S
EPARATE
F
INANCIAL
S
TATEMENTS
OF
GIEŁDA PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE
S.A.
FOR THE YEAR ENDED 31 DECEMBER 2022
1
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
TABLE OF CONTENTS
SEPARATE STATEMENT OF FINANCIAL POSITION .......................................................................... 3
SEPARATE STATEMENT OF COMPREHENSIVE INCOME .................................................................... 5
SEPARATE STATEMENT OF CASH FLOWS ........................................................................................ 6
SEPARATE STATEMENT OF CHANGES IN EQUITY ............................................................................ 8
NOTES TO THE SEPARATE FINANCIAL STATEMENTS ....................................................................... 9
1. General information, basis of preparation of the financial statements, accounting policies ....................... 9
1.1. Legal status .................................................................................................................................................... 9
1.2. Scope of operations of the Exchange ............................................................................................................ 9
1.3. Approval of the financial statements ............................................................................................................. 9
1.4. Statement of compliance ............................................................................................................................... 9
1.5. New standards and interpretations ............................................................................................................... 9
1.5.1. Standards and interpretations adopted by the European Union ............................................... 9
1.5.2. Standards and interpretations awaiting adoption by the European Union ............................. 10
1.6. Accounting policy and other information .................................................................................................... 10
1.6.1. Functional and presentation currency ..................................................................................... 10
1.6.2. Basis of preparation ................................................................................................................. 10
1.6.3. Estimates and judgments ......................................................................................................... 10
1.6.4. Selected accounting policies .................................................................................................... 10
1.6.5. Evaluation of balances presented in foreign currencies .......................................................... 10
1.6.6. Segment reporting ................................................................................................................... 11
1.7. Impact of the SARS-CoV-2 pandemic ........................................................................................................... 11
1.8. Impact of the war in Ukraine ....................................................................................................................... 11
1.9. Analysis of the impact of climate change on GPW S.A. ............................................................................... 11
2. Financial risk management .......................................................................................................................12
2.1. Financial risk factors .................................................................................................................................... 12
2.2. Market risk ................................................................................................................................................... 12
2.2.1. Cash flow and fair value interest rate risk ................................................................................ 12
2.2.2. Foreign exchange risk ............................................................................................................... 13
2.2.3. Price risk ................................................................................................................................... 14
2.3. Credit risk ..................................................................................................................................................... 14
2.4. Liquidity risk ................................................................................................................................................. 15
2.5. Capital management .................................................................................................................................... 17
3. Notes to the statement of financial position ..............................................................................................18
3.1. Property, plant and equipment ................................................................................................................... 18
3.2. Intangible assets .......................................................................................................................................... 19
3.3. Investment property .................................................................................................................................... 21
3.4. Investment in subsidiaries ........................................................................................................................... 21
3.4.1. Impairment test of investments ............................................................................................... 22
3.4.2. Acquisition of a subsidiary........................................................................................................ 23
3.5. Investment in associates and joint ventures ............................................................................................... 24
3.6. Leases ........................................................................................................................................................... 25
3.6.1. Qualitative and quantitative information about lease transactions – Exchange as a lessee ... 25
3.6.2. Qualitative and quantitative information about lease transactions – Exchange as a lessor.... 26
3.6.3. Selected judgments and estimates related to leases ............................................................... 27
3.6.4. Right-to-use assets ................................................................................................................... 28
3.6.5. Lease liabilities ......................................................................................................................... 29
3.6.6. Sublease receivables ................................................................................................................ 30
3.7. Financial assets ............................................................................................................................................ 31
3.7.1. Classification and measurement of financial assets ................................................................. 31
3.7.2. Impairment of financial assets ................................................................................................. 32
2
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
3.7.3. Financial assets measured at fair value through other comprehensive income ...................... 32
3.7.4. Trade receivables and other receivables ................................................................................. 33
3.7.5. Financial assets measured at amortised cost ........................................................................... 36
3.7.6. Cash and cash equivalents ....................................................................................................... 37
3.8. Contract assets and contract liabilities ........................................................................................................ 38
3.9. (Non-current) prepayments ......................................................................................................................... 39
3.10. Equity ........................................................................................................................................................... 39
3.10.1. Share capital ............................................................................................................................. 39
3.10.2. Other reserves .......................................................................................................................... 40
3.10.3. Retained earnings..................................................................................................................... 40
3.10.4. Dividend ................................................................................................................................... 41
3.10.5. Earnings per share .................................................................................................................... 41
3.11. Bond liabilities .............................................................................................................................................. 41
3.12. Employee benefits payable .......................................................................................................................... 42
3.12.1. Retirement benefits ................................................................................................................. 43
3.12.2. Other employee benefits ......................................................................................................... 44
3.13. Accruals and deferred income ..................................................................................................................... 44
3.14. Other liabilities ............................................................................................................................................. 45
3.15. Trade payables ............................................................................................................................................. 45
3.16. Deferred income tax .................................................................................................................................... 46
3.17. Provisions for other liabilities and other charges ........................................................................................ 47
3.18. Phantom shares ........................................................................................................................................... 47
3.19. Non-current assets held for sale .................................................................................................................. 48
4. Notes to the statement of comprehensive income ....................................................................................48
4.1. Sales revenue ............................................................................................................................................... 48
4.2. Operating expenses ..................................................................................................................................... 51
4.2.1. Salaries and other employee costs........................................................................................... 51
4.2.2. External service charges ........................................................................................................... 52
4.3. Other income ............................................................................................................................................... 53
4.4. Other expenses ............................................................................................................................................ 53
4.5. Financial income .......................................................................................................................................... 54
4.6. Financial expenses ....................................................................................................................................... 54
4.7. Income tax ................................................................................................................................................... 55
5. Note to the statement of cash flows ..........................................................................................................56
6. Other notes ...............................................................................................................................................57
6.1. Financial instruments ................................................................................................................................... 57
6.2. Grants .......................................................................................................................................................... 57
6.3. Related party transactions ........................................................................................................................... 59
6.3.1. Information about transactions with the State Treasury and entities which are related parties
of the State Treasury ................................................................................................................ 59
6.3.2. Transactions with subsidiaries ................................................................................................. 60
6.3.3. Transactions with associates and joint ventures ..................................................................... 62
6.3.4. Other transactions ................................................................................................................... 63
6.4. Information on remuneration and benefits of the key management personnel ........................................ 63
6.5. Audit firm’s fees ........................................................................................................................................... 64
6.6. Contracted investments ............................................................................................................................... 64
6.7. Contingent liabilities .................................................................................................................................... 64
6.8. Events after the balance sheet date ............................................................................................................ 64
3
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF FINANCIAL POSITION
As at
Note
31 December 2022 31 December 2021
Non-current assets: 492,077
442,961
Property, plant and equipment 3.1. 91,078
77,709
Right-of-use assets 3.6.4. 2,551
5,040
Intangible assets 3.2. 88,167
72,630
Investment property 3.3. 7,889
8,277
Investments in associates and joint ventures 3.5. 11,652
11,652
Investment in subsidiaries 3.4. 278,939
260,633
Sublease receivables 3.6.6. 305
1,803
Deferred tax asset 3.16. 6,029
3,199
Financial assets measured at fair value through other comprehensive
income
3.7.3. 4,888
123
Prepayments 3.9. 579
1,895
Current assets: 203,699
509,033
Inventories -
8
Corporate income tax receivable 6,615
-
Trade receivables and other receivables 3.7.4. 37,447
40,909
Sublease receivables 3.6.6. 2,023
2,347
Contract assets 3.8. 543
2
Financial assets measured at amortised cost 3.7.5. 53,698
296,306
Cash and cash equivalents 3.7.6. 100,037
169,461
Non-current assets held for sale 3.19. 3,336
-
TOTAL ASSETS 695,776
951,994
The attached Notes are an integral part of these Financial Statements.
4
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF FINANCIAL POSITION (CONTINUED)
Note
As at
31 December 2022 31 December 2021
Equity: 595,781
611,392
Share capital 3.10.1. 63,865
63,865
Other reserves 3.10.2. (213) (41)
Retained earnings 3.10.3. 532,129
547,568
Non-current liabilities: 46,556
38,079
Employee benefits payable 3.12. 1,242
1,280
Lease liabilities 3.6.5. 424
4,211
Contract liabilities 3.8. 6,825
7,003
Deferred income 3.13. 27,046
16,293
Other liabilities 3.14. 11,019
9,292
Current liabilities: 53,439
302,523
Liabilities on bonds issue 3.11. -
246,278
Trade payables 3.15. 12,512
7,679
Employee benefits payable 3.12. 18,994
21,818
Lease liabilities 3.6.5. 4,616
5,250
CIT payable -
6,167
Contract liabilities 3.8. 3,844
4,859
Accruals and deferred income 3.13. 3,127
2,843
Provisions for other liabilities and other charges 3.17. 1,407
-
Other liabilities 3.14. 8,939
7,629
TOTAL EQUITY AND LIABILITIES 695,776
951,994
The attached Notes are an integral part of these Financial Statements.
5
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF COMPREHENSIVE INCOME
Note
Year ended 31 December
2022 2021
Sales revenue
4.1.
247,951
253,021
Operating expenses
4.2.
(170,342) (156,805)
Gains on impairment of receivables
3.7.4.
588
1,066
Other income
4.3.
2,281
1,581
Other expenses
4.4.
(11,300) (3,323)
Operating profit
69,178
95,540
Financial income, incl.:
4.5.
49,837
102,889
Interest income under the effective interest rate method
4.5.
12,403
1,105
Financial expenses, incl.:
4.6.
(3,971) (7,309)
Profit before tax
115,044
191,120
Income tax
4.7.
(15,480) (16,695)
Profit for the period
99,564
174,425
Gains/(Losses) on valuation of financial assets measured at fair value
through other comprehensive income, net
3.10.2.
(191) 5
Actuarial gains/(losses) on provisions for employee benefits after
termination, net
3.10.2.
19
181
Total items that will not be reclassified to profit or loss
3.10.2.
(172) 186
Total other comprehensive income after tax
(172) 186
Total comprehensive income
99,392
174,611
Basic / Diluted earnings per share (PLN)
3.10.5.
2.37 4.16
The attached Notes are an integral part of these Financial Statements.
6
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF CASH FLOWS
Note
Year ended 31 December
2022 2021
Total net cash flows from operating activities 81,918
119,493
Net profit of the period 99,564
174,425
Adjustments: 12,616
(39,493)
Income tax 4.7. 15,480
16,695
Depreciation and amortisation 5. 25,616
23,605
Impairments/(Reversal) of impairments 3.4.1. 6,546
141
Dividend (income) 4.5. (36,468) (101,762)
(Gains) on financial assets measured at amortised cost 3.7.5. (4,930) (859)
Financial expense on the bond issue 3.11. 3,169
5,440
Other adjustments 5. (10,957) (1,838)
Change of assets and liabilities: 14,160
19,085
Inventories 8
2
Trade receivables and other receivables (excluding dividend
payable)
3.7.4. 2,672
1,377
Trade payables 3.15. 4,833
341
Contract assets 3.8. (541) 762
Contract liabilities 3.8. (1,193) 448
Non-current prepayments 3.9. 1,316
(150)
Accruals and deferred income 3.13. 11,037
10,691
Employee benefits payable 3.12. (2,862) 7,592
Other liabilities (excluding contracted investments and
dividend payable)
3.14. (4,244) (633)
Provisions for liabilities and other charges 3.17. 1,407
-
Other non-current liabilities 3.14. 1,727
(1,345)
Income tax advances received from related parties (Tax
Group)
4.7. 8,879
14,392
Income tax (paid)/refunded 4.7. (39,141) (29,831)
-
141
The attached Notes are an integral part of these Financial Statements.
7
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF CASH FLOWS (CONTINUED)
Note
Year ended 31 December
2022 2021
Total cash flows from investing activities: 219,137
21,949
In: 677,212
1,110,744
Dividends received 4.5. 36,468
101,762
Inflow related to the expiry of deposits and the maturity of
bonds
530,470
1,005,672
Interest on financial assets measured at amortised cost 3.7.5. 5,111
595
Grants received 11,238
-
Sublease payments (interest) 4.5., 3.6.6. 109
167
Sublease payments (principal) 3.6.6. 2,606
2,548
Repayment of a loan by a related party 6.3.2. 91,210
-
Out: (458,075) (1,088,795)
Purchase of property, plant and equipment and advances for
property, plant and equipment
(21,543) (9,275)
Purchase of intangible assets and advances for intangible assets (30,772) (23,205)
Establishing deposits and subscription of bonds (378,964) (960,869)
Purchase of financial assets measured at fair value through
other comprehensive income
(5,000) -
loan granted to a related party 6.3.2. -
(91,310)
Purchase of shares of a related party 3.4. (21,796) (4,048)
other -
(88)
Total cash flows from financing activities: (370,526) (110,701)
In: -
9,928
Grants received 6.2. -
9,928
Out: (370,526) (120,629)
Dividend paid 3.10.4. (115,003) (105,179)
Interest paid on bonds 3.11. (4,708) (5,452)
Redemption of issued bonds (244,929) -
Refunded grants -
(4,215)
Lease payments (interest) 4.6., 3.6.5. (238) (376)
Lease payments (principal) 3.6.5. (5,648) (5,407)
Net (decrease)/increase in cash and cash equivalents (69,471) 30,741
Impact of fx rates on cash balance in currencies 47
(153)
Cash and cash equivalents - opening balance 3.7.6. 169,461
138,873
Cash and cash equivalents - closing balance 3.7.6. 100,037
169,461
-
-
The attached Notes are an integral part of these Financial Statements.
8
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
SEPARATE STATEMENT OF CHANGES IN EQUITY
Equity
Total equity
Share
capital
Other
reserves
Retained
earnings
As at 1 January 2022 63,865
(41) 547,568
611,392
Dividends -
(115,003) (115,003)
Transactions with owners recognised directly in equity -
-
(115,003) (115,003)
Net profit for the year ended 31 December 2022 -
-
99,564
99,564
Other comprehensive income -
(172) -
(172)
Comprehensive income for the year ended 31 December 2022 -
(172) 99,564
99,392
As at 31 December 2022 63,865
(213) 532,129
595,781
Equity
Total equity
Share
capital
Other
reserves
Retained
earnings
As at 1 January 2021 63,865
(227) 478,073
541,711
Dividends -
-
(104,930) (104,930)
Transactions with owners recognised directly in equity -
-
(104,930) (104,930)
Net profit for the year ended 31 December 2021 -
-
174,425
174,425
Other comprehensive income -
186
-
186
Comprehensive income for the year ended 31 December 2021 -
186
174,425
174,611
As at 31 December 2021 63,865
(41) 547,568
611,392
The attached Notes are an integral part of these Financial Statements.
9
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
NOTES TO THE SEPARATE FINANCIAL STATEMENTS
1. GENERAL INFORMATION, BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS, ACCOUNTING
POLICIES
1.1. LEGAL STATUS
Giełda Papierów Wartościowych w Warszawie Spółka Akcyjna (“the Warsaw Stock Exchange”, “the Exchange”, “GPW” or “the
Company”) with its registered office in Warsaw, ul. Książęca 4 was established by Notarial Deed on 12 April 1991 and
registered in the Commercial Court in Warsaw on 25 April 1991 (entry no. KRS 0000082312, Tax Identification Number 526-
025-09-72, Regon 012021984). The Exchange has been listed on GPW’s Main Market since 9 November 2010.
1.2. SCOPE OF OPERATIONS OF THE EXCHANGE
The core activities of the Exchange include organising exchange trading in financial instruments and activities related to such
trading. At the same time, the Exchange organises an alternative trading system and pursues activities in education,
promotion and information concerning the capital market.
The Company operates the following markets:
GPW Main Market: trade in equities, other equity-related financial instruments and other cash markets
instruments as well as derivatives;
NewConnect: trade in equities and other equity-related financial instruments of small and medium-sized
enterprises;
Catalyst: trade in corporate, municipal, co-operative, Treasury, and mortgage bonds operated by the Exchange
and BondSpot S.A. (“BondSpot”).
1.3. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were authorised for issuance by the Management Board of the Exchange on 11 April 2023.
1.4. STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”
1
)
as adopted by the European Union.
The following new standards and amendments of existing standards adopted by the European Union are in force for the
financial statements of the Exchange for the financial year started on 1 January 2022:
amendments to IAS 16 Property, Plant and Equipment – proceed before use,
amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Onerous Contracts – Cost of
fulfilling a contract,
amendments to IFRS 3 Business Combinations – amendments to the conceptual framework,
annual improvements to IFRS 2018-2020 to clarify the guidance on recognition and measurement.
Those IFRS amendments had no significant impact on data presented in these financial statements.
The key accounting policies applied in the preparation of these financial statements are presented below. These policies were
continuously followed in all presented periods, unless indicated otherwise.
1.5. NEW STANDARDS AND INTERPRETATIONS
The Exchange did not use the option of early application of new standards and interpretations already published and adopted
by the European Union or planned for adoption in the near future which will take effect after the balance sheet date.
1.5.1. S
TANDARDS AND INTERPRETATIONS ADOPTED BY THE EUROPEAN UNION
The following amendments already adopted by the European Union will take effect for periods starting after 1 January 2023:
Amendment to IAS 1 Presentation of Financial Statements, Practice Statement IFRS 2 Disclosure of Accounting
Policies;
Amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates;
1 International Accounting Standards, International Financial Reporting Standards and related interpretations published in regulations of the
European Commission
10
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
IFRS 17 Insurance Contracts (including Amendment to IFRS 17 Insurance Contracts (published on 25 June 2020)
and Amendment to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative
Information (published on 9 December 2021);
Amendment to IAS 12 Income Tax – Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
1.5.2. S
TANDARDS AND INTERPRETATIONS AWAITING ADOPTION BY THE EUROPEAN UNION
IFRS adopted by the European Union are not significantly different from the regulations approved by the International
Accounting Standards Board (IASB) with the exception of the following Standards, Interpretations and Amendments that are
not yet effective in the EU as at the date of these financial statements.
The following Standards and Interpretations (not yet effective) do not apply to the Exchange or are not expected to have
material impact on the financial statements of the Company.
Standard Effective date (IASB)
Amendment to IAS 1 Presentation of Financial Statements –
Classification of Liabilities as
Current or Non-current.
1 January 2024
Amendment to IAS 1 Presentation of Financial Statements – Non-current Liabilities
with
Covenants
1 January 2024
Amendment to IFRS Leases – Lease Liability in a Sale and Leaseback
1 January 2024
The Exchange plans to adopt these Amendments, as applicable to its business, when they become effective.
1.6. ACCOUNTING POLICY AND OTHER INFORMATION
1.6.1. FUNCTIONAL AND PRESENTATION CURRENCY
These separate financial statements are presented in the Polish zloty (PLN), which is the functional currency of the Exchange,
and all values are presented in thousands of Polish zlotys (PLN’000) unless stated otherwise.
1.6.2. B
ASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis except for financial assets measured at fair value.
The financial statements have been prepared on the going concern basis.
1.6.3. E
STIMATES AND JUDGMENTS
The preparation of separate financial statements in accordance with the IFRS requires making certain critical accounting
estimates. It also requires the Exchange’s Management Board to use its judgment in the application of the Exchange’s
accounting policy. Estimates and judgments are subject to on-going verification. Estimates and judgments adopted for the
purpose of preparing the separate financial statements are based on historical experience, analyses and predictions of future
events, which to the best knowledge of the Management Board of the Exchange are believed to be reasonable in the given
situation.
Details of judgments and estimates are presented and highlighted in the Notes to these financial statements.
1.6.4. S
ELECTED ACCOUNTING POLICIES
Selected accounting policies are presented in the Notes to these financial statements.
The Exchange presents a single statement of profit or loss and other comprehensive income.
1.6.5. E
VALUATION OF BALANCES PRESENTED IN FOREIGN CURRENCIES
Transactions presented in foreign currencies are booked at the transaction date at the following foreign exchange rate:
the rate actually applied at such date, depending on the nature of the transaction – for sale or purchase of foreign
currencies or payment of receivables or payables;
the average rate published for the currency by the National Bank of Poland at the day preceding such date – for
other operations.
As at the balance sheet date:
monetary items presented in foreign currencies are converted with the closing foreign exchange (FX) rates;
non-monetary items presented in foreign currencies valued at historical cost are converted at the FX rate prevailing
at the transaction date;
11
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
non-monetary items presented in foreign currencies at fair value are converted at the FX rate prevailing at the day
of determining the fair value.
Foreign exchange gains and losses resulting from settlements of transactions in foreign currencies and from the conversions
of monetary assets and liabilities denominated in foreign currencies are disclosed as profit / loss of the current period.
1.6.6. S
EGMENT REPORTING
Information about business segments is presented only in the consolidated financial statements of the Warsaw Stock
Exchange Group (“the GPW Group” or “the Group”).
1.7. IMPACT OF THE SARS-COV-2 PANDEMIC
The Exchange is monitoring the development of the coronavirus pandemic nationally and internationally. In the Management
Board’s opinion, the risk associated with the pandemic is low.
The Exchange Management Board has considered the impact of the pandemic on the Exchange’s ability to continue as a
going concern. As at 31 December 2022, the Exchange did not identify any material uncertainties relating to events or
circumstances that would cast significant doubt on its ability to continue as a going concern.
The Exchange Management Board monitors the epidemiological situation in Poland and globally on an on-going basis and
analyses its impact on the position of the Exchange. The Exchange identified a number of operational and financial risks
including periodic HR shortages, interruption of vendors’ services, restricted activity of market makers, slow-down of
operational processes, the psychological impact of long isolation, and shrinking ability and will of the Exchange’s clients to
pay debt when due.
The details are presented in the Management Board’s Report on the Activities of the Parent Entity and the Warsaw Stock
Exchange Group, Note 2.7.
1.8. IMPACT OF THE WAR IN UKRAINE
On 24 February 2022, armed conflict broke out in Ukraine. The international community reacted by imposing sanctions
against Russia. In view of the impact of the conflict on the political and economic situation in Europe and the world, GPW
took into account the recommendations of the Polish Financial Supervision Authority issued on 2 March 2022 for issuers of
securities.
In this connection, GPW has:
conducted an analysis of potential risks arising from the conflict that may affect the operations of GPW (Management
Board’s Report on the Activities of the Parent Entity and the Warsaw Stock Exchange Group, Note 2.7); and
conducted an analysis of the potential impact of the conflict on the 2022 financial statements in the context of
assessing GPW’s ability to continue as a going concern.
The Company has no direct investments/exposures to entities with operations in Ukraine/Russia. As at 31 December 2022,
no material receivables were identified from GPW counterparties related to parties involved in the armed conflict in Ukraine.
As shown in Note 2.2.2, GPW does not hold any material foreign currency assets and therefore exchange rate fluctuations
are not expected to have a material impact on the Company’s financial position.
As at 31 December 2022, the GPW Group held PLN 154 million of cash and cash equivalents and short-term financial assets
in the form of bank deposits and guaranteed corporate bonds. These represent sufficient financial resources to conclude that
the Group’s liquidity risk in the short to medium term is low.
Based on the information currently available and the analyses performed as at 31 December 2022, GPW did not identify any
material uncertainties relating to events or circumstances that would cast significant doubt on its ability to continue as a
going concern.
The Company follows and monitors developments related to the armed conflict in Ukraine and analyses the potential negative
consequences of the conflict on the Company’s operations in order to take the necessary measures to mitigate the potential
impact. Given the significant uncertainties arising from further developments in the conflict and the reactions of the
international community and their impact on the economy, the long-term impact of the conflict is impossible to determine
as at the date of these financial statements.
1.9. ANALYSIS OF THE IMPACT OF CLIMATE CHANGE ON GPW S.A.
The European Securities and Markets Authority (ESMA) identified climate-related issues as one of its priorities in its annual
public position paper setting out the European common supervisory priorities for the 2022 annual financial reports.
Accordingly, the Exchange has analysed the impact of climate change on the Separate Financial Statements and concluded
that climate change has no impact on the carrying amount of the assets and liabilities presented as at 31 December 2022.
In particular, the impact of climate change on the estimates and judgements was considered, including assessment of
impairment of cash-generating units. As a result of the analysis, no need was identified for an update of the useful lives of
property, plant and equipment and intangible assets.
12
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
2. FINANCIAL RISK MANAGEMENT
2.1. FINANCIAL RISK FACTORS
The Exchange is exposed to the following financial risks:
market risk:
♦ cash flow and fair value interest rate risk,
♦ currency risk,
♦ price risk,
credit risk,
liquidity risk.
The Exchange’s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise any potential adverse effects on the Exchange’s financial performance. The Management Board of the Exchange is
responsible for financial risk management. The Exchange has dedicated departments responsible for ensuring its liquidity
(including foreign currency liquidity), debt collection and timely payment of liabilities (particularly tax liabilities).
2.2. MARKET RISK
2.2.1. CASH FLOW AND FAIR VALUE INTEREST RATE RISK
The Exchange is moderately exposed to interest rate risk.
The Exchange invests free cash in bank deposits, corporate bonds, and other instruments where the interest rate is fixed or
floating, negotiated and determined when contracted at levels close to market rates at contracting. If market rates rise, the
Exchange will earn higher interest income; if market rates fall, the Exchange will earn lower interest income.
In the previous reporting period, as an issuer of series D and E bonds with a floating interest rate based on WIBOR 6M, the
Exchange was exposed to interest rate risk. On 31 January 2022, the Exchange redeemed both series of outstanting floating-
rate bonds, which reduced the impact of interest rate risk on the period’s financial costs. For more information on bond
liabilities, see Note 3.11.
The Exchange determines the impact of interest rate risk based on a sensitivity analysis assuming a change in interest rates
of 0.5 p.p. (and holding other factors constant). Based on the analysis, the possible impact of a change in financial income
on pre-tax profit was determined. The sensitivity analysis in 2022 showed that an increase in interest rates would result in
an increase in financial income of PLN 1,069 thousand, while a decrease in rates of 0.5 p.p. would result in a decrease in
financial income of PLN 1,194 thousand and the same change of pre-tax profit.
The following tables present an analysis of financial assets and liabilities based on maturity. The value of financial assets is
presented before deduction of expected credit losses (gross amount). The provisions are disclosed in Notes 3.7.5. and 3.7.6.
Financial assets and liabilities that are not presented in the tables below are non-interest bearing.
As at 31 December 2022
Maturity up to 1 year
Total
< 1M 1-3 M > 3M
Corporate bonds -
34,623
19,114
53,737
Bank deposits 81,607
-
-
81,607
Current accounts (other) 18,470
-
-
18,470
Total current 100,077
34,623
19,114
153,814
Total financial assets 100,077
34,623
19,114
153,814
13
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2021
Maturity up to 1 year
Total
< 1M 1-3 M > 3M
Corporate bonds -
14,995
150,271
165,266
Bank deposits -
141,038
55,048
196,086
Loans granted -
-
91,128
91,128
Current accounts (other) -
13,530
-
13,530
Total current -
169,563
296,447
466,010
Total financial assets -
169,563
296,447
466,010
Bonds issued -
-
246,468
246,468
Total current -
-
246,468
246,468
Total financial liabilities -
-
246,468
246,468
2.2.2. F
OREIGN EXCHANGE RISK
The Exchange is exposed to moderate foreign exchange risk. The Company earns income in PLN and EUR. The Exchange
pays costs mainly in PLN and also in EUR, USD and GBP. To minimise FX risk, the Company uses natural hedging, i.e., it
covers the current cost denominated in EUR with cash deposited in a currency account, raised from clients who pay their
debt in EUR. The Exchange used no derivatives to manage FX risk in 2022 and in 2021.
Based on a sensitivity analysis, as at 31 December 2022, a 10% change in the average exchange rate of PLN assuming no
other changes would result in moderate change in the profit before tax, as presented in the table below. A 10% decrease in
exchange rates would result in an opposite change in profit before tax by the following values.
Impact of a 10% FX rate increase on profit before tax in year ended 31 December
Year ended 31 December
2022 2021
EUR 964
943
USD 22
2
GPB (17) -
AMD (227) -
Total impact on profit before
tax
742
944
The table below shows the Exchange’s foreign exchange position by financial instrument.
As at 31 December 2022
(converted to PLN at FX rate as at the balance-sheet date)
PLN EUR USD GBP AMD
Total carrying
amount in PLN
Financial assets measured at
amortised cost
53,698
-
-
-
-
53,698
Trade receivables (net) 15,451
8,402
-
-
-
23,853
Other receivables* 6,281
-
328
6
-
6,615
Sublease receivables 1,616
712
-
-
-
2,328
Cash and cash equivalents 97,200
2,813
21
3
-
100,037
Total assets 174,246
11,927
349
9
-
186,531
14
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2022
(converted to PLN at FX rate as at the balance-sheet date)
PLN EUR USD GBP AMD
Total carrying
amount in PLN
Trade payables 11,974
538
-
-
-
12,512
Lease liabilities 3,919
994
127
-
-
5,040
Other liabilities** 14,265
46
-
179
2,269
16,759
Total liabilities 30,158
1,578
127
179
2,269
34,311
Net FX position 144,088
10,349
222
(170) (2,269) 152,220
* net of prepayments and receivables from other taxes
** net of VAT payable and other taxes payable
As at 31 December 2021
(converted to PLN at FX rate as at the balance-sheet date)
PLN EUR USD GBP AMD
Total carrying
amount in PLN
Financial assets measured at
amortised cost
296,306
-
-
-
-
296,306
Trade receivables (net) 16,114
6,814
-
-
-
22,928
Other receivables* 9,983
-
-
-
-
9,983
Sublease receivables 2,752
1,398
-
-
-
4,150
Cash and cash equivalents 165,717
3,744
-
-
-
169,461
Total assets 490,872
11,956
-
-
-
502,828
Bonds in issue 246,278
-
-
-
-
246,278
Trade payables 7,484
179
16
-
-
7,679
Lease liabilities 8,507
954
-
-
-
9,461
Other liabilities** 14,227
-
-
-
-
14,227
Total liabilities 276,496
1,133
16
-
-
277,645
Net FX position 214,376
10,823
(16) -
-
225,183
* net of prepayments and receivables from other taxes
** net of VAT payable and other taxes payable
2.2.3. PRICE RISK
Given the nature of its business, the Exchange is not exposed to any mass commodity price risk.
The Exchange is minimally exposed to price risk of held equities measured at fair value. The value of such investments was
not significant as at 31 December 2022 and as at 31 December 2021 (see Note 3.7.3).
2.3. CREDIT RISK
Credit risk is defined as a risk of occurrence of losses due to the Exchange’s counterparty’s default of payments or as a risk
of decrease in economic value of amounts due as a result of deterioration of a counterparty’s ability to pay due amounts.
Credit risk connected with trade receivables is mitigated by the Exchange Management Board by performing assessment of
counterparties’ credibility. In the opinion of the Exchange Management Board, there is no material concentration of credit
risk of trade receivables within the Company.
Resolutions of the Exchange Management Board set payment dates that differ depending on groups of counterparties. The
payment dates amount to 21 days for counterparties.
The credibility of counterparties is verified in accordance with internal regulations and good practice of the capital market as
applicable to issuers of securities and Exchange Members. In the verification, the Exchange reviews in detail the application
documents including financial statements, copies of entries in the National Court Register, and notifications of the Polish
Financial Supervision Authority.
The maximum exposure of the Exchange to credit risk is reflected in the carrying amount of trade receivables, bank deposits,
corporate bonds, certificates of deposit, and other securities. By decision of the Exchange Management Board, the Exchange’s
15
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
investment portfolio comprises only securities guaranteed by the State Treasury or issued (guaranteed) by institutions with
a stable market position and high rating (rated above BBB- by at least one rating agency: Moody’s, Fitch, Standards & Poors,
Polska Agencja Ratingowa, EuroRating). In addition, credit risk is managed by the Exchange by diversifying banks in which
free cash is deposited. In this way, exposure to the risk of expected credit loss is mitigated.
The table below presents the Exchange’s exposure to credit risk.
As at 31 December
2022 2021
Trade receivables (net) 23,853
22,928
Other receivables* 6,615
9,983
Cash and cash equivalents 100,037
169,461
Contract assets 543
2
Sublease receivables 2,328
4,150
Financial assets measured at amortised cost 53,698
296,306
Total exposure of the Group to credit risk 187,074
502,830
* net of prepayments and receivables from other taxes
For trade receivables, the Group follows a simplified approach and estimates the allowance over the life of the receivables.
For cash and cash equivalents, an allowance for expected credit losses is made in full for an amount equal to 12 months of
expected credit losses. Allowances for financial assets measured at amortised cost are also subject to a 12-month allowance
for expected credit losses, with the exception of the PAR loan impaired due to credit risk (see Note 6.5.2).
The tables below show the changes in the allowance for expected credit losses by financial asset:
Year ended 31 December 2022
Trade receivables
Cash and cash
equivalents
Financial assets
measured at
amortised cost
Total
Opening balance
2,883
102
141
3,126
Creating a write-off
1,342
249
283
1,874
Dissolution of the write-off
(1,930)
(302)
(385)
(2,617)
Closing balance
2,295
49
39
2,383
Year ended 31 December 2021
Trade receivables
Cash and cash
equivalents
Financial assets
measured at
amortised cost
Total
Opening balance
4,372
-
-
4,372
Creating a write-off
2,255
102
141
2,498
Dissolution of the write-off
(3,321)
-
-
(3,321)
Receivables written off during the period as
uncollectible
(423) -
-
(423)
Closing balance
2,883
102
141
3,126
2.4. LIQUIDITY RISK
An analysis of the Exchange’s financial position and assets shows that the Exchange is not materially exposed to liquidity
risk.
An analysis of the structure of the Exchange’s assets shows a significant share of liquid assets in total assets and, thus,
a good liquidity position of the Exchange.
16
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2022 As at 31 December 2021
amount
% of total
assets
amount
% of total
assets
Cash and cash equivalents 100,037
14.4% 169,461
17.8%
Financial assets measured at amortised cost 53,698
7.7% 296,306
31.1%
Assets other than cash and cash equivalents and financial
assets measured at amortised cost
542,041
77.9% 486,227
51.1%
Total assets 695,776
100.0% 951,994
100.0%
An analysis of the structure of liabilities shows a share of equity in the financing of the operations of the Exchange in excess
of 80% in 2022 and over 60% in 2021.
As at 31 December 2022 As at 31 December 2021
amount
% of total
liabilities
amount
% of total
liabilities
Equity 595,781
85.6% 611,392
64.2%
Liabilities 99,995
14.4% 340,602
35.8%
Total equity and liabilities 695,776
100.0% 951,994
100.0%
To mitigate liquidity risk, the Exchange Management Board monitors, on an on-going basis, forecasts of liquid assets on the
basis of maturities of assets, due dates of payables, and other projected cash flows. The table below shows the contractual
undiscounted cash flows and therefore the items do not reflect the carrying amounts. The liquidity analysis shows that the
Exchange has a surplus of financial assets over financial liabilities.
As at 31 December 2022
> 1M 1-3 M 3-6 M 6-12 M 1-5 Y > 5Y Total
Trade receivables (gross value) 24,453
1,695
-
-
-
-
26,148
Other receivables* 6,615
-
-
-
-
-
6,615
Sublease receivables 235
458
574
790
322
-
2,379
Financial assets measured at amortised
cost
-
35,085
19,517
-
-
-
54,602
Cash and cash equivalents 100,104
-
-
-
-
-
100,104
Total assets 131,407
37,238
20,091
790
322
-
189,848
Trade payables 11,974
538
-
-
-
-
12,512
Lease liabilities 492
949
1,256
2,001
444
-
5,142
Other liabilities** 1,634
228
343
685
9,112
8,407
20,409
Total liabilities 14,100
1,715
1,599
2,686
9,556
8,407
38,063
Liquidity surplus/(gap) 117,307
35,523
18,492
(1,896) (9,234)
(8,407)
151,785
* net of prepayments and receivables from other taxes
** net of VAT payable and other taxes payable
17
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2021
> 1M 1-3 M 3-6 M 6-12 M 1-5 Y > 5Y Total
Trade receivables (gross value) 11,180
14,631
-
-
-
-
25,811
Other receivables* 9,983
-
-
-
-
-
9,983
Sublease receivables 227
445
596
1,171
1,827
-
4,266
Financial assets measured at amortised
cost
50,154
146,227
65,092
35,883
-
-
297,356
Cash and cash equivalents 169,611
-
-
-
-
-
169,611
Total assets 241,155
161,303
65,688
37,054
1,827
-
507,027
Bonds in issue 120,649
1,988
-
127,000
-
-
249,637
Trade payables 3,484
1,471
-
-
-
-
4,955
Leases (IFRS 16) 479
950
1,350
2,680
4,269
-
9,728
Other liabilities** 3,604
-
-
-
7,062
3,561
14,227
Total liabilities 128,216
4,409
1,350
129,680
11,331
3,561
278,547
Liquidity surplus/(gap) 112,939
156,894
64,338
(92,626) (9,504) (3,561) 228,480
* net of prepayments and receivables from other taxes
** net of VAT payable and other taxes payable
2.5. CAPITAL MANAGEMENT
The objective of the Exchange when managing capital is to safeguard its ability to continue as a going concern and provide
optimal benefits to all stakeholders. The priority of the Exchange Management Board when making decisions about the
structure of financing and the Company’s dividend policy is to ensure a low level of investment risk while obtaining the best
possible rate of return for the shareholders. Decisions taken by the Management Board in this respect have a long-term
horizon and are aimed at long-term building of value of the Exchange and the Polish capital market. In addition, as an entity
operating a regulated market, the Exchange is required by the Act on Trading in Financial Instruments to maintain a minimum
level of equity equal to PLN 10 million.
To achieve those objectives, the Exchange used third-party capital (interest-bearing liabilities) in the form of bonds issued
(see Note 3.11) and leases (Note 3.6). In addition, in accordance with its internal capital management and dividend policy,
the Exchange pays an annual dividend to shareholders. It is the intention of the GPW Management Board to recommend to
the General Meeting dividend payments in line with the profitability and financial capacity of GPW, not less than 60% of the
consolidated net profit of the GPW Group for the financial year attributable to shareholders of GPW adjusted for the share of
profit of associates. In accordance with the strategy #GPW2022, the Exchange will pay each year a dividend higher by at
least PLN 0.1 per share than the dividend per share paid in the previous year. Details of the dividend payments in 2022 and
2021 are presented in Note 3.10.4.
The Exchange Management Board optimises the structure of capital and monitors performance against targets using
Alternative Performance Measures calculated according to the Guidelines of the European Securities and Markets Authority
(“ESMA”). The measures used by the Company to monitor its capital management performance are presented in Note 6.1
of the Management Board’s Report on the Activity of the Parent Entity and the Group of Giełda Papierów Wartościowych w
Warszawie S.A.
18
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
3. NOTES TO THE STATEMENT OF FINANCIAL POSITION
3.1. PROPERTY, PLANT AND EQUIPMENT
Selected accounting policies
Property, plant and equipment are disclosed at the cost of purchase or production, expansion or modernisation, net of
accumulated depreciation and impairment losses. Purchase cost includes the cost of purchase, expansion and/or
modernisation. Depreciation is calculated for property, plant and equipment items over their estimated useful life, taking
into account their residual value and using the straight-line depreciation method.
Categories of property, plant, and equipment Depreciation period
Buildings 40 years
Leasehold improvements 10 years
Vehicles and machinery 5 years
Computer hardware 3-5 years
Other fixed assets 5-10 years
The depreciation method, the depreciation rate and the residual value are subject to regular verification by the Exchange.
Any changes resulting from the verification are recorded as a change in accounting estimates, prospectively.
Land is not subject to depreciation.
Property, plant and equipment under construction are fixed assets under construction, installation or improvement of an
existing fixed asset. They are valued at cost or at the total cost directly related to their construction, less any impairment
losses. Property, plant and equipment under construction or development is not depreciated until complete.
A component of property, plant and equipment is derecognised when sold or when economic benefits from its use or disposal
are no longer expected. Gains and losses on disposal/liquidation of property, plant and equipment are determined as the
difference between the proceeds (if any) and the net book value of property, plant and equipment and included in the profit
or loss of the period as other income or other expenses.
Selected judgments and estimates
The Exchange determines the estimated economic useful life and depreciation rates for property, plant and equipment. These
estimates are based on the anticipated periods for using the individual groups of assets. The adopted economic useful life
may undergo considerable changes as a result of new technological solutions appearing on the market, plans of the
Management Board of the Exchange or intensive use.
Vehicles and machinery include mainly IT hardware: servers, computers and network devices.
Year ended 31 December 2022
Land and
buildings
Vehicles and
machinery
Furniture,
fittings and
equipment
Property,
plant and
equipment
under
construction
Total
Net carrying amount - opening balance 63,794
11,360
170
2,385
77,709
Additions 496
10,628
124
11,875
23,123
Reclassification and other adjustments
43
6,079
-
(6,122)
-
Disposals (68) -
(12) -
(80)
Depreciation charge* (2,866) (6,655) (153) -
(9,674)
Net carrying amount - closing balance 61,399
21,412
129
8,138
91,078
As at 31 December 2022
Gross carrying amount 114,358
97,511
3,723
8,138
223,730
Accumulated depreciation (52,959) (76,099) (3,594) -
(132,652)
Net carrying amount 61,399
21,412
129
8,138
91,078
* Depreciation of PLN 1070 thousand is capitalised to intangible assets (development work)
19
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December 2021
Land and
buildings
Vehicles and
machinery
Furniture,
fittings and
equipment
Property,
plant and
equipment
under
construction
Total
Net carrying amount - opening balance 64,730
12,488
214
6,094
83,526
Additions 2,072
6,240
258
-
8,570
Reclassification and other adjustments (17) -
-
-
(17)
Disposals (169) (1) (1) (3,709) (3,880)
Depreciation charge* (2,822) (7,367) (301) -
(10,490)
Net carrying amount - closing balance 63,794
11,360
170
2,385
77,709
As at 31 December 2021
Gross carrying amount 113,887
80,804
3,611
2,385
200,687
Accumulated depreciation (50,093) (69,444) (3,441) -
(122,978)
Net carrying amount 63,794
11,360
170
2,385
77,709
* Depreciation charges capitalised to intangible assets (licences) were PLN 501 thousand.
Selected accounting policies
At each balance sheet date, the Exchange reviews non-financial assets to determine whether there are indicators of
impairment except for inventories and deferred tax assets.
If such indicators are identified, the recoverable amount of an asset is estimated (as the higher of: fair value less selling
costs or value in use). Value in use corresponds to the discounted value of the future economic benefits which would be
generated by an asset.
At the end of every reporting period, the Exchange checks for conditions indicating that the impairment losses recognised in
previous reporting periods may be redundant or excessive. In that case, impairment losses are reversed in whole or in part
and the asset value is disclosed net of the impairment losses (but including depreciation).
Impairment losses are recognised in other expenses and reversed in other income.
The Exchange recognised no impairment of property, plant and equipment in 2022 and in 2021. In the opinion of the
Exchange Management Board, there were no indications resulting in an impairment of property, plant and equipment.
3.2. INTANGIBLE ASSETS
Selected accounting policies
Intangible assets include goodwill, other intangible assets, and development work.
Other intangible assets (licences, copyright and perpetual usufruct of land) are disclosed at cost of purchase or production
net of accumulated amortisation and impairment losses.
Intangible assets developed in-house are classified as research (recognised as an expense) or development work (recognised
as an intangible asset). Development work is recognised at cost, which includes all directly attributable costs necessary to
create, produce and prepare the asset to be capable of operating in the manner intended by the Management Board of the
Exchange. Direct costs include the cost of services used for production; depreciation of selected property, plant and
equipment (IT hardware) used directly to produce the asset; and the cost of employee benefits directly attributable to the
production of the asset. Such costs are capitalised when the costs and the related intangible asset meet the criteria of IAS
38.
Amortisation is calculated for other intangible assets over their estimated useful life using the straight-line amortisation
method. The amortisation method and the amortisation rate are subject to regular verification by the Exchange. Any changes
resulting from the verification are recorded as a change in accounting estimates, prospectively.
20
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
A component of intangible assets is derecognised when sold or when economic benefits from its use or disposal are no longer
expected. Gains and losses on disposal/liquidation of intangible assets are determined as the difference between the net
proceeds (if any) and the book value of intangible assets and included in the profit or loss of the period as other income or
other expenses.
The Exchange performs an annual test of impairment of intangible assets which are not yet available for use by comparing
the carrying amount and the recoverable amount. For impairment testing purposes, intangible assets which are not yet
available for use are allocated to cash generating units which are expected to benefit from the transaction responsible for
the creation of the assets.
If the carrying amount of an asset (or a cash generating unit) is higher than its recoverable value, impairment is recognised
and the asset value is written down to recoverable value. Impairment losses are charged to the profit or loss of the period
as other income or other expenses.
Selected judgments and estimates
The Exchange determines the estimated economic useful life and amortisation rates for other intangible assets. These
estimates are based on the anticipated periods for using the individual groups of assets. The adopted economic useful life
may undergo considerable changes as a result of new technological solutions appearing on the market, plans of the
Management Board of the Exchange or intensive use. The estimated useful life of intangible assets is 5 years. Useful life is
determined on an individual basis for intangible assets related to the trading system UTP, which has an estimated useful life
is 12 years.
Year ended 31 December 2022
Licences Copyrights
Development
work
Perpetual
usufruct of
land
Total
Net carrying amount - opening balance 31,717
430
34,672
5,811
72,630
Additions
6,602
74
24,956
-
31,632
Reclassification and other adjustments**
2,048
-
(5,384)
-
(3,336)
Capitalised depreciation
-
-
2,072
-
2,072
Disposals
-
-
(46)
-
(46)
Amortisation charge*
(14,559)
(146)
-
(80)
(14,785)
Net carrying amount - closing balance
25,808
358
56,270
5,731
88,167
As at 31 December 2022
Gross carrying amount 191,705
5,193
56,316
6,054
259,268
Impairment
-
-
(46)
-
(46)
Accumulated amortisation (165,897) (4,835) -
(323) (171,055)
Net carrying amount
25,808
358
56,270
5,731
88,167
* Depreciation charges capitalised to intangible assets (licences) were 1002 PLN thousand.
** Licence worth PLN 3,335 thousand was disclosed as non-current assets held for sale – details in Note 3.19
Year ended 31 December 2021
Licences Copyrights
Development
work
Perpetual
usufruct of
land
Total
Net carrying amount - opening balance 37,911
350
15,045
5,892
59,198
Additions 4,054
290
18,989
-
23,333
Capitalised depreciation -
-
638
-
638
Amortisation charge* (10,248) (210) -
(81) (10,539)
Net carrying amount - closing balance 31,717
430
34,672
5,811
72,630
As at 31 December 2021
Gross carrying amount 183,093
5,119
34,672
6,054
228,938
Accumulated amortisation (151,376) (4,689) -
(243) (156,308)
Net carrying amount 31,717
430
34,672
5,811
72,630
** Amortization of PLN 137 thousand is capitalised to intangible assets (development work).
21
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
In 2022, the cost of research recognised in the statement of comprehensive income amounted to PLN 4,133 thousand (PLN
3,257 thousand in 2021). Development work is expenditure on intangible assets generated in-house, comprising mainly
expenditure on projects with grants described in Note 6.2.
Universal Trading Platform (“UTP”)
The UTP trading system represents the biggest intangible asset in the category “Licences”. The UTP trading system licence
was commissioned on 15 April 2013. The useful life of the UTP trading system was determined at 12 years (until 31 March
2025). The net value of the UTP trading system was PLN 17,458 thousand as at 31 December 2022 (PLN 25,217 thousand
as at 31 December 2021).
Impairment testing of intangible assets – development work in progress
Due to the nature of its business, the Company does not identify individual assets as cash-generating units that are largely
independent of other assets or a group of assets. Therefore, for the purposes of testing intangible assets that are not yet
available for use (requirement under IAS 36 para. 11), the recoverable amount was determined at the level of the cash-
generating unit to which the asset belongs, which is GPW in its entirety. The assets stood at PLN 34,672 thousand as at the
balance sheet date. As at 31 December 2022, the impairment test of the development work in progress identified the need
to recognise impairment losses.
The main assumptions used to determine the value in use of the Company’s cash-generating unit as at 31 December 2022
based on financial assumptions for 2023-2027 are as follows:
increase in revenues and expenses related to operations, planned capital expenditure and implementation of
strategic projects;
weighted average cost of capital of 10.32%,
growth rate after 2027 equal to 2.5%.
3.3. INVESTMENT PROPERTY
Selected accounting policies
The Exchange recognises investment property in accordance with a model based on the cost of acquisition or production.
The investment property relates to part of the building at 4, Książęca Street owned by GPW, which is leased to GPW Group
companies. The fair value of the investment property at 31 December 2022 was estimated at PLN 25,654 thousand (31
December 2021: PLN 12,413 thousand).
Changes in the carrying amount of the investment property as at 31 December 2022 and as at 31 December 2021 were as
follows:
As at
31 December 2022 31 December 2021
Net carrying amount - opening balance 8,277
8,564
Depreciation (388) (380)
Additions -
105
Disposals -
(12)
Net carrying amount - closing balance 7,889
8,277
3.4. INVESTMENT IN SUBSIDIARIES
Selected accounting policies
The Exchange recognises investment in subsidiaries at cost less impairment losses.
22
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The Exchange held investments in the following subsidiaries as at 31 December 2022:
Towarowa Giełda Energii S.A. (“TGE”), the parent entity of the Towarowa Giełda Energii S.A. Group (“TGE Group”),
BondSpot S.A. (“BondSpot”),
GPW Benchmark S.A. (“GPWB”),
GPW Ventures ASI S.A. (“GPWV”), the parent entity of the GPW Ventures ASI S.A. Group (“GPWV Group”),
GPW Tech S.A. (“GPWT”),
GPW Private Market S.A. (the company name was changed from Teelgren S.A. on 24 June 2022, the company was
acquired on 19 January 2022).
GPW Logistics S.A. (the company name was changed from Molonello Investments S.A. on 26 August 2022, the
company was acquired on 14 April 2022),
GPW DAI S.A. (the company name was changed from Tanerstille Investmens S.A. on 10 February 2023, the
company was acquired on 13 October 2022),
Armenia Securities Exchange OJSC (“AMX”) – for details on the acquisition, see Note 3.4.2.
On 29 April 2022, the share capital of GPW Private Market S.A. was increased by PLN 2,000 thousand. The company
issued 2,000,000 series B ordinary registered shares with a nominal value and issue price of PLN 1. The shares were fully
taken up by GPW.
On 31 May 2022, the General Meeting of GPW Logistics S.A. adopted a resolution to increase the share capital of the
company by PLN 100 thousand. The company issued 100,000 series B ordinary registered shares with a nominal value of
PLN 1 and issue price of PLN 22 per share. The shares were taken up by GPW in exchange for a cash contribution paid prior
to the registration of the share capital increase.
On 10 June 2022, the Extraordinary General Meeting of GPW Benchmark S.A. adopted a resolution to increase the share
capital of the company by PLN 1,000 thousand. The company issued 20,000 series G ordinary registered shares with a
nominal value and issue price of PLN 50 per share. The shares were issued in a private subscription. 100% of series G shares
were taken up by the company’s sole shareholder, GPW S.A., in exchange for a cash contribution paid prior to the registration
of the shares. The opening and closing dates of the subscription of the new issue shares were set for 21 June 2022 and 15
July 2022 respectively. Payment for the shares was made on 12 July 2022.
On 29 September 2022 and on 29 December 2022, the Extraordinary General Meeting of GPW Tech S.A. adopted resolutions
to increase the share capital of the company by PLN 2,000 thousand and PLN 7,800 thousand respectively. The company
issued 2,000,000 series D ordinary registered shares and 7,800,000 series E ordinary registered shares. The nominal value
and issue price of both series was PLN 1 per share. All series D and E shares were taken up by the company’s sole shareholder,
GPW S.A., in exchange for a cash contribution paid prior to the registration of the shares. Payment for the shares was made
on 11 October 2022 and on 30 December 2022.
In the comparative period, there were the following increases in the share capital of subsidiaries:
On 16 June 2021, the Extraordinary General Meeting of GPW Tech S.A. adopted a resolution to increase the share capital
of GPWT by PLN 2 million. The company issued 2 million shares with a nominal value and issue price of PLN 1 per share. The
shares were fully taken up by GPW.
On 28 April 2021, the share capital of GPW Benchmark S.A. was increased by PLN 2,000 thousand. The company issued
40,000 series F ordinary registered shares with a nominal value and issue price of PLN 50 per share. The shares were fully
taken up by GPW.
3.4.1. I
MPAIRMENT TEST OF INVESTMENTS
As at 31 December 2022, the Exchange identified indicators of impairment for investments in:
- BondSpot S.A.,
- GPW Ventures S.A.
As indications of impairment were identified, impairment tests were carried out for the investments. The tests identified the
need for impairment allowances on the investment in BondSpot S.A. and GPW Ventures S.A. The key assumptions for the
tests are described below.
As at 31 December 2022, no indicators of impairment were identified for the investments in the other subsidiaries.
Impairment test of investment in BondSpot S.A.
In 2022, the main factor affecting the company’s financial performance was the situation on the Treasury bond market,
where bond yields increased almost from the beginning of 2022. From the beginning of 2022, 10-year bond yields steadily
increased in line with the increase in Treasury bond yields in foreign markets. Inflationary pressure supported by an increase
in fuel prices on global markets proved to be an important element supporting the increase in yields of Polish Treasury
23
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
securities. The fall in the prices of Treasury bonds, both Polish and foreign, was also influenced by the policy of the US central
bank (FED) pursuing a policy of sharp interest rate hikes.
As at 31 December 2022, an impairment test of the investment was performed. The rationale for the test was to review the
Company’s revenue assumptions related to the projects at Bondspot. The cash-generating unit was established as BondSpot.
The test using a DCF valuation of the company was prepared on the basis of the forecast results of BondSpot in the years
2023–2027. The key assumptions of the test performed as at 31 December 2022:
average annual revenue growth in the period 2023-2027 of 10.3% assuming that BondSpot’s key technology project
will be operational by 2025 (16.6% in 2021),
weighted average cost of capital of 10.32% (7.66% in 2021),
growth rate after 2027 equal to 2.5% (2% in 2021).
The test showed that the recoverable amount of BondSpot S.A. determined using the DCF method is lower than the value of
the shares in BondSpot S.A. recognised at cost in the Exchange’s statement of financial position as at 31 December 2022.
Therefore, the investment in BondSpot S.A. was found to be impaired and an allowance was recognised at PLN 4,305
thousand. With the recognition of the allowance, the recoverable amount is equal to the carrying amount; hence, any
negative change of the key assumptions would require a further allowance.
Impairment test of investment in GPW Ventures S.A.
Due to the delay of the project and in the absence of revenue forecasts for the coming years, an allowance for the investment
was recognised at the net asset value of PLN 2,296 thousand.
With the recognition of the allowance, the recoverable amount is equal to the carrying amount; hence, any negative change
of the key assumptions would require a further allowance.
Spółka
As at 31 December 2022 As at 31 December 2021
Value at
cost
Carrying
amount
Number of
shares
% of votes Value at cost
Carrying
amount
Number
of shares
% of
votes
Towarowa Giełda
Energii S.A.
214,581 214,581 1,450,000 100.00 214,581 214,581 1,450,000 100.00
BondSpot S.A. 34,443 30,137 9,698,123 96.98 34,443 34,443 9,698,123 96.98
GPW Benchmark S.A. 5,909 5,909 118,000 100.00 4,909 4,909 98,000 100.00
GPW Tech S.A. 13,500 13,500 13,500,000 100.00 3,700 3,700 3,700,000 100.00
GPW Ventures ASI S.A. 3,000 704 3,000,000 100.00 3,000 3,000 3,000,000 100.00
GPW Private Market
S.A.
2,119 2,119 2,100,000 100.00 - - - -
GPW Logistics S.A. 2,316 2,316 200,000 100.00 - - - -
GPW DAI S.A. 120 120 100,000 100.00 - - - -
Armenia Securities
Exchange OJSC
9,553 9,553 967 65.03 - - - -
Total 285,541 278,939 n/d n/d 260,633 260,633 n/d n/d
3.4.2. A
CQUISITION OF A SUBSIDIARY
On 28 June 2022, GPW signed an Armenia Securities Exchange (AMX) Share Purchase Agreement with the Central Bank of
Armenia (CBoA) as well as a Shareholders’ Agreement regarding the participation of the parties to the agreement in AMX.
The Share Purchase Agreement was a conditional agreement. The acquisition of control of AMX was subject to the following
formal conditions:
− obtaining approval for the transaction from the Central Bank of Armenia (CBoA),
− amendment to the Articles of Association of AMX in accordance with the Shareholders’ Agreement,
− opening of a securities account in Armenia by GPW,
− payment of consideration by GPW for AMX shares.
24
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The final fulfilment of all conditions took place on 27 December 2022, and on that date GPW’s acquisition of 65.03% of the
Armenia Securities Exchange was closed.
As a result of the transaction, AMX’s ownership structure is as follows:
− AMX holds 148 treasury shares corresponding to a 9.95% interest in the company’s share capital,
− CBoA holds 372 shares corresponding to a 25.02% interest in the company’s share capital,
− GPW holds 967 shares corresponding to a 65.03% interest in the company’s share capital.
As a result of the transaction, GPW indirectly acquired control of the Central Depository of Armenia (CDA), in which AMX
holds 100% of the share capital.
The total price of AMX shares acquired by GPW was AMD 873,735,276 or approximately PLN 9.5 million payable in two
tranches:
1. the first tranche in the amount of AMD 498,765,150, i.e., approximately PLN 6.4 million was paid upon the fulfilment
of all conditions set out in the agreement,
2. the second tranche of AMD 374,970,126, i.e., approximately PLN 3.1 million payable subject to the closing of all
litigation and claims to which AMX is a party and which are described in the Share Purchase Agreement. The closing
of litigation is understood to mean the definitive end of legal proceedings or the dismissal of an action and, for cases
not currently pending before the court, the failure to file an action within 3 consecutive years.
The Shareholders’ Agreement provides for a call option for CBoA and a put option for GPW on the acquired shares in AMX.
CBoA may exercise the option in the last month of the closed period if GPW is in material breach of the Business Plan
assumptions, and GPW may exercise the option unconditionally within two months after the expiry of the closed period. The
closed period is defined as 5 years from the registration of the shares.
3.5. INVESTMENT IN ASSOCIATES AND JOINT VENTURES
Selected accounting policies
The Exchange recognises investment in associates and joint ventures at cost less impairment losses.
The Exchange held interest in the following associates and joint ventures as at 31 December 2022 and as at 31 December
2021:
♦ Krajowy Depozyt Papierów Wartościowych S.A. (“KDPW”, the parent entity of the KDPW Group),
♦ Centrum Giełdowe S.A. (“CG”),
♦ Polska Agencja Ratingowa S.A. (“PAR”).
The following tables show the holdings and carrying amount of the Exchange’s investments.
As at 31 December 2022
PAR CG KDPW Total
Value at cost 4,683
4,652
7,000
16,335
Impairment (4,683) -
-
(4,683)
Carrying amount -
4,652
7,000
11,652
Number of shares 5,200,000
46,506
7,000
n/d
% of share capital 35.86% 24.79% 33.33%
n/d
% of votes 35.86% 24.79% 33.33%
n/d
Investment in PAR
The Exchange held 35.86% of PAR as at 31 December 2022 and as at 31 December 2021. Following impairment of the
investment in PAR at PLN 583 thousand recognised as at 30 June 2020, the value of the investment in PAR was equal to 0
in the Exchange’s statement of financial position as at 31 December 2022 and as at 31 December 2021.
25
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
3.6. LEASES
Selected accounting policies
As a lessee, under IFRS 16, the Exchange recognises as leases all contracts under which the right to use an asset is
transferred for a given term in exchange for a fee. According to allowed simplifications, the Exchange does not apply lease
accounting to:
short-term lease contracts;
leases of low-value underlying assets (“low-value leases”).
Such lease payments are recognised as costs on a straight-line basis in the financial result.
Low-value leases include mainly leases of: computers, coffee machines, office furniture. It is assumed that low-value leases
are those whose unit value does not exceed PLN 20,000, which is approximately equivalent to USD 5,000.
Short-term leases are leases up to 12 months.
For each lease contract, the Exchange defines the lease term as an uncancellable period including:
periods when the lessee is reasonably certain to exercise an option to extend the lease; and
periods when the lessee is reasonably certain not to exercise an option to terminate the lease.
As a lessor, the Exchange recognises lease contracts as an operating lease or a finance lease.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an
underlying asset to the lessee. A lease is classified as an operating lease if it does not transfer substantially all the risks and
rewards incidental to ownership of an underlying asset to the lessee.
Lease payments from operating leases are recognised as income on either a straight-line basis or another systemic basis.
Income from office space leases is recognised in the amount of monthly rent. Any costs, including depreciation charges,
incurred to earn the lease income are recognised in the financial result.
At the commencement date, assets held under a finance lease are recognised in the statement of financial position and
presented as a lease/sublease receivable at an amount equal to the net investment in the lease.
Interest income on leases is recognised in the term of the lease to reflect a fixed periodic interest rate on the net investment
in the lease made by the Exchange in the finance lease.
Sublease contracts are contracts where the underlying asset is re-leased by the Exchange (“intermediate lessor”) to a third
party and the lease (“head lease”) between the head lessor and the Company remains in effect. Sublease contracts are
classified as an operating lease or a finance lease.
The policy applicable to the head lease applies accordingly to finance sublease contracts, i.e., as an intermediate lessor, the
Exchange derecognises the net value and the depreciation of the subleased assets from right-to-use assets in the statement
of financial position and from depreciation in the statement of comprehensive income, accordingly.
3.6.1. Q
UALITATIVE AND QUANTITATIVE INFORMATION ABOUT LEASE TRANSACTIONS – EXCHANGE AS A LESSEE
The Exchange is a lessee of the following groups of assets:
office space and car park space in the Centrum Giełdowe building, ul. Książęca 4, Warsaw, and office space in Łódź
and Bełchatów;
colocation space (back-up office, racks, server rooms and maintenance rooms);
passenger cars.
Each lease contract is negotiated on an individual basis and contains a broad range of terms and conditions. The terms and
conditions with a significant impact on the value of lease liabilities include:
no fixed term of most lease contracts for space in Centrum Giełdowe (with a termination notice of several months);
for colocation services: contracts with a fixed term (several years) which automatically extend upon expiry as a
contract with no fixed term with a termination notice of several months;
three-year passenger car leases (after the term of the lease, the user has the option to buy the car; if the option is
not exercised, the car is returned to the lessor).
26
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The Exchange’s leases contain no covenants; however, right-to-use assets cannot be used as loan collateral. They provide
for no material variable lease payments which would depend on an index or a rate, the Exchange’s revenue, a reference
interest rate, or which would change to reflect changes to market rents.
In the opinion of the Exchange Management Board, the Company is not exposed to material risk of future cash outflows in
respect of variable lease payments, residual value guarantee or leases not yet commenced. Given the nature of the lease
contracts for space in Centrum Giełdowe (no fixed term) and colocation, if the expected lease period changes, the liability
will be restated accordingly and future cash outflows will increase.
Depreciation charges on right-to-use assets (net of depreciation of subleased assets), increases in right-to-use assets, and
the carrying amount of right-to-use assets by category are presented in the table in Note 3.6.4.
Cash outflows under leases, excluding short-term leases and low-value leases, are presented in the statement of cash flows
as lease payments (interest) and lease payments (principal).
Cash outflows under short-term leases and low-value leases are a cost of the leases recognised in the statement of
comprehensive income.
The Exchange was not a lessee of assets for a term shorter than 12 months (short-term lease) in 2022 and in 2021.
The Exchange incurred no variable lease costs in 2022 and in 2021 that would not be included in the value of lease liabilities.
Year ended 31 December
2022 2021
Depreciation of right-to-use assets 2,841
2,833
Interest on lease liabilities 238
376
Losses/(Gains) on terminated leases (13) -
Revaluation of leasing contracts 1,139
8
Total lease cost in the statement of comprehensive income 4,205
3,217
3.6.2. Q
UALITATIVE AND QUANTITATIVE INFORMATION ABOUT LEASE TRANSACTIONS – EXCHANGE AS A LESSOR
The activity of the Exchange as a lessor and sublessor is not the Company’s core business. As the parent entity of the GPW
Group, the Exchange operates as the Group’s procurement centre, including office space, colocation space, and passenger
cars. Revenue from operating leases and (finance) subleases covers the Exchange’s operating expenses related to the leases.
It is not the intention of the Company to finance its core business with profits earned as a lessor. Consequently, the activity
of the Exchange as a provider of leases should be considered in a broader context, as an activity supporting the Group.
Where the Exchange leases proprietary space to third parties, such lease contracts are classified as operating leases.
Where the Exchange subleases leased space to third parties, such lease contracts are classified in accordance with the head
lease (the Exchange is an intermediate lessor). Consequently, the Exchange recognises sublease receivables and reduces
right-to-use assets under the head lease accordingly (recognised under IFRS 16).
As at 31 December 2022, the Exchange was:
the lessor (operating leases) of office space and car park space to GPW Group members and third parties;
the sublessor of office space and car park space to GPW Group members and third parties;
the sublessor of colocation space to GPW Group members;
the sublessor of passenger cars to GPW Group members.
The Exchange’s operating leases and subleases contain no covenants and right-to-use assets cannot be used as loan
collateral by the lessee. The leases provide for no material variable lease payments which would depend on an index or a
rate, revenue, a reference interest rate, or which would change to reflect changes to market rents.
In the opinion of the Exchange Management Board, the Company as a lessor and sublessor is not exposed to a downside
risk for future cash inflows in respect of variable lease payments, residual value guarantee or leases not yet commenced.
Given the nature of the lease contracts for space in Centrum Giełdowe (no fixed term) and colocation, if the expected lease
period changes, sublease receivables (and the head lease liability) will be restated accordingly and future cash inflows will
increase.
The Exchange was not a lessor of assets for periods shorter than 12 months (short-term leases) in 2022 and in 2021.
Cash inflows under subleases are presented net in the statement of cash flows as sublease payments (interest) and sublease
payments (principal).
Cash inflows under operating leases is equal to revenue from operating leases presented in the table below.
27
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December
2022 2021
Interst on subleases
109
167
Sublease revaluation
727
(10)
Income from operating leases
549
475
Total lease income/(reduction of expenses) in the statement of
comprehensive income
1,385
632
The Exchange earned no revenue in 2022 and in 2021 relating to variable lease payments that would not be included in
sales revenue (operating leases) or in sublease receivables.
The table below provides an analysis of the due date of future lease payments.
Lease fees due by due date
As at 31 December 2022 As at 31 December 2021
Subleases
Operating
leases
Total Subleases
Operating
leases
Total
> 1Y 2,056
2,469
4,525
2,439
2,947
5,386
in Y2 95
10
105
1,823
2,469
4,292
in Y3 84
-
84
-
10
10
in Y4 82
-
82
-
-
-
in Y5
61
-
61
-
-
-
Total 2,378
2,479
4,857
4,262
5,426
9,688
3.6.3. S
ELECTED JUDGMENTS AND ESTIMATES RELATED TO LEASES
Lease liabilities and right-to-use assets are calculated using professional judgment including:
determination of the period of lease;
determination of the lessee’s incremental borrowing rate.
For leases signed by the Exchange with no fixed term, the Exchange estimates the most likely period of the lease taking into
account all facts and circumstances which provide an economic incentive to continue the lease. Afterwards, the Exchange
uses judgment to determine if it is reasonably certain that the Exchange will continue the lease on the occurrence of any
event or change of circumstances affecting the judgment.
The Exchange Management Board determined the term of leases using judgment indicating a five-year term of lease of
additional office space occupied by the Exchange in the Centrum Giełdowe building.
The table below presents the impact of change of the term of lease of additional office space and land by 2 years.
Year ended 31 December
2022 2021
Assuming the
term of lease is
2 years shorter
Assuming the
term of lease is
2 years longer
Assuming the
term of lease is
2 years shorter
Assuming the
term of lease is
2 years longer
Impact on the value of lease liabilities (3,590) 6,726
(4,857) 4,580
Impact on the value of sublease payables (1,673) 2,656
(1,658) 1,157
Impact on operating expenses (depreciation) (3,219) (180) (4,825) 4,408
Impact on sublease interest income (63) 74
(60) 72
Impact on lease interest expense (156) 191
(1,502) 426
The Exchange Management Board determined the lease rate using judgment of the interest rate that the Exchange would
have to pay to borrow, for a similar term and against similar collateral, funds necessary to buy the asset used under the
lease contract. In the opinion of the Management Board, the interest rate on the bonds issued by the Exchange is a reasonable
reflection of that rate. The table below shows the potential impact of a change in interest rate estimates.
28
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December
2022 2021
Assuming the
lessee's
incremental
borrowing rate
is 1 pp lower
Assuming the
lessee's
incremental
borrowing rate
is 1 pp higher
Assuming the
lessee's
incremental
borrowing rate
is 1 pp lower
Assuming the
lessee's
incremental
borrowing rate
is 1 pp higher
Impact on the value of lease liabilities 23 (23) 69
(67)
Impact on the value of sublease payables 24 (23) 24
(23)
Impact on operating expenses (depreciation) 64 (62) 209
(201)
Impact on sublease interest income
(35)
33
38
(38)
Impact on lease interest expense (57) 55
97
(111)
3.6.4. R
IGHT-TO-USE ASSETS
Selected accounting policies
The Exchange initially measures right-to-use assets at cost, including:
the initial valuation of the lease liability,
any lease payments paid at or before the commencement date less any lease incentives received,
any initial direct costs incurred by the lessee, and an estimate of any costs to be incurred by the lessee in
dismantling and removing the underlying asset, or restoring the site on which it is located, or restoring the
underlying asset to the condition required by the terms and conditions of the lease.
After the commencement date of the lease, the Exchange measures right-to-use assets applying a cost model, i.e., at cost
less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liability. Right-to-
use assets are depreciated on a straight-line basis over the lease term.
For subleases, the head lease asset is derecognised in right-to-use assets in the statement of financial position and its
depreciation is derecognised in depreciation in the statement of comprehensive income.
Right-to-use assets are presented in a separate line of the statement of financial position. The Exchange groups such assets
by class of underlying asset and discloses the classes in the Notes. The main classes of underlying assets used under the
right to use include office space and other premises, cars and colocation space.
The table below presents changes to right-to-use assets by category, net of sublease assets.
Year ended 31 December 2022
Office space and
other premises
Vehicles and
machinery
Colocation space Total
Right-of-use assets - as at the beginning of the
period
1,178
159
3,703
5,040
New leases -
36
-
36
New subleases (42) (55) -
(97)
Asset remeasurement 400
13
-
413
Depreciation (754) (137) (1,950) (2,841)
Net carrying amount - closing balance 782
16
1,753
2,551
29
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December 2021
Office space
and other
premises
Vehicles and
machinery
Colocation space Total
Right-of-use assets - as at the beginning of the period 1,755
112
5,624
7,491
New leases 488
216
662
1,366
New subleases (488) -
(233) (721)
Terminated leases contracts (404) (1) (395) (800)
Terminated subleases
535
-
-
535
Reclassification and other adjustments
9
(6)
-
3
Depreciation (717) (162) (1,955) (2,834)
Net carrying amount - closing balance
1,178
159
3,703
5,040
3.6.5. LEASE LIABILITIES
Selected accounting policies
The Exchange measures lease liabilities at the commencement date of the lease at the present value of the lease payments
outstanding at that date. Lease payments are discounted at the interest rate implicit in the lease. If the Company cannot
easily determine the interest rate implicit in the lease, it applies its incremental borrowing rate. The incremental borrowing
rate of the Exchange is equal to the interest rate that the Exchange would have to pay to borrow, for a similar term and
against similar collateral, funds necessary to buy an asset of a similar value as the asset used under the lease contract.
For the purposes of initial measurement of lease liabilities, the Exchange determines lease payments including:
fixed lease payments and variable lease payments depending on an index or rate;
amounts which the Exchange expects to be paid under a residual value guarantee;
the exercise price of an option to purchase the asset that the Exchange is reasonably certain to exercise;
payments for terminating the lease if the Exchange may exercise an option to terminate the lease according to the
terms and conditions of the lease.
After the commencement date of the lease, the Exchange measures lease liabilities by:
calculating interest on the lease liability,
reducing the carrying amount to reflect the lease payments made,
remeasuring the carrying amount of the liability to reflect any reassessment or lease modifications.
As a result, each lease payment is allocated between lease liabilities (presented in a separate item of the statement of
financial position, broken down by current and non-current items) and interest cost of leases (recognised in financial
expenses in the statement of comprehensive income).
An analysis of lease liabilities by due date is presented in Note 2.4.
The table below presents changes to lease liabilities.
Year ended 31 December 2022
Office space and
other premises
Vehicles and
machinery
Colocation space Total
Lease liabilities - as at beginning of the period 3,929
296
5,236
9,461
New leases -
36
-
36
Interest on lease liabilities
101
20
117
238
Lease liabilities paid in the period (equal to leasing fees) (2,496) (548) (2,842) (5,886)
Remeasurement of lease liabilities
777
362
-
1,139
Reclassification and other adjustments 52
-
-
52
Net carrying amount - closing balance, including:
2,363
166
2,511
5,040
non-current
404
20
-
424
current 1,959
146
2,511
4,616
30
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December 2021
Office space and
other premises
Vehicles and
machinery
Colocation
space
Total
Lease liabilities - as at beginning of the period 6,125
612
7,602
14,339
New leases 488
216
663
1,367
Terminated leases (442) (2) (407) (851)
Interest on lease liabilities 157
23
196
376
Lease liabilities paid in the period (equal to leasing fees) (2,409) (555) (2,818) (5,782)
Remeasurement of lease liabilities 8
-
-
8
Reclassification and other adjustments 2
2
-
4
Net carrying amount - closing balance, including: 3,929
296
5,236
9,461
non-current 1,654
47
2,511
4,211
current 2,275
249
2,725
5,250
3.6.6. S
UBLEASE RECEIVABLES
Selected accounting policies
The Exchange measures sublease receivables in the same way as it measures lease liabilities, i.e., at the commencement
date of the lease at the present value of the lease payments outstanding at that date. Lease payments are discounted at the
interest rate implicit in the lease. If the Exchange cannot easily determine the interest rate implicit in the lease, it applies its
incremental borrowing rate.
Year ended 31 December 2022
Office space and
other premises
Vehicles and
machinery
Colocation space Total
Subleases receivables - as at beginning of the period 2,660
128
1,362
4,150
New subleases 42
55
-
97
Interest on sublease receivables 65
14
30
109
Sublease receivables paid in the period (equal to leasing
fees)
(1,552) (411) (752) (2,715)
Remeasurement of sublease receivables 378
349
-
727
Reclassification and other adjustments (40) -
-
(40)
Net carrying amount - closing balance, including: 1,553
135
640
2,328
non-current 290
15
-
305
current 1,263
120
640
2,023
31
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December 2021
Office space
and other
premises
Vehicles and
machinery
Colocation space Total
Subleases receivables - as at beginning of the period 4,258
495
1,815
6,568
New subleases 488
-
233
721
Terminated subleases (585) -
-
(585)
Interest on sublease receivables 103
16
48
167
Sublease receivables paid in the period (equal to leasing
fees)
(1,597) (383) (735) (2,715)
Remeasurement of sublease receivables (10) -
-
(10)
Reclassification and other adjustments 3
-
1
4
Net carrying amount - closing balance, including: 2,660
128
1,362
4,150
non-current 1,154
9
640
1,803
current 1,506
119
722
2,347
3.7. FINANCIAL ASSETS
3.7.1. CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS
Selected accounting policies
The Exchange’s financial assets are classified into the following categories:
financial assets measured at amortised cost:
♦ cash and cash equivalents,
♦ trade receivables,
♦ receivables from loans granted,
♦ other receivables,
♦ other financial assets (including bank deposits and held-to-maturity corporate bonds and certificates of
deposit);
financial assets measured at fair value through profit or loss;
financial assets measured at fair value through other comprehensive income.
Cash and cash equivalents are presented in a dedicated item of the statement of financial position. Trade receivables and
other receivables are presented in trade receivables and other receivables in the statement of financial position. Receivables
from loans granted and other financial assets are presented in financial assets measured at amortised cost in the statement
of financial position.
The assets are classified into those categories on initial recognition. Classification depends on:
the business model of asset portfolio management; and
the contractual terms of the financial asset.
Financial assets are derecognised when the right to receive cash flows from such assets expire or are transferred and the
Exchange transfers substantially all the risks and rewards incidental to ownership of the assets.
Financial assets measured at amortised cost are presented in Notes 3.7.4, 3.7.5, 3.7.6.
Financial assets measured at fair value through other comprehensive income are presented in Note 3.7.3.
The Exchange held shares of IDM S.A. in bankruptcy by arrangement received from the debtor in exchange for receivables
and classified them as financial assets measured at fair value through profit or loss as at 31 December 2022 and as at 31
December 2021. The fair value of the shares was PLN 0 as at 31 December 2022 and as at 31 December 2021.
32
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
3.7.2. I
MPAIRMENT OF FINANCIAL ASSETS
Selected accounting policies
At each balance sheet date, the Exchange recognises impairment (expected credit loss) of financial assets. If there has been
a significant increase in credit risk of a financial asset since initial recognition, the Exchange recognises expected credit loss
of the financial asset as an allowance equal to lifetime expected credit losses; otherwise, the financial asset will attract a
loss allowance equal to 12-month expected credit loss.
The Exchange’s impairment allowance for financial assets measured at amortised cost (other than trade receivables) is equal
to the 12-month expected credit loss in view of the low credit risk of such financial instruments. The Exchange considers
cash and cash equivalents, other receivables and other financial assets measured at amortised cost to carry low credit risk
because it only accepts entities, including banks and financial institutions, of a high rating and stable market position (rated
above BBB+ by at least one rating agency: Moody’s, Fitch, Standards & Poors, Polska Agencja Ratingowa, EuroRating).
The Exchange measures expected credit loss of financial instruments taking into account:
an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;
the time value of money;
reasonable and supportable information that is available without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future economic conditions.
The Exchange assesses expected credit losses for assets related to debt instruments measured at amortised cost regardless
of whether there is an indication of impairment. The allowance for expected credit losses is made based on the estimated
ratings of the issuer and the probability of loss assigned to the rating and the amount of loss.
The Exchange applies a simplified approach to trade receivables and contract assets, where impairment allowances for trade
receivables are recognised as equal to lifetime expected credit loss according to a provision matrix. The Exchange’s trade
receivables have no significant financing component.
As at the end of each reporting year, to estimate expected credit loss on trade receivables, the Exchange performs a statistical
analysis of trade receivables by category of clients (Exchange Members, Issuers, other clients) based on historical collection
of debt from counterparties.
In the next step, the Exchange performs a portfolio analysis and calculates for each category of clients a credit loss ratio
based on a provision matrix by age group. The allowance for debt which is not overdue as at the balance sheet date for a
group of clients in a time bracket is equal to the value of trade receivables at the balance sheet date times the credit loss
ratio.
The expected credit loss (or released allowance) required to adjust the expected credit loss allowance as at the reporting
date to the amount that should be recognised is presented in the statement of comprehensive income as gains or losses on
impairment.
The expected credit loss allowance for financial assets classified as financial assets measured at amortised cost is shown as
a reduction of the gross carrying amount of the financial asset in the statement of financial position and as a cost of the
period in financial expenses.
The expected credit loss allowance for financial assets classified as financial assets measured at fair value through other
comprehensive income is shown in other comprehensive income; it does not reduce the carrying amount of the financial
asset.
3.7.3. F
INANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Selected accounting policies
Financial assets measured at fair value through other comprehensive income include:
Equity securities which the Company irrevocably elects to recognise as such on initial recognition.
Debt securities where contractual cash flows are solely payments of principal and interest and the objective of the
Company’s business model is achieved both by collecting contractual cash flows and by selling financial assets.
Financial assets measured at fair value through other comprehensive income comprise shares in entities over which the
Exchange does not exercise control or exert significant influence. They are disclosed as non-current assets unless the
Exchange intends to sell them within 12 months after the balance sheet date. Financial assets measured at fair value through
other comprehensive income are initially recognised at fair value plus directly attributable transaction costs. After initial
33
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
recognition, they are measured at fair value and any effect of change in the fair value is recognised in other comprehensive
income and presented in equity as reserves. On derecognition, the cumulative profit or loss recognised in equity is taken to
retained earnings after tax. For debt instruments, accrued interest is recognised directly in the statement of profit and loss.
Innex
The Exchange acquired a stake in the Ukrainian Stock Exchange Innex in July 2008. Impairment of the entire investment
was recognised in 2008. The Exchange Management Board identified no indications of release of the full impairment of the
investment in Innex as at 31 December 2022 and as at 31 December 2021.
Bucharest Stock Exchange (“BVB”)
The Exchange acquired a stake in Sibex in 2010. SIBEX merged with BVB at 1 January 2018. Following the merger, the
Exchange holds 5,232 BVB shares at a par value of RON 10 per share. BVB is listed on the Bucharest Stock Exchange.
ETF
The Exchange purchased 25,929 certificates of the BETA ETF based on the Treasury BondSpot Poland Index. The arranger
of the issue is AgioFunds TFI S.A. The instrument was newly listed on 17 January 2022.
The following table shows the Group’s investments measured at fair value through other comprehensive income.
As at 31 December 2022
Innex BVB ETF Total
Value at cost 3,820
1,343
5,000
10,163
Impairment (3,820) (1,168) (287) (5,275)
Carrying amount -
175
4,713
4,888
As at 31 December 2021
Innex BVB ETF Total
Value at cost 3,820
1,343
-
5,163
Impairment (3,820) (1,220) -
(5,040)
Carrying amount -
123
-
123
Fair value hierarchy
Selected accounting policies
The Exchange classifies the valuation at fair value on the basis of a fair value hierarchy which reflects the significance of
valuation input data. The fair value hierarchy includes the following levels:
(unadjusted) trading prices on active markets for identical assets or liabilities (level 1);
input data other than trading prices at level 1, which can be identified or observed for an asset or liability, directly
(as prices) or indirectly (calculations based on prices) (level 2); and
input data for an asset or liability not based on observable market data (non-observable data) (level 3).
The fair value of BVB and ETFs as at 31 December 2022 and as at 31 December 2021 was recognised at the share price
(level 1 of the fair value hierarchy).
3.7.4. T
RADE RECEIVABLES AND OTHER RECEIVABLES
Selected accounting policies
Trade receivables are receivables from clients of the Exchange held to payment. At initial recognition, trade receivables are
measured at the transaction price under IFRS 15. At the balance sheet date, trade receivables are measured at amortised
34
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
cost net of impairment. Trade receivables payable in less than 12 months (from initial recognition) are measured at nominal
value and not discounted.
Other receivables include mainly (current) prepayments. Prepayments are recorded when expenditures incurred relate to
future reporting periods. Prepayments are recognised in the statement of comprehensive income over the lifetime of the
relevant contract. Receivables which are not financial assets are presented at the amount due at the balance sheet date.
Non-current prepayments are presented as prepayments in non-current assets in the statement of financial position.
The table below shows trade receivables and other significant categories of receivables.
As at
31 December 2022 31 December 2021
Gross trade receivables 26,148
25,811
Impairment allowances for trade receivables (2,295) (2,883)
Total trade receivables 23,853
22,928
Current prepayments 5,573
5,803
Receivables from subsidiaries due to CIT in Tax Group 1,406
2,196
Settlements due to subleasing 245
244
Grants receivable 3,889
3,670
Other receivables 2,481
6,069
Total other receivables 13,594
17,981
Total trade receivables and other receivables 37,447
40,909
In the opinion of the Exchange Management Board, in view of the short due date of trade receivables, the carrying amount of those
receivables is similar to their fair value.
The table below shows trade receivables by maturity and the allowance for expected credit losses.
As at 31 December 2022 As at 31 December 2021
Gross
trade
receivables
Impairment
allowances for
trade
receivables
Total trade
receivables
Gross trade
receivables
Impairment
allowances
for trade
receivables
Total trade
receivables
Receivables not overdue 18,177
(40) 18,137
19,960
(84) 19,876
1 to 30 days overdue 3,480
(20) 3,460
2,247
(27) 2,220
31 to 60 days overdue 979
(8) 971
281
(8) 272
61 to 90 days overdue 1,189
(15) 1,174
335
(16) 320
91 to 180 days overdue 92
(2) 90
265
(24) 240
More than 180 days overdue 2,231
(2,210) 21
2,724
(2,724) -
Overdue receivables 7,971
(2,255) 5,716
5,851
(2,799) 3,052
Total 26,148
(2,295) 23,853
25,811
(2,883) 22,928
As at 31 December 2022, trade receivables at PLN 7,971 thousand (31 December 2021 – PLN 5,851 thousand) were overdue,
including overdue receivables from debtors under insolvency or creditor arrangement proceedings at 955 thousand and other
overdue receivables at PLN 7,016 thousand as at 31 December 2022 (31 December 2021 – PLN 743 thousand and PLN 5,235
thousand, respectively).
Trade receivables which are not overdue include mainly trade receivables from Exchange Members (banks and brokerage
houses) and receivables from issuers of securities as well as receivables for other services. The details are presented in the
table below.
35
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at
31 December 2022 31 December 2021
Exchange Members 11,346
14,727
Issuers* 1,071
204
Other* 5,760
5,029
Total gross trade receivables not overdue 18,177
19,960
* Receivables from creditors which are both an Stoch Exchange Member and an issuer or an Stoch Exchange Member and information
distributor (other recipient) are presented in receivables from Stock Exchange Members.
Receivables from Exchange Members include receivables from Polish and foreign banks and brokerage houses, whose risk
ratings are presented in the table below. Due to the fact that the Exchange does not have its own credit rating system,
external credit ratings were used. If a single debtor had no credit rating, the rating of the parent entity of the debtor was
used.
Receivables from issuers include fees due from companies listed on GPW.
Trade receivables from other clients include mainly fees for information services.
As at
31 December 2022 31 December 2021
Aa 588
1,309
A 6,507
7,681
Baa 222
390
Ba 14
20
B and BB 101
112
Without rating 3,914
5,215
Total trade receivables from Exchange Members 11,346
14,727
The Exchange has no collateral on receivables.
None of the Exchange’s trade receivables were subject to renegotiation of the amount as at 31 December 2022 and as at 31
December 2021.
The table below shows trade receivables by domestic and international receivables.
As at
31 December 2022 31 December 2021
Domestic receivables 11,445
12,253
Foreign receivables 14,703
13,558
Total gross trade receivables 26,148
25,811
Selected judgments and estimates
The calculation of impairment of receivables under IFRS 9 requires judgments necessary to define methodologies, models,
the classification of clients, and other input data.
The Exchange’s trade receivables have no significant financing component. Consequently, impairment as at 31 December
2022 was determined according to lifetime expected credit losses. Based on historical data, the Exchange performed a
statistical analysis of the probability of payment of overdue trade receivables by receivables portfolio. For receivables past
due more than 180 days, the expected credit loss is assumed to be 100% of the past due receivable. For receivables past
due between 90 and 180 days, the expected credit losses is estimated based on analysis of historical data.
36
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The estimated default ratios for clients whose debt is overdue for less than 180 days are as follows:
Exchange Members – from 0.11% to 4.11%,
issuers of securities listed on markets operated by the Exchange – from 1.71% to 34.97%,
other clients (including data vendors) – from 0.15% to 1.58%.
The Company considers that the default ratios estimated on the basis of historical data represent the probability of default
of trade receivables in the future and consequently the ratios were not adjusted.
The Company considers a financial asset to be at risk of default if internal and external information indicates that it is unlikely
that the Company will receive the remaining contractual cash flows in full. A financial asset is written off if there is no
reasonable expectation that the contractual cash flows will be recovered.
The impairment of trade receivables was determined according to the expected loss concept using a provision matrix
described in Note 3.7.2.
As at
31 December 2022 31 December 2021
Opening balance 2,883
4,372
Creating a write-off 1,342
2,255
Dissolution of the write-off (1,930) (3,321)
Receivables written off during the period as uncollectible -
(423)
Closing balance 2,295
2,883
The change of the impairment allowance for trade receivables in 2022 was PLN 588 thousand (decrease of allowance) and
was fully recognised in the statement of comprehensive income. The amount resulted from a higher amount of reversal (PLN
1,930 thousand) than creation of allowance (PLN 1,342 thousand).
The change of the impairment allowance for trade receivables in 2021 was PLN 1,489 thousand (decrease of allowance)
resulting from a higher amount of reversal (PLN 3,321 thousand) than creation of allowance (PLN 2,255 thousand); PLN
1,066 thousand was recognised in the statement of comprehensive income in 2021 as gains on reversed impairment of
receivables and PLN 423 thousand were receivables written off as non-recoverable.
3.7.5. F
INANCIAL ASSETS MEASURED AT AMORTISED COST
Selected accounting policies
Financial assets measured at amortised cost include: cash and cash equivalents, trade receivables, receivables from loans
granted, other financial assets, and other receivables (see Note 3.7.1). Cash and cash equivalents, trade receivables and
other receivables are presented in dedicated items of the statement of financial position (Notes 3.7.4, 3.7.6). Financial assets
measured at amortised cost in the statement of financial position include other financial assets and receivables from loans
granted. Other financial assets include mainly bank deposits, certificates of deposit and corporate bonds with initial maturities
exceeding 3 months (from purchase/contracting) and corporate bonds with an original maturity of 3 months or less (from
purchase/contracting) considered to be at risk of impairment due to possible changes in the economic environment or the
condition of their issuer and therefore not included in cash.
Interest on financial assets classified as financial assets measured at amortised cost is measured using the effective interest
rate method and recognised in the profit or loss of the period as part of financial income or financial cost.
37
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The table below shows current financial assets measured at amortised cost.
As at
31 December 2022 31 December 2021
Corporate bonds
53,737
150,271
Bank deposits -
55,048
Loans granted -
91,128
Total current gross 53,737
296,447
Allowance for losses on debt instruments measured at amortised
cost
(39) (141)
Total financial assets measured at amortised cost 53,698
296,306
For more information on loans to related parties, see Note 6.3.2.
The table below shows recognised financial income in relation to presented financial assets.
Year ended 31 December 2021
Interest
received
Remeasurement
Total recognised in
financial income
Corporate bonds 365
95
460
Bank deposits 66
40
106
Loans granted 164
129
293
Total revenue from assets measured at amortised cost 595
264
859
The risk rating of financial assets measured at amortised cost is presented in the table below. Due to the fact that the
Exchange does not have its own credit rating system, external credit ratings were used. If a single debtor had no credit
rating, the rating of the parent entity of the debtor was used.
As at
31 December 2022 31 December 2021
Aaa -
91,109
A -
50,093
A- 34,601
155,103
Baa 19,097
-
Total 53,698
296,306
3.7.6. C
ASH AND CASH EQUIVALENTS
Selected accounting policies
Cash and cash equivalents are financial assets measured at amortised cost. Cash and cash equivalents include on-demand
bank deposits, other short-term investments with original maturities up to 3 months (from contracting), which are highly
liquid and easily convertible to known amounts of cash and which are subject to an insignificant risk of change in fair value.
Cash deposited in a VAT account is classified as cash equivalents as it can be used to pay tax liabilities and can also be
transferred to other current accounts (upon application to the Tax Office).
38
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Cash and cash equivalents include current accounts and short-term bank deposits (up to 3 months). The details are shown
in the table below.
As at
31 December 2022 31 December 2021
Current accounts (other) 18,470
13,530
VAT current accounts (split payment) 9
-
Corporate bonds (banks) -
14,995
Bank deposits 81,607
141,038
Write-off for expected credit losses (49) (102)
Total cash and cash equivalents 100,037
169,461
The carrying amount of short-term bank deposits and current accounts is close to the fair value in view of their short maturity.
The average maturity of bank deposits included in cash and cash equivalents was 42 days in 2022 (55 days in 2021).
At the commencement of the development projects: New Trading System, GPW Data, GPW Private Market, TeO, PCOL, and
Gospostrateg (see Note 6.2), the Exchange opened dedicated banks accounts for each of those projects. The total balance
in those accounts was PLN 7,698 thousand as at 31 December 2022 (PLN 4,389 thousand as at 31 December 2021). Cash
in such accounts is classified as restricted cash.
Cash in VAT accounts is also restricted cash due to regulatory restrictions on the availability of cash in such accounts for
current payments.
The risk rating of cash and cash equivalents is presented in the table below. Due to the fact that the Exchange does not have
its own credit rating system, external credit ratings were used. If a single debtor had no credit rating, the rating of the parent
entity of the debtor was used.
As at
31 December 2022 31 December 2021
Aaa -
3
A- 100,037
155,935
Ba/BBB+ -
13,523
Total 100,037
169,461
3.8. CONTRACT ASSETS AND CONTRACT LIABILITIES
Selected accounting policies
Contract assets are a right to payment for services already transferred by the Exchange to a customer.
Contract liabilities are an obligation of the Exchange to provide a service to a customer in exchange for payment already
received by the Exchange or due at the balance sheet date.
Contract assets include mainly information services. Other outstanding revenue classified as contract assets stood at PLN
543 thousand as at 31 December 2022 and PLN 2 thousand as at 31 December 2021.
Contract liabilities include annual and quarterly fees paid by market participants as well as fees for introduction of instruments
into trading.
39
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at
31 December 2022 31 December 2021
Listing 6,825
7,003
Total financial market 6,825
7,003
Total non-current 6,825
7,003
Trading 557
1,313
Listing 3,160
3,355
Information services and revenue
from the calculation of reference rates
-
2
Total financial market 3,717
4,670
Other revenue 127
189
Total current 3,844
4,859
Total contract liabilities 10,669
11,862
3.9. (NON-CURRENT) PREPAYMENTS
Selected accounting policies
Non-current prepayments present amounts paid relating to future periods which are recognised over time.
As at
31 December 2022 31 December 2021
IT equipment maintenance service 421
1,890
Other 158
5
Total non-current prepayments 579
1,895
3.10. EQUITY
Selected accounting policies
The equity of the Exchange comprises:
share capital disclosed at par, adjusted for hyperinflation;
other reserves, including the revaluation reserve;
retained earnings, comprised of:
♦ retained earnings from prior years (comprised of supplementary capital and other reserves formed from
prior year profits); and
♦ profit of the current period.
3.10.1. S
HARE CAPITAL
As at 31 December 2022 and as at 31 December 2021, the share capital of the Exchange stood at PLN 41,972 thousand and
was divided into 41,972,000 shares with a nominal value of PLN 1 per share including series A shares and series B shares.
The Company’s shares were fully paid up. Series A shares are preferred registered shares which may be exchanged into
bearer shares and become series B ordinary shares on exchange. Each series A share gives 2 votes. Series B shares are
bearer shares. Each series B share gives 1 vote.
The share capital from before 1996 was restated using the general price index. The restatement of the share capital for
inflation was PLN 21,893 thousand as at 31 December 2022 and as at 31 December 2021.
40
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2022 and at 31 December 2021
Value at par
%
share capital total vote
State Treasury 14,695,470
35.01% 51.77%
Banks 49,000
0.12% 0.18%
Brokers 28,000
0.07% 0.12%
Others -
0.00% 0.00%
Total registered shares (A series) 14,772,470
35.20% 52.07%
Bearer shares (B series) 27,199,530
64.80% 47.93%
Total 41,972,000
100.00% 100.00%
3.10.2. O
THER RESERVES
The table below shows the carrying amount and the change during the period for other reserves.
As at 1 January
2022
Revaluation
As at 31
December 2022
Revaluation (1) (235) (236)
Deferred tax 1
44
45
Total reserves arising from financial assets measured at fair value
through other comprehensive income
-
(191) (191)
Revaluation (51) 23
(28)
Deferred tax 10
(4) 6
Total capital from actuarial gains/losses (41) 19
(22)
Total other reserves (41) (172) (213)
3.10.3. R
ETAINED EARNINGS
As required by the Exchange’s Articles of Association, reserve capital is earmarked for covering losses that may arise in the
operations of the Exchange and for supplementing the share capital or for payment of dividends. Reserve capital should not
be lower than one-third of the share capital. Transfers from distributed profit to reserve capital may not be lower than 10%
of the profit. Transfers may be discontinued when reserve capital equals one-third of the share capital. One-third of reserve
capital may only be used to cover losses reported in financial statements.
Reserves are maintained by the Exchange to ensure the ability of financing investments and other expenses connected with
the operations of the Exchange. Reserves can be used towards share capital or payment of dividends.
Reserve
capital
Other
reserves
Retained
earnings
Profit for the
period
Total
retained
earnings
As at 1 January 2022 37,021
375,677
(39,555) 174,425
547,568
Distribution of the net profit for the year 2021 -
59,422
115,003
(174,425) -
Dividend -
-
(115,003) -
(115,003)
Net profit for the year 2022 -
-
-
99,564
99,564
As at 31 December 2022 37,021
435,099
(39,555) 99,564
532,129
41
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Reserve
capital
Other
reserves
Retained
earnings
Profit for the
period
Total
retained
earnings
As at 1 January 2021 37,021
311,927
(40,385) 169,510
478,073
Distribution of the net profit for the year 2020 -
63,750
105,760
(169,510) -
Dividend -
-
(104,930) -
(104,930)
Net profit for the year 2021 -
-
-
174,425
174,425
As at 31 December 2021 37,021
375,677
(39,555) 174,425
547,568
3.10.4. D
IVIDEND
On 23 June 2022, the Annual General Meeting of the Exchange passed a resolution to distribute the Company’s profit for
2021, including a dividend payment of PLN 115,003 thousand. The dividend per share was PLN 2.74. The dividend record
date was 25 July 2022 and the dividend payment date was 5 August 2022. The dividend due to the State Treasury was PLN
40,266 thousand.
On 21 June 2021, the Annual General Meeting of the Exchange passed a resolution to distribute the Company’s profit for
2020, including a dividend payment of PLN 104,930 thousand. The dividend per share was PLN 2.50. The dividend record
date was 23 July 2021 and the dividend was paid on 5 August 2021. The dividend paid to the State Treasury was PLN 36,721
thousand.
3.10.5. E
ARNINGS PER SHARE
Selected accounting policies
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the entity by the weighted
average number of shares in issue.
Diluted earnings per share is calculated by dividing the net profit attributable to equity holders of the entity by the weighted
average number of shares in issue, adjusted for the number of potential shares that could be issued as a result of the
conversion of dilutive equity instruments into shares.
Year ended 31 December
2022 2021
Net profit for the period 99,564
174,425
Weighted average number of ordinary shares (in thousands) 41,972
41,972
Basic/diluted earnings per share (in PLN) 2.37
4.16
There are no dilutive instruments in the Company.
3.11. BOND LIABILITIES
Selected accounting policies
Liabilities under bond issues, as well as trade payables and lease liabilities, are financial liabilities.
Financial liabilities at the balance sheet date are valued at amortised cost. The valuation is based on cost at which the liability
was initially recognised less the repayment of the nominal value, adjusted for the cumulative amount of the discounted
difference between the initial value and the maturity value. For instruments at floating interest rates, in relation to the next
agreed re-pricing date (on which the interest rate is determined), it is calculated using the effective interest rate method.
The effective interest rate is the internal rate of return (IRR) of the liability, which is used for discounting future cash flows
of the financial instrument to present value.
42
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
On 31 January 2022, GPW redeemed series D and E bonds issued on 18 January 2017 with a total nominal value of PLN
120,000 thousand.
On 6 October 2022, GPW redeemed series C bonds issued on 6 October 2015 with a total nominal value of PLN 125,000
thousand.
The changes in the bond liability in 2022 and 2021 are shown in the tables below.
As at 31 December 2022
Opening
balance
Bonds
redeemed
Interest
accrued
Interest
paid
Cost
incurred
Cost
settled
Closing
balance
Principal 244,929
(245,000) 71
-
-
-
-
Interest 1,539
-
3,169
(4,708) -
-
-
Cost of issuance (190) -
-
-
-
190
-
Total liabilities under bond
issue
246,278
(245,000) 3,240
(4,708) -
190
-
As at 31 December 2021
Opening
balance
Bonds
redeemed
Interest
accrued
Interest
paid
Cost
incurred
Cost
settled
Closing
balance
Principal 244,929
-
-
-
-
-
244,929
Interest 1,551
-
5,440
(5,452) -
-
1,539
Cost of issuance (574) -
-
-
(2) 386
(190)
Total liabilities under bond
issue
245,906
-
5,440
(5,452) (2) 386
246,278
As at
31 December 2022 31 December 2021
Fair value of series C bonds
-
126,491
Fair value of series D and E bonds
-
120,588
Total fair value of bonds in issue -
247,079
3.12. EMPLOYEE BENEFITS PAYABLE
Selected accounting policies
Employee benefits payable include retirement benefits and other benefits, including provisions for annual awards and
bonuses and provisions for benefits after termination.
The present value of retirement benefits payable is determined as at the balance sheet date by an independent actuarial
advisor. The calculated benefits payable are equal to discounted future payments taking into account employee rotation as
at the balance sheet date. Demographic and employee rotation data are based on historical figures. Actuarial gains and
losses on employee benefits after termination are included in other comprehensive income.
The Exchange sets up provisions for annual awards and bonuses in order to assign costs to the periods to which they relate.
Provisions are estimated according to the best knowledge of the Exchange Management Board concerning probable bonuses
to be paid based on the framework of the incentive scheme.
43
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The table below shows employee benefits payable recognised as at the balance sheet date.
As at
31 December 2022
31 December 2021
Retirement benefits 724
677
Other employee benefits 518
603
Non-current
1,242
1,280
Retirement benefits 101
67
Other employee benefits 18,893
21,751
Current
18,994
21,818
Total benefits in the statement of financial position
20,236
23,098
3.12.1. R
ETIREMENT BENEFITS
Provisions for retirement benefits are recorded by the Exchange according to valuation as at the balance sheet date provided
by an independent actuarial advisor. Changes of retirement benefits in the period are shown in the table below.
Year ended 31 December
2022 2021
Total benefits in operating expenses 104
118
Total benefits in other comprehensive income
(23)
(221)
Total benefits in the statement of comprehensive income
81
(103)
Year ended 31 December
2022 2021
Retirement benefits - opening balance
744
847
Current service cost
95
116
Interest cost
27
10
Gains and losses on the benefits scheme
(18)
(8)
Actuarial losses/(gains) shown in other comprehensive income due to change of:
(23)
(221)
- financial assumptions
(42)
(219)
- demographic assumptions
(52)
-
- other assumptions
71
(2)
Total change shown in comprehensive income
81
(103)
Retirement benefits - closing balance
825
744
The key actuarial assumptions used to determine the present value of retirement benefits payable are presented in the table
below.
44
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December
2022 2021
Discount rate 6.7% 3.6%
Expected average annual increase of the base of provisions for retirement benefits 6.0% 3.5%
Inflation p.a. n/d 2.5%
Weighted average employee mobility 10.7% 6.4%
3.12.2. O
THER EMPLOYEE BENEFITS
The table below shows the details of other employee benefits and their changes during the financial year.
Year ended 31 December 2022
Opening
balance
Set up Used Reclassified Released
Closing
balance
Annual and discretionary bonuses 15,054
12,880
(9,427) (46) (3,691) 14,770
Benefits after termination -
611
(102) -
(305) 204
Unused holiday leave 3,389
3,212
(2,957) 3,644
Overtime 125
2,507
(2,357) -
-
275
Unpaid remuneration* 3,183
-
-
(1,311) (1,872) -
Total current 21,751
19,210
(14,843) (1,357) (5,868) 18,893
Annual and discretionary bonuses 603
27
(38) 46
(120) 518
Total non-current 603
27
(38) 46
(120) 518
Total other employee benefits
payable
22,354
19,237
(14,881) (1,311) (5,988) 19,411
Year ended 31 December 2021
Opening
balance
Set up Used Reclassified Released
Closing
balance
Annual and discretionary bonuses 12,092
14,231
(11,224) -
(45) 15,054
Unused holiday leave 2,324
2,916
(1,851) -
-
3,389
Overtime 244
125
(244) -
-
125
Unpaid remuneration -
3,183
-
-
-
3,183
Total current 14,660
20,455
(13,319) -
(45) 21,751
Annual and discretionary bonuses -
625
(23) -
-
603
Total non-current -
625
(23) -
-
603
Total other employee benefits
payable
14,660
21,080
(13,342) -
(45) 22,354
3.13. ACCRUALS AND DEFERRED INCOME
Selected accounting policies
Accruals and deferred income include grants received and other payments.
Grants relating to assets are presented in the statement of financial position as deferred income (under accruals and deferred
income) and recognised in the statement of comprehensive income (under other income) systematically through the useful
life of the assets concerned by the grant.
45
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The following table shows accruals and deferred income. These mainly relate to grants received, which are presented by
project. Grants received are described in Note 6.2.
As at
31 December 2022 31 December 2021
New Trading System Project 19,753
13,243
GPW Data Project 3,934
2,518
Telemetria Project 1,671
-
Private Market 814
532
PCOL Project 874
-
Total non-current 27,046
16,293
Telemetria Project -
1,191
Private Market Project 3,127
1,652
Total current 3,127
2,843
Total accruals and deferred income
30,173
19,136
3.14. OTHER LIABILITIES
The table below shows the details of other liabilities as at the balance sheet date.
As at
31 December 2022 31 December 2021
Liabilities to the Polish National Foundation 4,361
5,731
Other liabilities 3,546
3,561
Other liabilities 3,112
-
Total non-current 11,019
9,292
VAT payable 842
876
Liabilities in respect of other taxes 2,357
1,818
Contracted investments 3,425
983
Liabilities to the Polish National Foundation 1,371
1,331
Other liabilities 944
2,621
Total current 8,939
7,629
Total other liabilities 19,958
16,921
As a co-founder of the Polish National Foundation established by 17 State-owned companies in 2016 (“PFN”), the Exchange
is required to contribute annual payments towards the statutory mission of PFN, totalling 11 payments from the
establishment of the Foundation. Payments to PFN are donations and the liability of GPW to make all payments to PFN
according to the founding deed of the Foundation arose when GPW joined the Foundation and signed its founding deed in
2016. The liability was charged to expenses in 2016 and is recognised over time. The liability of the Exchange to PFN was
PLN 5,732 thousand as at 31 December 2022 (PLN 7,062 thousand as at 31 December 2021).
3.15. TRADE PAYABLES
Selected accounting policies
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Trade payables are classified as current liabilities if payment is due within one year (or in the normal operating
cycle of the business if longer). Otherwise, they are presented as non-current liabilities.
Trade payables, as well as liabilities under bond issues and lease liabilities, are financial liabilities. Financial liabilities at the
balance sheet date are valued at amortised cost.
46
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at
31 December 2022 31 December 2021
Payables to entities measured by equity method
82
91
Trade payables to subsidiaries
584
875
Trade payables to other entities, accruals, and deferred income
11,846
6,713
Total trade payables
12,512
7,679
Due to the short due dates of trade payables, the carrying amount of trade payables is similar to the fair value.
3.16. DEFERRED INCOME TAX
Selected accounting policies
Deferred tax is calculated using the liability method as tax payable or reimbursable in the future in respect of differences
between carrying amounts of assets and liabilities and the corresponding tax amounts.
The deferred tax liabilities are recorded in the full amount and are not subject to discounting.
Deferred tax assets are recognised to the extent that it is probable that future taxable income will be available against which
the temporary differences could be utilised. Deferred tax assets are reviewed at the balance sheet date; if expected future
tax gains or positive temporary differences are insufficient to realise an asset in whole or in part, it is written off.
Deferred tax assets and liabilities can be offset when the Exchange has an enforceable right to offset current income tax
receivables and liabilities and when the deferred tax assets and liabilities relate to income tax imposed on the same taxpayer
by the same tax authorities.
The Company does not recognise deferred tax liabilities and assets for differences between the tax amount and the carrying
amount of investments in subsidiaries and associates if the Company is able to control the timing of the reversal of temporary
differences (for deferred tax liabilities) and it is probable that such differences will not reverse in the foreseeable future.
Deferred tax (asset)/liability
As at 1
January 2022
(Credited)/
Debited in
profit
(Credited)/Debited
in other
comprehensive
income
As at 31 December 2022
(Asset)/
liabielieties
Deferred tax
asset
Deferred tax
liability
Difference between accounting and
tax value of property, plant and
equipment and intangible asset
5,831
(2,104) -
3,727
-
3,727
Impairment loss on investment in
other entities
(958) (1,254) (44) (2,256) (2,256) -
Employee benefits (4,636) 404
4
(4,228) (4,228) -
Estimated costs (541) (549) -
(1,090) (1,090) -
Deferred income (2,005) 105
-
(1,900) (1,900) -
Impairment loss on trade
receivables
(424) 119
-
(305) (305) -
Interest and costs of bond issue (257) 257
-
-
-
-
Other (209) 232
-
23
(121) 144
Total deferred tax
(asset)/liability
(3,199) (2,790) (40) (6,029) (9,900) 3,871
47
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Deferred tax (asset)/liability
As at 1
January 2021
(restated)
(Credited)/
Debited in
profit
(Credited)/Debited
in other
comprehensive
income
As at 31 December 2021
(Asset)/
liabielieties
Deferred tax
asset
Deferred tax
liability
Difference between accounting and
tax value of property, plant and
equipment and intangible asset
7,784
(1,953) -
5,831
-
5,831
Impairment loss on investment in
other entities
(959) -
1
(958) (958) -
Employee benefits (2,965) (1,713) 42
(4,636) (4,636) -
Estimated costs (571) 30
-
(541) (541) -
Deferred income (1,756) (249) -
(2,005) (2,005) -
Impairment loss on trade
receivables
(726) 302
-
(424) (424) -
Interest and costs of bond issue (186) (71) -
(257) (293) 36
Other (241) 32
-
(209) (293) 84
Total deferred tax
(asset)/liability
380
(3,622) 43
(3,199) (9,150) 5,951
3.17. PROVISIONS FOR OTHER LIABILITIES AND OTHER CHARGES
Selected accounting policies
Provisions are liabilities arising from past events whose amount or due date is uncertain. A provision is recognised when the
entity has a present obligation (legal or constructive) as a result of a past event or it is probable that an outflow of economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the
effect of the change in the time value of money is material, the provision is discounted using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks associated with the liability.
As at 31 December 2022, the entire amount related to the provision set up for VAT adjustments. As at 31 December 2021,
there were no provisions for liabilities at the Exchange.
3.18. PHANTOM SHARES
Selected accounting policies
The Exchange maintains a Phantom Share Scheme, which is treated as a cash-settled scheme under IFRS 2 Share-based
Payment. For future payments of the Scheme, a liability is recognised in the statement of financial position under items
relating to employee benefits payable. The liability associated with the shares granted is measured at each balance sheet
date at the closing price of GPW shares on the balance sheet date. Differences in the measurement at fair value at the
balance sheet date are recognised in employee costs in the statement of comprehensive income.
On 29 April 2021, on the occasion of the 30
th
anniversary of the Company, the Exchange Management Board approved a
Phantom Share Scheme (“Scheme”) for GPW employees. The Scheme covers all GPW employees in employment as at 16
April 2021. The total number of phantom shares granted at the beginning of the Scheme was 10,428 shares.
In each successive year of the Scheme, 4 phantom shares are awarded to each Scheme participant as at 16 April and the
only condition for the award is that the employee is employed by GPW. The phantom shares are subject to a lock-up until
the termination or expiry of the employment relationship or until the employee reaches retirement age (“Lock-up Period”).
After the Lock-up Period, the employee acquires an unconditional right to receive a cash benefit for the phantom shares
held, at the closing price of the GPW shares on 16 April of the year prior to vesting.
Allocated phantom shares retain the right to dividends. The employee may, by 30 September each year, request a dividend
payment, which is made by 15 October each year. In the event that the employee does not request a payment during the
term of employment, the payment is made upon termination of employment or retirement.
48
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The Exchange Management Board may decide to terminate the Phantom Share Scheme, but not before the end of 2031.
As at 31 December 2022, the estimated number of phantom shares was 10,483 shares (31 December 2021: 10,301 shares).
In 2022, the cost of the Scheme was PLN 12 thousand (year ended 31 December 2021: PLN 621 thousand).
As at 31 December 2022, the Phantom Share Scheme liabilities amounted to PLN 707 thousand (31 December 2021: PLN
743 thousand), of which non-current liabilities amounted to PLN 518 thousand (31 December 2021: PLN 603 thousand) and
current liabilities amounted to PLN 189 thousand (31 December 2021: PLN 140 thousand).
3.19. NON-CURRENT ASSETS HELD FOR SALE
Selected accounting policies
Non-current assets held for sale are measured at the lower of estimated fair value less costs to sell or carrying amount and
are presented in a separate line in the statement of financial position.
If the fair value less costs to sell is less than the carrying amount, an impairment loss is recognised for the difference.
Subsequent changes in fair value are recognised in profit or loss for the period, but may not exceed the previously recognised
impairment loss.
These assets are not depreciated.
In October 2022, the Exchange Management Board decided to sell the “GRC System” software developed in-house. The
Company took active steps to sell it.
The GRC system is a tool for automated compliance management support, streamlining risk assessment and compliance
processes by reducing the corporate governance, risk management and compliance workload.
As at 31 December 2022, the GRC system is presented under non-current assets held for sale at a carrying amount of PLN
3,336 thousand. Valuation at fair value showed that no impairment loss on the asset was required.
On 1 January 2023, the Company entered into an agreement to sell the asset. The Exchange received PLN 3,808 thousand
from the sale of the GRC System.
4. NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME
4.1. SALES REVENUE
Selected accounting policies
Sales revenue is recognised at transaction price when (or as) the entity transfers control of services to a customer. All
bundled services that can be separated under the contract with the customer are recognised separately. Any discounts and
rebates of the transaction price are allocated to individual components of bundled services. Depending on whether certain
criteria are met, revenue is recognised:
over time, in a manner that depicts the entity’s performance; or
at a point in time, when control of the services is transferred to the customer.
Revenues from the introduction of shares to trading are inextricably linked to the listing service. As a result, it was decided
that revenue from fees for introduction to trading will be recognised over time during the expected term of contracts with
customers (average listing period). The Exchange defined the average period of provision of the listing service equal to 9
years following a historical analysis of the average period of listing of companies on the Main Market and NewConnect. The
estimate is subject to uncertainty and will be reviewed as at each reporting date.
Other sales revenue is measured at the transaction price specified in the contract. No significant financing component has
been identified due to the fact that sales have a payment term of 21 days, which is in line with market practice. Revenue is
recognised on a one-off basis when the performance obligation is met, which is when the payment becomes unconditionally
due and only a specified period of time is required to receive it. In rare cases, the Company grants deferred payment terms,
but never for more than 12 months; therefore, the transaction price is not adjusted for the impact of a significant financing
component.
Sales revenue consists of three main business lines: revenue from the financial market, revenue from the commodity market,
and other sales revenue.
49
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Revenue from the financial market consists of:
Revenue from trading: revenue from Exchange Members, i.e., trading fees which depend on the type of traded
instruments, the value of transactions, the number of executed orders and the volume of trade. In addition to
trading fees, the Exchange charges flat-rate fees for access to and use of its IT system.
Revenue from issuers: charged under the Exchange Rules and the Alternative Trading System Rules: fees for
the listing of securities, fees for admission to trading, as well as other fees.
Revenue from information services: real-time stock exchange data and statistical and historical data in the
form of subscriptions, electronic publications, calculation of indices, as well as other stock exchange index licenses
and calculations. The sale of stock exchange information is based on separate agreements signed with exchange
data vendors and Exchange Members and other organisations including mainly financial institutions.
Revenue from the commodity market includes mainly revenue from information services, i.e., commodity market data
based on separate agreements signed with exchange data vendors, Exchange Members and other organisations, mainly
financial institutions.
Other sales revenue includes administrative, accounting, HR, IT services for members of the GPW Group, lease of
passenger cars, lease and maintenance of office space, training.
Selected judgments and estimates
The Company grants rebates to Exchange Members under the Exchange’s Technology Development Support Programme. To
be eligible for rebates, Exchange Members must invest in additional technological capacity including among others IT system
and IT infrastructure upgrades or the development of new functionalities relating to brokerage services. Rebates are awarded
to Exchange Members by the Exchange Management Board on the basis of documentation of expenses up to an individual
limit set for the Exchange Member in the Programme.
The table below presents sales revenue by business line.
Year ended 31 December
2022 2021
Financial market 233,019
239,756
Trading 157,630
167,651
Equities and other equity-related instruments 123,691
143,797
Derivatives 21,317
13,737
Other fees paid by market participants 9,974
8,353
Debt instruments 1,195
501
Other cash instruments 1,453
1,263
Listing 22,610
21,049
Listing fees 19,050
16,881
Fees for introduction and other fees 3,560
4,168
Information services and revenue from the calculation of
reference rates
52,779
51,056
Real-time data and revenue from the calculation of reference rates 49,286
47,830
Historical and statistical data and indices 3,493
3,226
Commodity market 1,109
898
Information services 1,109
898
Other revenue 13,823
12,367
Provision of services to companies from the GPW Group (other
than IFRS 16 leasing)
13,138
11,906
Rental of space in the Centrum Giełdowe complex 489
434
Operation of premises, cleaning, security 1,829
1,735
50
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December
2022 2021
Car service fees 203
204
Accounting and human resources 2,324
2,309
Other IT services 3,756
3,783
Other administrative services 4,537
3,441
Provision of services to companies from the GPW Group (other
than IFRS 16 leasing)
685
461
Rental of space in the Centrum Giełdowe complex 60
41
Operation of premises, cleaning, security -
8
Sponsorship 207
62
Other 418
350
Total sales revenue 247,951 253,021
Sales revenue by foreign and domestic customers is as follows:
Year ended 31 December
2022 % share 2021 % share
Revenue from foreign customers 117,646 47.4% 114,626
45.30%
Revenue from local customers 130,305 52.6% 138,395
54.70%
Total sales revenue 247,951 100.0% 253,021 100%
The table below presents a breakdown of the Exchange’s revenue by method of recognition over time:
Year ended 31 December
2022 2021
Revenues recognised over the passage of time
74,532
71,461
Financial market
72,391
69,756
Trading
300
352
Listing
21,903
19,889
Information services and revenue from the calculation of reference rates
50,188
49,515
Commodity market
1,109
898
Information services
1,109
898
Other revenue
1,032
807
Provision of services to companies from the GPW Group (other than IFRS 16 leasing)
408
395
Provision of services to companies from the GPW Group (other than IFRS 16 leasing)
624
412
Revenues recognised at a specific point in time
173,419
181,560
Financial market
160,628
170,000
Trading
157,330
167,299
Listing
707
1,160
Information services and revenue from the calculation of reference rates
2,591
1,541
Other revenue
12,791
11,560
Provision of services to companies from the GPW Group (other than IFRS 16 leasing)
12,730
11,511
Provision of services to companies from the GPW Group (other than IFRS 16 leasing)
61
49
Total sales revenue 247,951 253,021
51
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
4.2. OPERATING EXPENSES
Selected accounting policies
Expenses are a probable decrease of economic benefits in the reporting period, whose amount is reliably determined, that
reduces the value of assets or increases liabilities and provisions, which will reduce equity or increase negative equity, other
than due to withdrawal of funds by shareholders or owners.
Operating expenses include salaries and the cost of maintenance of the IT infrastructure of the trading system, as well as
advisory costs, the cost of capital market and commodity market education, promotion and information.
The following table shows the Exchange’s operating expenses by category.
Year ended 31 December
2022 2021
Depreciation and amortisation
25,228
23,224
- including: capitalised depreciation and amortisation charges
(2,072) (638)
Salaries
4.2.1.
48,602
53,095
Other employee costs
4.2.1.
16,006
15,968
Maintenance fees
5,019
4,771
Fees and charges
11,015
9,594
- including: fees paid to PFSA
8,305
7,984
External service charges
4.2.2.
59,089
45,955
Other operating expenses
5,383
4,198
Total operating expenses 170,342 156,805
4.2.1. S
ALARIES AND OTHER EMPLOYEE COSTS
Selected accounting policies
Liabilities in respect of current employee benefits (i.e., remuneration, social security charges, paid holidays, sick leaves,
etc.) are charged to costs in the period when benefits are paid.
Furthermore, the Exchange has an incentive scheme, according to which employees have the right to an annual bonus
(dependent on the sales profit and the implementation of bonus targets and linked to the employee’s individual appraisal).
The Exchange sets up provisions for bonuses in order to assign costs to the periods to which they relate. Provisions are
estimated according to the best knowledge of the Exchange Management Board concerning probable bonuses to be paid
based on the framework of the incentive scheme.
The Exchange pays contributions to the Employee Pension Scheme (defined contributions scheme). Employees join the
scheme voluntarily. After payment of the contributions, the Exchange has no further obligations to make payments to the
Employee Pension Scheme. These contributions are charged to costs of employee benefits as they are incurred.
Under the applicable legislation, the Exchange is required to charge and pay contributions towards employees’ pension
benefits. Such benefits are a state scheme which is a defined contributions scheme. According to the Labour Code, employees
have the right to receive a severance pay upon reaching retirement age. Retirement severance pay is paid on a one-off basis
at the time of retirement. Paid retirement benefits are recognised as an expense of the period in which they are paid.
In 2022, the Company’s average full-time equivalent (FTE) headcount was 275 FTEs, while in 2021 the average headcount
was 258 FTEs. The tables below provide details of employee costs.
52
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Year ended 31 December
2022 2021
Gross remuneration 36,381
28,688
Annual and discretionary bonuses 7,544
12,168
Retirement severance pay 121
127
Reorganisation severance pay 309
77
Non-competition 170
-
Other (including: unused holiday leave, overtime) 2,283
1,553
Total payroll 46,808
42,613
Supplementary payroll 1,794
10,482
Total employee costs 48,602 53,095
Year ended 31 December
2022 2021
Social security costs (ZUS) 7,293
7,270
Employee Pension Plan (PPE) 2,650
2,813
Other benefits (including medical services, lunch subsidies, sports,
insurance, etc.)
6,063
5,885
Total other employee costs 16,006 15,968
Remuneration of the key management personnel is described in Note 6.4.
4.2.2. E
XTERNAL SERVICE CHARGES
Year ended 31 December
2022 2021
IT infrastructure maintenance 17,229
13,576
Data transmission lines 3,270
3,568
Software modification 986
649
Total IT cost 21,485
17,793
Repairs, maintenance, installation service 1,118
980
Security 2,054
2,012
Cleaning 787
776
Fixed and mobile telephony 205
194
Total office space and office equipment maintenance 4,164
3,962
Lease, rental and maintenance of vehicles 315
284
Transportation services 63
54
Promotion, education, market development 6,347
5,408
Market liquidity support 986
1,041
Advisory (including legal, business consulting, audit)
10,881
5,935
Information services 7,747
7,185
Training 514
557
Mail fees 21
36
Bank fees 24
35
Translation 291
359
Other 6,251
3,306
Total external service charges 59,089 45,955
53
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
4.3. OTHER INCOME
Year ended 31 December
2022 2021
Grants received - New Trading Platform Project 147
26
Grants received - Gospostrateg 117
-
Grants received - PCOL 194
-
Grants received 458
26
Annual correction of input VAT 87
-
Medical services reinvoiced to employees 406
360
Damages received 7
4
Donations received 15
-
Investment property revenues 1,133
1,106
Other 175
85
Total other income 2,281 1,581
4.4. OTHER EXPENSES
Year ended 31 December
2022 2021
Donations 3,956
2,131
Loss on sale of property, plant and equipment 52
50
Compensation, penalties, fines 2
-
Impairment of investments and abandoned investments 388
380
Impairment of assets 6,649
-
Other 253
762
Total other expenses 11,300 3,323
In 2022, the Exchange made donations to:
Polish National Foundation – PLN 1,500 thousand (booked in expenses of 2016, see Note 3.14.),
GPW Foundation – PLN 3,067 thousand,
Association SOS Wioski Dziecięce w Polsce – PLN 15 thousand,
Municipalities and organisations assisting refugees from Ukraine – PLN 872 thousand.
In 2021, the Exchange made donations to:
Polish National Foundation – PLN 1,500 thousand (booked in expenses of 2016, see Note 3.14),
GPW Foundation – PLN 2,070 thousand,
Care and Education Centre, Franciszków – PLN 20 thousand,
Border Guards – PLN 20 thousand,
European Foundation for Those in Need, Gorzów Wlkp. – PLN 14 thousand,
orphanages – PLN 6 thousand,
Bródno Hospotal – PLN 1 thousand.
54
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
4.5. FINANCIAL INCOME
Selected accounting policies
Interest income is recognised on a time-proportionate basis using the effective interest rate method. Dividend income is
recognised at the moment of establishing the shareholders’ right to receive the payment.
Year ended 31 December
2022 2021
Income on financial assets presented as cash and cash equivalents
7,364
79
Income on financial assets presented as financial assets measured at
amortised cost
4,930
859
Interest on sublease receivables
109
167
Total Interest income under the effective interest rate method 12,403
1,105
Dividends 36,468
101,762
Reversal of expected credit losses 155
-
Other financial income 31
22
Currency differences 780
-
Tota financial income 49,837
102,889
Details concerning dividend received from subsidiaries and associates are presented in Notes 6.3.2. and 6.3.3.
4.6. FINANCIAL EXPENSES
Selected accounting policies
Financial expenses include costs and interest of bonds in issue, interest on loans and advances, and interest on tax liabilities.
Interest on bonds is determined using the effective interest rate method.
Year ended 31 December
2022 2021
Interest on bonds, including:
3,431
5,826
- remeasurement (1,277) 374
- paid 4,708
5,452
Interest on lease liabilities
238
376
Interest on tax payable, incl.: 292
-
Expected credit losses -
243
Other financial expenses 10 487
Currency differences -
377
Total financial expenses 3,971
7,309
55
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
4.7. INCOME TAX
Selected accounting policies
Current income tax is calculated on the basis of net taxable income of the Exchange for a given financial year determined in
accordance with the binding tax regulations and using the tax rates provided in those regulations. Net taxable income (loss)
differs from accounting profit (loss) for the year due to:
costs which are not tax-deductible;
dividend income which is not taxable;
grants which are not taxable.
Year ended 31 December
2022
2021
Current income tax
18,270
20,317
Deferred tax
(2,790)
(3,622)
Total income tax 15,480
16,695
As required by the Polish tax regulations, the corporate income tax rate applicable in 2022 and 2021 is 19%. The table below
shows a reconciliation of the theoretical amount of income tax at the statutory tax rate and the amount of income tax
expense reported in the statement of comprehensive income.
Year ended 31 December
2022
2021
Profit before tax 115,044
191,120
Costs which are not tax-deductible 19% 19%
Additional taxable income 21,858
36,313
Tax effect of (6,378) (19,618)
Non-taxable share of (profit)/loss of entities measured by equity method 525
995
Dividends which are not taxable (6,929) (19,335)
Grants which are not taxable (87) (5)
Other adjustments
113
(1,273)
Total income tax 15,480
16,695
Tax Group (“TG”)
Selected accounting policies
The companies participating in TG are not treated individually but collectively as one corporate income taxpayer under the
Corporate Income Tax Act. Such taxpayer’s income is determined as the surplus of incomes of the companies participating
in TG over the sum of their losses.
While income taxes of the companies participating in TG are no longer paid individually, the companies are still required to
individually pay other taxes including VAT and local taxes.
On 25 November 2016, the Head of the First Mazovian Tax Office in Warsaw issued a decision registering TG for a period of
three tax years (from 1 December 2017 to 31 December 2019). The TG was comprised of the Exchange, TGE, BondSpot,
and GPWB. The Head of the First Mazovian Tax Office in Warsaw issued subsequent decisions extending TG for further tax
years. The Group received the latest decision on 14 December 2022; it concerns the registration of TG for a period of one
fiscal year, i.e., 2023.
As the Company Representing TG, the Exchange is responsible for the calculation and payment of corporate income tax
advances of TG pursuant to the Corporate Income Tax Act.
GPW’s receivables from related parties participating in TG in respect of income tax paid on their behalf were PLN 1,406
thousand as at 31 December 2022 (PLN 2,196 thousand as at 31 December 2021), presented under trade receivables and
other receivables in the statement of financial position.
56
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
5. NOTE TO THE STATEMENT OF CASH FLOWS
Selected accounting policies
The statement of cash flows is prepared using the indirect method.
Received interest and dividend are recognised under investment activities. Paid dividend and interest (on bonds) are
recognised under financing activities.
Starting from the financial year ended 31 December 2022, the Exchange presents grants received and expenses in respect
of payments from grant advances on a net basis in the cash flows from investing activities of the separate statement of cash
flows.
In the separate statement of cash flows for the financial year ended 31 December 2021, the Exchange presented grants
received of PLN 9,928 thousand and expenses in respect of payments from grant advances of PLN 4,215 thousand separately
in cash flows from financing activities.
In the opinion of the Exchange’s management, the change in presentation is not material from the point of view of the
financial statements, and therefore no retrospective restatement of comparative data has been made.
The table below provides details of depreciation and amortisation costs during the period under review.
Year ended 31 December
2022 2021
Depreciation of property, plant, and equipment* 8,604
9,989
Amortisation of intangible assets** 13,783
10,402
Depreciation of right-to-use assets 2,841
2,834
Depreciation of investment property 388
380
Total depreciation and amortisation charges 25,616
23,605
* In the year ended in 2022, depreciation was reduced by depreciation capitalized to intangible assets of PLN 1070 thousand, and in year ended in 2021, of PLN
501 thousand.
* In the year ended in 2022, depreciation was reduced by depreciation capitalized to intangible assets of PLN 1002 thousand, and in year ended in 2021, of PLN
137 thousand.
**** The depreciation value is different from the value included in the operating costs due to the property depreciation costs included in the other costs.
Details of other adjustments included in net cash flows from operating activities are presented in the table below.
Year ended 31 December
2022 2021
(Profit)/loss on sale of property, plant and equipment and
intangible asset
80
3,892
(Gains) / losses on FX differences (valuation of accounts and
deposits)
(47) 153
(Profit) / loss on interests of the Employee Loan 1
(4)
Sublease interest income (109) (167)
Interest cost of leases
238
370
Financial expense on the bond issue 190
383
Impairment loss on investment in other entities (PAR) (195) -
Grants - transfer to the investment activities (11,238) (6,968)
Actuarial (gains)/losses 23
179
Remeasurement of leases/subleases
52
-
Interest on liabilities adjustment 6
-
Other adjustments 42
324
Total other adjustments (10,957) (1,838)
57
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
6. OTHER NOTES
6.1. FINANCIAL INSTRUMENTS
The following tables show the income received and expenses incurred by type of financial instrument held by the
Exchange.
Year ended 31 December 2022
Interest
received/paid
Interest
accrued,
revaluation
and cost of
bond issue
Impairment
loss
Total shown
in net profit
Total shown in
other
comprehensive
income
Total shown in
the statement
of
comprehensive
income
Trade receivables (gross) -
-
588
588
-
588
Equity instruments -
-
-
-
(191) (191)
Corporate bonds 4,740
(27) (38) 4,675
-
4,675
Bank deposits 7,275
21
100
7,396
-
7,396
Loans granted 371
(107) 18
282
-
282
Current bank accounts 19
-
74
93
-
93
Total financial instruments (assets) 12,405
(113) 742
13,034
(191) 12,843
Bonds in issue (4,708) 1,277
-
(3,431) -
(3,431)
Total financial instruments (liabilities) (4,708) 1,277
-
(3,431) -
(3,431)
Total recognised in the statement of
comprehensive income
7,697
1,164
742
9,603
(191) 9,412
Year ended 31 December 2021
Interest
received/paid
Interest
accrued,
revaluation
and cost of
bond issue
Impairment
loss
Total shown
in net profit
Total shown in
other
comprehensive
income
Total shown in
the statement
of
comprehensive
income
Trade receivables (gross) -
-
1,066
1,066
-
1,066
Equity instruments -
-
-
-
5
5
Corporate bonds 365
107
-
472
-
472
Bank deposits 97
76
-
173
-
173
Loans granted 164
129
-
293
-
293
Total financial instruments (assets) 626
312
1,066
2,004
5
2,009
Bonds in issue (5,452) (374) -
(5,826) -
(5,826)
Total financial instruments (liabilities) (5,452) (374) -
(5,826) -
(5,826)
Total recognised in the statement of
comprehensive income
(4,826) (62) 1,066
(3,822) 5
(3,817)
6.2. GRANTS
Selected accounting policies
Government grants are assistance by government in the form of transfers of resources to an entity in return for past or
future compliance with certain conditions relating to the operating activities of the entity. Government refers to government,
government agencies and similar bodies whether local, national or international.
A government grant is recognised when there is reasonable assurance that the Exchange will comply with any conditions
attached to the grant and the grant will be received.
58
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Grants related to assets are government grants whose primary condition is that an entity qualifying for them should
purchase, construct or otherwise acquire long-term assets. Grants related to assets are presented in the statement of
financial position as deferred income and recognised in financial results (other income) systematically over the useful lifetime
of the assets concerned by the grant.
Grants relating to income are grants other than grants relating to assets and they are recognised in other income
systematically over the periods when the expenses covered by the grant are recognised.
Prepayments in respect of grants related to assets are presented in Note 3.13, income in respect of grants is presented in
Note 4.3, and contingent liabilities in respect of grants are presented in Note 6.7.
New Trading System
The New Trading System is a development project of a new trading platform which will in the future help to reduce transaction
costs and offer new functionalities and types of orders for Exchange Members, issuers and investors. The system will provide
superior reliability and security according to top technical parameters.
GPW Data
The GPW Data project is an innovative Artificial Intelligence system supporting investment decisions of capital market
participants. The core of the system is a repository of a broad range of structured exchange data. Such information will
support investments on the capital market based on classical and innovative analysis models.
GPW Private Market
On 23 September 2020, acting as the leader of a consortium comprised of the Silesian University of Technology and
VRTechnology sp. z o.o., GPW signed a co-financing agreement with the National Centre for Research and Development for
the project “Development of an innovative blockchain platform”.
The objective of the project is to develop a platform for the issuance of tokens representing digital rights (digital assets).
The platform will also support trade in such assets.
The Exchange participates in the transfer of grants from NCBiR to the other participants in the consortium. Respective cash
flows are presented on a net basis in the statement of cash flows from 2022 onwards.
Telemetry (“TeO”)
On 4 October 2021, GPW signed an agreement with the National Centre for Research and Development (“NCBiR”) to co-
finance work related to the develoment of the TeO system - a multi-module auction platform designed for comprehensive
handling of media market transactions.
The aim of the project is to develop an innovative TeO Platform. The new solution will be designed to profile TV users and
sell and display targeted advertising on linear TV.
Gospostrateg
On 27 October 2021, as a member of a consortium comprising the Mazowieckie Voivodeship as Leader and the Warsaw
School of Economics, GPW concluded an agreement with the National Centre for Research and Development for the
implementation of the Gospostrateg project.
The main objective of the project is to transform the Mazowieckie Voivodeship into an accelerator of global enterprises by
building a knowledge repository of key global markets and developing and implementing an effective model of co-operation
between administration, science and business taking into account the conditions of the Mazowieckie Voivodeship.
Polish Digital Logistics Operator (“PCOL”)
On 4 November 2021, GPW signed an agreement with the National Centre for Research and Development to co-finance the
Polish Digital Logistics Operator (“PCOL”) project.
PCOL is a project for an innovative logistics platform based on artificial intelligence to optimise costs in areas related to
transport and logistics services for State-owned companies as well as private companies which will in the future use the
services and solutions offered. The grant will be used to finance research and development work related primarily to the
development of innovative technologies based on artificial intelligence.
59
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The table below presents key information by value for the grants received, broken down by project:
As at/data for the period ended 31 December 2022
Planned
total
budget
(PLN
million)
Value of
grants
awarded
(PLN
million)
Value of
grants
received in
2022 (PLN
thousand)
Amount
recognised
in income
(PLN
thousand)
Amount
included in
Accruals
and
deferred
income
(PLN
thousand)
Amount of
capitalized
costs as at the
balance sheet
date (PLN
thousand)
Expected
project
completion
date (or
completion
date)
New Trading System
Project
90.0
29.3
7,124
147
19,753
41,308
1Q2024
GPW Data Project 7.9
3.9
2,009
-
3,934
6,677
2Q2023
Private Market Project 11.6
8.5
1,757
-
3,941
1,006
4Q2023
Telemetria Project 33.3
13.3
(426) -
1,671
3,516
4Q2023
PCOL Project 8.8
5.1
681
194
874
1,090
4Q2023
Gospostrateg Project 7.9
0.3
98
117
-
-
1Q2023
Total 159.5
60.4
11,243
458
30,173
53,597
6.3. RELATED PARTY TRANSACTIONS
Selected accounting policies
Related parties of the Exchange include:
the subsidiaries,
the associates and joint ventures,
the State Treasury as the parent entity,
entities controlled and jointly controlled by the State Treasury and entities over which the State Treasury has
significant influence,
members of the key management personnel of the Exchange.
6.3.1. I
NFORMATION ABOUT TRANSACTIONS WITH THE STATE TREASURY AND ENTITIES WHICH ARE RELATED PARTIES OF THE
STATE TREASURY
Companies with a stake held by the State Treasury
The Exchange applies the exemption under IAS 24 Related Party Disclosures and keeps no records which would clearly
identify and aggregate transactions with the State Treasury and with all entities which are related parties of the State
Treasury.
Companies with a stake held by the State Treasury which are parties to transactions with the Exchange include issuers (from
which the Exchange charges introduction and listing fees) and Exchange Members (from which the Exchange charges fees
for access to trade on the exchange market, fees for access to the IT systems, and fees for trade in financial instruments).
All trade transactions with entities with a stake held by the State Treasury are concluded by the Exchange in the normal
course of business and are carried out on an arm’s length basis.
Polish Financial Supervision Authority (“PFSA”)
The PFSA Chairperson publishes the rates and the indicators necessary to calculate capital market supervision fees by 31
August of each calendar year. On that basis, the entities obliged to pay the fee calculate the final amount of the annual fee
due for the year and pay the fee by 30 September of the calendar year.
Fees paid by the Exchange to PFSA stood at PLN 8,305 thousand in 2022 and PLN 7,984 thousand in 2021.
60
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Tax Office
The Exchange is subject to taxation under Polish law and pays taxes to the State Treasury, which is a related party. The
rules and regulations applicable to the Exchange are the same as those applicable to other entities which are not related
parties of the State Treasury.
Details concerning income tax are presented in Note 4.7.
Polish National Foundation
Payments and transactions with the Polish National Foundation are described in Notes 3.14 and 4.4.
6.3.2. T
RANSACTIONS WITH SUBSIDIARIES
Revenue of the Exchange from subsidiaries includes revenue from lease of office space (operating lease of proprietary space
and sublease), lease of passenger cars, maintenance of premises, cleaning services, security services, accounting services,
HR services, administrative services, IT services, and marketing services. Operating expenses paid by the Exchange to
subsidiaries mainly relate to purchase of information services which are distributed by GPW.
As at 31 December 2022 Year ended 31 December 2022
Receivables
Trade payables and
other liabilities
Sales revenue or
sublease interest
Operating expenses
(including: decrease of
depreciation and
amortisation due to
subleases)
TGE:
1,204
607
8,920
270
leasing 49
82
(484)
other 1,155
607
8,838
754
IRGiT:
359
-
2,292
(611)
leasing 90
-
441
(667)
other 269
-
1,851
56
BondSpot:
112
21
1,010
250
leasing 57
-
45
(441)
other 55
21
965
691
GPWB:
405
1
1,864
6,438
leasing 26
-
11
(175)
other 379
1
1,853
6,613
InfoEngine:
7
-
50
54
other 7
-
50
54
GPW Tech:
26
-
281
(81)
leasing 7
-
16
(81)
other 19
-
265
-
GPW Ventures ASI:
12
-
77
(27)
leasing 4
-
-
(27)
other 8
-
77
-
GPWL
38
-
55
-
leasing -
-
36
-
other 38
-
19
-
GPWPM
7
-
42
-
leasing -
-
14
-
other
7
-
28
-
DAI
12
-
-
-
other
12
-
-
-
Razem
2,182
629
14,494
6,293
61
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2021 Year ended 31 December 2021
Receivables
Trade payables and
other liabilities
Sales revenue or
sublease interest
Operating expenses
(including: decrease of
depreciation and
amortisation due to
subleases)
TGE:
93,058
86
7,921
3
leasing 933
-
40
(626)
other
1,115
86
7,881
629
loan
91,010
-
-
-
IRGiT:
2,058
-
2,374
(859)
leasing
1,702
-
63
(859)
other 356
-
2,311
-
BondSpot:
1,023
17
1,047
161
leasing 867
-
35
(581)
other
156
17
1,012
742
GPWB:
710
685
1,454
5,183
leasing
347
-
14
(216)
other
363
685
1,440
5,399
InfoEngine:
5
3
49
8
leasing
-
3
-
-
other
5
-
49
8
GPW Tech:
247
87
6
(93)
leasing 199
-
6
(93)
other
48
87
-
-
GPW Ventures ASI:
79
-
2
(36)
leasing 56
-
2
(36)
other 23
-
-
-
Total 97,180
878
12,853
4,367
The tables above do not include transactions in fixed assets. The Exchange purchased no fixed assets from Group members
in 2022 and in 2021, and no receivables from subsidiaries were impaired.
Receivables from subsidiaries were not written off as uncollectible in the year ended 31 December 2022 and 31 December
2021.
Loans granted to related parties
On 25 January 2022, 1 February 2022, 22 February 2022, TGE repaid the loan granted by GPW in full. The amount of interest
paid was PLN 346 thousand.
On 11 October 2022, GPW entered into a revolving loan agreement with Towarowa Giełda Energii S.A. (“TGE”) with a limit
of PLN 100 million. The loan will be granted in PLN. The interest rate on the loan is variable and equal to the sum of the base
interest rate WIBOR O/N and a margin. The loan will be repaid by 30 September 2023 (with the possibility of an extension
for a further period).
In addition to the loan to TGE, GPW extended loans to its associate PAR. For details of the PAR loan, see Note 6.3.3.
The table below shows changes in the total amount due on loans.
Year ended 31 December
2022 2021
At the beginning of the priod (before write-off) 91,899
500
Loan granted -
91,310
Repayment of capital (91,210) -
Interest paid (371) (164)
Interest accrued 228
272
Other changes 30
(19)
At the end of the priod (before write-off) 576
91,899
Write-off
(576) (771)
Carrying amount of the loan -
91,128
62
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
Dividend from subsidiaries
On 30 June 2022, the Annual General Meeting of TGE passed a resolution on the distribution of TGE’s profit for 2021,
including the decision to allocate the amount of PLN 24,940 thousand for the payment of a dividend. The dividend was paid
in full to the Exchange on 4 August 2022.
On 28 June 2022, the Annual General Meeting of BondSpot passed a resolution on the distribution of BondSpot’s profit for
2021, including the decision to allocate the amount of PLN 1,000 thousand for the payment of a dividend. The dividend
attributable to the Exchange amounted to PLN 972 thousand. The dividend was paid on 28 July 2022.
6.3.3. T
RANSACTIONS WITH ASSOCIATES AND JOINT VENTURES
As owner and lessee of space in the Centrum Giełdowe building, the Exchange pays rent and maintenance charges for office
space, including joint property, to the building manager, Centrum Giełdowe S.A. Transactions with the KDPW Group included
fees for dividend payment services and joint organisation of integration events for the capital market community.
Transactions with PAR included office space lease and related fees.
As at 31 December 2022 Year ended 31 December 2022
Receivables
Trade payables and
other liabilities
Sales revenue or
sublease interest
Operating expenses
Grupa KDPW: 53
-
132
120
other 53
-
132
120
Centrum Giełdowe: -
2,500
-
4,581
leasing -
2,188
-
2,329
other -
312
-
2,252
PAR: 5
10
84
40
leasing -
-
32
-
other 5
10
52
40
Total 58
2,510
216
4,741
As at 31 December 2021 Year ended 31 December 2021
Receivables
Trade payables and
other liabilities
Sales revenue or
sublease interest
Operating expenses
KDPW Group
1
-
3
-
other 1
-
3
-
Centrum Giełdowe: -
474
-
2,381
other
-
474
-
2,381
PAR: 10
-
-
-
other 10
-
-
-
Total 11
474
3
2,381
Other than the receivable under the loan granted by PAR (see below), receivables from associates and joint ventures were
not written off as uncollectible or provided for in the year ended 31 December 2022 and 31 December 2021.
Dividend from associates
On 8 April 2022, the Annual General Meeting of CG decided to allocate a part of the profit equal to PLN 1,077 thousand and
a part of reserves equal to PLN 2,002 thousand to a dividend payment. The dividend attributable to the Exchange was PLN
763 thousand. The dividend was paid on 31 May 2022. In 2021, the company paid out PLN 1,700 thousand and the amount
attributable to GPW was PLN 421 thousand.
On 23 June 2022, the Annual General Meeting of KDPW decided to allocate a part of the profit equal to PLN 29,379 thousand
to a dividend payment. The dividend attributable to GPW was PLN 9,793 thousand. The dividend record date was set for 30
June 2022 and the dividend payment date for 7 September 2022. In 2021, the company paid out PLN 19,925 thousand and
the amount attributable to GPW was PLN 6,641 thousand.
Loans and advances
As at 31 December 2022, the carrying amount of loans granted to PAR was 0 and the impairment allowance was PLN 576
thousand (31 December 2021: PLN 771 thousand). PAR repaid PLN 200 thousand on 30 September 2022, resulting in release
of part of the allowance.
63
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
In November 2022, an annex was signed for the agreement concerning the loan granted by GPW to PAR of September 2020.
The intention of the parties was to extend the loan repayment period until 30 June 2023. In accordance with the changes
introduced by the annex, interest for the period from the date of the loan will be capitalised and added to the loan amount.
6.3.4. O
THER TRANSACTIONS
Transactions with the key management personnel
The Exchange entered into no transactions with the key management personnel other than transactions arising from the
employment relationship in 2022 and in 2021.
Książęca 4 Street Tenants Association
In 2022, the Exchange concluded transactions with the Książęca 4 Street Tenants Association of which it is a member. The
expenses amounted to PLN 4,971 thousand in 2022 and PLN 4,719 thousand in 2021. Moreover, when the Tenants
Association generates a surplus during a year, it is credited towards current maintenance fees, and where there is a shortage,
the Exchange is obliged to contribute an additional payment. The surplus payment amounted to PLN 98 thousand in 2022
and PLN 130 thousand in 2021.
GPW Foundation
In 2022, GPW donated PLN 3,067 thousand (in 2021 – PLN 2,396 thousand) to the GPW Foundation, received an income of
PLN 134 thousand (in 2021 – PLN 236 thousand) from the Foundation, and paid the Foundation’s costs of PLN 2 thousand
(in 2021 – PLN 54 thousand). As at 31 December 2022, the Exchange’s receivables from the GPW Foundation stood at PLN
40 thousand and its payables to the Foundation at PLN 0 thousand (as at 31 December 2021 – PLN 39 thousand and PLN 0
thousand, respectively).
6.4. INFORMATION ON REMUNERATION AND BENEFITS OF THE KEY MANAGEMENT PERSONNEL
Selected accounting policies
The key management personnel of the Exchange includes the Exchange Management Board and the Exchange Supervisory
Board.
The remuneration of the Exchange Management Board is subject to the limitations and requirements of the Act of 9 June
2016 on the terms of determining remuneration of managers of certain companies. According to the Act, the remuneration
of the Company’s management includes:
a fixed monthly base salary determined depending on the scale of the Company’s business, and
a variable part which is supplementary remuneration for the financial year depending on the performance of
management targets.
Depending on its appraisal of the performance of individual targets and the results of the Company, the Exchange Supervisory
Board may award a bonus to Management Board members in the amount not greater than 100% of the base salary of the
Management Board member in the previous financial year.
The table concerning remuneration of the key management personnel does not present social security contributions paid by
the employer.
The data presented in the table below are for all (current and former) members of the Exchange Management Board and the
Exchange Supervisory Board who were in office in 2022 and 2021, respectively.
Year ended 31 December
2022 2021
Base salary 1,607
1,613
Variable pay 1,938
1,627
Other benefits 129
286
Benefits after termination 271
-
Total remuneration of the Exchange Management Board 3,945
3,526
Remuneration of the Management Boards of other GPW Group
companies
598
581
Total remuneration of the key management personnel 4,543 4,107
64
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
As at 31 December 2022, due (not paid) bonuses and variable remuneration of the key management personnel stood at PLN
3,948 thousand and concerned bonuses for 2022 and 2021.
As at 31 December 2021, due (not paid) bonuses and variable remuneration of the key management personnel stood at PLN
1,812 thousand and concerned bonuses for 2021. The cost was shown in the statement of comprehensive income for 2021.
6.5. AUDIT FIRM’S FEES
Year ended 31 December
2022 2021
Audit of the annual financial statements
151
151
Other assurance services (including review of financial statements)
101
101
Total auditor's remuneration
252
252
6.6. CONTRACTED INVESTMENTS
As at
31 December 2022 31 December 2021
Contracted investments in property, plant and equipment 3
13
Contracted investments in intangible assets 1,165
3,500
Total contracted investments 1,168
3,513
Contracted investments in plant, property and equipment included purchase of office furniture as at 31 December 2022 and
as at 31 December 2021.
Contracted investments in intangible assets were related to the modernisation of the integration layer as part of the New
Market Image project as at 31 December 2022 and the implementation of a controlling system as at 31 December 2021.
6.7. CONTINGENT LIABILITIES
Selected accounting policies
Contingency is a feature of liabilities and assets that are not recognised in the financial statements because their existence
is dependent on the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the
control of the Exchange.
A contingent liability is a possible obligation whose existence is yet to be confirmed or is a present obligation that does not
meet the criteria for liability recognition (either because it is not probable that an outflow of economic benefits will be required
to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability).
In connection with the implementation of the projects New Trading System, GPW Data, GPW Private Market, TeO and PCOL,
the Exchange presented five own blank bills of exchange to NCBR securing obligations under the projects’ co-financing
agreements. According to the agreements and the bill-of-exchange declarations, NCBR may complete the bills of exchange
with the amount of provided co-financing which may be subject to refunding, together with interest accrued at the statutory
rate of overdue taxes from the date of transfer of the amount to the Exchange’s account to the day of repayment (separate
for each project). NCBR may also complete the bills of exchange with the payment date and insert a “no protest” clause. The
bills of exchange may be completed upon the fulfilment of conditions laid down in the co-financing agreement. Each of the
bills of exchange shall be returned to the Exchange or destroyed after the project sustainability period defined in the project
co-financing agreement.
6.8. EVENTS AFTER THE BALANCE SHEET DATE
On 28 March 2023, the General Meeting of GPW Private Market S.A. adopted a resolution to increase the share capital
by PLN 3,600 thousand as a result of the issue of 3,600,000 series C ordinary registered shares with a nominal value and
an issue price of PLN 1. The shares were fully taken up by GPW.
65
D
ATA FOR THE YEAR ENDED
31
D
ECEMBER
2022. A
LL AMOUNTS IN
PLN’000
UNLESS STATED OTHERWISE
.
S
EPARATE
F
INANCIAL
S
TATEMENTS
of Giełda Papierów Wartościowych w Warszawie S.A.
The separate financial statements are presented by the Management Board of the Warsaw Stock Exchange:
Marek Dietl – President of the Management Board ………………………………………
Monika Gorgoń – Member of the Management Board ………………………………………
Adam Młodkowski – Member of the Management Board ………………………………………
Izabela Olszewska – Member of the Management Board ………………………………………
Signature of the person responsible for keeping books of account:
Piotr Kajczuk, Director, Financial Department ………………………………………
Warsaw, 11 April 2023