Transcript Warsaw Stock Exchange - Ministerstwo Spraw Zagranicznych

Warsaw Stock Exchange
- Versatile Market with New Energy
January 2013
Poland’s Key Position in the enlarged EU
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:
3.8%
GDP growth in 2011:
4.3%
GDP growth forecast in 2012: 2.4%
Ratings
 A2 Stable by Moody’s
 A- Stable by S&P
 A- Stable by Fitch
 Ukraine GDP growth forecast (IMF):
3.0% in 2012, 3.5% in 2013
Source: Ministry of Finance, Polish Central Statistical Office, Eurostat, EBOR.
EU GDP forecast (%)
Poland
Lithuania
Latvia
Slovakia
Estonia
Romania
Malta
Denmark
Luxembourg
Austria
Finland
Germany
Bulgaria
Ireland
France
United Kingdom
Sweden
EU (27 countries)
Belgium
Czech Republic
Euro area (17 countries)
Hungary
Cyprus
Netherlands
Italy
Slovenia
Spain
Portugal
Greece
2012
2013
2,4
2,9
4,3
1,8
2,5
0,8
1
0,6
0,4
0,8
0,1
0,8
0,8
0,4
0,4
0,5
1,1
-0,3
-0,2
-1,3
-0,3
-1,2
-2,3
-0,3
-2,3
2,6
-1,4
-3
-6
1,8
3,1
3,6
2,9
3,1
2,2
1,6
1,6
0,7
0,9
0,8
0,8
1,4
1,1
1,2
1,7
1,9
0,4
0,7
0,8
0,1
0,3
-1,7
0,3
-0,5
2
-1,4
-1
-4,2
Source: Eurostat.
2
Largest exchange in CEE region
with growth potential
At the end of Dec 2012, WSE remains the largest
national stock exchange in CEE, with domestic
market capitalization of EUR 135 bn and equity
session turnover of EUR 45.1 bn (ytd).
Domestic market capitalization (Dec. 2012, EUR bn)
135
At the end of Dec 2012, WSE remains on the 4th
position among European exchanges, with over 9
mln stock index futures traded volume.
EUR bn
80
34
28
16
Warsaw
Stock Index Futures traded volumes
on European exchanges
Exchange
Volume of trading
in Jan- Dec 2012 (#)
1.
2.
3.
EUREX
NYSE Euronext.Liffe
NASDAQ OMX
383 583 126
84 002 370
32 637 550
4.
WSE
9 091 088
5.
6.
7.
8.
9.
10.
11.
SPAIN
NORWAY
GREECE
HUNGARY
AUSTRIA
ROMANIA (BSE)
CZECH REPUBLIC
7 169 833
5 017 556
2 041 250
799 939
380 394
20 423
461
No.
Vienna
Athens
Prague
12
5
Budapest Bucharest Ljubljana
Value of session equity trading (Jan–Dec 2012, EUR bn)
45,1
18,1
12,3
10,0
8,4
1,0
Warsaw
Vienna
Athens
Prague
0,3
Budapest Bucharest Ljubljana
Source: FESE, Dec 2012.
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Current structure of Polish capital market
Polish Financial Supervision Authority
(KNF)
National Depository
for Securities (KDPW)
Warsaw Stock Exchange
KDPW_CCP
BondSpot
Clearing Bank (NBP)
Exchange Members
NDS Participants
Domestic Members
33
Foreign Members
26
4
Comprehensive market structure
Warsaw Stock Exchange
Main Market
Main Market
Shares, Regulated
Derivatives, Regulated
Catalyst
NewConnect
Shares, Alternative Trading System
Municipal & Corporate Bonds
Regulated + Alternative Trading System
WSE Commodity Markets*
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* In Feb’12 WSE acquired PolPX – Polish Power Exchange
A leading listing venue in Europe
Number of IPOs
New Connect
#1in
inEU
EU by
IPOs
after
#2
by number
numberofof
IPOs
inQ3
Q42011
2012
WSE Main List
26
Q4 2012
26
Q3 2012
21
38
16
19
34
33
81
24
2007
61
13
26
2008
2009
8
172
5
89
86
2010
2011
Value of IPOs
2 1
1 1
1
1 1
Source: PwC IPO Watch Q4 and Q3 2012, PwC IPO Watch Europe Review 2013
#3 in EU by value of IPOs in Q4 2012 (EUR m)
WSE Main List (PLN bn)
Q4 2012
3929
15,5
9,3
2080
8,6
6,8
2008
2009
2010
2011
2012
462
270
230
NewConnect (PLN m)
726
162
185
2007
2008
52
2009
242
26
225
2010
2011
Q3 2012
653
3,4
2007
3 2
2012
Source: WSE, end of December 2012
18,2
7
4
LSE Group
DB
14
WSE
54
Luxembourg
46
Oslo
Nasdaq OMX
17 3
NYSE
Euronext
2012
Source: WSE , end of December 2012
6
Source: PwC IPO Watch Q3 and Q2 2012, PwC IPO Watch Europe Review 2013
Ongoing internationalization
Growing number of foreign exchange members …
Local
Foreign
Total
61
49
26
26
31
24 7
35
46
49
43
17
2510 26
18
31
17
29
19
30
59
29
32
In Q1 2012 Xelion Doradcy Finansowi - domestic
broker joined wide range of WSE market
participants;
In H1 2012 Wedbush Europe Ltd and ING NV
joined as remote members;
As at end of December 2012, 26 foreign
members on WSE
26
33
2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: WSE, 2013 YTD.
…and an increasing number of foreign issuers
In 2011, 15 foreign companies made their
debut on WSE (12 on WSE Main List and 3 on
NewConnect); In 2012, 7 foreign companies
joined WSE (5 on Main Market and 2 on NC)
On May 4, 2011, WSE launched WIG-Ukraine first national index in Europe comprising
companies originating from Ukraine.
On May, 2012, WSE started to calculate and
publish the Central and Eastern European
regional stock index WIG-CEE.
Main Market
NewConnect
Total
46
26
23
1
3
7
12
25
27
43
39
27
25
1
30
51
2
3
6
8
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: WSE, 2013 YTD.
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Largest IPOs in recent years
Bank
December 2012
EUR 511 m
Insurance company
May 2010
Top Europe’s IPO since ‘07
Largest Polish IPO
EUR 2 bn
Coal mine
October 2012
EUR 165 m
Energy company
November 2009
Europe’s top IPO in 2009
EUR 1.4 bn
Coal mine
Warsaw Stock Exchange
Energy company
June 2011
EUR 1.3 bn
November 2010
EUR 308 m
June 2010
EUR 1.02 bn
Bogdanka
Coal mine
Energy company
Energy company
June 2009
EUR 118 m
November 2008
EUR 546 m
May 2008
EUR 1.36 bn
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Wide pallette of instruments
Shares of 438 companies, including 43
foreign on WSE Main List (regulated market)
Shares
Shares of 430 companies, including 8 foreign,
Debt
Instruments
Options
on NewConnect (WSE alternative market for
SMEs)
Derivatives: futures contracts on various
Futures
Investment
Certificates
underlyings (i.e. indices, single stocks and
currencies), options on WIG20 index
ETP segment covering ETF’s, warrants,
structured certificates (including knock-out
Warrants
ETFs
certificates and newly introduced factor
certificates) and structured bonds
Structured
Products
Debt instruments (including treasury bonds,
corporate,
municipal
bonds,
mortgage
backed bonds)
One-stop shop
9
Growing number of foreign companies
listed on WSE
Countries of origin of foreign companies
listed on the WSE
Ukraine (12)
Czech Republic (7)
Israel (4)
Estonia (2)
Hungary (2)
Lithuania (3)
UK (3)
Austria (1)
Bulgaria (3)
Canada (1)
Cyprus (1)
France (1)
Germany (1)
Italy (1)
Luxembourg (1)
Slovakia (2)
Slovenia (2)
Spain (1)
Sweden (1)
USA (1)
Switzerland (1)
51 foreign companies listed (43 on WSE Main List and 8 on NewConnect)
Out of the 43 foreign companies on the WSE Main List, 22 represent dual listings and 21 single listings
22 foreign companies joined the WSE-listed companies’ family since the beginning of 2011 (both WSE
equities markets).
Source: WSE, YTD.
10
Foreign companies listed on WSE
– Dual Listing
No.
Company
Country of origin
Sector
Primary exchange
Main Market
1
2
3
4
5
6
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
BMPAG (2004)
CEDC (2006)
CEZ (2006)
MOL (2004)
PEGAS (2006)
OLYMPIC (2007)
ORCOGROUP (2007)
PLAZACNTR (2007)
SILVANO (2007)
UNICREDIT (2007)
WARIMPEX (2007)
BELVEDERE (2008)
FORTUNA (2010)
NEWWORLDR (2011)
ESTAR (2011)
NOVA KBM (2011)
AGROWILL (2011)
SOPHARMA (2011)
EUROHOLD BULGARIA AD (2011)
KRKA D.D. (2012)
TATRY MOUNTAINS RESORTS A.S. (2012)
EXILLON ENERGY PLC. (2012)
Germany
USA
Czech Republic
Hungary
Czech Republic
Estonia
Luxembourg
Netherlands
Estonia
Italy
Austria
France
Czech Rep./Netherlands
United Kingdom
Hungary
Slovenia
Lithuania
Bulgaria
Bulgaria
Slovenia
Slovakia
United Kingdom
other financial
wholesale
energy production
chemical
chemical
casino operator
construction
developers
light industry
banking
construction
food
services
mining company
energy
banking
food
pharmaceutical
other financial
pharmaceutical
hotels&restaurants
energy
Deutsche Börse
NASDAQ
Prague SE
Budapest SE
Prague SE
NASDAQ OMX TALLINN
NYSE EURONEXT PARIS
London SE
NASDAQ OMX TALLINN
Borsa Italiana
Wiener Borse
NYSE EURONEXT PARIS
Prague SE
London SE / Prague SE
Budapest SE
Ljubljana Stock Exchange
Vilnius Stock Exchange
Bulgarian Stock Exchange
Bulgarian Stock Exchange
Ljubljana Stock Exchange
Bratislava SE
London SE
NewConnect
1
INTERCAPITAL PROPERTY DEVELOPMENT (2010)
Bulgaria
investments
Bulgarian Stock Exchange*
Source: WSE, YTD.
* traded on the “Segment for Special Purposes Companies” on the Bulgarian Stock Exchange
11
Foreign companies listed on WSE Main List
– Single Listing
No.
Company
Country of origin
Sector
Primary exchange
developers
metal
IT
IT
agriculture/food
media
food
fuels
developers
developers
food
food
oil&gas
food
food
electro engineering
services
agriculture/food
energy
transport
Energy
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
WSE
Main Market
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
ATLASEST (2008)
ACE (2007)
ASBIS (2007)
ASSECOSLO (2006)
ASTARTA (2006)
CINEMA CITY (2006)
KERNEL (2007)
KULCZYK OIL INV. (2010)
REINHOLD (2007)
RONSON (2007)
AGROTON (2010)
MILKILAND (2010)
SADOVAYA (2010)
INDUSTRIAL MILK COMPANY (2011)
KSG AGRO (2011)
WESTA ISIC (2011)
AVIA SOLUTIONS GROUP (2011)
OVOSTAR (2011)
COAL ENERGY (2011)
KDM SHIPPING PUBLIC LTD. (2012)
INTER RAO LIETUVA (2012)
Channel Islands/UK
Spain/Luxembourg
Cyprus
Slovakia
Ukraine/Netherlands
Israel
Ukraine/Netherlands
Canada
Sweden
Israel/Netherlands
Ukraine/Cyprus
Ukraine/Netherlands
Ukraine/Luxembourg
Ukraine/Luxembourg
Ukraine/Luxembourg
Ukraine/Luxembourg
Lithuania
Ukraine/Netherlands
Ukraine/Luxembourg
Ukraine/Cyprus
Lithuania
12
Source: WSE, YTD.
Foreign companies listed on NewConnect
– Single Listing
No.
Company
Country of origin
Sector
Primary exchange
eco-energy
IT
eco-energy
other industries
support services
telecomunication
Health care
WSE
WSE
WSE
WSE
WSE
WSE
WSE
NewConnect
1
2
3
4
5
6
7
BGS ENERGY PLUS A.S. (2009)
ICOM VISION (2011)
PHOTON Energy A.S. (2008)
AERFINANCE PLC (2011)
AGROLIGA GROUP PLC (2011)
TWIGONET EUROPE, SE (2012)
ORPHEE (2012)
Czech Republic
Czech Republic
Czech Republic
United Kingdom
Ukraine/Cyprus
Czech Republic
Switzerland
13
Source: WSE, YTD.
NewConnect
NewConnect market capitalization and number of companies listed (2007 – 2013)
Market Cap (mln euro, left axis)
No. of companies (right axis)
3000
2700
2400
2100
1800
1500
1200
900
600
300
0
600
500
400
300
200
100
0
430 listed companies, including
8 foreign
19 companies transferred to the
Main List
Approx. EUR 715 m raised
capital (IPO and SPO) since 2007
Mkt. Cap. – approx. EUR 2747m
Source: FESE, Q4 2012.
Source: WSE, 2013 YTD .
International position of NewConnect – Number of listed companies (2012)
1 081
429
233
183
180
122
77
65
34
27
23
23
22
22
15
14
Source: FESE, LSE, Borsa Italiana, December 2012.
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Derivative instruments
Derivative instruments turnover volume (m)
Q3 2012: 14% q/q volume decline; volumes
back to Q1 2012 level after Q2 16% increase
New future contracts for shares in Q1 and Q2
2012; in total 23 stock futures available
Currency futures contract size split as from
May 1, 2012, to facilitate trading liquidity
In Jan-Sept 2012 share of contracts on WIG20
indices in total derivatives volume at the level
of 82.4%
Total includes also miniWIG20 participation units turnover volume
Stable share of options and stock futures volume
WIG20 futures
6,3%
4,8%
5,8%
87,7%
2011
Options
Stock futures
4,7%
2012
5,0%
Currency futures
80,1%
1,3%
0,3%
0,2%
miniWIG20 participation units
0,3%
0,1%
mWIG40 futures
15
* Currency futures contract size split 1:10 as from May 1, 2012
Source: WSE
Catalyst – WSE bond market
Number of
series*:
239
31
24
31
36
Regulated market + ATS
The first platform for listing fixed income
instruments in Poland
Available also to foreign companies and
instruments listed in foreign currency
For both the retail and wholesale investors
Cases of stock issuers issuing bonds at a later time
Growing number of new issuers (in Jan-Dec ’12:
71 new issuers) and value of bonds in turnover
(y/y 31% growth).
Co-operative
bonds
Covered bonds
Corporate
bonds
Municipal
bonds
Treasury bonds
16
*Source: WSE, as of end of December 2012.
Catalyst – statistics and potential
of the market
Capitalization of Bonds listed on Catalyst vs. Capitalization of overall domestic issued bonds
%
74,174,0 74,9
77,9 78,2
72,3 75,1
79,9 79,5 79,0 81,4
78,3
84,3 85,285,3 82,0 86,4 83,283,2 81,7 83,0 82,282,4 83,984,1 85,8 82,1 86,6 83,4
72,7
Municipalities
Corporates
Banks*
2010
27,9 31,2
28,029,8 29,4
15,615,6 15,1
2011
2012-11
2012-10
2012-09
2012-08
2012-07
2012-06
2012-05
2012-04
2012-03
2012-02
2012-01
2011-12
2011-11
19,1 17,6 17,4 17,2 15,915,7 15,715,6 15,4
15,315,5 15,4 15,6
2011-10
17,8 19,4
2011-09
2011-05
2011-04
2011-03
2011-02
2011-01
2010-12
2010-11
2010-10
2010-09
13,4 14,414,014,314,414,614,2 13,9 15,3
22,5
19,7 19,920,3 21,1 18,9 19,2 18,4 18,4 20,6 20,2
2011-08
21,021,020,8 19,7
2011-07
16,516,516,5 15,8
7,6
2010-08
2010-07
4,5 4,7
19,4 18,9 18,1
2011-06
22,3 21,4 20,7
2010-06
Bonds listed on Catalyst
comprise approx. 83% bank
issued bonds in Poland;
Bonds issued by businesses
comprise ca. 31% and by
municipalities – approx. 15%
of bonds issued from each
subgroup.
2012
* includes Bank Gospodarstwa Krajowego
Source: Catalyst, Fitch Polska (long term debt only)
Corporate and financial institutions’ debt securities to GDP
For Poland domestic
companies’ and financial
institutions’ debt
securities sum up to 6%
of GDP (Q2 2012)
350%
300%
250%
200%
150%
100%
50%
0%
Financial institutions
Corporates
6%
Iceland
Ireland
Netherlands
Denmark
Spain
Luxembourg
Portugal
United Kingdom
United States
Belgium
Sweden
France
Austria
Italy
Greece
Germany
Switzerland
Norway
Finland
Japan
Cyprus
Slovenia
Czech Republic
Hungary
Malta
Slovakia
Poland
Turkey
Estonia
Bulgaria
Latvia
Lithuania
Romania
100
90
80
70
60
50
40
30
20
10
0
Source: BIS Dec2011 data, Fitch, Eurostat, GUS (in case of Poland only, June 2012 data, long term debt)
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WSE Commodity Markets
Acqusition of Polish Power Exchange
Key highlights
In December 2010 WSE acquired electricity trading platform and lunched poee WSE Energy Market
In February 2012 WSE completed acquisition of POLPX Polish Power Exchange (Towarowa Gielda Energii)
and started to develop commodity markets
The acquisition of POLPX is a result of the WSE’s long-term strategy which includes expansion in exchange
commodity trading and derivatives based on commodities
WSE combines capital market competences with commodity market development competences
Consistent development of products offering addressed to a wide range of invertors on the WSE
POLPX’s scope of activities
TGE is the only commodity exchange in Poland with operations focused on:
management of commodity exchange with the following products traded:
– Electrical power
– Gas and liquid fuels
– Production limits
– Pollution emission limits
– Property rights
Management of the register for certificates of origin (renewable energy sources) and cogeneration
POLPX is currently operating four markets: Day-Ahead and Interim Day Market, Commodity Derivatives
Market, Property Rights Market and Emission Allowance Market.
TGE own 100% Warsaw Commodity Clearing House (Izba Rozliczeniowa Giełd Towarowych S.A.) – an entity
responsible for settlement of all transactions executed on Polish Power Exchange
18
Broad and diversified investor base
Equity trading structure of investors in H1 2012
Growing interest of foreign investors
19%
Largest institutional investment pool in
the CEE with high allocation in domestic
equities
Foreign
46%
Polish Institutional
Polish Retail
Broad retail investor base with active
interest in capital markets investments
35%
Source: WSE
Share of foreign investors in turnover
on the Main List by country in H1 2012 (%)
Investor structure in trading in years 2007- H1 2012
foreign investors
domestic retail
domestic institutional
Czech Rep.; 6
100
80
Others ; 12
35
34
35
39
41
37
37
37
33
35
34
35
35
20
19
18
19
19
47
46
48
46
46
France; 22
60
36
34
34
25
18
32
31
36
41
29
17
28
26
35
37
Switzerland ; 4
40
20
46
UK ; 56
0
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
H2
H1
2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012
19
Source: WSE
Broad and diversified investor base
Stable and growing pool of investable funds following early pension system reform
Largest institutional investment pool in the CEE with high allocation in domestic equities
Broad retail investor base with active interest in capital markets investments
Assets under management
of Polish pension funds (PLN bn)
Assets under management
of Polish investment funds (PLN bn)
263,2
221,5
226,2
98,8
179,0
139,6
145,8
135,0
116,1
114,4
2010
2011
93,5
74,2
138,2
116,2
61,3
85,9
2005
2006
2007
2008
2009
2010
2011 2012.11
Large and stable pool of investable funds
underpinned by region’s first and broadest pension
system reform
Pension funds have allocated an average of 34 % of
assets under management in equities (Nov. 2012)
Source: KNF
2005
2006
2007
2008
2009
2012.12
Largest institutional investment pool in the CEE
Investment funds enjoy strong confidence of
retail investors that increasingly seek more
sophisticated savings and investment products
20
Source: IZFiA
Easy access to information
www.WSE.com.pl
www.NewConnect.com.pl
www.GPWcatalyst.pl
www.tge.pl
www.WSEInfoSpace.eu
www.International.gpw.pl
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Warsaw Stock Exchange
ul. Książęca 4, 00-498 Warsaw, Poland
E-mail: [email protected]
Disclaimer
This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (the “Company” or “WSE”) solely for
use by its shareholders, clients or analysts and should not be treated as a part of any invitation or offer to sell any securities,
invest or deal in or a solicitation of an offer to purchase any securities or recommendation to conclude any transaction, in
particular with respect to securities of WSE.
The information contained in this document has been compiled in good faith by the Company, however all users of this
presentation should take note that some of the data are based or provided to WSE by external sources and has not been
independently verified. WSE does not make any representation as to accuracy, fairness, correctness or completeness of the
information or the opinions contained herein.
WSE shall not be liable for the consequences of any decision made based on information included in this presentation. WSE
hereby informs persons viewing this presentation that the only source of reliable data describing WSE financial results and 22
events are current or periodic reports issued by WSE in satisfaction of its disclosure obligations under Polish law.
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