The main shareholder of the Group is the State Treasury of the Republic of Poland, therefore the State Treasury companies are treated as related parties.
The total value of transactions with State Treasury companies are presented in the table below.
Revenues and expenses
Export to Excel| Year ended 31 December 2020 |
Year ended 31 December 2019 |
|
|---|---|---|
| Revenue | 2,472,555 | 2,354,188 |
| Costs | (2,747,239) | (2,815,591) |
Receivables and liabilities
Export to Excel| As at 31 December 2020 |
As at 31 December 2019 |
|
|---|---|---|
| Receivables | 319,612 | 277,032 |
| Payables | 387,636 | 290,373 |
As at 31 December 2020 and as at 31 December 2019, the receivables item in the table above includes advance payments for the purchase of fixed assets in the amount of PLN 2,996 thousand and PLN 2,439 thousand, respectively.
Among the State Treasury companies, the largest customers of TAURON Polska Energia S.A. Group in the year ended 31 December 2020 included KGHM Polska Miedź S.A., PSE S.A., Polska Grupa Górnicza S.A. and Spółka Restrukturyzacji Kopalń S.A. In total, sales to the above-mentioned counterparties amounted to 89% of the volume of revenues generated in transactions with State Treasury companies. The largest purchase transaction was performed by the Group with PSE S.A., Polska Grupa Górnicza S.A. and Węglokoks S.A. Purchases from the above counterparties accounted for 87% of the value of purchases from State Treasury companies in the year ended 31 December 2020.
Among the State Treasury companies, the largest customers of TAURON Polska Energia S.A. Group in the year ended 31 December 2019 included KGHM Polska Miedź S.A., PSE S.A., Polska Grupa Górnicza S.A. In total, sales to the above-mentioned counterparties amounted to 82% of the volume of revenues generated in transactions with State Treasury companies. The largest purchase transaction was performed by the Group with PSE S.A., Polska Grupa Górnicza S.A. and Węglokoks S.A. Purchases from the above counterparties accounted for 89% of the value of purchases from State Treasury companies in the year ended 31 December 2019.
The Capital Group conducts material transactions on the energy market through Izba Rozliczeniowa Giełd Towarowych S.A. As it is only responsible for organisation of commodities exchange trading, it has been decided to abandon classification of purchase and sale transactions made through this entity as related-party transactions.
Transactions with State Treasury companies are mainly related to the operating activities of the Group and are performed on an arm’s length terms.