Summary of GPW results

GPW S.A. generated revenue of PLN 203.4 million in 2017, an increase of 16.0% compared to 2016. Operating expenses stood at PLN 109.9 million in 2017, representing an increase of 9.8% compared to 2016. GPW S.A.’s EBITDA1 was PLN 109.1 million in 2017, an increase of 19.8% compared to PLN 91.1 million in 2016.

The Company generated a separate operating profit of PLN 89.6 million in 2017 compared to PLN 71.7 million in 2016, an increase of 25.0% or PLN 17.9 million year on year.

The increase of the operating profit year on year in 2017 was mainly a result of higher revenue (by PLN 28 million) combined with higher operating expenses (by PLN 9.8 million). The Company’s revenue increased mainly due to higher revenue from trading in equities and equity-related instruments (by PLN 20 million). Operating expenses increased mainly due to higher external service charges (by PLN 9.7 million) including a higher cost of software modifications (by PLN 7.7 million) required to bring GPW’s systems in line with the MiFID2/MiFIR requirements.

GPW S.A.’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 a lower balance of financial income and expenses. In 2016, GPW received PLN 61.6 million in dividends from subsidiaries and associates, including PLN 59.5 million in dividends from the subsidiary TGE. In 2017, Towarowa Giełda Energii paid no dividend as it was required to repay a bank loan taken to pay outstanding VAT liabilities following changes of the tax policy on certain services provided by the Company and the required adjustment of VAT for the years 2011-2016.

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

1 GPW S.A.’s operating profit before depreciation and amortisation

Separate profit and loss account of GPW S.A. by quarter in 2016 and 2017 and by year in 2015 – 2017

 20172016201720162015
PLN'000Q4Q3Q2Q1Q4Q3Q2Q1   
Sales revenue51,30147,69050,90053,55247,62944,60840,88542,331203,443175,454191,781
Financial market48,89345,65549,35952,32246,76544,03940,31341,781196,229172,899188,730
Trading31,91029,03733,05935,74330,75228,50424,19925,873129,749109,328126,562
Listing5,9986,0225,8656,1425,9595,5895,9195,70124,02723,16723,652
Information services10,98510,59610,43510,43710,0559,94710,19510,20742,45340,40438,516
Commodity market9087868578908079348327-
Information services *9087868578908079348327-
Other revenue2,3181,9481,4551,1457864794924716,8662,2283,052
Operating expenses34,01421,87124,55729,47426,61218,58025,17329,705109,916100,070120,354
Depreciation and amortisation4,8764,8844,9984,7144,2015,2055,0334,90119,47219,34021,472
Salaries8,1517,2286,6657,3477,2954,6109,0568,12829,39129,08930,398
Other employee costs2,1231,8591,9422,0441,7051,5551,8152,2067,9687,2817,602
Rent and maintenance fees1,8791,8741,9341,7851,7511,5201,5691,5077,4726,3477,108
Fees and charges176(2,933)1756,447182(954)2206,7643,8656,21221,815
incl.: PFSA fees(1)(3,160)-6,26019(1,172)16,6113,0995,46021,094
External service charges15,6978,0927,8056,19010,5085,7676,5105,27037,78328,05527,646
Other operating expenses1,1138671,0389479708779719283,9653,7464,313
Other income1223173031984286355135940680497
Other expenses2703828083,3693,416343245474,8294,3301,345
Operating profit17,13825,75525,83820,90718,02925,74815,74312,21489,63871,73470,579
Financial income8478932,3539491,28560,0923,5501,4275,04266,35448,153
Financial expenses2,2461,9331,9212,7712,0392,0231,9942,0178,8718,0738,965
Profit before income tax15,73924,71526,27019,08517,27683,81717,29911,62485,809130,015109,768
Income tax expense3,0594,7514,7184,2484,0494,6552,9672,25816,77613,93012,863
Profit for the period12,68019,96421,55214,83713,22779,16114,3319,36669,033116,08596,905

*a new segment was extracted on the commodity market, therefor the Information services data on the financial market were adjusted in previous quarters

Source: Consolidated Financial Statements, Company

Separate statement of financial position of GPW S.A. by quarter in 2015 – 2017

 201720162015
PLN'000Q4Q3Q2Q1Q4Q3Q2Q1Q4
Non-current assets462,760464,296466,977470,706472,942463,407467,871468,484472,253
Property, plant and equipment96,26996,67297,47099,650101,03491,30393,07193,64294,773
Intangible assets68,96369,80771,44473,97975,91876,07978,60779,45181,601
Investment in associates36,95936,95936,95936,95936,95936,95936,95936,95936,959
Investment in subsidiaries254,985254,985254,985254,985254,985254,984254,984254,985254,985
Available-for-sale financial assets271280278278288287290284282
Prepayments5,3135,5935,8414,8553,7583,7953,9603,1633,653
Current assets275,535259,360337,304326,360291,788283,451313,659302,561261,770
Inventories5654535958626855119
Corporate income tax receivable---3,355-----
Trade and other receivables26,27233,96438,19836,47523,94124,29626,37629,92926,091
Other current financial assets-10,12310,046------
Cash and cash equivalents249,207215,219289,007286,471267,789259,094287,215272,577235,560
Total assets738,295723,656804,281797,066764,730746,859781,530771,045734,023
Equity450,887438,216418,252486,939472,102458,849379,687464,254454,881
Share capital63,86563,86563,86563,86563,86563,86563,86563,86563,865
Other reserves(125)(114)(114)(114)(114)(141)(141)(297)(304)
Retained earnings387,147374,465354,501423,188408,351395,124315,963400,686391,320
Non-current liabilities253,744253,802252,174251,892136,794136,199135,545132,563258,242
Liabilities under bond issue243,573243,475243,378243,281123,459123,733123,669123,606243,800
Employee benefits payable8838371,2961,7991,4351,1872,8282,6152,382
Deferred income tax liability7,0647,2665,2764,5889,6769,0556,8246,34212,060
Other liabilities2,2242,2242,2242,2242,2242,2242,224--
Current liabilities33,66431,638133,85558,235155,834151,812266,298174,22820,900
Liabilities under bond issue1,9382,1001,8952,069122,882123,003121,047122,881682
Trade payables11,9544,0402,7273,7524,2971,5115,7205,3336,599
Employee benefits payable8,4816,7794,8953,5606,4904,9246,6144,4007,023
Corporate income tax payable5,6854,2266,82212,28214,44511,4739,5477,4481,976
Accruals and deferred income *219,97223,90331,6871,7129,15122,23129,6661,776
Provisions for other liabilities and charges211190317317317----
Other current liabilities5,3744,33193,2964,5685,6911,748101,1394,5012,844
Total equity and liabilities738,295723,656804,281797,066764,730746,859781,530771,045734,023

*As at 31 December 2017 accurals are presented under trade payables

Source: Consolidated Financial Statements, Company

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