The GPW Group generated revenue of PLN 352.0 million in 2017 compared to PLN 310.9 million in 2016, representing an increase of 13.2% or PLN 41.1 million. The revenue included revenue from the financial market of PLN 208.8 million and revenue from the commodity market of PLN 142.1 million. The Group’s operating expenses stood at PLN 165.8 million in 2017 compared to PLN 150.2 million in 2016, representing an increase of 10.4% or PLN 15.6 million. The growth rate of revenue was greater than the growth rate of expenses. Consequently, the Group’s operating profit increased year on year in 2017.
The GPW Group generated EBITDA1 of PLN 212.2 million in 2017, an increase of PLN 28.5 million compared to PLN 183.7 million in 2016.
The GPW Group generated an operating profit of PLN 183.9 million in 2017 compared to PLN 157.9 million in 2016, representing an increase of 16.5% or PLN 26.0 million. The increase of the operating profit year on year in 2017 was mainly a result of higher revenue of the Group. The revenue increased both on the financial market and on the commodity market. The revenue on the financial market increased by 13.7% or PLN 25.2 million, and the highest increase was reported for revenue from trade in equities and equity-related instruments. The revenue on the commodity market increased by 13.4% or PLN 16.8 million, and the highest increase was reported for revenue from trade in property rights.
The net profit of the Group stood at PLN 156.1 million in 2017 compared to PLN 131.1 million in 2016, representing an increase of 19,0% or PLN 25,0 million. The increase of the net profit year on year in 2017 was driven by a higher operating profit as well as higher share of profit of associates which stood at PLN 10.1 million in 2017 compared to PLN 3.5 million in 2016.
GPW’s EBITDA2 stood at PLN 109.1 million in 2017, an increase of 19.8% compared to PLN 91.1 million in 2016.
GPW generated a separate operating profit of PLN 89.6 million in 2017 compared to PLN 71.7 million in 2016.
GPW’s net profit was PLN 69.0 million in 2017 compared to PLN 116.1 million in 2016, a decrease of 40.5% or PLN 47.1 million. The decrease of the net profit year on year in 2017 was due to the non-payment of dividend by the subsidiary TGE. Towarowa Giełda Energii S.A. paid no dividend for 2016 in 2017 as it was required to repay a credit facility and a loan taken to pay outstanding VAT.
Towarowa Giełda Energii generated an operating profit of PLN 62.0 million in 2017 compared to PLN 55.2 million in 2016, representing an increase of 12.2% or PLN 6.8 million. The net profit of TGE stood at PLN 69.3 million and PLN 52.7 million, respectively, in the periods under review, representing an increase of 31.7% or PLN 16.7 million in 2017.
IRGiT generated an operating profit of PLN 30.2 million in 2017 compared to PLN 31.3 million in 2016, representing a decrease of 3.5% or PLN 1.1 million. IRGiT generated a net profit of PLN 24.9 million in 2017 compared to PLN 26.5 million in 2016, representing a decrease of 6.2% or PLN 1.7 million.
BondSpot generated an operating profit of PLN 3.2 million in 2017 compared to PLN 1.3 million in 2016, representing an increase of 138.3% or PLN 1.9 million. The net profit stood at PLN 2.8 million and PLN 1.3 million, respectively, in the periods under review, representing an increase of 109.9% or PLN 1.4 million.
Detailed information on changes in revenues and expenses is presented in the sections below.
1 GPW Group’s operating profit before depreciation and amortisation.
2 GPW’s operating profit before depreciation and amortisation.
Consolidated profit and loss account of GPW Group by quarter in 2016 and 2017 and by year in 2015 – 2017
|Register of certificates of origin||7,963||5,768||7,783||9,114||3,664||5,492||7,797||7,954||30,628||24,907||24,166|
|Information services *||92||87||86||85||78||90||80||79||349||327||-|
|Depreciation and amortisation||7,566||7,342||7,024||6,393||6,085||6,797||6,541||6,370||28,325||25,793||26,837|
|Other employee costs||3,070||2,867||3,002||3,142||2,770||2,574||2,764||3,192||12,081||11,300||11,426|
|Rent and maintenance fees||2,098||2,187||2,613||2,607||2,549||2,425||2,250||2,220||9,505||9,444||9,785|
|Fees and charges||233||(5,524)||229||11,615||(11)||(2,123)||501||11,642||6,553||10,009||23,627|
|incl. PFSA fees||3||(5,781)||-||11,357||45||(2,140)||3||11,213||5,579||9,121||22,047|
|External service charges||20,347||12,183||11,650||9,014||13,178||8,395||9,456||7,558||53,194||38,587||39,621|
|Other operating expenses||1,544||1,209||1,350||1,238||1,329||1,143||1,386||1,303||5,341||5,162||6,433|
|Share of profit of associates||1,910||3,609||3,045||1,495||1,236||2,296||1,354||(1,368)||10,059||3,518||(1,530)|
|Profit before income tax||45,154||56,319||51,119||35,773||41,720||47,987||40,265||32,307||188,365||162,279||149,604|
|Income tax expense||5,754||9,320||9,173||8,027||8,750||8,457||7,147||6,791||32,274||31,145||28,062|
|Profit for the period||39,400||46,999||41,946||27,746||32,970||39,530||33,118||25,516||156,091||131,134||121,542|
*a new segment was extracted on the commodity market, there for the Information services data on the financial market were adjusted in previous quarters
Source: Consolidated Financial Statements, Company
Comment: The quarterly and annual financial data presented in this Report for the years 2016 and 2015 include adjustments following a change of the taxation of certain services provided by the subsidiary TGE with VAT and the required adjustment of the resulting VAT payments for previous years.
Note: For some items, the sum of the amounts in the columns or lines of the tables presented in this Report may not be exactly equal to the sum presented for such columns or lines. Some percentages presented in the tables in this Report have also been rounded off and the sums in such tables may not be exactly equal to 100%. Percentage changes between comparable periods were calculated on the basis of the original amounts (not rounded off).
Consolidated statement of financial position of GPW Group by quarter in 2015 – 2017
|Property, plant and equipment||110,784||112,036||113,777||116,716||119,130||119,554||121,539||122,252||125,229|
|Investment in associates||207,389||205,221||201,590||198,577||197,231||196,025||191,412||187,221||188,570|
|Deferred tax assets||3,803||1,796||3,349||3,261||1,809||1,749||3,041||2,947||-|
|Available-for-sale financial assets||271||280||278||278||288||288||290||285||282|
|Corporate income tax receivable||71||95||71||559||428||300||234||490||369|
|Trade and other receivables||64,096||63,768||89,069||165,243||113,262||100,579||99,965||99,202||131,557|
|Other current assets||-||-||-||-||-||-||-||3||-|
|Cash and cash equivalents||486,476||449,576||526,283||426,686||446,814||423,933||501,758||483,935||360,393|
|Liabilities under bond issue||243,573||243,475||243,378||243,281||123,459||123,733||123,669||123,606||243,800|
|Employee benefits payable||1,454||1,468||1,838||2,274||1,832||2,254||4,686||4,400||4,046|
|Finance lease liabilities||-||-||-||17||32||48||58||72||84|
|Accruals and deferred income||5,592||5,996||6,064||6,132||6,200||-||-||-||-|
|Deferred income tax liability||7,108||7,286||5,276||4,588||9,675||9,245||6,995||6,493||11,000|
|Liabilities under bond issue||1,938||2,100||1,896||2,069||122,882||123,002||121,047||122,881||682|
|Trade payables *||21,303||6,169||3,496||6,199||6,387||2,841||6,288||6,182||8,597|
|Employee benefits payable||12,958||10,515||8,060||5,812||8,114||8,872||10,379||7,246||9,457|
|Finance lease liabilities||31||48||64||62||62||61||55||55||55|
|Corporate income tax payable||6,012||4,587||7,597||13,188||16,154||11,911||10,920||9,058||2,833|
|Credits and loans||-||20,021||59,958||59,798||-||-||-||-||-|
|Accruals and deferred income *||7,386||15,641||37,194||41,722||7,144||11,630||31,021||38,966||7,263|
|Provisions for other liabilities and charges||210||191||318||317||333||179||649||649||621|
|Other current liabilities||25,783||16,934||110,742||29,350||108,098||101,248||190,795||102,387||71,469|
|Total equity and liabilities||1,147,053||1,108,267||1,212,696||1,189,882||1,157,848||1,109,573||1,181,604||1,160,729||1,073,099|
* As at 31 December 2017 accruals are presented under trade payables
Source: Consolidated Financial Statements, Company