Other income of the Group amounted to PLN 10.5 million in 2012 and other expenses amounted to PLN 10.6 million in 2012 compared to PLN 0.4 million and PLN 1.6 million, respectively, in 2011.

The increase in other income in 2012 was driven mainly by the valuation of a minority stake in PolPX held by WSE before taking over control, stated at fair value in Q1 2012 (PLN 4.5 million), and includes an amendment of WSE’s accounting policies as regards provisioning against debt. Furthermore, WSE received a reimbursement of PLN 1.7 million from employees in Q4 2012 in respect of the settlement of medical services as payment of outstanding contributions and personal income tax for medical packages for 2006 – January 2012.

The increase in other expenses in 2012 was driven by the decision of the WSE Management Board of December 2012 to concentrate trading in exchange commodities within PolPX and to discontinue organising trading in exchange commodities on the poee WSE Energy Market after the end of Q1 2013. As a consequence, the Company’s Management Board decided in February 2013 to recognize as at December 31, 2012 an impairment write-down of goodwill from the acquisition of an organized part of the enterprise of poee. The write-down amounted to PLN 7.9 million.

The WSE Management Board decided to recognise an impairment write-down of the shares held in SIBEX at PLN 1.0 million as at December 31, 2012. The decision was based on a financial loss of the SIBEX in 2011 and in three quarters of 2012 as well as a decrease of the share price in 2010-2012 on the stock exchange.

Quarterly other income and expenses were at negative PLN 7.5 million in Q4 2012 compared to positive PLN 0.1 million in Q3 2012 and positive PLN 1.4 million in Q4 2011.

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