Transactions with the State Treasury and its other related parties
In the financial year ended 31 December 2017 and 31 December 2016, the State Treasury was for the PKP CARGO Group an upper level parent company. Accordingly, all companies owned by the State Treasury (directly or indirectly) are the Group’s related parties and are presented separately as PKP Group related parties and other State Treasury related parties. In these Consolidated Financial Statements, the Management Board of the Parent Company has disclosed transactions with significant related parties identified as such according to the best knowledge of the Management Board.
In the financial years ended 31 December 2017 and 31 December 2016, there were no transactions conducted between the PKP CARGO Group and the State Treasury or other entities related to the State Treasury which would be significant due to a non-standard scope or amount. In the periods covered by this Consolidated Financial Statements, the Group’s most important customers among other parties related to the State Treasury were Jastrzębska Spółka Węglowa S.A., Grupa Azoty, Grupa Enea, Węglokoks S.A. and PGE Górnictwo i Energetyka Konwencjonalna S.A. In the periods covered by this Consolidated Financial Statements there were no purchase transactions with other entities related to the State Treasury with any material value.
Transactions with PKP Group related parties
In the periods covered by this Consolidated Financial Statements the Group entered into the following commercial transactions with PKP Group related parties:
Data in ths. PLN
| Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (audited) | |||
| Sales to related parties | Purchases from related parties | Sales to related parties | Purchases from related parties | |
| Parent Company (PKP S.A.) | 431 | 68,490 | 398 | 71,921 |
| Subsidiaries / co-subsidiaries | 9,517 | 15,324 | 13,579 | 17,707 |
| Associates | 2,440 | 503 | 2,442 | 506 |
| Other PKP Group related parties | 30,172 | 692,438 | 38,157 | 655,479 |
Data in ths. PLN
| As at 31/12/2017 (audited) | As at 31/12/2016 (audited) | |||
| Receivables from related parties | Liabilities to related parties | Receivables from related parties | Liabilities to related parties | |
| Parent Company (PKP S.A.) | 1,292 | 7,950 | 1,247 | 7,811 |
| Subsidiaries / co-subsidiaries | 1,226 | 1,580 | 1,389 | 1,559 |
| Associates | 179 | - | 161 | 4 |
| Other PKP Group related parties | 2,529 | 60,879 | 3,062 | 75,331 |
Purchase transactions with the Parent Company (PKP S.A.) pertain in particular to rental and lease of real estate, supply of utilities and occupational medicine services.
Sales transactions with other PKP Group related parties comprised, among others, train traction services, lease and operation of locomotives, services related to financial settlements with foreign rail freight companies, rolling stock maintenance services and sub-lease of real estate. Purchase transactions comprised, among others, access to rail infrastructure, lease of real estate, supply of utilities, maintenance of rail traffic facilities, purchase of network maintenance services, operation of IT systems, purchase of train fare discounts for employees, and retirement and disability pensioners.
Loans granted to / received from related parties
Data in ths. PLN
| As at 31/12/2017 (audited) | As at 31/12/2016 (audited) | |
| Loans granted to related parties | 1,069 | 796 |
| Loans received from related parties | 1,311 | 3,605 |
Remunerations of key management personnel
Data in ths. PLN
| Remunerations of the Parent Company's Management Board Members were as follows: | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (audited) |
| Short-term benefits | 2,383 | 3,192 |
| Post-employment benefits | 1,097 | 1,515 |
| Termination benefits | 353 | 459 |
| Total | 3,833 | 5,166 |
Data in ths. PLN
| Remunerations of the Parent Company's Supervisory Board Members were as follows: | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (audited) |
| Short-term benefits | 1,069 | 1,147 |
| Total | 1,069 | 1,147 |
Data in ths. PLN
| Remunerations of other members of the key management personnel of the Parent Company were as follows(1): | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (restated) |
| Short-term benefits | 6,165 | 6,798 |
| Post-employment benefits | 1,089 | 2,588 |
| Termination benefits | 499 | 646 |
| Total | 7,753 | 10,032 |
(1) In the financial year ended 31 December 2017 the Group changed the presentation of other key management personnel, including into this group, in addition to Managing Directors, Head Office Department Directors and Directors of other organizational units responsible for individual areas of the Group’s operations. In connection with the change of the presentation the Group accordingly restated the comparable data for the financial year ended 31 December 2016.
Data in ths. PLN
| Remunerations of the Subsidiaries’ Management Board Members were as follows: | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (audited) |
| Short-term benefits | 8,845 | 8,409 |
| Post-employment benefits | 837 | 1,994 |
| Termination benefits | 295 | 471 |
| Total | 9,977 | 10,874 |
Data in ths. PLN
| Remunerations of the Subsidiaries’ Supervisory Board Members were as follows: | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (audited) |
| Short-term benefits | 1,493 | 1,470 |
| Total | 1,493 | 1,470 |
Data in ths. PLN
| Remunerations of other members of the key management personnel of the Subsidiaries were as follows(1): | Year ended 31/12/2017 (audited) | Year ended 31/12/2016 (restated) |
| Short-term benefits | 16,341 | 15,797 |
| Post-employment benefits | 531 | 9 |
| Termination benefits | 66 | 179 |
| Total | 16,938 | 15,985 |
(1) In the financial year ended 31 December 2017 the Group changed the presentation of other key management personnel, including into this group, in addition to Managing Directors, Head Office Department Directors and Directors of other organizational units responsible for individual areas of the Group’s operations. In connection with the change of the presentation the Group accordingly restated the comparable data for the financial year ended 31 December 2016.
In the financial year ended 31 December 2017 and 31 December 2016, the members of the key management personnel of the Parent Company and the PKP CARGO Group subsidiaries did not enter into any loan and guarantee transactions with the Group.
All related party transactions were conducted on an arm’s length basis.