Investments
in jointly controlled
entities and associates

  1. the value of the Bank's investments in jointly controlled entities (i.e. the acquisition cost adjusted to the Bank’s share in the change in the entity’s net assets after acquisition date and impairment allowances)

Investments in jointly controlled entities and associates

Entity name 31.12.2011 31.12.2010
Centrum Haffnera Sp. z o.o. Group 10 665 31 981
Purchase price 44 371 44 371
Change in valuation with equity method (33 706) (12 390)
Centrum Obsługi Biznesu Sp. z o.o. 5 307 9 298
Purchase price 17 498 17 498
Change in valuation with equity method (12 191) (8 200)
Total 15 972 41 279
  1. the value of the Bank's investments in associates (i.e. the acquisition cost adjusted to share in net assets change and impairment allowances)
Entity name 31.12.2011 31.12.2010
Bank Pocztowy SA 106 720 131 427
Purchase price 146 500 146 500
Change in valuation with equity method 44 198 40 098
Impairment allowances (83 978) (55 171)
Poznański Fundusz Poręczeń Kredytowych Sp. z o.o. - -
Purchase price 1 500 1 500
Change in valuation with equity method 3 475 3 467
Impairment allowances (4 975) (4 967)
Agencja Inwestycyjna CORP-SA SA 427 225
Purchase price 29 29
Change in valuation with equity method 398 196
Total 107 147 131 652

Selected data on associates accounted for using the equity method

Entity name Total assets Total liabilities Total revenue Net profit % share
31.12.2011
Bank Pocztowy SA Group 5 213 258 4 889 505 457 996 26 613 25.0001
Poznański Fundusz Poręczeń Kredytowych Sp. z o.o. 17 672 147 513 21 33.33
Agencja Inwestycyjna CORP-SA SA 3 874 1 833 12 459 1 109 22.31
Total  5 234 804 4 891 485 470 968 27 743 X
31.12.2010
Bank Pocztowy SA Group 4 156 609 3 835 948 369 797 14 412 25.0001
Poznański Fundusz Poręczeń Kredytowych Sp. z o.o. 16 896 45 604 32 33.33
Agencja Inwestycyjna CORP-SA SA 3 017 1 593 13 007 503 22.31
Total  4 176 522 3 837 586 383 408 14 947 X
The information concerning Bank Pocztowy SA, presented in the table above is derived from consolidated financial statements prepared in accordance with the IFRS/IAS. Data about other companies is derived from financial statements prepared in accordance with the Polish Accounting Standards. According to the Group’s estimates, differences between the above-mentioned financial statements and the statements prepared in accordance with IFRS/IAS are not significant from the perspective of the financial statements of the Group. Data for the year 2010 is derived from audited financial statements.

Selected information on jointly controlled entities accounted for using the equity method

Entity name Total
assets
Total liabilities Total revenue Net profit % share
31.12.2011
Centrum Obsługi Biznesu Sp. z o.o. 122 199 107 940 22 275 (11 318) 41.44
Centrum Haffnera Sp. z o.o. Group 320 009 295 445 50 101 (46 586) 49.43
Total  442 208 403 385 72 376 (57 904) X
31.12.2010
Centrum Obsługi Biznesu Sp. z o.o. 124 979 98 835 20 151 (980) 41.44
Centrum Haffnera Sp. z o.o. Group 327 145 258 450 44 958 (11 262) 49.43
Total  452 124 357 285 65 109 (12 242) X

The information concerning Centrum Obsługi Biznesu Sp. z o.o. and Centrum Haffnera Sp. z o.o. Group, presented in the above table is derived from financial statements prepared in accordance with the Polish Accounting Standards. According to the Group’s estimates, differences between the above-mentioned financial statements and the statements prepared in accordance with IFRS/IAS are not significant from the perspective of the financial statements of the Group. Data of both entities for the year 2010 is derived from audited financial statements.

In the consolidated financial statements for the year ended 31 December 2011, all associates and jointly controlled entities are accounted for using the equity method.

  2011 2010
Investments in associates at the beginning of the period 131 652 179 452
Share of profit/loss 5 655 7 146
Share in other comprehensive income of associates (1 233) 271
Dividends paid (112) (107)
Change in impairment allowances of investment (28 815) (55 110)
Investment in associates at the end of the period 107 147 131 652

In 2011, the Group increased an impairment allowances against shares of Bank Pocztowy SA of PLN 28 807 thousand and increased by PLN 8 thousand impairment allowances against shares of Poznański Fundusz Poręczeń Kredytowych Sp. z o.o. Impairment allowances against shares of Bank Pocztowy SA was recognised on the basis of the Company’s shares recoverable amount estimation, i.e. the value in use calculated on the basis of the discounted cash flows model for the years 2012-2016 and the fair value estimation based on the market ratios of the peer group of banks.

In 2010, the Group recognised an impairment allowance against shares of Bank Pocztowy SA amounting to PLN 55 171 thousand and decreased by PLN 61 thousand impairment allowances against shares of Poznański Fundusz Poręczeń Kredytowych Sp. z o.o.

  2011 2010
Investments in jointly controlled entities at the beginning of the period 41 279 49 240
Share of profit / loss (25 307) (7 961)
Investments in jointly controlled entities at the end of the period 15 972 41 279

As at 31 December 2011 and 31 December 2010, the parent company had no share in contingent liabilities and commitments of associates acquired jointly with other investors.

In 2011, PKO Bank Polski SA did not make any direct investments in jointly controlled entities or associates.