Integrated report 2021

1.3.3 Associates and jointly controlled entities subject to consolidation using the equity method

Entity Entity holding stake Stake held by Group entities as at
December 31, 2021
Stake held by Group entities as at
December 31, 2020
1. Polska Grupa Górnicza S.A. Katowice PGE GiEK S.A. 15.32% 15.32%
2. Polimex Mostostal S.A. Warsaw PGE S.A. 16.40% 16.48%
ElectroMobility Poland S.A. Warsaw PGE S.A. 4.33% 25.00%
3. PEC Bogatynia Bogatynia PGE GiEK S.A. 34.93%
PGE EC S.A. 34.93%
4. Energopomiar sp. z o.o. Gliwice PGE Group companies 49.79% 49.79%


On August 19, 2021 an Extraordinary General Meeting of ElectroMobility Poland S.A. adopted a resolution to decrease the company’s share capital from PLN 70 million to PLN 52 million, by reducing the nominal value of all shares. Moreover, the Extraordinary General Meeting adopted a resolution to increase the company’s share capital from PLN 52 million to PLN 302 million by issuing new shares, which were then taken up by the State Treasury in exchange for a cash contribution. As a result of the State Treasury becoming a shareholder of ElectroMobility Poland S.A., PGE S.A.’s stake in this company’s share capital declined from 25% to 4.33%. These changes were registered at the National Court Register on September 30, 2021. As of September 30, 2021, PGE Group no longer recognised ElectroMobility Poland S.A. using the equity method.

On August 26 – September 1, 2021, in exchange transactions on the Warsaw Stock Exchange, PGE S.A. sold 187,500 shares of Polimex Mostostal S.A. As a result of the transaction, PGE S.A.’s stake in capital declined from 16.48% to 16.40%. The share sale was related to the planned acquisition of 187,500 shares of Polimex Mostostal S.A. as part of one of the tranches of call options for Polimex Mostostal S.A. shares, which PGE S.A. had purchased from Towarzystwo Finansowe Silesia sp. z o.o. on January 20, 2017.

On February 24, 2022 PGE S.A. exercise call options and purchased from Towarzystwo Finansowe Silesia sp. z o.o. 187,500 shares (call option 2) and 125,000 shares (call option 3) of Polimex Mostostal S.A. As a result of these transactions, its stake in share capital increased from 16.40% to 16.45%.

Go to the top

Search results