Integrated report 2020
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Integrated report 2020
The State Treasury is the dominant shareholder in PGE Polska Grupa Energetyczna S.A. and as a result, in accordance with IAS 24 Related Party Disclosures, State Treasury companies are regarded as related entities. The PGE Group companies identify in detail transactions with approximately 40 most important companies controlled by the State Treasury.
The total value of transactions and balances with the above entities is shown in the table below.
| Year ended December 31, 2020 |
Year ended December 31, 2019 |
|
|---|---|---|
| Sales to related entities | 2,368 | 2,016 |
| Purchases from related entities | 5,109 | 5,585 |
| As at December 31, 2020 |
As at December 31, 2019 |
|
| Trade receivables from related parties | 254 | 266 |
| Trade payables to related parties | 582 | 612 |
The largest transactions involving companies controlled by the Treasury were entered into with the following entities: Polskie Sieci Elektroenergetyczne S.A., Polskie Górnictwo Naftowe i Gazownictwo S.A., ENERGA-OPERATOR S.A., Jastrzębska Spółka Węglowa S.A., Zakłady Azotowe PUŁAWY S.A., PKN Orlen S.A., PKP Cargo S.A., ENEA Operator Sp. z o.o., Grupa LOTOS S.A. and TAURON Dystrybucja S.A.
Furthermore, the PGE Capital Group enters into significant transactions in the energy market via Towarowa Giełda Energii S.A. (Polish Power Exchange). Due to the fact that this entity deals only with the organisation of trading, any purchases and sales made through this entity are not recognised as transactions with a related entity.