EN
PL
| Associates | 31 December 2016 | 31 December 2015 | 31 December 2016 | 31 December 2015 |
|---|---|---|---|---|
| Name of entity | EMC Instytut Medyczny SA | GSU PomocGórniczy Klub Ubezpieczonych SA | ||
| Nature of the relationship between PZU and the entity | Associate – non-strategic | Associate – non-strategic | ||
| Seat of the entity | Wrocław | Wrocław | Tychy | Tychy |
| Share in the entity's capital | 28.31% | 28.31% | 30.00% | 30.00% |
| Share in the entity's votes | 25.44% | 25.44% | 30.00% | 30.00% |
| Valuation method in consolidated financial statements | Equity method | Equity method | ||
| Accounting standards applied by the entity | IFRS | PAS | ||
| Carrying amount of the involvement in the entity | 37 | 53 | - | 1 |
| Fair value of the interest in the entity | 37 | 55 | None – unlisted entity | None – unlisted entity |
| Dividends received from the entity | - | - | - | - |
| Basic financial information | ||||
| Assets, including: | 285 | 252 | 4 | 3 |
| Short-term assets, including: | 46 | 54 | 3 | 2 |
| Cash and cash equivalents | 11 | 16 | 3 | 2 |
| Long-term assets | 239 | 198 | 1 | 1 |
| Equity | 142 | 153 | 2 | 2 |
| Liabilities, including: | 143 | 99 | 2 | 1 |
| Short-term liabilities, including: | 76 | 56 | 2 | 1 |
| Short-term financial liabilities | 28 | 21 | - | - |
| Long-term liabilities, including: | 67 | 43 | - | - |
| Long-term financial liabilities | 50 | 20 | - | - |
| Revenue from core operations | 278 | 258 | 2 | 2 |
| Depreciation and amortization | 14 | 13 | - | - |
| Interest income | - | - | - | - |
| Interest expense | 3 | 2 | - | - |
| Income tax | 2 | 1 | - | - |
| Total net comprehensive income, including: | (11) | (4) | - | - |
| Profit/loss, including: | (11) | (4) | - | - |
| Profit (loss) from continued operations | (11) | (4) | - | - |
| Profit (loss) from discontinued operations | - | - | - | - |
| Other comprehensive income | - | - | - | - |
There are no restrictions (e.g. due to lending arrangements, regulatory requirements or contracts) concerning the possibility of transfer of funds by associates in the form of cash dividends.
| Reconciliation of the EMC measurement | 1 January–31 December 2016 | 1 January–31 December 2015 |
| Net assets of EMC | 142 | 153 |
| Non-controlling interest in EMC financial statements | (8) | (8) |
| Goodwill in financial statements of EMC as at the moment of achieving a considerable inflow | (1) | (1) |
| Net assets of EMC measured using equity method valuation | 133 | 144 |
| PZU Group’s share in EMC capitals | 38 | 40 |
| Goodwill | 29 | 29 |
| Impairment loss | (30) | (16) |
| Carrying amount | 37 | 53 |
Impairment test
Impairment test was conducted as at 31 December 2016 and showed the necessity to recognize impairment loss on the value of EMC shares amounting to PLN 14 million.
The recoverable amount was determined based on fair value.
