Summary of results

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The GPW Group generated EBITDA of PLN 183.7 million in 2016, an increase of PLN 3.5 million compared to PLN 180.1 million in 2015.

The GPW Group generated an operating profit of PLN 157.9 million compared to PLN 153.3 million in 2015. The increase of the operating profit by PLN 4.6 million year on year in 2016 was mainly a result of lower operating expenses of the Group, which decreased by PLN 24.2 million or 13.9%. The GPW Group’s revenue decreased by 5.2% or PLN 17.0 million. The revenue decreased both on the financial market, by 8.0%, and on the commodity market, by 0.2%. Considering the conditions on the financial market and the commodity market in 2016, the Group maintained a cost discipline as its operating profit increased year on year. It should be noted that the decrease of revenue on the financial market in 2016 was due not only to a lower value of trade, especially on the stock market, but also reductions of fees for market participants offsetting the change of fees for market supervision effective as of 2016.

The net profit of the Group stood at PLN 131.1 million in 2016 compared to PLN 121.5 million in 2015. The increase of the net profit year on year in 2016 was driven by a higher operating profit as well as higher net financial income and expenses which stood at PLN 0.9 million in 2016 compared to a negative PLN 2.2 million in 2015.

GPW’s EBITDA stood at PLN 91.1 million in 2016, a decrease of 1.1% compared to PLN 92.1 million in 2015.

GPW generated a separate operating profit of PLN 71.7 million in 2016 compared to PLN 70.6 million in 2015.

GPW’s net profit was PLN 116.1 million in 2016 compared to PLN 96.9 million in 2015, an increase of 19.8% or PLN 19.2 million. The increase of the net profit year on year in 2016 was driven by an increase of the operating profit and an increase by PLN 19.1 million of net financial income and expenses. GPW received dividends from subsidiaries and associates of PLN 61.6 million in 2016 compared to PLN 43.1 million in 2015. The income tax in 2016 increased by PLN 1.1 million year on year.

The Polish Power Exchange generated an operating profit of PLN 55.2 million in 2016 compared to PLN 51.1 million in 2015. The net profit of POLPX stood at PLN 52.7 million and PLN 41.6 million, respectively, in the periods under review.

IRGiT generated an operating profit of PLN 31.3 million and a net profit of PLN 26.5 million in 2016.

BondSpot generated an operating profit of PLN 1.3 million in 2016 compared to PLN 2.1 million in 2015. The net profit stood at PLN 1.3 million and PLN 2.2 million, respectively, in the periods under review.

Detailed information on changes in revenues and expenses is presented in the sections below.

Consolidated profit and loss account of GPW Group by quarter in 2015 and 2016 and by year in 2014 – 2016

 20162015201620152014
PLN'000Q4Q3Q2Q1Q4Q3Q2Q1
Sales revenue 81.712  73.658  74.461  81.031  83.819  78.733  77.171  88.167  310.862  327.890  317.561
Financial market 49.803  46.763  42.971  44.488  48.990  51.508  49.215  50.242  184.025  199.955  199.962
Trading 33.247 30.941 26.561 28.330 33.213 36.221 33.142 34.372 119.079 136.948 137.795
Equities and equity-related instruments 25.575 23.756 19.234 20.955 25.907 29.020 26.114 26.900 89.520 107.941 105.295
Derivative instruments 3.195 2.825 3.040 3.142 2.979 3.134 2.645 2.820 12.202 11.578 14.821
Other fees paid by market participants 1.763 1.743 1.736 1.594 1.682 1.559 1.584 1.559 6.836 6.383 5.795
Debt instruments 2.599 2.524 2.454 2.534 2.560 2.419 2.695 2.995 10.111 10.669 11.621
Other cash instruments 115 93 97 105 85 89 105 98 410 376 263
Listing 6.140 5.790 6.129 5.871 6.040 5.683 6.536 6.237 23.930 24.497 23.960
 :::Listing fees 4.924 4.941 4.966 5.087 4.742 4.551 4.885 5.051 19.918 19.229 19.049
Introduction fees, other fees 1.216 849 1.163 784 1.299 1.132 1.651 1.186 4.012 5.268 4.911
Information services 10.416 10.032 10.281 10.287 9.737 9.604 9.536 9.633 41.016 38.510 38.207
Real-time information 9.633 9.434 9.561 9.632 9.080 9.001 8.943 9.045 38.260 36.069 36.010
Historical and statistical information and indices 783 598 720 655 657 603 594 588 2.756 2.441 2.197
Other revenue         -    
Commodity market 31.240  26.642  30.923  36.122  34.243  26.694  26.890  37.365  124.927  125.193  114.453
Trading 16.494 13.607 14.119 16.637 17.643 12.757 13.623 18.529 60.857 62.552 60.121
Electricity 2.535 2.315 2.686 2.655 4.563 2.876 3.406 3.545 10.191 14.390 14.455
Spot 822 612 761 781 714 589 660 798 2.976 2.760 2.386
Forward 1.713 1.703 1.925 1.874 3.850 2.288 2.746 2.747 7.215 11.630 12.069
Gas 3.052 1.383 2.303 2.497 1.716 2.300 1.621 2.675 9.235 8.311 7.385
Spot 1.017 303 484 851 648 211 430 313 2.655 1.601 659
Forward 2.035 1.080 1.819 1.646 1.068 2.089 1.191 2.362 6.580 6.710 6.726
Property rights in certificates of origin 7.991 7.419 7.066 9.527 9.158 5.787 6.939 10.486 32.003 32.369 31.003
Other fees paid by market participants 2.916 2.490 2.064 1.958 2.206 1.794 1.658 1.823 9.428 7.481 7.278
Register of certificates of origin 3.664 5.492 7.797 7.954 5.518 5.535 5.492 7.621 24.907 24.166 22.473
Clearing 11.082 7.543 9.007 11.531 11.083 8.402 7.775 11.215 39.163 38.475 31.859
Other revenue         -    
Other revenue 669  253  567  421  586  531  1.066  560  1.910  2.743  3.146
Operating expenses 37.736  28.271  38.026  46.122  45.910  43.344  45.047  40.091  150.155  174.391  181.600
Depreciation and amortisation 6.085 6.797 6.541 6.370 7.013 7.010 6.619 6.195 25.793 26.837 28.769
Salaries 11.835 9.060 15.128 13.837 15.552 14.754 14.920 11.437 49.860 56.662 56.501
Other employee costs 2.770 2.574 2.764 3.192 2.676 2.517 2.958 3.275 11.300 11.426 13.042
Rent and maintenance fees 2.549 2.425 2.250 2.220 2.258 2.296 2.535 2.696 9.444 9.785 10.272
Fees and charges (11) (2.123) 501 11.642 5.011 6.256 6.190 6.170 10.009 23.627 22.387
incl. PFSA fees 45  (2.140) 3  11.213  4.605  5.914  5.812  5.717  9.121  22.047  22.040
External service charges 13.178 8.395 9.456 7.558 11.394 9.313 10.063 8.851 38.587 39.621 41.968
Other operating expenses 1.329 1.143 1.386 1.303 2.006 1.199 1.761 1.467 5.162 6.433 8.662
Other income 979 205 204 348 370 401 338 853 1.736 1.962 1.785
Other expenses 3.583 360 46 564 42 311 1.146 652 4.553 2.151 5.373
Operating profit 41.372  45.232  36.593  34.693  38.237  35.479  31.316  48.277  157.890  153.310  132.373
Financial income 2.311 3.430 5.246 1.963 1.863 1.997 4.406 1.675 12.950 9.941 10.360
Financial expenses 3.199 2.971 2.928 2.981 3.461 2.619 2.832 3.205 12.079 12.117 12.314
Balance on revenue and financial expenses (888) 459 2.318 (1.018) (1.598) (622) 1.574 (1.530) 871 (2.176) (1.954)
Share of profit of associates 1.236 2.296 1.354 (1.368) (1.717) 311 (336) 212 3.518 (1.530) 3.745
Profit before income tax 41.720  47.987  40.265  32.307  34.922  35.168  32.554  46.959  162.279  149.604  134.164
Income tax expense 8.750 8.457 7.147 6.791 7.234 5.598 6.126 9.104 31.145 28.062 26.697
Profit for the period 32.970  39.530  33.118  25.516  27.688  29.570  26.428  37.855  131.134  121.542  107.467

Source: Consolidated Financial Statements, Company

Note: The quarterly and annual financial data presented in this Report for 2015 and 2014 include corrections due to a change of the VAT policy applicable to certain services provided by the subsidiary POLPX and the required correction of resulting VAT payments for previous years. Details of the change of the VAT policy applicable to services provided by POLPX and the resulting corrections are presented in Note 31 of the Consolidated Financial Statements of the Warsaw Stock Exchange for 2016.

Consolidated statement of financial position of GPW Group by quarter in 2014 - 2016

 201620152014
PLN'000Q4Q3Q2Q1Q4Q3Q2Q1IV kw.
Non-current assets 597.287  584.694  579.574  577.028  580.645  569.155  572.263  571.429  572.710
Property, plant and equipment 119.130 119.554 121.539 122.252 125.229 109.831 112.059 116.559 119.762
Intangible assets 273.815 262.401 258.057 259.870 261.728 263.693 265.565 262.820 261.019
Investment in associates 197.231 196.025 191.412 187.221 188.570 190.346 190.057 188.352 188.104
Deferred tax assets 1.809 1.749 3.041 2.947 -   -   -   -   -  
Available-for-sale financial assets 288 288 290 285 282 287 204 202 207
Non-current prepayments 5.014 4.677 5.235 4.453 4.836 4.998 4.378 3.496 3.618
Current assets 560.561  524.879  602.030  583.701  492.454  471.632  562.231  523.684  485.156
Inventories 57 67 73 71 135 145 133 180 120
Corporate income tax receivable 428 300 234 490 369 213 77 2.808 8.378
Trade and other receivables 113.262 100.579 99.965 99.202 131.557 119.374 103.868 130.387 76.301
Available-for-sale financial assets -   -   -   -   -   10.616 10.573 10.551 10.503
Assets held for sale -   -   -   -   -   -   807 763 812
Other current assets -   -   -   3 -   -   -   6 -  
Cash and cash equivalents 446.814 423.933 501.758 483.935 360.393 341.284 446.773 378.989 389.042
Total assets 1.157.848  1.109.573  1.181.604  1.160.729  1.073.099  1.040.787  1.134.494  1.095.113  1.057.866
Equity 745.252  712.325  672.818  738.734  713.192  686.562  657.057  732.327  694.568
Share capital 63.865 63.865 63.865 63.865 63.865 63.865 63.865 63.865 63.865
Other reserves 1.184 1.537 1.560 1.481 1.455 1.401 1.465 1.817 1.930
Retained earnings 679.678 646.411 606.896 672.835 647.326 620.355 590.782 665.476 627.657
Non-controlling interests 525 512 497 553 546 941 945 1.169 1.116
Non-current liabilities 141.198  137.504  137.632  134.571  258.930  256.317  255.314  253.552  259.423
Liabilities under bond issue 123.459 123.733 123.669 123.606 243.800 244.424 244.309 244.193 244.078
Employee benefits payable 1.832 2.254 4.686 4.400 4.046 2.453 2.327 2.010 5.562
Finance lease liabilities 32 48 58 72 84 99 113 129 205
Accruals and deferred income 6.200 -   -   -   -   -   -   -   -  
Deferred income tax liability 9.675 9.245 6.995 6.493 11.000 9.341 8.565 7.220 9.578
Other liabilities -   2.224 2.224 -   -   -   -   -   -  
Current liabilities 271.398  259.744  371.154  287.424  100.977  97.908  222.123  109.234  103.875
Liabilities under bond issue 122.882 123.002 121.047 122.881 682 1.814 -   1.935 -  
Trade payables 6.387 2.841 6.288 6.182 8.597 7.879 19.634 9.974 10.017
Employee benefits payable 8.114 8.872 10.379 7.246 9.457 11.150 9.584 7.632 9.911
Finance lease liabilities 62 61 55 55 55 55 79 186 154
Corporate income tax payable 16.154 11.911 10.920 9.058 2.833 2.463 7.130 2.254 1.250
Accruals and deferred income 7.144 11.630 31.021 38.966 7.263 10.194 18.054 25.368 5.115
Provisions for other liabilities and charges 333 179 649 649 621 1.236 1.282 1.264 1.346
Other current liabilities 110.322 101.248 190.795 102.387 71.469 63.117 166.090 60.395 75.807
Liabilities held for sale -   -   -   -   -   -   270 226 275
Total equity and liabilities 1.157.848  1.109.573  1.181.604  1.160.729  1.073.099  1.040.787  1.134.494  1.095.113  1.057.866

Source: Consolidated Financial Statements, Company