SHARE OF PROFIT OF ASSOCIATES

The Group’s share of profit of associates stood at PLN 3.5 million in 2016 compared to a negative PLN 1.5 million in 2015. The increase was mainly driven by a higher profit of the KDPW Group (PLN 23.8 million) and a lower net loss of Aquis Exchange Limited at PLN 19.0 million in 2016.

Aquis Exchange Limited became an associate upon GPW’s acquisition of the second tranche of shares in February 2014. The Group’s share of the loss of Aquis Exchange Ltd was PLN 4.5 million in 2016 compared to PLN 6.5 million in 2015.

In H1 2016, Aquis Exchange Limited issued shares at GBP 18.50 per share, which was more than the price paid by GPW (GBP 13.02 per share). Following a share issue without the participation of GPW, GPW’s share in Aquis measured by the number of shares decreased from 31.01% as at 31 December 2015 to 26.89% as at 30 June 2016. GPW’s share in economic and voting rights decreased from 26.33% to 23.30%. In Q3 2016, Aquis Exchange completed another three new share issues, each at GBP 18.50 per share. As a result, GPW’s share in Aquis measured by the number of shares decreased to 23.60% and GPW’s share in economic and voting rights decreased to 20.79%. In October 2016, Aquis completed another new share issue at GBP 18.50 per share without the participation of GPW. As a result of Aquis’s last share issue in 2016, GPW’s share in Aquis measured by the number of shares decreased to 22.99% and GPW’s share in economic and voting rights decreased to 20.31%.

The Group’s share of the KDPW Group profit was PLN 7.7 million in 2016 compared to PLN 4.6 million in 2015.

The share in the net profit of Centrum Giełdowe was PLN 0.27 million in 2016 compared to PLN 0.35 million in 2015.

Profit / (Loss) of associates

GPW’s share of profit / (loss) of associates