The balance-sheet total of the Group was PLN 1.06 billion as at 31 December 2013, an increase of 3.8% compared to PLN 1.02 billion as at 30 September 2013 and an increase of 10.4% compared to PLN 0.96 billion as at 31 December 2012.

The Group’s non-current assets stood at PLN 576.4 million representing 54% of total assets as at 31 December 2013, as compared to PLN 574.7 million or 56% as at 30 September 2013 and PLN 512.1 million or 53% as at 31 December 2012. The change in intangible assets in 2013 was driven by WSE’s implementation of the new trading system UTP while the change in available-for-sale financial assets in 2013 was due to WSE’s acquisition of an interest in Aquis Exchange Limited for PLN 10,105 thousand (GBP 2.0 million). Property, plant and equipment increased in Q4 2013 mainly due to the PolPX Group’s investment in infrastructure development and modernisation.

The Group’s current assets stood at PLN 482.7 million representing 46% of total assets as at 31 December 2013 as compared to PLN 445.9 million or 44% as at 30 September 2013 and PLN 447.0 million or 47% as at 31 December 2012. The change in current assets in Q4 2013 was driven among others by the following factors:

• the Group’s positive cash flows from operating activities;
• WSE’s corporate income tax receivable (due to a surplus payment as well as a recognised income tax refund due in respect of the 2013 tax relief for investment in new technologies);
• decrease in the PolPX Group’s VAT receivable (market coupling and a change of the relationship between power buy and sell transactions of EU members).

Consolidated statement of financial position of WSE Group at the end of selected quarters of 2012 and 2013 (assets)

The equity of the Group stood at PLN 638.1 million representing 60% of the Group’s total liabilities and equity as at 31 December 2013, PLN 609.0 million or 60% as at 30 September 2013 and PLN 555.9 million or 58% as at 31 December 2012.

Non-controlling interests stood at PLN 1.1 million as at 31 December 2013, a decrease of PLN 0.1 million compared to Q3 2013. The decrease was mainly driven by lower profits of BondSpot S.A. in Q4 2013 and WSE’s acquisition of an additional 0.49% of shares of the company.

Non-current liabilities of the Group stood at PLN 249.6 million representing 24% of the Group’s total equity and liabilities as at 31 December 2013, PLN 248.2 million or 24% as at 30 September 2013 and PLN 247.8 million or 26% as at 31 December 2012. The higher value of non-current liabilities as at 31 December 2013 as compared to Q3 2013 was driven by deferred tax liabilities recognised by WSE. The deferred tax liabilities derive mainly from a difference between the tax rate and the accounting rate of depreciation and amortisation of the UTP system.

Current liabilities of the Group stood at PLN 171.4 million and represented 16% of the Group’s total equity and liabilities as at 31 December 2013, PLN 163.4 million or 16% as at 30 September 2013 and PLN 155.3 million or 16 % as at 31 December 2012. The change of current liabilities in Q4 2013 was driven among others by the following factors:

• increase in the PolPX Group’s trade payables in respect of property, plant and equipment relating to the IT infrastructure;
• increase in the PolPX Group’s VAT payable (market coupling and a change of the relationship between power buy and sell transactions of EU members);
• payment of interest on bonds in December 2013 (PLN 4.8 million).

Consolidated statement of financial position of WSE Group at the end of selected quarters of 2012 and 2013 (liabilities)