The companies of the Group conclude the following related party transactions:
- The Group’s constituent entities – transactions are eliminated at the consolidation stage;
- transactions concluded between the Group and Members of its governing bodies fall within two categories:
- those resulting from employment contracts with Members of the Supervisory Board;
- resulting from other agreements under civil law.
- Transactions with entities whose shares are held by the State Treasury of the Republic of Poland.
Transactions with members of the Group’s governing bodies:
| Management Board of the Company | Supervisory Board of the Company | |||
|---|---|---|---|---|
| 01.01.2015-31.12.2015 | 01.01.2014-31.12.2014 | 01.01.2015-31.12.2015 | 01.01.2014-31.12.2014 | |
| Remuneration under managerial contracts and consultancy agreements | 8 889 | 7 273 | - | - |
| Remuneration relating to appointment of members of supervisory bodies | - | - | 340 | 334 |
| TOTAL | 8 889 | 7 273 | 340 | 334 |
As at 31 December 2015 the liabilities resulting from managerial contracts and consultancy agreements to members of the Management Board amount to PLN 485 thousand. The provision for bonuses to members of the Management Board amounts to PLN 2 680 thousand (as at 31 December 2014 respectively PLN 2 680 thousand), the amount of provisions are not included in the table above.
The remuneration under managerial and consultancy agreements included bonus for 2014 paid in 2015 in the amount of PLN 2 936 thousand (in 2014 for 2013: PLN 2 680 thousand).
Transactions related to loans from the Company’s Social Benefits Fund:
| Balance as at | Granted from | Repaid till | Balance as at | |
|---|---|---|---|---|
| 01.01.2015 | 01.01.2015 | 31.12.2015 | 31.12.2015 | |
| Supervisory Board | 22 | 10 | (5) | 27 |
| Total | 22 | 10 | (5) | 27 |
| Balance as at | Granted from | Repaid till | Balance as at | |
|---|---|---|---|---|
| 01.01.2014 | 01.01.2014 | 31.12.2014 | 31.12.2014 | |
| Supervisory Board | 27 | - | (5) | 22 |
| Total | 27 | - | (5) | 22 |
Other transactions resulting from agreements under civil law concluded between the Parent and Members of the Parent’s Bodies relate only to private use of company’s cars by Members of the Management Board of ENEA S.A.
The Group also concludes business transactions with entities of the central and local administration and entities controlled by the State Treasury of the Republic of Poland.
The transactions concern mainly:
- purchase of coal, electricity and property rights resulting from certificates of origin as regards renewable energy and energy cogenerated with heat, transmission and distribution services provided by the Group to companies whose shares are held by the State Treasury;
- sale of electricity, distribution services, connection to the grid and other related fees and coal, provided both to central and local administration bodies (sale to end users) and entities whose shares are held by the State Treasury (wholesale and retail sale to end users).
Such transactions are concluded under arm’s length terms and their conditions do not differ from those applied in transactions with other entities. The Group does not keep a register which would allow it to aggregate the values of all transactions with state institutions and entities whose shares are held by the State Treasury. The most significant customer of ENEA Group among entities controlled by the State Treasury is Polskie Sieci Elektroenergetyczne Group, in 2015 the net sales to the entity amounted to PLN 116 602 thousand (in 2014 Zakłady Azotowe in Tarnów Mościce S.A. (Azoty Group)): net sales amounted to PLN 150 003 thousand. The most significant supplier is also Polskie Sieci Elektroenergetyczne Group - net purchase amounted to PLN 815 129 thousand (in 2014 Katowicki Holding Węglowy S.A.: PLN 356 908 thousand).