Our results

Related party transactions

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 partiesPurchases from related partiesSales to related partiesPurchases from related parties
Parent Company (PKP S.A.)43168,49039871,921
Subsidiaries / co-subsidiaries9,51715,32413,57917,707
Associates2,4405032,442506
Other PKP Group related parties30,172692,43838,157655,479

Data in ths. PLN

 As at 31/12/2017 (audited)As at 31/12/2016 (audited)
 Receivables from related partiesLiabilities to related partiesReceivables from related partiesLiabilities to related parties
Parent Company (PKP S.A.)1,2927,9501,2477,811
Subsidiaries / co-subsidiaries1,2261,5801,3891,559
Associates179-1614
Other PKP Group related parties2,52960,8793,06275,331

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 parties1,069796
Loans received from related parties1,3113,605
 

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 benefits2,3833,192
Post-employment benefits1,0971,515
Termination benefits353459
Total3,8335,166

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 benefits1,0691,147
Total1,0691,147

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 benefits6,1656,798
Post-employment benefits1,0892,588
Termination benefits499646
Total7,75310,032

(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 benefits8,8458,409
Post-employment benefits8371,994
Termination benefits295471
Total9,97710,874

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 benefits1,4931,470
Total1,4931,470

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 benefits16,34115,797
Post-employment benefits5319
Termination benefits66179
Total16,93815,985

(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.