28. Investments in associates
Significant accounting policies
The accounting policies are described in Note 5.2.
Financial data
The table below contains information about the associate that is significant to the Group
| NAME OF ENTITY | LOCATION | PERCENTAGE OF THE GROUP’S OWNERSHIP RIGHTS IN SHARE CAPITAL/VOTING | METHOD VALUATIONS | TYPE OF ASSOCIATION |
| 31.12.2021 | ||||
| Krajowy Integrator Płatności S.A. (*) | Polska | 38.33 | Equity method | A company providing services as a domestic payment institution, operator of the Tpay.com system |
(*) On 31 March, 2021, the Bank acquired 210 641 shares in Krajowy Integrator Płatności S.A. Details of the transaction are described in Note 2.
Condensed financial information of the associate of Krajowy Integrator Płatności S.A.
| 31.12.2021 | |
| Assets | 77,518 |
| Property, plant and equipment | 19,020 |
| Total assets | 96,538 |
| Short term liabilities | 73,395 |
| Long term liabilities | – |
| Total liabilities | 73,395 |
| Net assets | 23,143 |
Condensed financial information of the associate of Krajowy Integrator Płatności S.A.
| 2021 | |
| Income | 52,964 |
| Net profit (loss) from continuing operations | 7,448 |
| Other comprehensive income | – |
| Total comprehensive income | 7,448 |
Reconciliation of condensed financial information to the carrying amount of shares in the associate Krajowy Integrator Płatności S.A.
| 2021 | |
| Group’s share in net assets at the beginning of the period | – |
| Initial valuation | 42,194 |
| Group’s share in the net profit (loss) for the period | 1,841 |
| Group’s share of other comprehensive income | – |
| Dividends received from an associate | – |
| Group’s share of net assets at the end of the period | 44,035 |
| Shares carrying amount | 44,035 |