27. Investments in associates
[Financial notes are presented in PLN thousand]
Significant accounting policies
The accounting policies are described in Note 5.2.
Financial data
The table below contains information about the associate that is significant to the Group
| NAME OF ENTITY | LOCATION | PERCENTAGE OF THE GROUP’S OWNERSHIP RIGHTS IN SHARE CAPITAL/VOTING | METHOD VALUATIONS | TYPE OF ASSOCIATION | |
| 31.12.2022 | 31.12.2021 | ||||
| Krajowy Integrator Płatności S.A. | Poland | 38.33 | 38.33 | Equity method | A company providing services as a domestic payment institution, operator of the Tpay.com system |
Condensed financial information of the associate of Krajowego Integratora Płatności S.A.
| 31.12.2022 | 31.12.2021 | |
|---|---|---|
| Assets | 86 348 | 77 518 |
| Property, plant and equipment | 26 492 | 19 020 |
| Total assets | 112 840 | 96 538 |
| Short term liabilities | 77 815 | 73 395 |
| Long term liabilities | 297 | – |
| Total liabilities | 78 112 | 73 395 |
| Net assets | 34 728 | 23 143 |
Condensed financial information of the associate of Krajowy Integrator Płatności S.A.
| 2022 | 2021 | |
|---|---|---|
| Income | 63 794 | 52 964 |
| Net profit (loss) from continuing operations | 12 265 | 7 448 |
| Other comprehensive income | – | – |
| Total comprehensive income | 12 265 | 7 448 |
Reconciliation of condensed financial information to the carrying amount of shares in the associate Krajowy Integrator Płatności S.A.
| 2022 | 2021 | |
|---|---|---|
| Group’s share in net assets at the beginning of the period | 44 035 | – |
| Initial valuation | – | 42 194 |
| Group’s share in the net profit (loss) for the period | 5 016 | 1 841 |
| Group’s share of other comprehensive income | – | – |
| Dividends received from an associate | (575) | – |
| Group’s share of net assets at the end of the period | 48 476 | 44 035 |
| Shares carrying amount | 48 476 | 44 035 |