The GPW Group generated EBITDA1 of PLN 179.5 million in 2015, an increase of PLN 15.4 million compared to PLN 164.1 million in 2014.

The GPW Group generated an operating profit of PLN 152.6 million compared to PLN 135.4 million in 2014. The increase of the operating profit by PLN 17.3 million year on year in 2015 resulted from higher revenue from the commodity market segment (an increase of PLN 10.7 million), a stable revenue from the financial market segments, and lower operating expenses (a decrease of separate operating expenses by PLN 10.3 million and consolidated operating expenses by PLN 7.2 million).

The net profit of the Group stood at PLN 123.7 million in 2015 compared to PLN 112.3 million in 2014. The increase of the net profit year on year in 2015 was driven by a higher operating profit.

GPW’s EBITDA2 stood at PLN 92.1 million in 2015, an increase of 10.7% compared to PLN 83.1 million in 2014.

GPW generated a separate operating profit of PLN 70.6 million in 2015 compared to PLN 59.0 million in 2014.

The increase of GPW’s operating profit year on year in 2015 was mainly a result of lower operating expenses (a decrease of PLN 10.3 million) as well as higher revenue (an increase of PLN 1.8 million). The decrease of operating expenses resulted from lower salaries and other employee costs (a decrease of PLN 5.2 million), depreciation and amortisation (a decrease of PLN 2.7 million), external service charges (a decrease of PLN 2.6 million), and rent and other maintenance fees (a decrease of PLN 1.2 million). The operating profit in 2015 was also influenced by a decrease of net other operating income and expenses by PLN 0.5 million.

GPW’s net profit was PLN 96.9 million in 2015 compared to PLN 52.9 million in 2014. The increase of the net profit year on year in 2015 was driven by an increase of the operating profit and an increase by PLN 35.9 million of net financial income and expenses. GPW received dividends from subsidiaries and associates of PLN 43.1 million in 2015 compared to PLN 14.8 million in 2014. At the same time, the income tax in 2015 increased by PLN 3.5 million year on year.

The PolPX Group generated an operating profit of PLN 82.2 million in 2015 compared to PLN 78.4 million in 2014. The net profit of the PolPX Group stood at PLN 67.3 million and PLN 66.2 million, respectively, in the periods under review.

BondSpot generated an operating profit of PLN 2.1 million in 2015 compared to PLN 3.6 million in 2014. The net profit stood at PLN 2.2 million and PLN 3.3 million, respectively, in the periods under review.

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 in 2014 and 2015 by quarter and by year in 2013 - 2015

20152014201520142013
PLN'000 Q4Q3Q2Q1Q4Q3Q2Q1
Sales revenue 83 819 78 733 77 171 88 167 83 930 77 869 69 255 86 507 327 890 317 561 283 762
Financial market 48 990 51 508 49 215 50 242 46 472 49 303 48 235 55 952 199 955 199 962 205 254
Trading 33 213 36 221 33 142 34 372 31 124 34 349 32 547 39 775 136 948 137 795 147 899
Equities and equity-related instruments 25 907 29 020 26 114 26 900 24 035 26 997 24 491 29 772 107 941 105 295 108 424
Derivative instruments 2 979 3 134 2 645 2 820 2 794 2 795 3 717 5 515 11 578 14 821 21 207
Other fees paid by market participants 1 682 1 559 1 584 1 559 1 485 1 464 1 411 1 435 6 383 5 795 5 743
Debt instruments 2 560 2 419 2 695 2 995 2 746 3 021 2 869 2 985 10 669 11 621 12 339
Other cash instruments 85 89 105 98 64 72 59 68 376 263 186
Listing 6 040 5 683 6 536 6 237 5 816 5 684 6 124 6 336 24 497 23 960 22 289
Listing fees 4 742 4 551 4 885 5 051 4 719 4 693 4 767 4 870 19 229 19 049 17 184
Introduction fees, other fees 1 299 1 132 1 651 1 186 1 097 991 1 357 1 466 5 268 4 911 5 105
Information services 9 737 9 604 9 536 9 633 9 532 9 270 9 564 9 841 38 510 38 207 35 066
Real-time information 9 080 9 001 8 943 9 045 8 938 27 072 - - 36 069 36 010 33 158
Historical and statistical information and indices 657 603 594 588 594 1 603 - - 2 441 2 197 1 908
Commodity market 34 243 26 694 26 890 37 365 35 741 28 310 20 336 30 066 125 193 114 453 75 995
Trading 17 643 12 757 13 623 18 529 18 657 15 136 10 188 16 140 62 552 60 121 39 906
Electricity 4 563 2 876 3 406 3 545 4 574 3 343 3 368 3 170 14 390 14 455 13 607
Spot 714 589 660 798 640 536 559 651 2 760 2 386 2 545
Forward 3 850 2 288 2 746 2 747 3 934 2 807 2 809 2 519 11 630 12 069 11 062
Gas 1 716 2 300 1 621 2 675 3 034 4 068 230 53 8 311 7 385 99
Spot 648 211 430 313 477 149 26 7 1 601 659 25
Forward 1 068 2 089 1 191 2 362 2 557 3 919 204 46 6 710 6 726 74
Property rights in certificates of origin 9 158 5 787 6 939 10 486 9 240 5 665 5 895 10 203 32 369 31 003 19 053
Other fees paid by market participants 2 206 1 794 1 658 1 823 1 809 2 060 695 2 714 7 481 7 278 7 147
Register of certificates of origin 5 518 5 535 5 492 7 621 5 897 4 706 4 776 7 094 24 166 22 473 15 605
Clearing 11 083 8 402 7 775 11 215 11 187 8 468 5 372 6 832 38 475 31 859 20 484
Other revenue 586 531 1 066 560 1 717 256 684 489 2 743 3 146 2 513
Operating expenses 45 910 43 344 45 047 40 091 51 331 41 923 44 409 43 937 174 391 181 600 166 224
Depreciation and amortisation 7 013 7 010 6 619 6 195 7 524 6 916 7 146 7 183 26 837 28 769 25 723
Salaries 15 552 14 754 14 920 11 437 16 825 13 185 12 836 13 655 56 662 56 501 51 915
Other employee costs 2 676 2 517 2 958 3 275 3 264 2 683 3 446 3 648 11 426 13 042 12 121
Rent and maintenance fees 2 258 2 296 2 535 2 696 2 060 3 041 2 629 2 542 9 785 10 272 10 572
Fees and charges 5 011 6 256 6 190 6 170 4 863 5 910 5 871 5 743 23 627 22 387 20 770
incl.: PFSA fees 4 605 5 914 5 813 5 716 5 788 5 511 5 332 5 409 22 047 22 039 18 916
External service charges 11 394 9 313 10 063 8 851 13 066 8 733 10 460 9 708 39 621 41 967 36 242
Other operating expenses 2 006 1 199 1 761 1 467 3 729 1 456 2 019 1 458 6 433 8 662 8 881
Other income 203 234 172 687 367 191 477 221 1 296 1 256 3 224
Other expenses 42 311 1 146 652 (177) 85 1 048 905 2 151 1 861 2 126
Operating profit 38 071 35 312 31 150 48 111 33 143 36 052 24 275 41 886 152 644 135 356 118 636
Financial income 1 863 1 997 4 406 1 675 2 174 2 657 2 972 2 558 9 941 10 360 10 917
Financial expenses 2 783 1 940 2 153 2 526 2 723 2 528 2 584 2 522 9 401 10 356 12 215
Share of profit of associates (920) 57 2 254 (851) (549) 129 388 36 540 4 (1 298)
Share of profit of associates (1 717) 311 (336) 212 (2 169) 1 087 861 3 966 (1 530) 3 745 12 494
Profit before income tax 35 434 35 678 33 069 47 472 30 425 37 268 25 524 45 888 151 654 139 105 129 832
Income tax expense 7 202 5 566 6 094 9 072 6 126 7 302 5 119 8 272 27 935 26 819 16 289
Profit for the period 28 232 30 113 26 975 38 400 24 300 29 966 20 405 37 616 123 719 112 286 113 543

Consolidated statement of financial position of GPW Group by quarter in 2013 - 2015 

201520142013
PLN'000 Q4Q3Q2Q1Q4Q3Q2Q1Q4
Non-current assets 580 645 569 155 572 263 571 429 572 710 586 336 587 013 590 634 576 421
Property, plant and equipment 125 229 109 831 112 059 116 559 119 762 119 368 118 530 121 045 124 042
Intangible assets 261 728 263 693 265 565 262 820 261 019 261 523 264 294 265 932 269 155
Investment in associates 188 570 190 346 190 057 188 352 188 104 189 894 188 674 187 811 158 540
Investment in subsidiaries - - - - - - - - -
Deferred tax assets - - - - - 1 343 1 341 1 568 -
Available-for-sale financial assets 282 287 204 202 207 10 676 10 706 10 775 20 955
Financial assets held to maturity - - - - - - - - -
Prepayments 4 836 4 998 4 378 3 496 3 618 3 532 3 468 3 503 3 729
Current assets 442 170 425 652 519 743 484 816 451 449 406 233 424 816 417 511 357 381
Inventories 135 145 133 180 120 127 147 142 166
Corporate income tax receivable 369 213 77 2 808 8 378 6 853 6 974 6 138 10 797
Trade and other receivables 81 273 73 394 61 380 91 519 42 594 39 103 41 115 52 345 34 792
Available-for-sale financial assets - 10 616 10 573 10 551 10 503 586 428 272 118
Financial assets held for sale - - 807 763 812 - - - -
Financial assets held to maturity - - - - - - - - -
Other current financial assets - - - 6 - 7 - - 3
Cash and cash equivalents 360 393 341 284 446 773 378 989 389 042 359 557 376 152 358 614 311 505
Total assets 1 022 815 994 807 1 092 006 1 056 245 1 024 159 992 569 1 011 829 1 008 145 933 802
Equity 721 267 694 093 664 044 738 769 700 466 676 019 696 280 675 692 638 105
Share capital 63 865 63 865 63 865 63 865 63 865 63 865 63 865 63 865 63 865
Other reserves 1 455 1 401 1 465 1 817 1 930 1 783 1 643 1 249 1 278
Retained earnings 655 401 627 886 597 769 671 918 633 555 609 294 629 756 609 436 571 842
Non-controlling interests 546 941 945 1 169 1 116 1 077 1 016 1 142 1 120
Non-current liabilities 258 799 256 218 255 246 253 516 259 419 255 781 253 239 249 563 249 578
Liabilities under bond issue 243 800 244 424 244 309 244 193 244 078 243 963 243 848 243 733 243 617
Employee benefits payable 4 046 2 453 2 327 2 010 5 562 4 037 4 447 4 452 4 456
Finance lease liabilities 84 99 113 129 205 262 296 284 439
Deferred income tax liability 10 869 9 242 8 497 7 184 9 574 7 519 4 648 1 094 1 066
Provisions for other liabilities and charges - - - - - - - - -
Other non-current liabilities - - - - - - - - -
Liabilities arising from loans and credits - - - - - - - - -
Current liabilities 42 749 44 496 172 716 63 960 64 274 60 769 62 310 82 890 46 119
Liabilities under bond issue 682 1 814 - 1 935 - 2 375 - 2 336 -
Trade payables 8 597 7 879 19 634 9 974 10 017 13 747 6 967 3 763 12 738
Employee benefits payable 9 457 11 150 9 584 7 632 9 911 9 510 10 254 9 240 11 511
Finance lease liabilities 55 55 79 186 154 224 265 338 365
Corporate income tax payable 2 833 2 463 7 130 2 254 1 250 1 745 754 1 990 657
Liabilities arising from loans and credits - - - - - - - - -
Accruals and deferred income 7 263 10 194 18 054 25 368 5 115 - - - 4 328
Provisions for other liabilities and charges 621 1 236 1 282 1 264 1 346 1 171 1 259 1 892 2 139
Other current liabilities 13 241 9 705 116 683 15 121 36 206 31 997 42 811 63 331 14 381
Liabilities held for sale - - 270 226 275 - - - -
Total equity and liabilities 1 022 815 994 807 1 092 006 1 056 245 1 024 159 992 569 1 011 829 1 008 145 933 802