These consolidated financial statements for the financial year ended on 31 December 2022 include data of the parent company and all its subsidiaries after elimination of intragroup transactions
A subsidiary is an entity that is controlled by another entity. That means that the latter simultaneously has: power over the investee, exposure or rights to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the investor’s returns.
Consolidation involves the combination of similar items of assets, liabilities, equity, revenue, costs and cash flows of a parent company and its subsidiaries and then elimination of the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Also, assets and liabilities, revenue, costs and cash flows relating to intra-group transactions between PZU Group entities are eliminated in full.
The financial statements of the subsidiaries are prepared for the same reporting period as the financial statements of the parent company.
Subsidiaries are consolidated from the date of obtaining control until the date cessation of control.
The rules applicable to translation of assets, liabilities and comprehensive income of foreign subsidiaries denominated in foreign currencies are presented in Section 6.6.