Transcript Slajd 1

OVERVIEW OF THE POLISH CAPITAL MARKET
CHANCES AND OPPORTUNITIES
NOVEMBER 2013
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Poland’s Key Position in the enlarged EU
5,1
2,9
1,6
-14,8
3,9
1,5
4,5
5,9
-3,3
-17,7
-0,9
5,5
2008-2012
2013f 2014f accumulate
d GDP
18,1
1,9
1,1
2,2
-2,3
3,7
3,1
3,6
-12,1
5,6
3,8
4,1
Slovakia
5,8
-4,9
4,4
3,2
2,0
1,0
2,8
10,6
Estonia
Romania
-4,2
7,3
-14,1
-6,6
8,3
2,2
3,2
0,7
3,0
1,6
4,0
2,2
-5,0
3,9
-2,8
1,7
0,8
1,4
1,8
Denmark
-0,8
-5,7
1,1
-0,5
0,7
1,7
6,5
-4,4
Luxemburg
-0,7
-4,1
1,7
0,3
0,8
1,6
0,0
Austria
Finland
1,4
-8,5
-3,8
0,3
2,7
2,8
0,8
-0,2
0,6
0,3
1,8
1,0
3,1
Germany
1,1
-5,1
3,0
0,7
0,4
1,8
Bulgaria
6,2
-5,5
1,8
0,8
0,9
1,7
3,4
Ireland
-2,1
-5,5
1,4
0,9
1,1
2,2
-6,1
France
UK
-0,1
-1,0
-3,1
-4,0
2,0
1,0
0,0
0,3
-0,1
0,6
1,1
1,7
0,4
Sweden
EU (27
countries)
-0,6
-5,0
3,3
-1,1
2,9
1,6
2,9
2,1
3,3
4,2
0,4
-0,8
1,7
1,8
6,6
3,7
0,7
1,5
2,5
-2,0
5,1
0,3
-4,3
2,1
1,6
-0,3
-0,1
1,4
-0,7
Belgium
Czech
Republic
Euro area
(17
countries)
Hungary
1,0
-2,8
2,4
1,8
-0,3
0,0
1,2
2,0
3,1
-4,5
2,5
1,9
-1,3
-0,4
1,6
0,4
-4,4
2,0
1,5
-0,6
-0.4
1,2
-1,2
0,9
-6,8
1,3
1,6
-1,7
0,2
1,4
Cyprus
3,6
-1,9
1,3
0,5
-2,4
-8,7
-3,9
-4,9
1,0
Netherlands
1,8
-3,7
1,6
1,0
-1,0
-0,8
0,9
-1,2
-5,5
1,7
0,4
-2,4
-1,3
0,7
-7,0
Slovenia
3,4
-7,8
1,2
0,6
-2,3
-2,0
-0,1
-5,2
Spain
Portugal
0,9
0,0
-3,7
-2,9
-0,3
1,9
-1,4
-3,2
-1,5
-2,3
0,9
0,6
-4,1
Romania
7,3
-6,6
-1,1
0,4
-1,6
2,2
0,7
1,6
2,2
EU GDP (%)
Economy:
The largest and most populated new (i.e.
accession post 2004) EU member State
(population c.a. 38 million)
Poland’s GDP accounts for c.a. 38% of the new
EU 12 members’ GDP
Key statistics:
GDP growth in 2010:
GDP growth in 2011:
GDP growth in 2012:
GDP growth forecast in 2013:
3.9%
4.3%
1.9%
1.1%
Polish government GDP growth forecast in 2014: 2,5%
2008 - 2012 accumulated GDP:
18.1%
Ratings
 A2 Stable by Moody’s
 A- Stable by S&P
 A- Stable by Fitch
Source: Ministry of Finance, Polish Central Statistical Office, Eurostat, EBOR.
Poland
Lithuania
Latvia
Malta
Italy
2008
2009
2010
2011
2012
2,0
-2,7
3,7
1,5
-0,4
-5,8
2,0-2-
WSE- broad and diversified investor base
WSE successfully attracts new domestic and remote trading members. These are mainly local investment firms,
international investments banks and regional financial intermediaries. With recent launch of the UTP trading system,
WSE has opened up to new groups of investors, including global investment firms active in algorithmic trading and
proprietary trading firms.
Equity trading - structure of investors in H1 2013
Derivatives trading - structure of investors in H1 2013
16%
14%
Foreign
49%
Polish
Institutional
Foreign
Polish
Institutional
50%
Polish Retail
37%
Polish Retail
34%
Largest institutional investment pool in the CEE with high allocation in domestic equities
 AUM Pension Funds - EUR 69 bn (as of Sept. 2013)
 AUM Investment Funds - EUR 41 bn (as of Sept. 2013)
Broad retail investor base with active interest in capital markets investments
 At the end of 2012, the number of individual securities accounts registered with the Central Securities
Depository of Poland (KDPW) was over 1.5 million.
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Warsaw Stock Exchange Group
22 years of functioning
Leading stock exchange in the CEE region
Active IPO market
Attractive to the foreign investors and
foreign issuers
Cash market
(equities and other)
Derivatives market
Cash market (bonds)
Shares
Debt
Instruments
Options
Investment
Futures
Certificates
Warrants
ETFs
Structured
Products
Market data
and indices
Commodities
Post-trading services
Shares of 446 companies, including 46 foreign on WSE
Main List (regulated market)
Shares of 445 companies, including 9 foreign, on
NewConnect (WSE alternative market for SMEs)
Derivatives: futures contracts on various underlyings (i.e.
indices, single stocks and currencies), options on WIG20
index
ETP segment covering ETF’s, warrants, structured
certificates (including knock-out certificates and newly
introduced factor certificates) and structured bonds
Debt instruments (including treasury bonds, corporate,
municipal bonds, mortgage backed bonds)
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WSE – one of the fastest developing
market in Europe
The Warsaw Stock Exchange is among the most dynamic European markets, holding unquestionable leadership in Central
and Eastern Europe in terms of: market capitalisation, trading value and the number of new trading members and issuers.
Main Market - equities
# domestic companies
Exchanges’ share in capitalisation
of shares in CEE1 region, 2012
Main Market- equities
# foreign companies
5%
387
395
398
43
39
45
10%
2012
2013 (Sep)
2012
2013 (Sep)
175
447
2013 (Sep)
2011
21%
Warsaw Stock Exchange
CEESEG- Vienna
CEESEG- Prague
CEESEG- Budapest
According to the IPO Watch Europe report, WSE ranked 2nd in Europe by
the number of IPOs in H1 2013 (31 IPOs representing 26% of all IPOs in
Europe) and 7th by the value of IPOs (EUR 325 mn)
99
2012
55%
WSE’s share in equities trading in CEE1 in June was record-high at 65%
155
351
2011
12%
Bucharest SE, CEESEG- Lubljana, Bulgarian SE, Bratislava SE
Catalyst2
# bonds issuers
NewConnect
# small caps companies
429
48%
28%
2011
2%
10%
10%
2011
WSE share of exchanges in trading
in shares in CEE1 region, 2012
2012
2013 (Sep)
1 Including:
2
WSE, CEESEG Group, Bulgarian, Romanian and Slovak stock exchanges, source: FESE
-5Only non-Treasury bonds
WSE in Europe
Growth rate of the value of trading on European exchanges,
Q1-Q3 2013 versus Q1-Q3 20121
-2.0%
European Exchanges
CEE region
Bulgarian SE
Irish SE
Malta SE
Athens Exchange
Borsa Istanbul
Boerse Stuttgart
Warsaw SE
SIX Swiss
Equiduct
CEESEG - Vienna
Luxembourg SE
CEESEG - Ljubljana
NASDAQ OMX Nordic
NYSE Euronext
Deutsche Börse
London SE
BATS Chi-X Europe
BME (Spanish Exchanges)
CEESEG - Budapest
Bucharest SE
Oslo Børs
Bratislava SE
CEESEG - Prague
Cyprus SE
1 Source:
2 Since
Value of equities trading on WSE in Q1-Q3 2013 increased by
16.1% YoY
9.7%
44%
41%
35%
33%
28%
16%
11%
7%
3%
1%
1%
-1%
-2%
-2%
-4%
-6%
-8%
-11%
-12%
-25%
-31%
-35%
2
Value of trading in CEE in Q1-Q3 2013 increased by 9.7% YoY
while the value of trading on all European exchanges
decreased by 2.0% YoY
202%
WSE’s share in the value of equities trading in CEE3 was
59.3% year to date
WSE’s shares in equities trading in CEE3
EUR bn
30
70. 0%
56.9%
25
59.4%
60.1%
55.2%
58.4%
60. 0%
50. 0%
20
40. 0%
15
40.7%
42.5%
38.1%
36.6%
38.9%
30. 0%
10
20. 0%
5
2.4%
2.3%
2.5%
3.3%
2.7%
0
10. 0%
0.0 %
Q3/12
Q4/12
Value of equities trading in CEE
Q1/13
WSE's share
Q2/13
CEESEG's share
Q3/13
Others' share
-85%
FESE; session trades in EUR
20.05.2013, BATS Chi-X Europe operates in Europe as a licensed exchange
3 including:
WSE, CEESEG Group, Bulgarian, Romanian and Slovak exchanges, source: FESE
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WSE derivatives market – brand new
opportunities under your fingertips
Derivatives trading volume (m)1
Index futures trading volume in Europe (H1 2013; m)
70
177,3
60
50
4.66
44.5
3.99
40
16.4
20
3.19
2.76
5.0
10
3.66
3.25
30
4.3
3.7
1.8
1.0
0.2
0.2
3.17
3.37 3.43
2.74 2.65
0.1
0
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13
Structure of derivatives trading volume1
3.9%
Q3 2013
3.43 m
WIG20 futures
27.6%
mWIG40 futures
stock futures
7.0%
currency futures
0.9%
60.6%
0.1%
option
miniWIG20 particiaption units
The Warsaw derivatives market is the most significant
market of this kind among CEE exchanges. The WSE
closed 2012 on the 4th position in Europe in terms of
trading volume in index futures. Index futures have been
the most popular derivatives for a number of years. WIG
index futures were the most traded futures contracts on
the WSE.
1 as
of 1 May 2012, the volume of trading in fx futures is calculated on the basis of a trading unit equal to 1,000 contracts (previously: 10,000
contracts), therefore derivatives turnover volume since that date arenot fully comparable with data in previous periods
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Growing number of foreign companies listed on WSE
Countries of origin of foreign companies listed
on the WSE
Ukraine (12)
Czech Republic (8)
Israel (4)
WSE-listed company with Israeli capital:
ATLAS ESTATES
CINEMA CITY
Estonia (2)
Hungary (2)
Lithuania (4)
PLAZA CENTERS
UK (3)
Austria (2)
Bulgaria (3)
RONSON EUROPE
Canada (1)
Cyprus (1)
France (1)
Germany (1)
Italy (1)
Luxembourg (1)
Slovakia (2)
Slovenia (2)
Spain (1)
GLOBE TRADE CENTRE
2013 debuts:
INTERNATIONAL PERSONAL FINANCE (UK)
IMMOFINANZ AG (AUSTRIA)
Sweden (1)
Republic of China (1)
USA (1)
Switzerland (1)
PHOTON ENERGY N.V. (NETHERLANDS)
AVIAAM LEASING (LITHUANIA)
PEIXIN INT. GROUP (REPBLIC OF CHINA)
55 foreign companies listed (46 on WSE Main List and 9 on NewConnect)
26 foreign companies joined the WSE-listed companies’ family since the beginning of 2011 (both WSE equities
markets).
Source: WSE, YTD.
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Attractive venue for issuers
WSE Main List: Breakdown by sector
Finance other (37)
Other services (36)
Construction (35)
Developers (32)
IT (31)
Food (29)
Wholesale trade (29)
Electroengineering (27)
Retail trade (21)
Metals (20)
Building materials (19)
Banking (17)
Media (16)
Pharmaceutical (11)
Energy (11)
Light (9)
Wood & paper (8)
Oil & gas (8)
Hotels & restaurants (8)
Basic materials (7)
Telecom (7)
Chemicals (6)
Plastics materials (6)
Automobiles (6)
Capital market (6)
Other industries (3)
WSE remained Europe’s #2 by the number of IPOs in Q3 2013
Q3 2013
Exchange
# of IPOs
25
10
4
3
3
2
Value
(EUR M)
1704
15
58
43
500
London
WSE
Nasdaq OMX
NYSE Euronext
Deutsche Boerse
Borsa Istanbul
25
18
10
9
3
3
Value
(EUR M)
2633
44
371
922
714
326
2
409
Borsa Italiana
3
318
1
2
2
30
Spain (BME)
1
2
2
12
Ireland
Luxembourg
1
-
310
-
Luxembourg
Oslo Bors
& Oslo Axess
Ireland
Spain (BME)
1
-
Exchange
# of IPOs
London
WSE
Nasdaq OMX
Borsa Italiana
NYSE Euronext
Deutsche Boerse
Oslo Bors
& Oslo Axess
Borsa Istanbul
Insurance (1)
NewConnect: Breakdown by sector
Q2 2013
Retail (68)
Support services (60)
 There were 10 IPOs on Warsaw Stock Exchange in Q3 2013 (2 IPOs on the
WSE Main Market and 8 IPOs on NewConnect).
Financial services (43)
IT (42)

The share of WSE in the total number of all IPOs in Europe was 19%.
Technology (38)
Media (37)
Construction (30)
Investments (24)

The London Stock Exchange remained the leader by the number of IPOs.
Health care (22)
Real estate (20)
Eco-energy (16)
Leisure (14)
Telecommunication (12)
E-trade (10)
Recycling (9)
 The aggregate value of IPOs on WSE in Q3 2013 was EUR 15 million,
which ranked WSE #7 in Europe by the value of initial public offerings.
Source: PwC IPO Watch Europe report
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Non-Treasury bond market – Catalyst
Growth of Poland’s non-Treasury debt market
(value of issue at the end of a period, PLN bn)
Municipal bonds
16.6
15.0
Bank bonds
44.7
43.3
Corporate bonds
Catalyst (non-Treasury debt)
361
400
29.1
34.6
30,2%
25.1
19.8
Q3 2012
Q3 2013
51,2%
70
60
300
50
250
208
40
200
30
97
20
100
50
% share of nonTreasury debt listed
on Catalyst
407
325
350
150
Commercial papers
381
35
11
10
22
40
52
54
56
59
0
0
2009
2010
2011
2012
Value of listed issues (PLN bn)
Q1 13
Q2 13
Q3 13
Number of listed series
Over the four years of Catalyst, as at the end of Q3 2013:
Value of issues listed on Catalyst increased by more than 10 times to PLN 59.2 bn;
Number of non-Treasury bond issues increased by more than 10 times to 407 listed series
Source: Fitch Polska, WSE
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WSE Listing Requirements – stock market
General listing requirements on the WSE Main List:
Appropriate public information document prepared and approved by relevant supervision authority in EU („single passport rule”),
unless such information document is not required,
No bankruptcy or liquidation proceedings underway with respect to the issuer,
Transferability not restricted,
Value of shares/equity no less than PLN equivalent of EUR 15 million,
Financial statements together with auditor’s opinions for at least past three consecutive financial years published (IFRS),
Appropriate dispersion of shares.
General listing requirements on the NewConnect:
Preparation of an information document,
No bankruptcy or liquidation proceedings underway with respect to the issuer,
Transferability not restricted,
The issuer’s equity is at least PLN 500,000,
Nominal value of share - min. 0,10 PLN,
Appropriate dispersion of shares,
Cooperation with an Authorized Adviser and Market Animator.
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WSE – entry ticket for full access to
capital markets
Why Warsaw Stock Exchange?
Favorable macroeconomic conditions – forecast of Polish GDP growth in 2013 equals 1.8 %, while EU27
average is 0.4%
Presence on the largest market in the CEE Region
Access to wide base of large institutional and retail investors
Recognition by international financial community operating on the WSE
Receptive to foreign issuers – large companies and SMEs
Availability of other means of financing – debt instruments (Catalyst)
32 local + 26 foreign brokerage houses operating on the WSE (exchange members) from 11 countries
Credit Suisse Securities (Europe) Ltd, JP Morgan Securities Ltd,
Goldman Sachs International, HSBC BANK, Merrill Lynch
International, Liquidnet Europe, UBS Ltd, Wedbush Europe Ltd.,
Morgan Stanley & Co International Plc, VTB Capital Plc
Raiffeisen Centrobank AG
Concorde Securities Ltd, Equilor Investment
Renaissance Securities, Dragon Capital, SIB (Cyprus) Ltd.
ING Bank NV
Wood & Company, Cyrrus, Fio Banka
Orion Securities
Societe Generale SA, BNP Paribas Arbitrage SNC
Neonet Securities AB
UniCredit Bank AG
IP Intercapital Markets AD
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Contact
Warsaw Stock Exchange
ul. Książęca 4, 00-498 Warsaw, Poland
tel. (48) 22 628 32 32
www.wse.com.pl
[email protected]
Disclaimer
This presentation has been prepared by Giełda Papierów Wartościowych 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.
The WSE has no liability for any decisions made on the basis of any information or opinion in this presentation. The 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.
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