The Group’s share of profit of associates stood at a negative PLN 1.5 million in 2015 compared to a positive PLN 3.7 million in 2014. The decrease was mainly driven by the net loss of Aquis Exchange Limited at PLN 21.3 million.

Aquis Exchange Limited became an associate upon GPW’s acquisition of the second tranche of shares in February 2014. The Group’s share of the loss of Aquis Exchange Ltd was PLN 6.5 million in 2015 compared to PLN 6.7 million in the period from 18 February to 31 December 2014.

The Group’s share of the KDPW Group profit was PLN 4.6 million in 2015 compared to PLN 10.0 million in 2014. The decrease in the net profit of the KDPW Group was due to lower operating income. The decrease of income was due to the fact that increasing numbers of clients used the netting service, which reduced the number of settled transactions. In addition, KDPW’s costs in respect of a VAT adjustment increased. KDPW’s financial income decreased also due to lower interest rates and a shorter maturity of deposits (regulatory requirement for CCPs).

The share in the net profit of Centrum Giełdowe was PLN 0.35 million in 2015 compared to PLN 0.38 million in 2014. The volatility of the profit of Centrum Giełdowe in the periods under review resulted mainly from FX differences and payment amounts and dates of the company’s US$ denominated loan.

Profit / (Loss) of associates

GPW’s share of profit / (loss) of associates