| No. | Entity’s name | Registered office | Date of commencing control/ significant impact | % of share capital directly or indirectly held by PZU | % of votes directly or indirectly held by PZU | Business activity | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 December 2013 | 31 December 2012 | 31 December 2013 | 31 December 2012 | |||||||||
| Entities included in consolidation | ||||||||||||
| 1 | Powszechny Zakład Ubezpieczeń SA | Warsaw | n/a | n/a | n/a | n/a | n/a | Non-life insurance. | ||||
| 2 | Powszechny Zakład Ubezpieczeń na Życie SA („PZU Życie”) | Warsaw | 18.12.1991 | 100.00% | 100.00% | 100.00% | 100.00% | Life insurance. | ||||
| 3 | Powszechne Towarzystwo Emerytalne PZU SA („PTE PZU”) | Warsaw | 08.12.1998 | 100.00% | 100.00% | 100.00% | 100.00% | Pension fund management. | ||||
| 4 | PZU 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. | ||||
| 5 | Towarzystwo 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. | ||||
| 6 | PZU 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. | ||||
| 7 | PZU Pomoc SA | Warsaw | 18.03.2009 | 100.00% | 100.00% | 100.00% | 100.00% | Assistance services. | ||||
| 8 | Międzyzakładowe 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. | ||||
| 9 | PrJSC IC PZU Ukraine („PZU Ukraine”) | Kiev (Ukraine) | 01.07.2005 | 100.00% | 100.00% | 100.00% | 100.00% | Non-life insurance. | ||||
| 10 | PrJSC IC PZU Ukraine Life Insurance („PZU Ukraine Life”) | Kiev (Ukraine) | 01.07.2005 | 100.00% | 100.00% | 100.00% | 100.00% | Life insurance. | ||||
| 11 | UAB DK PZU Lietuva („PZU Lietuva”) | Vilnius (Lithuania) | 26.04.2002 | 99.76% | 99.76% | 99.76% | 99.76% | Non-life insurance. | ||||
| 12 | UAB PZU Lietuva Gyvybes Draudimas | Vilnius (Lithuania) | 26.04.2002 | 99.34% | 99.34% | 99.34% | 99.34% | Life insurance. | ||||
| 13 | PZU Finanse Sp. z o.o. 1) | Warsaw | 08.11.2013 | 100.00% | n/a | 100.00% | n/a | The Company does not conduct activities. | ||||
| 14 | Tower 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. | ||||
| 15 | Ogrodowa-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. | ||||
| 16 | Armatura Kraków SA 2) | Cracow | 07.10.1999 | 92.75% | 63.83% | 92.75% | 63.83% | Armatura Group products’ distribution, management of the Group. | ||||
| 17 | Armatoora SA 2) | Nisko | 10.12.2008 | 92.75% | 63.83% | 92.75% | 63.83% | Production and distribution of radiators and sanitary fixtures. | ||||
| 18 | Armaton 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. | ||||
| 19 | Armagor SA 2) | Cracow | 06.09.2009 | 92.75% | 63.83% | 92.75% | 63.83% | Manufacturing of bathroom (water and gas) and central heating fittings. | ||||
| 20 | Armadimp SA 2) | Cracow | 20.07.2012 | 92.75% | 63.83% | 92.75% | 63.83% | Manufacturing of ceramic sanitary fixtures. | ||||
| 21 | Ipsilon Sp. z o.o. | Warsaw | 02.04.2009 | 100.00% | 100.00% | 100.00% | 100.00% | Business assistance services and medical services. | ||||
| 22 | Ipsilon Bis SA | Warsaw | 02.09.2011 | 100.00% | 100.00% | 100.00% | 100.00% | The Company does not conduct activities. | ||||
| 23 | Omicron SA | Warsaw | 13.09.2011 | 100.00% | 100.00% | 100.00% | 100.00% | The Company does not conduct activities. | ||||
| 24 | LLC SOS Services Ukraine | Kiev (Ukraine) | 01.07.2005 | 100.00% | 100.00% | 100.00% | 100.00% | Assistance services. | ||||
| 25 | PZU SFIO Universum (d. PZU SFIO Dłużny) | Warsaw | 15.12.2009 | n/a | n/a | n/a | n/a | Investment of funds collected from members. | ||||
| 26 | PZU FIZ Akcji | Warsaw | 27.01.2010 | n/a | n/a | n/a | n/a | As above. | ||||
| 27 | PZU FIZ Dynamiczny | Warsaw | 27.01.2010 | n/a | n/a | n/a | n/a | As above. | ||||
| 28 | PZU FIZ Sektora Nieruchomości 3) | Warsaw | 01.07.2008 | n/a | n/a | n/a | n/a | As above. | ||||
| 29 | PZU FIZ Sektora Nieruchomości 2 3) | Warsaw | 21.11.2011 | n/a | n/a | n/a | n/a | As above. | ||||
| 30 | PZU FIZ Sektora Nieruchomości 3 3) | Warsaw | 24.02.2012 | n/a | n/a | n/a | n/a | As above. | ||||
| 31 | PZU FIZ Aktywów Niepublicznych BIS 1 | Warsaw | 12.12.2012 | n/a | n/a | n/a | n/a | As above. | ||||
| 32 | PZU FIZ Aktywów Niepublicznych BIS 2 („PZU FIZ AN BIS 2”) | Warsaw | 19.11.2012 | n/a | n/a | n/a | n/a | As above. | ||||
| 33 | PZU Dłużny Rynków Wschodzących | Warsaw | 20.11.2006 | n/a | n/a | n/a | n/a | As above. | ||||
| 34 | PZU FIZ Aktywów Niepublicznych RE Income 3) | Warsaw | 08.11.2011 | n/a | n/a | n/a | n/a | As above. | ||||
| 35 | PZU FIO Gotówkowy 4) | Warsaw | 01.07.2005 | n/a | n/a | n/a | n/a | As above. | ||||
| Joint control entity | ||||||||||||
| 36 | Armatura Tower Sp. z o.o. | Cracow | 08.11.2013 | 50.00% | n/a | 50.00% | n/a | Implementation of construction projects. | ||||
| Affiliates | ||||||||||||
| 37 | GSU Pomoc Górniczy Klub Ubezpieczonych SA | Tychy | 08.06.1999 | 30.00% | 30.00% | 30.00% | 30.00% | Insurance services. | ||||
| 38 | EMC 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.