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Semi-annual Report of the Giełda Papierów Wartościowych iv Warszawie S.A. Group for HI 2015

IV. FINANCIAL POSITION AND ASSETS

1. Summary of results

The GPW Group generated EBITDA¹ of PLN 92.1 million in HI 2015, an increase of 14.4% compared to PLN 80.5 million in HI 2014.

The GPW Group generated an operating profit of PLN 79.3 million compared to PLN 66.2 million in HI 2014. The increase of the operating profit by PLN 13.1 million year on year in HI 2015 resulted from higher revenue from the commodity market segment (an increase of PLN 13.9 million) and lower operating expenses (a decrease of PLN 3.2 million).

The net profit of the Group stood at PLN 65.4 million in HI 2015 compared to PLN 58.0 million in HI 2014. The increase of the net profit year on year in HI 2015 was mainly driven by a higher operating profit.

GPW's EBITDA² stood at PLN 45.0 million in HI 2015, an increase of 1.7% compared to PLN 44.3 million in HI 2014.

GPW generated a separate operating profit of PLN 34.2 million in HI 2015 compared to PLN 32.1 million in HI 2014.

The increase of GPW's operating profit year on year in HI 2015 was mainly a result of lower operating expenses (a decrease of PLN 5.6 million) despite lower revenue (a decrease of PLN 4.0 million). The decrease of operating expenses resulted from lower salaries and other employee costs (a decrease of PLN 3.8 million), depreciation and amortisation (a decrease of PLN 1.3 million) and external service charges (a decrease of PLN 1.2 million). The operating profit in HI 2015 was also influenced by an increase of net other operating income and cost by PLN 0.4 million.

GPW's net profit was PLN 69.1 million in HI 2015 compared to PLN 39.1 million HI 2014. The increase of the net profit year on year in HI 2015 was driven by an increase of the operating profit and an increase by PLN 27.9 million of net financial income and expenses. GPW received dividends from subsidiaries and associates of PLN 43.1 million in HI 2015 compared to PLN 14.8 million in HI 2014. At the same time, the income tax in HI 2015 decreased by PLN 0.1 million year on year.

The PolPX Group generated an operating profit of PLN 45.2 million in HI 2015 compared to PLN 33.8 million in HI 2014. The net profit of the PolPX Group stood at PLN 36.9 million and PLN 28.8 million, respectively, in the periods under review.

BondSpot generated an operating profit of PLN 1.3 million in HI 2015 compared to PLN 2.0 million in HI 2014. The net profit stood at PLN 1.1 million and PLN 1.9 million, respectively, in the periods under review.

Detailed information on changes in revenues and expenses is presented in the sections below.

GPW Group's operating profit before depreciation and amortisation.

GPW's operating profit before depreciation and amortisation.