Financial data | GPW AR 2017

Selected consolidated financial data

Selected data on the statement of comprehensive income, consolidated, under IFRS, audited

	Year ended 31 December
	2017	2016	2017	2016
	PLN'000		EUR'000¹
Sales revenue	351,956	310,862	82,665	71,258
Financial market	208,849	183,698	49,053	42,108
Trading	141,336	119,079	33,196	27,296
Listing	24,968	23,930	5,864	5,485
Information services	42,545	40,689	9,993	9,327
Commodity market	142,088	125,254	33,373	28,712
Trading	70,092	60,857	16,463	13,950
Register of certificates of origin	30,628	24,907	7,194	5,709
Clearing	41,019	39,163	9,634	8,977
Information services	349	327	82	75
Other revenue	1,019	1,910	239	438
Operating expenses	165,763	150,155	38,933	34,419
Other income	3,859	1,736	906	398
Other expenses	6,149	4,553	1,444	1,044
Operating profit	183,903	157,890	43,194	36,192
Financial income	5,550	12,950	1,303	2,968
Financial expenses	11,147	12,079	2,618	2,769
Share of profit of associates	10,059	3,518	2,363	806
Profit before income tax	188,365	162,279	44,242	37,199
Income tax expense	32,274	31,145	7,580	7,139
Profit for the period	156,091	131,134	36,662	30,059
Basic / Diluted earnings per share² (PLN, EUR)	3.72	3.12	0.87	0.72

EBITDA³	212,228	183,683	49,847	42,105

1 EBITDA = operating profit + depreciation and amortisation.
2 Based on the average EUR/PLN exchange rate of the National Bank of Poland as at 31.12.2017 (1 EUR = 4,1709 PLN) and 31.12.2016 (1 EUR = 4.4240 PLN).
3 Liabilities in respect of interest and principal.

Selected data on the statement of financial position, consolidated, under IFRS, audited

	As at
	31 December 2017	31 December 2016	31 December 2017	31 December 2016
	PLN'000		EUR'000¹
Non-current assets	596,354	597,287	142,980	135,011
Property, plant and equipment	110,784	119,130	26,561	26,928
Intangible assets	267,991	273,815	64,253	61,893
Investment in associates	207,389	197,231	49,723	44,582
Deferred tax assets	3,803	1,809	912	409
Available-for-sale financial assets	271	288	65	65
Prepayments	6,116	5,014	1,466	1,133
Current assets	550,699	560,561	132,034	126,709
Corporate income tax receivable	71	428	17	97
Trade and other receivables	64,096	113,262	15,367	25,602
Cash and cash equivalents	486,476	446,814	116,636	100,998
Other current assets	56	57	13	13
TOTAL ASSETS	1,147,053	1,157,848	275,013	261,720
Equity attributable to the shareholders of the parent entity	810,908	744,727	194,420	168,338
Non-controlling interests	573	525	137	119
Non-current liabilities	259,951	143,422	62,325	32,419
Current liabilities	75,621	269,174	18,131	60,844
TOTAL EQUITY AND LIABILITIES	1,147,053	1,157,848	275,013	261,720

1 EBITDA = operating profit + depreciation and amortisation.

GPW Group’s selected financial ratios

	Year ended / As at
	31 December 2017	31 December 2016
EBITDA margin (EBITDA/Sales revenue)	60.3%	59.1%
Operating profit margin (Operating profit/Sales revenue)	52.3%	50.8%
Return on quity (ROE) (Net profit for the last 12 months / Average equity at the beginning and at the end of the last 12 month period)	20.1%	18.0%
Debt to equity (Interest-bearing liabilities¹/Equity)	30.3%	33.1%

1 Liabilities in respect of interest and principal.

Sales revenue (PLN mn)

Operating expenses (PLN mn)

Operating profit (PLN mn)

EBITDA (PLN mn)

Net profit (PLN mn)

Net profit margin and EBITDA margin

Selected separate financial data

Selected data on the statement of comprehensive income, separate, under IFRS, audited

	Year ended 31 December
	2017	2016	2017	2016
	PLN'000		EUR'000¹
Sales revenue	203,443	175,454	47,783	40,219
Financial market	196,229	172,899	46,089	39,633
Trading	129,749	109,328	30,475	25,061
Listing	24,027	23,167	5,643	5,310
Information services	42,453	40,404	9,971	9,262
Commodity market	348	327	82	75
Information services	348	327	82	75
Other revenue	6,866	2,228	1,613	511
Operating expenses	109,916	100,070	25,816	22,939
Other income	940	680	221	156
Other expenses	4,829	4,330	1,134	993
Operating profit	89,638	71,734	21,054	16,443
Financial income	5,042	66,354	1,184	15,210
Financial expenses	8,871	8,073	2,084	1,851
Profit before income tax	85,809	130,015	20,154	29,803
Income tax expense	16,776	13,930	3,940	3,193
Profit for the period	69,033	116,085	16,214	26,610

EBITDA²	109,110	91,074	25,627	20,877

1 Based on the average EUR/PLN exchange rate of the National Bank of Poland as at 31.12.2017 (1 EUR = 4.1709 PLN) and 31.12.2016 (1 EUR = 4.4240 PLN).
2 Liabilities in respect of interest and principal.

Selected data on the statement of financial position, separate, under IFRS, audited

	As at
	31 grudnia 2017	31 grudnia 2016	31 grudnia 2017	31 grudnia 2016
	PLN'000		EUR'000¹
Non-current assets	462,760	472,942	110,950	106,904
Property, plant and equipment	96,269	101,034	23,081	22,838
Intangible assets	68,963	75,918	16,534	17,160
Investment in associates and subsidiaries	291,944	291,944	69,995	65,991
Available-for-sale financial assets	271	288	65	65
Prepayments	5,313	3,758	1,274	849
Current assets	275,535	291,788	66,061	65,956
Trade and other receivables	26,272	23,941	6,299	5,412
Cash and cash equivalents	249,207	267,789	59,749	60,531
Other current assets	56	58	13	13
TOTAL ASSETS	738,295	764,730	177,011	172,859
Equity	450,887	472,102	108,103	106,714
Non-current liabilities	253,744	136,794	60,837	30,921
Current liabilities	33,664	155,834	8,071	35,225

TOTAL EQUITY AND LIABILITIES	738,295	764,730	177,011	172,859

1 Based on the average EUR/PLN exchange rate of the National Bank of Poland as at 31.12.2017 (1 EUR = 4.1709 PLN) and 31.12.2016 (1 EUR = 4.4240 PLN).

GPW’s selected financial ratios

	Year ended / As at
	31 grudnia 2017	31 grudnia 2016
EBITDA margin (EBITDA/Sales revenue)	53.6%	51.9%
Operating profit margin (Operating profit/Sales revenue)	44.1%	40.9%
Return on quity (ROE) (Net profit for the last 12 months / Average equity at the beginning and at the end of the last 12 month period	15.0%	25.0%
Debt to equity (Interest-bearing liabilities¹/Equity)	54.5%	52.2%