48. Subsequent events

Polsat Media Biuro Reklamy Sp. z o.o. was established on 10 January 2013 and registered in the Court Registry on 14 February 2013. As at the date of approval of these consolidated financial statements Telewizja Polsat Sp. z o.o. held 100% shares in the share capital of Polsat Media Biuro Reklamy Sp. z o.o.