Financial Results
Historically high net profit
183.7
PLN million in 2018
Solid EBITDA
202.0
PLN million
Strong revenue
346.8
PLN million
Operating expenses up by
4.9%
to PLN 173.8 million in 2018
Cost/income ratio at
50.1%
in 2018
The GPW Group generated sales revenues of PLN 346.8 million and a historically high net profit of PLN 183.7 million in 2018. EBITDA was PLN 202.0 million. Operating expenses increased by 4.9% (PLN 8.0 million) year on year to PLN 173.8 million in 2018. The cost/income ratio (C/I) was 50.1%.
- The GPW Group generated solid financial results in 2018. The net profit was historically high for the second consecutive year at PLN 183.7 million in 2018 and PLN 158.7 million in 2017. We have a strong foundation for further stable growth and development. We focus on diversification of revenues. Consequently, we will launch new business projects under the #GPW2022 strategy,” said Marek Dietl, President of the GPW Management Board.
The GPW Group’s directions of development are outlined in the growth strategy #GPW2022 updated last year. The key initiatives include Agricultural Market, Private Market, Securities Lending & Borrowing. GPW focuses on strengthening the business position of the GPW Group, diversifying the sources of revenue, creating shareholder value by developing existing businesses and expanding to new promising business areas.
GPW sold its interest in the associate Aquis Exchange Limited (20.31% of voting and economic rights) in 2018. The net proceeds from the sale of Aquis were PLN 57.5 million (net of transaction cost of PLN 2.7 million). The gains on the sale at PLN 45.4 million are presented as financial income in the statement of comprehensive income.
On 24 September 2018, the global rating agency FTSE Russell promoted Poland from Emerging Markets to Developed Markets. The promotion puts Poland among the world’s 25 developed economies. In addition, Stoxx, the Deutsche Boerse Group index operator, also promoted Poland to Developed Markets on the same date. Eight Polish WIG20 stocks were included in the Stoxx Europe 600 portfolio. The decisions of FTSE Russell and Stoxx represent a fundamental change in the perception of Poland by global investors. The promotion of Poland will attract new investors to Polish stocks and open opportunities for the entire capital market. On 21 September 2018, directly before the promotion of Poland, the value of trading in stocks on the electronic order book on the main market was historically high at more than PLN 5.4 billion (the previous daily record was PLN 3.35 billion on 12 May 2010). Poland is still rated as an Emerging Market by the world’s biggest index provider MSCI, which puts companies listed on GPW on the radar of investors active on Developed Markets (FTSE Russell, Stoxx) as well as investors focusing on Emerging Markets (MSCI).
In 2018, the GPW Management Board continued development initiatives to build liquidity, attract new issuers, investors and exchange members, further diversify the Group’s business and its engagement in international projects.
The value of trading in shares on the electronic order book on GPW dropped by 13.6% in 2018. Seven companies were newly listed on the Main Market (including two transfers from NewConnect) and 15 companies were newly listed on NewConnect. GPW promoted the exchange as a source of capital for companies. As new companies were listed, GPW continued to expand its offer of products for investors. Futures on stocks of LiveChat Software, Ten Square Games and Playway were introduced to trading in September. Three dividend indices were launched in December: WIG20dvp, mWIG40dvp and sWIG80dvp.
2018 was a record-breaking year as measured by volumes of trading in electricity and gas on TGE. It was the third consecutive record year on the gas market. The electricity market saw a reversal of the downtrend reported in 2016-2017. The total volume of trading in property rights in electricity was 59,302,830 MWh in 2018, an increase of 0.2% year on year.
GPW considers its presence on the capital market to be a part of a long-term development strategy based on creation of shareholder value through regular payment of dividends. The dividend paid in August 2018 was PLN 2.20 per share. The dividend yield was 5.8% at the dividend record date.
Presentation of the GPW Group’s financial results for Q4 2018 and 2018
Net profit
The net profit of the GPW Group was PLN 37.1 million in Q4 2018, a decrease of 5.5% year on year. The Group’s annual net profit was PLN 183.7 million in 2018, an increase of 15.7% year on year and the highest net profit of the Group in history. The year-on-year increase of the net profit was mainly driven by favourable conditions on the commodity market and by the sale of interest in Aquis Exchange. The quarter-on-quarter decrease of net profit in Q4 2018 was due to lower revenues from the financial market (-7.3%) and, to a lesser extent, lower revenues from the commodity market (-0.6%). The annual revenues from the financial market decreased by 8.1% year on year and revenues from the commodity market increased by 8.1% year on year in 2018.
Financial market
Revenue from the financial market
The sales revenue from the financial market was PLN 48.1 million in Q4 2018, representing a decrease of 7.3% year on year and an increase of 2.0% quarter on quarter. The revenue from the financial market contributed 54.4% of the total sales revenue of the GPW Group compared to 55.0% in Q3 2018 and 56.3% in Q4 2017. The annual sales revenue from the financial market was PLN 191.9 million in 2018, a decrease of 8.1% year on year. The sales revenue from the financial market contributed 55.3% of the total sales revenue of the GPW Group in 2018 compared to 59.3% in 2017. The revenue from the financial market includes trading revenue, listing revenue, and revenue from information services. The GPW Group’s revenue was PLN 346.8 million in 2018, a decrease of 4% year on year and an increase of 3.2% quarter on quarter.
- Trading revenue on the financial market
The trading revenue on the financial market was PLN 30.6 million in Q4 2018 compared to PLN 34.6 million in Q4 2017 and down by 0.3% quarter on quarter. The annual trading revenue on the financial market was PLN 124.3 million in 2018, a decrease of 12.1% year on year. The decrease in the annual revenue on the financial market was mainly driven by the decrease of revenue from trade in shares (-14.1%). The decrease in the revenue from trade in equities and other equity-related instruments was mainly driven by a decrease in the value of trading on the electronic order book on the Main Market by 13.6% year on year. The revenue from trading in derivatives increased by 1.5% year on year in 2018.
- Listing revenue
The GPW Group’s listing revenue on the financial market was PLN 5.7 million in Q4 2018 compared to PLN 5.4 million in Q3 2018 and PLN 6.3 million in Q4 2017. The annual listing revenue represented 6.6% of the GPW Group’s total revenue and stood at PLN 22.8 million in 2018 compared to PLN 25.0 million in 2017. The decrease in the listing revenue was mainly driven by a decrease in the value of shares introduced into trading in 2018 as well as a smaller number of listed companies. The total IPO value on both equity markets was PLN 0.345 billion in 2018 compared to PLN 7.7 billion in 2017. The value of SPOs was PLN 5.4 billion in 2018 compared to PLN 90.8 billion in 2017. The revenue from fees for introduction decreased to PLN 3.1 million in 2018 compared to PLN 5.0 million in 2017. The revenue from listing fees stood at PLN 19.7 million and was stable year on year (PLN 20.0 million in 2017).
- Information services
The revenue from information services was record-high at PLN 11.8 million in Q4 2018, representing an increase of 7.7% year on year and an increase of 6.8% quarter on quarter. The annual revenue from information services was PLN 44.8 million in 2018, which represents an increase of 5.2% year on year and a share of 12.9% in the GPW Group’s total sales revenues. The number of data vendors increased sharply in 2018: 26 Polish and foreign companies (including delayed data vendors) were licensed as GPW Group data vendors. Through acquisition of clients for information service, GPW attracted 12 new clients for non-display data (used in algorithmic trading, risk management, portfolio valuation, systematic internalisers, and other non-display applications). The number of GPW Benchmark, TGE and Bondspot data subscribers continued to grow. Six new processed data clients were acquired from Poland and the USA. Licence agreements were signed with two companies which use GPW indices in financial instruments: AgioFunds TFI for the use of WIG20TR in Poland’s first ETF (Beta ETF WIG20TR), and Expat for the use of WIG20 in an ETF (Expat Poland WIG20 UCITS ETF). The product offer and the business model were modified in 2018 in view of the MiFID 2 requirements: GPW aligned its agreements and price lists with the new regulations and launched a new service, Key Information Document (KID), which gives investors easy access to the documentation of structured products, certificates and derivatives.
Commodity market
Revenue from the commodity market
The sales revenue on the commodity market was PLN 40.0 million in Q4 2018, a decrease of 0.6% year on year and an increase of 4.9% quarter on quarter. It contributed 45.2% to the Group’s total revenues in Q4 2018. The annual revenue from the commodity market was PLN 153.6 million in 2018, representing an increase of 8.1% and a share of 44.3% of the Group’s total sales revenues. The revenue from the commodity market includes trading revenue, revenue from operation of the register of certificates of origin, and revenue from clearing.
- Trading revenue on the commodity market
The trading revenue on the commodity market increased by 2.3% quarter on quarter to PLN 20.8 million in Q4 2018. The annual trading revenue on the commodity market was PLN 78.5 million in 2018, representing an increase of 12.1%. The revenue from trade in electricity was PLN 5.7 million in Q4 2018, an increase of 97.8% year on year and 7.1% quarter on quarter. The annual revenue from trade in electricity was PLN 18.4 million, an increase of 108.7% year on year. The revenue from trade in gas was PLN 10.8 million in 2018, down by 0.3% year on year. The revenue from trade in gas increased by 14.7% year on year and 10.9% quarter on quarter and stood at PLN 3.5 million in Q4 2018. The revenue from trade in property rights of certificates of origin decreased by 4.5% year on year to PLN 37.8 million in 2018. The revenue from trade in property rights of certificates of origin stood at PLN 8.7 million in Q4 2018, representing a decrease of 24.1% year on year and 3.7% quarter on quarter. The Group’s revenue from other fees paid by commodity market participants stood at PLN 11.5 million in 2018 compared to PLN 10.8 million in 2017, i.e., it increased by 6.6% year on year. The amount of other fees paid by commodity market participants depends largely on the activity of IRGiT Members, in particular the number of transactions.
- Operation of the Register of Certificates of Origin
Te revenue from the operation of the Register of Certificates of Origin was PLN 6.1 million in Q4 2018, representing a decrease of 23.4% year on year. The annual revenue from the operation of the Register of Certificates of Origin was PLN 28.7 million in 2018, a decrease of 6.3% year on year. The decrease in the revenue from the operation of the Register of Certificates of Origin was driven mainly by a decrease in the volumes of RES instruments which have a large impact on the revenue of this business line: the volumes of cancelled RES property rights decreased by 24.9% year on year and the volumes of issued RES property rights decreased by 18.5% year on year in 2018.
- Clearing
The revenue from clearing was PLN 12.9 million in Q4 2018, representing an increase of 8.0% year on year and 16.3% quarter on quarter. The Group’s annual revenue from clearing was PLN 45.9 million in 2018, an increase of 11.8% year on year. The year-on-year increase was driven by rising volumes of trade on all markets operated by TGE.
Operating expenses
Operating expenses were PLN 42.4 million in Q4 2018 compared to PLN 49.0 million in Q4 2017, representing a decrease of 13.4% year on year. The annual operating expenses were PLN 173.8 million in 2018 compared to PLN 165.8 million in 2017, an increase of 4.9% year on year. The C/I ratio was 50.1% in 2018 compared to 47.1% in 2017.
- The increase of operating expenses was mainly driven by an increase of fees and charges (including the fee due to PFSA) by 104.9% or PLN 6.9 million year on year to PLN 13.4 million in 2018.
- The Group’s salaries and other employee costs increased by 9.5% or PLN 6.0 million year on year to PLN 68.8 million; its depreciation and amortisation charges increased by 12.2% or PLN 3.4 million year on year to PLN 31.8 million.
- External service charges decreased by 16.3% or PLN 8.7 million year on year and stood at PLN 44.5 million.
Share of profit of associates
The GPW Group’s share of profit of associates was PLN 1.9 million in Q4 2018 and remained stable year on year. The GPW Group’s annual share of profit of associates was PLN 10.6 million in 2018 compared to PLN 10.1 million in 2017, up by 4.9% year on year. The share of profit of associates was mainly driven by the earnings of KDPW and the end of negative contributions due to the sale of Aquis Exchange. KDPW’s profit attributable to GPW was PLN 11.2 million in 2018 compared to PLN 12.6 million in 2017. The loss of Aquis Exchange attributable to the GPW Group was PLN 0.9 million in 2018 compared to a loss of PLN 3.2 million in 2017. Following a change of shareholders, Polish Rating Agency (formerly IAiR) is an associate as of Q4 2018 (previously a subsidiary). The share of loss of PAR was PLN 0.2 million in 2018.
Consolidated profit and loss account of GPW Group
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in PLN thousand, under IFRS |
2018 | 2017 | 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |||
| Revenue | 88,455 | 85,743 | 86,647 | 85,936 | 92,169 | 81,119 | 87,635 | 91,034 | 346,781 | 351,956 |
| Financial market | 48,083 | 47,134 | 47,063 | 49,572 | 51,875 | 48,851 | 52,500 | 55,623 | 191,852 | 208,849 |
| Trading | 30,601 | 30,679 | 30,103 | 32,897 | 34,621 | 31,903 | 35,966 | 38,846 | 124,280 | 141,336 |
|
Shares and other equity instruments |
22,510 | 23,772 | 22,910 | 24,890 | 27,188 | 24,391 | 27,791 | 30,194 | 94,082 | 109,564 |
|
Derivative instruments |
3,215 | 2,626 | 2,996 | 3,231 | 2,672 | 2,627 | 3,168 | 3,421 | 12,068 | 11,888 |
|
Other fees paid by market participants |
1,947 | 1,805 | 1,730 | 1,914 | 1,849 | 1,814 | 1,914 | 1,921 | 7,396 | 7,498 |
|
Fixed-income instruments |
2,819 | 2,395 | 2,390 | 2,750 | 2,801 | 2,965 | 2,994 | 3,198 | 10,354 | 11,958 |
|
Other cash instruments |
110 | 81 | 77 | 112 | 111 | 106 | 99 | 112 | 380 | 428 |
|
Listing |
5,661 | 5,385 | 5,835 | 5,924 | 6,278 | 6,278 | 6,065 | 6,347 | 22,805 | 24,968 |
|
Annual listing fees |
4,825 | 4,796 | 5,020 | 5,091 | 4,982 | 4,929 | 4,913 | 5,188 | 19,732 | 20,013 |
|
Introduction and admission fees, other fees |
836 | 589 | 815 | 833 | 1,296 | 1,348 | 1,152 | 1,159 | 3,073 | 4,955 |
|
Information services |
11,821 | 11,070 | 11,126 | 10,750 | 10,976 | 10,670 | 10,469 | 10,430 | 44,767 | 42,545 |
| Commodity market | 39,983 | 38,126 | 39,233 | 36,213 | 40,215 | 31,989 | 34,770 | 35,115 | 153,555 | 142,088 |
|
Trading |
20,819 | 20,344 | 19,646 | 17,738 | 20,170 | 16,699 | 17,643 | 15,580 | 78,547 | 70,092 |
|
Trading in electricity |
5,664 | 5,289 | 4,321 | 3,121 | 2,864 | 2,125 | 2,001 | 1,825 | 18,395 | 8,815 |
|
Cash market |
904 | 711 | 664 | 744 | 718 | 583 | 625 | 754 | 3,023 | 2,680 |
|
Forward market |
4,760 | 4,578 | 3,657 | 2,377 | 2,146 | 1,542 | 1,376 | 1,071 | 15,372 | 6,135 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
|
Trading in gas |
3,470 | 3,130 | 1,951 | 2,258 | 3,024 | 3,431 | 1,870 | 2,521 | 10,809 | 10,846 |
|
Cash market |
711 | 240 | 401 | 1,159 | 620 | 325 | 556 | 940 | 2,511 | 2,441 |
|
Forward market |
2,759 | 2,890 | 1,550 | 1,099 | 2,404 | 3,106 | 1,314 | 1,581 | 8,298 | 8,405 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
|
Trading in property rights in certificates of origin |
8,671 | 9,001 | 10,618 | 9,527 | 11,430 | 8,386 | 11,126 | 8,672 | 37,817 | 39,614 |
|
Other fees paid by market participants |
3,014 | 2,924 | 2,756 | 2,832 | 2,852 | 2,757 | 2,646 | 2,562 | 11,526 | 10,817 |
|
Operating a register of certificates of origin |
6,098 | 6,549 | 8,923 | 7,126 | 7,963 | 5,768 | 7,783 | 9,114 | 28,696 | 30,628 |
|
Clearing |
12,949 | 11,130 | 10,532 | 11,251 | 11,990 | 9,435 | 9,258 | 10,336 | 45,862 | 41,019 |
|
Information services |
117 | 103 | 132 | 98 | 92 | 87 | 86 | 85 | 450 | 349 |
| Other revenues | 389 | 483 | 351 | 151 | 79 | 279 | 365 | 296 | 1,374 | 1,019 |
| Operating expenses | 42,431 | 43,028 | 39,993 | 48,360 | 48,978 | 32,505 | 37,765 | 46,515 | 173,812 | 165,763 |
| Depreciation and amortization | 7,907 | 7,948 | 8,093 | 7,825 | 7,566 | 7,342 | 7,024 | 6,393 | 31,772 | 28,325 |
| Salaries | 14,987 | 13,230 | 13,218 | 13,630 | 14,122 | 12,239 | 11,897 | 12,506 | 55,065 | 50,764 |
| Other employee costs | 3,316 | 3,254 | 3,415 | 3,780 | 3,070 | 2,867 | 3,002 | 3,142 | 13,765 | 12,081 |
| Rent and other rent related fees | 2,372 | 2,299 | 1,945 | 2,506 | 2,098 | 2,187 | 2,613 | 2,607 | 9,122 | 9,505 |
| Fees and charges | 126 | 3,790 | 244 | 9,268 | 233 | -5,524 | 229 | 11,615 | 13,428 | 6,553 |
|
including: fees paid to KNF |
4 | 3,506 | 5 | 9,023 | 3 | -5,781 | 0 | 11,357 | 12,538 | 5,579 |
| External services | 11,941 | 11,149 | 11,507 | 9,923 | 20,347 | 12,183 | 11,650 | 9,014 | 44,520 | 53,194 |
| Other operating expenses | 1,782 | 1,357 | 1,571 | 1,430 | 1,544 | 1,209 | 1,350 | 1,238 | 6,140 | 5,341 |
| Other income | 1,282 | 284 | 293 | 844 | 1,767 | 1,731 | 31 | 330 | 2,703 | 3,859 |
| Gains on reversal of impairment losses on receivables / (Impairment losses) on receivables | -1,686 | 384 | -375 | -1,476 | 0 | 0 | 0 | 0 | -3,153 | -607 |
| Other expenses | 830 | 330 | 373 | 781 | 647 | 395 | 954 | 1,507 | 2,314 | 2,896 |
| Operating profit | 44,790 | 43,053 | 46,199 | 36,163 | 44,310 | 49,950 | 48,947 | 43,342 | 170,205 | 186,549 |
| Financial income | 2,592 | 1,789 | 48,191 | 1,867 | 1,284 | 1,334 | 1,538 | 1,394 | 54,439 | 5,550 |
| Financial costs | 2,662 | 2,168 | 2,124 | 2,208 | 2,438 | -1,339 | 2,497 | 7,551 | 9,162 | 11,147 |
| Net financial income | -70 | -379 | 46,067 | -341 | -1,154 | 2,673 | -959 | -6,157 | 45,277 | -5,597 |
| Share of profit of entities measured by equity method | 1,923 | 3,412 | 4,472 | 746 | 1,910 | 3,609 | 3,045 | 1,495 | 10,553 | 10,059 |
| Profit before income tax | 46,643 | 46,086 | 96,738 | 36,568 | 45,066 | 56,233 | 51,032 | 38,680 | 226,035 | 191,011 |
| Income tax | 9,506 | 8,466 | 17,705 | 6,657 | 5,754 | 9,320 | 9,173 | 8 027 | 42,334 | 32,274 |
| Net profit for the period | 37,137 | 37,620 | 79,033 | 29,911 | 39,312 | 46,913 | 41,859 | 30 653 | 183,701 | 158,737 |
Source: GPW
Consolidated statement of financial position of GPW Group
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|---|
| 4Q | 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | |
| Non-current assets | 580,375 | 575,125 | 578,568 | 580,697 | 596,354 | 594,774 | 597,220 | 597,334 |
| Tangible fixed assets | 108,158 | 106,156 | 108,245 | 108,691 | 110,784 | 112,036 | 113,777 | 116,716 |
| Right-to-use assets | ||||||||
| Intangible fixed assets * | 254,564 | 254,491 | 258,320 | 260,918 | 263,769 | 264,694 | 267,158 | 268,268 |
| Investment in entities measured by equity method | 207,267 | 203,273 | 199,929 | 195,986 | 207,389 | 205,221 | 201,590 | 198,577 |
| Subleasing receivables | ||||||||
| Deferred tax assets | 540 | 863 | 0 | 4,472 | 3,803 | 1,796 | 3,349 | 3,261 |
| Available for sale financial assets | 0 | 0 | 1,800 | 271 | 280 | 278 | 278 | |
| Financial assets held to maturity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Financial assets measured at fair value through other comprehensive income | 101 | 200 | 204 | 197 | ||||
| Prepayments | 5,523 | 5,920 | 5,848 | 6,211 | 6,116 | 6,525 | 6,846 | 6,012 |
| Other long-term financial assets * | 4,222 | 4,222 | 4,222 | 4,222 | 4,222 | 4,222 | 4,222 | 4,222 |
| Current assets | 636,942 | 618,283 | 693,410 | 612,539 | 550,699 | 513,493 | 615,476 | 592,548 |
| Inventories | 64 | 64 | 60 | 54 | 56 | 54 | 53 | 60 |
| Corporate income tax receivable | 0 | 71 | 71 | 71 | 71 | 95 | 71 | 559 |
| Trade and other receivables | 69,437 | 78,747 | 68,509 | 87,399 | 64,096 | 63,768 | 89,069 | 165,243 |
| Subleasing receivables | ||||||||
| Contract assets | 1,215 | 2,122 | 1,946 | |||||
| Available-for-sale financial assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Assets held for sale | 0 | 0 | 0 | 12,151 | 0 | 0 | 0 | 0 |
| Financial assets measured at amortised cost | 377,502 | 364,221 | 380,982 | 201,402 | ||||
| Financial assets held to maturity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other short-term financial assets | 0 | 0 | 0 | 0 | 250,590 | 162,646 | 70,470 | 153,546 |
| Cash and cash equivalents | 188,724 | 173,058 | 241,842 | 311,462 | 235,886 | 286,930 | 455,813 | 273,140 |
| Total assets | 1,217,317 | 1,193,408 | 1,271,978 | 1,193,236 | 1,147,053 | 1,108,267 | 1,212,696 | 1,189,882 |
| Equity | 890,538 | 853,355 | 815,827 | 829,346 | 799,467 | 759,686 | 712,752 | 761,096 |
| Share capital | 63,865 | 63,865 | 63,865 | 63,865 | 63,865 | 63,865 | 63,865 | 63,865 |
| Other reserves | 1,267 | 1,126 | 1,194 | 1,349 | 1,347 | 1,128 | 1 ,06 | 1,035 |
| Retained earnings | 824,816 | 787,776 | 750,185 | 763,551 | 733,682 | 694,132 | 647,246 | 695,646 |
| Non-controlling interest | 590 | 588 | 583 | 581 | 573 | 561 | 535 | 550 |
| Non-current liabilities | 269,333 | 268,290 | 265,955 | 264,884 | 270,781 | 271,200 | 269,452 | 269,111 |
| Debt securities | 243,961 | 243,864 | 243,767 | 243,670 | 243,573 | 243,475 | 243,378 | 243,281 |
| Employee benefits payable | 1,147 | 1,130 | 1,239 | 1,454 | 1,454 | 1,468 | 1,838 | 2,274 |
| Finance lease liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 |
| Lease liabilities | ||||||||
| Loans and borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Prepayments | 5,033 | 5,173 | 5,313 | 5,452 | 5,592 | 5,996 | 6,064 | 6,132 |
| Deferred tax liability | 7,357 | 6,358 | 3,941 | 2,682 | 7,108 | 7,286 | 5,276 | 4,588 |
| Provisions for other liabilities and charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 11,835 | 11,765 | 11,695 | 11,626 | 13,054 | 12,975 | 12,896 | 12,819 |
| Current liabilities | 57,446 | 71,763 | 190,196 | 99,006 | 76,805 | 77,381 | 230,492 | 159,675 |
| Debt securities | 1,938 | 2,099 | 1,899 | 2,070 | 1,938 | 2,100 | 1,896 | 2,069 |
| Trade payables | 8,575 | 7,905 | 18,775 | 23,849 | 21,303 | 6,169 | 3,496 | 6,199 |
| Employee benefits payable | 14,278 | 11,684 | 10,525 | 8,141 | 12,958 | 10,515 | 8,060 | 5,812 |
| Finance lease liabilities | 0 | 0 | 0 | 15 | 31 | 48 | 64 | 62 |
| Lease liabilities | ||||||||
| Corporate income tax payable | 3,158 | 1,066 | 8,688 | 1,636 | 6,012 | 4,587 | 7,597 | 13,188 |
| Loans and borrowings | 0 | 0 | 0 | 0 | 0 | 20,021 | 59,958 | 59,798 |
| Performance obligations | 3,581 | 12,533 | 22,375 | 33,037 | ||||
| Prepayments | 559 | 559 | 563 | 559 | 7,386 | 15,641 | 37,194 | 41,722 |
| Provisions for other liabilities and charges | 68 | 68 | 68 | 67 | 210 | 191 | 318 | 317 |
| Dividends and other liabilities | 25,289 | 35,849 | 127,303 | 29,632 | 26,967 | 18,109 | 111,909 | 30,508 |
| Liabilities directly related to assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity and liabilities | 1,217,317 | 1,193,408 | 1,271,978 | 1,193,236 | 1,147,053 | 1,108,267 | 1,212,696 | 1,189,882 |
Source: GPW
Consolidated Cash Flow on GPW Group
| CONSOLIDATED STATEMENTS OF CASH FLOW in PLN thousand, under IFRS |
2018 | 2017 |
|---|---|---|
| Cash flows from operating activities | 136,482 | 159,264 |
| Cash flows from investing activities | -84,170 | -186,629 |
| Cash flows from financing activities | -99,669 | -99,784 |
| Net increase/ (decrease) in cash and cash equivalents | -47,357 | -127,022 |
|
Effect of movements in changes rates on cash held |
195 | 241 |
| Cash and cash equivalents at the beginning of the period | 235,886 | 362,667 |
| Cash and cash equivalents at the end of the period | 188,724 | 235,886 |
Source:GPW
Key financial indicators of GPW Group
| BASIC FINANCIAL RATIOS | 2018 | 2017 |
|---|---|---|
| Operating profit | 170,205 | 186,549 |
| EBITDA* | 201,977 | 214,874 |
| EBITDA margin** | 58,2% | 61.1% |
| Operating profit margin*** | 49.1% | 53.0% |
| Return on equity (ROE)**** | 21.7% | 20.7% |
For more information please visit GPW website and find Consolidated annual report of GPW Group for 2018.