2014-07-31 12:45:12

Results of WSE Group in Q2 2014


Stable Results of WSE Group in Q2 2014
Despite Unfavourable Situation on Financial Markets

PRESS RELEASE

Financial results of the WSE in Q2 2014:

  • Total revenue: PLN 69.3 million, an increase of 7.3% year on year
  • Revenue from the financial market: PLN 48.2 million, a decrease of 6.7% YoY
  • Revenue from the commodity market: PLN 20.3 million, an increase of 65.2% YoY
  • EBITDA: PLN 32.3 million, an increase of 2.7% YoY
  • Net profit: PLN 20.4 million, a decrease of 20.1% YoY
  • EPS: PLN 0.48 (PLN 0.40 in Q2 2013)
  • Dividend for 2013: PLN 1.2 per share

In Q2 2014, the Warsaw Stock Exchange Group earned total revenue of PLN 69.3 million, an increase of 7.3% year on year. The net profit of the WSE Group increased by 20.1% year on year to PLN 20.4 million and EBITDA was PLN 32.3 million (+2.7% YoY).

The increase in revenue was mainly owed to a successful quarter on the commodity market which contributed 29.4% of the Group's revenue of the period, mitigating the impact of a weak quarter on the financial market on the results of the WSE Group.

The decrease of revenue from the financial market (-6.7% YoY) was largely driven by a low value of trading on the equities market and volumes on the WIG20 futures market which caused the trading revenue to decrease to PLN 32.5 billion (-13.3% YoY). The other segments of the WSE Group's activity on the financial market reported an improvement year on year. The revenue from information services was PLN 9.6 million (+11.5% YoY) and the listing revenue was PLN 6.1 million (+9.6% YoY) as a result of a year-on-year increase in the capitalisation of companies listed on the WSE markets.

Revenues from the commodity market increased by 65.2% year on year to PLN 20.3 million, mainly due to an increase of trading revenue (+56.7% YoY), in particular for trading in electricity and property rights. The volume of trade in electricity on PolPX in Q2 2014 was equal to 119.8% of electricity production in Poland. The gas market also reported a marked increase. The total volume of trade in gas was 4.2 TWh in Q2 2014, a four-fold increase quarter on quarter and several times more than last year. The revenue from the operation of the register of certificates of origin was PLN 4.8 million compared to PLN 2.0 million last year.

The operating expenses of the WSE Group stood at PLN 44.4 million and remained stable quarter on quarter (+1.1% QoQ) and year on year (+0.9% YoY). The modest increase of operating expenses was mainly driven by external service charges as well as the cost of financial market supervision which increased year on year (+20.3% YoY). The Ordinary General Meeting of WSE shareholders ended on 25 July 2014 decided to pay out dividend for 2013 as proposed by the Exchange Management Board at PLN 1.2 per share, which implies a dividend payout ratio of 3.3 percent.

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Warsaw Stock Exchange is the biggest securities exchange in Central and Eastern Europe. WSE organises trading on one of the most dynamically growing capital markets in Europe. WSE operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. WSE is developing Catalyst, a market for issuers of corporate and municipal bonds, as well as commodity markets. Since 9 November 2010, WSE is a public company listed on Warsaw Stock Exchange. For more information visit http://www.gpw.pl.

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