44. Non – controlling interests

Significant accounting policies

Non – controlling interests are defined as the equity in a subsidiary not attributable, directly or indirectly, to the Bank

The below table presents the information for each of the subsidiaries that have non-controlling interests that are material to the Group

NAME OF THE SUBSIDIARY	COUNTRY OF INCORPORATION AND PLACE OF BUSINESS	PERCENTAGE SHARE OF NON-CONTROLLING INTERESTS IN SHARE CAPITAL / VOTING RIGHTS		NET PROFIT FOR THE PERIOD ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		ACCUMULATED NON-CONTROLLING INTERESTS
NAME OF THE SUBSIDIARY	COUNTRY OF INCORPORATION AND PLACE OF BUSINESS	31.12.2021	31.12.2020	2021	2020	31.12.2021	31.12.2020
Pekao Financial Services Sp. z o.o	Poland	33.50	33.50	1,661	1,189	11,857	11,349
Total				1,661	1,189	11,857	11,349

The summarized financial information of each of the subsidiaries that are material to the Group are presented below

	PEKAO FINANCIAL SERVICES SP. Z O.O.
	31.12.2021	31.12.2020
Loans and advances to banks	15,314	11,708
Intangible assets	13,341	16,454
Property, plant and equipment	18,786	12,904
Other items of assets	8,180	7,566
TOTAL ASSETS	55,621	48,632
Amounts due to customers	9,055	3,483
Other liabilities	9,967	9,419
Other items of liabilities	1,206	1,854
TOTAL LIABILITIES	20,228	14,756

	PEKAO FINANCIAL SERVICES SP. Z O.O.
	2021	2020
Revenue	69,458	65,030
Net profit for the period	4,958	3,550
Other comprehensive income	110	-27
Total comprehensive income	5,068	3,523
Dividends paid to non-controlling interests	1,089	1,469
Cash flows from operating activities	17,056	15,413
Cash flows from investing activities	-6,394	-7,324
Cash flows from financing activities	-7,058	-7,700
Net change in cash and cash equivalents	3,604	,389
Cash and cash equivalents at the beginning of the period	11,711	11,322
Cash and cash equivalents at the end of the period	15,315	11,711