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Культура Документы
2020
30 OCTOBER 2014
Disclaimer
This presentation is the property of Gieda Papierw Wartociowych w Warszawie S.A. (Warsaw Stock Exchange, WSE
or Company).
The information, opinions and statements contained in this presentation are not official projections, policies (including
dividend policy) or opinions of the Exchange. The data presented herein are valid as at the date of the document. All
efforts have been made to compile and present the data in this presentation; however, some data are derived from
external sources and have not been independently verified. No warranty or representation can be given that information
in this presentation is exhaustive or true.
WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. The official
source of information about the Company are periodic and current reports published by the Exchange in compliance with
applicable provisions of Polish legislation.
This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or instruments. This
presentation is not an investment recommendation or an offer to provide any services.
1
400
-12%
80
58%
300
200
42%
157
116
43%
2012
2013
LTM
2011
80
300
60
2
1%
2011
23%
27%
32%
63
76
98
2012
2013
15
7%
6%
21
17
2012
2013
LTM 2
10
5
0
400
200
20
27
100
40
2011
-27%
10%
50
20
121
25
15%
40
100
60
40%
121
100
40
20
LTM 2
1 Trading
revenue from equities and equity-related instruments, debt instruments and other cash market instruments
(Last Twelve Months) until 30 September 2014
Source: WSE
2LTM
-4-
3%
21%1
-4%
-2%
-2%
-27%
-13%
-8%
350
296
300
250
200
269
14
23
226
9
20
33
150
274
40
15
22
12
22
98
76
63
37
40
284
12
24
37
35
38
27
21
17
Derivatives market
101
108
109
100
50
0
115
143
10
10
2010
2011
2012
2013
LTM
m
m
CAGR 2012-2013
Source: WSE
-5-
PolPX
(100.00%)
751
232
WSE InfoEngine
(100.00%)
WSE Services
(100.00%)
03
-- 4
KDPW
(33.33%)
KDPW_CCP
(100.00%)
Minority interests
13
WCCH
(100.00%)
Subsidiaries
XX
BondSpot
(92.96%)
193
1381
335
Centrum Giedowe
(24.79%)
16
Aquis Exchange
(30.00%)7
-- 6
In addition:
~10% of the Ukrainian
exchange (Innex)
1.3% of the Romanian exchange
(SIBEX)
1 Consolidated. 2
Including WCCH. 3 Member of the Group since August 2013. 4 Established in June 2014. 5 Including KDPW_CCP. 6 Approved to launch by the UK Financial Conduct Authority (FCA) in November 2013. 7
Share in economic and voting rights.
-6-
-7-
Our mission is to develop effective mechanisms of capital and commodity flows by providing
exchange and clearing services which are competitive in terms of quality and price and address
the needs and expectations of our clients: companies, investors, and brokers.
We support economic growth and build an investment culture. We develop an international
capital hub.
We ensure highest standards and safety of trading based world-class technologies.
-8-
Client-centric
#1
Strengthened existing
key business segments
#2
#3
Market of first choice for investors and issuers in Central and Eastern Europe
-9-
Liquid equity
market
Developed
corporate and
Treasury debt
market
Competitive
derivatives
market
Commodity
Comprehensive New business
market
offer of
segments based
attractive to
information
on key
different
services for
competitive
investor groups investors and
advantages
issuers
Market of first choice for investors and issuers in Central and Eastern Europe
-10-
Key Initiatives
Equity market
Debt market
Derivatives market
Development of derivatives
based on bonds, interest rates,
electricity and natural gas
Commodity market
Development of the gas
market based on the potential
of energy companies and
financial investors
More attractive offer,
attracting active financial
investors to other market
segments
Information services
Building an integrated offer through consolidation of data from external sources
Implementation of new WSE Group information sales standards
Building a regional index offer and competence centre
Development of tailor-made indices for asset managers
-11-
Commodity segment
MTF/Aquis Exchange
Agricultural market
ETP/ETF
Coal market
FX market
Post-trade segment
Other services
Development of an
integrated offer to new
regulatory requirements
Technological support
IT services
Engage only in those segments where the Exchange has a competitive advantage
-12-
WSE
Equity market
Derivatives market
Market information and indices segment
Commodity market
Energy market
Gas market
Other
commodity
markets
Post-trade services
Clearing and
settlement: cash,
commodity,
derivatives markets
Debt market
Treasury debt
market
Corporate debt
market
Shared services
centre
Shared services
for Group
members
-13-
Equity market
Debt market
Derivatives market
Commodity market
2013
Ambition by 2020
Revenue
(PLN mn)
284
CAGR: 7% p.a.
EBITDA
(PLN mn)
144
Double EBITDA
Cost/Income ratio
0.59
< 0.50
Dividend payout
ratio
44%
> 60%1
1 Based
on consolidated profit attributable to the shareholders of the parent entity adjusted for share of profit of associates
-15-
190
180
20
175
19
19
170
160
150
140
130
17
157
15
10
10
5
20
10
0
0
WSE Group
cost base LTM1
2015
2016
2017
-16-
Market
Education
Environment
-17-
-18-
Events / Contact
WSE Investor Relations
tel. +48 22 537 72 50
ir@gpw.pl
www.gpw.pl/relacje_inwestorskie
gpw@gpw.pl
www.gpw.pl
Disclaimer
This presentation has been prepared by Gieda Papierw Wartociowych w Warszawie S.A. (Warsaw Stock Exchange,
WSE or Company) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for
information and is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities or instruments. This
presentation is not an investment recommendation or an offer to provide any services.
All efforts have been made to present the data in this presentation; however, some data are derived from external sources
and have not been independently verified. No warranty or representation can be given that information in this presentation
is exhaustive or true.
WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. WSE informs that
in order to obtain information about the Company reference should be made to periodic and current reports published in
compliance with applicable provisions of Polish legislation.
-19-