www.xtb.com 63
STANDALONE FINANCIAL
STATEMENTS
XTB S.A. COMPANY
FOR 2024
This document is a translation of a document originally issued
in Polish. The only binding version is the original version.
Standalone financial statements for 2024
XTB S.A.
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TABLE OF CONTENTS
STANDALONE COMPREHENSIVE INCOME STATEMENT 64
STANDALONE STATEMENT OF FINANCIAL POSITION 65
STANDALONE STATEMENT OF CHANGES IN EQUITY 66
STANDALONE CASH FLOW STATEMENT 68
ADDITIONAL EXPLANATORY NOTES TO THE STANDALONE FINANCIAL STATEMENTS 69
1. General information 69
2. Basis for drafting the financial statements 70
3. Professional judgement 72
4. Adopted material accounting principles 74
5. Operating income 80
6. Salaries and employee benefits 81
7. Marketing 81
8. Costs of maintenance and lease of buildings 82
9. Other external services 82
10. Commission expenses 82
11. Other expenses 82
12. Finance income and costs 83
13. Segment information 83
14. Cash and cash equivalents 88
15. Financial assets at fair value through P&L 88
16. Investments in subsidiaries 88
17. Financial assets at amortised cost 90
18. Prepayments and deferred costs 91
19. Intangible assets 92
20. Property, plant and equipment 94
21. Amounts due to customers 96
22. Financial liabilities at fair value through P&L 96
23. Liabilities due to lease 96
24. Other liabilities 97
25. Provisions for liabilities and contingent liabilities 97
26. Equity 98
27. Profit distribution and dividend 99
28. Earnings per share 99
29. Current income tax and deferred income tax 100
30. Related party transactions 103
31. Remuneration of the audit companies 105
32. Employment 106
33. Supplementary information and explanations to the cash flow statement 106
34. Off-balance sheet items 107
35. Items regarding the compensation scheme 107
36. Capital management 108
37. Risk management 110
38. Post balance sheet events 121
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 64
STANDALONE COMPREHENSIVE INCOME STATEMENT
(IN PLN’000)
NOTA
TWELVE-MONTH
PERIOD ENDED
31.12.2024
Result of operations on financial instruments
5.1
1 646 119
Net interest income on clients cash, including:
58 250
- Interest income from clients cash
103 832
- Interest expense paid to clients
(45 582)
Income from fees and charges
5.2
10 598
Other income
1 625
Total operating income
5
1 716 592
Salaries and employee benefits
6
(256 163)
Marketing
7
(261 478)
Other external services
9
(108 017)
Commission expenses
10
(65 756)
Amortisation and depreciation
19,20
(17 058)
Taxes and fees
(11 618)
Costs of maintenance and lease of buildings
8
(6 456)
Other costs
11
(6 856)
Total operating expenses
(733 402)
Profit on operating activities
983 190
Impairment of investments in subsidiaries
-
Finance income, including:
12
63 386
- interest income on financial instruments at amortized cost
12
24 953
Finance costs
12
(988)
Profit before tax
1 045 588
Income tax
29
(190 386)
Net profit
855 202
Net profit
855 202
Other comprehensive income
104
Items which will be reclassified to profit (loss) after meeting specific
conditions
(15)
Currency translation differences:
(15)
- positions that will be reclassified to profit on valuation of foreign
companies
617
- positions that will be reclassified to profit on valuation of separated equity
(632)
Deferred income tax
119
Total comprehensive income
855 306
Earnings per share:
- basic profit per year attributable to shareholders of the Company (in PLN)
28
7,27
- basic profit from continued operations per year attributable to shareholders
of the Company (in PLN)
28
7,27
- diluted profit of the year attributable to shareholders of the Company (in
PLN)
28
7,27
- diluted profit from continued operations of the year attributable to
shareholders of the Company (in PLN)
28
7,27
The standalone comprehensive income statement should be read together with the supplementary notes to the standalone
financial statements, which are an integral part of these standalone financial statements.
Standalone financial statements for 2024
XTB S.A.
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STANDALONE STATEMENT OF FINANCIAL POSITION
(IN PLN’000)
NOTA
31.12.2024
ASSETS
Cash and cash equivalents
14
5 006 752
Financial assets at fair value through P&L
15
1 082 560
Investments in subsidiaries
16
65 125
Financial assets at amortised cost
17
177 547
Prepayments and deferred costs
18
18 621
Intangible assets
19
982
Property, plant and equipment
20
53 057
Income tax receivables
115
Deferred income tax assets
29
6 849
Total assets
6 411 608
EQUITY AND LIABILITIES
Liabilities
Amounts due to customers
21
3 992 058
Financial liabilities at fair value through P&L
22
171 806
Liabilities due to lease
23
22 826
Other liabilities
24
156 449
Provisions for liabilities
25
3 281
Income tax liabilities
12 776
Deferred income tax provision
29
59 864
Total liabilities
4 419 060
Equity
Share capital
26
5 878
Supplementary capital
26
71 608
Other reserves
26,27
1 059 476
Foreign exchange differences on translation
26
384
Retained earnings
27
855 202
Total equity
1 992 548
Total equity and liabilities
6 411 608
The standalone statement of financial position should be read together with the supplementary notes to the standalone
financial statements, which are an integral part of these standalone financial statements.
Standalone financial statements for 2024
XTB S.A.
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STANDALONE STATEMENT OF CHANGES IN EQUITY
Standalone statement of changes in equity for the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
SHARE
CAPITAL
SUPPLEMENTAR
Y CAPITAL
OTHER
RESERVES
FOREIGN
EXCHANGE
DIFFERENCES ON
TRANSLATION OF
FOREIGN
OPERATIONS AND
SEPARATE FUNDS
RETAINED
EARNINGS
NOTA
26
26
26, 27
26
27
As at 1 January 2024
5 878
71 608
863 028
280
787 136
Total comprehensive income for the financial period
Net profit
-
-
-
-
855 202
Other comprehensive income
-
-
-
104
-
Total comprehensive income for the financial period
-
-
-
104
855 202
Transactions with Company’s owners recognized directly
in equity
Appropriation of profit/offset of loss
- dividend payment
-
-
-
-
(590 198)
- transfer to other reserves
-
-
196 938
-
(196 938)
Inclusion of share based incentive scheme
-
-
7 260
-
-
Purchase of own shares
-
-
(7 750)
-
-
Increase (decrease) in equity
-
-
196 448
104
68 066
As at 31 December 2024
5 878
71 608
1 059 476
384
855 202
The standalone statement of changes in equity should be read together with the supplementary notes to the standalone financial statements, which are an integral part of these
standalone financial statements.
Standalone financial statements for 2024
XTB S.A.
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Statement of changes in equity for the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
SHARE
CAPITAL
SUPPLEMENTAR
Y CAPITAL
OTHER
RESERVES
FOREIGN
EXCHANGE
DIFFERENCES ON
TRANSLATION OF
FOREIGN
OPERATIONS AND
SEPARATE FUNDS
RETAINED
EARNINGS
NOTA
26
26
26, 27
26
27
As at 1 January 2023
5 869
71 608
657 417
1 905
761 564
Total comprehensive income for the financial period
Net profit
-
-
-
-
787 136
Other comprehensive income
-
-
-
(1 625)
-
Total comprehensive income for the financial period
-
-
-
(1 625)
787 136
Transactions with Company’s owners recognized directly
in equity
Appropriation of profit/offset of loss
- dividend payment
-
-
-
-
(570 484)
- transfer to other reserves
-
-
191 080
-
(191 080)
Issue of Equity
9
-
-
-
-
Inclusion of share based incentive scheme
-
-
14 531
-
-
Increase (decrease) in equity
9
-
205 611
(1 625)
25 572
As at 31 December 2023
5 878
71 608
863 028
280
787 136
The standalone statement of changes in equity should be read together with the supplementary notes to the standalone financial statements, which are an integral part of these
standalone financial statements.
Standalone financial statements for 2024
XTB S.A.
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STANDALONE CASH FLOW STATEMENT
(IN PLN’000)
NOTA
TWELVE-MONTH
PERIOD ENDED
31.12.2024
Cash flows from operating activities
Profit before tax
1 045 588
Adjustments:
(68 592)
(Profit) Loss on investment activity
33.3
(34 922)
Proceeds / Expenses on cash deposits with maturity over 3M
-
Amortization and depreciation
19, 20
17 058
Foreign exchange (gains) losses from translation of own cash
(6 247)
Other adjustments
33.1
454
Changes
Change in provisions
(451)
Change in balance of financial assets and liabilities at fair value through P&L
(97 601)
Change in balance of restricted cash
(1 437 278)
Change in financial assets at amortised cost
(67 200)
Change in balance of prepayments and accruals
(4 167)
Change in balance of amounts due to customers
1 491 644
Change in balance of other liabilities
33.2
70 118
Cash from operating activities
976 996
Income tax paid
(201 093)
Interest received
907
Interest paid
-
Net cash from operating activities
776 810
Cash flow from investing activities
Expenses relating to payments for property, plant and equipment
20
(18 886)
Expenses relating to payments for intangible assets
19
(247)
Expenses relating to payments for investments in subsidiaries
16
(17 099)
Expenses relating purchase of bonds
(1 020 144)
Proceeds from closed deposits
-
Interest received on deposits
-
Proceeds from sale of bonds
995 533
Interests on bonds
22 365
Dividends received from subsidiaries
10 182
Proceeds from sale of items of property, plant and equipment
24
Net cash from investing activities
(28 272)
Cash flow from financing activities
Payments of liabilities under finance lease agreements
(8 057)
Interest paid under lease
(907)
Dividends paid to owners
(590 198)
Inclusion of share based incentive scheme
-
Purchase of own shares
7 259
Net cash from financing activities
(7 750)
Net cash from investing activities
(599 653)
Increase (Decrease) in net cash and cash equivalents
148 885
Cash and cash equivalents – opening balance
1 271 437
Increase (Decrease) in net cash and cash equivalents
148 885
Effect of FX rates fluctuations on balance of cash in foreign currencies
6 247
Cash and cash equivalents – closing balance
14
1 426 569
The standalone cash flow statement should be read together with the supplementary notes to the standalone financial
statements, which are an integral part of these standalone financial statements.
Standalone financial statements for 2024
XTB S.A.
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ADDITIONAL EXPLANATORY NOTES TO THE STANDALONE FINANCIAL STATEMENTS
1. General information
1.1 Name and registered seat of Company
Name: XTB Spółka Akcyjna
Legal form: Joint Stock Company
Country: Poland
Company registered seat: Prosta 67, 00-838 Warsaw
Regon statistical number: 015803782
Tax Identification Number: 5272443955
Registration in the National Court Register: 0000217580
1.2 Company business
XTB S.A. („Company”, „XTB is a joint-stock company established pursuant to a notarial deed of 2 September
2004 - Repertory A-2712/2004. The Company was established for an indefinite period with its headquarters located in Warsaw
at Prosta street 67, 00-838 Warszawa, Polska.
On 22 September 2004, the Company was entered in the National Court Register by the District Court for the Capital City of
Warsaw, 12th Commercial Department of the National Court Register, under No. 0000217580. The Company was granted
a statistical REGON number 015803782 and a tax identification (NIP) number 5272443955.
The Company’s operations consist of conducting brokerage activities on the stock exchange (stocks, ETP – Exchanged
Traded Products) and OTC markets (currency derivatives, commodities, indices, stocks and ETP and bonds). XTB S.A. is
a Polish broker from the fin-tech sector, providing innovative products and services dedicated to active investing, saving and
virtual payment management. The Company, together with its foreign branches operates in over 8 countries around the world.
The Company is supervised by the Polish Financial Supervision Authority and conducts regulated activities pursuant to
a permit dated 8 November 2005, No.DDM-M-4021-57-1/2005.
1.3 Information on the reporting entities in the Company’s organisational structure
The standalone financial statements cover the following foreign branches which form the Company:
• XTB S.A. organizačni složka – a branch established on 7 March 2007 in the Czech Republic. The branch was registered
in the commercial register maintained by the City Court in Prague under No. 56720 and was granted the following tax
identification number: CZK 27867102.
• XTB S.A. Sucursal en Espana – a branch established on 19 December 2007 in Spain. On 16 January 2008, the branch
was registered by the Spanish authorities and was granted the tax identification number ES W0601162A.
• XTB S.A. organizačná zložka - a branch established on 1 July 2008 in the Slovak Republic. On 6 August 2008, the branch
was registered in the commercial register maintained by the City Court in Bratislava under No. 36859699 and was granted
the following tax identification number: SK4020240324.
• XTB S.A. Varsovia Sucursala Bucuresti – a branch established on 31 July 2008 in Romania. On 4 August 2008, the branch
was registered in the Commercial Register under No. 402030 and was granted the following tax identification number:
RO27187343.
• XTB S.A. German Branch - a branch established on 5 September 2008 in the Federal Republic of Germany. On 24 October
2008, the branch was registered in the Commercial Register under No. HRB 84148 and was granted the following tax
identification number: DE266307947.
• XTB S.A. Succursale Française – a branch established on 21 April 2010 in the Republic of France. On 31 May 2010, the
branch was registered in the Commercial Register under No 522758689 and was granted the following tax identification
number: FR61522758689.
• XTB S.A. – Sucursal em Portugal – a branch established on 7 July 2010 in Portugal. On 7 July 2010, the branch was
registered in the Commercial Register and was granted the following tax identification number: PT980436613.
Standalone financial statements for 2024
XTB S.A.
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1.4 Composition of the Management Board
In the period covered by the standalone financial statements and in the comparative period, the Management Board was
composed of the following persons:
NAME AND
SURNAME
FUNCTION
DATE OF FIRST
APPOINTMENT
TERM OF OFFICE
Omar Arnaout
President of the
Management Board
23.03.2017
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Paweł Szejko
Board Member
28.01.2015
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Filip Kaczmarzyk
Board Member
10.01.2017
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Jakub Kubacki
Board Member
10.07.2018
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Andrzej Przybylski
Board Member
01.05.2019
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
2. Basis for drafting the financial statements
2.1 Compliance statement
These standalone financial statements were prepared based on International Financial Reporting Standards (IFRS) approved
by the European Union.
The standalone financial statements is a separate financial statement of XTB S.A. and its branches. In addition, the Company
is part of the XTB Group, for which it prepares consolidated financial statements. Information on subsidiaries is presented in
note 16.
The standalone financial statements of the XTB S.A. prepared for the period from 1 January 2024 to
31 December 2024 with comparative data for the period ended 31 December 2023, cover the Company’s financial data and
financial data of the branch offices.
These standalone financial statements have been prepared on the historical cost basis, with the exception of financial assets
at fair value and other assets and liabilities which valuation methods are described in the accounting policy. The Company’s
assets are presented in the statement of financial position according to their liquidity, and its liabilities according to their
maturities.
The adopted accounting principles are consistent with the principles of the previous financial year, except for the new
standards effective from 1 January 2024.
The Company and its branch offices maintain their accounting records in accordance with the accounting principles generally
accepted in the countries in which these companies are established. The standalone financial statements include adjustments
made in order to reconcile their financial statements with the Company’s accounting principles.
The standalone financial statements were signed by the Management Board of the Company on 20 March 2025.
Drafting this standalone financial statements, the Company decided that none of the Standards would be applied
retrospectively.
The IFRS comprise standards and interpretations approved by the International Accounting Standards Board (“IASB”) and
the International Financial Reporting Interpretations Committee (“IFRIC”).
2.2 Functional currency and reporting currency
The functional currency and the presentation currency of these standalone financial statements is the Polish zloty (“PLN”),
and unless stated otherwise, all amounts are shown in thousands of zloty (PLN’000).
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XTB S.A.
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2.3 Going concern
The standalone financial statements were prepared based on the assumption that the Company would continue as a going
concern in the foreseeable future. At the date of preparation of these standalone financial statements, the Management Board
of XTB S.A. does not state any circumstances that would threaten the Company continued operations in the 12 months from
the date of signing of these financial statements.
2.4 Comparability of data and consistency of the policies applied
Data presented in the standalone financial statements is comparable and prepared under the same principles for all periods
covered by the standalone financial statements with the exception of the new standards described below.
Following the introduction of interest deposits on clients cash, in order to better reflect and ensure comparability of data,
starting from the interim condensed financial statements for 2024, the Company has decided to present Net Interest Income
on Clients Cash in Income from operating activities. The data for 2023 have been brought to comparability on the basis of the
data available in the reporting systems.
(IN PLN’000)
Before restated
TWELVE-MONTH
PERIOD
ENDED
Change
After restated
TWELVE-MONTH
PERIOD
ENDED
31.12.2023
31.12.2023
Result of operations on financial instruments
1 450 072
-
1 450 072
Net interest income on clients cash, including:
-
29 652
29 652
- Interest income from clients cash
-
33 583
33 583
- Interest expense paid to clients
-
(3 931)
(3 931)
Income from fees and charges
10 158
-
10 158
Other income
2 085
-
2 085
Total operating income
1 462 315
29 652
1 491 967
Marketing
(204 843)
-
(204 843)
Salaries and employee benefits
(204 851)
-
(204 851)
Commission expenses
(89 219)
-
(89 219)
Other external services
(37 708)
-
(37 708)
Amortisation and depreciation
(14 497)
-
(14 497)
Taxes and fees
(8 996)
-
(8 996)
Costs of maintenance and lease of buildings
(5 807)
-
(5 807)
Other costs
(6 424)
-
(6 424)
Total operating expenses
(572 345)
-
(572 345)
Profit on operating activities
889 970
29 652
919 622
Impairment of investments in subsidiaries
(125)
-
(125)
Finance income, including:
104 585
33 583
71 002
- interest income on financial instruments at amortized cost
72 611
33 583
39 028
Finance costs
(38 614)
(3 931)
(34 683)
Profit before tax
955 816
-
955 816
Income tax
(168 680)
-
(168 680)
Net profit
787 136
-
787 136
Net profit
787 136
-
787 136
Other comprehensive income
(1 625)
-
(1 625)
Items which will be reclassified to profit (loss) after meeting
specific conditions
(2 224)
-
(2 224)
Currency translation differences:
(2 224)
-
(2 224)
- positions that will be reclassified to profit on valuation of
foreign companies
930
-
930
- positions that will be reclassified to profit on valuation of
separated equity
(3 154)
-
(3 154)
Deferred income tax
599
-
599
Total comprehensive income
785 511
-
785 511
Standalone financial statements for 2024
XTB S.A.
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2.5 Changes in the accounting policies
The accounting policies applied in the preparation of the standalone financial statements are consistent with those applied in
the preparation of the standalone financial statements of the Company for the year ended 31 December 2023, except for the
application of new or amended standards and interpretations applicable to annual periods beginning on or after 1 January
2024.
• Amendments to IFRS 16 "Leases" - lease liabilities in sale and leaseback transactions,
• Amendments to IAS 1 “Presentation of Financial Statements” - classification of liabilities as current or non-current,
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures" - financing agreements
for liabilities to suppliers – not yet endorsed by EU at the date of approval of these financial statements,
The Company has not decided to apply earlier any Standard, Interpretation or Amendment that has been issued, but has not
yet become effective in light of the EU regulations. New or amended standards and interpretations that are applicable for the
first time in 2024 did not have a significant impact on the Company's standalone financial statements.
2.6 New standards and interpretations which have been published but are not yet
binding
The following standards and interpretations have been published by the International Accounting Standards Board but are not
yet binding:
• Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” - lack of interchangeability - not yet endorsed
by EU at the date of approval of these financial statements – effective for financial years beginning on or after 1 January
2025,
• Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments – Disclosures” - amendments in the
classification and measurement of financial instruments - not yet endorsed by EU at the date of approval of these financial
statements - effective for financial years beginning on or after 1 January 2026,
• IFRS 18 “Presentation and disclosures in the financial statements” - not yet endorsed by EU at the date of approval of
these financial statements – effective for financial years beginning on or after 1 January 2027 or later,
• IFRS 19 “Subsidiaries without public accountability: disclosure of information” - not yet endorsed by the EU at the date of
approval of these financial statements – effective for financial years beginning on or after 1 January 2027,
• IFRS 14 "Regulatory Deferral Accounts" – the endorsement process of these Amendments has been postponed by EU -
the effective date was deferred indefinitely by IASB,
• Amendments to IFRS 10 “Consolidated financial statements” and IAS 28 “Investments in Associates and Joint Ventures”
- sale or contribution of Assets Between an Investor and its Associate or Joint Venture – the endorsement process of these
Amendments has been postponed by EU - the effective date was deferred indefinitely by IASB.
Above new standards and interpretations which have been published but are not yet binding do not have a significant
impact on the Company’s standalone financial statements.
3. Professional judgement
In the process of applying the accounting principles (policy), the Management Board of the Company made the following
judgements that have the greatest impact on the reported carrying amounts of assets and liabilities.
Revenue recognition
Transaction price is determined at fair value which is described in accounting policy. Liabilities due to reimbursements and
other in the case of the Company do not occur.
3.1 Material estimates and valuations
In order to prepare its financial statements in accordance with the IFRS, the Company has to make certain estimates and
assumptions that affect the amounts disclosed in the financial statements. Estimates and assumptions subject to day-to-day
evaluation by the Company’s management are based on experience and other factors, including expectations as to future
events that seem justified in the given situation. The results are a basis for estimates of carrying amounts of assets and
liabilities.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 73
Although the estimates are based on best knowledge regarding the current conditions and actions taken by the Company,
actual results may differ from the estimates. Adjustments to estimates are recognised during the reporting period in which the
adjustment was made provided that such adjustment refers only to the given period or in subsequent periods if the adjustment
affects both the current period and subsequent periods. The most important areas for which the Company makes estimates
are presented below.
3.2 Impairment of assets
The Company recognises an impairment allowance for expected credit losses in accordance with IFRS 9 for all assets
measured at amortised cost. This allowance takes into account forecasts and expected future economic conditions in the
context of credit risk assessment. In particular In the event of objective evidence of impairment resulting from events occurring
after the initial recognition of financial assets and resulting in a reduction in expected future cash flows, appropriate write-
downs are charged to expenses for the current period. The Company assesses the impairment of overdue receivables and
recognises a write-down for the estimated value of doubtful and irrecoverable receivables.
At the end of the reporting period, a review is carried out of fixed assets, including intangible assets, to determine whether
there are any indications of impairment. If such an indication exists, e.g. due to the expiry of a licence or decommissioning,
the Company makes a formal estimate of the recoverable amount. If the carrying amount of an asset exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
Deferred income tax assets
At each balance sheet date, the Company assesses the likelihood of settlement of unused tax credits with the estimated future
taxable profit and recognises the deferred tax asset only to the extent that it is probable that future taxable profit will be
available against which the unused tax credits can be utilized, which is described in note 26.2.2.
The Company recognises a deferred tax asset based on the assumption that a tax profit will be generated in the future enabling
its utilisation. Deterioration in tax results in the future might result in the assumption becoming unjustified.
The deferred tax asset relates mainly to the losses generated by foreign operations and branches in the initial period of their
operation recognised in the balance sheet. The Company analyses the possibility of recognising such assets, taking into
consideration local tax regulations, and analyses future tax budgets assessing the possibility of recovering these assets.
3.3 Fair value measurement
Information on estimates relative to fair value measurement is presented in note 37 – Risk management. The fair value
measurement framework uses valuation techniques that are appropriate to the circumstances and for which sufficient data
are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable
inputs. The methodology developed by the Company for determining fair value involves adjusting the fair value model to the
characteristics of the financial asset being valued.
3.4 Other estimates
Provisions for liabilities connected with retirement, pension and death benefits are calculated using the actuarial method by
an independent actuary as the current value of the Company’s future amounts due to employees, based on their employment
and salaries as at the balance sheet date. The calculation of the provision amount is based on a number of assumptions,
regarding both macroeconomic conditions and employee turnover, risk of death, and others.
Provision for unused holidays is calculated on the basis of the estimated payment of holiday benefits, based on the number
of unused holidays, and remuneration as at the balance sheet date.
Provisions for legal risk are determined individually based on the circumstances of a given case. The Company assesses the
chance of winning particular case and consequently assesses the need of establishment of provision in case of a loss in
relations to all court cases.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 74
4. Adopted material accounting principles
4.1 Rules of consolidation
The standalone financial statements contain the financial information of the Company and branches as at
31 December 2024 and 31 December 2023. The financial statements of branches, after adjustments made to ensure
compliance with the IFRS, are prepared for the same reporting period as the financial statements of their parent companies,
with the application of consistent accounting principles, based on uniform accounting policies applied to transactions and
economic events of a similar nature. Adjustments are made in order to eliminate any discrepancies in the accounting methods.
4.2 Functional currency and reporting currency
Transactions executed in currencies other than the functional currency are entered on the basis of the exchange rate as at
the transaction date. As at the balance sheet date, the monetary assets and liabilities in foreign currencies are translated
using the average NBP rate as at that date. Non–cash items are carried based on historical cost.
The Company’s functional currency is the Polish zloty, which is also the functional currency of these consolidated financial
statements.
Foreign exchange differences are reported under revenue or expenses of the period in which they occur.
The following exchange rates were adopted for the purpose of measuring assets and liabilities as at the balance sheet date
and for converting items of the comprehensive income statement:
CURRENCY
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
31.12.2024
31.12.2023
31.12.2024
31.12.2023
USD
4,1012
3,9350
3,9853
4,1823
EUR
4,2730
4,3480
4,3042
4,5284
CZK
0,1699
0,1759
0,1712
0,1889
RON
0,8589
0,8742
0,8652
0,9145
HUF
0,0104
0,0113
-
-
GBP
5,1488
4,9997
5,0960
5,2080
TRY
0,1161
0,1337
0,1207
0,1791
4.3 Cash and cash equivalents
Cash and cash equivalents comprise bank deposits on demand. The Company classifies as cash equivalent investments
which are readily convertible to a specific amount of cash, are subject to an insignificant risk of changes in value, and with
payment terms of up to three months as of the date of acquisition.
The Company reports cash flows using the indirect method.
Income from interest received on cash and other monetary assets and expenses from interest paid to customers are classified
under operating activities, while expenses from interest paid under finance lease are classified under financing activities.
Cash comprises the Company’s own cash and customers’ cash. Customers’ cash is deposited in bank accounts separately
from the Company’s cash. Customers’ cash and cash equivalents are not analysed in the cash flow statement.
4.4 Financial assets and liabilities
Investments are entered as at the date of purchase and derecognised from the financial statements as at the date of sale
(transactions are recognised as on the date of conclusion) if the agreement requires their delivery on a specific date set forth
by the market, and their initial value is measured at fair value. Transaction costs of the acquisition of financial assets and
liabilities at fair value through profit or loss are entered under costs for the period, while the transaction costs of other types
of assets and liabilities are recognised at the initial value of these assets and liabilities.
Financial assets are classified as
• financial assets at amortised cost,
• financial assets at fair value through profit and loss (including financial assets held for trading),
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 75
• financial assets at fair value through other comprehensive income.
Financial liabilities are classified as:
• financial liabilities at amortised cost,
• financial liabilities at fair value through profit and loss (including financial liabilities held for trading).
The Group classifies a financial asset based on the entity's business model for the management of financial assets and
characteristics of the cash flows arising from the contract for a financial asset (the so-called "SPPI criterion"). The entity
reclassifies investments in debt instruments if, and only if, the management model for those assets changes.
4.4.1 Financial assets at amortised cost
Financial asset is measured at amortised cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual
cash flows;
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Interest revenue is calculated by using the effective interest method and recognized in profit or loss in position “Finance
income”.
4.4.2 Financial assets at fair value through profit or loss
Financial assets items which do not meet the criteria of measurement at amortised cost are measured at fair value through
profit or loss.
Profit or loss form measurement of debt investments at fair value is recognized in profit or loss.
Dividends are recognized in profit or loss when the entity's right to receive payment of the dividend is established.
The Company falls into this category mainly OTC derivatives and stocks.
4.4.3 Fair value measurement
Fair value is the price that can be obtained at the date of valuation from the sale of an asset or can be paid for the transfer of
liability in an ordinary transaction between market participants.
For financial instruments available on an active market, the fair value is measured based on quoted market prices. A market
is considered to be active if the quoted prices are generally and directly available and represent current and actual transactions
concluded between unrelated parties.
For instruments for which there is no active market, the fair value is determined on the basis of valuation models.
The fair value of a financial instrument at initial recognition is the transaction price, i.e. fair value of the price paid or received.
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable inputs and minimizing the use of unobservable inputs, namely:
Level 1 - valuation based on the data fully observable (active market quotations);
Level 2 - valuation models using information which does not constitute the data from Level 1, but observable, either directly
or indirectly (quotations for similar assets and liabilities from active or inactive markets);
Level 3 - valuation models using unobservable data (not derived from an active market).
Valuation techniques used to determine fair value are applied consistently.
4.4.4 Impairment of financial assets
The Company recognises a write-down for expected credit losses on financial assets measured at at amortised cost.
An assessment of whether there is objective evidence that a financial asset or group of financial assets is impaired is made
at the end of each reporting period. Expected credit losses are credit losses (ECL) weighted by the probability of default.
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XTB S.A.
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ECL allowances are measured at an amount equal to the ECL over a 12-month horizon or the ECL over the remaining life of
the instrument if a significant increase in credit risk since initial recognition or impairment has been identified for them. At the
end of each reporting period, the Company analyses whether there is any indication that financial assets should be reclassified
to a different stage of the impairment model.
The expected credit loss is calculated at the time the receivable is recognized in the statements and is updated at each
subsequent date ending the reporting period, depending on the number of days the receivable is past due.
The expected credit loss calculated at the time of initial recognition of a financial asset and any subsequent increase in the
expected credit loss is recognized in profit or loss.
4.4.5 Financial liabilities at amortised cost
Financial liabilities measured at amortised cost, including bank loans and borrowings, are initially carried at fair value less
transaction costs.
Later on, they are measured at amortised cost using the effective interest rate method.
4.4.6 Financial liabilities at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include financial liabilities held for trading if:
• it was incurred primarily for repurchase over a short period of time;
• it is part of a specific financial instrument portfolio managed jointly by the Group in accordance with the current and actual
model for generating short–term profits; or
• it is a derivative instrument not classified and not operating as collateral.
An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss
when doing so results in more relevant information. , because either:
Financial liabilities at fair value through profit or loss are disclosed at fair value and the resulting financial profits or losses are
entered under income or expenses for the period, and the resulting financial profit or loss is recognised as the income or
expenses for the period, taking into account interest paid on a given financial liability.
4.5 Investments in subsidiaries
Subsidiaries are understood as entities controlled by the Parent Company (inclusive of special purpose entities). It is
recognized that control exists when the Company has the ability to influence through the power on risks and rewards of
variable returns to investor from the investment.
Investments in subsidiaries in separate financial statements are valued at cost.
4.6 Intangible assets
Intangible assets include the Company’s assets which do not exist physically, which are identifiable and can be reliably
measured, and which will give the Company economic benefits in the future.
Intangible assets are disclosed initially at cost of acquisition or production. As at the balance sheet date, intangible assets are
carried at cost less accumulated amortisation and impairment write–offs, if any.
Amortisation of intangible assets is carried out on the basis of rates reflecting their estimated useful lives. The Company has
no intangible assets with an indefinite useful life. The straight-line method is applied to depreciate intangible assets with a
definite useful life. The useful life of the respective intangible assets is as follows:
TYPE
DEPRECIATION PERIOD
Software licences
5 years
Intangible assets manufactured internally
5 years
Other intangible assets
10 years
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XTB S.A.
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4.7 Property, plant and equipment
Property, plant and equipment include items of property, plant and equipment as well as expenses for property, plant and
equipment under construction which the Company intends to use in connection with its operations and for administration
purposes, in a period of over 1 year, and which will bring economic benefits in the future. Expenditures on property, plant and
equipment include actual capital expenditures, as well as expenditures for future supplies of equipment and services
connected with the development of items of property, plant and equipment (prepayments made).
Property, plant and equipment and expenses for property, plant and equipment under construction are initially disclosed at
cost of acquisition or production. Significant components are also treated as separate items of property, plant and equipment.
As at the balance sheet date, property, plant and equipment is carried at cost less depreciation and impairment write-offs,
if any.
Depreciation of property, plant and equipment, including their components, is carried out on the basis of rates reflecting their
estimated useful lives, and starts in the month following the month they are accepted for use. Useful life estimates are reviewed
on an annual basis. The straight-line method is applied to depreciate property, plant and equipment. The useful life of the
respective items of property, plant and equipment is as follows:
TYPE
DEPRECIATION PERIOD
Mobile phones
2 years
Computers
From 3 to 5 years
Vehicles
5 years
Office furniture and equipment
from 5 to 12 years
4.8 Lease
Identifying a lease
At new contract inception, the Company assesses whether the contract is a lease or whether it contains a lease. An agreement
is a lease or contains a lease if it transfers the right to control the use of an identified asset for a given period in exchange for
remuneration.
Company have the right to control the use of an identified asset for part of the duration of an agreement only, the agreement
contains a lease in respect of this part of the period.
Rights resulting from lease, rental, hire or other agreements which meet the definition of a lease are recognised as right of
use underlying assets within the framework of non-current assets with a corresponding lease liabilities.
Initial recognition and measurement
The Company recognises the right of use asset as well as the lease liability on the date of commencement of the lease. On
the date of commencement the Company measured the right of use asset at cost. The lease liability on the commencement
date shall be calculated on the basis of the current lease payments that are payable by that date and discounted by the
marginal interest rates of the lease.
Depreciation
The right of use asset is depreciated linearly over the shorter of the following two periods: the period of lease or the useful life
of the underlying asset. However in cases where the Company can be reasonably sure that it will regain ownership of the
asset prior to the end of the lease term, right of use shall be depreciated from the day of commencement of the lease until the
end of the useful life of the asset.
Impairment
Right-of-use assets are amortised on a straight-line basis over the shorter of the lease term or the useful life of the underlying
asset, unless the Company is reasonably certain that it will obtain title before the end of the lease term, in which case the
right-of-use is amortized from the lease commencement date to the end of the asset's useful life.
Short-term lease
The Company applies a practical solution to short-term lease contracts, which are characterised by contract term to
12 months. Simplifications regarding these contracts involve the settlement of lease payments as costs on a straight-line
basis, for the duration of the lease agreement.
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XTB S.A.
www.xtb.com 78
Leases of low-value assets
Low-value assets are considered to be those which have a value when new not higher than PLN 43 thousand translated at
the exchange rate of the first day of application, i.e. 1 January 2019 (representing EUR 10 thousand) or the equivalent value
in another currency as per the average closing rate of exchange of the National Bank of Poland at the moment of initial
recognition of a contract. Simplifications in respect of such contracts are due to the settlement of costs on a straight-line basis
for the term of the lease contract.
4.9 Provisions for liabilities
Provisions for liabilities are established when the Company has an existing legal or constructive obligation connected with
past events and it is probable that the performance of this obligation will result in an outflow of funds representing economic
benefits, and the amount of the liability can be reliably assessed, although the amount or maturity of the liability are not certain.
The amount of the provision recognised reflects the most accurate estimates possible of the amount required to settle the
current liability as at the balance sheet date, taking into account risk and uncertainty connected with this liability. In the event
of measuring a provision using the estimated cash flow method necessary to settle the current liability, its carrying amount
reflects the current value of such cash flows.
If it is probable that some or all of the economic benefits required to settle a provision can be recovered from a third party,
such receivable will be recognised as an asset, provided that the probability of recovery is sufficiently high and can be reliably
assessed.
4.10 Equity
Equity capital consists of capital and funds created in accordance with applicable regulations, i.e. relevant laws and the articles
of association. Retained earnings are also included in equity capital.
The share capital is recognised at the value specified in the Articles of Association of the parent company. Unregistered
contributions to the share capital are recognised in the parent company's equity and are presented at the nominal value of the
contribution received.
The supplementary capital is created in accordance with the Group's Articles of Association from annual deductions from the
net profit and can be used to cover balance sheet losses or to pay dividends.
Other reserve capital is created from annual deductions from the net profit. Reserve capital is intended to cover potential
balance sheet losses or for other purposes, in particular for the payment of dividends or the acquisition of own shares and
their settlement as part of an incentive program.
Exchange rate differences from the conversion of foreign entities are created from differences arising from the conversion of
the financial data of foreign entities at exchange rates.
Non-controlling interests are the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent.
Retained earnings are the net profit/loss for the period for which the report is prepared, adjusted for income tax, and the net
profit/loss from previous years.
4.11 Customers’ financial instruments and nominal values of transactions on
derivatives (off–balance sheet items)
Off–balance sheet items include: the nominal values of derivatives in transactions executed with customers and brokers in
the OTC market, and the values of financial instruments of the Company’s customers, acquired on the regulated stock
exchange market and deposited in the accounts of the Company’s customers.
4.12 The result of operations on financial instruments
The result of operations on financial instruments covers all realised and unrealised income and expenses connected with
trading in financial instruments, including dividend, interest and FX rate differences. The result of operations on financial
instruments is calculated as the difference between the value of the instrument at the sale price and the purchase price.
The result of operations on financial instruments is composed of the following items:
• Result on financial assets held for trading: result on financial instruments on transactions with customers and brokers;
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XTB S.A.
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• The net income/(costs) on financial assets held to maturity: result on debt securities (interest result calculated using the
effective interest rate method);
• Discounts for customers and commissions for introducing brokers depend on the actual volume of trading in the financial
instruments. This item decreases the result on transactions in financial instruments.
4.13 Fee and commission income and expenses
Fee and commission income includes brokerage fees and other charges against financial services charged to customers and
is disclosed at the date when the customer enters into a given transaction.
Fee and commission expenses are connected with financial brokerage services acquired by the Company and disclosed at
the date when the services were provided.
4.14 Cost of employee benefits
Short–term employee benefits, including specific contributions to benefit schemes, are disclosed in the period when the
Company received a given benefit from an employee, and in the case of profit distribution or bonus payments, when the
following conditions are met:
• the entity has a present legal or constructive obligation to make such payments as a result of past events; and
• a reliable estimate of the obligation can be made.
For paid leave benefits, employee benefits are recognised to the extent of accumulated paid leave, at the time of performance
of work that increases the entitlement to future paid absences (provision for unused holidays).
Non–accumulating paid absences are recognised when the absences occur.
Starting from 2012, the Company applies the policy of variable remuneration elements for employees whose professional
activities have a significant impact on the Company's risk profile.
As part of this programme, XTB offers its participants 100% variable remuneration in the form of shares. The shares are granted
as part of the variable remuneration for the financial results achieved by XTB in the financial year for which the Actual Bonus is
granted. The Actual Bonus means the actual value of the bonus that has been granted to the participant of the Incentive
Programme for a given financial year. Benefits offered in the form of equity instruments whose value is linked to the financial
situation of the parent company are paid out within 3 years from the date of granting.
In the case of share-based payment transactions settled in equity instruments, the entity measures the goods received and the
corresponding increase in equity at the fair value of the goods received. Costs related to share-based payments are recognised
directly in equity.
4.15 Finance income and costs
Finance income includes interest income on funds invested by the Company. Finance costs consist of interest expense paid
to customers, interest on finance lease paid and other interest on liabilities other than relating to result of operations on
financial instruments.
Interest income and expenses are disclosed in profits or losses of the current period, using the effective interest rate method.
The only exception is interest on customers' free funds, which is presented in Operating income.
Dividend income is disclosed at the time when the shareholders’ right to obtain such dividend is established.
Finance income and costs also include gains and losses arising from foreign exchange rate differences, disclosed in net
amounts.
4.16 Tax
The entity’s income tax comprises current tax due and deferred tax.
4.16.1 Current tax
Current tax liability is calculated on the basis of the tax result (taxable base) for a given financial year. The tax profit (loss) is
different from the accounting net profit (loss) because it does not include non–taxable income and non–deductible expenses.
Tax expenses are calculated on the basis of tax rates in force in a given financial year and pursuant to the tax regulations of
the countries in which the branches of the Company are located.
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XTB S.A.
www.xtb.com 80
4.16.2 Deferred income tax
Deferred tax is calculated using the balance sheet method, based on differences between the carrying amounts of assets and
liabilities and corresponding tax values used to calculate the tax basis.
Deferred tax liability is established on all taxable positive temporary differences, while deferred tax assets are recognised up
to the probable amount of a reduction in future taxable profit by recognised deductible temporary differences and tax losses
or credits that the Company may use.
The value of deferred tax assets is assessed as on each balance sheet date and if the expected future taxable profits are not
sufficient to realise an asset or its portion, a write-down will be performed.
Deferred tax is calculated based on tax rates that will be applicable when the asset is realised or the liability becomes due. In
the statement of financial position, deferred tax is disclosed upon off-set to the extent that it applies to the same tax residency.
5. Operating income
5.1 Result of operations in financial instruments
(IN PLN’000)
TWELVE -MONTH PERIOD ENDED
31.12.2024
31.12.2023
Financial instruments (CFD)
Commodity CFDs
896 672
650 847
Index CFDs
622 728
781 285
Currency CFDs
272 276
165 161
Stock and ETP CFDs
44 762
24 261
Bond CFDs
735
1 079
Total CFDs
1 837 173
1 622 633
Stocks and ETPs
30 654
11 050
Gross gain on transactions in financial instruments
10 182
7 835
Financial instruments (CFD)
1 878 009
1 641 518
Bonuses and discounts paid to customers
(2 921)
(81)
Intermediary services
(228 969)
(191 365)
Net gain on transactions in financial instruments
1 646 119
1 450 072
Intermediary services are services performed on the foreign markets by the Company’s subsidiaries to the Parent Company.
Bonuses paid to clients are strictly related to trading in financial instruments by the customer with Company.
The Company concludes cooperation agreements with introducing brokers who receive commissions which depend on the
trade generated under the cooperation agreements. The income generated and the costs incurred between the Company and
particular brokers relate to the trade between the broker and customers that are not his customers.
The Company’s operating incomes is generated from: (i) spreads (the differences between the “offer” price and the “bid”
price); (ii) fees and commissions charged by the Company to its clients and swap points charged (being the amounts resulting
from the difference between the notional forward rate and the spot rate of a given financial instrument); (iii) net results (gains
offset by losses) from Company’s market making activities. The table below presents percentage share of income categories
in gross gain on transactions in financial instruments.
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Spread
53%
46%
Swap, fees and commissions
42%
41%
Market Making
5%
13%
Gross gain on transactions in financial instruments
100%
100%
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 81
5.2 Income from fees and charges
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Fees and charges from institutional clients
3 989
6 303
Fees and charges from retail clients
6 609
3 855
Total income from fees and charges
10 598
10 158
5.3 Geographical areas
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Operating income
Central and Eastern Europe
1 206 847
963 932
- including Poland
969 951
745 397
Western Europe
328 916
338 881
Latin America *
7 917
67 602
Middle East**
172 912
91 900
Total operating income
1 716 592
1 462 315
* The subsidiary XTB International Ltd., with its seat in Belize, acquires clients from Latin America and the rest of the world (without Europe). The item excludes revenues of clients acquired
by this company from the Middle East region.
** Revenue from clients from the Middle East, acquired by XTB International Ltd. With its seat in Belize and XTB MENA Limited with its seat in the United Arab Emirates.
The country from which the Company derives each time 20% and over of its revenue is Poland with a share of 56,5% (in
2023: 51,6%). Due to the overall share in the Company’s revenue Poland was set apart for presentation purposes within the
geographical area. The share of other countries in the structure of the Company’s revenue by geographical area does not in
any case exceed 20%.
The Company breaks its revenue down into geographical area by country in which a given customer was acquired.
6. Salaries and employee benefits
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Salaries
(218 702)
(175 056)
Social insurance and other benefits
(30 535)
(24 397)
Employee benefits
(6 926)
(5 390)
Total salaries and employee benefits
(256 163)
(204 843)
7. Marketing
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Marketing online
(184 351)
(162 544)
Marketing offline
(77 127)
(42 307)
Total marketing
(261 478)
(204 851)
Marketing activities carried out by the Company are mainly focused on Internet marketing, which is also supported by other
marketing activities.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 82
8. Costs of maintenance and lease of buildings
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Maintenance costs
(2 688)
(2 483)
Costs for renting low-value or short-term tangible assets
(805)
(937)
Other costs
(2 963)
(2 387)
Total costs of maintenance and lease of buildings
(6 456)
(5 807)
9. Other external services
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Support database systems
(39 017)
(26 161)
Intermediary services
(38 959)
(35 453)
Market data delivery
(11 479)
(11 258)
Legal and advisory services
(8 605)
(8 588)
Internet and telecommunications
(3 346)
(2 724)
Accounting and audit services
(1 674)
(1 519)
Recruitment
(981)
(677)
IT support services
(866)
(1 497)
Postal and courier services
(139)
(149)
Other external services
(2 951)
(1 193)
Total other external services
(108 017)
(89 219)
10. Commission expenses
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Bank commissions
(51 805)
(26 477)
Stock exchange fees and charges
(13 453)
(10 755)
Commissions of foreign brokers
(498)
(476)
Total commission expenses
(65 756)
(37 708)
11. Other expenses
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Business trips
(1 348)
(1 122)
Materials
(1 322)
(1 227)
Costs relating to legal risk
(769)
(440)
Insurance
(436)
(378)
Representation
(300)
(357)
Receivables impairment write–downs
(194)
(473)
Liquidation of fixed assets
(171)
(137)
Membership fees
(120)
(120)
Other
(2 196)
(2 170)
Total other expenses
(6 856)
(6 424)
Standalone financial statements for 2024
XTB S.A.
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12. Finance income and costs
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Income on bonds
26 138
31 962
Interest income on financial instruments at amortized cost
24 953
39 028
Foreign exchange gains
12 284
-
Other finance income
11
12
Total finance income
63 386
71 002
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Interest paid under lease agreements
(907)
(991)
Other interest
(46)
(69)
Foreign exchange losses
-
(33 237)
Other finance costs
(35)
(386)
Total finance costs
(988)
(34 683)
Foreign exchange differences relate to unrealised differences on the measurement of balance sheet items denominated in a
currency other than the functional currency.
13. Segment information
For management reporting purposes, the Company’s operations are divided into the following two business segments:
1. Retail operations, which include the provision of trading in financial instruments for individual customers.
2. Institutional activity, which includes the provision of trading in financial instruments and offering trade infrastructure to
entities (institutions), which in turn provide services of trading in financial instruments for their own customers under their
own brand.
These segments do not aggregate other lower-level segments. The management monitors the results of the operating
segments separately, in order to decide on the implementation of strategies, allocation of resources and performance
assessment. Operations in segment are assessed on the basis of segment profitability and its impact on the overall profitability
reported in the financial statements.
The Company concludes transactions only with external clients. Transactions between operating segments are not concluded.
Valuation of assets and liabilities, incomes and expenses of segments is based on the accounting policies applied by the
Group. The Company does not allocate financial activity and corporate income tax burden on business segments.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 84
STANDALONE COMPREHENSIVE INCOME STATEMENT FOR TWELVE-
MONTH PERIOD ENDED 31.12.2024
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
STANDALONE
COMPREHENSIVE
INCOME STATEMENT
Net result on transactions in financial instruments
1 580 495
65 624
1 646 119
1 646 119
CFDs
Index CFDs
577 104
45 624
622 728
622 728
Commodity CFDs
875 505
21 167
896 672
896 672
Currency CFDs
273 435
(1 159)
272 276
272 276
Stock and ETP CFDs
44 762
-
44 762
44 762
Bond CFDs
743
(8)
735
735
Stocks and ETPs
30 654
-
30 654
30 654
Dividends from subsidiaries
10 182
-
10 182
10 182
Bonuses and discounts paid to customers
(2 921)
-
(2 921)
(2 921)
Intermediary services
(228 969)
-
(228 969)
(228 969)
Commission paid to cooperating brokers
-
-
-
-
Net interest income on clients cash
58 250
-
58 250
58 250
Fee and commission income
6 609
3 989
10 598
10 598
Other income
1 625
-
1 625
1 625
Total operating income
1 646 979
69 613
1 716 592
1 716 592
Marketing
(261 478)
-
(261 478)
(261 478)
Salaries and employee benefits
(253 840)
(2 323)
(256 163)
(256 163)
Other external services
(107 416)
(601)
(108 017)
(108 017)
Commission expense
(65 571)
(185)
(65 756)
(65 756)
Amortization and depreciation
(17 043)
(15)
(17 058)
(17 058)
Taxes and fees
(11 599)
(19)
(11 618)
(11 618)
Cost of maintenance and lease of buildings
(6 456)
-
(6 456)
(6 456)
Other expenses
(6 829)
(27)
(6 856)
(6 856)
Total operating expenses
(730 232)
(3 170)
(733 402)
(733 402)
Operating profit
916 747
66 443
983 190
983 190
Impairment of investments in subsidiaries
-
-
-
-
Finance income
63 386
Finance costs
(988)
Profit before tax
1 045 588
Income tax
(190 386)
Net profit
855 202
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 85
ASSETS AND LIABILITIES AS AT 31.12.2024
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
STANDALONE
STATEMENT OF
FINANCIAL POSITION
Customers’ cash and cash equivalents
3 512 756
67 427
3 580 183
3 580 183
Financial assets at fair value through P&L
1 066 307
16 253
1 082 560
1 082 560
Other assets
1 743 784
5 081
1 748 865
1 748 865
Total assets
6 322 847
88 761
6 411 608
6 411 608
Amounts due to customers
3 916 970
75 088
3 992 058
3 992 058
Financial liabilities at fair value through P&L
167 587
4 219
171 806
171 806
Other liabilities
255 196
-
255 196
255 196
Total liabilities
4 339 753
79 307
4 419 060
4 419 060
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 86
STANDALONE COMPREHENSIVE INCOME STATEMENT FOR TWELVE-
MONTH PERIOD ENDED 31.12.2023
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
STANDALONE
COMPREHENSIVE
INCOME STATEMENT
Net result on transactions in financial instruments
1 348 426
101 646
1 450 072
1 450 072
CFDs
Index CFDs
713 258
68 027
781 285
781 285
Commodity CFDs
619 620
31 227
650 847
650 847
Currency CFDs
162 821
2 340
165 161
165 161
Stock and ETP CFDs
24 261
-
24 261
24 261
Bond CFDs
1 027
52
1 079
1 079
Stocks and ETPs
11 050
-
11 050
11 050
Dividends from subsidiaries
7 835
-
7 835
7 835
Bonuses and discounts paid to customers
(81)
-
(81)
(81)
Intermediary services
(191 365)
-
(191 365)
(191 365)
Commission paid to cooperating brokers
-
-
-
-
Net interest income on clients cash
29 652
-
29 652
29 652
Fee and commission income
3 855
6 303
10 158
10 158
Other income
2 085
-
2 085
2 085
Total operating income
1 384 018
107 949
1 491 967
1 491 967
Marketing
(204 851)
-
(204 851)
(204 851)
Salaries and employee benefits
(202 565)
(2 278)
(204 843)
(204 843)
Other external services
(88 757)
(462)
(89 219)
(89 219)
Commission expense
(37 708)
-
(37 708)
(37 708)
Amortization and depreciation
(14 481)
(16)
(14 497)
(14 497)
Taxes and fees
(8 979)
(17)
(8 996)
(8 996)
Cost of maintenance and lease of buildings
(5 807)
-
(5 807)
(5 807)
Other expenses
(6 265)
(159)
(6 424)
(6 424)
Total operating expenses
(569 413)
(2 932)
(572 345)
(572 345)
Operating profit
814 605
105 017
919 622
919 622
Impairment of investments in subsidiaries
(125)
Finance income
71 002
Finance costs
(34 683)
Profit before tax
955 816
Income tax
(168 680)
Net profit
787 136
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 87
ASSETS AND LIABILITIES AS AT 31.12.2023
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
STANDALONE
STATEMENT OF
FINANCIAL POSITION
Customers’ cash and cash equivalents
2 045 273
97 632
2 142 905
2 142 905
Financial assets at fair value through P&L
840 074
12 713
852 787
852 787
Other assets
1 501 943
532
1 502 475
1 502 475
Total assets
4 387 290
110 877
4 498 167
4 498 167
Amounts due to customers
2 394 132
106 282
2 500 414
2 500 414
Financial liabilities at fair value through P&L
63 953
4 064
68 017
68 017
Other liabilities
201 806
-
201 806
201 806
Total liabilities
2 659 891
110 346
2 770 237
2 770 237
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 88
14. Cash and cash equivalents
Broken down by type:
(IN PLN’000)
31.12.2024
31.12.2023
Cash in current accounts in bank and their equivalents
5 006 752
3 414 342
Cash and cash equivalents in total
5 006 752
3 414 342
The Company classifies as cash equivalents short-term deposits with maturities of less than 3 months and accrued interest
thereon.
Own cash and restricted cash – customers’ cash:
(IN PLN’000)
31.12.2024
31.12.2023
Customers’ cash and cash equivalents
3 580 183
2 142 905
Own cash and cash equivalents
1 426 569
1 271 437
Cash and cash equivalents in total
5 006 752
3 414 342
Customers’ cash and cash equivalents include the value of clients’ open transactions, which means that if a customer has
open transactions, the value of their cash will include current gains or losses arising from these transactions as at the balance
sheet date.
15. Financial assets at fair value through P&L
(IN PLN’000)
31.12.2024
31.12.2023
CFDs
Index CFDs
90 662
165 952
Commodity CFDs
175 197
118 586
Currency CFDs
122 825
81 704
Stock and ETP CFDs
91 500
68 507
Bond CFDs
264
108
Debt instruments (treasury bonds)
419 633
401 265
Debt instruments (corporate bonds)
10 015
-
Stocks and ETPs
172 464
16 665
Total financial assets at fair value through P&L
1 082 560
852 787
Detailed information on the estimated fair value of the instrument is presented in note 37.1.1.
16. Investments in subsidiaries
(IN PLN’000)
31.12.2024
31.12.2023
At the beginning of the reporting period
49 429
43 487
Increase
17 099
6 067
Decrease
-
-
Utilization
-
-
Impairment of investments in subsidiaries
(1 403)
(125)
At the end of the reporting period
65 125
49 429
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 89
Impairment of investments in subsidiaries
(IN PLN’000)
31.12.2024
31.12.2023
Impairment write-downs of investments in subsidiaries – at the beginning of the
reporting period
(4 958)
(4 833)
Utilization
-
-
Write-downs recorded
(1 403)
(125)
Impairment write-downs of investments in subsidiaries – at the end of the
reporting period
(6 361)
(4 958)
Detailed information on subsidiaries
NAME OF SUBSIDIARY
COUNTRY OF
REGISTERED
OFFICE
ACTIVITIES OF THE
SUBSIDIARIES
31.12.2024
31.12.2023
CARRYING
AMOUNT
OF SHARES
SHARE IN
CAPITAL
CARRYING
AMOUNT
OF SHARES
SHARE IN
CAPITAL
(IN PLN’000)
%
(IN PLN’000)
%
XTB Limited (UK)
Wielka
Brytania
Brokerage activity
20 139
100%
20 139
100%
XTB Limited (CY)
Cypr
Brokerage activity
7 560
100%
7 560
100%
XTB International Limited
Belize
Brokerage activity
4 420
100%
4 420
100%
XTB MENA Limited
ZEA
Brokerage activity
18 448
100%
12 521
100%
XTB Agente de
Valores SpA
Chile
The activity of acquiring
clients
403
100%
403
100%
XTB Services Limited
Cypr
Acquiring and
maintaining relationships
as well as negotiating
and concluding contracts
with partners
337
100%
337
100%
X Open Hub Sp. z o.o.
Polska
Applications and
electronic trading
technology offering
105
100%
105
100%
XTB Financial
Consultation LLC
ZEA
The company has not
yet conducted
operations
5 959
100%
-
-
PT XTB Indonesia
Berjangka
Indonezja
The company has not
yet conducted
operations
4 237
90%
-
-
XTB S.C. Limited
Seszele
The company has not
yet conducted
operations
1 178
99,9%
202
99,9%
XTB Africa (PTY) Ltd.
RPA
The company has not
yet conducted
operations
2 339
100%
2 339
100%
Tasfiye Halinde XTB
Yönetim Danışmanlığı
A.Ş.
Turcja
The company does not
conduct its operations (in
the process of
liquidation)
-
100%
-
100%
XTB Digital Ltd. under
liquidation
Cypr
The company does not
conduct its operations (in
the process of
liquidation)
-
100%
1 403
100%
Razem
65 125
49 429
On 15 September 2020, the liquidation process of the company in Turkey Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.
has begun.
As at the 31 December 2024, amount of negative foreign exchange differences on translation of balances in foreign currencies
of Turkish company amounted PLN (3 627), as at the 31 December 2023 PLN (3 655) thousand (note 25). Exchange
differences will be recognized in consolidated financial statement at the date of liquidation of the company.
On 9 March 2024, the Company allocated USD 1 million for share capital increase in its subsidiary XTB MENA Limited,
maintaining a 100% share in its capital. On 5 April 2024, the Company allocated USD 1,5 million for another share capital
increase in its subsidiary XTB MENA Limited, maintaining a 100% share in its capital.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 90
On 6 October 2022, XTB S.C. Limited with its seat in Republic of Seychelles was registered in the local register of
entrepreneurs. On 21 April 2023 XTB S.C. Limited was granted license No. SD148 by the Financial Services Authority (FSA)
to operate in the Republic of Seychelles. The company will provide brokerage services. The Company has acquired 99,9% of
the shares in the subsidiary. The remaining 0,1% stake is held by another subsidiary, XTB Services Limited. On
16 November 2023, the shares in XTB S.C. Limited with its seat in the Seychelles, were paid up. The contributed capital
amounted to USD 50 thousand. On 17 July 2024, there was share capital increase in the subsidiary XTB S.C. Limited in the
amount USD 250 thousand, maintaining the current share proportion. As at the date of these financial statements the company
did not conduct its operations.
On 5 December 2022, XTB Digital Ltd. with its seat in Cyprus was registered in the local register of entrepreneurs. The
Company acquired 100% of the shares in the subsidiary. On 3 April 2023, the shares in Digital Ltd. With its seat in Cyprus
were paid up. The contributed capital amounted to EUR 300 thousand. As at the date of these financial statements the
company did not conduct its operations. Since January 2025, the company has been in liquidation.
On 27 July 2023, the subsidiary XTB Chile SpA changed its name to XTB Agente de Valores SpA.
On 17 January 2024 the Company acquired 90% shares in the company PT Rajawali Kapital Berjangka with the seat in the
Republic of Indonesia which is a derivatives broker regulated by the Commodity Futures Trading Supervisory Agency (in short
BAPPEBTI). On 16 February 2024, the Company allocated USD 315 thousand for share capital increase in its subsidiary PT
Rajawali Kapital Berjangka, maintaining a 90% share in its capital. On 29 April 2024 the subsidiary PT Rajawali Kapital
Berjangka changed its name to PT XTB Indonesia Berjangka. On 1 October 2024, the company allocated EUR 351 thousand
for a further increase in the share capital of the subsidiary PT XTB Indonesia Berjangka, maintaining a 90% share in its capital.
On 17 December 2024, PT XTB Indonesia Berjangka received a PALN licence issued by the local regulator Bappebti
Indonesia, thanks to which Indonesian residents will gain access to investments in stocks and ETPs offered by XTB.
On 25 July 2024 the subsidiary XTB Financial Consultation L.L.C. with seat in the United Arab Emirates has been registered
in the local register of entrepreneurs. The Company has acquired 100% of the shares in the subsidiary. On 26 July 2024, the
shares were paid up. The contributed capital amounted to AED 13 thousand. The company will provide brokerage services -
financial advice. On 23 December 2024, XTB Financial Consultation received a licence from the Securities and Commodities
Authority (SCA) in the United Arab Emirates. The 5th category licence will allow the company to improve its cost and
operational efficiency, increase the range of services provided to customers in the region, and increase employment and open
a new office outside the special economic zone in Dubai.
Impairment of investments in subsidiaries
As at 31 December 2024 due to the circumstances indicating value impairment as decrease of value of net assets value below
purchase price, the Company recognized a write-off due to impairment of its investment in a subsidiary in Turkey in the amount
of PLN 4 958 thousand. The impairment was recognized due to the decision made by the Company’s Management Board on
the 18 May 2017 to withdraw from activity in Turkey through taking actions intended to phase out XTB’s activity on this market
and liquidation of the subsidiary in Turkey. The impairment write-off was created up to the amount of net assets for which
almost entirely cash is held in the bank. As at 31 December 2023 the write-off due to impairment of Turkish subsidiary
amounted to PLN 4 958 thousand. As at 31 December 2023 the write-off due to impairment of Turkish subsidiary amounted
to PLN 4 958 thousand. As at the balance sheet date the process of withdrawing the activity was not finalized. Since December
2019 Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş does not have an active license to running business.
17. Financial assets at amortised cost
(IN PLN’000)
31.12.2024
31.12.2023
Amounts due from the Central Securities Depository of Poland
24 004
14 162
Trade receivables
973
4 761
Receivables due from clients
112 354
78 021
Deposits
4 946
4 313
Trade receivables due from related parties
39 058
12 572
Statutory receivables
188
300
Gross other receivables
181 523
114 129
Impairment write-downs of receivables
(37)
(28)
Impairment write-downs of receivables due from clients
(3 939)
(3 754)
Total net other receivables
177 547
110 347
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 91
Movements in impairment write-downs of receivables
(IN PLN’000)
31.12.2024
31.12.2023
Impairment write-downs of receivables – at the beginning of the reporting period
(3 782)
(3 370)
Write-downs recorded
(1 103)
(1 975)
Write-downs reversed
909
1 502
Write-downs utilized
-
61
Impairment write-downs of receivables – at the end of the reporting period
(3 976)
(3 782)
Write-downs of receivables in 2024 and 2023 resulted from the debit balances which arose in customers’ accounts in those
periods.
18. Prepayments and deferred costs
(IN PLN’000)
31.12.2024
31.12.2023
CRM - customer service and sales
5 274
6 060
Licenses and news services
6 667
4 823
Database application
1 595
1 359
Advertising
1 389
909
Insurance
386
358
Prepaid rent
249
242
Other
3 061
703
Total prepayments and deferred costs
18 621
14 454
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 92
19. Intangible assets
Intangible assets in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
LICENCES FOR COMPUTER
SOFTWARE
INTANGIBLE ASSETS
MANUFACTURED INTERNALLY
TOTAL
Gross value as at 1 January 2024
6 464
10 792
17 256
Additions
247
-
247
Sale and scrapping
-
-
-
Net foreign exchange differences
(3)
-
(3)
Gross value as at 31 December 2024
6 708
10 792
17 500
Accumulated amortization as at 1 January 2024
(5 378)
(10 792)
(16 170)
Amortization for the current period
(352)
-
(352)
Sale and scrapping
-
-
-
Net foreign exchange differences
4
-
4
Accumulated amortization as at 31 December 2024
(5 726)
(10 792)
(16 518)
Net book value as at 1 January 2024
1 086
-
1 086
Net book value as at 31 December 2024
982
-
982
Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 93
Intangible assets in the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
LICENCES FOR COMPUTER
SOFTWARE
INTANGIBLE ASSETS
MANUFACTURED INTERNALLY
TOTAL
Gross value as at 1 January 2023
6 367
10 792
17 159
Additions
106
-
106
Sale and scrapping
-
-
-
Net foreign exchange differences
(9)
-
(9)
Gross value as at 31 December 2023
6 464
10 792
17 256
Accumulated amortization as at 1 January 2023
(5 034)
(10 792)
(15 826)
Amortization for the current period
(353)
-
(353)
Sale and scrapping
-
-
-
Net foreign exchange differences
9
-
9
Accumulated amortization as at 31 December 2023
(5 378)
(10 792)
(16 170)
Net book value as at 1 January 2023
1 333
-
1 333
Net book value as at 31 December 2023
1 086
-
1 086
Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 94
20. Property, plant and equipment
Property, plant and equipment in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
RIGHT TO USE
OFFICE
TANGIBLE FIXED
ASSETS UNDER
CONSTRUCTION
Gross value as at 1 January 2024
37 696
298
Additions
-
298
Lease
3 683
-
Sale and scrapping
(3 852)
-
Net foreign exchange differences
(345)
(1)
Gross value as at 31 December 2024
37 182
595
Accumulated amortization as at 1 January 2024
(13 181)
-
Amortization for the current period
(7 302)
-
Sale and scrapping
3 976
-
Net foreign exchange differences
123
-
Accumulated amortization as at 31 December 2024
(16 384)
-
Net book value as at 1 January 2024
24 515
298
Net book value as at 31 December 2024
20 798
595
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 95
Property, plant and equipment in the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
RIGHT TO USE
OFFICE
TANGIBLE FIXED
ASSETS UNDER
CONSTRUCTION
Gross value as at 1 January 2023
33 857
1 187
Additions
-
31
Lease
8 135
-
Sale and scrapping
(3 184)
(848)
Net foreign exchange differences
(1 112)
(72)
Gross value as at 31 December 2023
37 696
298
Accumulated amortization as at 1 January 2023
(8 473)
-
Amortization for the current period
(7 136)
-
Sale and scrapping
1 944
-
Net foreign exchange differences
484
-
Accumulated amortization as at 31 December 2023
(13 181)
-
Net book value as at 1 January 2023
25 384
1 187
Net book value as at 31 December 2023
24 515
298
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 96
Non-current assets by geographical area
(IN PLN’000)
31.12.2024
31.12.2023
Non-current assets
Central and Eastern Europe
42 397
37 404
- including Poland
36 692
30 569
Western Europe
11 642
11 245
Total non-current assets
54 039
48 649
21. Amounts due to customers
(IN PLN’000)
31.12.2024
31.12.2023
Amounts due to retail customers
3 916 970
2 394 132
Amounts due to institutional customers
75 088
106 282
Total amounts due to customers
3 992 058
2 500 414
Amounts due to customers are connected with transactions concluded by the customers (including cash deposited in the
customers’ accounts).
22. Financial liabilities at fair value through P&L
(IN PLN’000)
31.12.2024
31.12.2023
Financial instruments (CFD)
Currency CFDs
99 846
24 445
Stock and ETP CFDs
50 102
25 777
Index CFDs
10 380
11 339
Commodity CFDs
11 474
6 404
Bond CFDs
4
52
Total financial liabilities at fair value through P&L
171 806
68 017
23. Liabilities due to lease
(IN PLN’000)
31.12.2024
31.12.2023
Short- term
7 875
7 093
Long- term
14 951
20 108
Total liabilities due to lease
22 826
27 201
Liabilities due to lease do not include short-term leasing contracts and lease of low-value assets.
In the period from 1 January to 31 December 2024 the cost related to short-term leasing included in the statement of
comprehensive income amounted to PLN 129 thousand, there was no costs related to lease of low-value assets included in
the statement of comprehensive income.
In the period from 1 January to 31 December 2023 the cost related to short-term leasing included in the statement of
comprehensive income amounted to PLN 130 thousand, the cost related to lease of low-value assets included in the statement
of comprehensive income amounted to PLN 15 thousand.
The Company is a lessee in the case of lease agreements for office space and cars. The value of the leased item is presented
in Note 20.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 97
24. Other liabilities
(IN PLN’000)
31.12.2024
31.12.2023
Trade liabilities
70 677
44 024
Liabilities due to brokers
31 957
8 908
Statutory liabilities
15 250
7 260
Provisions for other employee benefits
22 976
22 742
Amounts due to the Central Securities Depository of Poland
14 797
2 673
Liabilities due to employees
792
724
Total other liabilities
156 449
86 331
Liabilities under employee benefits include estimates, as at the balance sheet date, of bonuses for the reporting period,
including from the Program of variable remuneration elements, as well as the provision for unused holiday leave.
Program of variable remuneration elements
Pursuant to the Variable Remuneration Elements policy applied by the Company, the employees of the Company in the top
management positions receive annually variable remuneration paid in financial instruments.
The value of provisions for employee benefits includes variable remuneration based on financial instruments, deferred for
payment in three consecutive years. As at 31 December 2024, there was no provision for variable remuneration elements
settled in financial instruments for the previous reporting periods, as at 31 December 2023 it was PLN 474 thousand.
Due to the introduction of the Incentive Program at XTB S.A., the costs associated with share-based payments were included
in the Company's equity.
25. Provisions for liabilities and contingent liabilities
25.1 Provisions for liabilities
(IN PLN’000)
31.12.2024
31.12.2023
Provisions for retirement benefits
375
298
Provisions for legal risk
2 906
3 434
Total provisions
3 281
3 732
Provisions for retirement benefits are established on the basis of an actuarial valuation carried out in accordance with the
applicable regulations and agreements connected with obligatory retirement benefits to be covered by the employer.
Provisions for legal risk include expected amounts of payments to be made in connection with disputes to which the Company
is a party. As at the date of preparation of these financial statements, the Company is not able to specify when the above
liabilities will be repaid. The information on the significant court proceedings, arbitration authority or public administration
authority was described in point 5.2 of the Management Board report on the operations of the Group and Company. To the
best of our knowledge and belief, the procedures described therein and the future resolution of these proceedings in the
context of a possible impact on other clients of the Company do not have a material impact on these standalone financial
statements.
Movements in provisions in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
VALUE AS AT
01.01.2024
INCREASES
DECREASES
VALUE AS AT
31.12.2024
USE
REVERSAL
Provisions for retirement benefits
298
77
-
-
375
Provisions for legal risk
3 434
769
137
1 160
2 906
Total provisions
3 732
846
137
1 160
3 281
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 98
(IN PLN’000)
VALUE AS AT
01.01.2024
INCREASES
DECREASES
VALUE AS AT
31.12.2024
USE
REVERSAL
Provisions for retirement benefits
173
125
-
-
298
Provisions for legal risk
3 829
1 288
848
835
3 434
Total provisions
4 002
1 413
848
835
3 732
25.2 Contingent liabilities
The Company is party to a number of court proceedings associated with the Company’s operations. The proceedings in which
the Company acts as defendant relate mainly to employees’ and customers’ claims.
As at 31 December 2024 the total value of claims brought against the Company amounted to approx. PLN 14 492 thousand
(as at 31 December 2023: PLN 19 621 thousand). Company has not created provisions for the above proceedings. In the
assessment of the Company there is low probability of loss in these proceedings.
On 9 May 2014, the Company issued a guarantee in the amount of PLN 62 thousand to secure an agreement concluded by
a subsidiary XTB Limited, based in the UK and PayPal (Europe) Sarl & Cie, SCA based in Luxembourg. The guarantee was
granted for the duration of the main contract, which was concluded for an indefinite period.
26. Equity
Share capital structure as at 31 December 2024 and as at 31 December 2023
SERIES/ISSUE
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN)
NOMINAL VALUE OF ISSUE
(IN PLN’000)
Series A
117 383 635
0,05
5 869
Series B
185 616
0,05
9
All shares in the Company have the same nominal value, are fully paid for, and carry the same voting and profit-sharing rights.
No preference is attached to any share series. The shares are A and B-series ordinary registered shares.
Shareholding structure of the Company
To the best Company’s knowledge, the shareholding structure of the Company as at 31 December 2024 was as follows:
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN’000)
SHARE
XXZW Investment Group S.A.
51 472 869
2 573
43,78%
Other shareholders
66 096 382
3 305
56,22%
Total
117 569 251
5 878
100,00%
To the best Company’s knowledge, the shareholding structure of the Company as at 31 December 2023 was as follows:
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN’000)
SHARE
XXZW Investment Group S.A.
71 629 794
3 581
60,93%
Other shareholders
45 939 457
2 297
39,07%
Total
117 569 251
5 878
100,00%
Other capitals
Other capitals consist of:
• supplementary capital in the total amount of PLN 71 608 thousand, mandatorily established from annual profit distribution
to be used to cover potential losses that may occur in connection with the Company’s operations, up to the amount of at
least one third of the share capital, amounting to PLN 1 957 thousand and from surplus of the issue price over the nominal
price in the amount of PLN 69 651 thousand, resulting from the capital increase in 2012 with a nominal value of PLN
348 thousand for the price of PLN 69 999 thousand,
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 99
• reserve capital, in the amount of PLN 1 059 476 thousand established from annual distribution of profit as resolved by the
General Meeting of Shareholders to be used for financing of further operations of the Company or payment of dividend
increased by the cost of the incentive program for persons whose professional activities have a significant impact on the
risk profile of the Company,
• foreign exchange differences on translation, including foreign exchange of branches and foreign operations in the amount
of PLN 384 thousand. A detailed presentation of exchange differences resulting from translation is presented in the table
below.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Spółka Akcyjna branch in Germany
236
365
XTB Spółka Akcyjna branch in Romania
175
204
XTB Spółka Akcyjna
666
120
XTB Spółka Akcyjna branch in France
(82)
2
XTB Spółka Akcyjna branch in Portugal
(75)
(54)
XTB Spółka Akcyjna branch in Slovakia
(90)
(65)
XTB Spółka Akcyjna branch in Spain
(214)
(156)
XTB Spółka Akcyjna branch in Czech Republic
(232)
(136)
Total foreign exchange differences on translation
384
280
27. Profit distribution and dividend
Pursuant to the decision of the General Shareholders’ Meeting of the Company, the net profit for 2023 in the amount of PLN
787 136 thousand was partially earmarked for the payment of a dividend in the amount of PLN 590 198 thousand, the
remaining amount was transferred to reserve capital.
The amount of dividend per share paid for 2023 was equal to PLN 5,02. The dividend was paid on the 20 June 2024.
Pursuant to the decision of the General Shareholders’ Meeting of the Company, the net profit for 2022 in the amount of PLN
761 564 thousand was partially earmarked for the payment of a dividend in the amount of PLN 570 484 thousand, the
remaining amount was transferred to reserve capital.
The amount of dividend per share paid for 2022 was equal to PLN 4,86. The dividend was paid on the 21 July 2023.
DIVIDENDS RECOGNIZED AS PAYMENTS TO OWNERS PER SHARE
(IN PLN)
TWELVE-MONTH
PERIOD ENDED
31.12.2024
TWELVE-MONTH
PERIOD ENDED
31.12.2023
Dividends paid to owners
5,02
4,86
28. Earnings per share
Basic earnings per share are calculated by dividing the net profit for the period attributable to shareholders of the Company
by the weighted average number of ordinary shares outstanding during the period. When calculating both basic and diluted
earnings per share, the Company uses the amount of net profit attributable to shareholders of the Company as the numerator,
i.e., there is no dilutive effect influencing the amount of profit (loss). The calculation of basic and diluted earnings per share,
together with a reconciliation of the weighted average diluted number of shares is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Profit from continuing operations
855 202
787 136
Weighted average number of ordinary shares
117 569 251
117 569 251
Weighted average number of shares including dilution effect
117 569 251
117 569 251
Basic net profit per share from continuing operations for the year
7,27
6,70
Diluted net profit per share from continuing operations for the year
7,27
6,70
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 100
29. Current income tax and deferred income tax
29.1 Current income tax
Income tax disclosed in the current period’s profit and loss
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Income tax – current portion
Income tax for the reporting period
(191 111)
(165 838)
Income tax – deferred portion
Occurrence / reversal of temporary differences
725
(2 842)
Income tax disclosed in profit and loss
(190 386)
(168 680)
Reconciliation of the actual tax burden
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Profit before tax
1 045 588
955 816
Income tax based in the applicable tax rate of 19%
(198 662)
(181 605)
Difference resulting from application of tax rates applicable in other countries
(304)
(221)
Non-taxable revenue
230
123
Non-deductible expenses
(1 660)
(1 439)
Tax losses for the reporting period not included in deferred tax
-
-
Writing off tax losses activated in previous years
-
-
Other items affecting the tax burden amount
10 010
14 462
Income tax disclosed in profit or loss
(190 386)
(168 680)
On the basis of art 18d of Act on corporate income tax dated 15 February 1992 (Journal of Laws of 2023, item 2805, as
amended). XTB S.A. benefited in the period from 1 January 2024 to 31 December 2024 from the tax burden for research and
development in total amounted to PLN 2 440 thousand. In analogical period of 2023 benefits from the tax burden amounted
to PLN 3 215 thousand.
The effective tax rate for the period from 1 January 2024 to 31 December 2024 was close to the statutory rate and amounted
to 18,21%. In the analogical period of 2023, the rate was 17,65%.
29.2 Deferred income tax
29.2.1 Unrecognized deferred income tax asset
Taking into account the risks connected with further business development in foreign markets, the Company’s management
has doubts relative to certain tax credits of foreign operations and whether their respective profits will make it possible to settle
the tax losses. Therefore, no deferred tax assets connected with such tax loss in the amount of PLN 402 thousand as at
31 December 2024 and in the amount of PLN 409 thousand as at 31 December 2023.
The company did not recognize deferred tax assets on tax loss arising in France.
UNRECOGNIZED TAX LOSSES AVAILABLE FOR USE
(IN PLN’000)
31.12.2024
31.12.2023
no limit
402
409
Total unrecognized tax losses available for use
402
409
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 101
29.2.2 Recognized deferred tax asset relating to tax losses
Balance of deferred tax asset relating to tax losses:
RECOGNIZED TAX LOSSES TO BE UTILIZED
(IN PLN’000)
31.12.2024
31.12.2023
Deferred tax on tax losses
4 321
5 067
As at 31 December 2024 the Company established deferred tax assets with regard to tax losses to be settled in future periods
in the total amount of PLN 4 321 thousand (as at 31 December 2023: PLN 5 067 thousand). The management believes that
due to dynamic development of business and growth of sales in foreign markets, the Company may generate taxable income
in future periods, and tax losses will be settled accordingly.
Deferred tax losses may be utilised over an unlimited period in Germany and France. Forecasted results of these branches
and subsidiary, their margins and development plans assume an effective settlement of losses in the future.
29.2.3 Deferred income tax assets and deferred income tax provision
Change in the balance of deferred tax for the period from 1 January to 31 December 2024
(IN PLN’000)
AS AT
01.01.2024
PROFIT
OR (LOSS)
AS AT
31.12.2024
Deferred income tax assets:
Cash and cash equivalents
-
(13)
(13)
Property, plant and equipment
63
52
115
Liabilities due to lease
2 885
(499)
2 386
Financial liabilities at fair value through P&L
13 347
19 422
32 769
Provisions for liabilities
880
3 601
4 481
Prepayments and deferred costs
6 096
(542)
5 554
Other liabilities
5 067
(5 052)
15
Tax losses of previous periods to be settled in future periods
5 067
(746)
4 321
Total deferred income tax assets
33 405
16 223
49 628
(IN PLN’000)
AS AT
01.01.2024
PROFIT
OR (LOSS)
AS AT
31.12.2024
Deferred income tax provision:
Cash and cash equivalents
101
(34)
67
Financial assets at fair value through P&L
83 568
15 390
98 958
Other liabilities
316
688
1 004
Financial assets at amortised cost
271
(271)
-
Property, plant and equipment
2 788
(275)
2 513
Total deferred income tax provision
87 044
15 498
102 542
Deferred tax disclosed in profit or (loss)
-
725
-
(IN PLN’000)
AS AT
01.01.2024
INCLUDED
IN EQUITY
AS AT
31.12.2024
Deferred income tax assets included directly in the equity:
Separate equity of branches
232
(131)
101
Total deferred income tax assets included directly in the
equity
232
(131)
101
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 102
Change in the balance of deferred tax for the period from 1 January to 31 December 2023
(w tys. PLN)
AS AT
01.01.2023
PROFIT
OR (LOSS)
AS AT
31.12.2023
Deferred income tax assets:
Cash and cash equivalents
70
(70)
-
Property, plant and equipment
451
(388)
63
Liabilities due to lease
-
2 885
2 885
Financial liabilities at fair value through P&L
13 805
(458)
13 347
Provisions for liabilities
549
331
880
Prepayments and deferred costs
4 882
1 214
6 096
Other liabilities
6 877
(1 810)
5 067
Tax losses of previous periods to be settled in future periods
5 953
(886)
5 067
Total deferred income tax assets
32 587
818
33 405
(IN PLN’000)
AS AT
01.01.2023
PROFIT
OR (LOSS)
AS AT
31.12.2023
Deferred income tax provision:
Cash and cash equivalents
19
82
101
Financial assets at fair value through P&L
81 549
2 019
83 568
Other liabilities
-
316
316
Financial assets at amortised cost
1 481
(1 210)
271
Property, plant and equipment
335
2 453
2 788
Total deferred income tax provision
83 384
3 660
87 044
Deferred tax disclosed in profit or (loss)
-
(2 842)
-
(IN PLN’000)
AS AT
01.01.2024
INCLUDED
IN EQUITY
AS AT
31.12.2024
Deferred income tax assets included directly in the equity:
Separate equity of branches
838
(606)
232
Total deferred income tax assets included directly in the
equity
838
(606)
232
Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in
the statement of financial position as at 31 December 2024:
(IN PLN’000)
DATA ACCORDING TO THE NATURE OF ORIGIN
DATA PRESENTED IN THE STATEMENT OF
FINANCIAL POSITION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
Poland
44 654
102 082
1 942
59 370
Czech Republic
105
67
38
-
Slovakia
103
-
103
-
Germany
1 968
494
1 968
494
France
2 798
-
2 798
-
Total
49 628
102 643
6 849
59 864
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 103
Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in
the statement of financial position as at 31 December 2023:
(IN PLN’000)
DATA ACCORDING TO THE NATURE OF ORIGIN
DATA PRESENTED IN THE STATEMENT OF
FINANCIAL POSITION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
Poland
28 074
87 075
2 782
61 783
Czech Republic
86
8
78
-
Slovakia
75
93
-
18
Germany
2 120
100
2 120
100
France
3 050
-
3 050
-
Total
33 405
87 276
8 030
61 901
30. Related party transactions
30.1 Parent Company
As at 31 December 2024 XXZW Investment Group S.A. with its registered office in Luxembourg is the key shareholder of the
Company, it holds 43,78% of shares and votes in the General Meeting as per Company’s best knowledge. XXZW Investment
Group S.A. prepares consolidated financial statements.
Mr. Jakub Zabłocki is the ultimate Parent Company for the Company and XXZW Investment Group S.A.
30.2 Figures concerning related party transactions
As at 31 December 2024 Company has liabilities to Mr Jakub Zabłocki in the amount of PLN 1 thousand due to his investment
account (as at 31 December 2023 PLN 74 thousand). In the period from 1 January to 31 December 2024 Company has noted
profit from transactions with Mr Jakub Zabłocki in the amount PLN 10 thousand (in the analogical period of 2023 there was
loss from transactions with Mr Jakub Zabłocki in the amount PLN 3 thousand). Moreover Mr Jakub Zabłocki was employed
until 31 July 2024 on the basis of work contract in subsidiary in Great Britain. In the period from 1 January to 31 December
2024 the paid gross salary and bonuses amounted to PLN 1 983 thousand and in the analogical period of 2023 amounted to
PLN 2 708 thousand.
Mr Hubert Walentynowicz receives salary on the basis of work contract. In the period from 1 January to 31 December 2024
the paid gross salary and bonuses amounted to PLN 1 463 thousand and in the analogical period of 2023 amounted to
PLN 624 thousand.
As at 31 December 2024 Company has liabilities to Mr Omar Arnaout in the amount of PLN 100 thousand due to his investment
account. As at 31 December 2023 the Company has no liabilities to Mr Omar Arnaout due to his investment account. As at
31 December 2023 the Company has no liabilities to Mr Omar Arnauot due to his investment account. In the period from 1
January to 31 December 2024 Company has noted profit from transactions with Mr Omar Arnaout in the amount PLN 4
thousand (in the analogical period of 2023 there was no profit or loss from transactions with Mr Omar Arnaout).
As at 31 December 2024 Company has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 195 thousand due to his
investment account. As at 31 December 2023 the Companyhas liabilities to Mr Filip Kaczmarzyk in the amount of PLN 20
thousand due to his investment account. In the period from 1 January to 31 December 2024 Company has noted profit from
transactions with
Mr Filip Kaczmarzyk in the amount PLN 2 thousand (in the analogical period of 2023 there was no profit or loss from
transactions with Mr Filip Kaczmarzyk).
As at 31 December 2024 Company has no liabilities to Mr Jakub Kubacki due to his investment account. As at 31 December
2023 the Company has liabilities to Mr Jakub Kubacki in the amount PLN 2 thousand due to his investment account. In the
period from 1 January to 31 December 2024 Company has noted profit from transactions with Mr Jakub Kubacki in the amount
PLN 1 thousand (in the analogical period of 2023 there was no profit or loss from transactions with Mr Jakub Kubacki).
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 104
The table below presents the total number and nominal value of the Company's shares held directly by the persons managing
and supervising Group, as at the date of submitting this report:
NAME AND SURNAME
FUNCTION
NUMBER OF SHARES
HELD
TOTAL NOMINAL VALUE OF SHARES
(in PLN)
Omar Arnaout
President of the
Management Board
50 717
2 536
Filip Kaczmarzyk
Board Member
35 501
1 775
Paweł Szejko
Board Member
29 358
1 468
Jakub Kubacki
Board Member
20 995
1 050
Andrzej Przybylski
Board Member
5 829
291
During the reporting period and until the date of submission of this report, the following changes in the ownership of the
Company's shares by managing and supervising persons took place:
• on the 25 April 2024 Omar Arnaout acquired jointly 20 456 shares of the Company;
• on the 25 April 2024 Filip Kaczmarzyk acquired jointly 14 319 shares of the Company;
• on the 25 April 2024 Paweł Szejko acquired jointly 10 228 shares of the Company;
• on the 25 April 2024 Jakub Kubacki acquired jointly 7 500 shares of the Company;
• on the 25 April 2024 Andrzej Przybylski acquired jointly 4 888 shares of the Company;
• on the 8 November Andrzej Przybylski sold 1 500 shares of the Company.
At the end of the reporting period and as at the date of submitting this report, the supervising persons did not have any shares
or rights to the Company's shares.
30.3 Incomes and costs
The below table presents incomes and costs with related parties regarding the intermediary and liquidity agreements
performed for the Company
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCOMES
COSTS
INCOMES
COSTS
XTB Limited (UK)
30 768
(21 753)
20 098
(22 643)
XTB Limited (CY)
8 143
(3 596)
5 862
(3 528)
XTB International Limited
348 214
(172 797)
322 520
(137 965)
XTB MENA Limited
4 141
(30 350)
4 283
(25 934)
The below table presents incomes and costs with related parties regarding the trading infrastructure software and service
agreements performed for the Company.
(IN PLN’000)
SERVICE
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCOMES
COSTS
INCOMES
COSTS
XTB Limited (UK)
infrastructure
software
358
(485)
546
(1 296)
X Open Hub Sp. z o.o.
infrastructure
software
3 227
(3 250)
5 433
(4 680)
XTB Services Limited
marketing
-
(35 709)
-
(30 773)
30.4 Receivables
The below table presents receivables from related parties regarding the intermediary and liquidity agreements performed for
the Company.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Limited (UK)
20 186
19 978
XTB Limited (CY)
631
1 166
XTB International Limited
115 018
60 188
XTB MENA Limited
8 585
4 203
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 105
The below table presents receivables from related parties regarding the trading infrastructure software and service
agreements performed for the Company.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Limited (UK)
72
30
X Open Hub Sp. z o.o.
558
350
30.5 Liabilities
The below table presents liabilities due to related parties regarding the intermediary and liquidity agreements performed for
the Company.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Limited (UK)
5 264
2 076
XTB Limited (CY)
2 245
1 036
XTB International Limited
43 028
29 593
XTB MENA Limited
6 168
2 569
The below table presents liabilities due to related parties regarding the trading infrastructure software and service agreements
performed for the Company.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Limited (UK)
27
142
X Open Hub Sp. z o.o.
327
1 626
XTB Services Limited
2 805
1 985
30.6 Benefits to Management Board and Supervisory Board
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Benefits to the Management Board members
(6 612)
(6 459)
Benefits to the Supervisory Board members
(364)
(303)
Total benefits to the Management Board and Supervisory Board
(6 976)
(6 762)
These benefits include base salaries, bonuses, contributions to social security paid for by the employer and supplementary
benefits (money bills, healthcare, holiday allowances).
Members of the Management Board of the Company are included in the scheme of variable remuneration elements specified
in note 23 of the financial statements.
30.7 Loans granted to the Management and Supervisory Board members
As at 31 December 2024 and 31 December 2023 there were no loans granted to the Management and Supervisory Board
members. In the period from 1 January to 31 December 2024 and in the analogical period of 2023, the members of the
Management Board and Supervisory Board also did not benefit from any loans granted by the Company.
31. Remuneration of the audit companies
REMUNERATION OF THE AUDIT COMPANIES DUE FOR THE FINANCIAL
YEAR (IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Statutory audit of standalone and consolidated financial statements
492
470
Review of half-year standalone and consolidated financial statements
135
125
Statutory audit of annual financial statements of branch offices
60
72
Independent Sustainability Report Assurance services
195
-
Other certifying services
50
47
Total remuneration of the audit companies
932
714
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 106
Above remuneration due to audit companies are net amounts.
PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k was the main auditor for the Company
in 2024 and 2023.
In 2024, the total remuneration due to PwC companies amounted to PLN 872 thousand (in 2023 it was PLN 642 thousand),
including:
• PLN 195 thousand for Independent Sustainability Report Assurance services (ESRS),
• PLN 135 thousand for the review of half-year financial statements,
• PLN 50 thousand for other certifying services.
32. Employment
As at 31 December 2024 the total employment in the Company which include persons employed under employment contract
and persons providing services under other forms of civil law contracts, including B2B contracts was 1 028 people. As at
31 December 2023 it was 826 people. The list does not include persons on maternity leave, parental leave and benefits
(dismissals for more than 33 days).
33. Supplementary information and explanations to the cash flow statement
33.1 Other adjustments
The “other adjustments” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Change in the balance of differences from the conversion of branches and subsidiaries
104
(1 625)
Foreign exchange differences on translation of movements in property, plant and
equipment, and intangible assets
350
752
Change in other adjustments
454
(873)
Foreign exchange differences on translation of movements in tangible and intangible assets include the difference between
the rates as at the opening balance and as at the closing balance adopted for valuation of the gross value of tangible and
intangible assets in the Company’s foreign entities and the difference between the rate applied to value amortization and
depreciation cost of fixed assets and intangible assets in the Company’s foreign entities and the rate of translation of
amortization and depreciation amounts on such assets. This value results from the chart of movements in tangible and
intangible assets.
33.2 Change in balance of other liabilities
The “Change in balance of other liabilities” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2024
Balance sheet change in other liabilities
70 118
7 728
Change in balance of other liabilities
70 118
7 728
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 107
33.3 Details of (Profit) Loss from investing activity
The “(Profit) Loss on investment activity” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Loss on liquidation and sale of fixed assets
19
2 231
Profit from the liquidation and sale of fixed assets
(24)
(3)
Result of Bonds
(26 138)
(31 962)
Impairment of investments in subsidiaries
-
125
Liquidation of shares in subsidiaries
1 403
-
Dividends received from subsidiaries
(10 182)
(7 834)
(Profit) Loss on investment activity
(34 922)
(37 443)
34. Off-balance sheet items
34.1 Nominal value of financial instruments
(IN PLN’000)
31.12.2024
31.12.2023
Index CFDs
3 727 473
5 000 602
Currency CFDs
2 934 925
2 791 448
Commodity CFDs
3 669 137
1 900 616
Stock and ETP CFDs
1 168 444
746 937
Bond CFDs
11 126
7 344
Total financial instruments
11 511 105
10 446 947
The nominal value of instruments presented in the chart above includes transactions with customers and brokers. As at
31 December 2024 transactions with brokers represent 14% of the total nominal value of instruments (as at 31 December
2023: 15% of the total nominal value of instruments).
34.2 Customers’ financial instruments
Presented below is a list of customers’ instruments deposited in the accounts of the brokerage house:
(IN PLN’000)
31.12.2024
31.12.2023
Listed stocks, ETP and rights to stocks registered in customers’ securities accounts
13 681 390
6 147 388
Other securities registered in customers’ securities accounts
207
207
Total customers’ financial instruments
13 681 597
6 147 595
34.3 Transaction limits
The amount of unused transaction limits granted to related entities was as at 31 December 2024 PLN 95 461 thousand, as at
31 December 2023 was PLN 94 592 thousand.
35. Items regarding the compensation scheme
(IN PLN’000)
31.12.2024
31.12.2023
1. Contributions made to the compensation scheme
a) opening balance
13 986
10 569
- increases
3 937
3 417
b) closing balance
17 923
13 986
2. XTB’s share in the profits from the compensation scheme
1 848
1 170
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 108
36. Capital management
The Company’s principles of capital management are established in the “Capital management policy at XTB S.A.”. The
document is approved by the Company’s Supervisory Board.
The policy defines the basic concepts, objectives and rules which constitute the Company’s capital strategy. It specifies, in
particular, long-term capital objectives, the current and preferred capital structure, contingency plans and capital planning
principles. The policy is updated as appropriate so as to reflect the development in the Company and its business environment.
The objective of the capital management policy is to ensure balanced long-term growth for the shareholders and to maintain
sufficient capital to enable the Company to operate in a prudent and efficient manner. This objective is attained by maintaining
an appropriate capital base, taking into account the Company’s risk profile and prudential regulations, as well as risk-based
capital management in view of the operating goals.
Determination of capital-related goals is essential for equity management and serves as a basic reference in the context of
capital planning, allocation and contingency plans. The Company establishes capital-related objectives which ensure a stable
capital base, achievement of its capital strategy goals (in accordance with its general principles), and also match the Company’s
risk appetite. To establish its capital-related goals, the Company takes into consideration its strategic plans and expected growth
of operations as well as external conditions, including the macroeconomic situation and other business environment factors.
The capital-related goals are set for a horizon similar to that of the business strategy and are approved by the Management
Board.
Capital planning is focused on an assessment of the Company’s current and future capital requirements (both regulatory and
internal), and on comparing them with the current and projected levels of available capital. The Company has prepared
contingency plans to be launched in the event of a capital liquidity shortage, described in detail in the “Capital management
policy at XTB S.A.”.
As part of ICARAP, the Company assesses its internal capital in order to define the overall capital requirement to cover all
significant risks in the Company’s operations and evaluates its quality. The Company estimates internal capital necessary to
cover identified significant risks in compliance with procedures adopted by the Company and taking into account stress test
results.
The Company is obligated to maintain the capitals (equity) to cover the higher of the following values:
• capital requirements calculated in accordance with Regulation (EU) 2019/2033 of the European Parliament and of the
Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No
1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR)
• internal capital estimated in accordance with the Regulation of the Minister of Development and Finance of
8 December 2021 on the assessment of internal capital and liquid assets, risk management system, supervisory audit and
evaluation, as well as remuneration policy in a brokerage house and a small brokerage house.
The capital requirement calculated in accordance with the IFR regulation is the higher of:
• fixed overheads requirement
• permanent minimum initial capital requirement
• K-factor capital requirement
At date of preparation of the financial statement the highest of the above values for the Company is the K-factor capital
requirement.
The Company calculates own funds in accordance with Part Two of the European Parliament and of the Council (EU)
2019/2033 of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No
1093/2010, (EU) No 575 / 2013, (EU) No 600/2014 and (EU) No 806/2014 ("IFR").
The principles for calculation of own funds are established in the CRR and IFR Regulations, "Procedure for calculating capital
adequacy ratios of XTB S.A." the Company and are not regulated by IFRS.
The Company currently has only own funds of the best category - Tier I.
The Company is not required to maintain capital buffers under the Act on Macroprudential Supervision of the Financial System
and Crisis Management in the Financial System.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 109
Key values in capital management:
(IN PLN’000)
31.12.2024
31.12.2023
The Group’s own funds
1 114 503
916 987
Tier I Capital
1 114 503
916 987
Common Equity Tier I capital
1 114 503
916 987
Total capital requirement IFR
563 352
469 149
Total capital ratio IFR
197,8%
195,5%
Minimal required total capital ratio including buffers (article 9 section1 letter c) of
IFR)
100%
100%
The mandatory capital adequacy was not breached in the periods covered by the condensed standalone financial statements.
The table below presents data on the level of capitals and on the total capital requirement divided into requirements due to
specific types of risks calculated in accordance with separate regulations together with average monthly values. Average
monthly values were calculated as an estimation of the average values calculated based on statuses at the end of specific
days.
(IN PLN’000)
AS AT
31.12.2024
AVERAGE MONTHLY
VALUE IN THE
PERIOD
AS AT
31.12.2023
1. Own funds
1 114 503
1 030 047
916 987
1.1. Base capital Tier I without deductions
1 122 449
1 039 934
925 511
1.2. Supplementary capital Tier I
-
-
-
1.3. Items decreasing share capitals
(7 946)
(9 887)
(8 524)
I. Own funds
1 114 503
1 030 047
916 987
1. Risk to Client, including:
15 529
13 005
11 230
1.1. K-AUM
-
-
-
1.2. K-CMH
11 761
10 210
9 174
1.3. K-ASA
3 768
2 795
2 056
1.4. K-COH
-
-
-
2. Risk to Market, including:
397 347
412 531
311 720
2.1. K-NPR
397 347
412 531
311 720
2.2. K-CMG
-
-
-
3. Risk to Firm, including:
150 476
151 086
146 199
3.1. K-TCD
147 538
148 340
143 381
3.2. K-DTF
2 938
2 746
2 818
3.3. K-CON
-
-
-
II. Total K-factor capital requirement (IFR)
563 352
576 622
469 149
The Company calculates the requirement for fixed indirect costs. However, it is significantly lower than the capital requirement
for the K-factor.
The following table shows the percentage allocation of internal capital to the most significant risk classes.
31.12.2024
31.12.2023
Operational risk
44,1%
39,3%
Market risk
34,6%
33,4%
Credit risk
20,9%
26,4%
Other risks
0,4%
0,9%
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 110
37. Risk management
The Company is exposed to a variety of risks connected with its current operations. The purpose of risk management is to
make sure that the Company takes risk in a conscious and controlled manner. Risk management policies are formulated in
order to identify and measure the risks taken, as well as to establish appropriate limits to mitigate such risk on a regular basis.
At the strategy level, the Management Board is responsible for establishing and monitoring the risk management policy. All
risks are monitored and controlled with regard to profitability of the operations as well as the level of capital necessary to
ensure safety of operations from the capital requirement perspective.
A Risk Management Committee composed of members of the Supervisory Board has been established in the Company. The
tasks of the Committee include the development of a document on risk appetite, giving opinions on the risk management
strategy, supporting the Supervisory Board in supervising the implementation of the risk management strategy by the
Management Board, verifying the remuneration policy and its implementation rules in terms of adjusting the remuneration
system to the risk faced by the Management Board. exposed brokerage house, to its capital, liquidity, and the probability and
timing of earning income.
The Risk Control Department supports the Management Board in shaping, reviewing and updating the ICARAP rules in the
event of the emergence of new types of risk, significant changes in the strategy and action plans. This department also
monitors suitability and effectiveness of the implemented risk management system, identifies, monitors and controls the risks
of the Company's own investments, determines the total capital requirements and estimates internal capital.
The Risk Control Department is managed by the Member of the Management Board responsible for the supervision of the
risk management system.
The Company’s Supervisory Board approves risk management system.
37.1 Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in a normal transaction between
market participants at the measurement date.
37.1.1 Carrying amount and fair value
The fair value of cash and cash equivalents is estimated as being close to their carrying amount.
The fair value of loans granted and other receivables, amounts due to clients and other liabilities is estimated as being close
to their carrying amount in view of the short-term maturities of these balance sheet items.
37.1.2 Fair value hierarchy
The Company discloses fair value measurement of financial instruments carried at fair value, applying the following fair value
hierarchy which reflects the significance of input data used to establish the fair value:
• Level 1: quoted prices (unadjusted) in active markets for the assets or liabilities;
• Level 2: input data other than quoted prices classified in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. based on prices). This category includes financial assets and liabilities measured using
prices quoted in active markets for identical assets, prices quoted in active markets for identical assets considered less
active or other valuation methods where all significant inputs originate directly or indirectly from the markets;
• Level 3: input data for valuation of a given asset or liability is not based on observable market data (unobservable inputs).
•
(IN PLN’000)
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets
Financial assets at fair value through P&L
592 097
490 463
-
1 082 560
Total financial assets
592 097
490 463
-
1 082 560
Financial liabilities
Financial liabilities at fair value through P&L
-
171 806
-
171 806
Total financial liabilities
-
171 806
-
171 806
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 111
(IN PLN’000)
31.12.2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets
Financial assets at fair value through P&L
417 930
434 857
-
852 787
Total financial assets
417 930
434 857
-
852 787
Financial liabilities
Financial liabilities at fair value through P&L
-
68 017
-
68 017
Total financial liabilities
-
68 017
-
68 017
In the periods covered by the standalone financial statements, there were no transfers of items between the levels of the fair
value hierarchy.
The fair value of contracts for differences (CFDs) is determined based on the market prices of underlying instruments, derived
from independent sources, i.e. from reliable liquidity suppliers and reputable news, adjusted for the spread specified by the
Company. The valuation is performed using closing prices or the last bid and ask prices. CFDs are measured as the difference
between the current price and the opening price, taking account of accrued commissions and swap points.
The impact of adjustments due to credit risk of the contractor, estimated by the Company, was insignificant from the point of
view of the general estimation of derivative transactions concluded by the Company. Therefore, the Company does not
recognise the impact of unobservable input data used for the estimation of derivative transactions as significant and, pursuant
to IFRS 13.73, does not classify such transactions as level 3 of the fair value hierarchy.
37.2 Market risk
In the period covered by these standalone financial statements, the Company entered into OTC contracts for differences
(CFDs). The Company may also acquire securities and enter into forward contracts on its own account on regulated stock
markets.
The following risks are specified, depending on the risk factor:
• Currency risk connected with fluctuations of exchange rates
• Interest rate risk
• Commodity price risk
• Equity investment price risk
The Company’s key market risk management objective is to mitigate the impact of such risk on the profitability of its operations.
The Company’s practice in this area is consistent with the following principles.
As part of the internal procedures, the Company applies limits to mitigate market risk connected with maintaining open
positions on financial instruments. These are, in particular: a maximum open position on a given instrument, currency exposure
limits, maximum value of a single instruction. The Trading Department monitors open positions subject to limits on a current
basis, and in case of excesses, enters into appropriate hedging transactions. The Risk Control Department reviews the limit
usage on a regular basis, and controls the hedges entered into.
37.2.1 Currency risk
The Company enters into transactions principally in instruments bearing currency risk. Aside from transactions where the FX
rate is an underlying instrument, the Company also offers instruments which price is denominated in foreign currencies. Also,
the Company has assets in foreign currencies, i.e. the so-called currency positions. Currency positions include the brokerage’s
own funds denominated in foreign currencies held for the purpose of settling transactions in foreign markets and connected
with foreign operations.
The carrying amount of the Company’s assets and liabilities in foreign currencies as at the balance sheet date is presented
below. The values for all base currencies are expressed in PLN’000:
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 112
Assets and liabilities denominated in foreign currencies as at 31 December 2024 (value in foreign currencies converted to PLN)
(IN PLN’000)
USD
EUR
GBP
CZK
HUF
RON
OTHER
CURRENCIES
TOTAL
CARRYING
AMOUNT
Assets
Cash and cash equivalents
1 149 342
1 879 895
7 721
334 330
5 462
117 534
8 940
3 503 224
5 006 752
Financial assets at fair value through P&L
229 945
156 492
1 428
43 409
1 186
8 219
9 778
450 457
1 082 560
Investments in subsidiaries
-
-
-
-
-
-
-
-
65 125
Financial assets at amortised cost
107 690
10 158
4 078
400
2 465
269
25 790
150 850
177 547
Prepayments and deferred costs
-
739
-
52
-
9
-
800
18 621
Intangible assets
-
7
-
-
-
-
-
7
982
Property, plant and equipment
-
13 799
-
3 367
-
174
-
17 340
53 057
Income tax receivables
-
115
-
-
-
-
-
115
115
Deferred income tax assets
-
4 868
-
39
-
-
-
4 907
6 849
Total assets
1 486 977
2 066 073
13 227
381 597
9 113
126 205
44 508
4 127 700
6 411 608
Liabilities
Amounts due to customers
565 793
1 751 980
2 732
303 269
3 345
40 613
1 530
2 669 262
3 992 058
Financial liabilities at fair value through P&L
69 663
40 151
802
12 641
139
1 180
958
125 534
171 806
Lease liabilities
-
22 771
-
55
-
-
-
22 826
22 826
Other liabilities
42 154
33 632
1 996
4 490
5
2 847
1 290
86 414
156 449
Provisions for liabilities
-
2 906
-
-
-
-
-
2 906
3 281
Income tax liabilities
-
566
-
256
-
71
-
893
12 776
Deferred income tax provision
-
494
-
-
-
-
-
494
59 864
Total liabilities
677 610
1 852 500
5 530
320 711
3 489
44 711
3 778
2 908 329
4 419 060
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 113
Assets and liabilities denominated in foreign currencies as at 31 December 2023 (value in foreign currencies converted to PLN)
(w tys. PLN)
USD
EUR
GBP
CZK
HUF
RON
OTHER
CURRENCIES
TOTAL
CARRYING
AMOUNT
Assets
Cash and cash equivalents
622 725
1 076 824
4 357
181 169
4 925
27 360
6 206
1 923 566
3 414 342
Financial assets at fair value through P&L
85 566
135 694
1 138
39 728
1 100
7 310
10 865
281 401
852 787
Investments in subsidiaries
-
-
-
-
-
-
-
-
49 429
Financial assets at amortised cost
66 294
10 850
3 176
933
2 159
322
9 137
92 871
110 347
Prepayments and deferred costs
-
497
-
102
-
6
-
605
14 454
Intangible assets
-
2
-
-
-
-
-
2
1 086
Property, plant and equipment
-
13 804
-
4 093
-
181
-
18 078
47 563
Income tax receivables
-
129
-
-
-
-
-
129
129
Deferred income tax assets
-
5 170
-
78
-
-
-
5 248
8 030
Total assets
774 585
1 242 970
8 671
226 103
8 184
35 179
26 208
2 321 900
4 498 167
Liabilities
Amounts due to customers
361 725
1 018 802
2
185 441
3 928
29 724
1 111
1 600 733
2 500 414
Financial liabilities at fair value through P&L
18 968
20 735
643
4 807
283
895
1 299
47 630
68 017
Lease liabilities
-
24 707
-
2 494
-
-
-
27 201
27 201
Other liabilities
14 791
22 256
2 049
2 635
5
1 038
192
42 966
86 331
Provisions for liabilities
-
3 434
-
-
-
-
-
3 434
3 732
Income tax liabilities
-
145
-
80
-
15
-
240
22 641
Deferred income tax provision
-
117
-
-
-
-
-
117
61 901
Total liabilities
395 484
1 090 196
2 694
195 457
4 216
31 672
2 602
1 722 321
2 770 237
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 114
A change in exchange rates, in particular, the PLN exchange rate, affects the balance sheet valuation of the Company’s
financial instruments and the result on translation of foreign currency balances of other balance sheet items. Sensitivity to
exchange rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5% to PLN. The
carrying amount of financial instruments was revalued.
The sensitivity of the Company’s equity and profit before tax to a 5% increase or decrease of the PLN exchange rate is
presented below:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE IN
EXCHANGE
RATES BY 5%
DECREASE IN
EXCHANGE
RATES BY 5%
INCREASE IN
EXCHANGE
RATES BY 5%
DECREASE IN
EXCHANGE
RATES BY 5%
Profit/(loss) before tax
70 208
(70 208)
27 206
(27 206)
Equity
1 272
(1 272)
1 018
(1 018)
The sensitivity of equity is connected with foreign exchange differences in the translation of value in functional currencies of
the foreign operations.
37.2.2 Interest rate risk
Interest rate risk is the risk of exposure of the current and future financial result and equity of the Company to the adverse
impact of exchange rate fluctuations. Such risk may result from the contracts entered into by the Company, where receivables
or liabilities are dependent upon exchange rates as well as from holding assets or liabilities dependent on exchange rates.
The basic interest rate risk for the Company is the mismatch of interest rates on bank accounts and bank deposits in which
the Company invests its own cash, the mismatch in the interest rates the Company pays its customers for holding free funds
in their cash accounts, and the impact of interest rate volatility on the valuation of the Company's treasury, government-
guaranteed bonds and corporation bonds.
In addition, the source of the Company’s profit variability associated with the level of market interest rates, are amounts paid
and received in connection with the occurrence of the difference in interest rates for different currencies (swap points) as well
as potential debt instruments.
Since the Company maintains a low duration of assets and liabilities and minimises the duration gap, sensitivity of the market
value of assets and liabilities to calculations of market interest rates is very low. However, due to the significant involvement
of XTB in Treasury bonds and government-guaranteed bonds, the interest rate risk was considered significant in the
Company's operations.
Sensitivity analysis of financial assets and liabilities where cash flows are exposed to interest rate risk
The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows:
(IN PLN’000)
31.12.2024
31.12.2023
Financial assets
Cash – in current bank accounts
5 006 752
3 414 342
Debt instruments
429 648
401 265
Total financial assets
5 436 400
3 815 607
Financial liabilities
Amounts due to clients
2 636 119
1 493 957
Other liabilities
22 825
27 201
Total financial liabilities
2 658 944
1 521 158
Impact of a change in interest rates by 50 base points (BP) on profit before tax is presented below. The analysis below relies
on the assumption that other variables, in particular exchange rates, will remain constant. The analysis was carried out basis
of average cash balances during the periods covered by these standalone financial statements. The analysis was carried out
on the basis of average balances of cash in the period from 1 January to 31 December 2024 and from 1 January to
31 December 2023.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 115
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE
BY 50 PB
DECREASE
BY 50 PB
INCREASE
BY 50 PB
DECREASE
BY 50 PB
Profit/(loss) before tax
8 023
(8 023)
12 435
(12 435)
Short-term deposits
-
-
656
(656)
Sensitivity analysis of financial assets and liabilities whose fair value is exposed to interest rate risk
In the period covered by these standalone financial statements and in the comparative period, the Company hold financial
assets which fair value would be exposed to the risk of changes in interest rates as a Treasury bonds, Guaranteed Treasury
Bonds and corporate bonds. Sensitivity analysis exposed to interest rate risk by 50 base points (BP) - shift of yield curves- on
profit before tax is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE
BY 50 PB
DECREASE
BY 50 PB
INCREASE
BY 50 PB
DECREASE
BY 50 PB
Profit/(loss) before tax
(5 132)
5 359
(2 370)
2 435
37.2.3 Other price risk
Other price risk is exposure of the Company’s financial position to unfavorable changes in the prices of commodities, equity
investments (equity, indices) and debt instruments (in a scope not resulting from interest rates).
The carrying amount of financial instruments exposed to other price risk is presented below:
(IN PLN’000)
31.12.2024
31.12.2023
Financial assets at fair value through P&L
Commodity
Precious metals
61 185
20 271
Base metals
3 488
1 847
Other
110 525
96 468
Total commodity
175 198
118 586
Equity instruments
Stocks and ETP
263 970
83 723
Indicies
90 662
167 346
Total equity instruments
354 632
251 069
Debt instruments
264
108
Total financial assets at fair value through P&L
530 094
369 763
Financial liabilities at fair value through P&L
Commodity
Precious metals
2 558
1 830
Base metals
20
64
Other
8 896
4 510
Total commodity
11 474
6 404
Equity instruments
Stocks and ETP
50 103
25 536
Indicies
10 380
11 556
Total equity instruments
60 483
37 092
Debt instruments
4
52
Total financial liabilities at fair value through P&L
71 961
43 548
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 116
The Company’s sensitivity to fluctuations in the prices of specific commodities and equity investments by ±5 per cent with
regard to equity and profit before tax is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE BY
5%
DECREASE BY
5%
INCREASE BY
5%
DECREASE BY
5%
Income/(expenses) for the period
Commodity
Income/(expenses) for the period
(16 719)
16 719
12 125
(12 125)
Commodity
(2 571)
2 571
(493)
493
Precious metals
14 832
(14 832)
(19 633)
19 633
Base metals
(4 458)
4 458
(8 001)
8 001
Other
Total commodity
7 784
(7 784)
159
(159)
Equity instruments
(4 978)
4 978
68 957
(68 957)
Stocks and ETPs
2 806
(2 806)
69 116
(69 116)
Indicies
(525)
525
(290)
290
Total equity instruments
(2 177)
2 177
60 825
(60 825)
37.3 Liquidity risk
For the Company, liquidity risk is the risk of losing its payment liquidity, i.e. the risk of losing capacity to finance its assets and
to perform its obligations in a timely manner in the course of normal operations or in other predictable circumstances with no
risk of loss. In its liquidity analysis, the Company takes into consideration current possibility of generation of liquid assets,
future needs, alternative scenarios and payment liquidity contingency plans.
The objective of liquidity management in XTB is to maintain the amount of cash on the appropriate bank accounts that will
cover all the operations necessary to be carried on such accounts. For this purpose, the Company has implemented, among
others, limits for the concentration of cash in banks by forming one banking group in order to limit excessive liquidity
concentration in related parties. In order to manage liquidity in relation to certain bank accounts associated with the operations
of financial instruments, the Company uses the liquidity model of which the essence is to determine the safe area of the state
of free cash flow that does not require corrective action. Where the upper limit is achieved, the Company makes a transfer to
the appropriate current account corresponding to the surplus above the optimum level. Similarly, if the cash in the account
falls to the lower limit, the Company makes a transfer of funds from the current account to the appropriate account in order to
bring cash to the optimum level.
The procedure also provides for the possibility of deviating from its application, and such procedure requires the consent of
at least two members of the Company’s Management. Information on deviations is transmitted to the Risk Control Department
of the Company.
The Company has also implemented liquidity contingency plans, which were not used in the period covered by the financial
statements and in the comparative period, due to the fact that the amount of the most liquid assets (own cash and cash
equivalents and Treasury bonds and bonds guaranteed by the Treasury) greatly exceeds the amount of liabilities.
As part of ongoing business and the tasks related to liquidity risk management, the managers of appropriate organisational
units of the Company monitor the balance of funds deposited in the account in the context of planned liquidity needs related
to the Company’s operating activities. In the ICARAP process, the Company, among other things, identifies factors relevant
to liquidity and funding risks and assesses the adequacy of the level of liquid assets relative to the estimated level to ensure
coverage of both current and future as well as potential extreme liquidity needs. Supervision and control activities over the
balance of cash accounts are also carried out by the Risk Control Department on a daily basis.
In accordance with the IFR regulation, from 26 June 2021, the Company maintains an amount of liquid assets equivalent to
at least one third of the requirement for fixed indirect costs. The Company's liquid assets for the purposes of IFR include, inter
alia, unencumbered own funds deposited in bank accounts and Treasury bonds or bonds guaranteed by the Treasury
denominated in PLN. As of the date of these financial statements, the Company had a much higher level of liquid assets than
required by the IFR regulation.
The contractual payment periods of financial assets and liabilities are presented below. The marginal and cumulative
contractual liquidity gap, calculated as the difference between total assets and total liabilities for each maturity bucket, is
presented for specific payment periods.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 117
Contractual payment periods of financial assets and liabilities as at 31 December 2024
(IN PLN’000)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
UP TO 3
MONTHS
3 MONTHS
TO 1 YEAR
1 – 5
YEARS
OVER 5
YEARS
WITH NO
SPECIFIED
MATURITY
Financial assets
Cash and cash equivalents
5 006 752
5 006 752
5 006 752
-
-
-
-
Financial assets at fair value through P&L,
including
Listed stocks and ETPs
172 464
172 464
172 464
-
-
-
-
Bonds
429 648
429 648
429 648
-
-
-
-
CFDs
480 448
480 448
480 448
-
-
-
-
Total financial assets at fair value
through P&L
1 082 560
1 082 560
1 082 560
-
-
-
-
Investments in subsidiaries
65 125
65 125
-
-
-
-
65 125
Financial assets at amortised cost
177 547
177 547
148 597
-
4 946
-
24 004
Total financial assets
6 331 984
6 331 984
6 237 909
-
4 946
-
89 129
Financial liabilities
Amounts due to clients
3 992 058
3 992 058
3 992 058
-
-
-
-
Financial liabilities at fair value through P&L,
including
CFDs
171 806
171 806
171 806
-
-
-
-
Total financial liabilities at fair value through P&L
171 806
171 806
171 806
-
-
-
-
Liabilities due to lease
22 826
22 826
1 944
5 930
12 975
1 977
-
Other liabilities
156 449
156 449
118 674
16 501
-
-
21 274
Total financial liabilities
4 343 139
4 343 139
4 284 482
22 431
12 975
1 977
21 274
Contractual liquidity gap in maturities (payment
dates)
1 953 427
(22 431)
(8 029)
(1 977)
67 855
Contractual cumulative liquidity gap
1 953 427
1 930 996
1 922 967
1 920 990
1 988 845
The Company does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 118
Contractual payment periods of financial assets and liabilities as at 31 December 2023
(IN PLN’000)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
UP TO 3
MONTHS
3 MONTHS
TO 1 YEAR
1 – 5
YEARS
OVER 5
YEARS
WITH NO
SPECIFIED
MATURITY
Financial assets
Cash and cash equivalents
3 414 342
3 414 342
3 414 342
-
-
-
-
Financial assets at fair value through P&L,
including
Listed stocks and ETPs
16 665
16 665
16 665
-
-
-
-
Bonds
401 265
401 265
401 265
-
-
-
-
CFDs
434 857
434 857
434 857
-
-
-
-
Total financial assets at fair value
through P&L
852 787
852 787
852 787
-
-
-
-
Investments in subsidiaries
49 429
49 429
-
-
-
-
49 429
Financial assets at amortised cost
110 347
110 347
91 872
-
4 313
-
14 162
Total financial assets
4 426 905
4 426 905
4 359 001
-
4 313
-
63 591
Financial liabilities
Amounts due to clients
2 500 414
2 500 414
2 500 414
-
-
-
-
Financial liabilities at fair value through P&L,
including
CFDs
68 017
68 017
68 017
-
-
-
-
Total financial liabilities at fair value through P&L
68 017
68 017
68 017
-
-
-
-
Liabilities due to lease
27 201
27 201
1 927
8 053
17 121
100
-
Other liabilities
86 331
86 331
60 917
16 180
-
-
9 234
Total financial liabilities
2 681 963
2 681 963
2 631 275
24 233
17 121
100
9 234
Contractual liquidity gap in maturities (payment
dates)
1 727 726
(24 233)
(12 808)
(100)
54 357
Contractual cumulative liquidity gap
1 727 726
1 703 493
1 690 685
1 690 585
1 744 942
The Company does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 119
37.4 Credit risk
The chart below shows the carrying amounts of financial assets corresponding to the Company’s exposure to credit risk:
(IN PLN’000)
31.12.2024
31.12.2023
CARRYING
AMOUNT
MAXIMUM
EXPOSURE TO
CREDIT RISK
CARRYING
AMOUNT
MAXIMUM
EXPOSURE TO
CREDIT RISK
Financial assets
Cash and cash equivalents
5 006 752
5 006 752
3 414 342
3 414 342
Investments in subsidiaries
1 082 560
29 497
852 787
43 456
Financial assets at fair value through P&L *
65 125
65 125
49 429
49 429
Financial assets at amortised cost
177 547
177 547
110 347
110 347
Total financial assets
6 331 984
5 278 921
4 426 905
3 617 574
* As at 31 December 2024 the maximum exposure to credit risk for financial assets at fair value through P&L, not including the collateral received, was PLN 480 448 thousand (as at
31 December 2023: PLN 434 857 thousand). This exposure was collateralized with clients’ cash, which, as at 31 December 2024, covered the amount of
PLN 450 951 thousand (as at 31 December 2023: PLN 391 402 thousand). Exposures to credit risk connected with transactions with brokers as well as exposures to the Warsaw Stock
Exchange were not collateralized.
The credit quality of the Company’s financial assets is assessed based on external credit quality assessments, risk weights
assigned based on the CRR, taking account of the mechanisms used to mitigate credit risk, the number of days past due, and
the probability of counterparty insolvency.
The Company’s assets fall within the following credit rating brackets:
• Fitch Ratings – from F1+ to F3
• Standard & Poor's Ratings Services – from A-1 to A-2
• Moody’s – from P-1 to P-2
Cash and cash equivalents
Credit risk connected with cash and cash equivalents is related to the fact that own cash and clients’ cash is held in bank
accounts. Credit risk involving cash is mitigated by selecting banks with a high credit rating granted by international rating
agencies and through diversification of banks with which accounts are opened. As at 31 December 2024, the Company had
deposit accounts in 28 banks and institutions (as at 31 December 2023: in 27 banks and institutions). The ten largest
exposures are presented in the table below (numbering of banks and institutions set uniformly for the reporting and
comparative period and the counterparty credit risk concentration table):
ENTITY
31.12.2024
ENTITY
31.12.2023
(IN PLN’000)
(IN PLN’000)
Bank 1
2 176 407
Bank 1
1 659 423
Bank 2
1 822 822
Bank 2
1 132 891
Institution 1
172 627
Institution 1
120 562
Institution 2
121 820
Bank 7
92 926
Bank 3
99 102
Institution 2
91 778
Bank 4
97 858
Bank 4
42 060
Institution 3
94 953
Bank 6
36 840
Institution 4
85 482
Bank 8
29 106
Institution 5
69 653
Institution 3
26 923
Institution 6
55 822
Institution 5
26 178
Other
210 206
Other
155 655
Total
5 006 752
Total
3 414 342
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 120
The table below presents a short-term assessment of the credit quality of the Company’s cash and cash equivalents according
to credit quality steps determined based on external credit quality assessments (where step 1 means the best credit quality
and step 6 – the worst) and the risk weights assigned based on the CRR. Long-term assessment of the credit quality were
used in case of exposures without short-term assessment of the credit quality or maturity longer than 3 months.
CREDIT QUALITY STEPS
CARRYING AMOUNT (IN PLN’000)
31.12.2024
31.12.2023
Cash and cash equivalent
Step 1
4 621 318
2 639 997
Step 2
7 348
4 544
Step 3
378 086
769 801
Total
5 006 752
3 414 342
Financial assets at fair value through P&L
Financial assets at fair value through P&L result from transactions in financial instruments entered into with the Company’s
customers and the related hedging transactions.
Credit risk involving financial assets at fair value through P&L is connected with the risk of customer or counterparty insolvency.
With regard to OTC transactions with customers, the Company’s policy is to mitigate the counterparty credit risk through the
so-called “stop out” mechanism. Customer funds deposited in the brokerage serve as a security. If a customer’s current
balance is 50 per cent or less of the security paid in and blocked by the transaction system, the position that generates the
highest losses is automatically closed at the current market price. The initial margin amount is established depending on the
type of financial instrument, customer account, account currency and the balance of the cash account in the transaction
system, as a percent of the transaction’s nominal value. A detailed mechanism is set forth in the rules binding on the
customers. In addition, in order to mitigate counterparty credit risk, the Company includes special clauses in agreements with
selected customers, in particular, requirements regarding minimum balances in cash accounts.
Due to the mechanisms in place, used to mitigate credit risk, the credit quality of financial assets at fair value through P&L is
high and does not show significant diversity.
The Company’s top 10 exposures to counterparty credit risk taking into account collateral (net exposure) are presented in the
table below (numbering of counterparties fixed uniformly for the reporting and comparative period and cash concentration
table):
ENTITY
31.12.2024
ENTITY
31.12.2023
NET EXPOSURE
(IN PLN’000)
NET EXPOSURE
(IN PLN’000)
Institution 7
16 244
Institution 6
20 520
Institution 1
4 326
Institution 1
10 087
Institution 5
1 738
Institution 4
6 567
Institution 8
1346
Institution 8
1 788
Institution 3
1187
Institution 7
1 152
Institution 9
1153
Institution 10
839
Institution 11
880
Institution 11
491
Institution 10
344
Institution 9
459
Entity 1
334
Entity 2
128
Entity 1
178
Entity
80
Total
27 730
Total
42 111
Other receivables
Other receivables do not show a significant concentration, and they arose in the normal course of the Company’s business.
Non-overdue other receivables are collected on a regular basis and, from the perspective of credit quality, they do not pose
a material risk to the Company.
Standalone financial statements for 2024
XTB S.A.
www.xtb.com 121
37.5 Climat risk
During the Dual-Bottom-Line Analysis process, the Group identified sustainability risks. The catalogue of ESG risks was
selected and evaluated during workshop meetings with representatives of individual departments of the XTB Headquarters,
analysed by the ESG team and the Risk Control Department, which harmonised them with ICAAP terminology. The results of
the study were approved by a resolution of the Management Board of XTB S.A. and audited under a ‘limited assurance’
attestation by an independent auditing firm.
The identified risks will be incorporated into the internal risk management system, which is managed by the Risk Control
Department headed by the Management Board Member for Risk, and the purpose of the unit is, among other things, to ensure
comprehensive and informed risk management within the XTB Group, securing the continuity of the organisation's processes
and operations. The ESG Team, managed by assigned owners of individual areas, is responsible for identifying, verifying and
monitoring climate risks. The Risk Control Department, reporting directly to the Member of the Management Board responsible
for Risk, is responsible for incorporating ESG risks into XTB's internal Risk Management System.
Issues related to the current climate policy, climate objectives and initiatives undertaken and planned are described in more
detail in the ‘Sustainability Statement of the XTB S.A. Capital Group’ which is part of the ‘Management Report of Group XTB
and XTB S.A. in 2024’.
During the preparation of this financial statement, the impact of identified risks related to the climate was assessed and no
significant impact of environmental issues on the presented disclosures was found.
38. Post balance sheet events
On 11 February 2025, XTB Agente de Valores SpA, based in Chile, received licence no. 216 from the CMF (spa. La Comisión
para el Mercado Financiero) to operate in Chile. The company will provide brokerage services. The licence granted by the
Chilean Financial Market Commission significantly strengthens XTB's presence in one of the world's most dynamically
developing regions. Thanks to this licence, South American customers will gain access to XTB's full offer and will be able to
invest in international stocks, ETPs and all derivative instruments available at XTB.
Signatures of the persons representing the entity
Date
Name
Function
Signature
20.03.2025
Omar Arnaout
President of the
Management Board
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Filip Kaczmarzyk
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Paweł Szejko
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Jakub Kubacki
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Andrzej Przybylski
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Urszula Tanajewska
Person responsible for
drawing up the financial
statements
The original Polish document is
signed with a qualified electronic
signature