2.2 PZU Group companies

No.Entity’s nameRegistered officeDate of commencing control/ significant impact% of share capital directly or indirectly held by PZU% of votes directly or indirectly held by PZUBusiness activity
    31 December 201331 December 201231 December 201331 December 2012 
Entities included in consolidation  
1Powszechny Zakład Ubezpieczeń SA Warsaw n/a n/a n/a n/a n/a Non-life insurance.
2Powszechny Zakład Ubezpieczeń na Życie SA („PZU Życie”) Warsaw 18.12.1991 100.00% 100.00% 100.00% 100.00% Life insurance.
3Powszechne Towarzystwo Emerytalne PZU SA („PTE PZU”) Warsaw 08.12.1998 100.00% 100.00% 100.00% 100.00% Pension fund management.
4PZU Centrum Operacji SA („PZU CO”) Warsaw 30.11.2001 100.00% 100.00% 100.00% 100.00% Auxiliary activity related to insurance and pension funds.
5Towarzystwo Funduszy Inwestycyjnych PZU SA („TFI PZU”) Warsaw 30.04.1999 100.00% 100.00% 100.00% 100.00% Creation, representing and management of investment funds.
6PZU Asset Management SA („PZU AM”) Warsaw 12.07.2001 100.00% 100.00% 100.00% 100.00% Management of securities portfolios for the account of third parties.
7PZU Pomoc SA Warsaw 18.03.2009 100.00% 100.00% 100.00% 100.00% Assistance services.
8Międzyzakładowe Pracownicze Towarzystwo Emerytalne PZU SA („MPTE PZU SA”) Warsaw 13.08.2004 100.00% 100.00% 100.00% 100.00% Management of employee pension fund.
9PrJSC IC PZU Ukraine („PZU Ukraine”) Kiev (Ukraine) 01.07.2005 100.00% 100.00% 100.00% 100.00% Non-life insurance.
10PrJSC IC PZU Ukraine Life Insurance („PZU Ukraine Life”) Kiev (Ukraine) 01.07.2005 100.00% 100.00% 100.00% 100.00% Life insurance.
11UAB DK PZU Lietuva („PZU Lietuva”) Vilnius (Lithuania) 26.04.2002 99.76% 99.76% 99.76% 99.76% Non-life insurance.
12UAB PZU Lietuva Gyvybes Draudimas Vilnius (Lithuania) 26.04.2002 99.34% 99.34% 99.34% 99.34% Life insurance.
13PZU Finanse Sp. z o.o. 1) Warsaw 08.11.2013 100.00% n/a 100.00% n/a The Company does not conduct activities.
14Tower Inwestycje Sp. z o.o. („Tower Inwestycje”) Warsaw 27.08.1998 100.00% 100.00% 100.00% 100.00% Other services excluding insurance and pension funds.
15Ogrodowa-Inwestycje Sp. z o.o. Warsaw 15.09.2004 100.00% 100.00% 100.00% 100.00% Acquisition, operation, lease and disposal of real property.
16Armatura Kraków SA 2) Cracow 07.10.1999 92.75% 63.83% 92.75% 63.83% Armatura Group products’ distribution, management of the Group.
17Armatoora SA 2) Nisko 10.12.2008 92.75% 63.83% 92.75% 63.83% Production and distribution of radiators and sanitary fixtures.
18Armaton SA (formerly Armatoora SA i wspólnicy sp. k.) 2) Cracow 10.02.2009 92.75% 63.83% 92.75% 63.83% Use of free funds, development investments.
19Armagor SA 2) Cracow 06.09.2009 92.75% 63.83% 92.75% 63.83% Manufacturing of bathroom (water and gas) and central heating fittings.
20Armadimp SA 2) Cracow 20.07.2012 92.75% 63.83% 92.75% 63.83% Manufacturing of ceramic sanitary fixtures.
21Ipsilon Sp. z o.o. Warsaw 02.04.2009 100.00% 100.00% 100.00% 100.00% Business assistance services and medical services.
22Ipsilon Bis SA Warsaw 02.09.2011 100.00% 100.00% 100.00% 100.00% The Company does not conduct activities.
23Omicron SA Warsaw 13.09.2011 100.00% 100.00% 100.00% 100.00% The Company does not conduct activities.
24LLC SOS Services Ukraine Kiev (Ukraine) 01.07.2005 100.00% 100.00% 100.00% 100.00% Assistance services.
25PZU SFIO Universum (d. PZU SFIO Dłużny) Warsaw 15.12.2009 n/a n/a n/a n/a Investment of funds collected from members.
26PZU FIZ Akcji Warsaw 27.01.2010 n/a n/a n/a n/a As above.
27PZU FIZ Dynamiczny Warsaw 27.01.2010 n/a n/a n/a n/a As above.
28PZU FIZ Sektora Nieruchomości 3) Warsaw 01.07.2008 n/a n/a n/a n/a As above.
29PZU FIZ Sektora Nieruchomości 2 3) Warsaw 21.11.2011 n/a n/a n/a n/a As above.
30PZU FIZ Sektora Nieruchomości 3 3) Warsaw 24.02.2012 n/a n/a n/a n/a As above.
31PZU FIZ Aktywów Niepublicznych BIS 1  Warsaw 12.12.2012 n/a n/a n/a n/a As above.
32PZU FIZ Aktywów Niepublicznych BIS 2 („PZU FIZ AN BIS 2”) Warsaw 19.11.2012 n/a n/a n/a n/a As above.
33PZU Dłużny Rynków Wschodzących Warsaw 20.11.2006 n/a n/a n/a n/a As above.
34PZU FIZ Aktywów Niepublicznych RE Income 3) Warsaw 08.11.2011 n/a n/a n/a n/a As above.
35PZU FIO Gotówkowy 4) Warsaw 01.07.2005 n/a n/a n/a n/a As above.
Joint control entity  
36Armatura Tower Sp. z o.o. Cracow 08.11.2013 50.00% n/a 50.00% n/a Implementation of construction projects.
Affiliates
37GSU Pomoc Górniczy Klub Ubezpieczonych SA Tychy 08.06.1999 30.00% 30.00% 30.00% 30.00% Insurance services.
38EMC Instytut Medyczny SA 5) Wrocław 18.06.2013 29.87% 9.95% 25.31% 8.43% Health protection, R&D in medical sciences and pharmacy.

1) Additional information concerning establishment of the company has been presented in Section 2.3.5.

2) Concerning the change in the shareholding of Armatura Kraków has been presented in Section 2.3.3.

3) As at 31 December 3013, the funds PZU FIZ Sektora Nieruchomości, PZU FIZ Sektora Nieruchomości 2, PZU FIZ Sektora Nieruchomości 3, PZU FIZ RE Income carried out investment activities via subsidiaries, i.e. special purpose vehicles operating in the form of commercial companies investing in individual properties. Each investment fund invested in 37, 8, 9, 6 properties, respectively (1 January 2013: 33, 8, 12, 6).

4) Consolidated from 1 April 2013.

5) Purchase of the entity described in section 2.3.2.

The assumptions made by the PZU Group upon consolidation of investment funds have been presented in Section 4.1. Due to a decrease in the share of the PZU Group in the net assets of consolidated investment funds below 50%, the following funds have been eliminated from consolidation:

  • PZU Energia Medycyna Ekologia sub-fund – effective from 1 July 2013;
  • PZU FIZ Forte fund – effective from 31 December 2013.

As a result of elimination of the aforesaid funds from consolidation, the presented balance of cash held by the PZU Group decreased by PLN 14,551 thousand (“decrease in cash due to elimination of investment funds from consolidation” in the consolidated statement of cash flows).

As at 31 December 2013, in addition to the entities specified in the table above, the PZU Group held:

  • 100% of shares in Syta Development sp. z o.o. in liquidation, whose value in the consolidated statement of financial position of the PZU Group was zero. As the company is being liquidated, it is controlled by the official receiver and as such, not subject to consolidation;
  • shares in or investment certificates issued by the following funds, where the share of the PZU Group in the net assets exceeded 20% (exclusive of assets held under unit-linked insurance and investment contracts): PZU Energia Medycyna Ekologia sub-fund, PZU Akcji Rynków Wschodzących sub-fund, PZU Akcji Spółek Dywidendowych sub-fund, PZU FIZ Forte.