The State Treasury is the dominant shareholder of PGE Polska Grupa Energetyczna S.A. and as a result in accordance with IAS 24 Related Party Disclosures, State Treasury companies are treated as related entities. PGE Group entities identify in detail transactions with approximately 40 of the biggest State Treasury subsidiaries.
The total value of transactions with such entities is presented in the table below:
| Year ended December 31, 2021 |
Year ended December 31, 2020 |
|
|---|---|---|
| Sales to related parties | 4,674 | 2,368 |
| Purchases from related parties | 7,650 | 5,109 |
| As at December 31, 2021 |
As at December 31, 2020 |
|
|---|---|---|
| Trade receivables from related parties | 458 | 254 |
| Trade liabilities to related parties | 895 | 582 |
The largest transactions with companies where the State Treasury holds a stake concern Polskie Sieci Elektroenergetyczne S.A., PKO Bank Polski S.A., Polskie Górnictwo Naftowe i Gazownictwo S.A., Jastrzębska Spółka Węglowa S.A., ENERGA-OPERATOR S.A., PKP Cargo S.A., Zakłady Azotowe PUŁAWY S.A., PKN Orlen S.A., Grupa LOTOS S.A., TAURON Dystrybucja S.A.
Moreover, PGE Group executes material transactions on the energy market via power exchange Towarowa Giełda Energii S.A. Due to the fact that this entity only manages exchange trading, purchases and sales transacted through this entity are not treated as transactions with related parties.