PL
ENThe PGE Group’s transactions with related entities are being concluded using market prices for provided goods, products and services or are based on the cost of manufacturing.
32.1 Associates and jointly controlled entities
The total value of transactions with such entities is presented in the table below.
|
Year ended |
Year ended |
|---|---|---|
|
Sales to associates and jointly controlled entities |
88 |
7 |
|
Purchases from associates and jointly controlled entities |
571 |
- |
|
Year ended |
Year ended |
|---|---|---|
|
Trade receivables from associates and jointly controlled entities |
41 |
1 |
|
Trade liabilities to associates and jointly controlled entities |
16 |
- |
The increase in turnover and balances results from the inclusion of Polska Grupa Górnicza sp. z o.o. in these financial statements. This entity is treated as a jointly controlled entity.
32.2 Subsidiaries of the State Treasury
The State Treasury is the dominant shareholder of PGE Polska Grupa Energetyczna S.A. and as a result in accordance with IAS 24 Related Party Disclosures, State Treasury companies are treated as related entities. The PGE Group entities identify in detail transactions with approximately 40 of the biggest State Treasury subsidiaries.
The total value of transactions with such entities is presented in the table below:
|
Year ended |
Year ended |
|---|---|---|
|
Sales to related parties |
2,137 |
2,509 |
|
Purchases from related parties |
3,579 |
3,539 |
|
Year ended |
Year ended |
|
Trade receivables from related parties |
313 |
383 |
|
Trade liabilities to related parties |
418 |
387 |
The largest transactions with State Treasury companies involve Polskie Sieci Elektroenergetyczne S.A., Enea S.A., ENERGA-OBRÓT S.A., PKN Orlen S.A. and purchases of coal from Polish mines.
Moreover, the PGE Group concludes significant transactions on the energy market via Towarowa Giełda Energii S.A. (Polish Power Exchange). Due to the fact that this entity only deals with the organization of trading, purchases and sales transacted through this entity are not recognized as transactions with related parties.
32.3 Management personnel remuneration
The key management includes the Management Boards and Supervisory Boards of the parent company and significant Group entities.
|
PLN thousand |
Year ended |
Year ended |
|
Short-term employee benefits (salaries and salary related costs) |
32,508 |
30,877 |
|
Post-employment and termination benefits |
9,446 |
4,542 |
|
TOTAL REMUNERATION OF KEY MANAGEMENT PERSONNEL |
41,954 |
35,419 |
|
Remuneration of key management personnel of entities of non-core operations |
15,395 |
13,720 |
|
TOTAL REMUNERATION OF MANAGEMENT PERSONNEL |
57,349 |
49,139 |
|
PLN thousand |
Year ended |
Year ended |
|
Management Board of the parent company, including: |
11,669 |
6,217 |
|
Post-employment benefits |
3,066 |
(46) |
|
Supervisory Board of the parent company |
510 |
407 |
|
Management Boards – subsidiaries |
27,448 |
27,394 |
|
Supervisory Boards – subsidiaries |
2,327 |
1,401 |
|
TOTAL |
41,954 |
35,419 |
|
Remuneration of key management personnel of entities of non-core operations |
15,395 |
13,720 |
|
TOTAL REMUNERATION OF MANAGEMENT PERSONNEL |
57,349 |
49,139 |
Increase of the remuneration of management personnel is mainly caused by higher post-employment benefits (terminations, non-competition clauses).
The Members of the Management Boards of some of the Group companies are employed on the basis of civil law contracts for management (so called management contracts). The above remuneration is included in other costs by nature disclosed in note 7.2 Costs by nature and function.