Other operating income/expenses (net)

In 2013, the balance of other net operating income and expenses was negative and amounted to PLN -214.5 m compared with the also negative balance for 2012 of PLN -30.7 m. The following factors had an impact on this result:

  • one-off income from conclusion of a settlement with the reinsurer (the one-off impact on other operating income in 2013 was PLN +73.3 m, the total impact on profit before tax was PLN +53.2 m). The settlement agreement related to the settlement of Green Card reinsurance commissions, which were adjusted for 2011, while the result for that period was reduced by PLN 91.8 m;
  • net income from restructuring activities (release of provisions – net + PLN 18.6 m in 2013 compared with additional provisions of PLN 21.1 m in 2012);
  • increase in other operating expenses of consolidated entities.

Furthermore, provisions for employee benefits (retirement and long-service benefits) of PLN 177.0 m were released in 2012 because of the termination of the Collective Bargaining Agreement.