The Group’s share of profit of associates amounted to PLN 12.5 million in 2013, an increase of 35.2% compared to PLN 9.2 million in 2012. The higher profit was driven mainly by the net profit of the KDPW Group, which was PLN 36.1 million in 2013 compared to PLN 24.6 million in 2012.
The profit of the KDPW Group in 2013 increased compared to 2012 mainly due to an increase in sales revenues by 14.0% (PLN 17.0 million) driven mainly by fees for the operation of the depository of financial instruments and fees for settlement.
The net profit of Centrum Giełdowe was PLN 1.9 million in 2013 compared to PLN 4.2 million in 2012. The significant volatility of the profit of Centrum Giełdowe year on year results mainly from fx differences and derives from the payment amounts and dates of the company’s US$ denominated loan.
Profit / (Loss) of associates
| PLN'000 | Three-month period ended | Year ended 31 December | |||
|---|---|---|---|---|---|
| 31 December 2013 | 30 September 2013 | 31 December 2012 | 2013 | 2012 | |
| KDPW Group | 4.182 | 9.124 | 2.229 | 36.078 | 24.613 |
| Centrum Giełdowe S.A. | 888 | 1.391 | 694 | 1.890 | 4.191 |
| Total | 5.070 | 10.515 | 2.923 | 37.968 | 28.804 |
WSE's share of profit / (loss) of associates
| PLN'000 | Three-month period ended | Year ended 31 December | |||
|---|---|---|---|---|---|
| 31 December 2013 | 30 September 2013 | 31 December 2012 | 2013 | 2012 | |
| KDPW Group | 1.394 | 3.041 | 743 | 12.026 | 8.204 |
| Centrum Giełdowe S.A. | 220 | 344 | 172 | 468 | 1.039 |
| Total | 1.614 | 3.385 | 915 | 12.494 | 9.243 |
Source: Consolidated Financial Statements, Company
The quarterly share in profit of associates decreased by PLN 1.8 million in Q4 2013 compared to Q3 2013. The main driver was the lower net profit of the KDPW Group in Q4 2013 resulting mainly from an increase in operating expenses by 27.0%. The share in profit of associates increased by PLN 0.7 million compared to Q4 2012 mainly due to the goodwill impairment loss of poee recognised in KDPW in Q4 2012.