The Group has three revenue-generating segments:
- financial market,
- commodity market,
- other revenues.
Revenues from the financial market include revenues from:
- trading;
- listing;
- information services.
Trading revenue includes fees paid by market participants in respect of:
- transactions on markets of equities and equity-related instruments;
- transactions in derivative financial instruments;
- transactions in debt instruments;
- transactions in other cash market instruments;
- other fees paid by market participants.
Revenues from transactions in equities and equity-related securities are the Group’s main source of trading revenues and its main source of sales revenues in general.
Revenues from transactions in derivative financial instruments are the second biggest source of trading revenues on the financial market. Transactions in WIG20 index futures account for the majority of revenues from transactions in derivatives.
Revenues from other fees paid by market participants include mainly fees for services providing access to and use of the trading system.
Revenues from transactions in debt instruments are the third largest source of trading revenues on the financial market. Revenues from transactions in debt instruments are generated by the Catalyst market as well as the Treasury BondSpot Poland market operated by BondSpot S.A., a subsidiary of GPW.
Revenues from transactions in other cash market instruments include fees for trading in structured products, investment certificates, warrants and ETF (Exchange Traded Fund) units.
Listing revenues include two elements:
- one-off fees paid for introduction of shares and other instruments to trading on the exchange;
- periodic listing fees.
Revenues from information services mainly include fees paid by data vendors for real-time market data as well as historical and statistical data. Real-time data fees include fixed annual fees and monthly fees based on the data vendor’s number of subscribers and the scope of data feeds used by a subscriber.
Revenues of the Group in the commodity market segment include revenues of PolPX and WCCH as well as revenues of InfoEngine from its activity as a trade operator, the entity responsible for balancing, and the operation of the OTC commodity platform.
Revenue on the commodity market includes the following:
- trading,
- operation of the Register of Certificates of Origin,
- clearing.
Trading revenue on the commodity market includes:
- revenue from trading in electricity (spot and forward),
- revenue from trading in natural gas (spot and forward),
- revenue from trading in property rights,
- other fees paid by market participants (members).
Other fees paid by market participants include PolPX fees, as well as revenues of InfoEngine as a trade operator, the entity responsible for balancing, and the operation of the OTC commodity platform.
Revenues of the sub-segment “clearing” include revenues of the company WCCH, which clears and settles exchange transactions concluded on PolPX, manages the resources of the clearing guarantee system and determines the amount of credits and debits of WCCH members resulting from their transactions.
The Group’s other revenues include revenues of Instytut Rynku Kapitałowego – WSE Research S.A., as well as revenues of GPW and the PolPX Group, among others, from educational services, office space lease, and sponsorship. Following the sale of Instytut Rynku Kapitałowego to a third party, other revenues may decrease.
The Group’s sales revenues amounted to PLN 327.9 million in 2015, an increase of 3.3% (PLN 10.3 million) year on year.
The increase in sales revenues year on year in 2015 was mainly driven by an increase in revenues from the commodity market segment by 9.4% (PLN 10.7 million), mainly including clearing, operation of the register of certificates of origin, trade in property rights in certificates of origin, and trade in gas. Revenues from the financial market were stable year on year in 2015 mainly as a result of a decrease in revenue from trade in derivatives and debt instruments combined with an increase in revenue from trade in shares as well as listing revenue.
The revenue of the PolPX Group stood at PLN 124.4 million in 2015 compared to PLN 114.0 million in 2014. The revenue of BondSpot in the periods under review stood at PLN 11.6 million and PLN 12.2 million, respectively.
The revenue of the GPW Group by segment is presented below.
Consolidated revenues of GPW Group and revenue structure in 2013 - 2015
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | ||||||
|---|---|---|---|---|---|---|---|---|
| PLN'000 | 2015 | % | 2014 | % | 2013 | % | ||
| Financial market | 199 955 | 61% | 199 962 | 63% | 205 254 | 72% | (7) | 0.0% |
| Trading | 136 948 | 42% | 137 795 | 43% | 147 899 | 52% | (847) | -0.6% |
| Equities and equity-related instruments | 107 941 | 33% | 105 295 | 33% | 108 424 | 38% | 2 646 | 2.5% |
| Derivative instruments | 11 578 | 4% | 14 821 | 5% | 21 207 | 7% | (3 243) | -21.9% |
| Other fees paid by market participants | 6 383 | 2% | 5 795 | 2% | 5 743 | 2% | 588 | 10.2% |
| Debt instruments | 10 669 | 3% | 11 621 | 4% | 12 339 | 4% | (952) | -8.2% |
| Other cash instruments | 376 | 0% | 263 | 0% | 186 | 0% | 113 | 43.1% |
| Listing | 24 497 | 7% | 23 960 | 8% | 22 289 | 8% | 537 | 2.2% |
| Listing fees | 19 229 | 6% | 19 049 | 6% | 17 184 | 6% | 180 | 0.9% |
| Introduction fees, other fees | 5 268 | 2% | 4 911 | 2% | 5 105 | 2% | 357 | 7.3% |
| Information service | 38 510 | 12% | 38 207 | 12% | 35 066 | 12% | 303 | 0.8% |
| Real-time information | 36 069 | 11% | 36 010 | 11% | 33 158 | 12% | 59 | 0.2% |
| Historical and statistical information and indices | 2 441 | 1% | 2 197 | 1% | 1 908 | 1% | 244 | 11.1% |
| Commodity market | 125 193 | 38% | 114 453 | 36% | 75 995 | 27% | 10 740 | 9.4% |
| Trading | 62 552 | 19% | 60 121 | 19% | 39 906 | 14% | 2 431 | 4.0% |
| Electricity | 14 390 | 4% | 14 455 | 5% | 13 607 | 5% | (65) | -0.4% |
| Spot | 2 760 | 1% | 2 386 | 1% | 2 545 | 1% | 374 | 15.7% |
| Forward | 11 630 | 4% | 12 069 | 4% | 11 062 | 4% | (439) | -3.6% |
| Gas | 8 311 | 3% | 7 385 | 2% | 99 | 0% | 926 | 12.5% |
| Spot | 1 601 | 0% | 659 | 0% | 25 | 0% | 942 | 143.0% |
| Forward | 6 710 | 2% | 6 726 | 2% | 74 | 0% | (16) | -0.2% |
| Property rights in certificates of origin | 32 369 | 10% | 31 003 | 10% | 19 053 | 7% | 1 366 | 4.4% |
| Other fees paid by market participants | 7 481 | 2% | 7 278 | 2% | 7 147 | 3% | 203 | 2.8% |
| Register of certificates of origin | 24 166 | 7% | 22 473 | 7% | 15 605 | 5% | 1 693 | 7.5% |
| Clearing | 38 475 | 12% | 31 859 | 10% | 20 484 | 7% | 6 616 | 20.8% |
| Other revenue | 2 743 | 1% | 3 146 | 1% | 2 513 | 1% | (403) | -12.8% |
| Total | 327 890 | 100% | 317 561 | 100% | 283 762 | 100% | 10 329 | 3.3% |
The Group earns revenue both from domestic and foreign clients. The table below presents revenue by geographic segment.
Consolidated revenues of GPW Group by geographical segment in 2013 - 2015
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | ||||||
|---|---|---|---|---|---|---|---|---|
| PLN'000 | 2015 | % | 2014 | % | 2013 | % | ||
| Revenue from foreign customers | 73 308 | 22% | 66 270 | 21% | 58 978 | 21% | 7 037 | 10.6% |
| Revenue from local customers | 254 582 | 78% | 251 291 | 79% | 224 784 | 79% | 3 291 | 1.3% |
| Total | 327 890 | 100% | 317 561 | 100% | 283 762 | 100% | 10 329 | 3.3% |
The average EUR/PLN exchange rate was 4.18 EUR/PLN in 2015, 4.19 EUR/PLN in 2014 and 4.20 EUR/PLN in 2013.
The Group is not dependent on any single client as no client has a share exceeding 10% of the total sales revenue.
FINANCIAL MARKET
TRADING
The revenues of the Group from trading on the financial market stood at PLN 136.9 million in the year ended on 31 December 2015 compared to PLN 137.8 million in 2014.
The share of trading revenue in the total revenue on the financial market was 68.5% in 2015 compared to 68.9% in 2014. The biggest share in trading revenue (86.6%) is that of the revenue on the Main Market, which stood at PLN 118.6 million in 2015 (a decrease of 0.8 million year on year). The remaining share in revenue is that of Treasury BondSpot Poland, NewConnect and Catalyst.
Equities and equity-related instruments
Revenues of the Group from trading in equities and equity-related instruments amounted to PLN 107.9 million in 2015 compared to PLN 105.3 million in 2014.
Despite a decrease in the value of trading in equities on the Main Market by 3.3% (including a decrease of the Electronic Order Book by 0.9% and a decrease of the value of block trades by 20.8%), the trading revenue increased by 2.5% year on year in 2015 as a result of a lower share of high-value block trades and EOB cross trades in turnover. The average transaction value decreased from PLN 14.9 thousand to PLN 12.3 thousand, resulting in higher effective trading fees.
Data for the markets in equities and equity-related instruments
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Financial market, trading revenue: equities and equity-related instruments (PLN million) |
107.9 | 105.3 | 108.4 | 2.6 | 2.5% |
| Main Market: | |||||
| Value of trading (PLN billion) | 225.3 | 232.9 | 256.1 | (7.6) | -3.3% |
| Volume of trading (billions of shares) | 16.5 | 19.5 | 32.1 | (3.0) | -15.1% |
| NewConnect: | |||||
| Value of trading (PLN billion) | 1.9 | 1.4 | 1.2 | 0.5 | 35.8% |
| Volume of trading (billions of shares) | 3.8 | 2.3 | 2.1 | 1.5 | 65.8% |
Derivatives
Revenues of the Group from transactions in derivatives on the financial market amounted to PLN 11.6 million in 2015 compared to PLN 14.8 million in 2014.
The decrease in revenues from transactions in derivatives year on year in 2015 was driven by a 26.4% decrease in the volume of trading in WIG20 futures. The decrease in the volume of trading in WIG20 futures was due, among others, to the replacement of WIG20 futures with a multiplier of PLN 10 by futures with a multiplier of PLN 20.
Data for the derivatives market
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Financial market. trading revenue: derivatives (PLN million) |
11.6 | 14.8 | 21.2 | (3.2) | -21.9% |
| Volume of trading in derivatives (millions of contracts): | 8.2 | 9.5 | 12.6 | (1.3) | -13.5% |
| incl.: volume of trading in WIG20 futures (millions of contracts) | 4.4 | 6.0 | 8.3 | (1.6) | -26.4% |
Other fees paid by market participants
Revenues of the Group from other fees paid by market participants stood at PLN 6.4 million in 2015 compared to PLN 5.8 million in 2014. The fees mainly include fees for access to the trading system (among others, licence fees, connection fees and maintenance fees) as well as fees for use of the system.
Debt instruments
Revenues of the Group from transactions in debt instruments stood at PLN 10.7 million in 2015 compared to PLN 11.6 million in 2014. The majority of the Group’s revenues from the debt instruments segment is generated by Treasury BondSpot Poland (TBSP).
The decrease of the revenues year on year in 2015 was a result of lower revenues on TBS Poland. This was driven by a lower value of cash transactions and conditional transactions in 2015. The total value of transactions was PLN 599.4 billion in 2015 compared to PLN 766.6 billion in 2014, representing a decrease of 21.8%. The value of cash transactions was PLN 260.4 billion in 2015 compared to PLN 327.5 billion in 2014, a decrease of 20.5%. The value of conditional transactions was PLN 338.7 billion in 2015 compared to PLN 439.2 billion in 2014, a decrease of 22.9%. The trading revenue on the TBS Poland market is driven among others by the structure of fees on the market and does not reflect directly changes in the value of trading. The decrease in the value of trading resulted from less active trading by both domestic and international investors in the Treasury securities market due to external factors (including the situation on the core markets (mainly Germany), the rising risk of Greek default, the ECB’s continued easing in the Eurozone, as well as US rate hike expectations) and a lower supply of Treasury securities at auctions organised by the Ministry of Finance, as well as the political situation in Poland and its perception by domestic and international investors.
The value of trading on Catalyst decreased by 19.1% year on year in 2015. Revenues from Catalyst have a small share in the Group’s total revenues from transactions in debt instruments.
Data for the debt instruments market
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Financial market. trading revenue: debt instruments (PLN million) |
10.7 | 11.6 | 12.3 | (0.9) | -8.2% |
| Catalyst: | |||||
| Value of trading (PLN billion) | 2.5 | 3.1 | 4.3 | (0.6) | -19.1% |
| incl.: Value of trading in non-Treasury instruments (PLN billion) | 1.9 | 2.5 | 3.8 | (0.6) | -23.6% |
| Treasury BondSpot Poland. value of trading: | |||||
| Conditional transactions (PLN billion) | 338.7 | 439.2 | 498.2 | (100.5) | -22.9% |
| Cash transactions (PLN billion) | 260.4 | 327.5 | 346.7 | (67.0) | -20.5% |
Other cash market instruments
Revenues from transactions in other cash market instruments amounted to PLN 376 thousand in 2015 compared to PLN 263 thousand in 2014. The revenues include fees for trading in structured products, investment certificates, ETF units and warrants.
LISTING
Listing revenues of the Group on the financial market amounted to PLN 24.5 million in 2015 compared to PLN 24.0 million in 2014.
Revenues from listing fees amounted to PLN 19.2 million in 2015 compared to PLN 19.0 million in 2014. The main driver of revenues from listing fees is the number of issuers listed on the GPW markets and their capitalisation at the year’s end. The increase of revenues from listing fees year on year in 2015 was mainly driven by an increase in the number and capitalisation of companies listed on the Main Market at the end of 2014, used as the basis for the calculation of fees in 2015.
Revenues from fees for introduction and other fees amounted to PLN 5.3 million in 2015 compared to PLN 4.9 million in 2014. The revenues are driven mainly by the number and value of new listings on the GPW markets.
Data for the GPW Main Market
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Main Market | |||||
| Listing revenue (PLN million) | 20.2 | 20.1 | 18.7 | 0.1 | 0.3% |
| Total capitalisation of listed companies (PLN billion) | 1 082.9 | 1 253.0 | 840.8 | (170.1) | -13.6% |
| including:Capitalisation of listed domestic companies | 516.8 | 591.2 | 593.5 | (74.4) | -12.6% |
| including: Capitalisation of listed foreign companies | 566.1 | 661.8 | 247.3 | (95.7) | -14.5% |
| Total number of listed companies | 487 | 471 | 450 | 16 | 3.4% |
| including:Number of listed domestic companies | 433 | 420 | 403 | 13 | 3.1% |
| including: Number of listed foreign companies | 54 | 51 | 47 | 3 | 5.9% |
| Value of offerings (IPO and SPO) (PLN billion)* | 44.8 | 4.6 | 7.7 | 40.2 | 883.3% |
| Number of new listings (in the period) | 30 | 28 | 23 | 2 | 7.1% |
| Capitalisation of new listings (PLN billion) | 5.2 | 5.7 | 15.6 | (0.5) | -9.2% |
| Number of delistings | 14 | 8 | 11 | 6 | 75.0% |
| Capitalisation of delistings** (PLN billion) | 11.1 | 3.5 | 5.5 | 7.6 | 217.5% |
* SPOs of Santander Bank at PLN 33.0 billion in Q1 2015
** based on market capitalisation at the time of delisting
Listing revenues from NewConnect were stable year on year in 2015. The table below presents the key financial and operating figures.
Data for NewConnect
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| NewConnect | |||||
| Listing revenue (PLN million) | 2.4 | 2.5 | 2.7 | (0.1) | -4.3% |
| Total capitalisation of listed companies (PLN billion) | 8.7 | 9.1 | 11.0 | (0.5) | -5.0% |
| including:Capitalisation of listed domestic companies | 8.4 | 8.8 | 10.4 | (0.3) | -3.8% |
| including: Capitalisation of listed foreign companies | 0.2 | 0.4 | 0.6 | (0.1) | -33.1% |
| Total number of listed companies | 418 | 431 | 445 | (13) | -3.0% |
| including:Number of listed domestic companies | 408 | 421 | 434 | (13) | -3.1% |
| including: Number of listed foreign companies | 10 | 10 | 11 | - | 0.0% |
| Value of offerings (IPO and SPO) (PLN billion)* | 0.4 | 0.4 | 0.6 | (0.0) | -5.5% |
| Number of new listings (in the period) | 19 | 22 | 42 | (3) | -13.6% |
| Capitalisation of new listings (PLN billion) | 0.6 | 0.6 | 1.2 | 0.0 | 3.2% |
| Number of delistings | 32 | 36 | 26 | (4) | -11.1% |
| Capitalisation of delistings** (PLN billion) | 1.5 | 3.1 | 1.0 | (1.5) | -49.9% |
* includes companies which transferred to the Main Market
** based on market capitalisation at the time of delisting
Listing revenues from Catalyst increased year on year in 2015. The increase resulted from an increase in the number of listed instruments: 532 at the end of 2015 compared to 517 at the end of 2014. The table below presents the key financial and operating figures.
Data for Catalyst
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Catalyst | |||||
| Listing revenue (PLN million) | 2.0 | 1.4 | 1.0 | 0.6 | 42.4% |
| Number of issuers | 192 | 193 | 176 | (1) | -0.5% |
| Number of issued instruments | 532 | 517 | 442 | 15 | 2.9% |
| including: non-Treasury instruments | 496 | 487 | 408 | 9 | 1.8% |
| Value of issued instruments (PLN billion) | 613.1 | 544.6 | 619.1 | 68.5 | 12.6% |
| including: non-Treasury instruments | 69.6 | 64.1 | 58.9 | 5.5 | 8.6% |
INFORMATION SERVICES
Revenues from information services amounted to PLN 38.5 million in 2015 compared to PLN 38.2 million in 2014. The decrease in the number of subscribers in 2015 had little impact on revenues due to the structure of revenues (mainly subscribers who buy smaller data feeds). At the same time, revenues from sales of non-display data and sales of PolPX data were first earned in 2015. Furthermore, revenues from sales of index licences, historical data and TBSP data increased as the number of subscribers grew.
Data for information services
| PLN'000 | Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | ||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Revenues from information services (PLN million) | 38.5 | 38.2 | 35.1 | 0.3 | 0.8% |
| Number of data vendors | 54 | 58 | 58 | (4) | -6.9% |
| Number of subscribers ('000 subscribers) | 222.6 | 240.3 | 261.9 | (17.7) | -7.4% |
COMMODITY MARKET
Revenues on the commodity market include mainly the revenues of the PolPX Group.
Revenues of the PolPX Group are driven mainly by the volume of transactions in electricity, natural gas and property rights, the volume of certificates of origin issued and cancelled by members of the Register of Certificates of Origin, as well as revenues from clearing and settlement of transactions in exchange-traded commodities in the clearing sub-segment operated by WCCH.
Revenues of the GPW Group on the commodity market stood at PLN 125.2 million in 2015 compared to PLN 114.5 million in 2014.
The increase of revenues on the commodity market year on year in 2015 was mainly driven by an increase in revenues from clearing, operation of the register of certificates of origin, trade in property rights in certificates of origin, and trade in gas.
TRADING
Revenues from trading on the commodity market stood at PLN 62.6 million in 2015, an increase of PLN 2.4 million compared to PLN 60.1 million in 2014.
Trading revenues of the GPW Group on the commodity market included PLN 2.8 million of revenues from spot transactions in electricity, PLN 11.6 million of revenues from forward transactions in electricity, PLN 1.6 million of revenues from spot transactions in gas, PLN 6.7 million of revenues from forward transactions in gas, PLN 32.4 million of revenues from transactions in property rights in certificates of origin of electricity, and PLN 7.5 million of other fees paid by market participants.
The Group’s revenues from trade in electricity amounted to PLN 14.4 million in 2015 compared to PLN 14.5 million in 2014. The total volume of trading on the energy markets operated by PolPX amounted to 186.7 TWh in 2015 compared to 186.8 TWh in 2014.
The Group’s revenues from trade in gas amounted to PLN 8.3 million in 2015 compared to PLN 7.4 million in 2014. The volume of trade in natural gas on PolPX was 106.9 TWh in 2015 compared to 111.6 TWh in 2014. The increase in trading revenues combined with a decrease of the volume of trade in gas was due to a different split of volumes between the cash and the forward market.
The Group’s revenue from the operation of trading in property rights stood at PLN 32.4 million in 2015 compared to PLN 31.0 million in 2014. The volume of trading in property rights stood at 59.0 TWh in 2015 compared to 36.0 TWh in 2014. The change of revenue from trading in property rights does not correspond directly to the change of trading volumes due to different fees for different types of property rights.
The volume of trade in property rights in green certificates of origin of electricity was 26.6 TWh in 2015 compared to 32.1 TWh in 2014. The revenue from trade in property rights in green certificates of origin of electricity (PMOZE) represented 76.3% and 96.8%, respectively, of the Group’s total revenue from trade in property rights in the periods under review. The share of other instruments, in particular red certificates (PMEC) and yellow certificates (PMGM), increased to 9.0% and 9.8%, respectively, of the revenue from trade in property rights in 2015.
Revenues of the Group from other fees paid by commodity market participants amounted to PLN 7.5 million in 2015 compared to PLN 7.3 million in 2014. Other fees paid by commodity market participants included fees paid by PolPX market participants and revenues of InfoEngine from the activity of trade operator.
Other fees paid by market participants are driven mainly by revenues from fixed market participation fees, fees for cancellation of transactions, fees for position transfers, fees for access to the system, and fees for management of the resources of the guarantee fund. Other fees paid by market participants depend mainly on the activity of WCCH Members, in particular the number of transactions, the number of new clients of brokerage houses, and the number of new users accessing the clearing system.
Data for the commodity market
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Commodity market - trading revenue (PLN million) | 62.6 | 60.1 | 39.9 | 2.5 | 4.0% |
| Volume of trading in electricity: | |||||
| Spot transactions (TWh) | 25.1 | 23.8 | 22.3 | 1.3 | 5.5% |
| Forward transactions (TWh) | 161.6 | 163.0 | 154.3 | (1.4) | -0.9% |
| Volume of trading in gas: | |||||
| Spot transactions (TWh) | 13.9 | 6.6 | 0.4 | 7.4 | 111.8% |
| Forward transactions (TWh) | 92.9 | 105.1 | 2.0 | (12.1) | -11.5% |
| Volume of trading in property rights (PolPX) (TWh) | 59.0 | 36.0 | 39.3 | 23.0 | 63.8% |
REGISTER OF CERTIFICATES OF ORIGIN
Revenues from the operation of the Register of Certificates of Origin amounted to PLN 24.2 million in 2015 compared to PLN 22.5 million in 2014. The increase in the revenues year on year in 2015 was due to an increase in revenues from issued property rights (by PLN 2.2 million) as well as higher revenues from the registration of property rights (by PLN 0.8 million) while revenues from cancellations decreased (by PLN 1.4 million).
Data for the Register of Certificates of Origin
| Year ended 31 December | Change (2015 vs 2014) | Change (%) (2015 vs 2014) | |||
|---|---|---|---|---|---|
| 2015 | 2014 | 2013 | |||
| Commodity market - revenue from operation of the Register of Certificates of Origin of electricity (PLN million) | 24.2 | 22.5 | 15.6 | 1.7 | 7.5% |
| Issued property rights (TWh) | 50.9 | 42.2 | 29.5 | 8.6 | 20.5% |
| Cancelled property rights (TWh) | 22.3 | 20.6 | 36.2 | 1.8 | 8.7% |
CLEARING
The Group earns revenue from the clearing activities of WCCH, which is a subsidiary of PolPX. The revenue stood at PLN 38.5 million in 2015 compared to PLN 31.9 million in 2014. The increase in the revenue was driven by increased activity on the gas market in 2015 as well as termination in mid-2015 of promotional reduced fees on the gas market.
OTHER REVENUES
The Group’s other revenues amounted to PLN 2.7 million in 2015 compared to PLN 3.1 million in 2014. The Group’s other revenues include revenues from educational and PR services, office space lease, and sponsorship.