13.1 Accounting for the acquisition of EMC shares

Significant influence over EMC was assumed through a business combination carried out in stages, as referred to in Par. 41 and 42 of IFRS 3. The PZU Group entities held EMC shares prior to the acquisition date. In accordance with Par. 42, the fair value of EMC shares held by the consolidated PZU Group entities served as the basis for accounting for the acquisition of EMC.

If new information concerning the facts and circumstances at the acquisition date was obtained, which, if known, could have an effect on measurement of the amounts recognized as at the aforementioned date, the amounts related to the accounting for acquisition of EMC shares, as presented below, could change. In accordance with IFRS 3, the measurement period should not exceed one year of the acquisition date.

Accounting for the acquisition of EMC sharesAcquisition IAcquisition IIAcquisition IIITotal
Number of shares measured using the equity method 1 296 636 617 745 572 887 2 487 268
Total number of EMC shares 8 327 214 8 327 214 8 327 214 8 327 214
Share in the total number of EMC shares 15.5710% 7.4184% 6.8797% 29.8691%
Fair value of EMC shares measured using the equity method (stock market valuation) 24 519 12 414 11 504 48 437
Net assets of EMC 65 266 65 266 65 646  
- including goodwill recognized in EMC’s accounting records 1 151 1 151 1 151  
Adjusted net assets 64 115 64 115 64 495  
Share in adjusted net assets 9 983 4 756 4 437 19 176
Goodwill 14 536 7 658 7 067 29 261