 585 thousand and increased by PLN 32 thousand impairment allowances against shares of Poznański Fundusz Poręczeń Kredytowych Sp. z o.o.

Impairment allowances on shares of Bank Pocztowy SA were recognised on the basis of the estimation of the recoverable amount of the Company's shares, i.e. value in use calculated based on the discounted cash flows model and fair value estimated based on market indicators of the comparable group of banks.

As at 31 December 2013 and 31 December 2012, the parent company had no share in contingent liabilities of associates acquired jointly with other investor.

In 2013, PKO Bank Polski SA did not make any direct investments in jointly controlled entities or associates. On 31 December 2013, as a result of sale of 66% shares of Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. and the conclusion of the partners’ agreement governing principles of cooperation between the Bank, the Investor and the Company, Centrum Elektronicznych Usług Płatniczych eService Sp. z o.o. was classified as a jointly controlled entity.