6926476451

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WARSAW STOCK EXCHANCE

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

TABLE OF CONTENTS

I.    SELECTED MARKET DATA....................................................................................................................4

II.    SELECTED FINANCIAL DATA.................................................................................................................8

III. SEMI-ANNUAL REPORT OF THE EXCHANGE MANAGEMENT BOARD ON THE ACTIVITY OF THE GROUP

12

1.    Information about the Group....................................................................12

1.1.    Background Information about the Group..............................................12

1.2.    Organisation of the Group and the effect of changes in its structure.........13

1.3.    Ownership.........................................................................................14

2.    MAIN RISKS AND THREATS RELATED TO THE REMAINING MONTHS OF 2015.................... 16

Risk factors related to the sector of the Group's business activity....................16

Risk factors related to geopolitics and the global economic conditions..............16

Risk factors relating to laws and regulations..................................................16

Risk factors related to the business actmty of the Group................................17

IV.    FINANCIAL POSITION AND ASSETS....................................................................................................18

1.    SUMMARYOF RESULTS................................................................................. 18

2.    PRESENTATION OF THE FINANCIALS.................................................................. 21

REVENUE..................................................................................................21

FINANCIAL MARKET................................................................................... 24

TRADING............................................................................................................24

LISTING.............................................................................................................26

INFORMATION SERVICES.....................................................................................28

COMMODITY MARKET................................................................................. 28

TRADING............................................................................................................29

REGISTER OF CERTIFICATES OF ORIGIN................................................................30

CLEARING..........................................................................................................30

OTHER REVENUES...............................................................................................31

OPERATING EXPENSES...............................................................................31

OTHER INCOME AND EXPENSES............................................................................35

FINANCIAL INCOME AND EXPENSES......................................................................35

SHARE OF PROFIT OF ASSOCIATES.......................................................................35

INCOME TAX.......................................................................................................36

V.    ATYPICAL FACTORS AND EVENTS IMPACTING THE RESULTS..............................................................37

VI.    GROUP'S ASSETS AND LIABILITIES STRUCTURE..................................................................................38

ASSETS....................................................................................................38

EQUITY AND LIABILITIES........................................................................... 38

CASH FLOWS............................................................................................ 39

CAPITAL EXPENDITURE.............................................................................. 40

VII.    RATIO ANALYSIS................................................................................................................................41

DEBT AND FINANCING RATIOS.............................................................................41

LIQUIDITY RATIOS..............................................................................................41

PROFITABILITY RATIOS........................................................................................41

SEASONALITY AND CYCLICALITY OF OPERATIONS......................................... 42

VIII.    OTHER INFORMATION.......................................................................................................................44

CAPITAL EXPENDITURE FOR THE IMPLEMENTATION OF UTP-DERIVATIVES.................44