GPW as a Listed Company

GPW has been listed on the Warsaw Stock Exchange since 9 November 2010. The Company’s shares are listed in the continuous trading system on the GPW main market. The capitalisation of the company was PLN 1.65 billion as at the end of 2019, ranking #46 among all domestic stocks on GPW.

GPW SHAREHOLDERS

The State Treasury of the Republic of Poland was the biggest shareholder of GPW and the only shareholder with a stake greater than 5% of the share capital as at 31 December 2019: it holds 14,688,470 shares representing 35.00% of all shares and 51.77% of the total vote.

GPW shareholders as at the end of 2019

According to the estimates of the Company, Polish open-ended pension funds jointly held approximately 9.66 million GPW shares at the end of 2019, representing 23.0% of the share capital of GPW; approximately 3% of shares were held by other domestic institutional investors (mainly investment funds); approximately 21% of shares were directly by domestic retail investors, and 18% by foreign investors.

Dividend for GPW shareholders

According to the current strategy (as per Current Report 4/2019), it is the intention of the GPW Management Board to recommend that the General Meeting pay dividend depending on the profitability and the financial capacity of GPW, above 60% of the consolidated net profit of the GPW Group for the financial year attributable to the shareholders of GPW adjusted for the share of profit of associates.

It is also the intention of the GPW Management Board to recommend that the General Meeting pay dividend:

• from the 2019 profit of at least PLN 2.4 per share,
• from the profits of 2020-2022 annually increasing by at least PLN 0.1 per share.

The dividend is to be paid annually upon the approval of the Company’s financial statements by the GPW General Meeting (“General Meeting”). To determine the final amount of dividend to be recommended to the General Meeting, the GPW Management Board will consider among others the following factors:

• capital and investment needs in the implementation of the strategy of the GPW Group;
• the dividend yield and the pay-out ratios used by peer companies;
• actions necessary to develop the Polish capital market infrastructure;
• liquidity requirements of the GPW Group depending on actual and expected market and regulatory conditions, liabilities incurred in current operations and debt service, and optimisation of the GPW Group’s financing structure.

Dividend paid in 2019

GPW has paid the owners a dividend for each year since the company went public. On 2 August 2019, the Company paid PLN 133.5 million in dividend. The dividend of PLN 3.18 per share was paid to GPW shareholders who held shares at 19 July 2019 (record date). The dividend yield in 2019 at the closing price on the record date was 7.4%.

GPW dividend from profits in 2010-2018

* based on the consolidated profit attributable to the shareholders of the parent entity
** at the closing price as at the dividend record date
*** Annual General Meeting of the Company commenced on 26 June 2014, resumed on 15 July 2014 and adjourned on 25 July 2014
**** Annual General Meeting of the Company commenced on 22 June 2016, resumed and adjourned on 21 July 2016
***** based on the consolidated profit attributable to the shareholders of the parent entity adjusted for the share of profit of associates

GPW stock price

The GPW stock price ranged in 2018 from PLN 36.85 (the year’s low on 3 January 2019) to PLN 43.90 (the year’s high on 12 July 2019). The stock price was PLN 39.30 at the end of 2019, compared to PLN 36.65 as at the end of 2018 and PLN 46.99 as at the end of 2017, falling 7.2% during the year. Including the dividend of PLN 3.18 per share, the total shareholder return (TSR) in 2019 was +15.9%. In the same period, the GPW mid-cap index mWIG40 lost 19.4%, and the broad market index WIG lost 9.5%.

GPW stock price since new listing on GPW [PLN]

Source: gpw.pl

GPW bonds on the exchange

GPW bonds of three series (C, D and E) in a total nominal amount of PLN 245 million were listed on the regulated market operated by GPW and in the alternative trading system operated by BondSpot as at 31 December 2019.

On 6 October 2015, GPW issued PLN 125 million seven-year series C bonds maturing on 6 October 2022. The bonds are unsecured. The bonds are listed in the alternative trading system operated by GPW and BondSpot since December 2015. The series C bonds have fixed interest at 3.19% p.a., interest is paid semi-annually. At the date of issue, the interest rate was the lowest of all corporate long-term fixed-coupon PLN bonds listed on Catalyst. The proceeds from the issue of series C bonds were used for partial redemption of series A and B bonds which were due for redemption on 2 January 2017 but were redeemed early in October 2015. As a result, GPW’s series A and B bonds in a total amount of PLN 124.5 million were redeemed by GPW at PLN 101.20 per bond. The price of GPW’s series C bond (ticker GPW1022) ranged in 2019 from PLN 101.5 on 22 November 2019 to PLN 103.75 on 21-23 January 2019.

Series A and series B bonds in a nominal amount of PLN 120.5 million were redeemed on maturity on 2 January 2017. Those were the outstanding series A and B bonds issued at the turn of 2011 to 2012 in a total amount of PLN 245 million. The bonds were introduced to trading on Catalyst (regulated market and alternative trading system) and assimilated under a single ISIN code. GPW’s series A and B bonds were unsecured floating-rate bonds. Interest was fixed within six-month interest periods at WIBOR 6M plus a margin of 117 basis points.

Series D and E bonds in a nominal amount of PLN 120 million were issued by GPW in October 2016 and registered in January 2017. Those are five-year bearer bonds. The GPW Management Board decided to issue the bonds in connection with the redemption of the second part of series A and B bonds, maturing on 2 January 2017. Series D bonds were addressed to institutional investors and series E bonds to individual investors. The issue price of series D bonds was PLN 100 per bond. The issue price of series E bonds depended on the date of subscription as follows: PLN 99.88 for subscriptions submitted on 2 January 2017 and PLN 99.89 for subscriptions submitted on 3 January 2017. The total nominal value of the issue was PLN 120 million. Series D bonds were allocated on 29 December 2016 and series E bonds were allocated on 5 January 2017. The series D and E bonds were assimilated under a single ISIN code. The average cost of issue was PLN 0.60 per bond with a nominal amount of PLN 100. The bonds have a fixed interest rate at WIBOR 6M plus a margin of 0.95 percent p.a. Interest is paid semi-annually. The bonds are listed on the Catalyst regulated market operated by GPW and on the Catalyst regulated market operated by BondSpot.

The price of GPW’s series D and E bonds (ticker GPW0122) ranged in 2019 from PLN 100.46 on 2 January 2019 to PLN 101.75 on 30 July 2019 and from 1 August to 6 August 2019.

Interest on GPW series D and E bonds

Selected statistics of GPW SA stock

¹Based on the consolidated profit attributable to the shareholders of the parent entity
²Based on last year’s profit
³Dividend paid / Share price at dividend record date
⁴(Annual change of share price + Dividend per share) / Share price at the end of the previous period
⁵Free-float shares (excluding shares held by the State Treasury and strategic investors)
⁶Electronic Order Book (net of block trades)
⁷Value of trading (annualised for 2019) / Average capitalisation at the beginning and at the end of the period