43. 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.
Financial data
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 | |||
| 31.12.2022 | 31.12.2021 | 2022 | 2021 | 31.12.2022 | 31.12.2021 | ||
| Pekao Financial Services Sp. z o.o. | Poland | 33.5 | 33,5 | 1 921 | 1 661 | 12 129 | 11 857 |
| Total | 1 921 | 1 661 | 12 129 | 11 857 | |||
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. | ||
|---|---|---|
| 31.12.2022 | 31.12.2021 | |
| Loans and advances to banks | 14 772 | 15 314 |
| Intangible assets | 13 011 | 13 341 |
| Property, plant and equipment | 17 049 | 18 786 |
| Other items of assets | 10 189 | 8 180 |
| TOTAL ASSETS | 55 021 | 55 621 |
| Amounts due to customers | 6 132 | 9 055 |
| Other liabilities | 11 503 | 9 967 |
| Other items of liabilities | 1 180 | 1 206 |
| TOTAL LIABILITIES | 18 815 | 20 228 |
| PEKAO FINANCIAL SERVICES SP. Z O.O. | ||
|---|---|---|
| 2022 | 2021 | |
| Revenue | 69 874 | 69 458 |
| Net profit for the period | 5 734 | 4 958 |
| Other comprehensive income | 37 | 110 |
| Total comprehensive income | 5 771 | 5 068 |
| Dividends paid to non-controlling interests | 1 560 | 1 089 |
| Cash flows from operating activities | 15 132 | 17 056 |
| Cash flows from investing activities | -8 428 | -6 394 |
| Cash flows from financing activities | -7 244 | -7 058 |
| Net change in cash and cash equivalents | -540 | 3 604 |
| Cash and cash equivalents at the beginning of the period | 15 315 | 11 711 |
| Cash and cash equivalents at the end of the period | 14 775 | 15 315 |