Summary of annual and quarterly results

The Group generated an operating profit of PLN 125.3 million in 2012, a decrease of 6.3% compared to 2011. The decrease was driven mainly by a decrease in revenues from the financial market segment by 20.6% (PLN 54.0 million) while additional revenues were earned from the commodity market at PLN 59.8 million as a result of the acquisition of the PolPX Group. Furthermore, an increase in other expenses in December 2012 was due to WSE’s impairment write-downs of goodwill of an organized part of the enterprise of poee at PLN 7.9 million and shares in S.C. SIBEX – Sibiu Stock Exchange S.A. at PLN 1.0 million

The Group’s sales revenues amounted to PLN 273.8 million in 2012, an increase of PLN 5.0 million (1.9%) compared to 2011. Operating expenses amounted to PLN 148.5 million in 2012, an increase of 10.8% year on year. The increase in operating expenses was driven mainly by the consolidation of the PolPX Group (operating expenses of PolPX consolidated with the results of the WSE Group were PLN 22.4 million).

The Group’s net profit was PLN 106.2 million in 2012, a decrease of 20.8% year on year. The decrease in the net profit was driven among others by a significant increase of interest costs of the debt service relating to the bond issue, which stood at PLN 15.5 million in 2012, as well as a decrease in the share of profit of associates by PLN 6.2 million.

The Group generated an operating profit of PLN 26.9 million and a net profit of PLN 20.1 million in Q4 2012, compared to PLN 31.3 million and PLN 25.9 million, respectively, in Q3 2012, and PLN 27.1 million and PLN 24.5 million, respectively, in Q4 2011.

The results generated in Q4 2012 are not fully comparable to the results of Q4 2011 mainly due to a change in the structure of the Group (consolidation of the PolPX Group as of March 2012), the cost of debt service relating to the bond issue, hedging accounting applied by WSE as of January 2012 (mitigating the profit impact of fx differences on cash designated as financing of UTP) and write-downs of the investment in poee and S.C SIBEX charged to other expenses.

WSE Group's consolidated profit and loss account in 2011 and 2012, by quarter
PLN'000 2012 2012 2011 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 273,825 74,114 65,663 70,110 63,938 268,797 60,907 70,421 68,305 69,164
Financial market 208,144 49,983 49,862 51,341 56,958 262,154 58,762 68,985 66,339 68,068
Trading 150,112 35,534 35,837 36,504 42,237 202,199 43,739 53,389 50,513 54,558
Listing 21,539 5,516 5,193 5,541 5,289 23,386 5,561 6,052 6,477 5,296
Information services 36,493 8,933 8,832 9,296 9,432 36,569 9,462 9,544 9,349 8,214
Commodity market 62,646 23,910 14,789 17,812 6,135 2,011 758 427 379 447
Trading 30,164 13,165 7,237 7,083 2,679 2,011 758 427 379 447
Operation of RCO 16,549 4,038 4,428 6,017 2,066 - - - - -
Clearing 15,933 6,707 3,124 4,712 1,390 - - - - -
Other revenues 3,035 221 1,012 957 845 4,633 1,389 1,009 1,586 649
Operating expenses 148,490 39,717 34,438 39,326 35,009 133,966 35,198 33,606 34,079 31,083
Depreciation and amortisation 16,564 4,203 4,096 4,292 3,973 15,620 3,889 3,924 3,828 3,979
Salaries 47,814 13,304 11,985 12,126 10,399 39,387 10,380 9,631 10,052 9,324
Other employee costs 12,088 3,018 2,918 2,971 3,181 12,454 4,840 2,268 2,493 2,853
Rent and maintenance fees 9,905 3,022 2,129 2,492 2,262 6,877 1,767 1,724 1,708 1,678
Fees and charges 19,452 3,963 4,816 5,470 5,203 15,675 1,791 5,561 4,128 4,195
incl,: PFSA fees (WSE) 16,823 2,585 4,469 4,885 4,885 14,361 1,331 5,248 3,891 3,891
External services 33,718 9,327 6,664 9,633 8,094 36,235 10,466 8,156 10,300 7,313
Other operating expenses 8,950 2,881 1,830 2,342 1,897 7,718 2,066 2,341 1,570 1,741
Other income 10,505 1,959 209 1,589 6,748 438 309 8 (379) 500
Other expenses 10,583 9,458 99 999 27 1,613 (1,089) 2,608 30 64
Operating profit 125,257 26,898 31,335 31,374 35,650 133,656 27,106 34,216 33,817 38,517
Financial income 14,074 3,180 3,221 3,788 3,885 14,384 1,790 7,936 2,062 2,596
Financial cost 17,800 4,483 4,463 4,099 4,755 448 234 133 51 30
Share of profit of associates 9,243 915 2,013 1,738 4,577 15,470 1,998 3,614 4,420 5,438
Profit before income tax 130,774 26,510 32,106 32,801 39,357 163,062 30,660 45,633 40,248 46,521
Income tax expense 24,544 6,434 6,193 6,075 5,842 28,920 6,117 7,525 7,357 7,921
Profit for the period 106,230 20,076 25,913 26,726 33,515 134,142 24,542 38,108 32,891 38,600
Source: Consolidated Financial Statements, Company
Consolidated statement of financial position of WSE Group at quarter-end, 2011 and 2012
PLN'000 2012 2011
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Non-current assets 512,004 518,215 516,251 513,308 355,291 348,875 393,975 395,870
Tangible fixed assets 133,115 133,864 134,649 129,332 128,672 125,003 118,047 117,197
Intangible fixed assets 209,545 214,487 213,593 209,888 60,621 59,763 59,452 59,847
Investment in associates 151,213 149,456 147,045 152,537 147,894 145,288 141,534 144,073
Deferred tax assets 3,155 4,306 4,847 5,177 3,110 3,349 4,440 5,234
Available-for-sale financial assets 11,183 11,002 10,910 11,004 11,795 12,311 67,348 66,338
Prepayments 3,793 5,100 5,207 5,370 3,199 3,161 3,154 3,181
Current assets 447,020 415,847 499,153 477,713 377,616 183,171 239,546 210,255
Inventories 253 325 278 266 260 283 292 430
Income tax receivable 4,837 1,578 111 - - - - -
Trade and other receivables 62,929 64,073 95,618 79,434 29,620 51,511 50,268 47,014
Available-for-sale financial assets 118 586 58,254 57,389 56,651 55,880 - 31,056
Other current financial assets - - - - - 16 - -
Cash and cash equivalents 378,883 349,285 344,892 340,624 291,085 75,481 188,986 131,755
incl,: assets of the clearing guarantee system 121,489 100,862 104,590 92,647 - - - -
Total assets 959,024 934,062 1,015,404 991,021 732,907 532,046 633,521 606,125
Equity 555,890 537,534 525,409 560,793 524,492 499,288 460,992 562,841
Share capital 63,865 63,865 63,865 63,865 63,865 63,865 63,865 63,865
Other reserves (1,000) (2,639) (1,459) (2,681) 270 98 (30) (281)
Retained earnings 491,647 472,010 455,429 492,202 459,074 434,149 396,154 498,288
Non-controlling interests 1,377 4,298 7,574 7,407 1,283 1,176 1,003 969
Non-current liabilities 247,842 250,313 250,213 263,322 175,517 3,461 3,370 3,649
Employee benefits payable 4,305 4,984 4,765 4,540 4,206 2,367 2,266 2,367
Finance lease liabilities 381 329 448 424 66 84 94 112
Provisions for other liabilities and payments - - - 1,010 1,019 1,010 1,010 1,170
Liabilities under bond issue 243,157 245,000 245,000 245,000 170,226 - - -
Loans and borrowings - - - 12,348 - - - -
Current liabilities 155,292 146,215 239,782 166,906 32,898 29,297 169,159 39,635
Trade payables 4,284 6,108 11,533 16,829 10,516 2,652 3,301 3,932
Finance lease liabilities 336 356 229 283 61 66 66 71
Income tax payable 2,549 1,487 1,751 7,169 5,011 6,709 5,569 4,416
Liabilities under bond issue 48 3,917 7,917 4,088 - - - -
Loans and borrowings 13 1,760 19,332 - - - - -
Dividends and other liabilities 134,137 121,260 190,065 132,431 4,459 10,332 153,110 26,423
incl, liabilities of the clearing guarantee system 121,489 100,862 104,590 92,647 - - - -
Employee benefits payable 12,574 10,317 7,794 6,106 12,851 9,538 7,013 4,542
Provisions for other liabilities and charges 1,351 1,010 1,161 - - - 100 251
Total equity and liabilities 959,024 934,062 1,015,404 991,021 732,907 532,046 633,521 606,125
Source: Consolidated Financial Statements, Company

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