Fact Book 2008

Transcription

Fact Book 2008

Main List
FACT
BOOK
2007 Data
2008
WARSAW STOCK EXCHANGE
1
Fact Book 2008
Official publication of the Warsaw Stock Exchange
© Copyright Warsaw Stock Exchange, 2008
Książęca 4, 00-498 Warsaw, Poland
Internet: www.wse.com.pl
E-mail: wse@wse.com.pl
Design by Art Group
Print by MILLER Druk
ISSN 1428-118X
Every effort has been made to ensure that the details contained in this publication are
accurate. However, the Warsaw Stock Exchange assumes no responsibility for any
errors or omissions. This publication is for information purposes only, and is not
intended as an offer or a solicitation with respect to any product described herein.
2
Main List
The Warsaw Stock Exchange Fact Book 2008 contains information about the organisation and operation of the Exchange, statistical data for the year 2007 and comparisons with previous
years. It also features descriptions of important events, information about listed companies and brokerage houses (WSE
members), as well as contact details for the most important institutions in the Polish capital market. The first part contains information on the regulated WSE market, whereas the second
part is devoted to the NewConnect market.
The annual Fact Book aims to make it easier to follow developments in the Polish capital market and to improve understanding of the WSE's role in the economy.
We sincerely hope that the Fact Book will prove a useful reference source for the Reader.
Warsaw Stock Exchange
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Fact Book 2008
2007 Market indicators - Main List
Domestic companies market capitalisation (at year-end)
PLN 509.9 bn
Foreign companies market capitalisation (at year-end)
PLN 570.4 bn
Turnover value - cash market
PLN 487.9 bn
Turnover value - futures contracts
PLN 674.6 bn
Turnover value per session (all financial instruments)
PLN 4 668.8 m
Number of transactions per session (all financial instruments)
74,000
Number of newly listed companies in 2007
81
Number of domestic companies listed (at year-end)
328
Number of foreign companies listed (at year-end)
23
WIG20 index change in 2007
5.19%
mWIG40 index change in 2007
7.90%
sWIG80 index change in 2007
25.17%
WIG index change in 2007
10.39%
TechWIG index change in 2007
-12.43%
WIG-PL index change in 2007
9.23%
P/E ratio (at year-end)
14.8
P/BV ratio (at year-end)
2.45
Number of sessions in 2007
249
PLN exchange rates (average)
2007
2006
2005
2004
2003
1 USD
2.77
3.10
3.23
3.65
3.89
1 EUR
3.78
3.90
4.03
4.53
4.40
Source: National Bank of Poland
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Main List
Contents
The Warsaw Stock Exchange ................................................................................... 7
The Polish Capital Market ......................................................................................... 9
Important Events in 2007 ....................................................................................... 12
The Exchange in 2007 ............................................................................................ 19
Companies ............................................................................................................. 22
Bonds ..................................................................................................................... 68
Structured Products ............................................................................................... 73
Investment Certificates .......................................................................................... 75
WSE Indices ........................................................................................................... 77
The Derivatives Market ....................................................................................... 106
Investors ............................................................................................................. 118
WSE Listing Process ........................................................................................... 121
WSE Partner Programmes ................................................................................... 129
WSE Members .................................................................................................... 133
Organisation of Trading ....................................................................................... 139
Electronic Distribution of Market Data ................................................................. 148
The History of the Warsaw Stock Exchange ....................................................... 152
Organisational Structure ...................................................................................... 157
The International Status of the WSE .................................................................... 160
Listed Companies ................................................................................................ 163
NewConnect Market ........................................................................................... 175
Important Addresses ........................................................................................... 201
Selected WSE Publications ................................................................................. 205
Additional Closing Dates in 2008 ......................................................................... 206
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Fact Book 2008
Książęca 4
00-498 Warsaw
Poland
Secretariat
tel. (+48 22) 628 32 32
fax (+48 22) 537 77 90
Promotion & Public Information Bureau
tel. (+48 22) 537 79 57
fax (+48 22) 625 67 48
Infoline for companies
Main List
tel. (+48 22) 537 75 61
(+48 22) 537 70 98
fax (+48 22) 537 71 95
6
NewConnect
tel. (+48 22) 537 70 88
(+48 22) 537 76 10
Internet
Main List
NewConnect
www.wse.com.pl
www.newconnect.pl
E-mail
Main List
NewConnect
wse@wse.com.pl
rynek@newconnect.pl
Main ListStock Exchange
Warsaw
The Warsaw Stock Exchange
The responsibility of the Warsaw Stock Ex-
Stock markets
change (WSE) is to organise trading in finan-
The Warsaw Stock Exchange conducts tra-
cial instruments. The Exchange ensures that
ding in financial instruments on two markets:
buy and sell offers can be concentrated at the
same place and time in order to determine
prices and execute transactions.
The Warsaw Stock Exchange operates under
the Act on Trading in Financial Instruments
of 29 July 2005 under the supervision of the
Polish Financial Supervision Authority (PFSA)
(Act on Capital Market Supervision of 29 July 2005).
The Main List has been in operation since 16 April 1991. This is a regulated market, supervised by the Polish Financial
Supervision Authority and recognised by
the European Commission as a regulated
market. The following securities and financial instruments are traded here: equities, bonds, pre-emptive rights, rights to
shares, investment certificates, structured
In its current form, the WSE opened its doors
on 16 April 1991, operating an electronic trading system from the very start. The WSE is a
instruments and derivatives, i.e. futures
contracts, options and index participation
units.
joint stock company established by the State
NewConnect is a market organised and
Treasury. Its share capital is PLN 41,972,000,
maintained by the WSE as an alternative
subdivided into 59,960 registered shares with
trading system. It was designed for start-
a value of PLN 700 each.
ups and developing companies, especially from the sector of new technologies.
At the end of 2007 the WSE had 37 sharehol-
NewConnect was launched on 30 August
ders, including brokerage houses, banks, in-
2007. Instruments which may be traded
vestment fund companies, listed companies
under this alternative trading system inc-
and the State Treasury, the latter holding
lude equities, rights to shares, pre-emp-
a 98.81% stake in the share capital.
tive rights, depository receipts, as well as
other equity-based instruments.
WSE markets
Unregulated market
Main List
(Regulated market)
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Fact Book 2008
Supervision
stors can also access the WSE's market in-
The role of the WSE is to supervise listed
formation free of charge: via Teletext from
companies' compliance with disclosure re-
public television (TVP) and the websites of
quirements and to ensure that market parti-
specific markets. However, coverage offe-
cipants have equal access to information
red by public sources is limited and provi-
published by issuers. The WSE also super-
ded with some delay.
vises members' compliance with applicable
The WSE also publishes Cedula, an official
WSE rules.
daily electronic bulletin featuring quotations,
market indicators and decisions adopted by
Stock market information
the WSE authorities.
Market information is distributed mainly
through electronic channels. Information is
Promotion and education
made available through commercial and
The Warsaw Stock Exchange participates in
public services. Distributors that have signed
conferences and seminars on capital mar-
a relevant agreement with the WSE are pro-
kets and supports such initiatives financial-
vided with market information on a commer-
ly or by making its premises available free
cial basis, receiving information in real time
of charge. The WSE releases educational
via satellite. Distributors then forward the
publications and runs programmes promo-
data to other groups, including individual
ting knowledge of capital markets. An edu-
investors or financial institutions.
cational programme called the Exchange
Apart from commercial services, available
School, organised and financed by the WSE,
through data vendors, brokerage houses,
has been conducted annually in a number
internet portals or mobile operators, inve-
of Polish cities since 1999.
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Warsaw
The Polish Capital Market
The main institutions of the Polish capital
form with the standards of the European Sin-
market are: the Warsaw Stock Exchange
gle Financial Market, as defined in Directi-
(WSE), which organises the trading in finan-
ves of the European Parliament and Coun-
cial instruments; the National Depository for
cil, and in Commission Regulations.
Securities (NDS), which handles clearing and
settlement of transactions, processes corpo-
Other aspects of market operations are re-
rate actions and provides safekeeping of fi-
gulated by other acts of law, among them
nancial instruments, and, thirdly, brokerage
the Investment Funds Act of 27 May 2004
houses, which serve as intermediaries in
(with subsequent amendments) and the
transactions. The NDS uses the National
Bonds Act of 29 June 1995 (with subse-
Bank of Poland (NBP) as its clearing bank.
quent amendments).
A regulated off-exchange market is organi-
The Polish Financial Supervision Authority
sed by MTS-CeTO. This market handles
(PFSA) is a government agency which su-
mainly wholesale transactions in debt secu-
pervises the capital market. Moreover, the
rities. MTS-CeTO is part of the WSE group
PFSA exercises supervision over banks,
of companies. At the end of 2006 the WSE
investment companies, insurance compa-
held a 31.15% stake in MTS-CeTO.
nies and pension funds. Its supervision co-
The capital market is supervised by the Po-
vers, among others, the Warsaw Stock
lish Financial Supervision Authority.
Exchange, the National Depository for Securities, investment companies, investment
Legal regulations
The capital market in Poland is regulated by
the following legal acts:
Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and on Public Companies (the Public Offering and
Companies Act);
Act on Trading in Financial Instruments
(the Trading Act);
Act on Capital Market Supervision (the
Supervision Act).
fund companies, brokers, investment advisors and issuers of WSE-quoted financial instruments. This supervision over the capital
market is intended to ensure universal access to reliable information on the securities market and observance of fair trading
and competition rules by entities operating
on that market. The PFSA works with other
government agencies, the National Bank of
Poland as well as capital market institutions
and participants. The PFSA's responsibilities
include drafting of legal acts concerning the
capital market and disseminating knowledge of that market.
Each of these acts addresses one of the main
three aspects of capital market operations:
primary market, secondary trading and market supervision. Statutory regulations con9
Fact Book 2008
Structure of the Polish capital market
POLISH FINANCIAL SUPERVISION AUTHORITY
National
Depository
for Securities
Warsaw
Stock
Exchange
Clearing
Bank
(NBP)
Institutional
Investors
Individual
Investors
Exchange
Members
Issuers
MTS-CeTO
Regulatory powers of the
The rules concerning organisation of trading,
Operations on the WSE are open only to its
tions are defined in the WSE's Rules and in
members. The WSE determines the eligibi-
Detailed Exchange Trading Rules.
lity criteria for membership. Members are su-
order placement and conclusion of transac-
pervised by the Warsaw Stock Exchange
Corporate Governance
with regard to their activities on the exchan-
On 4 July 2007, the 'Best Practices for WSE
ge. Membership applicants are required to
Listed Companies' were adopted by the Su-
submit a declaration of compliance with the
pervisory Board on the basis of a motion fi-
WSE Rules.
led by the Management Board. These prac-
Operations in breach of the Rules are sub-
tices have been in force since 1 January
ject to admonition or fine. Disputes between
2008. Compared with the previous sets of
the WSE and its members are resolved by
rules, the new code more fully reflects opi-
the Exchange Court. In special cases a mem-
nions held by market participants.
ber may be punished by being suspended or
even excluded from operating on the WSE.
According the Best Practices, when a corporate governance principle is not applied
The Warsaw Stock Exchange also supervi-
on a continuous basis or when it is violated
ses issuers of listed securities. An issuer's
occasionally, the issuer is obliged to publish
failure to meet obligations imposed by WSE
a report specifying which rule was not ap-
regulations is punishable by admonition or
plied, detailing the circumstances and re-
fine. In special cases an issuer may be puni-
asons for non-compliance and explaining
shed by suspension of quotations or even
how the issuer intends to eliminate the con-
by delisting of its securities.
sequences of non-compliance, if any, or
10
Warsaw
what steps are to be taken to reduce the risk
issuer gains reasonable assurance that the
of non-compliance with the Best Practices
principle will not be applied, either in gene-
in future. The report should be published on
ral or in a specific case. In any case, the ob-
the issuer's official website and sent via the
ligation should be fulfilled immediately after
channel used by the issuer to submit cur-
a violation of a corporate governance prin-
rent reports. The obligation to publish a re-
ciple.
port should be fulfilled immediately after the
11
Fact Book 2008
Important events in 2007
As an institution which organises trading in
breaking 2006. On the 21 December session
financial instruments and provides busi-
the trading value exceeded PLN 4,141 bil-
nesses with capital, the Warsaw Stock Ex-
lion, thus reaching a new all-time high.
change may count 2007 as the best year in
its history.
The core role of a stock exchange, i.e. providing businesses with capital to fuel their
growth, has never been fulfilled by the WSE
Total turnover value
(PLN million)*
Shares and
rights to shares
as effectively as in the past 12 months. The
Bonds
all-time high in trading volume coupled with
Futures
a record number of new listings, including
major foreign companies, have boosted the
economic significance and the international
status of the Warsaw bourse.
New listings
Options
2007
2006 Change
(%)
462 220 323 920
3 264
42.7
5 488
-40.5
662 876 377 407
75.6
28 206
19 453
45.0
* Excluding block trades, public offerings,
substantial share acquisitions, and buy in
transactions
Capitalisation
At the end of 2007 the market value of lis-
In 2007 a record number of new companies
ted companies exceeded PLN 1 trillion
were listed on the WSE: there were 81 new-
(PLN 1.08 trillion) for the first time in histo-
comers on the Main List. The value of this
ry, with PLN 510 billion for domestic and
year's offerings also reached a record level:
about PLN 570 billion for foreign companies.
over PLN 18.2 billion on the main floor, out
In comparison with 2006, the capitalisa-
of which new issues represented as much
tion of WSE-listed companies rose by about
as PLN 15.4 billion. 12 of the newcomers
PLN 440 billion and the capitalisation of fo-
were foreign companies, and 8 of them con-
reign companies nearly tripled during the
ducted a new share offer in connection with
year: from PLN 198 to 570 billion. This im-
their arrival on the WSE. In terms of value,
pressive growth was largely fuelled by the
the largest offering came from Immoeast
debut of UniCredit, traded from 20 Decem-
(over PLN 10.7 billion), followed by Orco
ber. Its capitalisation on that date was ap-
Property Group (PLN 652 million) and Ker-
proximately PLN 270 billion.
nel Holding (PLN 546 million).
At the end of 2007 a total of 351 companies
were listed on the main floor of the WSE,
including 23 foreign-based organisations.
Equities trading
Indices
After the 16 March session new rules came
into force regarding index calculation and
qualification of companies into indices. According to the rules, companies may be inc-
2007 saw record levels in equities trading.
luded in indices when their free float exce-
The trading value exceeded PLN 482 billion,
eds 10% and EUR 1 million, and which are
which was up by 40% over the record-
not in a special situation (e.g. insolvency,
12
Warsaw
bankruptcy). Blocks of shares in all indices
Derivatives market
are calculated on the basis of free float.
The total trading volume in all derivatives in
The previous MIDWIG index was replaced
2007 reached 9.9 million instruments, up
by the mWIG40, and the WIRR superseded
50% over 2006. The total value of trading
by the sWIG80. The portfolios of the WIG20,
generated in 2007 approximated PLN 703
the mWIG40 and the sWIG80 are defined
billion, i.e. nearly 80% higher than in the
on the basis of a single ranking list of com-
previous year.
panies based on trading volume in the past
The average monthly number of transactions
12 months and market value.
for all derivatives in 2007 was 256,240, which
was 32% higher than in 2006. The average
Warsaw has been turning into the regional
'tycoon' as an IPO destination for companies
from the large and promising developer in-
monthly number of orders for all derivatives was 3,675,637, which represents a 46%
increase when compared with 2006.
dustry, as many companies from this sector
have made their debuts on the WSE or are
planning to do so. In order to provide inve-
International co-operation
stors with a new analytical tool, on 18 June
On 16 May, the Warsaw Stock Exchange si-
the WSE started calculating a new sectoral
gned an agreement with PFTS, the Ukrainian
subindex, WIG-Developers, to reflect the
bourse, to establish a long-term collabora-
performance of this sector. At the end of
tion between the two exchanges and provi-
2007 this subindex included 16 constituent
de benefits for entrepreneurs: easier capital
companies.
raising and access to a wider group of investors.
New market segmentation
Starting from 2 April 2007 securities of all
companies listed on the regulated market
were classified into 3 newly defined segments: 5 PLUS, 50 PLUS and 250 PLUS.
The segment labelled 5 PLUS includes shares in companies with a capitalisation of
under EUR 50 million. 50 PLUS covers companies with a capitalisation between EUR 50
and 250 million whereas capitalisation of
over EUR 250 million puts companies into
the segment called 250 PLUS. The aim behind this segmentation was to introduce
transparent identification of listed issuers by
size.
On 12 October, the Warsaw Stock Exchange became a shareholder of the Sibiu Monetary Financial and Commodities Exchange, Sibex (Bursa Monetar Financiara si de
Marfuri; Sibiu, Romania). As a result of the
WSE's contribution to the capital increase,
the Management Board of Sibex allocated
shares to the WSE representing 1.8% of Sibex share capital.
In 2007, the WSE also signed cooperation
agreements with the Baku Stock Exchange
and Vietnam's HOSE.
Securities from new companies are classi-
Best Practices for WSE Listed
Companies
fied into segments after their first trading
On 4 July the Supervisory Board of the WSE
session based on end-of-day capitalisation.
adopted new corporate governance rules
entitled 'Best Practices for WSE Listed Companies'. This document came into force on
1 January 2008.
13
Fact Book 2008
The aim behind the 'Best Practices for WSE
derivatives markets in Central and Eastern
Listed Companies' is to reinforce transparen-
Europe.
cy in listed companies, improve the quality
of communication between companies and
investors, enhance protection of shareholder rights, also in matters not regulated
by law. The practices are designed with
a view to avoid burdens that would not be
offset by market benefits.
International conferences
at the WSE
On 18-19 January 2007 the first CEE Market
Forum took place. The main idea of the Forum is to provide a platform for exchanging
experience and information between investors and companies from Central and
Eastern Europe. More than 40 domestic and
foreign companies listed on the WSE took
part in the Forum, alongside brokerage houses (including foreign WSE members),
WSE IPO Partners, bourses from the region,
investors, local and foreign journalists.
On 22-23 October the WSE organised the
CEE Business Forum for companies from
Central and Eastern Europe potentially interested in a listing in Warsaw. A total of 40
companies from Ukraine, Belarus, the Czech
Republic and Lithuania were represented.
The aim of the CEE Business Forum is to familiarise foreign companies with the Polish
capital market and its key institutions: the
Polish Financial Supervision Authority (market regulator), the Warsaw Stock Exchange
(its current status and growth prospects) and
the National Depository for Securities (responsible for clearing and settlement of
stock market transactions).
The CEE Derivatives Forum, held on 22-23
International Companies
Information Forum
On 26 February the first International Companies Information Forum was held. The aim
of this initiative was to familiarise investors
with foreign companies listed on the WSE
and to stimulate trading in shares of those
companies.
New sites
In 2007 the Warsaw Stock Exchange prepared and launched a number of solutions providing investors with better access to information and improving communication on
the stock market:
www.WSEInfoSpace.eu
In May the WSE and the Polish Press Agency (PAP) jointly launched a new content site
as the first ever one-stop destination offering comprehensive news and data on all
companies listed on the Warsaw bourse.
www.corp-gov.gpw.pl
In October 2007 the first site entirely dedicated to corporate governance in WSE-listed
companies was launched.
www.wseinternational.eu
This dedicated site on foreign companies listed on the WSE was launched on 17 December. The aim of the site is to give investors a better picture of foreign companies
listed on the Warsaw bourse. The site is intended for all domestic and foreign investors, both individual and professional.
November, was another international initia-
WSE members
tive in 2007. The main idea of the CEE Deri-
In 2007 ten organisations became new
vatives Forum is to create a platform for
members of the Warsaw Stock Exchange.
exchanging information and experience on
Of these, 8 are foreign-based (Societe Ge-
14
Warsaw
nerale from France, BNP Paribas Arbitrage
Fees
from France, Cashline Securities from Hun-
On 1 April, all WSE's transaction fees were
gary, Nordnet Bank from Sweden, Cyrrus
reduced by about 15%. Moreover, the ma-
from the Czech Republic, NeoNet Securities
ximum fee charged from WSE members for
from Sweden, Hansapank from Estonia,
executed orders was reduced by 12% (from
DekaBank Girozentrale from Germany) and
PLN 1,000 to 880) for all cash market trans-
2 are domestic companies: Opera Dom Mak-
actions. This means that the WSE will char-
lerski and X-Trade Brokers Dom Maklerski.
ge no more than PLN 880 for an executed
Trading generated by WSE's remote mem-
order, regardless of the size and value of the
bers has been rising dynamically and its
order.
value more than tripled since 2006 (from
On the derivatives market, fees on index- and
PLN 6.9 billion to over 22 billion).
stock-based futures were reduced by 15%
while fees charged for bond futures were
Investors
cut by 20%. The reduction for options ex-
In 2007 the largest share of equities trading,
ceeded 16%.
37 per cent, was generated by domestic institutional investors. Foreign investors came
For the period between 1 October 2007 and
second with a share of 33 per cent whereas
30 June 2008 the WSE cancelled the fees
individual investors generated 30 per cent
on currency futures charged to its members
of trading.
by the WSE and the National Depository for
Individual investors played the dominant role
Securities.
on the options and futures markets.
For more information, please see the 'Investors' chapter.
Timeline of important events
in 2007:
18-19 January
Trading system
The first edition of the Central & Eastern Eu-
In June 2007 the WSE enhanced the efficien-
ropean Market Forum took place. This event
cy of its WARSET trading system, replacing
is intended for investors, companies and
its central computer and some of the sys-
other institutions associated with the stock
tem infrastructure. This complicated ope-
market. Meetings with specialists and com-
ration was undertaken not only in order to
panies as well as public debates with Polish
ensure security and adequate technical in-
and foreign experts are organised within the
frastructure for market participants but, abo-
CEE Forum.
ve all, to address the increasing activity of
trading participants, reflected in the high
growth of the number of orders placed during sessions. Undoubtedly, this was the
most serious and most complicated operation on the system since its start-up. All required work and related projects were performed in house by the WSE.
5 February
All sectoral subindices were denominated at
a 10:1 ratio.
16 March
New rules for computing and qualifying
companies to indices came into force. The
previous MIDWIG index was replaced by the
mWIG40, and the WIRR superseded by the
sWIG80. The portfolios of the WIG20, the
mWIG40 and the sWIG80 are defined on the
15
Fact Book 2008
basis of a single ranking list of companies
12 October
based on trading volume in the past 12 mon-
The Warsaw Stock Exchange became a sha-
ths and market value.
reholder of the Sibiu Monetary Financial and
Commodities Exchange, Sibex (Bursa Mo-
1 April
netar Financiara si de Marfuri; Sibiu, Roma-
Segmentation of listed companies was mo-
nia). As a result of the WSE's contribution to
dified and three segments of equities were
the capital increase, the Management Board
introduced: 5 PLUS, 50 PLUS and 250 PLUS.
of Sibex allocated shares to the WSE repre-
The segment labelled 5 PLUS includes sha-
senting 1.8% of Sibex share capital
res in companies with a capitalisation of
under EUR 50 million; 50 PLUS covers com-
17 December
panies with a capitalisation between EUR 50
A site devoted to foreign companies listed
and 250 million whereas capitalisation of
on the WSE was launched at
over EUR 250 million puts companies into
www.wseinternational.eu.
the segment called 250 PLUS.
The aim of the site is to enable investors to
get a better picture of foreign companies li-
9 May
sted on the Warsaw bourse. The site is in-
A new online service, designed by the WSE
tended for all domestic and foreign inve-
and the Polish Press Agency, was launched
stors, both individual and professional.
at www.WSEInfoSpace.eu.
WSEInfoSpace is a business news site with
20 December
information on Polish and foreign compa-
UniCredit, an Italian company and the lar-
nies listed on the WSE, providing news from
gest bank in Central and Eastern Europe,
markets in Central and Eastern Europe. The
made its debut on the WSE, becoming the
site is fully accessible to the public and free
largest company listed on the Warsaw bo-
of charge, with information available in two
urse.
language versions (Polish and English).
21 December
30 August
The equities trading value per session re-
NewConnect, a new market, organised and
ached an all-time high at PLN 4,141 billion.
operated by the WSE, was launched. NewConnect is designed to finance start-ups and
new companies with a high growth potential. Among the first companies to have
made their debuts on this market (on the first
day of trading) were: Digital Avenue, S4E,
ViaGuara, Virtual Vision and Wrocławski
Dom Maklerski. NewConnect has the status
of an organised market but is operated by
the WSE outside the regulated market, as
an alternative trading system (for more
information, please see the 'NewConnect'
chapter).
16
Main List
MAIN
LIST
17
Fact Book 2008
18
Main List
The Exchange in 2007
2007 saw very dramatic changes in equity
Positive changes were observed for banks
prices and brought a record-high number of
as well as companies from the construction
debuts with a rising trading volume for dif-
and the oil&gas sectors (increasing by over
ferent financial instruments.
12%). Prices for IT companies remained virtually unchanged during the year (their in-
The WIG, the broad market index, gained
dex rose by 0.5%), while decreases were
over 10% in 2007. The WIG20, the blue chip
recorded for telecoms (-5%) and the food
index, rose by 5% during the same period.
sector (-13%).
The medium size companies index, the
mWIG40 increased by 8% while the sWIG80,
The moderate degree of change in index
the index of small companies, went up by
values from previous years by no means in-
an impressive 25% before the end of the
dicates that the market situation was stable
year.
throughout 2007. On the contrary, this year
saw both surges and short-lived falls.
WIG20
5.19%
mWIG40
7.90%
The first two months raised the WIG index
sWIG80
25.17%
to an all-time high of 55,702 points (session
WIG
10.39%
on 23 February). This record was beaten
TechWIG
-12.43%
WIG-PL
9.23%
a few times over the following months. Subsequent sessions, until 5 March, brought decreases and the WIG fell to 50,746 points.
Increases in the first quarter of 2007 can be
Among sectoral subindices, the most im-
credited mostly to major investors, which is
pressive growth in 2007 was observed in the
evidenced by the low number of transactions
media sector, its index going up by over
per session and a high value of an average
22%. At the other end were developers,
deal.
whose index suffered a near 27% loss duThe subsequent upward trend lasted four
ring the year.
months: from early March to the first ten
WIG-BANKING
12.19%
WIG-CONSTRUCTION
12.59%
up by 33%, reaching a new record high of
WIG-DEVELOPERS
-26.82%
67,568 on 6 July. These increases took the
0.46%
monthly equities trading volume to a new
WIG-IT
days of July. During this period the WIG went
record level of nearly PLN 43 billion. The
WIG-MEDIA
22.38%
WIG-OIL & GAS
12.68%
WIG-FOOD
-13.42%
ment funds. During the first six months of
-5.21%
the year the assets accumulated by those
WIG-TELECOM
growth was mostly driven by individual investors, participating in trading via invest-
investors rose from PLN 99 to 139 billion,
19
Fact Book 2008
exceeding the total assets managed by
The year's total value of transactions in equ-
open-end pension funds.
ities and rights to shares was PLN 462 billion, which gives an average of PLN 1.8 bil-
Subsequent summer sessions exerted a
lion per session, i.e. PLN 0.5 billion higher
major influence on the market situation, le-
than in 2006. The unprecedented level of an-
ading to a drop in equities trading volume
nual trading volume was reflected in record-
and a reduction in equity prices until 16 Au-
level volumes per session and per month.
gust when the WIG lost over 6%, falling to
In July the equities trading volume reached
a low of 55,510 points.
PLN 43 billion, and the session on 21 December saw a volume of PLN 4.1 billion.
Between mid-August and the end of Octo-
Throughout the year, the average number
ber the market rebounded, making up for
of orders placed per session was 182,000,
some of the summer losses, and stopped at
with an average of 61,000 deals being clo-
63,759 points on 29 October.
sed.
The last two months, except for the first
Domestic financial institutions topped the
week of December, restored stability in the
investor ranking with a share of 37% in equ-
market. The average value of the WIG du-
ity trading. In that group, the highest share
ring this period was 55,000, closing the year
of trading was generated by the largest fi-
at 55,648.
nancial institutions i.e. investment funds and
The WIG index in 2007
68 000
66 000
64 000
62 000
60 000
58 000
56 000
54 000
52 000
50 000
48 000
Jan
20
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Main List
pension funds. In the second place, with
ket, 12 of them being based in other coun-
a 33% share, were individual investors, with
tries. As a result, the value of all listed com-
foreign institutions coming third.
panies exceeded PLN 1 billion at the end of
the year, with new companies generating 4%
2007 was also a year of debuts. During the
of trading volume in equities and rights to
twelve months of the year 81 new compa-
shares.
nies brought their shares to the main mar-
21
Fact Book 2008
Companies
In 2007 the shares of 81 new companies
it topped the ranking with over PLN 10.7 bil-
were floated on the WSE. The value of sha-
lion, followed by Orco Property Group with
res offered by those companies reached PLN
PLN 652 million and Kernel Holding with
18.2 billion, out of which PLN 15.39 billion
PLN 546 million.
were offered as new issues. UniCredit, the
Italian banking group, was the biggest new-
Corporate Governance
comer in 2007. In terms of the number of
The first document laying down the princi-
new companies on regulated markets (as
ples of corporate governance (best practi-
defined by the EU), the Warsaw bourse took
ces) was adopted by the WSE Supervisory
the second position in Europe and was out-
Board and the Management Board in Sep-
performed only by the London Stock Ex-
tember 2002. On 4 July 2007 'Best Practices
change.
for WSE Listed Companies' were adopted by
the Supervisory Board upon a motion filed
At the end of 2007, a total of 351 companies
by the Management Board. These practices
were traded on the main floor, out of which
have been in force since 1 January 2008.
23 were foreign entities.
Shares and rights to shares of 345 compa-
According to the Best Practices, when a cor-
nies were traded under the continuous qu-
porate governance principle is not applied
otation trading system and the remaining
on a continuous basis or when it is violated
6 were traded under the single-price auction
occasionally, the issuer is obligated to pu-
system with two auctions daily.
blish a report specifying which rule was not
327 companies were listed on the main and
applied, detailing the circumstances and re-
24 on the parallel market.
asons for non-compliance and how the issuer intends to eliminate the consequences
At the end of the year the capitalisation of
of non-compliance, if any, or steps to be ta-
the WSE reached PLN 1.08 trillion, out of
ken to reduce the risk of non-compliance
which the share of domestic companies was
with Best Practices in future. The report sho-
PLN 509.9 billion and the share of foreign
uld be published on the issuer's official we-
companies was PLN 570.3 billion.
bsite and sent via the channel used by the
Foreign Companies
issuer to submit current reports. The obligation to publish a report should be fulfilled
12 foreign companies made their debuts on
immediately after the issuer gains reasona-
the Warsaw bourse in 2007. The value of
ble assurance that the principle will not be
shares offered publicly by new entrants
applied, either in general or in a specific case.
exceeded PLN 13 billion. 8 foreign compa-
In any case the obligation should be fulfilled
nies carried out new share issues in connec-
immediately after a violation of a corporate
tion with their WSE debuts. The highest va-
governance principle.
lue was recorded for the issue of Immoeast:
22
Main List
The WSE-listed logo
Each WSE listed company acquires the right to use the 'Listed on WSE' logo. A way
to communicate the company's listed status,
this logo is aimed at enhancing the identification of the company and its promotional
efforts.
PLEASE NOTE: All names of companies from tables included in the Fact Book 2008 are given as at
31 December 2007 - cf. Table 'Changes in company names', page 27
Newly listed companies in 2007
No
Company
Issue
price
First quotation*
date
price**
Price**
at year-end
(PLN)
Price change vs.
issue price first quotation
(PLN)
(PLN)
(%)
(%)
2.40
3.01
3.98
0.12
-95.0
-97.0
IVMX
25.00
11.01
33.29
33.21
32.8
-0.2
PROCAD
35.00
15.01
39.50
2.62
-92.5
-93.4
1
MEWA
2
3
4
B3SYSTEM
4.00
24.01
6.58
3.67
-8.3
-44.2
5
WARIMPEX
42.83
29.01
56.00
25.00
-41.6
-55.4
6
KOLASTYNA
3.50
13.02
4.05
2.85
-18.6
-29.6
7
HAWE
72.00
14.02
97.00
8.61
-88.0
-91.1
8
ORZEL
28.20
15.02
24.30
0.21
-99.3
-99.1
9
GADUGADU
21.00
23.02
24.40
23.00
9.5
-5.7
10
ESSYSTEM
5.80
9.03
7.09
7.80
34.5
10.0
11
SEKO
15.50
15.03
14.88
18.90
21.9
27.0
12
TFONE
25.00
29.03
29.00
19.50
-22.0
-32.8
13
ELEKTROTI
18.00
11.04
30.50
20.00
11.1
-34.4
14
NTTSYSTEM
4.50
12.04
5.10
2.48
-44.9
-51.4
15
HELIO
10.50
16.04
13.11
6.99
-33.4
-46.7
-47.3
16
MAKARONPL
9.00
18.04
9.49
5.00
-44.4
17
RADPOL
6.80
10.05
8.85
8.10
19.1
-8.5
18
ERBUD
50.00
11.05
91.50
90.60
81.2
-1.0
19
PRONOX
20.00
14.05
21.59
17.40
-13.0
-19.4
20
IMMOEAST
38.57
25.05
40.30
26.19
-32.1
-35.0
21
BUDVARCEN
15.00
28.05
26.80
11.75
-21.7
-56.2
22
NOBLEBANK
10.50
30.05
16.10
12.50
19.1
-22.4
23
ACE
20.50
1.06
20.50
11.80
-42.4
-42.4
24
JWCONSTR
71.00
4.06
80.00
42.45
-40.2
-46.9
25
POLREST
20.00
6.06
26.00
19.80
-1.0
-23.9
26
KREDYTIN
12.00
11.06
13.20
14.40
20.0
9.1
27
MOJ
28
GFPREMIUM
6.30
13.06
7.11
4.16
-34.0
-41.5
28.00
14.06
25.33
16.92
-39.6
-33.2
* Closing price
** Shares / rights to shares (PDA)
23
Fact Book 2008
No
Company
Issue
price
First quotation*
date
price**
Price**
at year-end
Price change vs.
(PLN)
(PLN)
(PLN)
(%)
(%)
-38.1
29
ORCOGROUP
434.98
21.06
470.00
291.00
-33.1
30
RAFAMET
64.90
25.06
57.50
23.50
-63.8
-59.1
31
KAREN
16.00
27.06
15.96
2.64
-83.5
-83.5
32
LCCORP
6.50
29.06
6.06
3.03
-53.4
-50.0
33
KOMPUTRON
39.10
9.07
49.75
37.97
-2.9
-23.7
34
MAKRUM
35
PETROLINV
36
37
5.30
11.07
6.25
6.75
27.4
8.0
227.00
16.07
590.00
325.00
43.2
-44.9
MERCOR
41.00
19.07
56.00
48.40
18.1
-13.6
PANOVA
38.00
20.07
46.00
42.49
11.8
-7.6
38
SILVANO
19.81
23.07
21.00
16.80
-15.2
-20.0
39
ABMSOLID
29.50
24.07
34.50
24.37
-17.4
-29.4
40
POLAQUA
77.00
30.07
81.00
78.00
1.3
-3.7
41
ARMATURA
1.80
31.07
2.04
2.04
13.3
0.0
42
STAPORKOW
30.00
3.08
38.59
51.75
72.5
34.1
43
QUANTUM
23.20
16.08
20.10
20.40
-12.1
1.5
44
BOMI
23.00
20.08
20.60
28.00
21.7
35.9
45
KRAKCHEM
7.00
23.08
6.83
3.95
-43.6
-42.2
46
ZASTAL
4.20
27.08
4.00
2.35
-44.1
-41.3
47
ARCUS
17.00
10.09
13.75
10.98
-35.4
-20.2
48
OPONEO
8.00
12.09
7.93
8.50
6.3
7.2
49
HBWLOCLAW
539.50
18.09
555.00
440.00
-18.4
-20.7
50
ENERGOINS
18.00
25.09
18.24
19.40
7.8
6.4
51
OLYMPIC
21.97
26.09
22.15
13.28
-39.6
-40.1
52
RESBUD
42.00
27.09
41.70
29.90
-28.8
-28.3
53
WOLAINFO
22.00
28.09
21.96
15.30
-30.5
-30.3
54
MAGELLAN
42.00
1.10
44.00
42.00
0.0
-4.6
55
RAINBOW
9.00
9.10
8.63
7.77
-13.7
-10.0
56
CPENERGIA
9.00
10.10
9.85
7.80
-13.3
-20.8
57
KPPD
117.00
17.10
115.80
83.65
-28.5
-27.8
58
PLAZACNTR
10.39
19.10
10.78
11.20
7.8
3.9
59
ORZBIALY
28.00
22.10
27.90
22.96
-18.0
-17.7
60
IZOLACJA
64.00
23.10
75.00
43.00
-32.8
-42.7
61
TERESA
27.00
24.10
35.99
28.00
3.7
-22.2
62
ASBIS
6.50
30.10
6.89
8.80
35.4
27.7
63
INTEGERPL
13.50
30.10
14.89
13.65
1.1
-8.3
64
BIPROMET
25.00
31.10
23.98
18.19
-27.2
-24.2
65
RONSON
5.75
5.11
5.70
4.85
-15.7
-14.9
66
ZNTKLAPY
33.00
7.11
29.30
116.10
251.8
296.3
67
INTROL
11.50
8.11
10.84
9.74
-15.3
-10.2
68
COMPLEX
5.00
14.11
4.70
3.29
-34.2
-30.0
* Closing price
24
Main List
No
Company
Issue
price
First quotation*
date
price**
Price**
at year-end
(PLN)
(PLN)
(PLN)
Price change vs.
(%)
(%)
69
ASSECOBS
11.00
19.11
11.32
12.50
13.6
10.4
70
PRIMAMODA
12.00
20.11
9.90
7.84
-34.7
-20.8
71
KERNEL
24.00
23.11
24.00
34.00
41.7
41.7
72
WIELTON
7.00
28.11
8.48
8.00
14.3
-5.7
73
CITYINTER
9.00
30.11
11.30
9.00
0.0
-20.4
74
DROP
18.00
4.12
28.50
29.99
66.6
5.2
75
SECOGROUP
37.00
5.12
39.10
45.90
24.1
17.4
76
KONSSTALI
65.00
6.12
74.80
68.90
6.0
-7.9
77
REINHOLD
25.37
13.12
37.20
29.89
17.8
-19.7
78
NEPENTES
17.00
14.12
20.40
20.10
18.2
-1.5
79
UNICREDIT
20.00
20.12
20.10
20.44
2.2
1.7
80
EFH
7.50
21.12
6.86
7.02
-6.4
2.3
81
WARFAMA
4.00
27.12
3.91
3.99
-0.3
2.1
* Closing price
Newly listed foreign companies in 2007
No
First quotation
Country
1
Company
WARIMPEX
29.01
Austria
2
IMMOEAST
25.01
Austria
3
ACE
1.06
Spain / Luxembourg
4
ORCOGROUP
21.06
Luxembourg
5
SILVANO
23.07
Estonia
6
OLYMPIC
26.09
Estonia
7
PLAZACNTR
19.10
Holland
8
ASBIS
30.10
Cyprus
9
RONSON
5.11
Holland
10
KERNEL
23.11
Ukraine / Luxembourg
11
REINHOLD
13.12
Sweden
12
UNICREDIT
20.12
Italy
25
Fact Book 2008
Delistings in 2007
No
Company
1
ASSECOPOL
2
EKODROB
3
BCHEM
4
ZREW
5
POLMOSLBN
6
RMFFM
7
EMAX
8
UNIMIL
9
Suspension
date
SPIN
Delisting
date
Reason for
delisting
since 3.01
since 16.01
merger with another company
since 14.09.06
since 26.01
acquisition by another company
since 27.03
on 30.03
since 2.04
on 20.04
since 15.02
on 25.05
shares converted to paper form
since 16.03
on 15.06
since 30.05
on 18.06
on 19.04
on 6.07
on 26.06
on 18.07
10
PROVIMROL
since 27.06
on 9.08
11
POLMOSBIA
since 14.06
on 31.08
12
HYDROBUD
since 9.08
13
ELEKTROEX
14
CSS
on 7.12
since 3.09
since 14.12
safety of trading
on 21.12
Share splits in 2007
No
Company
Date of last quotation
before split
Date of quotation
after split
Split
ratio
1
PCGUARD
24.01
25.01
1 : 100
2
IDMSA
7.02
8.02
1 : 10
3
ELKOP
7.03
8.03
1 : 13
4
BYTOM
24.05
25.05
1 : 10
5
FON
1.06
4.06
1:5
6
KRUK
22.06
25.06
1 : 11
7
HTLSTREFA
11.07
12.07
1:5
8
FAMUR
1.08
2.08
1 : 107
9
PROCAD
14.08
16.08
1 : 10
10
PEPEES
24.08
27.08
1 : 100
11
IMPEXMET
5.09
6.09
1 : 25
12
VISTULA
6.09
7.09
1 : 10
13
POLIMEXMS
19.09
20.09
1 : 25
14
PEMUG
21.09
24.09
1 : 10
15
ORZEL
5.10
8.10
1 : 31
16
SYNTHOS
14.11
15.11
1 : 67
17
MEWA
21.11
22.11
1 : 20
18
ECHO
28.12
2.01.2008
1 : 10
26
Main List
Changes of quotation markets in 2007
No
Company
Trading market
Date of quotation
before change
after change
last
before change
first
after change
1
CAPITAL
parallel
main
14.02
15.02
2
CASHFLOW
parallel
main
14.05
15.05
3
TUP
parallel
main
19.12
20.12
Change of company names in 2007
No
Old
name
Old
ticker
New
name
New
ticker
Change
date
1
ARKSTEEL
ASL
POINTGROUP
PGM
9.01
2
12PIAST
12N
BBIDEVNFI
BBD
12.01
3
SOFTBANK
SFT
ASSECOPOL
ACP
17.01
4
HOGA.PL
HGA
WASKO
WAS
24.01
5
07NFI
07N
BBICAPNFI
BBC
18.01
6
VENTUS
VNT
HAWE
HWE
21.02
7
STRZELC
STC
ADVADIS
ADS
27.03
8
7BULLS
7BC
TRITON
TRI
13.04
9
COMPLAND
CPL
SYGNITY
SGN
16.04
10
ELDORADO
EDR
EMPERIA
EMP
14.05
11
ELMONTWAR
ELW
STORMM
STM
9.07
12
02NFI
02N
KREZUS
KZS
16.07
13
PTAGRUPP
PTA
SILVANO
SFG
13.09
14
EUROFILMS
EUF
ERGIS
EEF
14.09
15
IDMSAPL
IDM
IDMSA
IDM
18.09
16
PUE
PUE
ZPUE
PUE
16.10
DWR
SYNTHOS
SNS
31.10
10N
BBIZENNFI
BBZ
14.12
17
DWORY
18
10FOKSAL
27
Fact Book 2008
Equity trading value in 2007 (PLN million)
Continuous
trading
Single-price
system
Block
trades
Other*
Total
January
38 048.0
9.7
1 917.8
47.9
40 023
February
36 543.8
10.5
493.8
1 035.1
38 083
March
42 763.7
5.8
956.3
33.6
43 759
April
42 175.3
5.2
1 677.8
0.0
43 858
May
38 786.9
1.6
772.4
424.3
39 985
June
41 699.0
3.1
2 009.2
0.0
43 711
July
42 939.5
4.5
2 673.2
0.0
45 617
August
37 030.0
4.8
2 415.8
180.8
39 631
September
27 511.9
4.0
677.8
11.3
28 205
October
38 202.0
3.6
893.9
0.0
39 099
November
35 760.7
2.0
1 397.8
202.2
37 363
December
33 492.4
1.5
1 333.0
1 000.3
35 827
454 953.1
56.4
17 218.8
2 935.5
475 164
Total
* Other: invitations to sell shares, public offerings carried out through WSE and buy in/sell out
transactions
28
Main List
Shares by trading value in 2007
No
Company
Ticker
Turnover Share in Annual
value turnover turnover
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
volume number of number of
per session transactions
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
1
KGHM
KGH
39 249.6
8.63
91.8
730 826
1 504
4 465
276.8
40
2
TPSA
TPS
37 256.1
8.19
60.5
3 250 968
972
3 071
1 681.2
130
3
PKOBP
PKO
33 128.2
7.28
69.7
1 303 564
1 362
3 642
1 530.6
58
4
PKNORLEN
PKN
31 494.4
6.92
72.1
1 227 838
1 048
3 380
242.0
38
5
PEKAO
PEO
28 709.4
6.31
34.3
231 550
601
1 877
370.6
37
6
BIOTON
BIO
10 328.3
2.27
126.0
13 450 618
1 769
7 001
146.6
11
7
BANKBPH
BPH
9 648.9
2.12
20.0
22 894
302
939
55.1
9
8
BZWBK
BZW
8 928.0
1.96
38.7
68 484
410
1 474
37.5
9
9
PGNIG
PGN
8 418.2
1.85
17.3
3 570 109
726
2 264
25.9
12
10
GTC
GTC
8 310.4
1.83
40.2
350 931
701
1 932
66.4
22
11
GETIN
GTN
7 200.6
1.58
36.5
1 001 031
474
1 374
48.3
22
12
TVN
TVN
6 668.8
1.47
83.0
550 832
615
2 073
18.5
11
13
BRE
BRE
6 506.1
1.43
22.8
26 923
283
691
17.1
9
14
POLNORD
PND
5 446.3
1.20
120.6
57 988
474
1 039
559.2
43
15
ELEKTRIM
ELE
4 715.4
1.04
320.6
1 028 748
1 459
3 428
126.2
26
16
HANDLOWY
BHW
4 565.2
1.00
17.1
89 336
93
261
24.4
6
17
LOTOS
LTS
4 543.6
1.00
88.2
196 321
492
1 894
13.2
11
18
MILLENNIUM MIL
4 000.5
0.88
20.2
682 337
215
631
30.4
10
19
AGORA
AGO
3 961.1
0.87
102.0
172 821
304
1 048
13.9
7
20
CEZ
CEZ
3 956.1
0.87
2.3
54 265
164
435
34.3
6
21
MOSTALZAB
MSZ
3 926.1
0.86
181.2
709 704
697
1 734
187.5
24
22
POLIMEXMS
PXM
3 841.9
0.84
16.7
288 781
308
695
122.7
11
23
PROKOM
PKM
3 500.1
0.77
86.5
47 533
296
950
4.0
4
24
STALEXP
STX
3 448.7
0.76
221.0
1 297 505
1 106
2 825
7.2
13
25
MOSTALEXP
MSX
3 120.9
0.69
483.6
842 162
954
2 120
14.7
7
26
PBG
PBG
3 090.4
0.68
55.1
17 772
185
506
147.0
33
27
CIECH
CIE
2 902.2
0.64
48.6
53 734
142
372
41.4
7
28
MCI
MCI
2 557.7
0.56
158.3
238 139
726
1 676
81.0
15
29
ASSECOPOL*
ACP
2 513.1
0.55
40.7
68 875
120
361
203.3
15
30
FON
FON
2 483.8
0.55
84.1
5 030 483
950
2 461
0.3
1
31
CERSANIT
CST
2 472.9
0.54
22.6
120 624
208
565
3.6
2
32
BUDIMEX
BDX
2 452.3
0.54
46.9
47 996
178
459
1.2
3
33
GANT
GNT
2 443.0
0.54
170.4
60 969
602
1 403
116.2
19
34
MOL
MOL
2 437.1
0.54
3.1
13 565
82
303
33.7
7
35
ECHO
ECH
2 340.2
0.51
2.9
47 919
155
484
6.8
5
36
SANWIL
SNW
2 318.1
0.51
1 225.7
4 846 247
849
2 186
58.4
7
37
MASTERS
MST
2 297.1
0.50
691.6
9 049 040
819
2 934
1.5
1
38
INGBSK
BSK
2 156.5
0.47
9.6
5 008
55
198
7.6
1
39
IDMSA
IDM
2 008.7
0.44
78.3
236 697
415
932
91.0
24
40
PROCHNIK
PRC
1 980.5
0.44
850.8
3 094 895
606
1 560
5.5
2
* Formerly Softbank
29
Fact Book 2008
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
41
MMPPL
MMP
1 894.2
0.42
50.2
314 565
189
625
16.9
14
42
AMREST
EAT
1 838.8
0.40
83.7
32 008
73
205
895.2
32
43
ORBIS
ORB
1 829.3
0.40
31.1
48 206
78
278
332.7
2
44
PCGUARD
PCG
1 820.8
0.40
798.4
4 999 525
722
2 083
1.1
1
45
SYNTHOS
SNS
1 722.3
0.38
7.4
200 602
157
432
64.3
8
46
IMMOEAST
IEA
1 720.3
0.38
3.2
168 613
129
420
79.3
6
47
DUDA
DUD
1 708.7
0.38
93.6
290 736
444
1 511
2.5
7
48
14ZACH
14N
1 680.4
0.37
171.9
584 627
558
1 473
7.6
7
49
SKOTAN
SKT
1 674.6
0.37
135.6
261 528
731
2 212
182.7
19
50
CEDC
CDC
1 634.0
0.36
27.2
31 041
11
50
79.9
11
51
BUDOPOL
BDL
1 615.2
0.35
474.5
476 444
689
1 730
---
---
52
ZURAWIE
ZUR
1 604.2
0.35
461.5
115 090
652
1 669
1.3
2
53
KREZUS
KZS
1 598.8
0.35
184.1
369 132
692
1 725
120.5
21
54
KETY
KTY
1 588.6
0.35
46.5
16 631
85
297
31.4
5
55
TOORA
TOR
1 564.8
0.34
709.6
595 501
700
1 611
7.4
1
56
BBIDEVNFI
BBD
1 555.1
0.34
198.4
1 408 904
607
1 547
4.3
7
57
PEGAS
PGS
1 549.5
0.34
83.1
29 911
38
137
35.2
10
58
CAPITAL
CPA
1 545.4
0.34
292.0
276 234
603
1 634
12.3
12
59
SWARZEDZ
SWZ
1 508.8
0.33
603.6
2 851 088
556
1 651
3.4
4
60
NETIA
NET
1 481.6
0.33
46.3
705 703
296
1 097
23.0
5
61
LENTEX
LTX
1 480.0
0.33
165.8
65 007
294
878
93.8
20
62
DOMDEV
DOM
1 440.3
0.32
18.9
18 502
99
310
5.3
4
63
DROZAPOL
DPL
1 408.6
0.31
461.7
253 237
619
1 569
0.3
1
64
STALPROD
STP
1 332.5
0.29
17.8
2 766
94
303
---
---
65
IBSYSTEM
IBS
1 276.2
0.28
818.3
1 611 805
537
1 376
3.4
4
66
FAM
FAM
1 272.8
0.28
281.4
258 159
449
1 126
45.8
21
67
CCC
CCC
1 259.6
0.28
35.0
40 449
48
163
160.9
2
68
LUBAWA
LBW
1 248.5
0.27
353.2
1 218 506
541
2 082
8.7
14
69
POLICE
PCE
1 246.9
0.27
72.2
198 221
308
878
2.4
4
70
LCCORP
LCC
1 245.6
0.27
39.7
1 132 162
704
1 883
329.6
59
71
KOPEX
KPX
1 245.1
0.27
62.6
47 716
275
699
1 275.9
61
72
VISTULA
VST
1 244.9
0.27
21.6
63 417
60
189
189.6
10
73
HUTMEN
HTM
1 240.6
0.27
131.3
106 981
430
1 212
32.8
27
74
JUPITER
JPR
1 224.9
0.27
492.2
509 041
485
1 162
8.3
10
75
BORYSZEW
BRS
1 185.2
0.26
44.4
103 299
234
844
55.2
35
76
RUCH
RCH
1 171.7
0.26
43.6
95 251
140
496
29.9
5
77
CENSTALGD
CSG
1 140.1
0.25
154.3
151 219
445
1 200
1.6
3
78
MNI
MNI
1 130.0
0.25
184.1
438 667
376
1 187
166.3
24
79
SYGNITY
SGN
1 101.3
0.24
93.6
34 827
154
516
4.3
7
80
PULAWY
ZAP
1 082.0
0.24
33.7
23 049
98
309
5.1
3
30
Main List
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
81
IMPEXMET
IPX
1 078.1
0.24
5.6
36 166
111
298
137.4
10
82
KREDYTB
KRB
1 072.2
0.24
11.5
94 257
69
236
319.1
2
83
JWCONSTR
JWC
1 042.1
0.23
18.3
61 157
346
1 029
92.4
8
84
COMARCH
CMR
1 033.4
0.23
44.7
10 663
55
210
13.1
1
85
LPP
LPP
1 029.3
0.23
21.5
1 038
33
142
101.6
1
86
GRAJEWO
GRJ
1 023.0
0.22
17.9
35 436
36
122
6.0
4
87
PPWK
PWK
1 014.6
0.22
613.0
386 359
479
1 158
28.7
29
88
PONARFEH
PNF
1 013.7
0.22
475.8
71 663
432
1 164
36.7
10
89
DEBICA
DBC
1 010.3
0.22
37.3
20 657
61
250
---
---
90
ADVADIS
ADS
1 008.4
0.22
500.2
1 499 888
380
1 224
17.2
19
91
ENERGOPOL
EPL
963.4
0.21
261.9
60 656
399
1 099
3.8
1
92
PEP
PEP
925.8
0.20
82.4
60 910
153
399
3.5
1
93
HYGIENIKA
HGN
871.1
0.19
666.9
296 857
371
897
12.7
5
94
HAWE
HWE
866.3
0.19
913.9
138 516
538
1 342
23.9
8
95
STORMM
STM
850.9
0.19
553.4
178 669
353
862
36.5
16
96
PAGED
PGD
843.5
0.19
120.2
42 606
160
421
23.2
8
97
JAGO
JAG
838.3
0.18
643.0
344 042
344
819
79.2
29
98
NFIEMF
EMF
812.7
0.18
19.4
79 304
50
131
3.7
4
99
PGF
PGF
812.7
0.18
40.9
17 746
39
142
1.0
2
100
LZPS
LZP
800.1
0.18
276.4
180 505
230
556
12.2
6
101
NOBLEBANK
NBL
776.1
0.17
13.6
181 207
227
626
47.3
6
102
KRUK
KRK
767.1
0.17
66.9
25 870
181
575
1.3
1
103
CCIINT
CCI
752.1
0.17
24.7
50 157
47
140
0.9
2
104
TUP
TUP
746.3
0.16
210.8
47 188
348
938
11.5
3
105
KOLASTYNA
KOL
727.9
0.16
179.1
439 439
478
1 273
24.0
3
106
OPOCZNO
OPO
720.7
0.16
46.3
30 579
59
234
---
---
107
PETROLINV
OIL
710.1
0.16
17.5
11 570
478
1 224
3.7
4
108
POLCOLOR
PLT
703.1
0.15
331.6
570 860
298
914
9.7
8
109
ATLANTIS
ATS
703.0
0.15
1 116.4
530 093
398
1 101
---
---
110
BARLINEK
BRK
696.5
0.15
19.7
75 846
118
343
5.1
2
111
FAMUR
FMF
684.5
0.15
5.6
107 610
125
309
0.2
1
112
MIDAS
MDS
682.3
0.15
32.6
49 334
240
701
286.8
34
113
BYTOM
BTM
679.1
0.15
144.2
164 840
318
837
---
---
114
ALCHEMIA
ALC
676.8
0.15
34.1
84 209
308
907
214.9
43
115
ABG
ABG
613.4
0.13
54.6
169 836
148
650
5.1
2
116
TIM
TIM
607.8
0.13
37.4
32 234
93
311
40.1
5
117
ENERGOPLD
EPD
607.4
0.13
286.6
219 831
289
855
64.8
35
118
MOSTALWAR MSW
604.1
0.13
31.1
24 996
128
363
0.4
1
119
IMPEL
IPL
589.2
0.13
149.2
38 927
106
334
1.0
3
120
FERRUM
FER
588.2
0.13
123.7
51 659
237
772
110.1
16
31
Fact Book 2008
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
121
04PRO
04N
587.2
0.13
59.0
108 427
244
625
16.2
7
122
HTLSTREFA
HTL
574.5
0.13
14.7
37 493
171
572
0.8
3
123
SWIECIE
MPP
556.8
0.12
11.6
12 417
46
166
512.0
30
124
EMPERIA
EMP
554.5
0.12
26.1
8 274
29
113
12.0
1
125
TRITON
TRI
547.4
0.12
211.2
53 407
249
779
85.8
29
126
RELPOL
RLP
539.7
0.12
386.9
11 823
132
435
63.3
13
127
INTERCARS
CAR
516.4
0.11
23.7
10 822
48
151
10.7
6
128
NOWAGALA
CNG
505.2
0.11
89.3
159 461
133
386
4.1
3
129
WARIMPEX
WXF
496.9
0.11
16.5
24 011
131
547
34.2
5
130
ORZEL
ORZ
485.0
0.11
532.8
1 049 934
311
966
0.9
1
131
RAFAKO
RFK
484.2
0.11
34.9
65 164
124
463
1.8
3
132
EUROCASH
EUR
483.8
0.11
18.7
95 915
19
69
0.3
1
133
TECHMEX
TEX
477.3
0.10
85.0
28 145
95
285
8.9
2
134
ULMA
ULM
474.8
0.10
19.0
3 168
68
233
---
---
135
MEWA
MEW
470.2
0.10
217.1
1 672 982
260
736
5.4
4
136
STALPROFI
STF
462.1
0.10
65.0
35 153
124
308
0.5
1
137
ELSTAROIL
ELS
457.4
0.10
43.4
81 466
116
418
12.7
4
138
KOGENERA
KGN
451.9
0.10
26.0
15 529
27
126
---
---
139
ELKOP
EKP
451.3
0.10
710.6
186 559
274
725
1.3
3
140
POLAQUA
PQA
439.7
0.10
38.8
27 454
91
271
1 028.8
84
141
INSTALKRK
INK
423.1
0.09
104.8
24 951
124
331
3.4
4
142
OPTIMUS
OPT
422.6
0.09
427.1
160 598
240
729
0.5
1
143
TRASINTUR
TIN
416.1
0.09
296.3
213 142
196
637
10.7
3
144
BBICAPNFI
BBC
415.8
0.09
80.6
87 810
168
413
39.5
20
145
KOELNER
KLR
412.7
0.09
15.3
16 903
35
144
68.4
22
146
ORCOGROUP
OPG
401.2
0.09
5.3
3 901
8
131
21.9
4
147
BMPAG
BMP
396.1
0.09
108.5
74 397
164
491
6.1
5
148
WSIP
WSP
391.1
0.09
46.4
56 689
60
222
3.7
4
149
ELBUDOWA
ELB
390.1
0.09
23.3
3 945
38
152
---
---
150
ZTSERG
ERG
382.0
0.08
290.6
44 790
177
520
3.4
4
151
SWISSMED
SWD
380.2
0.08
135.1
204 448
195
700
0.2
1
152
JUTRZENKA
JTZ
380.1
0.08
42.2
4 410
40
147
1.7
2
153
INTERFERI
INF
379.4
0.08
394.9
77 775
165
525
11.7
9
154
POLNA
PLA
378.1
0.08
410.4
13 719
160
442
---
---
155
NAFTA
NFT
370.4
0.08
70.8
16 796
105
305
---
---
156
PEPEES
PPS
368.1
0.08
101.0
208 254
144
408
181.1
17
157
CASHFLOW
CFL
363.6
0.08
488.9
48 529
170
495
2.4
6
158
NOVITA
NVT
354.3
0.08
166.0
13 567
106
350
20.6
8
159
BOMI
BMI
351.5
0.08
52.7
76 694
67
227
99.3
31
160
HYDROBUD
HBD
344.7
0.08
27.8
5 471
42
145
6.6
2
32
Main List
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
KBL
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
344.1
0.08
99.3
7 785
112
384
2.8
2
339.8
0.07
10.7
4 191
32
131
1.2
2
GGU
339.7
0.07
141.4
41 054
119
455
4.1
6
PJP
339.1
0.07
76.4
14 307
74
239
31.8
5
PRATERM
PTM
336.9
0.07
34.4
14 224
28
107
0.5
2
166
ERBUD
ERB
335.6
0.07
15.2
14 141
54
195
---
---
167
ENAP
ENP
334.8
0.07
345.4
213 453
191
492
---
---
168
ATM
ATM
332.1
0.07
4.7
5 065
43
158
12.6
5
169
SKYEUROPE
SKY
331.4
0.07
27.4
42 730
88
379
0.9
2
170
ACTION
ACT
321.2
0.07
44.5
28 843
76
242
8.4
4
171
EUROFAKTR
EFR
317.7
0.07
289.9
52 045
146
447
---
---
172
COMP
CMP
316.4
0.07
73.9
7 590
21
110
31.2
6
173
FARMACOL
FCL
311.0
0.07
16.0
13 624
14
78
3.1
2
174
MOSTALPLC
MSP
309.2
0.07
109.1
8 251
79
230
2.3
1
175
08OCTAVA
08N
306.8
0.07
62.7
90 209
145
472
18.5
6
176
ZELMER
ZLR
305.4
0.07
17.8
10 728
67
251
---
---
177
QUMAKSEK
QSM
303.3
0.07
127.9
49 453
95
288
6.7
3
178
ROPCZYCE
RPC
303.0
0.07
67.8
11 430
68
247
21.0
6
179
APATOR
APT
301.6
0.07
28.0
26 296
51
217
65.3
10
180
ALMA
ALM
299.1
0.07
31.8
4 631
36
126
---
---
181
RADPOL
RDL
290.7
0.06
57.7
82 797
142
489
1.1
2
182
SFINKS
SFS
289.1
0.06
32.8
11 880
55
192
0.5
1
183
ODLEWNIE
ODL
288.9
0.06
122.5
62 181
137
471
0.8
3
184
ELEKTROTI
ELT
281.2
0.06
37.4
22 763
90
288
9.1
22
185
ECARD
ECD
278.9
0.06
169.5
207 677
187
652
6.4
3
186
GRAAL
GRL
277.8
0.06
54.4
15 497
29
182
3.4
3
187
HYPERION
HYP
275.9
0.06
122.8
54 346
97
354
7.4
9
188
ZPUE
PUE
271.3
0.06
82.6
1 308
17
65
18.4
2
189
JCAUTO
JCA
270.7
0.06
59.3
17 850
55
185
---
---
190
KROSNO
KRS
265.4
0.06
70.4
71 445
113
388
---
---
191
MERCOR
MCR
264.5
0.06
19.2
23 666
53
165
---
---
192
INWESTCON
INC
264.4
0.06
190.3
34 933
115
383
15.1
15
193
TETA
TET
262.7
0.06
64.9
22 290
44
201
1.0
1
194
MONNARI
MON
260.2
0.06
70.3
16 705
74
248
5.8
9
195
POINTGROUP PGM
253.3
0.06
487.6
126 251
176
582
---
---
161
KABLE
162
HBWLOCLAW HBW
163
GADUGADU
164
PROJPRZEM
165
196
INSTAL
INS
249.9
0.05
247.7
59 962
148
401
2.0
1
197
AMICA
AMC
246.4
0.05
88.8
19 859
61
337
2.8
4
198
FORTE
FTE
238.1
0.05
48.4
45 857
56
198
0.7
2
199
GROCLIN
GCN
237.4
0.05
49.7
9 680
46
229
8.9
6
200
ACE
ACE
237.1
0.05
29.1
41 855
54
204
1.3
2
33
Fact Book 2008
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
201
ATMGRUPA
ATG
235.2
0.05
25.9
2 170
21
78
57.9
4
202
PLASTBOX
PLX
233.3
0.05
238.2
13 588
90
280
12.9
9
203
06MAGNA
06N
230.7
0.05
59.3
48 784
118
333
1.5
1
204
ABPL
ABE
224.6
0.05
81.9
19 499
32
108
42.8
3
205
SANOK
SNK
224.3
0.05
17.6
2 029
7
43
---
---
206
KOMPAP
KMP
222.6
0.05
359.9
32 487
133
389
5.5
4
207
ENERGOPN
EPN
218.1
0.05
19.3
18 434
63
239
0.3
1
208
BBIZENNFI
BBZ
215.8
0.05
130.1
45 759
114
321
14.5
7
209
SNIEZKA
SKA
215.5
0.05
17.0
9 147
13
63
---
---
210
FOTA
FOT
211.3
0.05
37.2
11 638
50
208
---
---
211
INTERIA.PL
INT
211.2
0.05
58.4
6 575
27
136
0.2
1
212
ESSYSTEM
ESS
207.2
0.05
24.8
50 922
68
218
2.5
1
213
BEEFSAN
BEF
205.1
0.05
75.6
120 548
109
337
38.5
8
214
BANKIER.PL
BPL
205.0
0.05
140.9
36 377
93
335
21.9
14
215
AMBRA
AMB
199.4
0.04
36.2
25 718
18
105
1.5
1
216
HOOP
HOP
199.3
0.04
36.6
11 106
70
225
113.4
4
217
ASSECOSLO
ACS
197.3
0.04
26.7
868
7
48
6.7
2
218
MEDIATEL
MTL
195.3
0.04
231.8
28 252
85
338
---
---
219
AMPLI
APL
191.8
0.04
359.5
33 613
105
326
---
---
220
GINOROSSI
GRI
187.3
0.04
47.5
18 071
62
278
32.7
7
221
PAMAPOL
PMP
183.8
0.04
15.4
14 091
51
189
3.0
7
222
ERGIS
EEF
173.4
0.04
60.5
50 061
91
267
45.7
2
223
MIESZKO
MSO
171.6
0.04
59.5
95 357
92
356
1.7
3
224
PEKAES
PEK
171.4
0.04
18.5
20 204
49
178
39.5
3
225
KAREN
KAR
169.3
0.04
110.9
109 327
214
619
14.0
2
226
ARMATURA
ARM
167.3
0.04
207.9
401 798
226
514
16.5
7
227
PROCHEM
PRM
166.9
0.04
24.4
3 796
18
87
---
---
228
PROSPER
PSP
162.7
0.04
123.9
15 640
44
192
5.2
7
229
SILVANO
SFG
161.0
0.04
18.3
39 364
35
100
112.6
4
230
ASTARTA
AST
160.7
0.04
18.2
18 030
46
181
2.2
3
231
PROVIMROL
PRX
156.4
0.03
30.3
23 962
12
69
---
---
232
ARTMAN
ART
155.9
0.03
54.0
4 891
32
107
---
---
233
DECORA
DCR
155.3
0.03
16.8
6 357
18
85
24.0
1
234
ELEKTROEX
ELX
154.6
0.03
270.9
100 441
118
356
---
---
235
IGROUP
IGR
153.6
0.03
35.3
33 743
61
243
---
---
236
EMAX
EMX
153.1
0.03
24.8
5 354
13
73
16.8
2
237
LENA
LEN
152.8
0.03
29.9
29 361
49
180
0.4
1
238
BAKALLAND
BAK
151.8
0.03
49.5
39 051
86
373
4.2
4
239
FASING
FSG
148.1
0.03
82.5
10 290
83
289
---
---
240
IVMX
IMX
145.8
0.03
15.4
8 124
25
98
---
---
34
Main List
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
241
B3SYSTEM
B3S
144.3
0.03
121.3
38 131
105
340
---
---
242
REDAN
RDN
143.2
0.03
81.4
48 328
73
292
4.8
4
243
NORTCOAST
NCT
141.3
0.03
65.5
57 886
75
248
---
---
244
SRUBEX
SRX
138.8
0.03
163.8
6 354
42
166
12.4
1
245
WILBO
WLB
129.6
0.03
159.1
60 692
66
259
---
---
246
TORFARM
TFM
129.3
0.03
23.2
3 289
19
97
2.6
1
247
YAWAL
YWL
128.5
0.03
61.1
5 336
56
188
20.3
5
248
HYDROTOR
HDR
126.7
0.03
57.3
3 693
31
126
26.5
2
249
MISPOL
MIP
123.9
0.03
23.2
12 411
32
112
---
---
250
TELL
TEL
121.0
0.03
83.3
2 227
20
91
2.4
2
251
TRAVELPL
TVL
117.9
0.03
50.5
4 362
35
207
---
---
252
RONSON
RON
117.6
0.03
8.9
303 372
21
80
104.2
3
253
KRUSZWICA
KSW
117.1
0.03
7.7
3 980
27
123
---
---
254
PROCAD
PRD
113.7
0.02
54.6
24 478
87
272
---
---
255
POLMOSBIA
PLB
112.8
0.02
28.2
3 340
14
62
22.1
22
256
ZNTKLAPY
ZNT
112.0
0.02
57.4
20 140
389
973
---
---
257
ARTERIA
ARR
111.9
0.02
60.3
8 321
44
216
2.5
2
258
KERNEL
KER
111.4
0.02
3.2
88 080
30
78
---
---
259
EUROTEL
ETL
108.9
0.02
71.1
12 096
34
141
0.9
3
260
DGA
DGA
107.4
0.02
264.1
13 401
63
221
---
---
261
WASKO
WAS
106.7
0.02
11.9
37 431
80
375
8.5
4
262
EFEKT
EFK
103.0
0.02
91.3
5 407
51
173
0.8
1
263
ONE2ONE
O2O
100.2
0.02
70.1
16 056
62
237
10.6
12
264
CSS
CSS
99.6
0.02
56.5
5 520
20
113
40.9
4
265
WAWEL
WWL
99.1
0.02
10.4
610
16
95
1.7
2
266
MUZA
MZA
98.6
0.02
208.8
22 189
60
253
1.7
3
267
INDYKPOL
IND
97.4
0.02
17.0
1 505
8
49
1.2
1
268
TFONE
TFO
95.3
0.02
22.5
10 103
39
177
---
---
269
SUWARY
SUW
95.2
0.02
120.5
2 553
46
179
35.9
17
270
REMAK
RMK
94.5
0.02
53.1
5 918
30
135
3.5
5
271
NOVITUS
NVS
94.5
0.02
37.8
7 318
27
149
0.6
1
272
VARIANT
VRT
83.1
0.02
68.1
7 214
46
186
4.4
7
273
SEKO
SEK
81.8
0.02
129.0
13 470
35
145
10.7
1
274
LSISOFT
LSI
79.8
0.02
165.2
15 857
53
197
---
---
275
BETACOM
BCM
79.6
0.02
102.0
7 589
43
221
---
---
276
CPENERGIA
CPE
75.2
0.02
21.2
199 497
520
1 099
---
---
277
PEMUG
PMG
72.2
0.02
17.2
14 287
36
114
3.5
1
278
ZYWIEC
ZWC
71.4
0.02
0.6
266
18
103
5.8
5
279
EUROMARK
EMK
71.0
0.02
18.4
9 027
17
91
---
---
280
SIMPLE
SME
70.7
0.02
195.1
14 219
39
200
---
---
35
Fact Book 2008
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
Order-book trades
Block trades
Average
Average
Average
orders
(shares)
Turnover Number of
value transactions
(PLN
million)
281
WANDALEX
WDX
69.5
0.02
50.2
14 722
45
156
---
---
282
01NFI
01N
67.4
0.01
192.0
49 590
74
283
11.8
6
283
ZETKAMA
ZKA
58.6
0.01
95.8
5 896
29
116
9.6
6
284
ZEG
ZEG
57.8
0.01
48.3
2 058
39
188
1.8
2
285
NETMEDIA
NEM
56.6
0.01
31.0
11 637
35
163
---
---
286
13FORTUNA
13N
54.9
0.01
160.1
44 592
67
250
7.9
7
287
ELZAB
ELZ
54.7
0.01
69.1
2 102
26
136
42.3
12
288
POLLENAE
PLE
53.7
0.01
43.0
4 279
27
113
289
NTTSYSTEM
NTT
52.9
0.01
14.2
68 455
62
294
0.8
2
290
UNIMA
U2K
52.3
0.01
125.2
7 181
24
132
4.4
6
291
RAFAMET
RAF
51.9
0.01
59.4
6 530
64
255
0.3
1
292
EMCINSMED
EMC
51.5
0.01
26.1
4 447
24
108
---
---
293
ORZBIALY
OBL
47.8
0.01
10.4
46 345
45
148
26.2
15
294
MAKARONPL MAK
47.0
0.01
40.0
20 420
34
157
5.0
7
295
FORTISPL
FTS
46.8
0.01
0.5
355
29
151
---
---
296
MENNICA
MNC
46.4
0.01
3.3
837
18
98
2.5
1
297
ZASTAL
ZST
45.2
0.01
36.6
87 272
113
358
---
---
298
MOJ
MOJ
42.9
0.01
103.3
40 733
84
269
3.6
8
299
BACA
BCA
42.8
0.01
0.0
167
4
37
---
---
300
PERMEDIA
PMD
41.0
0.01
23.6
955
17
95
---
---
301
MCLOGIC
MCL
40.8
0.01
40.1
1 633
12
72
19.6
17
302
05VICT
05N
40.2
0.01
92.1
33 798
52
201
2.9
2
303
UNIMIL
UML
36.9
0.01
104.4
25 024
22
89
6.9
2
304
STAPORKOW ZUK
36.2
0.01
9.9
4 274
19
70
0.5
2
305
INTERSPPL
IPO
32.0
0.01
17.1
5 000
7
44
---
---
306
KREDYTIN
KRI
32.0
0.01
23.3
9 686
27
114
---
---
307
IZOLACJA
IZO
31.5
0.01
77.0
6 505
126
384
---
---
308
PLAZACNTR
PLZ
31.3
0.01
0.5
28 764
27
87
---
---
309
SPRAY
SPY
31.2
0.01
32.4
2 008
9
74
7.4
1
310
PANOVA
NVA
30.6
0.01
10.0
4 438
14
72
---
---
311
KOMPUTRON KOM
29.9
0.01
4.5
3 760
36
112
---
---
312
ATLANTAPL
ATP
29.1
0.01
18.5
4 448
11
81
---
---
313
BUDVARCEN
BDV
29.0
0.01
11.3
9 106
39
249
0.7
1
314
PRONOX
PRO
27.6
0.01
13.9
6 261
21
120
4.5
6
315
SPIN
SPN
25.5
0.01
7.2
2 828
19
105
---
---
316
TALEX
TLX
25.3
0.01
69.9
3 257
21
127
---
---
317
IRENA
IRE
23.0
0.01
12.4
2 700
18
101
1.5
4
318
POLREST
POL
23.0
0.01
11.6
3 993
22
95
4.0
5
319
ABMSOLID
ABM
20.6
0.00
11.0
4 235
18
79
0.2
1
320
KPPD
KPD
17.9
0.00
5.8
1 927
38
143
---
---
36
Main List
No
Company
Ticker
(PLN
ratio
million)
(%)
(%)
BEST
BST
16.3
322
UNICREDIT
UCG
15.2
323
ZREW
ZRW
14.4
324
MAGELLAN
MAG
14.0
325
GFPREMIUM
PRE
326
TUEUROPA
327
328
Block trades
Turnover Number of
value transactions
(PLN
million)
3.2
726
4
30
---
---
0.00
0.0
88 311
399
1 035
---
---
0.00
2.1
240
10
46
---
---
0.00
7.5
2 658
10
48
25.5
2
13.5
0.00
21.8
4 244
18
152
8.6
6
ERP
13.3
0.00
80.4
227
7
61
902.0
10
POLMOSLBN
PLS
13.1
0.00
13.5
1 293
20
50
---
---
MAKRUM
MKM
13.0
0.00
2.3
10 513
21
133
0.3
1
329
RESBUD
RES
11.7
0.00
19.2
2 260
31
119
0.8
2
330
REINHOLD
RHD
11.4
0.00
2.7
18 002
228
640
---
---
331
NORDEABP
NDA
11.0
0.00
0.5
684
7
54
0.5
1
332
HELIO
HEL
11.0
0.00
12.4
3 394
13
81
1.9
4
333
OLYMPIC
OEG
10.9
0.00
0.2
4 385
9
44
---
---
334
KRAKCHEM
KCH
10.8
0.00
12.9
21 763
40
168
0.4
1
335
ASBIS
ASB
10.6
0.00
1.4
19 430
23
84
---
---
336
OPONEO
OPN
7.9
0.00
4.9
14 599
29
106
3.2
5
337
LDASA
LDS
7.5
0.00
148.7
13 237
11
91
---
---
338
RMFFM
RMF
6.7
0.00
67.4
209
3
18
---
---
339
ENERGOINS
ENI
5.9
0.00
1.0
3 899
15
53
0.4
2
340
QUANTUM
QNT
3.8
0.00
16.1
1 483
17
127
0.5
1
341
BOS
BOS
3.6
0.00
0.3
83
3
42
3.1
3
342
WISTIL
WST
3.5
0.00
2.0
50
2
23
1.3
2
343
ASSECOBS
ABS
3.0
0.00
1.9
4 776
9
33
6.8
7
344
RAINBOW
RBW
2.9
0.00
3.9
8 206
25
113
---
---
345
INTEGERPL
ITG
2.0
0.00
4.8
4 444
11
53
4.2
7
346
COMPLEX
CMX
1.9
0.00
1.0
29 091
16
65
---
---
347
BEDZIN
BDZ
1.9
0.00
1.0
115
2
42
0.1
1
348
ASSECOPOL
ACP1
1.7
0.00
40.7
282
11
30
---
---
349
DZPOLSKA
DZP
1.7
0.00
0.0
73
2
33
---
---
350
WOLAINFO
WIN
1.4
0.00
0.9
4 095
6
41
---
---
351
TERESA
TER
1.3
0.00
1.7
1 061
10
47
0.4
1
352
SECOGROUP
SWG
0.9
0.00
0.1
709
8
33
---
---
353
BCHEM
BCH
0.9
0.00
0.0
152
1
12
---
---
354
PRIMAMODA PMA
0.5
0.00
2.3
9 032
28
93
---
---
355
CITYINTER
CIA
0.1
0.00
0.0
4 902
16
69
---
---
356
EKODROB
EKD
0.0
0.00
0.0
0
0
0
---
---
321
0.00
Order-book trades
Average
Average
Average
orders
(shares)
37
Fact Book 2008
Shares with highest daily turnover in 2007
No
Shares
Date
Turnover
value
(PLN million)
Turnover
volume
(shares)
No
Shares
Date
Turnover
value
(PLN million)
Turnover
volume
(shares)
1
TPSA
18.01
1 237.5
23 625 767
41
KGHM
17.07
338.8
1 357 152
2
PEGAS
11.07
855.9
4 165 859
42
TPSA
6.12
334.8
6 830 301
3
PEKAO
18.12
683.1
1 440 821
43
KGHM
18.04
332.2
1 393 438
4
TPSA
25.10
655.2
13 908 831
44
TPSA
7.12
327.3
6 589 740
5
TPSA
24.10
640.8
14 101 150
45
PEKAO
28.12
326.3
706 991
6
BANKBPH
14.02
623.3
322 649
46
PKNORLEN
16.08
324.6
3 118 351
7
PEKAO
21.12
596.5
1 266 173
47
BRE
13.07
323.1
319 860
8
PKOBP
9.11
533.5
5 028 634
48
KGHM
12.04
321.3
1 401 956
11 069 828
9
PKOBP
6.02
487.4
5 109 356
49
GETIN
7.08
319.2
10
KGHM
21.12
474.4
2 205 050
50
POLNORD
15.02
318.8
1 060 543
11
TPSA
21.12
471.0
10 174 900
51
PKNORLEN
6.07
317.8
2 695 577
12
KGHM
6.07
457.7
1 927 201
52
PKNORLEN
4.06
317.2
3 111 586
13
BZWBK
3.08
452.2
868 854
53
PKOBP
2.10
317.1
2 810 350
14
PEKAO
4.10
446.4
886 254
54
KGHM
27.06
315.4
1 456 618
15
PEKAO
17.12
422.8
850 947
55
TPSA
31.07
313.2
7 103 512
16
BANKBPH
14.03
415.7
238 633
56
KGHM
10.04
312.8
1 412 366
17
KGHM
8.06
403.6
1 835 537
57
TPSA
10.12
312.8
6 271 191
18
PKOBP
21.12
397.7
3 775 863
58
PKOBP
9.10
310.6
2 788 803
19
PEKAO
20.12
397.1
851 687
59
TPSA
7.11
309.9
6 640 168
20
PKOBP
28.02
391.2
4 359 298
60
PEKAO
25.10
309.6
588 538
21
TPSA
22.03
387.1
8 069 934
61
TPSA
2.08
305.4
6 993 240
22
PKNORLEN
13.07
383.3
3 232 557
62
PKNORLEN
24.07
305.1
2 631 867
23
TPSA
9.10
381.9
8 955 031
63
JWCONSTR
4.06
304.4
1 817 553
24
TPSA
19.12
376.6
8 149 195
64
PKOBP
22.03
302.0
3 099 676
25
TPSA
21.09
373.2
8 519 404
65
KGHM
9.07
300.1
1 208 487
26
PKNORLEN
17.07
368.7
3 144 733
66
PEKAO
19.12
297.4
633 065
27
PKNORLEN
25.07
364.6
3 200 802
67
KGHM
9.11
295.4
1 237 076
28
TPSA
8.06
360.6
8 562 873
68
PEKAO
7.11
295.0
547 313
29
KGHM
20.06
359.2
1 433 591
69
PKNORLEN
19.07
294.3
2 555 044
30
RUCH
10.07
357.9
5 676 551
70
PKOBP
10.10
290.8
2 574 414
31
KGHM
15.06
356.7
1 469 035
71
KGHM
31.05
290.0
1 241 025
32
TPSA
26.10
354.3
7 518 048
72
GRAJEWO
30.11
288.8
3 012 664
33
PEKAO
1.02
352.7
696 837
73
POLNORD
29.03
286.7
621 133
34
PKOBP
11.01
350.7
3 904 267
74
TPSA
25.04
284.0
6 224 166
35
TPSA
16.01
350.4
6 854 250
75
KGHM
5.01
284.0
1 773 757
36
TPSA
26.06
343.7
7 385 980
76
KGHM
16.04
281.9
1 209 943
37
PKNORLEN
21.12
341.8
3 230 647
77
PKNORLEN
20.07
279.8
2 467 018
38
KGHM
16.03
341.4
1 878 362
78
KGHM
5.12
279.0
1 214 910
39
PEKAO
23.10
340.1
657 451
79
PKNORLEN
8.11
279.0
2 723 424
40
KGHM
24.07
339.5
1 290 002
80
PKNORLEN
5.06
279.0
2 661 133
38
Main List
Shares by return in 2007
No
Company
Rate of return since
year-beginning (%)
low
(PLN)
high
(PLN)
Price
end
(PLN)
(in PLN)
(in EUR)
1
FON
880.9
942.0
0.19
1.02
0.55
2
ELKOP
359.6
388.3
1.38
6.82
4.83
3
LPP
260.6
283.1
700.00
2 708.00
2 668.50
4
PCGUARD
220.5
240.4
0.11
2.16
0.11
5
INTERCARS
184.7
202.4
43.10
173.00
123.80
6
LZPS
171.6
188.6
3.09
15.80
11.00
7
HYGIENIKA
159.2
175.4
1.90
15.72
4.57
8
BYTOM
156.8
172.8
1.89
7.24
3.72
9
SANWIL
152.0
167.9
0.26
3.17
0.31
10
POLICE
148.5
164.0
6.29
19.63
16.85
11
PEP
142.6
157.8
14.10
43.20
37.00
12
MOSTALPLC
132.0
146.5
35.10
133.20
94.10
13
ENAP
130.7
145.1
1.57
6.44
2.42
14
KRUK
129.4
143.7
11.45
40.45
28.00
15
POLNA
129.1
143.4
20.52
145.00
23.00
16
MCI
127.6
141.8
7.60
38.00
18.55
17
NAFTA
127.4
141.6
22.00
85.90
63.00
18
KOMPAP
117.4
131.0
6.35
25.34
8.86
19
ZURAWIE
111.3
124.4
10.45
64.00
19.34
20
PULAWY
106.2
119.1
54.00
140.50
117.00
21
IDMSA
103.1
115.8
7.07
25.98
14.46
22
MOSTALZAB
94.6
106.8
3.80
18.39
8.00
23
PONARFEH
92.8
104.8
8.51
144.50
9.75
24
CIECH
90.4
102.2
64.60
178.40
121.00
25
EMPERIA
89.5
101.3
78.60
180.90
163.00
26
ELBUDOWA
88.9
100.7
98.50
304.50
200.00
27
ASTARTA
87.2
98.9
12.10
32.99
32.00
28
FORTISPL
86.8
98.4
114.60
550.00
221.70
29
ATMGRUPA
84.6
96.2
128.00
299.50
250.00
30
MENNICA
83.9
95.4
75.10
149.00
143.90
31
AMREST
80.8
92.1
67.55
158.90
134.00
32
ROPCZYCE
80.6
91.8
32.85
83.00
61.00
33
ACTION
78.7
89.8
15.90
35.00
33.15
34
YAWAL
78.2
89.3
33.63
75.45
52.00
35
JAGO
75.3
86.2
2.55
8.00
3.21
36
POLNORD
75.2
86.1
72.50
347.00
141.90
37
OPTIMUS
73.1
83.9
2.45
9.59
2.95
38
CCIINT
67.9
78.4
20.50
40.00
35.00
39
IMPEXMET
65.4
75.7
5.70
16.76
9.20
40
BEST
65.1
75.4
29.00
59.00
52.35
39
Fact Book 2008
No
Company
year-beginning (%)
high
(PLN)
Price
end
(PLN)
(in PLN)
(in EUR)
low
(PLN)
41
TECHMEX
65.1
75.4
21.20
44.89
38.90
42
CEDC
65.0
75.3
79.80
152.00
146.00
43
ARTMAN
62.6
72.7
36.50
93.00
60.00
44
TUP
61.2
71.2
10.20
67.30
16.99
45
ULMA
60.4
70.4
175.00
600.00
320.00
46
TELL
58.5
68.4
69.10
140.00
116.00
47
AGORA
57.6
67.4
36.49
58.00
55.50
48
EUROCASH
57.0
66.8
7.20
12.25
12.00
49
KOPEX
56.7
66.4
30.58
74.90
48.60
50
ABPL
56.1
65.9
16.21
28.70
26.70
51
HOOP
52.3
61.8
24.52
51.00
38.50
52
SIMPLE
51.5
61.0
7.65
13.00
11.97
53
BRE
50.3
59.7
321.10
614.50
505.00
54
QUMAKSEK
48.9
58.2
8.99
16.49
14.03
55
MILLENNIUM
48.6
57.9
7.96
15.30
11.63
56
ASSECOPOL
47.1
56.3
49.44
92.00
73.50
57
POLIMEXMS
46.7
55.9
5.80
12.80
8.56
58
WSIP
46.6
55.7
11.00
16.78
15.71
59
PGNIG
46.3
55.4
3.38
6.10
5.10
60
INTERSPPL
46.0
55.1
8.01
17.70
12.45
61
FASING
45.3
54.3
13.17
46.30
20.70
62
MOSTALEXP
44.6
53.7
2.72
14.98
4.18
63
PLASTBOX
44.4
53.5
14.50
62.20
16.40
64
JUTRZENKA
43.0
51.9
92.10
250.00
140.00
65
JCAUTO
41.5
50.3
20.43
49.40
29.00
66
NFIEMF
41.3
50.1
13.05
27.80
19.00
67
NOWAGALA
40.8
49.6
4.68
8.70
5.50
68
STALPROD
40.2
49.0
520.00
1 488.00
750.00
69
ZYWIEC
38.6
47.2
471.60
743.00
640.00
70
CEZ
38.4
47.0
114.50
200.00
183.00
71
DEBICA
38.3
47.0
73.90
135.00
105.20
72
KGHM
37.9
46.5
78.50
145.00
105.80
73
DZPOLSKA
36.9
45.4
33.50
61.00
47.90
74
ALMA
36.8
45.4
89.00
160.00
130.00
75
GANT
34.7
43.1
44.10
126.00
61.90
76
TUEUROPA
34.1
42.5
87.00
143.00
130.00
77
BBICAPNFI
34.0
42.4
5.38
19.20
8.10
78
VISTULA
33.1
41.4
8.55
17.20
11.98
79
ZPUE
32.5
40.7
276.40
605.00
390.00
80
FAM
31.3
39.5
5.70
15.70
7.72
40
Main List
No
Company
year-beginning (%)
(in PLN)
(in EUR)
low
(PLN)
high
(PLN)
Price
end
(PLN)
81
ZTSERG
29.4
37.5
5.60
50.00
8.85
82
MOSTALWAR
29.3
37.3
29.00
70.00
53.00
83
SRUBEX
26.8
34.7
33.60
52.00
48.82
84
ELZAB
24.0
31.7
44.00
64.40
53.50
85
BUDIMEX
22.7
30.3
63.15
185.90
92.00
86
SNIEZKA
22.4
30.1
37.10
65.00
47.00
87
MCLOGIC
21.1
28.6
44.00
59.00
56.00
88
ZEG
20.7
28.2
34.50
83.40
43.80
89
PBG
20.5
28.0
252.00
438.00
307.10
90
OPOCZNO
19.4
26.9
35.10
59.70
48.00
91
HANDLOWY
18.9
26.3
85.00
138.00
99.90
92
PAGED
18.8
26.2
21.00
77.60
30.00
93
KREDYTB
18.5
25.9
19.10
28.20
23.50
94
RELPOL
17.3
24.6
14.30
260.00
15.80
95
01NFI
17.0
24.3
1.72
3.78
2.55
96
STALPROFI
17.0
24.3
15.00
50.90
18.80
97
NORDEABP
16.8
24.1
21.41
49.00
26.00
98
INSTAL
16.8
24.1
4.62
13.40
6.19
FAMUR
16.5
23.8
2.80
7.43
4.38
100
99
GETIN
16.2
23.5
11.05
17.85
14.70
101
PERMEDIA
15.8
23.0
48.50
170.00
55.00
102
PGF
14.3
21.4
70.25
125.40
89.10
103
13FORTUNA
14.2
21.3
1.85
3.38
2.74
104
PKOBP
13.9
21.0
42.51
59.25
52.60
105
ZELMER
13.9
21.0
45.00
68.80
63.00
106
BZWBK
13.8
20.8
213.00
319.00
251.00
107
JUPITER
13.5
20.6
2.81
7.49
3.61
108
SPRAY
12.9
19.9
25.10
38.60
35.90
109
MOL
11.9
18.9
300.00
465.00
360.00
110
SYNTHOS
11.4
18.3
1.15
2.95
1.30
111
APATOR
11.0
17.9
19.30
27.35
24.00
112
KOGENERA
10.9
17.8
46.03
75.00
60.00
113
GTC
10.7
17.6
37.50
57.65
44.50
114
ORBIS
10.6
17.6
57.00
95.00
69.50
115
EMCINSMED
10.6
17.5
13.80
42.00
17.35
116
ELEKTRIM
10.4
17.3
4.36
18.80
7.76
117
ASSECOSLO
10.0
16.9
396.00
498.00
440.00
118
ZETKAMA
9.9
16.7
15.40
27.50
18.35
119
PRATERM
9.2
16.0
34.81
65.30
50.10
120
PKNORLEN
8.8
15.6
40.71
61.20
51.90
41
Fact Book 2008
No
Company
year-beginning (%)
high
(PLN)
Price
end
(PLN)
(in EUR)
low
(PLN)
121
TALEX
7.9
14.6
12.30
18.95
14.42
122
ERGIS
7.9
14.7
3.51
11.04
5.45
123
INDYKPOL
7.7
14.4
87.10
166.00
114.50
124
BACA
7.4
14.1
460.30
579.50
500.00
125
04PRO
6.7
13.4
5.70
21.50
6.18
126
MUZA
6.2
12.8
5.80
12.25
7.05
127
REMAK
5.8
12.4
18.99
49.90
22.22
128
BANKIER.PL
5.8
12.4
8.50
14.25
11.00
129
PROCHNIK
5.8
12.4
0.79
2.09
0.91
(in PLN)
130
MASTERS
5.4
11.9
0.19
0.93
0.21
131
PEGAS
5.3
11.8
91.00
118.00
102.90
132
05VICT
5.1
11.7
1.75
2.93
2.27
133
WAWEL
4.9
11.4
198.10
404.00
276.00
134
HYDROTOR
4.5
11.0
42.90
92.90
47.88
135
INTERIA.PL
3.9
10.3
49.00
79.90
65.95
136
TIM
3.8
10.3
21.01
64.90
25.00
137
IBSYSTEM
3.8
10.2
0.72
2.80
0.83
138
PEKAO
3.6
10.1
215.00
278.40
227.00
139
TORFARM
2.8
9.2
60.90
99.90
68.00
140
PAMAPOL
2.2
8.6
19.96
35.60
23.40
141
TVN
1.9
8.3
19.50
29.28
25.00
142
BBIDEVNFI
1.1
7.4
1.05
3.38
1.25
143
PROJPRZEM
0.7
7.0
27.33
74.00
39.00
144
NORTCOAST
-0.3
5.9
2.72
8.10
3.42
145
COMP
-0.7
5.5
69.85
143.50
76.00
146
RAFAKO
-0.9
5.3
9.16
42.39
11.12
147
ABG
-1.6
4.5
5.30
8.90
6.90
148
PROKOM
-2.1
4.1
123.70
179.30
132.70
149
BEEFSAN
-2.2
3.9
2.75
4.31
3.13
150
TPSA
-2.3
3.8
20.03
27.16
22.51
151
INGBSK
-2.4
3.7
675.00
1075.00
725.00
152
CASHFLOW
-2.9
3.2
7.11
25.50
8.50
153
FARMACOL
-3.0
3.1
35.20
57.00
42.20
154
NOVITUS
-3.0
3.1
19.35
31.60
22.80
155
NETMEDIA
-3.1
2.9
6.67
13.10
9.00
156
IRENA
-3.8
2.2
10.55
23.89
12.00
157
POLLENAE
-4.0
2.0
15.00
39.00
16.99
158
GRAJEWO
-4.1
1.9
44.00
85.20
53.00
159
KROSNO
-4.3
1.7
3.22
10.80
3.63
160
BOS
-4.4
1.6
75.90
90.40
85.95
42
Main List
No
Company
year-beginning (%)
high
(PLN)
Price
end
(PLN)
(in PLN)
(in EUR)
low
(PLN)
161
COMARCH
-4.7
1.2
127.10
259.80
182.00
162
BUDOPOL
-5.8
0.1
3.12
11.95
3.73
163
PEPEES
-6.0
-0.1
0.85
2.49
1.02
164
BETACOM
-6.4
-0.5
15.00
24.50
16.60
165
GRAAL
-6.7
-0.8
25.70
47.96
35.28
166
WISTIL
-6.9
-1.1
112.00
266.00
135.00
167
DGA
-7.4
-1.7
4.85
32.50
5.98
168
ATLANTIS
-7.6
-1.9
1.10
5.29
1.57
169
VARIANT
-7.6
-1.9
12.14
33.60
13.65
170
SANOK
-7.7
-1.9
181.10
300.00
185.00
171
CERSANIT
-8.5
-2.8
29.45
52.00
33.50
172
CCC
-8.9
-3.2
40.41
86.70
45.00
173
LOTOS
-9.1
-3.4
38.50
59.80
44.50
174
TRITON
-9.8
-4.2
5.60
31.40
9.15
175
ECHO
-9.9
-4.3
67.80
119.20
79.70
176
BAKALLAND
-10.0
-4.4
6.06
9.19
7.10
177
EFEKT
-10.3
-4.7
26.50
48.00
28.19
178
MISPOL
-10.8
-5.2
13.80
28.30
15.44
179
PROSPER
-10.9
-5.4
15.90
28.50
16.50
180
CAPITAL
-10.9
-5.4
4.02
18.90
6.20
181
PEKAES
-11.4
-5.9
10.89
25.00
12.40
182
BEDZIN
-11.8
-6.3
31.00
38.95
31.80
183
STORMM
-12.1
-6.7
4.60
19.20
5.93
184
MMPPL
-15.2
-10.0
9.10
14.35
10.40
185
TETA
-17.0
-11.8
18.22
29.00
19.90
186
INSTALKRK
-18.3
-13.2
15.65
48.38
21.49
187
KETY
-18.4
-13.3
145.10
245.00
160.00
188
SWARZEDZ
-19.2
-14.1
0.44
1.59
0.52
189
FOTA
-19.2
-14.1
19.00
53.80
27.72
190
BMPAG
-19.3
-14.3
7.25
13.64
7.52
191
BBIZENNFI
-19.9
-14.9
4.62
19.70
5.49
192
STALEXP
-20.2
-15.3
2.32
8.88
2.80
193
ENERGOPOL
-20.4
-15.4
7.40
110.00
10.85
194
NOVITA
-21.5
-16.6
22.53
122.60
30.30
195
POLCOLOR
-22.0
-17.1
0.79
3.69
0.93
196
BARLINEK
-22.8
-18.0
12.35
26.40
12.70
197
IMPEL
-23.4
-18.6
15.15
44.50
16.65
198
WILBO
-23.6
-18.8
2.76
6.04
3.01
199
ECARD
-23.6
-18.9
1.01
5.49
1.33
200
KREZUS
-24.6
-19.9
3.65
16.00
4.30
43
Fact Book 2008
No
Company
year-beginning (%)
high
(PLN)
Price
end
(PLN)
(in PLN)
(in EUR)
low
(PLN)
201
NETIA
-24.8
-20.1
3.41
5.13
3.80
202
WASKO
-25.6
-21.0
3.30
7.33
4.73
203
IGROUP
-25.8
-21.2
6.02
14.50
7.64
204
TRAVELPL
-28.0
-23.5
31.00
100.00
36.00
205
LDASA
-28.6
-24.1
0.60
2.50
0.60
206
MIESZKO
-29.0
-24.5
2.45
4.64
2.50
207
MNI
-29.5
-25.1
3.08
6.97
4.19
208
PROCHEM
-30.7
-26.4
43.30
109.00
47.99
209
HYPERION
-30.8
-26.5
6.00
13.15
6.00
210
LENTEX
-31.3
-27.0
21.40
98.00
32.99
211
SWIECIE
-31.4
-27.1
56.85
113.00
67.90
212
KABLE
-31.5
-27.3
43.11
120.80
46.00
213
DECORA
-32.3
-28.0
30.00
71.00
34.00
214
AMBRA
-33.3
-29.1
10.15
20.60
10.15
215
WANDALEX
-33.7
-29.5
4.76
14.20
5.80
216
DOMDEV
-33.9
-29.8
96.40
195.00
99.00
217
ENERGOPLD
-34.5
-30.4
2.29
20.99
3.19
218
AMICA
-34.9
-30.8
16.86
32.90
18.89
219
TRASINTUR
-36.3
-32.4
1.65
5.63
2.03
220
KOELNER
-37.7
-33.9
29.00
77.95
33.00
221
EUROFAKTR
-38.6
-34.7
4.80
26.78
6.98
222
ODLEWNIE
-39.0
-35.2
4.61
13.40
5.90
223
ALCHEMIA
-39.3
-35.6
7.60
66.60
10.89
224
SKYEUROPE
-40.1
-36.4
6.03
25.00
6.38
225
FORTE
-40.8
-37.1
5.06
14.50
6.70
226
KRUSZWICA
-42.3
-38.7
41.00
75.30
42.05
227
DROZAPOL
-43.1
-39.6
4.10
18.50
5.12
228
REDAN
-43.6
-40.0
2.73
8.17
2.85
229
PEMUG
-43.7
-40.2
2.40
4.60
2.65
230
ENERGOPN
-43.8
-40.3
10.62
31.60
13.48
231
DUDA
-43.8
-40.3
6.10
15.14
7.50
232
GINOROSSI
-44.6
-41.2
10.10
29.60
10.80
233
MIDAS
-45.2
-41.7
13.60
42.00
17.77
234
INTERFERI
-45.5
-42.1
4.66
13.53
5.18
235
SWISSMED
-47.2
-43.9
1.66
5.15
1.78
236
GROCLIN
-47.3
-44.0
21.20
68.05
25.05
237
SFINKS
-47.6
-44.3
22.02
78.50
26.20
238
BORYSZEW
-48.1
-44.9
9.58
32.90
11.92
239
ADVADIS
-48.8
-45.6
0.59
2.30
0.70
240
FERRUM
-49.1
-45.9
6.76
39.00
9.80
44
Main List
No
Company
year-beginning (%)
low
(PLN)
high
(PLN)
Price
end
(PLN)
(in PLN)
(in EUR)
241
ELSTAROIL
-49.8
-46.7
4.76
15.79
7.50
242
SUWARY
-50.1
-47.0
46.15
124.40
49.90
243
LUBAWA
-51.0
-47.9
0.80
2.81
1.02
244
UNIMA
-51.3
-48.2
7.00
18.40
7.35
245
LENA
-51.8
-48.8
4.91
13.00
5.10
246
INWESTCON
-52.3
-49.3
5.82
25.95
7.30
247
MEDIATEL
-52.4
-49.5
7.10
22.70
9.87
248
EUROMARK
-52.8
-49.9
7.65
21.90
9.53
249
14ZACH
-55.9
-53.1
2.25
9.05
2.63
250
06MAGNA
-58.6
-56.0
3.17
12.75
3.33
251
BIOTON
-59.2
-56.6
0.78
2.44
0.89
252
ATLANTAPL
-60.0
-57.5
6.22
18.25
6.80
253
ATM
-60.1
-57.6
60.05
184.90
64.10
254
PPWK
-62.5
-60.2
3.12
16.70
3.82
255
ONE2ONE
-62.5
-60.1
4.88
17.30
5.25
256
AMPLI
-62.9
-60.6
3.70
21.18
4.34
257
SYGNITY
-65.4
-63.3
25.50
128.50
35.11
258
POINTGROUP
-65.5
-63.3
1.70
5.86
1.85
259
CENSTALGD
-66.9
-64.9
5.37
31.90
5.70
260
HTLSTREFA
-67.6
-65.6
6.02
23.00
6.40
261
HUTMEN
-71.2
-69.4
8.11
35.81
8.30
262
SKOTAN
-71.7
-69.9
4.25
20.88
5.80
263
08OCTAVA
-86.7
-85.9
3.30
40.88
3.89
264
BANKBPH
-88.3
-87.6
102.00
1 095.00
104.00
265
TOORA
-94.1
-93.7
1.33
28.39
1.46
45
Fact Book 2008
Shares with highest monthly returns in 2007 by month
Months
Shares
Return (%)
January
ALCHEMIA
February
(in PLN)
(in EUR)
178.5
171.4
02NFI
66.8
67.4
March
ELKOP
363.9
369.7
April
PPWK
104.8
109.2
May
PAGED
134.8
132.9
June
PCGUARD
187.4
191.5
July
OPTIMUS
90.6
89.4
August
POLNA
121.9
120
September
SANWIL
86.8
89.1
October
RELPOL
57.3
63.7
November
EUROFAKTR
68.5
68.7
December
MEWA
355.4
358.5
Shares with highest monthly returns in 2007
No
Shares
Month
Return (%)
No
Shares
Month
1
ELKOP
March
363.9
2
MEWA
December
355.4
3
MASTERS
March
196.2
4
PCGUARD
June
187.4
5
FON
6
ALCHEMIA
7
21
OPTIMUS
358.5
22
199.7
23
191.5
24
SANWIL
369.7
Return (%)
(in PLN) (in EUR)
(in PLN) (in EUR)
July
90.6
89.4
POLNA
May
90.4
88.8
04PRO
March
87.4
89.7
September
86.8
89.1
March
178.5
182.0
25
LZPS
March
85.7
88.0
January
178.5
171.4
26
MOSTALEXP
March
85.3
87.6
FON
June
143.8
147.2
27
BUDOPOL
January
84.8
80.1
8
TUP
March
137.6
140.6
28
CASHFLOW
March
84.6
86.9
9
PAGED
May
134.8
132.9
29
MOSTALZAB
January
83.9
79.2
10
INSTAL
March
125.7
128.5
30
GANT
January
82.4
77.7
11
MOSTALEXP
January
124.9
119.2
31
ENERGOPLD
January
82.2
77.6
12
PONARFEH
March
122.1
124.8
32
TUP
January
80.2
75.6
13
POLNA
August
121.9
120.0
33
MOSTALPLC
14
ZTSERG
March
118.6
121.3
34
ZNTKLAPY
15
FORTISPL
March
114.8
117.5
35
ZEG
March
77.1
79.3
16
PPWK
April
104.8
109.2
36
PCGUARD
January
76.2
71.6
17
HYGIENIKA
March
103.9
106.4
37
JAGO
January
75.1
70.6
May
79.8
78.3
December
79.7
80.7
18
ECARD
April
99.1
103.4
38
PCGUARD
March
73.1
75.3
19
KOMPAP
March
98.9
101.3
39
ELMONTWAR September
73.0
75.1
20
SANWIL
March
97.7
100.1
40
POLICE
71.4
70.0
46
May
Main List
Dividends paid by listed companies in 2007
No
Company
General
Record
Dividend
Meeting
date
date
per share
(PLN)
No
Company
General
Record
Dividend
Meeting
date
date
per share
(PLN)
1
ACTION
30.01
16.02
0.15
41
BEDZIN
11.06
2.07
1.80
2
SWIECIE
23.03
10.04
5.40
42
WASKO
12.06
29.06
0.04
3
ASSECOSLO
23.03
12.04
98.60
43
PGF
13.06
29.06
2.40
4
MILLENNIUM
26.03
9.05
0.17
44
DGA
14.06
3.07
0.54
1.00
5
ZYWIEC
4.04
20.04
31.00
45
SYGNITY
14.06
4.07
6
MENNICA
16.04
14.05
2.50
46
SANOK
14.06
31.07
6.00
7
BZWBK
17.04
4.05
6.00
47
KRUK
15.06
29.06
0.19
8
CEZ
23.04
23.04
2.75*
48
INSTALKRK
16.06
10.07
0.10
9
TUP
23.04
1.06
0.20
49
CCC
20.06
5.07
1.00
10
PEKAO
26.04
16.05
9.00
50
PROSPER
20.06
12.07
0.55
11
MOL
26.04
16.05
77.43*
51
HANDLOWY
21.06
5.07
4.10
12
BANKBPH
26.04
17.05
36.20
52
PAGED
21.06
6.07
0.50
13
PKOBP
26.04
20.07
0.98
53
CIECH
21.06
10.07
2.10
14
BACA
3.05
7.05
14.99*
54
KRUSZWICA
21.06
31.08
1.72
15
INGBSK
9.05
24.05
27.90
55
EFEKT
22.06
30.08
0.50
16
DOMDEV
9.05
30.05
0.15
56
HYDROTOR
23.06
30.08
0.50
17
TPSA
10.05
25.05
1.40
57
GRAJEWO
26.06
12.07
1.09
18
DECORA
10.05
28.05
0.28
58
PROKOM
26.06
20.07
1.08
19
TVN
11.05
30.05
0.37
59
IMPEXMET
26.06
31.07
3.00
20
DEBICA
11.05
17.07
2.20
60
WANDALEX
26.06
1.08
0.10
21
KETY
15.05
12.06
4.00
61
MOSTALPLC
26.06
1.08
0.75
22
SPIN
17.05
4.06
0.07
62
HOOP
27.06
12.07
0.61
23
ABG
17.05
4.06
0.09
63
RUCH
27.06
16.07
0.35
24
IMPEL
21.05
1.06
0.27
64
IVMX
27.06
20.07
0.30
25
ASSECOPOL
23.05
15.06
0.40
65
NORTCOAST
27.06
27.07
0.12
26
ATMGRUPA
24.05
12.06
1.12
66
STALPROD
27.06
14.09
10.00
27
PROJPRZEM
25.05
22.06
0.40
67
BOS
28.06
12.07
0.13
28
LOTOS
28.05
11.06
0.36
68
KOGENERA
28.06
13.07
1.85
29
TORFARM
28.05
14.06
1.23
69
POLIMEXMS
28.06
17.07
0.46
30
ELZAB
29.05
20.07
2.45
70
EUROCASH
28.06
19.07
0.23
31
ELBUDOWA
30.05
6.06
2.00
71
PGNIG
28.06
27.07
0.17
32
KGHM
30.05
25.06
16.98
72
ORBIS
28.06
31.07
0.34
33
WARIMPEX
31.05
4.06
0.57*
73
SNIEZKA
28.06
24.08
1.00
34
STALPROFI
31.05
31.07
0.30
74
POLMOSBIA
29.06
10.07
7.55
35
PROCHEM
2.06
20.06
1.00
75
ATM
29.06
11.07
7.60
36
KREDYTB
5.06
2.07
0.37
76
ZELMER
29.06
12.07
1.92
37
WSIP
6.06
20.06
1.06
77
EUROTEL
29.06
16.07
0.23
38
PERMEDIA
6.06
31.08
2.50
78
AGORA
29.06
16.07
1.50
39
YAWAL
11.06
27.06
0.60
79
FORTE
29.06
18.07
0.25
40
APATOR
11.06
28.06
0.46
80
EMPERIA
16.07
14.09
1.74
* Converted into PLN at the National Bank of Poland's average rate on the date when the rights to
dividend are established
47
Fact Book 2008
Dividends paid by listed companies in 2007
No
Company
General
Record
Dividend
Meeting
date
date
per share
(PLN)
No
Company
General
Record
Dividend
Meeting
date
date
per share
(PLN)
81
INTERCARS
7.08
24.08
0.34
84
BAKALLAND
14.11
30.11
0.09
82
BETACOM
25.09
11.10
0.55
85
PULAWY
22.11
7.12
1.70
83
06MAGNA
4.10
5.11
2.17
86
AMBRA
5.12
4.01.08
0.20
Interim dividends paid by listed companies in 2007
No
1
Company
General
Record
Dividend
Meeting
date
date
per share
(PLN)
29.10
6.12
0.20
APATOR
Redemptions of shares in 2007
No
Company
Date of Number of shares
redemption after redemption
No
Company
Date of Number of shares
redemption after redemption
1
01NFI
19.02
7 935 161
7
05VICT
2
13FORTUNA
20.02
7 930 508
8
SYGNITY
3
CENSTALGD
23.02
5 187 167
9
4
UNIMIL
26.03
19 607 170
10
SNIEZKA
5
BBIZENNFI
29.05
5 475 534
11
06MAGNA
28.09
12 840 482
6
ZYWIEC
22.06
10 742 933
12
14ZACH
17.12
95 135 965
PAGED
25.06
8 570 157
2.08
10 702 691
7.08
9 000 000
23.08
11 798 750
Rights to shares (PDA) traded in 2007
No
Company
1
FON-PDA
28.07.06
-
2
MOSTALZAB-PDA
19.09.06
3
SKOTAN-PDA
10.10.06
4
CAPITAL-PDA
29.11.06
5
SWARZEDZ-PDA
29.11.06
6
LENTEX-PDA
7
BAKALLAND-PDA
8
ARTERIA-PDA
9
MONNARI-PDA
10
11
12
MASTRES-PDA
48
No
Company
2.01
13
EUROTEL-PDA
29.12.06
-
30.01
-
11.01
14
SPRAY-PDA
29.12.06
-
21.02
-
2.01
15
BYTOM-PDA
3.01
-
1.03
-
5.01
16
MEWA-PDA
3.01
-
13.02
-
19.01
17
IBSYSTEM-PDA
10.01
-
3.04
6.12.06
-
25.01
18
SWISSMED-PDA
11.01
-
30.01
11.12.06
-
2.01
19
IVMX-PDA
11.01
-
2.02
15.12.06
-
11.01
20
LZPS-PDA
11.01
-
19.03
20.12.06
-
12.02
21
PROCAD-PDA
15.01
-
8.03
LSISOFT-PDA
21.12.06
-
1.03
22
PROJPRZEM-PDA
15.01
-
12.03
RUCH-PDA
22.12.06
-
30.01
23
TRASINTUR-PDA
17.01
-
8.03
28.12.06
-
23.01
24
B3SYSTEM-PDA
24.01
-
31.01
Trading dates
Trading dates
Main List
No
Company
Trading dates
No
Company
25
26
INWESTCON-PDA
5.02
-
21.03
65
LCCORP-PDA
29.06
-
2.08
PBG-PDA
9.02
-
29.03
66
ARMATURA-PDA
31.07
-
16.08
27
28
DROZAPOL-PDA
13.02
-
15.03
67
KOMPUTRON-PDA
9.07
-
21.08
KOLASTYNA-PDA
13.02
-
13.04
68
MAKRUM-PDA
11.07
-
22.08
29
HUTMEN -PDA
15.02
30
TETA-PDA
16.02
-
4.04
69
PETROLINV-PDA
16.07
-
22.08
-
13.03
70
08OCTAVA-PDA
16.07
-
3.10
31
MNI-PDA
21.02
32
GADUGADU-PDA
23.02
-
24.04
71
ELKOP-PDA
16.07
-
23.10
-
23.03
72
MERCOR-PDA
19.07
-
28.08
33
ESSYSTEM-PDA
34
SEKO-PDA
9.03
-
23.04
73
PANOVA-PDA
20.07
-
24.08
15.03
-
5.04
74
ORZEL-PDA
25.07
-
24.08
35
TIM-PDA
19.03
36
GRAAL-PDA
21.03
-
7.05
75
ABMSOLID-PDA
24.07
-
27.08
-
14.05
76
SWARZEDZ-PDA
30.07
-
24.09
37
FAM-PDA
27.03
-
27.04
77
POLAQUA-PDA
30.07
-
25.09
38
39
TFONE-PDA
29.03
-
27.04
78
PPWK-PDA
31.07
-
14.09
RAFKO-PDA
10.04
-
6.06
79
NOWAGALA-PDA
3.08
-
21.08
40
ELEKTROTI-PDA
11.04
41
NTTSYSTEM-PDA
12.04
-
21.05
80
STAPORKOW-PDA
3.08
-
14.09
-
18.07
81
ECARD-PDA
6.08
-
11.09
42
HELIO-PDA
16.04
43
CENSTALGD-PDA
16.04
-
9.05
82
ATM-PDA
10.08
-
16.10
-
14.05
83
QUANTUM-PDA
16.08
-
24.09
44
MAKARONPL-PDA
18.04
45
BBIDEVNFI-PDA
18.04
-
5.06
84
ADVADIS-PDA
17.08
-
27.09
-
14.06
85
BOMI-PDA
20.08
-
10.09
46
IGROUP-PDA
20.04
47
DUDA-PDA
20.04
-
4.05
86
ZURAWIE-PDA
22.08
-
25.09
-
24.05
87
ATMGRUPA-PDA
22.08
-
22.10
48
BBICAPNFI-PDA
26.04
49
POLREST-PDA
6.05
-
11.06
88
KRAKCHEM-PDA
23.08
-
5.10
-
13.07
89
ARCUS-PDA
10.09
-
50
RADPOL-PDA
10.05
-
1.06
90
ALCHEMIA-PDA
12.09
-
26.10
51
NOVITUS-PDA
52
PONARFEH-PDA
11.05
-
25.05
91
OPONEO-PDA
12.09
-
12.11
11.05
-
8.06
92
ENERGOINS-PDA
25.09
-
29.10
53
54
ERBUD-PDA
11.05
-
18.06
93
WOLAINFO-PDA
28.09
-
7.12
GANT-PDA
11.05
-
6.07
94
MAGELLAN-PDA
1.10
-
3.12
55
56
PRONOX-PDA
14.05
-
17.07
95
RAINBOW-PDA
9.10
-
21.11
BUDVARCEN-PDA
28.05
-
10.07
96
CPENERGIA-PDA
10.10
-
27.11
57
58
NOBLEBANK-PDA
30.05
-
13.07
97
TRITON-PDA
19.10
-
27.12
JWCONSTR-PDA
4.06
-
5.07
98
RAFAMET-PDA
19.10
-
59
ENERGOPLD-PDA
6.06
-
14.09
99
60
SFINKS-PDA
8.06
-
1.06
100
Trading dates
TUP-PDA
22.10
-
13.11
ORZBIALY-PDA
22.10
-
21.11
61
KREDYTIN-PDA
11.06
-
6.07
101
EMPERIA-PDA
24.10
-
7.11
62
ENERGOPOL-PDA
11.06
-
31.07
102
TERESA-PDA
24.10
-
27.11
63
MOJ-PDA
13.06
-
13.08
103
HYGIENIKA-PDA
24.10
-
3.12
64
GFPREMIUM-PDA
14.06
-
31.08
104
INTEGERPL-PDA
30.10
-
3.12
49
Fact Book 2008
No
Company
No
Trading dates
105
BYTOM-PDA
30.10
-
106
BIPROMET-PDA
31.10
-
19.12
107
PCGUARD-PDA
8.11
-
108
INTROL-PDA
8.11
-
118
109
COMPLEX-PDA
14.11
-
12.12
119
110
PONARFEH-PDA
14.11
-
27.12
120
111
ASSECOBS-PDA
19.11
-
11.12
121
112
PRIMAMODA-PDA
20.11
-
19.12
122
113
TRASINTUR-PDA
23.11
-
123
114
FERRUM-PDA
23.11
-
5.12
Company
Trading dates
115
YAWAL-PDA
26.11
-
116
WIELTON-PDA
28.11
-
117
CITYINTER-PDA
30.11
-
DROP-PDA
4.12
-
SECOGROUP-PDA
5.12
-
KONSSTALI-PDA
6.12
-
NEPENTES-PDA
14.12
-
EFH-PDA
21.12
-
WARFAMA-PDA
27.12
-
27.12
Rights to shares (PDA) by trading value in 2007
No
Company
Ticker
Order-book trades
Block trades
Turnover Share Annual
Average
Average Average
value
in turnover
(PLN turnover
ratio per session transactions
orders
million)
(%)
(%)
(shares)
Turnover Number of
value transactions
(PLN
million)
1
PETROLINV-PDA
OILA
563.3
8.15
111.3
20 019
547
1 269
31.7
2
2
ERBUD-PDA
ERBA
306.1
4.43
71.5
67 238
446
956
8.2
7
3
NOBLEBANK-PDA NBLA
278.7
4.03
56.3
263 924
296
701
---
---
4
POLAQUA-PDA
PQAA
221.5
3.21
48.7
34 142
90
238
7.8
4
5
NTTSYSTEM-PDA NTTA
199.8
2.89
179.4
295 753
272
722
---
---
6
LCCORP-PDA
LCCA
199.7
2.89
50.5
691 296
416
1 017
149.9
10
7
CENSTALGD-PDA
CSGA
183.1
2.65
18.7
621 712
1 122
1 981
---
---
8
JWCONSTR-PDA
JWCA
161.2
2.33
29.6
44 436
363
981
---
---
PPWK-PDA
PWKA
155.6
2.25
45.2
572 024
467
1 053
0.2
1
10
9
KOLASTYNA-PDA
KOLA
153.5
2.22
129.2
461 505
398
982
---
---
11
RUCH-PDA
RCHA
139.7
2.02
20.3
149 916
402
1 252
0.4
1
12
MNI-PDA
MNIA
135.2
1.96
19.5
307 797
226
542
---
---
13
RAFAKO-PDA
RFKA
132.4
1.92
8.6
112 021
126
343
---
---
14
PONARFEH-PDA
PNFA1 129.7
1.88
19.6
49 650
374
774
1.9
1
15
PCGUARD-PDA
PCGA
127.6
1.85
48.8 24 422 758
649
2 788
---
---
16
GANT-PDA
GNTA
127.4
1.84
33.3
15 945
151
372
---
---
17
BBIDEVNFI-PDA
BBDA
125.6
1.82
19.9
597 800
228
595
---
---
18
GADUGADU-PDA
GGUA
121.4
1.76
72.4
117 601
427
1 088
9.2
4
19
KOMPUTRON-PDA KOMA
120.9
1.75
82.8
38 727
146
328
---
---
20
BUDVARCEN-PDA BDVA
119.1
1.72
152.1
77 656
386
1 046
0.8
1
21
ELEKTROTI-PDA
ELTA
118.7
1.72
52.4
71 816
187
420
---
---
22
SWARZEDZ-PDA
SWZA
113.2
1.64
7.7
1 354 013
233
678
---
---
23
PANOVA-PDA
NVAA
113.2
1.64
47.9
46 794
142
359
2.4
2
24
HUTMEN-PDA
HTMA
110.4
1.60
12.8
62 214
287
756
---
---
50
Main List
No
Company
Ticker
Order-book trades
Block trades
Average
Average Average Turnover Number of
value
in turnover
value transactions
(PLN turnover
orders
(PLN
million)
(%)
(%)
(shares)
million)
25
MOJ-PDA
MOJA
102.6
1.49
195.2
148 592
253
607
---
---
26
IBSYSTEM-PDA
IBSA
100.2
1.45
182.2
858 445
197
518
---
---
27
ENERGOPLD-PDA EPDA
96.8
1.40
27.1
125 609
155
383
0.4
1
28
FAM-PDA
FAMA
91.1
1.32
26.2
239 873
331
703
---
---
29
ADVADIS-PDA
ADSA
83.3
1.21
38.3
1 249 086
233
585
3.9
3
30
RADPOL-PDA
RDLA
76.7
1.11
61.4
227 384
174
417
---
---
31
ESSYSTEM-PDA
ESSA
76.0
1.10
71.8
155 596
127
280
---
---
32
DROZAPOL-PDA
DPLA
75.1
1.09
41.7
180 086
332
776
0.3
1
33
ABMSOLID-PDA
ABMA
68.6
0.99
58.2
42 421
83
194
---
---
34
MEWA-PDA
MEWA
64.7
0.94
214.1
354 202
294
692
0.4
2
35
08OCTAVA-PDA
08NA
61.4
0.89
6.3
125 800
85
196
---
---
36
PONARFEH-PDA
PNFA
61.0
0.88
19.6
106 259
270
739
47.6
8
37
ENERGOPOL-PDA EPLA
59.6
0.86
12.9
30896
179
572
---
---
38
ELKOP-PDA
EKPA
58.5
0.85
154.9
121093
138
377
---
---
39
MAKRUM-PDA
MKMA
58.4
0.85
51.4
137001
218
542
---
-----
40
DUDA-PDA
DUDA
57.1
0.83
4.5
97614
179
431
---
41
TFONE-PDA
TFOA
55.8
0.81
40.4
50486
130
356
---
---
42
MERCOR-PDA
MCRA
50.5
0.73
28.2
17928
26
94
---
---
43
MAKARONPL-PDA MAKA
47.4
0.69
76.4
69477
113
363
---
---
44
MONNARI-PDA
MONA
47.2
0.68
37.6
28972
105
280
2.9
1
45
BBICAPNFI-PDA
BBCA
46.8
0.68
10.0
94265
117
256
---
---
46
ALCHEMIA-PDA
ALCA
45.9
0.66
1.4
67 338
184
457
2.2
1
47
TIM-PDA
TIMA
44.9
0.65
20.5
19 544
39
137
---
---
48
POLREST-PDA
POLA
42.3
0.61
62.6
27 164
100
262
3.0
2
49
ARCUS-PDA
ARCA
41.5
0.60
80.1
24 201
71
266
---
---
50
IVMX-PDA
IMXA
38.8
0.56
44.3
33 863
137
296
---
---
51
ARMATURA-PDA ARMA
38.2
0.55
56.4
772 684
331
708
7.4
4
52
PBG-PDA
37.8
0.55
4.6
1 855
22
75
---
---
53
PRONOX-PDA
PROA
37.5
0.54
59.0
19 230
81
254
---
---
54
TRASINTUR-PDA
TINA1
35.0
0.51
66.7
114 203
112
289
---
---
55
HYGIENIKA-PDA
HGNA
34.5
0.50
57.9
190 835
195
460
2.4
1
56
ZURAWIE-PDA
ZURA
33.7
0.49
25.5
24 592
188
540
---
---
57
GFPREMIUM-PDA PREA
32.9
0.48
35.1
12 541
72
324
---
---
58
CPENERGIA-PDA
32.1
0.46
58.7
51 813
119
341
---
---
PBGA
CPEA
59
ORZEL-PDA
ORZA
29.9
0.43
49.0
76 738
190
549
---
---
60
KREDYTIN-PDA
KRIA
28.9
0.42
77.7
48 549
106
268
---
---
61
RAFAMET-PDA
RAFA
28.8
0.42
21.2
12 976
83
246
---
---
62
ENERGOINS-PDA
ENIA
28.7
0.42
21.1
30 355
39
107
---
---
51
Fact Book 2008
No
Company
Ticker
Order-book trades
Block trades
Average
value
in turnover
value transactions
(PLN turnover
orders
(PLN
million)
(%)
(%)
(shares)
million)
63
ATM-PDA
ATMA
28.5
0.41
8.6
2 214
14
57
---
---
64
OPONEO.PL-PDA
OPNA
26.4
0.38
53.3
36 135
61
171
7.5
2
65
KRAKCHEM-PDA
KCHA
25.8
0.37
37.4
58 446
110
335
---
---
66
BOMI-PDA
BMIA
25.0
0.36
33.3
35 891
58
184
2.5
3
67
LENTEX-PDA
LTXA
24.5
0.35
5.6
16 483
118
323
0.8
1
68
STAPORKOW-PDA ZUKA
23.9
0.35
80.2
10 687
53
136
---
---
69
NEPENTES-PDA
NEPA
23.2
0.34
35.4
70 732
165
392
1.2
2
70
LZPS-PDA
LZPA
23.2
0.34
32.3
63 113
69
217
---
---
71
FERRUM-PDA
FERA
21.8
0.32
11.2
58 050
91
251
0.6
2
72
ATMGRUPA-PDA
ATGA
19.9
0.29
5.3
849
3
18
---
---
73
B3SYSTEM-PDA
B3SA
19.8
0.29
131.3
255 940
510
1 114
---
---
74
WIELTON-PDA
WLTA
19.4
0.28
11.7
58 329
47
151
---
---
75
PROCAD-PDA
PRDA
19.3
0.28
61.4
6 294
77
266
---
---
76
GRAAL-PDA
GRLA
18.9
0.27
10.3
6 583
14
70
---
---
77
PROJPRZEM-PDA PJPA
18.6
0.27
15.1
5 546
18
76
---
---
78
HELIO-PDA
HELA
18.5
0.27
67.4
43 123
107
261
1.7
4
79
SFINKS-PDA
SFSA
18.2
0.26
33.6
1 598
12
57
---
---
80
TERESA-PDA
TERA
17.4
0.25
90.9
10 793
74
204
---
---
81
BYTOM-PDA
BTMA
17.3
0.25
31.6
71 185
100
277
---
---
82
SEKO-PDA
SEKA
16.4
0.24
33.2
34 236
112
388
---
---
83
INWESTCON-PDA INCA
16.3
0.24
16.2
17 171
66
228
---
---
84
TRITON-PDA
TRIA
15.8
0.23
16.5
18 128
61
179
12.3
4
85
MASTERS-PDA
MSTA
15.6
0.23
13.8
1 956 060
126
503
---
---
86
LSISOFT-PDA
LSIA
14.7
0.21
66.7
15 521
57
284
---
---
87
BYTOM-PDA
BTMA
13.0
0.19
31.6
7 432
23
78
---
---
88
IGROUP-PDA
IGRA
12.8
0.18
5.8
67 327
61
141
1.2
1
89
MOSTALZAB-PDA MSZA
12.7
0.18
5.0
189 636
111
287
---
---
90
SECOGROUP-PDA SWGA
12.1
0.17
12.5
9 662
34
111
---
---
91
TUP-PDA
TUPA
11.7
0.17
7.1
17 095
80
233
4.6
1
92
MAGELLAN-PDA
MAGA
11.3
0.16
58.3
2 855
6
29
10.8
1
93
EUROTEL-PDA
ETLA
9.9
0.14
43.1
15 165
52
226
8.2
4
94
INTROL-PDA
INLA
9.2
0.13
12.1
14 189
27
176
---
---
95
NOWAGALA-PDA CNGA
8.3
0.12
3.2
51 042
82
197
---
---
96
EMPERIA-PDA
EMPA
8.3
0.12
1.7
2 489
4
17
---
---
97
SKOTAN-PDA
SKTA
8.2
0.12
0.5
237 707
1 098
2 393
---
---
98
ASSECOBS-PDA
ABSA
7.4
0.11
7.8
19 095
15
44
2.4
1
99
INTEGERPL-PDA
ITGA
7.1
0.10
28.2
9 949
22
75
5.4
3
100
QUANTUM-PDA
QNTA
6.8
0.10
40.0
5 771
52
279
1.3
1
52
Main List
No
Company
Ticker
Order-book trades
Block trades
Average
value
in turnover
value transactions
(PLN turnover
orders
(PLN
million)
(%)
(%)
(shares)
million)
101
KONSSTALI-PDA
KSTA
5.6
0.08
17.1
2 815
51
163
---
---
102
CAPITAL-PDA
CPAA
5.5
0.08
2.9
88 363
199
584
---
---
103
ECARD-PDA
ECDA
5.5
0.08
7.1
65 103
58
175
---
---
104
SWISSMED-PDA
SWDA
4.9
0.07
5.8
56 198
90
229
---
---
105
CITYINTER-PDA
CIAA
4.7
0.07
8.4
12 403
55
173
---
---
106
RAINBOW-PDA
RBWA
4.5
0.07
13.4
8 650
28
189
---
---
107
YAWAL-PDA
YWLA
4.4
0.06
3.1
2 173
23
80
1.0
1
108
BIPROMET-PDA
BPMA
4.2
0.06
14.9
2 866
16
107
---
---
109
SWARZEDZ-PDA
SWZA
4.0
0.06
7.7
182 072
45
239
---
---
110
ORZBIALY-PDA
OBLA
3.7
0.05
3.8
3 131
20
94
---
---
111
PRIMAMODA-PDA PMAA
3.7
0.05
18.1
9 851
29
136
---
---
112
TETA-PDA
TETA
3.6
0.05
3.9
4 348
29
98
---
---
113
NOVITUS-PDA
NVSA
3.2
0.05
5.7
5 160
5
17
---
---
114
SPRAY-PDA
SPYA
3.1
0.04
13.9
1 437
11
77
---
---
115
TRASINTUR-PDA
TINA
3.0
0.04
66.7
29 653
22
109
---
---
116
WOLAINFO-PDA
WINA
2.6
0.04
7.6
1 365
11
72
---
---
117
COMPLEX-PDA
CMXA
2.1
0.03
6.4
11 468
18
81
---
---
118
ARTERIA-PDA
ARRA
1.7
0.02
5.2
5 583
38
181
---
---
119
WARFAMA-PDA
WFMA
1.5
0.02
2.4
90 270
109
270
---
---
120
DROP-PDA
DRPA
0.9
0.01
5.0
1 046
17
75
---
---
121
FON-PDA
FONA
0.8
0.01
2.6
389 680
179
373
---
---
122
EFH-PDA
EFHA
0.7
0.01
1.3
15 387
44
161
---
---
123
BAKALLAND-PDA BAKA
0.1
0.00
0.1
3 375
4
64
---
---
53
Fact Book 2008
Pre-emptive rights traded in 2007
No
Company
Record
date
Subscription
ratio
Trading dates
1
MNI
15.09.06
1:3
24.01
-
2
TETA
20.11.06
7:2
8.01
-
16.01
3
INWESTCON
8.12.06
1:1
9.01
-
16.01
4
DUDA
8.12.06
1:1
20.03
-
28.03
5
HUTMEN
12.12.06
1:2
15.01
-
23.01
6
GRAAL
12.12.06
1 : 0.39
19.02
-
23.02
7
DROZAPOL
2.01
2:1
8.01
-
12.01
8
PONARFEH
15.01
1:6
10.04
-
17.04
9
30.01
ENERGOPLD
15.01
1:3
7.05
-
16.05
10
PBG
17.01
8.59286 : 1
18.01
-
19.01
11
FAM
31.01
1:2
27.02
-
7.03
12
ALCHEMIA
5.02
1:3
6.08
-
21.08
13
BBIDEVNFI
16.02
1:1
19.03
-
27.03
14
PPWK
19.02
1 : 10
4.07
-
11.07
15
TIM
20.02
20 : 3
21.02
-
27.02
16
RAFAKO
23.02
1:3
12.03
-
20.03
17
ADVADIS
28.02
1:2
17.07
-
23.07
18
BBICAPNFI
15.03
1:2
26.03
-
4.04
19
ELKOP
15.03
1:1
13.06
-
21.06
20
ENERGOPOL
23.03
1:4
30.04
-
10.05
21
TRITON
23.03
1:1
26.09
-
28.09
22
YAWAL
13.04
2:1
15.10
-
26.10
23
ECARD
7.05
1:1
2.07
-
9.07
24
FERRUM
10.05
1:1
19.10
-
26.10
25
RAFAMET
18.05
1:2
17.09
-
25.09
26
HYGIENIKA
18.05
1:1
19.09
-
28.09
27
JAGO
29.05
1:1
21.11
-
6.12
28
SWARZEDZ
30.05
4:3
25.06
-
3.07
29
BYTOM
31.05
2:1
1.10
-
9.10
30
ZURAWIE
1.06
3:1
10.07
-
18.07
31
ATMGRUPA
5.06
38 : 7
26.07
-
31.07
32
PCGUARD
11.06
1 : 10
4.10
-
15.10
33
NOWAGALA
15.06
2:1
2.07
-
5.07
34
MASTERS
15.06
2:1
17.12
-
27.12
35
VARIANT
21.06
10 : 1
27.11
-
6.12
36
ORZEL
22.06
1:2
25.06
-
3.07
37
ATM
16.07
2.73643 : 1
17.07
-
20.07
38
TRASINTUR
30.07
2:1
12.10
-
18.10
39
PONARFEH
24.08
1:5
15.10
-
25.10
40
DGA
21.08
2:7
1.10
-
6.12
41
RELPOL
15.10
01:10
17.12
-
20.12
42
ELBUDOWA
12.11
8:1
17.12
-
21.12
54
Main List
Companies with largest market capitalisation (end of 2007)
No
Company
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
2.5
Domestic companies
1
PEKAO
261.87
59 443.73
11.66
6.84
28.8
2
PKOBP
1 000.00
52 600.00
10.32
4.74
20.1
1.9
3
TPSA
1 400.00
31 514.00
6.18
1.84
15.4
6.2
4
PGNIG
5 900.00
30 090.00
5.90
1.40
16.0
3.3
5
PKNORLEN
427.71
22 198.10
4.35
1.11
14.9
---
6
KGHM
200.00
21 160.00
4.15
2.49
5.8
16.0
7
BZWBK
72.96
18 313.03
3.59
4.34
19.3
2.4
8
BRE
29.61
14 955.56
2.93
4.70
21.9
---
9
HANDLOWY
130.66
13 052.89
2.56
2.40
16.5
4.1
10
GETIN
709.79
10 433.87
2.05
3.46
18.9
---
11
MILLENNIUM
849.18
9 875.98
1.94
4.11
23.1
1.5
12
GTC
219.37
9 762.10
1.91
2.87
13.6
---
13
INGBSK
13.01
9 432.25
1.85
2.47
14.8
3.8
14
TVN
15
ZYWIEC
16
KREDYTB
271.66
6 383.98
17
LOTOS
113.70
5 059.65
18
STALPROD
6.73
5 043.75
0.99
19
LPP
1.70
4 545.79
0.89
20
CERSANIT
132.95
4 453.70
0.87
21
PBG
13.43
4 124.35
0.81
22
POLIMEXMS
464.36
3 974.88
0.78
4.20
46.5
0.2
23
ASSECOPOL
51.09
3 755.14
0.74
2.58
28.7
0.5
24
FORTISPL
16.77
3 718.17
0.73
3.35
24.1
---
25
SWIECIE
50.00
3 395.00
0.67
3.64
11.3
8.0
26
CIECH
28.00
3 388.00
0.66
2.64
13.7
1.7
27
ECHO
42.00
3 347.40
0.66
2.29
10.9
---
28
KOPEX
67.63
3 286.94
0.64
1.66
7.1
---
29
ORBIS
46.08
3 202.35
0.63
1.98
37.8
0.5
30
AGORA
54.98
3 051.25
0.60
2.59
34.2
2.7
31
BANKBPH
28.72
2 986.49
0.59
0.44
1.8
34.8
32
NOBLEBANK
215.18
2 689.73
0.53
5.44
25.1
---
33
GRAJEWO
49.62
2 630.07
0.52
4.25
26.0
2.1
34
POLNORD
17.48
2 480.18
0.49
3.14
32.5
---
35
ALCHEMIA
224.98
2 450.08
0.48
4.45
21.2
---
36
DOMDEV
37
BIOTON
38
EMPERIA
14.77
2 407.54
39
BUDIMEX
25.53
2 348.77
40
JWCONSTR
54.70
2 321.94
41
PULAWY
19.12
2 236.46
347.89
8 697.37
1.71
6.79
36.9
1.5
10.74
6 875.48
1.35
7.00
16.7
4.8
1.25
2.88
17.6
1.6
0.99
0.91
8.0
0.8
6.69
14.8
1.3
12.83
35.4
---
5.24
34.5
---
5.74
46.3
---
24.56
2 431.46
0.48
3.73
12.1
0.2
2 721.90
2 422.49
0.48
2.44
21.5
---
0.47
5.53
35.3
1.0
0.46
4.64
x
---
0.46
5.23
22.5
---
0.44
1.73
14.6
1.5
55
Fact Book 2008
No
Company
42
POLAQUA
27.50
2 145.01
0.42
3.63
58.9
---
43
FAMUR
481.50
2 108.97
0.41
3.97
23.8
---
44
IMPEXMET
213.51
1 964.31
0.39
2.18
11.5
1.3
45
DZPOLSKA
41.00
1 963.90
0.39
8.02
96.1
---
46
NFIEMF
102.59
1 949.15
0.38
5.65
22.4
---
47
PETROLINV
5.87
1 908.73
0.37
4.53
x
---
48
PROKOM
13.89
1 843.31
0.36
1.64
5.9
0.8
49
CCC
38.40
1 728.00
0.34
9.52
32.9
2.2
50
SYNTHOS
1 323.25
1 720.23
0.34
1.35
3.5
---
51
ULMA
5.26
1 681.80
0.33
7.32
33.9
---
52
MMPPL
157.70
1 640.08
0.32
2.90
17.0
---
53
IDMSA
109.09
1 577.42
0.31
5.09
13.2
---
54
EUROCASH
127.74
1 532.90
0.30
7.24
x
1.9
55
NETIA
389.28
1 479.25
0.29
0.81
x
---
56
KETY
9.23
1 476.11
0.29
2.15
16.5
2.5
57
INTERCARS
11.82
1 463.45
0.29
9.52
28.5
0.3
58
DEBICA
13.80
1 452.05
0.28
2.32
23.5
2.1
59
COMARCH
7.96
1 448.83
0.28
5.40
30.5
---
60
LCCORP
446.56
1 353.07
0.27
1.52
13.6
---
61
RUCH
56.49
1 299.27
0.25
2.55
50.0
1.5
62
BOS
15.05
1 293.81
0.25
1.41
16.7
0.1
63
POLICE
75.00
1 263.75
0.25
1.63
x
---
64
BARLINEK
96.78
1 229.11
0.24
3.25
25.6
---
65
HBWLOCLAW
2.77
1 220.32
0.24
10.67
43.8
---
66
MOSTALZAB
149.13
1 193.04
0.23
6.89
13.2
---
67
NORDEABP
45.42
1 180.86
0.23
1.91
17.8
---
68
ERBUD
12.57
1 138.93
0.22
6.19
35.9
---
69
PGF
12.59
1 121.89
0.22
4.23
15.7
2.7
70
ATMGRUPA
4.30
1 075.00
0.21
4.61
45.7
0.4
71
KOELNER
32.29
1 065.55
0.21
3.26
28.8
---
72
MOSTALWAR
20.00
1 060.00
0.21
3.89
26.9
---
73
MIDAS
59.19
1 051.75
0.21
6.85
x
---
74
TUEUROPA
7.88
1 023.75
0.20
4.27
15.8
---
75
FARMACOL
23.40
987.48
0.19
2.00
14.6
---
76
VISTULA
80.22
961.06
0.19
3.82
22.6
---
77
ZELMER
15.20
957.60
0.19
3.71
26.1
3.0
78
MENNICA
6.57
945.44
0.19
2.69
27.5
1.7
79
KRUSZWICA
22.34
939.35
0.18
2.27
83.0
4.1
80
KOGENERA
14.90
894.00
0.18
1.23
16.8
3.1
81
GANT
14.20
878.98
0.17
2.22
8.9
---
82
APATOR
35.29
847.04
0.17
5.57
22.9
0.8
83
ELBUDOWA
4.22
844.02
0.17
8.31
27.8
1.0
56
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
Main List
No
Company
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
84
OPOCZNO
16.45
789.60
0.15
2.66
30.0
---
85
RAFAKO
69.60
773.95
0.15
2.26
56.6
---
86
MCI
40.49
751.16
0.15
7.46
15.9
---
87
BORYSZEW
62.69
747.22
0.15
1.23
53.5
---
88
DUDA
96.40
723.00
0.14
1.61
14.9
---
89
STALEXP
247.26
692.33
0.14
2.50
x
---
90
PEP
18.65
690.23
0.14
4.97
22.5
---
91
MERCOR
14.24
688.98
0.14
5.07
36.3
---
92
ABG
94.59
652.67
0.13
1.50
24.4
0.9
93
SNIEZKA
13.85
650.95
0.13
4.18
17.9
2.1
94
ELEKTRIM
83.77
650.06
0.13
2.37
x
---
95
TIM
23.44
585.93
0.11
3.33
15.9
---
96
ALMA
4.24
551.67
0.11
4.09
18.5
---
97
ACTION
16.41
543.99
0.11
3.79
22.8
0.5
98
PAMAPOL
23.17
542.10
0.11
3.87
18.6
---
99
SANOK
2.87
530.45
0.10
2.47
12.1
3.2
100
PRATERM
10.33
517.76
0.10
2.47
15.4
---
101
KRUK
18.46
516.76
0.10
8.45
31.6
0.7
102
HOOP
13.09
503.91
0.10
3.53
18.6
1.6
103
BOMI
17.98
503.50
0.10
7.20
39.9
---
104
08OCTAVA
125.84
489.53
0.10
1.24
2.1
---
105
INTERIA.PL
7.04
463.99
0.09
18.56
67.9
---
106
MONNARI
13.35
440.46
0.09
5.10
26.7
---
107
WASKO
91.19
431.32
0.08
3.37
20.8
0.8
108
ABPL
15.95
425.87
0.08
5.36
46.8
---
109
WSIP
26.41
414.84
0.08
3.18
14.3
6.7
110
WAWEL
1.50
413.93
0.08
2.79
19.7
---
111
PEKAES
33.25
412.30
0.08
1.22
x
---
112
HTLSTREFA
63.98
409.49
0.08
3.32
27.1
---
113
GADUGADU
17.58
404.45
0.08
4.52
64.7
0.1
114
ZPUE
1.02
397.07
0.08
5.59
23.1
---
115
IVMX
11.83
393.04
0.08
2.33
22.5
0.9
116
SECOGROUP
8.42
386.30
0.08
4.39
28.0
---
117
ORZBIALY
16.64
382.10
0.07
6.21
8.4
---
118
DECORA
11.21
381.13
0.07
3.00
16.0
0.8
119
SYGNITY
10.81
379.66
0.07
1.26
x
2.8
120
MNI
90.29
378.30
0.07
2.08
29.4
---
121
NAFTA
5.90
371.90
0.07
6.74
34.0
---
122
JUTRZENKA
2.61
365.77
0.07
1.49
4.1
---
123
ELSTAROIL
48.21
361.59
0.07
2.50
x
---
124
COMP
4.75
360.84
0.07
2.47
22.0
---
125
LENTEX
10.89
359.33
0.07
1.85
58.5
---
57
Fact Book 2008
No
Company
126
INDYKPOL
3.12
357.76
127
ASSECOBS
28.61
357.67
128
PONARFEH
36.39
354.83
0.07
129
ENERGOINS
18.00
349.20
0.07
6.62
19.2
---
130
BBICAPNFI
42.49
344.20
0.07
2.14
17.9
---
131
BEST
6.50
340.28
0.07
19.73
103.2
---
132
PANOVA
8.00
339.92
0.07
2.84
28.0
---
133
ESSYSTEM
42.86
334.34
0.07
3.14
29.4
---
134
STALPROFI
17.50
329.00
0.06
2.11
13.9
1.6
135
TECHMEX
8.37
325.54
0.06
2.31
32.8
---
136
ENERGOPN
23.83
321.19
0.06
2.39
78.0
---
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
0.07
2.11
16.4
---
0.07
3.44
59.7
---
6.85
128.7
---
137
NOWAGALA
57.04
313.71
0.06
1.67
24.6
---
138
SKOTAN
54.00
313.20
0.06
2.50
x
---
139
04PRO
47.43
293.14
0.06
1.02
1.6
---
140
ATM
4.50
288.45
0.06
1.25
12.2
8.7
141
BBIDEVNFI
228.44
285.54
0.06
5.31
42.2
---
142
GRAAL
8.06
284.23
0.06
1.58
30.0
---
143
KOMPUTRON
7.45
282.88
0.06
3.92
32.9
---
144
MAKRUM
41.69
281.41
0.06
3.96
92.2
---
145
ROPCZYCE
4.61
280.96
0.06
2.03
x
---
146
MAGELLAN
6.51
273.59
0.05
3.87
22.1
---
147
PAGED
9.00
270.00
0.05
1.91
17.0
1.7
148
TORFARM
3.95
268.32
0.05
1.62
16.1
1.8
149
FOTA
9.42
261.01
0.05
1.34
26.1
---
150
TUP
15.21
258.46
0.05
5.71
43.4
0.8
151
AMBRA
25.21
255.85
0.05
1.45
17.1
2.0
152
ARTMAN
4.26
255.67
0.05
5.52
35.9
---
153
IMPEL
15.14
252.11
0.05
1.09
23.9
1.6
154
IGROUP
32.76
250.26
0.05
1.51
43.7
---
155
14ZACH
95.14
250.21
0.05
2.14
4.9
---
156
FAM
31.88
246.14
0.05
2.25
34.4
---
157
SFINKS
9.28
243.16
0.05
3.78
27.1
---
158
KREZUS
54.70
235.22
0.05
1.42
4.1
--1.0
159
PROJPRZEM
6.02
234.94
0.05
2.35
36.7
160
STAPORKOW
4.50
233.07
0.05
7.76
32.4
---
161
TRITON
25.46
232.94
0.05
9.19
29.7
---
162
MISPOL
14.54
224.48
0.04
2.34
15.7
---
163
JCAUTO
7.50
217.50
0.04
1.96
62.2
---
164
ERGIS
39.44
214.93
0.04
1.44
31.8
---
165
HUTMEN
25.60
212.45
0.04
0.56
x
---
4.06
211.25
0.04
2.96
9.4
1.2
18.73
206.02
0.04
6.74
62.6
---
166
YAWAL
167
LZPS
58
Main List
No
Company
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
---
168
CENSTALGD
35.19
200.57
0.04
0.83
x
169
RADPOL
23.95
194.01
0.04
3.60
30.8
---
170
ELEKTROTI
9.70
194.00
0.04
2.34
19.3
---
171
ABMSOLID
172
JUPITER
7.93
193.36
0.04
2.42
29.3
---
52.14
188.24
0.04
0.99
4.1
---
173
MOSTALPLC
2.00
188.20
0.04
3.56
19.1
0.8
174
ZURAWIE
9.71
187.82
0.04
2.38
32.8
---
175
PROCHEM
3.90
187.30
0.04
2.14
18.3
2.1
176
MOSTALEXP
44.56
186.26
0.04
1.86
7.6
---
177
TETA
9.00
179.10
0.04
3.90
25.2
---
178
PPWK
45.99
175.69
0.03
1.58
24.5
---
179
INTERSPPL
13.93
173.47
0.03
4.84
70.6
---
180
POINTGROUP
91.57
169.40
0.03
2.26
x
---
181
BYTOM
45.00
167.40
0.03
4.92
37.0
---
182
AMICA
8.74
165.05
0.03
0.57
x
---
183
BEEFSAN
52.26
163.57
0.03
1.77
46.2
---
184
PRONOX
9.31
161.99
0.03
2.06
19.4
---
185
FORTE
23.75
159.13
0.03
0.65
15.0
3.7
186
ARMATURA
77.00
157.08
0.03
1.70
50.6
---
187
INSTALKRK
7.29
156.57
0.03
2.42
32.7
0.5
188
DROZAPOL
30.29
155.11
0.03
1.24
17.9
---
189
CPENERGIA
19.76
154.13
0.03
11.31
x
---
190
STORMM
25.24
149.69
0.03
1.25
x
---
191
BAKALLAND
21.00
149.10
0.03
3.25
18.3
1.3
192
CAPITAL
24.04
149.05
0.03
2.51
13.7
---
193
TFONE
7.57
147.68
0.03
1.99
26.1
---
194
GINOROSSI
13.62
147.10
0.03
2.04
15.3
---
195
TELL
1.27
146.74
0.03
3.33
20.3
---
196
ZNTKLAPY
1.23
142.47
0.03
8.57
64.6
---
197
QUMAKSEK
10.13
142.05
0.03
2.75
19.2
---
198
ENERGOPLD
44.00
140.36
0.03
1.97
x
---
199
BBIZENNFI
25.36
139.24
0.03
1.86
x
---
200
KABLE
3.00
138.00
0.03
1.62
5.6
---
201
GROCLIN
---
202
NTTSYSTEM
203
5.50
137.78
0.03
0.59
14.1
55.40
137.39
0.03
1.16
21.3
---
KPPD
1.62
135.71
0.03
2.40
9.0
1.5
204
WISTIL
1.00
135.00
0.03
0.41
x
---
205
NOVITUS
5.62
128.20
0.03
1.84
16.6
---
206
KOLASTYNA
44.55
126.96
0.02
1.45
16.1
---
207
LENA
24.70
125.97
0.02
1.80
22.6
---
208
SEKO
6.65
125.69
0.02
3.14
28.3
---
209
POLREST
6.25
123.75
0.02
3.32
25.9
---
59
Fact Book 2008
No
Company
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
210
PCGUARD
1 100.00
121.00
0.02
21.79
517.1
---
211
ENERGOPOL
11.10
120.44
0.02
1.58
7.8
---
212
FERRUM
12.27
120.26
0.02
1.06
10.1
---
213
PEPEES
117.00
119.34
0.02
0.66
1.8
---
214
EUROMARK
12.22
116.44
0.02
2.14
x
---
215
BUDVARCEN
9.90
116.27
0.02
2.57
19.3
---
216
HYDROTOR
2.40
114.83
0.02
1.99
12.0
2.1
217
PROSPER
6.86
113.27
0.02
1.08
10.3
3.3
218
CITYINTER
12.54
112.86
0.02
15.43
51.9
---
219
NORTCOAST
32.00
109.44
0.02
2.52
12.9
3.5
220
SPRAY
3.02
108.58
0.02
4.04
61.5
---
221
ADVADIS
154.08
107.86
0.02
0.87
x
---
222
OPONEO
12.68
107.75
0.02
10.00
72.2
---
223
PERMEDIA
1.96
107.53
0.02
3.57
11.6
4.5
224
MCLOGIC
1.89
105.77
0.02
5.91
16.5
---
225
EMCINSMED
5.90
102.37
0.02
3.10
154.6
---
226
MIESZKO
227
BEDZIN
228
HYGIENIKA
21.23
97.02
0.02
229
BUDOPOL
26.00
96.98
0.02
230
RAINBOW
12.00
93.24
0.02
231
KROSNO
25.28
91.77
232
EUROTEL
233
SWARZEDZ
234
40.87
102.17
0.02
1.36
105.1
---
3.15
100.14
0.02
1.48
14.5
5.7
8.43
x
---
6.19
47.4
---
9.97
13.8
0.6
0.02
0.56
x
---
3.91
91.41
0.02
3.52
21.5
1.0
174.78
90.88
0.02
1.70
x
---
LUBAWA
87.00
88.74
0.02
1.45
9.4
---
235
SRUBEX
1.80
87.78
0.02
1.19
129.3
---
236
NETMEDIA
9.72
87.48
0.02
6.86
50.7
---
237
ELZAB
1.61
86.33
0.02
2.24
13.1
4.6
238
WOLAINFO
5.61
85.86
0.02
4.58
12.3
---
239
SWISSMED
47.59
84.72
0.02
3.25
x
---
240
COMPLEX
25.50
83.90
0.02
1.93
883.1
---
241
PROCHNIK
242
FON
90.91
82.73
0.02
3.38
x
---
149.30
82.12
0.02
13.89
x
---
243
INTEGERPL
5.94
81.05
0.02
18.66
378.7
---
244
BANKIER.PL
7.22
79.47
0.02
5.63
40.3
---
245
TRAVELPL
2.17
78.03
0.02
15.72
x
---
246
NOVITA
2.50
75.75
0.01
2.22
x
---
247
INTERFERI
14.56
75.44
0.01
0.81
49.7
---
248
ODLEWNIE
12.71
75.01
0.01
1.75
15.7
---
249
KREDYTIN
5.00
71.93
0.01
1.85
36.9
---
250
ZETKAMA
3.90
71.64
0.01
2.11
17.6
---
251
MASTERS
340.53
71.51
0.01
3.81
x
---
60
Main List
No
Company
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
252
IRENA
5.89
70.69
0.01
1.22
x
---
253
POLCOLOR
75.95
70.63
0.01
0.53
x
---
254
HYPERION
11.48
68.85
0.01
1.27
10.0
---
255
GFPREMIUM
4.00
67.68
0.01
1.09
37.0
---
256
REMAK
3.00
66.66
0.01
2.16
x
---
257
VARIANT
4.80
65.52
0.01
1.52
7.9
---
258
ARTERIA
259
PEMUG
260
FASING
3.11
64.32
0.01
261
TERESA
2.29
63.98
0.01
262
ECARD
48.00
63.84
0.01
2.81
263
CASHFLOW
264
REDAN
265
3.42
64.96
0.01
3.57
26.1
---
24.31
64.41
0.01
13.93
13.1
---
1.08
x
---
10.61
23.3
---
x
---
7.50
63.75
0.01
1.89
9.4
---
20.94
59.67
0.01
0.88
23.1
---
INWESTCON
7.55
55.11
0.01
1.76
54.5
---
266
WANDALEX
9.25
53.65
0.01
1.97
20.6
1.7
267
ELKOP
11.10
53.62
0.01
144.93
166.0
---
268
ZEG
1.14
49.71
0.01
1.58
34.2
---
269
WILBO
16.20
48.76
0.01
0.64
5.5
---
270
JAGO
15.14
48.60
0.01
1.66
x
---
271
ZASTAL
20.50
48.17
0.01
0.92
19.9
---
272
POLLENAE
2.83
48.07
0.01
3.24
36.8
---
273
EFEKT
1.67
46.94
0.01
1.23
16.2
1.8
274
IBSYSTEM
56.53
46.92
0.01
2.88
18.4
---
275
ENAP
19.20
46.47
0.01
5.95
25.0
---
276
MAKARONPL
8.92
44.59
0.01
0.77
25.6
---
277
TALEX
3.00
43.26
0.01
1.02
21.6
---
278
06MAGNA
12.84
42.76
0.01
0.47
x
59.1
279
TRASINTUR
20.82
42.26
0.01
1.33
37.3
---
280
SUWARY
0.84
41.87
0.01
1.78
21.8
---
281
ATLANTAPL
6.09
41.42
0.01
0.92
x
---
282
HAWE
4.77
41.09
0.01
0.13
x
---
283
KRAKCHEM
10.00
39.50
0.01
0.88
23.6
---
284
INSTAL
6.08
37.60
0.01
3.82
16.1
---
285
MOJ
8.56
35.61
0.01
1.16
16.9
---
286
PLASTBOX
2.15
35.26
0.01
0.97
31.5
---
287
KAREN
13.35
35.24
0.01
1.62
25.4
---
288
HELIO
5.00
34.95
0.01
1.79
9.4
---
289
ZTSERG
3.94
34.84
0.01
1.77
x
---
290
EUROFAKTR
4.96
34.63
0.01
0.94
x
---
291
LSISOFT
3.07
34.57
0.01
2.24
34.6
---
292
B3SYSTEM
9.36
34.35
0.01
4.73
27.6
0.8
293
RAFAMET
1.44
33.83
0.01
1.14
248.7
---
61
Fact Book 2008
No
294
Company
ORZEL
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
160.31
33.66
0.01
1.09
x
---
295
BETACOM
2.02
33.53
0.01
1.59
12.4
3.3
296
ONE2ONE
6.30
33.08
0.01
2.32
23.7
---
297
SANWIL
100.23
31.07
0.01
0.52
3.5
---
298
TOORA
20.92
30.54
0.01
0.43
x
---
299
QUANTUM
1.47
29.99
0.01
2.08
18.7
---
300
MEDIATEL
3.04
29.96
0.01
3.19
x
---
301
OPTIMUS
302
MEWA
9.38
27.68
0.01
0.00
x
---
215.39
25.85
0.01
1.27
x
---
303
RESBUD
0.84
25.12
0.00
1.93
44.5
---
304
PRIMAMODA
3.20
25.09
0.00
9.13
23.2
1.4
305
SIMPLE
2.00
23.99
0.00
3.82
51.8
---
306
PROCAD
9.02
23.63
0.00
1.51
26.1
---
307
13FORTUNA
7.93
21.73
0.00
2.57
x
---
308
KOMPAP
2.34
20.73
0.00
3.62
x
---
309
01NFI
7.94
20.23
0.00
2.53
x
---
310
MUZA
2.85
20.11
0.00
1.06
x
---
311
UNIMA
---
312
ATLANTIS
313
05VICT
314
POLNA
0.83
19.15
0.00
315
IZOLACJA
0.38
16.34
0.00
316
AMPLI
3.28
14.24
0.00
317
RELPOL
0.87
13.80
318
DGA
2.26
13.51
319
LDASA
2.79
2.69
19.74
0.00
1.08
19.7
12.40
19.47
0.00
18.81
x
---
8.57
19.45
0.00
2.76
x
---
1.46
4.3
---
2.17
16.3
---
1.00
24.9
---
0.00
0.32
5.5
---
0.00
0.63
3.9
9.0
Total domestic companies
1.67
0.00
0.00
7.3
---
509 887.41
100.00
2.66
18.8
2.6
273 170.16
47.89
1.90
11.4
---
Foreign companies
1
UNICREDIT
13 364.49
2
CEZ
592.21
108 374.58
19.00
4.58
22.5
1.5
3
BACA
202.03
101 015.87
17.71
2.76
9.3
2.1
4
MOL
109.68
39 483.18
6.92
4.01
15.2
1.8
5
IMMOEAST
833.82
21 837.85
3.83
0.78
10.7
---
6
CEDC
40.05
5 847.23
1.03
3.85
37.2
---
7
PLAZACNTR
292.35
3 274.28
0.57
2.30
28.7
---
8
ORCOGROUP
10.48
3 048.95
0.53
1.86
4.3
1.0
9
KERNEL
63.34
2 153.59
0.38
13.57
44.9
---
10
OLYMPIC
151.00
2 005.28
0.35
4.02
22.5
1.7
11
AMREST
14.17
1 898.86
0.33
6.36
37.4
---
50.83
1 779.19
0.31
3.36
34.1
---
226.67
1 099.33
0.19
11.94
51.6
---
12
CCIINT
13
RONSON
62
Main List
No
Company
14
PEGAS
15
WARIMPEX
36.00
900.00
0.16
16
ASTARTA
25.00
800.00
0.14
17
ASSECOSLO
1.58
696.96
0.12
5.88
18
SILVANO
40.00
672.00
0.12
5.02
10.9
---
19
ASBIS
55.50
488.40
0.09
2.89
14.3
0.5
20
SKYEUROPE
42.80
273.04
0.05
0.00
x
---
21
ACE
22.12
260.96
0.05
3.10
10.5
---
22
REINHOLD
23
BMPAG
Shares
outstanding
(million)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
9.23
949.71
0.17
3.19
14.6
2.7
1.63
12.5
2.2
3.21
17.1
---
37.3
2.4
Total foreign companies
7.00
209.23
0.04
1.78
x
---
17.50
131.60
0.02
1.40
8.4
---
570 370.25
100.00
2.28
12.5
0.8
63
Fact Book 2008
Sectoral market indicators (end of 2007)
Macrosector / Sector
Number of
companies
Market
capitalisation
Share
in 2007
(million
PLN)
(%)
turnover
(%)
P/BV
P/E Dividend
yield
(%)
INDUSTRY
FOOD
21
15 513
1.4
1.45
3.57
18.0
2.5
LIGHT
12
2 838
0.3
2.89
2.51
44.9
---
WOOD & PAPER
CHEMICALS
OIL & GAS
8
7 931
0.7
1.13
3.26
16.9
4.2
19
18 702
1.7
5.28
2.18
15.4
1.0
6
98 894
9.2
10.44
1.73
15.0
1.8
BUILDING MATERIALS
15
9 307
0.9
1.86
3.67
32.2
0.1
CONSTRUCTION
29
21 345
2.0
6.30
4.37
39.6
0.1
ELECTROENGINEERING
23
11 267
1.0
1.66
2.52
14.9
0.3
METALS
18
33 113
3.1
10.76
2.62
7.8
10.7
OTHERS
4
708
0.1
0.38
1.88
31.5
---
BANKING
17
582 510
53.9
23.17
2.48
12.7
1.2
DEVELOPERS
16
32 373
3.0
5.88
2.62
11.7
0.2
FINANCE
INSURANCE
OTHERS
1
1 024
0.1
0.00
4.27
15.8
---
23
27 969
2.6
3.53
0.93
11.1
0.1
22
16 942
1.6
1.94
5.91
35.4
0.7
SERVICES
RETAILS
WHOLESALE
27
13 922
1.3
2.26
3.02
24.4
0.4
IT
32
12 520
1.2
3.55
2.35
22.2
0.8
TELECOM
8
35 532
3.3
10.11
1.76
x
5.5
MEDIA
14
16 909
1.6
3.42
4.35
36.8
1.4
POWER
5
110 577
10.2
1.23
4.45
22.4
1.5
HOTELS & RESTAURANTS
OTHERS
TOTAL
64
8
7 720
0.7
0.99
2.94
31.5
0.7
14
2 640
0.2
1.78
2.68
x
0.2
342
1 080 258
100.0
100.00
2.45
14.8
1.6
Main List
Invitations to sell shares in 2007
No
Company
Ticker Invitation announced by
Announcement
date
price
(PLN)
1
POLMOSBIA
PLB
Carey Agri International - Poland Sp. z o.o.
17.01
103.00
2
SYNTHOS
SNS
Michał Sołowow
23.01
64.98
3
SRUBEX
SRX
Koelner SA
30.01
34.50
4
PROVIMROL
PRX
Nutrilux s.a.r.l.
31.01
21.31
5
NOVITA
NVT
Zakłady " Lentex" SA
1.02
35.00
6
BEEFSAN
BEF
Lucjan Pilśniak
2.02
3.15
7
KREZUS
KZS
Roman Krzysztof Karkosik
22.02
6.88
8
KRESUS
KZS
Roman Krzysztof Karkosik
22.02
6.89
9
WILBO
WLB
Pamapol SA
23.02
4.00
10
WILBO
WLB
Pamapol SA
23.02
4.40
11
POINTGROUP PGM
Michał M. Lisiecki
27.03
4.05
12
INTERIA.PL
INT
ComArch SA
17.04
64.15
26.04
/1
7.05
25.00
13
ZETKAMA
ZKA
Avallon MBO SA, Kuźnia Polska Sp. z o.o, Jan Jurczyk,
Tomasz Jurczyk, Maciej Jurczyk, Jakub Jurczyk, Sebastian
Jurczyk, Leszek Jurasz, Andrzej Herman, Leszek Gawlik,
Jerzy Kożuch
14
ENERGOPN
EPN
Polimex Mostostal SA
15
INTERIA.PL
INT
Bauer Media Invest GmbH
10.05
64.47
16
PROVIMROL
PRX
Nutrilux s.a.r.l.
18.05
26.25
17
STALEXP
STX
Atlantia SA
4.07
5.87
18
PEPEES
PPS
Przedsiębiorstwo Przemysłu spożywczego " PEPEES" SA
31.07
2.70
19
MCLOGIC
MCL
Macrologic SA
23.08
56.50
KOPEX
KPX
Leszek Jędrzejewski, Krzysztof Jędrzejewski,
Anna Jędrzejewska
30.08
55.00
21
ZEG
ZEG
BBI Capital NFI SA
1.10
56.00
22
GADUGADU
GGU
MIH Poland Holdings B.V.
4.10
23.50
23
BBIZENNFI
BBZ
BB Investment Sp z o.o.
5.10
10.56
24
PERMEDIA
PMD
BVF Czech a.s.
9.10
104.03
25
MIESZKO
MSO
SIA Alta Capital Partners
16.10
3.50
26
SRUBEX
SRX
Koelner SA
24.10
50.00
27
06MAGNA
06N
NFI Magna Polonia SA
25.10
17.50
28
13FORTUNA 13N
Buskot Trading Limited
30.10
2.19
29
05VICT
05N
Keystar Holdings Limited
30.11
2.21
30
ELEKTRIM
ELE
PAI Media SA
30.11
6.25
31
ELEKTRIM
ELE
PAI Media SA
30.11
7.82
32
INTERIA.PL
INT
Bauer Media Invest GmbH
3.12
/2
33
PRATERM
PTM
Dalkia Polska SA
14.12
51.00
34
ORZBIALY
OBL
Desislava Investments S.a r.l.
24.12
21.99
20
/1 PLN 16.00 - price for Central Europe Valves LLC
PLN 17.95 - price for an entity other than Central Europe Valves LLC
/2 PLN 66.62 - price for ordinary shares
PLN 80.00 - price for registered shares
65
Fact Book 2008
Shares and rights to shares (PDA) – basic figures
2007
2006
2005
2004
2003
WIG20 index at year-end
3 456.05
3 285.49
2 654.95
1 960.57
1 574.04
mWIG40 index at year-end
4 028.37
3 733.26
2 207.74
1 730.10
1 269.34
Indices
sWIG80 index at year-end
15 917.92
12 716.59
5 471.33
4 738.62
2 740.68
WIG index at year-end
55 648.54
50 411.82
35 600.79
26 636.19
20 820.07
1 052.13
1 201.50
844.41
666.26
571.86
TechWIG index at year-end
55 011.93
50 361.39
35 277.67
26 540.11
20 825.02
Return on WIG20 (%)
WIG-PL index at year-end
5.19
23.75
35.42
24.56
33.89
Return on mWIG40 (%)
7.90
69.10
27.61
36.30
33.58
100.69
Return on sWIG80 (%)
25.17
132.42
15.46
72.90
Return on WIG (%)
10.39
41.60
33.66
27.94
44.92
Return on TechWIG (%)
-12.43
42.29
26.74
16.51
60.60
9.23
42.76
32.92
27.44
44.95
Return on WIG-PL (%)
Companies
Number of all listed companies at year-end
351
284
255
230
203
of which domestic companies
328
272
248
225
202
of which foreign companies
23
12
7
5
1
Capitalisation at year-end (PLN million)
1 080 258
of which domestic companies
509 887
of which foreign companies
570 370
635 910
437 719
198 190
424 900
308 418
116 482
291 697
214 313
77 385
167 717
140 001
27 715
Average P/E ratio*
17.7
13.5
15.5
24.4
79.0
Average P/BV ratio*
2.82
1.95
2.06
1.86
1.51
Dividend yield at year-end (%)*
2.0
2.6
1.8
1.5
1.6
Total turnover value for the year
(PLN million)
479 481
338 696
197 033
119 518
80 235
Average turnover value per session
(PLN million)
1925.6
1349.4
785.0
468.7
319.7
Number of transactions per session
60 830
44 984
19 837
15 592
12 282
Average value of transaction (PLN)
15 828
14 998
19 786
15 030
13 014
Turnover ratio for companies (%)
19.5
20.9
18.4
17.3
20.3
Number of sessions for the year
249
251
251
255
251
Investment accounts at year-end ('000)
997
909
853
851
947
Continuous trading
(PLN million)
345
277
240
206
159
60 787
44 862
19 725
15 394
12 138
461 861
323 731
180 978
110 223
66 551
* Average annual figure for all listed companies
66
Main List
2007
2006
2005
2004
2003
Single-price system
6
7
15
24
44
33
117
110
195
141
(PLN million)
56
189
156
244
163
Number of transactions (single-counted)
2 509
1 409
593
816
742
Average value of transaction (million PLN)
3.50
5.24
13.41
5.55
9.11
17 563
14 776
15 900
9 051
13 521
Block trades
(PLN million)
Pre-emptive rights – basic figures
2007
2006
2005
2004
2003
1 162
1 013
89
83
17
4.67
4.04
0.35
0.33
0.07
Continuous trading
Total turnover value (PLN million)*
Average turnover value per session (PLN million)
581
420
78
65
16
4 014
4 799
2 259
2 535
2 208
82
31
0
0
0
1 022
922
0
0
0
168
57
0
0
0
Block trades
Average value of transaction (PLN thousand)
Total turnover value (PLN million)
* Excluding block trades
67
Fact Book 2008
Bonds
At the end of 2007, a total of 57 bond issues
The majority of bonds traded on the WSE
were traded on the WSE, including 51 issu-
are Treasury bonds.
es of Treasury bonds and 6 issues of corporate bonds, of which four had been issued
WSE-quoted bonds may be subdivided into
by foreign institutions. All bonds are quoted
three major groups by their interest calcula-
under the continuous trading system.
tion method:
The total value of trading in bonds reached
floating-rate bonds*
PLN 3.5 billion in 2007, down by 40% in com-
fixed-rate bonds**
parison with 2006 (PLN 5.5 billion).
zero-coupon bonds***
*
The interest rate on floating-rate bonds depends on the rate on Treasury bills or WIBOR (Warsaw
Interbank Offered Rate). The nominal value of these bonds ranges from PLN 100 to PLN 1,000.
** The interest rate on fixed-rate bonds ranged from 5.0% to 7.3% per annum, depending on the
maturity date. The nominal value of a single bond is PLN 100 or PLN 1,000, depending on the type
of bond.
*** The interest rate on these bonds is linked to the way they are marketed: with a discount, i.e. at a
price below their nominal value. Upon maturity, the bondholder receives a sum which equals the
nominal value of the bond.
68
Main List
Floating rate bonds in 2007
No
Bonds
Interest
rate
low
high
(%)
(%)
(%)
Price
end
Turnover
value
(PLN
(%)
million)
Average
volume
Average
Block
number of trades value
transactions
(PLN
million)
Treasury
1
DZ0107
1.00+c
---
---
100.00
0.00
0
0
0
2
DZ0108
1.00+c
99.90
101.00
99.90
27.35
54
0
3.23
3
DZ0109
1.00+c
100.30
102.00
100.30
54.67
107
1
1.95
4
DZ0110
1.00+c
101.05
102.90
101.40
61.80
120
1
5.01
5
DZ0407
1.00+c
---
---
100.15
0.00
0
0
0
6
DZ0707
1.00+c
100.00
100.50
100.00
0.09
0
0
0
7
DZ0708
1.00+c
99.80
101.30
99.80
16.56
32
1
1.73
8
DZ0709
1.00+c
100.50
102.30
100.52
45.28
87
1
1.33
9
DZ0811
c
98.00
99.65
98.00
46.23
91
2
1.39
10
DZ1111
c
98.61
99.75
98.61
7.59
15
1
0
11
TZ0207
0.99*w
99.90
100.01
0.00
0.59
35
0
0
12
TZ0208
1.00*w
99.70
100.10
99.90
72.52
1 443
6
16.37
13
TZ0209
0.92*w
99.40
100.40
100.20
30.18
603
4
0
14
TZ0210
0.93*w
98.00
100.50
100.40
9.76
218
1
0
15
TZ0507
1.00*w
99.95
100.10
99.99
17.59
1 107
2
0
16
TZ0508
0.99*w
99.70
100.19
99.70
96.71
1 925
6
26.59
17
TZ0509
0.92*w
99.50
100.60
100.60
8.25
164
1
0
18
TZ0510
0.93*w
99.56
100.50
100.00
6.20
189
1
0
19
TZ0807
1.00*w
99.90
100.10
99.91
21.23
741
5
0
20
TZ0808
0.98*w
99.81
100.20
99.90
65.80
1 312
5
0
21
TZ0809
0.93*w
99.00
100.99
100.20
16.14
322
2
0
22
TZ0810
0.93*w
99.50
100.43
100.01
4.31
217
2
0
23
TZ1107
1.00*w
99.20
100.10
100.00
127.11
3 075
6
0
24
TZ1108
0.96*w
99.50
101.50
99.70
28.13
560
4
0
25
TZ1109
0.93*w
96.80
100.99
100.28
16.32
325
2
0
26
TZ1110
0.93*w
99.61
100.50
100.35
4.84
667
3
0
27
WZ0118
j
100.05
100.30
100.05
32.20
74
1
1.42
28
WZ0307
h
99.95
100.10
99.95
29.32
265
2
0
29
WZ0911
g
100.00
100.40
100.11
102.41
204
3
20.54
p
125.00
592.00
592.00
27.28
3
1
0
e
---
---
99.85
0
0
0
0
Corporate
1
MCIOB0709
Foreign
1
EIB0908
c - Average rate of return on 52-week Treasury bills.
e - Until 14.09.2004, interest rate: 6% per annum. After this date, annual interest: 4% plus twice the
difference between the 10-year and 2-year Polish zloty interest rate swaps.
g - Calculated for every coupon period as an average of 6M WIBOR from last three business days,
where the last day of this 3-day period falls at the latest two business days before the day on
which the given coupon period begins.
69
Fact Book 2008
h - Calculated for every coupon period as an average of 3M WIBOR from last three business days,
where the last day of this 3-day period falls at the latest two business days before the day on
which the given coupon period begins.
j - Calculated for every coupon period as an average of 6M WIBOR from last three business days,
where the last day of this 3-day period falls at the day before the day on which the given coupon
period begins.
p - WIBOR6M + premium.
w - Average of 6M WIBOR for the period of five subsequent business days, where the last day of the
5-day period falls, at the latest, five business days before the day on which the given coupon
period begins.
Fixed rate bonds in 2007
No
Bonds
Interest
rate
low
high
(%)
(%)
(%)
Price
end
Turnover
value
(PLN
(%)
million)
Average
volume
Average
Block
transactions
(PLN
million)
Treasury
1
DS0509
6.00
99.60
103.50
99.90
21.53
41
1
4.26
2
DS1013
5.00
94.30
100.40
95.00
25.06
50
1
0
3
DS1015
6.25
100.90
108.20
101.65
17.04
32
1
0
4
DS1017
5.25
94.50
101.30
94.95
8.62
17
1
0
5
DS1109
6.00
99.91
103.80
100.05
2.40
5
0
0
6
DS1110
6.00
99.70
104.40
99.90
14.90
28
0
1.91
7
IZ0816
100.85
102.80
101.50
4.72
9
0
0
8
OK0407
98.80
99.93
99.92
20.18
151
2
0.53
9
OK0408
94.74
98.50
98.48
289.40
601
8
1.97
10
OK0709
89.93
91.60
91.40
370.90
929
8
11.32
11
OK0807
97.60
99.88
99.86
210.37
711
5
0.83
12
OK0808
93.15
96.65
96.65
180.35
382
8
1.93
13
OK1207
96.11
99.86
99.86
223.03
485
4
3.95
14
OK1208
91.83
94.89
94.84
510.59
1 100
10
79.35
15
PS0310
5.75
98.99
103.55
99.30
28.46
55
1
14.82
16
PS0412
4.75
94.30
99.01
95.02
13.91
30
0
1.76
17
PS0413
5.25
---
---
96.81
0.00
0
0
0
18
PS0507
8.50
100.00
101.20
100.00
1.73
9
0
0.21
19
PS0511
4.25
94.01
98.00
94.50
22.24
45
1
10.91
20
PS0608
5.75
99.81
102.10
99.90
13.46
26
1
1.05
21
SP0307
8.00
100.05
100.51
100.10
1.03
150
1
0
22
SP0308
5.00
99.61
100.64
99.62
31.29
614
1
4.03
23
SP0309
6.50
100.33
103.99
100.34
21.85
418
1
0
24
SP0310
5.50
98.00
103.00
98.13
15.27
299
1
0
25
SP0607
8.00
100.05
101.60
100.10
7.96
399
1
0
26
SP0608
4.50
99.30
100.20
99.50
17.32
342
1
6.67
27
SP0609
7.00
101.06
105.39
101.45
9.69
184
1
0
70
Main List
Fixed rate bonds in 2007
No
Bonds
Interest
rate
low
high
(%)
(%)
(%)
Price
end
Turnover
value
(PLN
(%)
million)
Average
volume
Average
Block
transactions
(PLN
million)
Treasury
28
SP0610
5.00
97.00
100.85
97.50
83.45
1 670
2
0
29
SP0907
6.50
99.90
101.36
0.00
8.68
262
1
0
30
SP0908
4.50
98.91
100.10
98.92
6.38
127
0
0
31
SP0909
7.30
101.30
106.40
101.80
19.32
362
2
1.94
32
SP0910
4.40
95.00
100.00
95.62
4.14
84
1
0
33
SP1207
5.50
99.90
101.15
99.91
31.49
686
1
0
34
SP1208
6.50
100.40
103.55
100.41
14.66
281
1
2.86
35
SP1209
6.50
100.70
105.00
101.10
15.49
293
1
0.64
36
SP1210
4.50
94.00
100.00
95.22
13.35
273
1
0
37
WS0437
5.00
---
---
91.90
0.00
0
0
0
WS0922
5.75
98.00
105.20
100.49
4.89
9
0
0
38
Corporate
1
BPHOB1108
5.30
97.01
100.25
98.90
2.00
39
0
0
2
TSTOB0807
7.50
---
---
100.00
0.00
0
0
0
1
EIB0526
---
---
34.80
0.00
0
0
0
2
EIB0617
---
---
35.71
0.00
0
0
0
3
EIB1211
---
---
45.87
0.00
0
0
0
Foreign
Bonds – basic figures
2007
2006
2005
2004
2003
57
65
76
81
70
3264
5488
5059
7820
7840
13.0
22.0
20.0
31.0
31.0
116
161
210
411
410
56 518
67 801
48 052
37 287
38 130
111
55
35
113
1278
Average value of transaction (PLN million)
1.04
0.44
6.40
2.36
1.89
231
48
448
533
4 834
Continuous trading
Number of listed bond issues at year-end
Block trades
71
Fact Book 2008
Treasury bond market calendar in 2007
First quotation
No
Issue
Last quotation
First quotation
date
No
22.01
1
DZ0107
Last quotation
date
4.01
1
PS0412
2
TZ0210
8.02
2
TZ0207
24.01
3
OK0709
12.02
3
SP0307
14.02
4
WZ0118
19.02
4
WZ0307
19.03
5
TZ0510
08.05
5
DZ0407
3.04
6
WS0437
18.06
6
OK0407
4.04
7
TZ0810
8.08
7
TZ0507
23.04
8
TZ1110
6.11
8
PS0507
07.05
9
PS0413
26.11
Corporate bond market calendar in 2007
Last quotation
No
1
72
Issue
Issue
TSTOB0807
Last quotation
date
15.01
9
SP0607
16.05
10
DZ0707
3.07
11
TZ0807
25.07
12
OK0807
6.08
13
SP0907
16.08
14
TZ1107
23.10
15
SP1207
16.11
16
OK1207
5.12
Main List
Structured products
In this type of financial instrument the price
bond with an attached option, a structured
is dependent on the value of specific under-
certificate, a warrant etc.
lying market indicators (e.g. equity prices or
stock baskets, index values, exchange rates).
The first structured instruments to be traded
They are issued by financial institutions, usu-
on the WSE (introduced in 2006) were struc-
ally banks or brokerage houses. The issuer
tured bonds issued by Deutsche Bank AG
of a structured product commits to make
London.
a payment to the buyer (investor) at maturity date, and the sum to be paid is calculated
At the end of 2007, a total of 12 series of
according to a predetermined formula. The
structured products, issued by three foreign
redemption formula enables the holders of
financial institutions, were traded on the
structured products to monitor changes in
WSE:
the values of their instruments on an on-
Deutsche Bank - 'db Magic Three' struc-
going basis.
tured bonds (2 series) and WIG20 bonds
(1 series),
Depending on their design, two essential
types of structured products can be identified:
Products which ensure complete security of invested capital - very safe products
which offer a predetermined share of yield
generated by the underlying market indicator, coupled with a guaranteed 100 per
cent refund of the invested capital (the
investor will not incur a loss).
Products which do not ensure complete
ERSTE Bank - NTX index certificates
(1 series),
Raiffeisen Centrobank AG - certificates based on indices from European exchanges,
oil and gold prices, as well as equities
from the Ukrainian and Kazakh markets
(8 series).
Until 30 June 2008, the fees charged to
issuers of option warrants and structured
certificates have been reduced to zero.
security of invested capital - they bear
a higher risk as the investor has a greater
More structured products are expected to
share in gains and in losses generated by
appear on the WSE in Q1 of 2008.
the underlying product (however, they
also offer high earnings opportunities to
investors).
Structured products can also be subdivided
into short-, medium- and long-term products, depending on their maturity.
Structured products may be based on a variety of designs, for instance a zero-coupon
73
Fact Book 2008
Structured products – basic figures
2007
Number of listed series at year-end
Total turnover value (PLN thousand)*
Average turnover value per session (PLN thousand)
Average transaction value (PLN)
74
2006
12
2
25 252
1 068
101
12
3
1
14 854
5 185
Main List
Investment Certificates
Investment certificates are issued by closed-
cates are redeemed and fund participants
end investment funds. As bearer securities,
receive payment according to the number
they may be listed on the Exchange. Invest-
of certificates held and their final valuation.
ment funds issuing certificates are established for a specified period of time. Their
In the course of 2007, certificates of 14 in-
objective is to achieve the highest possible
vestment funds were introduced to trading
returns on the capital paid in by fund parti-
on the Exchange.
cipants - mainly through investment in securities.
At the end of 2007 a total of 37 series of in-
The fund ceases to exist through a liquida-
vestment certificates were listed on the WSE.
tion procedure whereby investment certifi-
Investment Certificates – basic figures
2007
2006
2005
2004
2003
37
32
21
16
5
551 793
189 172
159 827
2 216
754
637
774
13 008
128
31
11
10
171
8 661
12 156
28 429
38 836
38 144
Number of volume per session
7 984
3 623
4 369
5 235
61 314
12
1
0
0
22
476
8 000
0
0
864
11 418
16 000
0
0
38 029
Continuous trading
Number of listed investment certificates at year-end
Total turnover value (PLN thousand)*
197 286 3 264 930
Block trades
Average value of transaction (PLN thousand)
Total turnover value (PLN thousand)
75
Fact Book 2008
Investment certificates market calendar in 2007
First quotation
No
Issue
Last quotation
First quotation
date
No
5.01
1
KBKEURFIZ
26.01
Last quotation
date
1
SECUSFIZ
2
INVFIZ
22.01
2
SPROFITFIZ
11.05
3
KBCFINFIZ
1.02
3
SLOKATAFIZ
11.05
4
KBCATLFIZ
20.03
4
KBKLAMFIZ
25.05
5
KBCDLWFIZ
20.03
5
DWSFIZSW
12.06
6
OPERA3GR
29.05
6
KBKPFIZ
26.06
7
KBCEURFIZ
21.06
7
KBKP2FIZ
26.06
8
KBCKIVFIZ
21.06
8
KBKP3FIZ
27.08
6.07
9
ARKAGIZ07
19.12
9
INVBRFIZ
10
KBCRAZFIZ
27.08
11
KBCINDFIZ
27.08
12
KBCBRIFIZ
15.10
13
INVLBFIZ
14
KBCNEUFIZ
76
Issue
9.11
30.11
Main List
WSE Indices
At the end of 2007 the Warsaw Stock Ex-
Indices cover all companies which are not
change calculated and published the values
in a special situation, as defined in the
of 14 stock market indices and one external
WSE Rules and which have min. 10% of
index. The values of five indices were published on a continuous basis (from the start
reas the WIG-PL covers all domestic com-
until the end of a session):
shares or EUR 1 million in free float,
The WIG covers all listed companies whepanies,
WIG20,
The MIDWIG was replaced by the
mWIG40,
sWIG80,
mWIG40 whereas the WIRR was replaced
WIG,
by the sWIG80,
Companies are classified to the WIG20,
TechWIG.
The values of the remaining nine indices
the mWIG40 and the sWIG80 on the ba-
were published three times (after the first
sis of a single ranking by the trading vo-
and the second auction, and at the close of
lume in the last 12 months and the number of shares in free float.
session):
WIG-PL,
WIG sectoral sub-indices.
Additionally, sectoral classification of com-
In January the WSE adopted new regulations
created:
on stock market indices, implementing a tho-
Developers
rough reform of indices in March.
Starting from 18 June, the Warsaw Stock
The new rules introduced uniform inclusion
Exchange began to calculate and publish the
criteria for all indices, as follows:
WIG-Developers subindex.
panies was revised and a new sector was
Monthly rates of return on WSE indices in 2007 (%)
Month
WIG20
mWIG40
sWIG80
WIG
TechWIG
WIG-PL
January
6.01
13.34
13.58
8.22
6.43
8.50
February
-6.92
-0.63
-0.72
-4.87
-3.26
-4.98
March
8.58
12.47
18.89
10.84
5.42
11.00
April
1.99
5.29
10.08
3.97
1.54
4.04
May
1.64
12.77
7.46
6.29
0.09
6.10
June
3.02
1.24
6.02
3.95
-0.36
4.03
July
-0.64
-10.88
-7.56
-3.64
-3.78
-3.97
August
-3.58
-5.79
-7.29
-4.74
-8.08
-4.90
September
0.89
-4.28
-1.81
-0.46
-3.29
-0.71
October
6.71
1.99
2.33
4.57
1.81
4.57
November
-8.56
-12.12
-12.85
-10.21
-8.38
-10.44
December
-2.53
-1.61
-0.80
-1.82
-0.15
-2.09
77
Fact Book 2008
The WIG20 Index
The list of index participants (constituents)
is compiled from a special inventory cove-
Computed since 16 April 1994, the WIG20 is
ring companies with free float value over
the index of the largest quoted companies
10% and EUR 1 million which are not in
(blue chips) and has a base value of 1,000
a special situation, as defined in the WSE
points.
Rules.
WIG20 values are calculated on the basis of
Companies selected using this method are
share prices of 20 listed companies.
then ranked by turnover value for the last
This index is published from the start until
12 months (weight 0.6) and free float value
the close of a session at 15-second intervals.
(weight 0.4). The index covers companies
The WIG20 is a price index, which means
which are ranked 1 to 25 in the case of
that income from dividends and pre-emp-
a review, and ranked 30 or higher in the case
tive rights is not taken into account in its cal-
of an adjustment.
culation.
Company shares in this index are updated
Changes to the WIG20 composition are
during each revision and adjustment exer-
made four times a year. The annual review
cise, based on the current free float balan-
is conducted in March, whereas quarterly ad-
ce. Additionally, one company may have
justments take place in June, September and
a maximum share of 15% in this index.
December.
The WIG20 index in 2007
3 950
3 850
3 750
3 650
3 550
3 450
3 350
3 250
3 150
3 050
Jan
78
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Main List
The WIG20 index portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in WIG20
(%)
(PLN)
1
PKOBP
52.60
375 330 000
19 742 358 000
16.70
2
PEKAO
227.00
72 099 000
16 366 473 000
13.84
3
PKNORLEN
51.90
309 998 000
16 088 896 200
13.61
4
KGHM
105.80
116 410 000
12 316 178 000
10.42
5
TPSA
22.51
505 127 000
11 370 408 770
9.62
6
BZWBK
251.00
21 546 000
5 408 046 000
4.57
7
GTC
8
PGNIG
9
BRE
44.50
118 179 000
5 258 965 500
4.45
5.10
900 000 000
4 590 000 000
3.88
505.00
8 844 000
4 466 220 000
3.78
10
POLIMEXMS
8.56
407 034 000
3 484 211 040
2.95
11
TVN
25.00
131 766 000
3 294 150 000
2.79
12
PBG
307.10
8 905 000
2 734 725 500
2.31
13
AGORA
55.50
43 483 000
2 413 306 500
2.04
14
CERSANIT
15
CEZ
16
LOTOS
17
PROKOM
18
BIOTON
19
20
33.50
68 000 000
2 278 000 000
1.93
183.00
12 121 000
2 218 143 000
1.88
44.50
46 796 000
2 082 422 000
1.76
132.70
10 173 000
1 349 957 100
1.14
0.89
1 263 002 000
1 124 071 780
0.95
POLNORD
141.90
6 337 000
899 220 300
0.76
BANKBPH
104.00
7 260 000
755 040 000
0.64
79
Fact Book 2008
The mWIG40 Index
As the successor to the MIDWIG, the
ring companies with a free float value over
mWIG40 covers medium size companies (by
market value and turnover). The index has
been published by the WSE since 31 Decem-
Rules.
ber 1997, its base value being 1,000 points.
mWIG40 values are calculated on the basis
Companies selected according to this me-
of share prices of 40 listed companies.
thod are then ranked by turnover value for
the last 12 months (weight 0.6) and free flo-
the close of session in one-minute intervals.
at value (weight 0.4). The index covers com-
The mWIG40 is a price index, which means
panies which are ranked 25 to 65 in the case
that income from dividends and pre-empti-
of a review, and ranked 30 to 70 in the case
ve rights is not taken into account in its cal-
of an adjustment.
culation.
Changes to the composition of the mWIG40
are made four times a year. The annual re-
view is conducted in March, whereas quar-
ce. One company may have a maximum
terly adjustments take place in June, Sep-
share of 10% in this index.
tember and December.
The mWIG40 index in 2007
5 800
5 600
5 400
5 200
5 000
4 800
4 600
4 400
4 200
4 000
3 800
3 600
3 400
Jan
80
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Main List
The mWIG40 index portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in mWIG40
(%)
(PLN)
1
GETIN
14.70
315 195 000
4 633 366 500
10.11
2
MILLENNIUM
11.63
292 855 000
3 405 903 650
7.43
3
HANDLOWY
4
INGBSK
99.90
32 664 000
3 263 133 600
7.12
725.00
3 252 000
2 357 700 000
5.14
5
LPP
2 668.50
825 000
2 201 512 500
4.80
6
7
CIECH
121.00
17 729 000
2 145 209 000
4.68
ECHO
79.70
25 519 000
2 033 864 300
4.44
8
STALPROD
750.00
2 688 000
2 016 000 000
4.40
9
ASSECOPOL
73.50
26 751 000
1 966 198 500
4.29
163.00
11 179 000
1 822 177 000
3.97
10
EMPERIA
11
ORBIS
69.50
25 121 000
1 745 909 500
3.81
12
AMREST
134.00
12 251 000
1 641 634 000
3.58
13
KETY
160.00
8 696 000
1 391 360 000
3.03
14
KOPEX
48.60
21 143 000
1 027 549 800
2.24
15
SWIECIE
67.90
14 499 000
984 482 100
2.15
16
BUDIMEX
92.00
10 451 000
961 492 000
2.10
17
NETIA
3.80
252 073 000
957 877 400
2.09
18
VISTULA
11.98
78 822 000
944 287 560
2.06
19
KREDYTB
23.50
39 317 000
923 949 500
2.02
20
GRAJEWO
53.00
17 315 000
917 695 000
2.00
21
SYNTHOS
1.30
641 458 000
833 895 400
1.82
22
IDMSA
14.46
53 642 000
775 663 320
1.69
23
MMPPL
10.40
69 533 000
723 143 200
1.58
24
PEGAS
102.90
7 014 000
721 740 600
1.57
25
MOSTALZAB
8.00
81 647 000
653 176 000
1.42
1.29
26
IMPEXMET
27
DOMDEV
9.20
64 281 000
591 385 200
99.00
5 894 000
583 506 000
28
DUDA
1.27
7.50
76 372 000
572 790 000
1.25
29
CCC
45.00
12 619 000
567 855 000
1.24
30
GANT
61.90
8 605 000
532 649 500
1.16
31
MCI
18.55
23 154 000
429 506 700
0.94
32
SYGNITY
35.11
9 813 000
344 534 430
0.75
33
STALEXP
2.80
108 202 000
302 965 600
0.66
34
BORYSZEW
11.92
22 131 000
263 801 520
0.58
35
BBIDEVNFI
1.25
151 259 000
189 073 750
0.41
36
MOSTALEXP
4.18
42 176 000
176 295 680
0.38
37
FON
0.55
149 304 000
82 117 200
0.18
38
HUTMEN
8.30
9 470 000
78 601 000
0.17
39
MASTERS
0.21
265 934 000
55 846 140
0.12
40
SANWIL
0.31
100 234 000
31 072 540
0.07
81
Fact Book 2008
The sWIG80 Index
The sWIG80 index is the successor to the
ring companies with a free float value over
WIRR. Its portfolio covers listed companies
which are smaller than the WIG20 and
mWIG40 constituents. The index has been
Rules.
published by the WSE since 31 December
1994, its base value being 1,000 points.
Companies selected according to this me-
sWIG80 values are calculated on the basis
thod are then ranked by turnover value for
of share prices for 80 listed companies. This
the last 12 months (weight 0.6) and free flo-
index is published from the start until the
at value (weight 0.4). The index covers com-
close of session in one-minute intervals. The
panies which ranked 65 to 145 in the case of
sWIG80 is a price index, which means that
a review, and ranked 70 to 155 in the case
income from dividends and pre-emptive ri-
of an adjustment.
ghts is not taken into account in its calculation.
Changes to the sWIG80's composition are
made four times a year. The annual review
is conducted in March, whereas quarterly ad-
ce. Additionally, one company may have
justments take place in June, September and
a maximum share of 10% in this index.
December.
The sWIG80 index in 2007
22 000
21 000
20 000
19 000
18 000
17 000
16 000
15 000
14 000
13 000
12 000
11 000
Jan
82
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Main List
The sWIG80 index portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in sWIG80
(%)
117.00
7 521 000
879 957 000
3.67
89.10
9 714 000
865 517 400
3.61
4 220 000
844 000 000
3.52
(PLN)
1
PULAWY
2
PGF
3
ELBUDOWA
200.00
4
COMARCH
182.00
4 549 000
827 918 000
3.45
5
EUROCASH
12.00
57 484 000
689 808 000
2.88
6
PEP
37.00
18 342 000
678 654 000
2.83
7
NFIEMF
19.00
35 159 000
668 021 000
2.79
8
LCCORP
3.03
220 203 000
667 215 090
2.78
9
CCIINT
35.00
18 014 000
630 490 000
2.63
10
POLAQUA
78.00
8 068 000
629 304 000
2.62
11
KOGENERA
60.00
10 092 000
605 520 000
2.53
12
APATOR
24.00
24 803 000
595 272 000
2.48
13
DEBICA
105.20
5 538 000
582 597 600
2.43
14
NOBLEBANK
12.50
45 000 000
562 500 000
2.35
15
MOSTALWAR
53.00
10 011 000
530 583 000
2.21
16
ATMGRUPA
250.00
2 115 000
528 750 000
2.21
17
FARMACOL
42.20
11 691 000
493 360 200
2.06
18
RUCH
23.00
21 142 000
486 266 000
2.03
19
FAMUR
4.38
110 906 000
485 768 280
2.03
20
INTERCARS
123.80
3 913 000
484 429 400
2.02
21
ZELMER
63.00
7 647 000
481 761 000
2.01
22
SANOK
185.00
2 575 000
476 375 000
1.99
23
ALCHEMIA
10.89
43 603 000
474 836 670
1.98
24
JWCONSTR
42.45
10 647 000
451 965 150
1.89
25
KOELNER
33.00
12 917 000
426 261 000
1.78
26
ULMA
320.00
1 288 000
412 160 000
1.72
27
OPOCZNO
48.00
8 484 000
407 232 000
1.70
28
BARLINEK
12.70
30 960 000
393 192 000
1.64
29
POLICE
16.85
23 286 000
392 369 100
1.64
30
PRATERM
50.10
7 751 000
388 325 100
1.62
31
RAFAKO
11.12
34 853 000
387 565 360
1.62
32
WSIP
15.71
23 227 000
364 896 170
1.52
33
ALMA
130.00
2 801 000
364 130 000
1.52
34
TIM
25.00
14 071 000
351 775 000
1.47
35
PETROLINV
325.00
995 000
323 375 000
1.35
36
SNIEZKA
1.34
37
HBWLOCLAW
38
ABG
39
MNI
40
LENTEX
47.00
6 818 000
320 446 000
440.00
665 000
292 600 000
1.22
6.90
37 751 000
260 481 900
1.09
4.19
59 509 000
249 342 710
1.04
32.99
7 340 000
242 146 600
1.01
83
Fact Book 2008
The sWIG80 index portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in sWIG80
(%)
(PLN)
41
TECHMEX
38.90
6 015 000
233 983 500
0.98
42
PAGED
30.00
7 268 000
218 040 000
0.91
43
PROJPRZEM
39.00
5 471 000
213 369 000
0.89
44
ATM
64.10
3 320 000
212 812 000
0.89
45
FAM
7.72
23 822 000
183 905 840
0.77
46
ELSTAROIL
7.50
23 672 000
177 540 000
0.74
47
PPWK
3.82
38 478 000
146 985 960
0.61
48
STALPROFI
18.80
7 536 000
141 676 800
0.59
49
NOWAGALA
5.50
25 033 000
137 681 500
0.57
50
ZURAWIE
19.34
7 014 000
135 650 760
0.57
51
14ZACH
2.63
51 141 000
134 500 830
0.56
52
INSTALKRK
21.49
6 189 000
133 001 610
0.55
53
MIDAS
17.77
7 036 000
125 029 720
0.52
54
04PRO
6.18
16 781 000
103 706 580
0.43
55
LZPS
11.00
9 000 000
99 000 000
0.41
56
JUPITER
3.61
24 980 000
90 177 800
0.38
0.37
57
HTLSTREFA
58
IMPEL
59
CAPITAL
6.40
13 758 000
88 051 200
16.65
5 265 000
87 662 250
0.37
6.20
14 053 000
87 128 600
0.36
60
PROCHNIK
0.91
90 910 000
82 728 100
0.35
61
DROZAPOL
5.12
15 744 000
80 609 280
0.34
62
CENSTALGD
5.70
12 563 000
71 609 100
0.30
63
LUBAWA
1.02
66 328 000
67 654 560
0.28
64
BUDOPOL
3.73
17 422 000
64 984 060
0.27
65
TRITON
9.15
6 965 000
63 729 750
0.27
66
SKOTAN
5.80
10 881 000
63 109 800
0.26
67
KREZUS
4.30
13 599 000
58 475 700
0.24
68
ENERGOPOL
10.85
4 945 000
53 653 250
0.22
69
SWARZEDZ
70
KRUK
71
IBSYSTEM
72
PONARFEH
9.75
4 304 000
41 964 000
0.18
73
FERRUM
9.80
3 949 000
38 700 200
0.16
74
ADVADIS
0.70
51 360 000
35 952 000
0.15
75
HYGIENIKA
4.57
7 515 000
34 343 550
0.14
0.14
0.52
99 871 000
51 932 920
0.22
28.00
1 677 000
46 956 000
0.20
0.83
53 175 000
44 135 250
0.18
76
POLCOLOR
0.93
36 450 000
33 898 500
77
JAGO
3.21
10 498 000
33 698 580
0.14
78
TUP
16.99
1 826 000
31 023 740
0.13
79
ATLANTIS
1.57
11 823 000
18 562 110
0.08
80
PCGUARD
0.11
100 000 000
11 000 000
0.05
84
Main List
The WIG Index
Changes to the composition of the WIG are
made four times a year. An inventory of all
Calculated since the first ever WSE session
listed companies is compiled after the last
on 16 April 1991, the WIG is the oldest of all
session in February, May, August and No-
WSE indices. Its portfolio covers all listed
vember. The inventory does not cover com-
companies except those whose free float is
panies which fail to meet essential partici-
under 10% and EUR 1 million and those in
pation requirements.
Rules.
Company shares in this index are determi-
The base value of the WIG is 1,000 points.
ned on the basis of the number of shares in
Its values are calculated on the basis of sha-
free float. Additionally, one company may
re prices for all constituent companies.
have a maximum share of 10% in the index,
whereas one sector may not exceed a share
the close of session in one-minute intervals.
of 30%.
The WIG is a total return index, which means that income from dividends and pre-
The new WIG portfolio comes into force after
emptive rights is also taken into account for
the third Friday of March, June, September
its calculation.
and December.
The WIG index in 2007
68 000
66 000
64 000
62 000
60 000
58 000
56 000
54 000
52 000
50 000
48 000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
85
Fact Book 2008
The WIG index portfolio (end of 2007)
No
Shares
Price
1
PKOBP
52.60
2
PEKAO
3
PKNORLEN
4
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
402 033 000
21 146 935 800
10.33
227.00
85 834 000
19 484 318 000
9.52
51.90
309 999 000
16 088 948 100
7.86
KGHM
105.80
116 410 000
12 316 178 000
6.02
5
TPSA
22.51
505 127 000
11 370 408 770
5.56
6
GTC
44.50
118 179 000
5 258 965 500
2.57
7
PGNIG
5.10
900 000 000
4 590 000 000
2.24
8
BZWBK
251.00
17 859 000
4 482 609 000
2.19
9
GETIN
14.70
261 145 000
3 838 831 500
1.88
505.00
7 338 000
3 705 690 000
1.81
(PLN)
10
BRE
11
POLIMEXMS
8.56
407 035 000
3 484 219 600
1.70
12
TVN
25.00
131 903 000
3 297 575 000
1.61
13
MILLENNIUM
11.63
242 731 000
2 822 961 530
1.38
14
PBG
307.10
8 905 000
2 734 725 500
1.34
15
HANDLOWY
99.90
27 074 000
2 704 692 600
1.32
16
AGORA
55.50
43 484 000
2 413 362 000
1.18
17
CERSANIT
33.50
68 000 000
2 278 000 000
1.11
18
CEZ
183.00
11 785 000
2 156 655 000
1.05
19
CIECH
121.00
17 729 000
2 145 209 000
1.05
20
LPP
21
LOTOS
22
EMPERIA
23
ECHO
24
STALPROD
25
ASSECOPOL
73.50
26
INGBSK
725.00
2 696 000
1 954 600 000
0.96
27
ORBIS
69.50
25 121 000
1 745 909 500
0.85
28
AMREST
134.00
12 251 000
1 641 634 000
0.80
29
KETY
160.00
8 696 000
1 391 360 000
0.68
30
PROKOM
132.70
10 167 000
1 349 160 900
0.66
31
BIOTON
0.89
1 263 003 000
1 124 072 670
0.55
32
KOPEX
48.60
21 144 000
1 027 598 400
0.50
2 668.50
803 000
2 142 805 500
1.05
44.50
46 797 000
2 082 466 500
1.02
163.00
12 680 000
2 066 840 000
1.01
79.70
25 519 000
2 033 864 300
0.99
750.00
2 688 000
2 016 000 000
0.99
26 751 000
1 966 198 500
0.96
33
SWIECIE
67.90
14 500 000
984 550 000
0.48
34
BUDIMEX
92.00
10 452 000
961 584 000
0.47
35
NETIA
3.80
252 073 000
957 877 400
0.47
36
VISTULA
11.98
78 822 000
944 287 560
0.46
37
GRAJEWO
53.00
17 316 000
917 748 000
0.45
38
POLNORD
141.90
6 338 000
899 362 200
0.44
39
PULAWY
117.00
7 521 000
879 957 000
0.43
40
PGF
89.10
9 715 000
865 606 500
0.42
86
Main List
No
Shares
41
ELBUDOWA
42
SYNTHOS
43
COMARCH
44
IDMSA
45
KREDYTB
46
CEDC
47
MMPPL
48
EUROCASH
49
PEGAS
50
Price
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
200.00
4 220 000
844 000 000
0.41
(PLN)
1.30
641 483 000
833 927 900
0.41
182.00
4 549 000
827 918 000
0.40
14.46
53 512 000
773 783 520
0.38
23.50
32 588 000
765 818 000
0.37
146.00
5 137 000
750 002 000
0.37
10.40
69 533 000
723 143 200
0.35
12.00
57 485 000
689 820 000
0.34
102.90
6 645 000
683 770 500
0.33
PEP
37.00
18 343 000
678 691 000
0.33
51
NFIEMF
19.00
35 160 000
668 040 000
0.33
52
LCCORP
3.03
220 204 000
667 218 120
0.33
53
IMPEXMET
9.20
70 532 000
648 894 400
0.32
54
MOSTALZAB
8.00
80 234 000
641 872 000
0.31
55
POLAQUA
78.00
8 160 000
636 480 000
0.31
56
CCIINT
35.00
18 014 000
630 490 000
0.31
57
BANKBPH
104.00
6 018 000
625 872 000
0.31
58
KOGENERA
60.00
10 093 000
605 580 000
0.30
59
APATOR
24.00
24 804 000
595 296 000
0.29
60
DOMDEV
61
DEBICA
62
DUDA
63
CCC
45.00
12 620 000
567 900 000
0.28
64
KERNEL
34.00
16 671 000
566 814 000
0.28
65
GANT
61.90
8 646 000
535 187 400
0.26
66
MOSTALWAR
53.00
10 011 000
530 583 000
0.26
67
ATMGRUPA
250.00
2 115 000
528 750 000
0.26
68
MOL
360.00
1 430 000
514 800 000
0.25
69
INTERCARS
123.80
4 018 000
497 428 400
0.24
70
FARMACOL
42.20
11 692 000
493 402 400
0.24
71
RUCH
23.00
21 143 000
486 289 000
0.24
72
FAMUR
4.38
110 906 000
485 768 280
0.24
73
ZELMER
63.00
7 647 000
481 761 000
0.24
74
SANOK
185.00
2 576 000
476 560 000
0.23
75
ALCHEMIA
10.89
43 603 000
474 836 670
0.23
76
BOMI
28.00
16 769 000
469 532 000
0.23
77
NOBLEBANK
12.50
37 298 000
466 225 000
0.23
78
MCI
18.55
23 642 000
438 559 100
0.21
99.00
5 939 000
587 961 000
0.29
105.20
5 539 000
582 702 800
0.28
7.50
76 373 000
572 797 500
0.28
79
JWCONSTR
42.45
10 319 000
438 041 550
0.21
80
KOELNER
33.00
12 918 000
426 294 000
0.21
87
Fact Book 2008
No
Shares
Price
81
IMMOEAST
26.19
82
ULMA
83
OPOCZNO
84
ASSECOSLO
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
16 080 000
421 135 200
0.21
(PLN)
320.00
1 288 000
412 160 000
0.20
48.00
8 485 000
407 280 000
0.20
440.00
924 000
406 560 000
0.20
0.19
85
BARLINEK
12.70
30 960 000
393 192 000
86
POLICE
16.85
23 287 000
392 385 950
0.19
87
PRATERM
50.10
7 751 000
388 325 100
0.19
88
RAFAKO
11.12
34 854 000
387 576 480
0.19
89
WSIP
15.71
23 228 000
364 911 880
0.18
90
ALMA
130.00
2 801 000
364 130 000
0.18
91
TIM
25.00
14 072 000
351 800 000
0.17
92
SYGNITY
35.11
9 813 000
344 534 430
0.17
93
ORCOGROUP
291.00
1 163 000
338 433 000
0.17
94
ERBUD
95
PETROLINV
96
SILVANO
97
STALEXP
98
HBWLOCLAW
99
SNIEZKA
90.60
3 721 000
337 122 600
0.16
325.00
995 000
323 375 000
0.16
16.80
18 171 000
305 272 800
0.15
2.80
108 203 000
302 968 400
0.15
440.00
666 000
293 040 000
0.14
47.00
6 225 000
292 575 000
0.14
100
LENTEX
32.99
8 867 000
292 522 330
0.14
101
MERCOR
48.40
5 930 000
287 012 000
0.14
102
BORYSZEW
11.92
22 132 000
263 813 440
0.13
103
NORDEABP
26.00
10 101 000
262 626 000
0.13
104
ABG
6.90
37 752 000
260 488 800
0.13
105
ABPL
26.70
9 582 000
255 839 400
0.13
106
MNI
4.19
59 510 000
249 346 900
0.12
107
TECHMEX
38.90
6 016 000
234 022 400
0.11
108
WARIMPEX
25.00
9 014 000
225 350 000
0.11
109
ACTION
33.15
6 779 000
224 723 850
0.11
110
RONSON
4.85
46 000 000
223 100 000
0.11
111
PAGED
30.00
7 268 000
218 040 000
0.11
112
PROJPRZEM
39.00
5 471 000
213 369 000
0.10
113
ATM
64.10
3 309 000
212 106 900
0.10
114
MISPOL
15.44
13 673 000
211 111 120
0.10
115
HOOP
38.50
5 366 000
206 591 000
0.10
116
NOWAGALA
5.50
37 149 000
204 319 500
0.10
117
WAWEL
276.00
718 000
198 168 000
0.10
118
PEKAES
12.40
15 250 000
189 100 000
0.09
1.25
151 260 000
189 075 000
0.09
63.00
2 952 000
185 976 000
0.09
119
BBIDEVNFI
120
NAFTA
88
Main List
No
Shares
Price
ORZBIALY
22.96
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
8 089 000
185 723 440
0.09
(PLN)
121
122
FAM
7.72
23 587 000
182 091 640
0.09
123
ELSTAROIL
7.50
23 672 000
177 540 000
0.09
124
08OCTAVA
3.89
45 638 000
177 531 820
0.09
125
MOSTALEXP
4.18
42 177 000
176 299 860
0.09
126
DECORA
34.00
5 138 000
174 692 000
0.09
127
BOS
85.95
2 025 000
174 048 750
0.09
128
BBICAPNFI
8.10
21 057 000
170 561 700
0.08
129
ASBIS
8.80
19 024 000
167 411 200
0.08
130
INTERIA.PL
65.95
2 537 000
167 315 150
0.08
131
TETA
19.90
8 170 000
162 583 000
0.08
132
ASTARTA
32.00
5 000 000
160 000 000
0.08
133
ROPCZYCE
61.00
2 622 000
159 942 000
0.08
134
JUTRZENKA
140.00
1 090 000
152 600 000
0.07
135
ZPUE
390.00
391 000
152 490 000
0.07
136
GRAAL
35.28
4 258 000
150 222 240
0.07
137
MENNICA
143.90
1 036 000
149 080 400
0.07
138
ACE
11.80
12 599 000
148 668 200
0.07
139
PLAZACNTR
11.20
12 928 000
144 793 600
0.07
140
GADUGADU
23.00
6 221 000
143 083 000
0.07
141
STALPROFI
18.80
7 536 000
141 676 800
0.07
142
REINHOLD
29.89
4 713 000
140 871 570
0.07
143
MIDAS
17.77
7 837 000
139 263 490
0.07
144
QUMAKSEK
14.03
9 875 000
138 546 250
0.07
145
PPWK
3.82
36 028 000
137 626 960
0.07
146
14ZACH
2.63
51 142 000
134 503 460
0.07
147
SFINKS
26.20
5 132 000
134 458 400
0.07
148
YAWAL
52.00
2 585 000
134 420 000
0.07
149
INDYKPOL
114.50
1 166 000
133 507 000
0.07
150
INSTALKRK
21.49
6 190 000
133 023 100
0.07
151
TORFARM
68.00
1 945 000
132 260 000
0.06
152
TUP
16.99
7 776 000
132 114 240
0.06
153
PANOVA
42.49
3 106 000
131 973 940
0.06
154
PAMAPOL
23.40
5 470 000
127 998 000
0.06
155
IVMX
33.21
3 392 000
112 648 320
0.06
156
ELEKTROTI
20.00
5 631 000
112 620 000
0.06
157
ENERGOPN
13.48
8 208 000
110 643 840
0.05
158
IGROUP
7.64
14 265 000
108 984 600
0.05
159
JCAUTO
29.00
3 700 000
107 300 000
0.05
160
MONNARI
33.00
3 249 000
107 217 000
0.05
89
Fact Book 2008
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
161
ZURAWIE
19.34
5 541 000
107 162 940
0.05
162
PROCHEM
47.99
2 226 000
106 825 740
0.05
163
ESSYSTEM
7.80
13 430 000
104 754 000
0.05
164
04PRO
6.18
16 781 000
103 706 580
0.05
165
RADPOL
8.10
12 487 000
101 144 700
0.05
166
AMBRA
10.15
9 800 000
99 470 000
0.05
167
ENERGOPLD
3.19
30 737 000
98 051 030
0.05
168
MOSTALPLC
94.10
1 027 000
96 640 700
0.05
169
KRUSZWICA
42.05
2 280 000
95 874 000
0.05
170
BYTOM
3.72
25 456 000
94 696 320
0.05
171
FORTE
6.70
14 112 000
94 550 400
0.05
172
JUPITER
3.61
26 072 000
94 119 920
0.05
173
HYDROTOR
47.88
1 951 000
93 413 880
0.05
174
COMP
76.00
1 214 000
92 264 000
0.05
175
LZPS
11.00
8 371 000
92 081 000
0.04
176
AMICA
18.89
4 873 000
92 050 970
0.04
177
BMPAG
7.52
12 076 000
90 811 520
0.04
178
TELL
116.00
773 000
89 668 000
0.04
179
HTLSTREFA
6.40
13 758 000
88 051 200
0.04
180
ERGIS
5.45
16 113 000
87 815 850
0.04
181
IMPEL
16.65
5 265 000
87 662 250
0.04
182
CAPITAL
6.20
14 054 000
87 134 800
0.04
183
PROCHNIK
0.91
90 910 000
82 728 100
0.04
184
FON
0.55
149 304 000
82 117 200
0.04
185
ENERGOINS
19.40
4 183 000
81 150 200
0.04
186
DROZAPOL
5.12
15 812 000
80 957 440
0.04
187
ABMSOLID
24.37
3 295 000
80 299 150
0.04
188
HUTMEN
8.30
9 470 000
78 601 000
0.04
189
ASSECOBS
12.50
6 104 000
76 300 000
0.04
190
ARTMAN
60.00
1 261 000
75 660 000
0.04
191
MAKRUM
6.75
11 188 000
75 519 000
0.04
192
KOMPUTRON
37.97
1 893 000
71 877 210
0.04
193
CENSTALGD
5.70
12 564 000
71 614 800
0.03
194
SKOTAN
5.80
12 019 000
69 710 200
0.03
195
NOVITUS
22.80
3 051 000
69 562 800
0.03
196
LUBAWA
1.02
66 218 000
67 542 360
0.03
197
KOLASTYNA
2.85
23 366 000
66 593 100
0.03
198
FOTA
27.72
2 360 000
65 419 200
0.03
199
KREZUS
4.30
15 184 000
65 291 200
0.03
200
BUDOPOL
3.73
17 423 000
64 987 790
0.03
(PLN)
90
Main List
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
(PLN)
201
GROCLIN
25.05
2 551 000
63 902 550
0.03
202
TRITON
9.15
6 965 000
63 729 750
0.03
203
BANKIER.PL
11.00
5 714 000
62 854 000
0.03
204
BAKALLAND
7.10
8 755 000
62 160 500
0.03
205
BEEFSAN
3.13
19 518 000
61 091 340
0.03
206
GINOROSSI
10.80
5 391 000
58 222 800
0.03
207
WASKO
4.73
11 923 000
56 395 790
0.03
208
MASTERS
0.21
265 935 000
55 846 350
0.03
209
PROSPER
16.50
3 277 000
54 070 500
0.03
210
SWARZEDZ
0.52
99 872 000
51 933 440
0.03
211
LENA
5.10
10 149 000
51 759 900
0.03
212
NORTCOAST
3.42
15 000 000
51 300 000
0.03
213
ENERGOPOL
10.85
4 661 000
50 571 850
0.02
214
TFONE
19.50
2 573 000
50 173 500
0.02
215
SECOGROUP
45.90
1 041 000
47 781 900
0.02
216
SPRAY
35.90
1 321 000
47 423 900
0.02
217
MAGELLAN
42.00
1 122 000
47 124 000
0.02
218
KRUK
28.00
1 678 000
46 984 000
0.02
219
ELKOP
4.83
9 693 000
46 817 190
0.02
220
KROSNO
3.63
12 810 000
46 500 300
0.02
221
STAPORKOW
51.75
887 000
45 902 250
0.02
222
EUROMARK
9.53
4 729 000
45 067 370
0.02
223
CPENERGIA
7.80
5 700 000
44 460 000
0.02
224
HYPERION
6.00
7 397 000
44 382 000
0.02
225
IBSYSTEM
0.83
53 175 000
44 135 250
0.02
226
PRONOX
17.40
2 504 000
43 569 600
0.02
227
OPONEO
8.50
5 079 000
43 171 500
0.02
228
PONARFEH
9.75
4 343 000
42 344 250
0.02
229
ODLEWNIE
5.90
7 171 000
42 308 900
0.02
230
PERMEDIA
55.00
768 000
42 240 000
0.02
231
TRAVELPL
36.00
1 173 000
42 228 000
0.02
232
HYGIENIKA
4.57
9 196 000
42 025 720
0.02
233
ARMATURA
2.04
20 000 000
40 800 000
0.02
234
SEKO
18.90
2 150 000
40 635 000
0.02
235
POLREST
19.80
2 000 000
39 600 000
0.02
236
FERRUM
9.80
3 812 000
37 357 600
0.02
237
EMCINSMED
17.35
2 140 000
37 129 000
0.02
238
ZNTKLAPY
116.10
319 000
37 035 900
0.02
239
ADVADIS
0.70
51 360 000
35 952 000
0.02
240
NTTSYSTEM
2.48
14 346 000
35 578 080
0.02
91
Fact Book 2008
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in WIG
(%)
0.02
(PLN)
241
EFEKT
28.19
1 262 000
35 575 780
242
MIESZKO
2.50
13 894 000
34 735 000
0.02
243
ZETKAMA
18.35
1 881 000
34 516 350
0.02
244
POLCOLOR
0.93
36 450 000
33 898 500
0.02
245
REMAK
22.22
1 521 000
33 796 620
0.02
246
KABLE
46.00
734 000
33 764 000
0.02
247
EUROTEL
23.40
1 429 000
33 438 600
0.02
248
ELZAB
53.50
625 000
33 437 500
0.02
249
JAGO
3.21
10 279 000
32 995 590
0.02
250
GFPREMIUM
16.92
1 950 000
32 994 000
0.02
251
TRASINTUR
2.03
15 933 000
32 343 990
0.02
252
INTEGERPL
13.65
2 293 000
31 299 450
0.02
253
SANWIL
0.31
100 235 000
31 072 850
0.02
254
KPPD
83.65
362 000
30 281 300
0.01
255
ENAP
2.42
12 465 000
30 165 300
0.01
256
BBIZENNFI
5.49
5 476 000
30 063 240
0.01
257
BUDVARCEN
11.75
2 500 000
29 375 000
0.01
258
ARTERIA
19.00
1 532 000
29 108 000
0.01
259
ECARD
1.33
21 637 000
28 777 210
0.01
260
WILBO
3.01
9 500 000
28 595 000
0.01
261
SWISSMED
1.78
15 856 000
28 223 680
0.01
262
INWESTCON
7.30
3 806 000
27 783 800
0.01
263
INTERFERI
5.18
5 300 000
27 454 000
0.01
264
MCLOGIC
56.00
490 000
27 440 000
0.01
265
INTERSPPL
12.45
2 183 000
27 178 350
0.01
266
ZASTAL
2.35
11 053 000
25 974 550
0.01
267
NETMEDIA
9.00
2 866 000
25 794 000
0.01
268
NOVITA
30.30
807 000
24 452 100
0.01
269
PEPEES
1.02
23 026 000
23 486 520
0.01
270
MAKARONPL
5.00
4 689 000
23 445 000
0.01
271
ZTSERG
8.85
2 629 000
23 266 650
0.01
272
WOLAINFO
15.30
1 495 000
22 873 500
0.01
273
KREDYTIN
14.40
1 563 000
22 507 200
0.01
274
LSISOFT
11.27
1 980 000
22 314 600
0.01
275
BETACOM
16.60
1 334 000
22 144 400
0.01
276
PLASTBOX
16.40
1 308 000
21 451 200
0.01
277
CASHFLOW
8.50
2 482 000
21 097 000
0.01
278
POLLENAE
16.99
1 171 000
19 895 290
0.01
279
PEMUG
2.65
7 409 000
19 633 850
0.01
280
ATLANTIS
1.57
11 823 000
18 562 110
0.01
92
Main List
No
Shares
Price
Number
of shares
(PLN)
Market
value
(PLN)
Share
in WIG
(%)
281
EUROFAKTR
6.98
2 633 000
18 378 340
0.01
282
RAINBOW
7.77
2 349 000
18 251 730
0.01
283
REDAN
2.85
6 284 000
17 909 400
0.01
284
ATLANTAPL
6.80
2 618 000
17 802 400
0.01
285
VARIANT
13.65
1 283 000
17 512 950
0.01
286
ONE2ONE
5.25
3 195 000
16 773 750
0.01
287
KAREN
2.64
6 320 000
16 684 800
0.01
288
SKYEUROPE
6.38
2 601 000
16 594 380
0.01
289
MOJ
4.16
3 966 000
16 498 560
0.01
290
HAWE
8.61
1 899 000
16 350 390
0.01
291
BEDZIN
31.80
490 000
15 582 000
0.01
292
WISTIL
135.00
115 000
15 525 000
0.01
293
B3SYSTEM
3.67
4 204 000
15 428 680
0.01
294
MEWA
0.12
125 081 000
15 009 720
0.01
295
FASING
20.70
716 000
14 821 200
0.01
296
06MAGNA
3.33
4 449 000
14 815 170
0.01
297
SIMPLE
11.97
1 213 000
14 519 610
0.01
298
KOMPAP
8.86
1 633 000
14 468 380
0.01
299
WANDALEX
5.80
2 443 000
14 169 400
0.01
300
ZEG
43.80
321 000
14 059 800
0.01
301
POLNA
23.00
572 000
13 156 000
0.01
302
COMPLEX
3.29
3 840 000
12 633 600
0.01
303
SUWARY
49.90
251 000
12 524 900
0.01
304
OLYMPIC
13.28
934 000
12 403 520
0.01
305
POINTGROUP
1.85
6 448 000
11 928 800
0.01
306
PROCAD
2.62
4 500 000
11 790 000
0.01
307
QUANTUM
20.40
572 000
11 668 800
0.01
308
RAFAMET
23.50
487 000
11 444 500
0.01
309
PCGUARD
0.11
100 000 000
11 000 000
0.01
310
MEDIATEL
9.87
1 088 000
10 738 560
0.01
311
TALEX
14.42
733 000
10 569 860
0.01
312
UNIMA
7.35
1 400 000
10 290 000
0.01
313
KRAKCHEM
3.95
2 600 000
10 270 000
0.01
314
AMPLI
4.34
2 328 000
10 103 520
0.00
315
PRIMAMODA
316
TERESA
317
MUZA
318
HELIO
319
RELPOL
320
IRENA
12.00
7.84
1 200 000
9 408 000
0.00
28.00
325 000
9 100 000
0.00
7.05
1 226 000
8 643 300
0.00
6.99
1 143 000
7 989 570
0.00
15.80
495 000
7 821 000
0.00
644 000
7 728 000
0.00
93
Fact Book 2008
No
Shares
Price
Number
of shares
(PLN)
Market
value
(PLN)
Share
in WIG
(%)
321
RESBUD
29.90
232 000
6 936 800
0.00
322
IZOLACJA
43.00
154 000
6 622 000
0.00
323
DGA
5.98
930 000
5 561 400
0.00
324
ORZEL
0.21
5 171 000
1 085 910
0.00
Sectoral sub-indices
Values of sectoral sub-indices are published
three times during a trading session, i.e.:
The Warsaw Stock Exchange runs a sectoral classification for all listed companies.
Lists of companies covered by sectoral sub-
after the first auction,
after the second auction,
after the close of session.
indices of the WIG are based on this classification.
Sectoral sub-indices are based on the WIG
methodology and are calculated with inco-
The list of a sectoral sub-index includes com-
me from dividends and pre-emptive rights.
panies from one sector only.
Changes in composition of sectoral sub-inAt present, the following sectoral sub-indi-
dices are made alongside changes in the
ces are calculated:
WIG composition and company shares in
sub-indices are equal to their respective shares in the WIG.
New portfolios of sectoral sub-indices come
into force after the third Friday of March,
June, September and December.
94
Main List
Monthly rates of return on WSE sub-indices in 2007 (%)
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
11.1
-8.9
10.1
3.4
6.4
1.1
1.9
-6.6
0.8
5.5
-8.7
-2.0
WIG-CONSTRUCTION 22.8
-3.2
17.5
8.7
-0.7
0.5 -13.6
-0.4
0.2
-0.7
-9.1
-4.7
---
---
---
---
---
-1.2 -18.5
-0.9
5.6
6.1 -16.4
-2.1
16.2
-2.8
6.3
7.5
0.4
0.6
-2.2
-8.2
-4.2
0.3 -10.5
-0.4
WIG-MEDIA
7.7
0.9
8.5
-0.2
-1.6
-6.3
3.3
3.4
-3.5
11.7
-1.8
0.0
WIG-OIL&GAS
-1.0
-5.5
8.6
-3.0
9.2
11.0
0.8
1.1
-2.5
4.9
-7.3
-2.3
WIG-FOOD
0.9
1.2
4.1
6.1
5.1
3.6
-8.2
-6.5
-6.1
-1.5 -13.3
2.4
WIG-TELECOM
3.5 -11.2
5.2
-5.3
0.9
13.5
-8.4
-3.3
-3.1
10.0
1.0
WIG-BANKING
WIG-DEVELOPERS
WIG-IT
The WIG-PL Index
-5.2
listed companies is compiled after the last
session in February, May, August and No-
The WIG-PL covers all listed Polish compa-
vember. The inventory does not cover com-
nies except those with a free float value un-
panies which fail to meet essential partici-
der 10% and EUR 1 million, which are in
pation requirements.
Rules. This means that the calculation me-
Company shares in this index are determi-
thodology applied to the WIG-PL is in line
ned on the basis of the number of shares in
with that of the WIG.
free float. Additionally, one company may
The WIG-PL has been calculated since 22 De-
have a maximum share of 10% in the index
cember 2003 whereas since 16 April 1991
whereas one sector may not exceed a share
(base date) the values of the WIG-PL have
of 30%.
been equal to those of the WIG.
The new WIG-PL portfolio comes into force
The WIG-PL values are published three ti-
after the third Friday of March, June, Sep-
mes during a trading session, i.e.:
tember and December.
after the first auction,
after the second auction,
after the close of session.
The WIG-PL is a total return index, which means that income from dividends and preemptive rights is also taken into account for
its calculation.
Changes to the WIG-PL's composition are
made four times a year. An inventory of all
95
Fact Book 2008
The TechWIG Index
rights is not taken into account in its calculation.
The TechWIG covers companies which have
Changes to the composition of the TechWIG
been classified to telecommunication and
are made four times a year, after the third
IT sectors in accordance with the WSE's sec-
Friday of March, June, September and De-
toral classification, as well as other listed
cember. Based on the inventory of TechWIG
companies which engage in manufacturing,
companies, compiled after the last session
and services based on high tech and bio-
of February, May, August and November, the
technology.
list of TechWIG constituent companies is
determined.
The index has been published by the WSE
This list may not include companies with
since 31 December 1999, its base value be-
free float under 10% and EUR 1 million, or
ing 1,000 points. TechWIG values are calcu-
those which are in a special situation, as de-
lated on the basis of share prices of compa-
fined in the WSE Rules.
nies classified as its constituents.
Company shares in indices are determined
This index is published from the start to the
each time a change is made, based on the
close of session at 30-second intervals. The
current free float. Additionally, one compa-
TechWIG is a price index, which means that
ny may have a maximum share of 10% in
income from dividends and pre-emptive
this index.
The TechWIG index in 2007
1 400
1 350
1 300
1 250
1 200
1 150
1 100
1 050
1 000
950
Jan
96
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Main List
The TechWIG index portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in TechWIG
(%)
1
TPSA
22.51
56 343 000
1 268 280 930
10.16
2
PROKOM
132.70
3
TVN
25.00
9 476 000
1 257 465 200
10.08
50 032 000
1 250 800 000
4
ASSECOPOL
73.50
10.02
16 458 000
1 209 663 000
9.69
5
BIOTON
6
NETIA
0.89
1 263 003 000
1 124 072 670
9.01
3.80
252 073 000
957 877 400
7
COMARCH
7.68
182.00
4 549 000
827 918 000
6.64
8
MMPPL
9
ATMGRUPA
10.40
69 533 000
723 143 200
5.80
250.00
2 115 000
528 750 000
4.24
10
ASSECOSLO
440.00
924 000
406 560 000
3.26
(PLN)
11
SYGNITY
35.11
9 813 000
344 534 430
2.76
12
ABG
6.90
37 752 000
260 488 800
2.09
13
MNI
4.19
59 510 000
249 346 900
2.00
14
TECHMEX
38.90
6 016 000
234 022 400
1.88
15
ATM
64.10
3 309 000
212 106 900
1.70
16
INTERIA.PL
65.95
2 537 000
167 315 150
1.34
17
TETA
19.90
8 170 000
162 583 000
1.30
18
GADUGADU
23.00
6 221 000
143 083 000
1.15
19
QUMAKSEK
14.03
9 875 000
138 546 250
1.11
20
IVMX
33.21
3 392 000
112 648 320
0.90
21
IGROUP
7.64
14 265 000
108 984 600
0.87
22
COMP
76.00
1 214 000
92 264 000
0.74
23
ASSECOBS
12.50
6 104 000
76 300 000
0.61
24
NOVITUS
22.80
3 051 000
69 562 800
0.56
25
BANKIER.PL
11.00
5 714 000
62 854 000
0.50
26
WASKO
4.73
11 923 000
56 395 790
0.45
27
SPRAY
35.90
1 321 000
47 423 900
0.38
28
HYPERION
6.00
7 397 000
44 382 000
0.36
29
IBSYSTEM
0.83
53 175 000
44 135 250
0.35
30
NTTSYSTEM
2.48
14 346 000
35 578 080
0.29
31
ELZAB
53.50
625 000
33 437 500
0.27
32
MCLOGIC
56.00
490 000
27 440 000
0.22
33
NETMEDIA
9.00
2 866 000
25 794 000
0.21
34
LSISOFT
11.27
1 980 000
22 314 600
0.18
35
BETACOM
16.60
1 334 000
22 144 400
0.18
36
ONE2ONE
5.25
3 195 000
16 773 750
0.13
37
HAWE
8.61
1 899 000
16 350 390
0.13
38
B3SYSTEM
3.67
4 204 000
15 428 680
0.12
39
SIMPLE
11.97
1 213 000
14 519 610
0.12
40
PROCAD
2.62
4 500 000
11 790 000
0.09
97
Fact Book 2008
The TechWIG index portfolio (end of 2007)
No
Shares
Price
Number
of shares
(PLN)
Market
value
(PLN)
Share
in TechWIG
(%)
41
QUANTUM
20.40
572 000
11 668 800
0.09
42
PCGUARD
0.11
100 000 000
11 000 000
0.09
43
MEDIATEL
9.87
1 088 000
10 738 560
0.09
44
TALEX
14.42
733 000
10 569 860
0.08
45
UNIMA
7.35
1 400 000
10 290 000
0.08
98
Main List
Index values in 2007
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
2.01
3 347.75
3 740.16
12 994.93
51 202.99
1 219.89
3.01
3 342.86
3 736.27
12 851.80
51 220.11
1 225.37
4.01
3 276.78
3 665.57
12 563.55
50 381.11
1 200.91
5.01
3 202.15
3 667.40
12 544.73
49 560.26
1 181.09
8.01
3 197.61
3 670.98
12 490.57
49 512.92
1 184.90
9.01
3 198.45
3 727.64
12 575.62
49 769.49
1 197.27
10.01
3 148.68
3 756.31
12 529.99
49 264.41
1 193.23
11.01
3 240.30
3 846.93
12 748.20
50 484.05
1 230.55
12.01
3 262.98
3 901.28
12 861.20
51 020.94
1 248.06
15.01
3 336.54
4 002.42
13 268.26
52 198.67
1 277.23
16.01
3 331.36
4 015.65
13 337.72
52 195.63
1 284.14
17.01
3 322.61
4 060.40
13 462.78
52 362.24
1 291.67
18.01
3 437.89
4 128.14
13 702.59
53 853.20
1 315.18
19.01
3 457.94
4 115.09
13 603.83
54 048.19
1 321.47
22.01
3 416.03
4 100.32
13 614.89
53 574.00
1 311.23
23.01
3 431.88
4 080.78
13 790.89
53 652.21
1 312.86
24.01
3 425.08
4 098.57
13 870.52
53 681.53
1 296.73
25.01
3 398.87
4 120.59
13 821.21
53 433.50
1 273.60
26.01
3 405.02
4 111.53
13 871.31
53 487.96
1 272.34
29.01
3 424.28
4 158.16
14 044.18
53 792.04
1 278.35
30.01
3 424.30
4 158.18
14 254.42
53 717.90
1 276.69
31.01
3 483.04
4 231.14
14 443.48
54 558.15
1 278.80
1.02
3 549.33
4 282.46
14 462.78
55 431.48
1 305.04
2.02
3 523.46
4 315.43
14 436.09
55 314.03
1 297.20
5.02
3 527.44
4 335.26
14 524.88
55 358.58
1 295.05
6.02
3 510.98
4 351.89
14 692.11
55 236.06
1 293.82
7.02
3 510.60
4 307.17
14 595.22
55 099.87
1 294.60
8.02
3 406.72
4 164.55
14 000.71
53 519.00
1 262.04
9.02
3 417.38
4 226.22
14 308.96
53 826.85
1 262.29
12.02
3 344.45
4 209.03
14 271.69
52 939.24
1 238.57
13.02
3 412.49
4 308.71
14 584.48
53 920.38
1 247.56
14.02
3 418.82
4 337.87
14 708.88
54 145.91
1 260.26
15.02
3 393.12
4 323.32
14 643.31
53 896.08
1 246.83
16.02
3 374.21
4 376.03
14 690.84
53 834.86
1 256.10
19.02
3 431.36
4 404.84
14 845.43
54 712.06
1 273.99
20.02
3 392.68
4 381.77
14 842.67
54 274.69
1 279.63
21.02
3 434.33
4 411.31
15 011.69
54 821.35
1 300.70
22.02
3 509.03
4 435.48
15 202.95
55 641.50
1 326.05
23.02
3 508.99
4 452.05
15 292.06
55 702.53
1 325.61
26.02
3 481.02
4 451.18
15 340.61
55 339.76
1 311.78
99
Fact Book 2008
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
27.02
3 325.47
4 242.10
14 385.18
52 906.36
1 242.53
28.02
3 241.99
4 204.36
14 339.11
51 900.39
1 237.17
1.03
3 213.71
4 155.91
14 150.98
51 503.02
1 217.53
2.03
3 242.12
4 189.86
14 419.63
51 917.31
1 233.35
5.03
3 179.47
4 051.38
13 945.61
50 746.74
1 206.88
6.03
3 203.36
4 154.69
14 249.84
51 482.87
1 207.77
7.03
3 173.93
4 194.44
14 346.50
51 415.62
1 203.06
8.03
3 288.98
4 295.50
14 664.49
53 059.95
1 227.55
9.03
3 269.84
4 292.57
14 674.12
52 910.76
1 230.46
12.03
3 274.16
4 330.43
14 791.83
53 053.52
1 242.70
13.03
3 249.64
4 330.05
14 918.26
52 739.95
1 240.17
14.03
3 277.56
4 277.21
15 059.11
52 873.49
1 247.14
15.03
3 288.16
4 350.49
15 354.31
53 206.81
1 249.14
16.03
3 314.67
4 390.59
15 546.64
53 676.93
1 262.27
19.03
3 376.78
4 455.24
15 735.97
54 591.45
1 285.80
20.03
3 361.83
4 474.70
15 848.41
54 537.92
1 279.69
21.03
3 402.15
4 529.90
16 168.34
55 234.92
1 290.19
22.03
3 470.55
4 631.47
16 410.89
56 315.40
1 304.83
23.03
3 511.82
4 673.04
16 559.11
56 936.49
1 313.64
26.03
3 464.33
4 658.17
16 608.02
56 464.39
1 292.08
27.03
3 479.90
4 648.05
16 626.28
56 643.45
1 290.01
28.03
3 441.93
4 650.69
16 652.70
56 288.81
1 282.84
29.03
3 511.06
4 701.85
17 002.90
57 283.19
1 299.28
30.03
3 520.24
4 728.59
17 048.31
57 524.57
1 304.28
2.04
3 466.04
4 671.01
17 026.36
56 816.19
1 294.67
3.04
3 521.29
4 712.03
17 241.74
57 604.37
1 301.79
4.04
3 531.50
4 782.14
17 377.86
57 981.75
1 312.65
100
5.04
3 545.53
4 781.39
17 433.09
58 183.82
1 314.32
10.04
3 585.63
4 843.42
17 770.13
58 928.03
1 324.59
11.04
3 606.90
4 859.09
17 791.36
59 206.43
1 325.66
12.04
3 570.08
4 751.00
17 394.57
58 298.23
1 300.29
13.04
3 589.64
4 803.66
17 652.36
58 822.47
1 323.51
16.04
3 638.47
4 798.72
17 900.04
59 424.56
1 336.41
17.04
3 619.88
4 827.23
17 929.22
59 353.79
1 332.66
18.04
3 624.63
4 909.62
18 054.16
59 682.03
1 337.96
19.04
3 586.65
4 897.47
18 048.49
59 268.34
1 330.31
20.04
3 649.33
4 989.91
18 418.77
60 316.69
1 340.11
23.04
3 638.64
5 015.95
18 550.85
60 311.28
1 325.92
24.04
3 594.36
4 963.77
18 525.36
59 722.61
1 321.64
25.04
3 576.69
4 946.09
18 685.38
59 535.37
1 321.47
Main List
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
26.04
3 568.29
4 940.59
18 766.47
59 477.13
1 314.90
27.04
3 570.06
4 909.88
18 762.17
59 378.12
1 311.72
30.04
3 590.30
4 978.79
18 766.26
59 805.48
1 324.37
2.05
3 611.55
5 050.98
19 028.02
60 331.66
1 324.31
4.05
3 697.38
5 117.11
19 310.42
61 553.73
1 343.54
7.05
3 679.78
5 086.78
19 264.07
61 283.82
1 333.66
8.05
3 600.73
5 019.89
18 936.79
60 116.28
1 312.15
9.05
3 608.79
5 004.38
18 900.74
60 121.37
1 313.66
10.05
3 558.39
4 949.93
18 604.03
59 328.29
1 300.78
11.05
3 568.93
5 008.87
18 777.81
59 667.38
1 303.78
14.05
3 586.24
5 145.35
18 923.99
60 516.96
1 312.52
15.05
3 535.99
5 112.13
18 704.71
59 885.65
1 290.21
16.05
3 509.86
5 107.33
18 607.69
59 588.89
1 282.05
17.05
3 479.08
5 112.96
18 620.63
59 350.30
1 283.79
18.05
3 515.77
5 194.57
18 685.54
59 952.26
1 295.03
21.05
3 567.18
5 344.88
19 030.64
61 050.47
1 301.50
22.05
3 632.27
5 351.45
19 059.61
61 782.82
1 290.48
23.05
3 567.31
5 358.24
19 227.54
61 505.85
1 286.57
24.05
3 580.09
5 420.87
19 345.46
61 888.70
1 295.80
25.05
3 554.52
5 409.29
19 437.63
61 664.68
1 296.20
28.05
3 594.74
5 539.44
19 803.01
62 623.62
1 302.73
29.05
3 609.24
5 533.68
19 843.58
62 779.18
1 305.35
30.05
3 580.94
5 486.06
19 758.34
62 313.96
1 289.43
31.05
3 649.10
5 614.59
20 166.69
63 566.15
1 325.52
1.06
3 738.09
5 660.64
20 263.77
64 610.81
1 326.90
4.06
3 747.00
5 616.45
20 152.79
64 499.16
1 315.64
5.06
3 755.45
5 634.34
20 151.04
64 622.68
1 313.69
6.06
3 669.05
5 588.10
19 946.52
63 527.02
1 294.82
8.06
3 646.18
5 462.34
19 843.89
62 956.22
1 291.04
11.06
3 681.25
5 583.49
20 294.44
63 873.02
1 305.38
12.06
3 637.82
5 558.92
20 241.37
63 348.68
1 295.74
13.06
3 689.02
5 531.05
20 182.59
63 821.78
1 298.58
14.06
3 744.58
5 599.11
20 476.70
64 698.72
1 313.52
15.06
3 815.42
5 580.02
20 552.07
65 438.16
1 321.40
18.06
3 796.05
5 596.96
20 736.30
65 319.08
1 316.11
19.06
3 788.28
5 647.82
20 916.44
65 473.80
1 326.15
20.06
3 729.39
5 663.83
20 909.28
64 940.20
1 319.03
21.06
3 687.15
5 650.84
20 980.55
65 003.34
1 314.68
22.06
3 740.38
5 654.91
21 068.56
65 712.81
1 319.49
25.06
3 738.37
5 681.12
21 135.17
65 800.94
1 315.85
101
Fact Book 2008
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
26.06
3 795.99
5 730.10
21 373.90
66 578.68
1 326.80
27.06
3 720.34
5 693.92
21 204.00
65 609.18
1 313.26
28.06
3 789.25
5 688.06
21 463.72
66 425.27
1 336.43
29.06
3 759.28
5 684.46
21 381.65
66 077.69
1 320.71
2.07
3 750.42
5 619.77
21 100.85
65 637.39
1 309.11
3.07
3 821.94
5 644.34
21 403.79
66 608.21
1 323.06
4.07
3 844.32
5 674.04
21 549.81
66 951.73
1 340.01
5.07
3 833.87
5 649.35
21 689.99
66 850.08
1 350.80
6.07
3 899.59
5 640.30
21 696.76
67 568.51
1 363.65
102
9.07
3 880.98
5 622.83
21 555.81
67 288.84
1 358.02
10.07
3 812.17
5 528.88
21 220.53
66 219.44
1 341.75
11.07
3 824.23
5 384.70
20 822.11
65 815.13
1 320.77
12.07
3 829.70
5 400.90
20 766.37
65 895.90
1 317.69
13.07
3 846.05
5 368.75
20 663.82
65 989.73
1 329.14
16.07
3 827.73
5 227.91
20 038.10
65 079.43
1 301.84
17.07
3 811.03
5 223.98
20 184.26
65 056.70
1 312.27
18.07
3 793.68
5 244.30
20 124.93
64 971.55
1 304.71
19.07
3 861.02
5 304.22
20 371.15
65 915.43
1 323.62
20.07
3 825.11
5 249.61
20 190.47
65 257.29
1 318.71
23.07
3 890.49
5 306.75
20 231.12
66 045.60
1 320.39
24.07
3 845.10
5 253.99
19 883.73
65 252.94
1 303.93
25.07
3 832.95
5 175.75
19 563.37
64 842.32
1 301.28
26.07
3 725.21
5 088.50
18 979.89
63 188.16
1 269.30
27.07
3 697.31
5 023.40
18 943.83
62 609.47
1 247.89
30.07
3 685.10
4 988.51
19 376.90
62 547.98
1 255.90
31.07
3 735.25
5 065.77
19 765.15
63 670.52
1 270.77
1.08
3 670.79
4 928.74
19 234.41
62 297.26
1 238.11
2.08
3 676.18
4 973.63
19 336.42
62 426.43
1 251.11
3.08
3 624.31
4 933.46
18 980.39
61 684.42
1 244.17
6.08
3 585.97
4 841.97
18 480.45
60 750.10
1 221.15
7.08
3 627.49
4 894.83
18 510.25
61 343.31
1 238.98
8.08
3 625.70
4 868.58
18 602.00
61 302.40
1 236.39
9.08
3 564.98
4 761.62
18 350.13
60 310.62
1 218.65
10.08
3 460.86
4 549.89
17 723.36
58 395.54
1 174.44
13.08
3 557.95
4 662.25
18 034.56
59 707.66
1 200.53
14.08
3 518.36
4 622.44
17 768.48
59 123.73
1 171.45
16.08
3 329.88
4 285.85
16 474.28
55 510.57
1 082.46
17.08
3 383.11
4 363.32
16 870.84
56 506.52
1 111.10
20.08
3 392.20
4 375.77
17 013.34
56 759.16
1 114.68
21.08
3 362.35
4 303.84
16 622.91
56 034.83
1 109.41
Main List
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
22.08
3 515.60
4 520.27
17 480.68
58 592.80
1 155.37
23.08
3 538.58
4 613.61
17 733.80
59 253.20
1 164.81
24.08
3 601.93
4 661.34
17 920.96
60 108.17
1 181.31
27.08
3 567.07
4 722.49
18 093.75
60 073.46
1 175.33
28.08
3 513.52
4 716.90
17 963.33
59 447.00
1 163.21
29.08
3 572.33
4 698.16
17 941.44
59 960.66
1 173.92
30.08
3 497.06
4 654.66
17 981.65
59 061.57
1 144.97
31.08
3 601.55
4 772.50
18 325.21
60 649.86
1 168.15
3.09
3 613.40
4 816.29
18 520.62
61 010.54
1 170.17
4.09
3 642.18
4 837.10
18 627.42
61 406.64
1 180.73
5.09
3 568.06
4 795.86
18 391.46
60 397.88
1 164.73
6.09
3 538.27
4 750.61
18 303.88
59 920.85
1 158.25
7.09
3 505.61
4 668.83
18 050.64
59 197.36
1 132.45
10.09
3 442.26
4 579.17
17 811.81
58 174.13
1 120.37
11.09
3 470.49
4 615.08
18 000.74
58 692.07
1 138.52
12.09
3 568.68
4 573.24
18 020.04
59 619.65
1 128.96
13.09
3 635.18
4 577.32
18 244.15
60 416.65
1 150.11
14.09
3 612.81
4 555.35
18 063.54
60 071.34
1 148.91
17.09
3 615.28
4 537.71
17 935.75
59 984.91
1 139.56
18.09
3 658.48
4 566.55
18 085.91
60 579.02
1 142.42
19.09
3 801.92
4 702.47
18 371.90
62 572.56
1 168.99
20.09
3 803.82
4 713.78
18 336.73
62 599.59
1 172.74
21.09
3 775.24
4 706.25
18 319.33
62 259.23
1 157.69
24.09
3 712.59
4 674.36
18 305.80
61 570.24
1 146.76
25.09
3 683.68
4 614.26
18 139.11
61 032.04
1 138.49
26.09
3 695.82
4 616.45
18 213.57
61 230.87
1 141.16
27.09
3 675.83
4 613.86
18 200.32
61 030.29
1 136.48
28.09
3 633.64
4 568.14
17 993.12
60 368.92
1 129.73
1.10
3 656.88
4 513.68
17 725.57
60 287.53
1 120.70
2.10
3 742.18
4 532.52
17 785.31
61 196.53
1 129.14
3.10
3 714.93
4 544.29
17 782.75
60 946.96
1 122.06
4.10
3 713.85
4 570.84
17 901.20
61 048.09
1 123.48
5.10
3 738.50
4 625.46
18 081.81
61 554.11
1 131.21
8.10
3 745.40
4 651.57
18 277.92
61 752.98
1 136.42
9.10
3 856.61
4 697.35
18 438.09
63 068.13
1 157.05
10.10
3 832.30
4 730.58
18 471.72
62 967.03
1 155.98
11.10
3 910.00
4 814.74
18 687.14
64 057.16
1 160.40
12.10
3 879.19
4 836.41
18 688.20
63 813.86
1 150.67
15.10
3 904.95
4 883.47
18 857.32
64 292.30
1 151.40
16.10
3 831.55
4 830.22
18 651.76
63 301.40
1 146.41
103
Fact Book 2008
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
17.10
3 852.24
4 838.17
18 771.70
63 618.68
1 157.11
18.10
3 777.59
4 759.84
18 603.30
62 552.95
1 152.92
19.10
3 813.76
4 806.99
18 702.64
63 132.68
1 159.35
22.10
3 798.43
4 717.69
18 515.80
62 626.86
1 145.46
23.10
3 897.75
4 759.07
18 653.60
63 836.90
1 162.73
24.10
3 869.20
4 738.42
18 618.20
63 436.77
1 155.63
25.10
3 891.31
4 731.33
18 565.82
63 604.32
1 149.89
26.10
3 885.61
4 686.85
18 541.16
63 366.34
1 154.23
29.10
3 917.87
4 713.51
18 540.47
63 759.55
1 152.30
30.10
3 890.88
4 694.57
18 417.77
63 363.58
1 149.56
31.10
3 877.62
4 659.10
18 412.85
63 126.46
1 150.19
2.11
3 812.55
4 597.72
18 126.24
62 154.65
1 142.86
5.11
3 796.19
4 567.57
17 949.09
61 759.14
1 139.85
6.11
3 796.64
4 527.15
17 682.40
61 527.41
1 132.76
7.11
3 727.59
4 381.46
16 914.77
59 953.16
1 099.45
8.11
3 677.39
4 347.04
16 791.18
59 276.14
1 089.40
104
9.11
3 606.62
4 257.47
16 590.53
58 222.82
1 077.64
12.11
3 543.76
4 176.65
16 408.79
57 244.48
1 069.77
13.11
3 616.05
4 170.28
16 377.56
57 978.35
1 071.59
14.11
3 558.57
4 163.50
16 412.85
57 383.98
1 072.53
15.11
3 496.34
3 926.36
15 629.61
55 600.24
1 037.89
16.11
3 494.30
3 967.31
15 232.53
55 517.65
1 036.15
19.11
3 513.65
3 930.45
15 205.53
55 558.00
1 034.48
20.11
3 556.89
3 871.94
15 049.67
55 668.29
1 024.35
21.11
3 525.75
3 745.47
14 573.14
54 670.59
997.01
22.11
3 553.76
3 885.10
15 080.74
55 613.80
1 022.85
23.11
3 562.22
3 961.85
15 414.86
56 094.38
1 038.26
26.11
3 505.48
3 929.27
15 293.74
55 385.73
1 020.48
27.11
3 448.47
3 886.47
15 070.63
54 575.42
1 017.60
28.11
3 529.26
3 957.45
15 419.84
55 778.34
1 037.58
29.11
3 536.75
3 997.54
15 608.02
56 105.33
1 040.56
30.11
3 545.73
4 094.34
16 047.03
56 680.28
1 053.75
3.12
3 516.03
4 104.09
15 997.24
56 412.82
1 061.73
4.12
3 530.44
4 100.49
15 888.29
56 514.37
1 075.38
5.12
3 663.65
4 140.52
16 246.94
58 142.96
1 097.84
6.12
3 661.71
4 150.53
16 208.57
58 126.18
1 099.51
7.12
3 688.52
4 192.25
16 397.58
58 635.79
1 117.05
10.12
3 708.58
4 183.29
16 381.49
58 795.04
1 117.91
11.12
3 686.01
4 130.96
16 296.14
58 396.83
1 114.25
12.12
3 715.91
4 104.56
16 356.86
58 629.86
1 112.47
Main List
Session
WIG20
mWIG40
sWIG80
WIG
TechWIG
13.12
3 646.84
4 076.25
16 147.52
57 736.50
1 101.78
14.12
3 560.87
4 067.78
16 158.32
56 871.39
1 096.00
17.12
3 454.40
4 002.57
15 787.32
55 401.61
1 060.79
18.12
3 424.54
3 996.37
15 828.28
55 130.63
1 044.73
19.12
3 421.05
3 990.93
15 812.31
55 060.77
1 039.14
20.12
3 446.46
3 987.78
15 833.02
55 309.84
1 039.72
21.12
3 482.63
4 008.40
15 887.54
55 792.46
1 044.66
27.12
3 529.90
4 070.62
16 078.14
56 560.93
1 060.74
28.12
3 456.05
4 028.37
15 917.92
55 648.54
1 052.13
All-year high for 2007
All-year low for 2007
Licensing
Index Committee
In January 1997, the Warsaw Stock Exchan-
Established by the WSE Management Board
ge registered its indices as trademarks. From
in October 1997, the Index Committee is
that date those registered trademarks may
a standing body with a reviewing and advi-
only be used under a licence agreement si-
sory function on index methodology and
gned with the WSE.
stock market statistics.
The Committee meets before adjustments
Benchmarks for financial
institutions
and revisions to the WIG20, the mWIG40 and
the sWIG80 index portfolios are announced.
The WSE creates and calculates benchmarks
developed individually to meet specific
needs of external institutions while maintaining clarity of design and calculation methodology.
The Warsaw Stock Exchange guarantees
reliability of index design and monitors the
calculation of index values under existing
contracts.
The first service of this kind was provided to
DWS Polska TFI SA, the investment fund
company.
105
Fact Book 2008
Derivatives market
2007 was a record-breaking year for the de-
At the end of 2007, the following types of
rivatives market on the WSE. The trading
derivative instruments were listed on the
volume for all derivatives reached 9.9 mil-
WSE:
lion instruments, up 50% over 2006 when
futures contracts,
the volume was 6.7 million. The trading va-
options,
lue for all derivatives totalled PLN 703 bil-
index participation units.
lion, which represented an almost 80% increase over 2006.
As the organiser of trading, the Warsaw
Stock Exchange develops trading standards
At the end of 2007 the number of registe-
for each type of derivative instrument, i.e.
red NIKs (individual investor numbers) to-
a detailed specification which defines, for
talled 46,259.
instance, the calculation method used to establish the value of that instrument, the first
All derivatives are traded in the continuous
and the last day of trading etc. In its role as
trading system. Trading opens at 9:00 a.m.
a clearing house, the National Depository for
and closes at 4:30 p.m. As for other securi-
Securities determines procedures for clea-
ties quoted in the continuous system, an
ring and record-keeping as well as the re-
auction is held at the opening and the close
quired margin. Some WSE members act as
of trading. Following the closing auction,
market makers to ensure liquidity on the de-
a ten-minute post-auction trading phase ta-
rivatives market (financial institutions which
kes place from 4:20 p.m. to 4:30 p.m.
are non-members may also perform this
function). This means that, under an agree-
Treasury bond futures are traded according
ment signed with the WSE, market makers
to a separate schedule, without the post-
are required to place their own buy/sell or-
auction trading phase. Continuous trading
ders in the order book. Dynamic and static
goes on until 4:20 p.m. with a closing at 4:30
price limits, defined in relation to the refe-
p.m.).
rence price, apply in derivatives trading.
The Warsaw Stock Exchange also enables
block trades in derivatives (futures and
options). A block trade may be executed at
the price which falls within the price limits
applicable on the central market. The Warsaw Stock Exchange specifies the minimum
and maximum permitted volume for block
trades.
106
Main List
Futures
volume ever traded. The average monthly
At the end of 2007, index futures based on
volume fluctuated around 0.8 million con-
the WIG20, the mWIG40 and the TechWIG,
tracts and the highest volume in 2007 was
foreign exchange rates (USD/PLN and EUR/
recorded in August: 1,061,809 contracts.
PLN) and shares in seven companies were
This was the first time ever when the mon-
available for trading on the WSE. Since the
thly volume climbed above the 1 million
launch of the WSE's derivatives market, the
mark.
most dynamic growth has been observed on
As in previous years, WIG20 futures attrac-
the WIG20 futures market.
ted most attention in 2007, generating a vo-
The high turnover on futures contracts is
lume of over 9.3 million contracts througho-
generated mostly by domestic individual in-
ut the year. This figure represented 94% of
vestors: they accounted for nearly 56% of
the total trading volume in all derivatives.
trading in those instruments in 2007.
Interest in mWIG40 futures (the index of
medium size companies) rose considerably
In 2007, the volume of trading in futures on
and the total volume for the year reached
the Warsaw Stock Exchange reached 9.5
16,600 contracts (when compared with 1,700
million contracts, which was the highest
contracts in 2006).
Index futures contracts – basic characteristics
Contract symbol
FXYZkr, where:
F – type of instrument
XYZ – abbreviated name of underlying instrument (W20, W40, TEC)
k – delivery month code (specified by the WSE)
r – last digit of delivery year
Multiplier
PLN 10
Contract value
Product of multiplier and contract price
Quotation unit
Index points
Contract delivery months
For WIG20 futures: the nearest four months from among March, June,
September, December.
For other index futures: the nearest three months from among March,
June, September, December.
Last trading day
The trading day on the third Friday of the delivery month
If there is no trading session on that date, the last trading session day
preceding the third Friday of the delivery month is taken
Expiry date
The same as the last trading day
First trading day for a new series
The first trading day following the previous contract expiry
Final settlement price
Final settlement price is determined on the contract expiry date
as the arithmetic mean of all values of an index (WIG20, mWIG40,
TechWIG) during the last hour of continuous trading and the value of
that index as determined at the close of trading
Settlement date
The next business day following the contract expiry date
(day after the last trading day)
Settlement method
Cash settlement in PLN
107
Fact Book 2008
Currency futures contracts – basic characteristics
Contract symbol
FXYZkr, where:
XYZ – abbreviated name of underlying instrument (EUR, USD)
Contract size
EUR 10,000 or USD 10,000
Four subsequent months from the quarterly cycle (March, June,
September, December)
Last trading day
Expiry date
The first trading day following the previous contract expiry
The average EUR or USD exchange rate determined by the National Bank
of Poland at the fixing on the contract expiry date multiplied by 100.
It is expressed to the nearest PLN 0.01 (per EUR 100 or USD 100)
Final settlement value
Final settlement price (per EUR 1 or USD 1)
multiplied by contract size
Settlement date
Settlement method
Trading calendar for WIG20 futures and currency futures
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
March
June
September
December
March
June
September
December
108
Main List
Stock futures contracts – basic characteristics
Contract symbol
FXYZkr, where:
XYZ – abbreviated name of underlying instrument
Number of shares
per contract
100
Quotation unit
PLN (per share)
Contract value
Product of contract price and number of shares per contract
Three nearest months of the following cycle: March, June, September,
December
Last trading day
Expiry date
The first trading day following the previous contract expiry date
Final settlement price is determined on the contract expiry date
as the volume-weighted arithmetic average of all transactions in the
underlying shares at a session concluded within existing quotation
t
(day after the last trading day)
Settlement date
Settlement method
Trading calendar for mWIG40 futures, TechWIG futures and stock futures
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
March
June
September
December
March
June
September
109
Fact Book 2008
Futures contracts – key figures
Futures contracts (total)
2007
2006
2005
2004
2003
662 876
377 407
238 025
125 494
116 201
Average turnover value per session (PLN thous.) 2 662 151 1 503 613
948 305
492 134
462 951
Continuous trading
Average volume per session
37 418
25 236
21 428
14 153
16 860
11 870
8 812
6 271
4 529
5 049
Open interest (at year-end)
53 430
73 946
33 418
30 270
22 535
41
48
54
49
51
11 256
3 532
---
---
---
160 857
51 757
---
---
---
321
81
---
---
---
Number of series (at year-end)
Block trades
Volume
Number of transactions
WIG20 futures
2007
2006
2005
2004
2003
657 677
369 347
225 296
122 192
113 662
Average turnover value per session (PLN thous.) 2 641 272 1 471 503
897 592
479 186
452 836
20 546
13 664
16 410
Continuous trading
36 826
24 663
11 449
8 394
5 691
4 159
4 722
50 159
72 600
30 099
27 460
20 163
256.6
174.1
170.4
164.7
207.0
4
3
3
3
3
Liquidity ratio (%)
Block trades
Total turnover value (million PLN)
Volume
11 256
3 532
---
---
---
160 857
51 757
---
---
---
321
81
---
---
---
2004
2003
TechWIG futures
2007
2006
2005
213
279
105
102
43
Average turnover value per session (PLN thous.)
854
1 111
418
398
172
35
53
30
31
17
34
51
28
28
12
31
89
209
181
39
Liquidity ratio (%)
0.3
0.4
0.3
0.4
0.2
3
3
3
3
3
110
Main List
mWIG40 futures
2007
2006
2005
2004
2003
1 514
92
89
842
215
6 080
367
355
3 302
857
67
7
10
100
38
59
6
9
83
33
343
17
40
146
111
Liquidity ratio (%)
1.9
0.2
0.2
5.8
4.1
3
3
3
3
3
Stock futures
2007
2006
2005
2004
2003
2 740
4 824
5 468
2 085
1 758
11 005
19 218
21 784
8 177
7 003
458
449
689
345
371
310
351
521
248
267
2 403
1 122
2 928
2 268
1 972
Liquidity ratio (%)
1.3
2.9
4.6
3.1
3.7
23
27
33
30
32
Bond futures
2007**
2006
2005*
2004
2003
400
2 657
6 646
---
---
1 606
10 585
30 074
---
---
8
51
146
---
---
0
1
2
---
---
0
50
58
---
---
0
2
2
---
---
EUR futures
2007
2006
2005
2004
2003
38
51
92
113
357
155
203
368
444
1 422
2
3
5
5
16
1
2
4
3
10
27
3
25
50
165
4
5
5
5
5
* Trading in bond futures began on 14 February 2005
** Trading in bond futures was suspended from 27 December 2007
111
Fact Book 2008
USD futures
2007
2006
2005
2004
2003
294
157
328
159
166
1 180
625
1 308
625
661
22
10
20
9
8
18
8
17
8
6
467
65
59
165
85
4
5
5
5
5
112
Main List
Options
writers (those opening short positions).
The WSE offers European style options
Option buyers do not pay margins.
which means that they can be exercised only
on the expiry date. As is the case with futu-
At the end of 2007 a total of 98 series of op-
res, trading in options is supported by mar-
tions were traded (all of them were WIG20
ket makers: under a contract signed with the
options).
WSE they are obliged to place their own
sell/buy orders in the order book. The refe-
WIG20 options continued to attract high in-
rence price for options is the theoretical pri-
terest among investors throughout 2007.
ce calculated according to the Black-Scho-
The trading volume for this instrument
les model. Given the nature of the instru-
reached 399,113 options, a 26% increase
ment, margins are required only from option
when compared with 2006.
Index options – basic characteristics
Abbreviated
name of option
OW20krccc, where:
O – type of instrument
k – exercise month code (specified by the WSE)
r – last digit of expiry year
ccc – exercise price
Multiplier
PLN 10 per index point
Option value
Product of option price and multiplier
Quotation unit
Index points
Expiry months
Four nearest months of the following cycle: March, June, September, December
Expiry date
The third Friday of the expiry month for the series.
If there is no trading session on that date, the last trading session day preceding
the third Friday of the expiry month is taken
Last trading day
The same as expiry date
Exercise price
Equal to the value of the underlying instrument, with respect to which
the settlement balance will be determined taking the multiplier into account
Exercise value
Product of exercise price and multiplier
Settlement price
Settlement price is determined on the expiry date as the arithmetic mean of all
WIG20 values during the last hour of continuous trading and the WIG20 value
as determined at the close of trading
Settlement value
Product of settlement price and multiplier
Settlement date
First business day following the date on which settlement price is determined
Settlement method
113
Fact Book 2008
Share options – basic characteristics
Abbreviated
name of option
OXYZkrcccp, where:
O – type of instrument,
XYZ – code standing for the name of underlying instrument,
k – exercise month code (specified by the WSE),
r – last digit of expiry year,
ccc – exercise price,
p – code designating option operations in connection with operations on
underlying instruments or with exercise of rights arising from underlying
instruments.
Number of stocks
per option
100
Option price
Option value per underlying share, expressed in quotation units
Option value
Product of option price and number of shares per option
Quotation unit
PLN (per share)
Expiry months
Two nearest months of the following cycle: March, June, September, December
Expiry date
Third Friday of the expiry month for the series.
If there is no trading session on that day, the last trading day before the third
Friday of the expiry month is taken.
Last trading day
The same as the expiry date
Exercise price
A value equal to the price of the underlying instrument, with respect to which
the settlement balance will be determined taking the number of shares per option
into account.
Exercise value
Product of exercise price and number of shares per option
Settlement price
Settlement price is determined on the expiry date as the turnover-weighted
arithmetic mean of prices of all transactions in underlying shares made within
existing trading systems at a trading session
Settlement value
Product of settlement price and number of shares per option
Settlement date
First business day following the date on which settlement price is determined.
Settlement method
114
Main List
Options – key figures
Options (total)
2007
2006
2005
2004
2003
Continuous trading
28 206
19 453
11 556
2 786
636
113.28
77.50
45.32
10.93
9.21
Turnover value by premium (PLN million)
463.13
306.97
145.97
49.67
19.25
471
489
1 014
309
299
1 586
1 306
345
134
117
11 181
4 509
6 845
4 775
847
98
154
122
18
16
304.8
---
---
---
---
5.3
---
---
---
---
4 200
---
---
---
---
13
---
---
---
---
Block trades
Volume
WIG20 options
2007
2006
2005
2004
2003**
28 202
18 849
11 370
2 786
636
113.26
75.10
44.59
10.93
9.21
463.05
282.71
139.34
49.67
19.25
Continuous trading
Liquidity ratio (%)
471
467
996
309
299
1 586
1 262
334
134
117
11 181
4 347
6 432
4 775
847
10.50
8.89
8.60
3.75
3.74
98
44
22
18
16
304.8
---
---
---
---
Block trades
Volume
5.3
---
---
---
---
4 200
---
---
---
---
13
---
---
---
---
* Value of trading at the underlying instrument closing price
** WIG20 options have been listed since 22 September 2003
115
Fact Book 2008
Options – key figures
Stock options
2007***
2006
2005**
2004
2003
4
604
186
---
---
0.03
2.41
3.57
---
---
0.08
24.26
6.63
---
---
0
22
84
---
---
1
44
51
---
---
0
162
413
---
---
0.00
0.49
0.98
---
---
0
110
100
---
---
Liquidity ratio (%)
* Value of trading at the underlying instrument closing price
** Equity options have been listed since 17 October 2005
*** Trading in stock options was suspended from 4 July 2007
MiniWIG20 - index participation units
Index participation units (IPUs) have been
Acquisition of an IPU is equivalent to invest-
quoted on the WSE since 26 November
ment in a portfolio of shares issued by twen-
2001. An index participation unit is a finan-
ty constituent companies of the index con-
cial instrument representing all constituent
cerned. IPUs are priced in PLN, with the pri-
shares of an index. In terms of the expected
ce of one unit being equal to 1/10 of the
rate of return, the purchase of this instru-
WIG20 value. IPUs offer potential earnings
ment is equivalent to a purchase of the in-
to those who expect the value of the index
dex constituent shares without the need to
to rise (long position, i.e. purchase of IPUs)
actually buy the specific constituent shares.
as well as those who anticipate a decline
IPUs traded on the WSE are based on the
(short position, i.e. selling of IPUs).
WIG20 which reflects the performance of
twenty of the largest listed companies.
MiniWIG20 – key figures
2007
2006
2005
2004
2003
15 844
10 818
7 977
15 628
33 948
64
43
32
61
135
89
73
74
179
528
Total turnover value (PLN thousand)
116
7
7
5
7
10
6 099
6 531
6 692
10 981
20 336
1
1
1
1
1
Main List
MiniWIG20 – WIG20 index participation units – basic characteristics
Abbreviated IPU name
MW20
Underlying instrument
WIG20 index
Multiplier
PLN 0.1
Value of an IPU
Multiplier * value of underlying instrument
Quotation unit
PLN per IPU
Last trading day
Penultimate trading day in December 2025.
In exceptional cases, the WSE Management Board may set the last trading day to fall
on a different date but must publish such information at least 4 weeks in advance.
Expiry date
The date on which the settlement price is determined for the last time.
The first day of trading after the last trading day
Settlement price
The product of the opening value of underlying instrument and the multiplier
Settlement value
Equal to the settlement price
Rights of IPU holders
The holder may exercise IPU and receive a payment from the IPU writer equal to
the settlement balance as at the first trading day following the exercise of the IPU
Settlement balance
The same as IPU settlement value
Exercise date
The date on which the IPU holder exercises his right or, if there is no early exercise,
the trading day preceding the expiry date.
The exercise is allowed on any trading day until and including the day preceding the
expiry date
Settlement date
The next business day following the date on which the settlement price is determined
Settlement method
Major events on the derivatives
market
1 October
19 March
changed. At present, futures expire in the
There was an increase in the number of se-
nearest 4 months of the quarterly cycle be-
ries of WIG20 options brought into trading
ginning in March (series remain in trading
with a new expiry date. According to the new
for 12 months). Also, the last trading day was
trading rules, 9 series (previously 4 series)
modified: now it falls on the 3rd Friday of
are introduced for each option type (buy
the expiry month (previously trading ended
options and sell options).
on the eve of the 4th Friday of the expiry
The expiry cycle for currency futures was
month).
24 September
The number of shares for each stock futu-
15 October
res contract (known as 'the multiplier') was
The number of expiry dates for WIG20 futures
unified. At present, all classes of futures con-
and options was increased. At present these
tracts have a multiplier of 100. As a result of
instruments expire in the nearest 4 months
this change, a nearly fourfold growth in tra-
of the quarterly cycle beginning in March
ding was recorded.
(series remain in trading for 12 months).
117
Fact Book 2008
Investors
The number of investment accounts at the
The use of the internet for placing orders has
end of 2007 reached 996,565, an increase
been rising steadily. At the end of 2007 or-
of over 80,000 since the end of 2006. Out of
ders placed online represented nearly 60%
this number 267,000 were online accounts.
of orders concerning equities, over 60% of
12.7 million adult Poles indirectly participa-
those for futures contracts and nearly 70%
te in stock exchange investments, through
for options.
open-end pension funds and investment
through fund companies.
Investor structure
Security
Security of funds accumulated on investment accounts is guaranteed under the in-
The Warsaw Stock Exchange conducts an-
vestor compensation scheme, managed by
nual surveys to identify the shares of vario-
the National Depository for Securities (NDS)
us investor groups in its trading volume.
and supervised by the Polish Financial Su-
2007 did not see any significant changes in
pervision Authority (PFSA).
the structure of investors. The summary survey of investor groups in 2007 indicates that
The scheme aims to provide additional pro-
the structure of investors on the cash mar-
tection for investors' assets registered on ac-
ket was balanced while an increase was ob-
counts and to compensate for the value of
served in the number of institutional inve-
lost securities and proprietary rights to which
stors and foreign investors on the futures
investors are entitled as part of compensa-
and options market.
tion for assets.
Investor structure (% share in trading)
Investors
Foreign investors
Domestic individual
investors
Domestic institutional
investors
118
Instruments
2007
2006
2005
2004
2003
shares
33
31
41
33
32
futures contracts
10
9
5
4
2
options
12
3
1
6
---
shares
30
35
26
35
29
futures contracts
56
66
75
74
74
options
53
71
75
74
---
shares
37
34
33
32
39
futures contracts
34
25
20
22
24
options
35
26
24
20
---
Main List
Under the scheme, investors receive com-
income realised by foreign investors on the
pensation for assets accumulated on their
WSE is taxed according to their country of
accounts up to a limit set by law in case the
residence (domicile). However, in order to
entity which maintained their account goes
take advantage of those provisions, foreign
bankrupt. This solution is in line with EU le-
investors must produce a certificate of resi-
gislation. The scheme is funded from the
dence, otherwise their income will be taxed
annual fees paid by brokerage houses and
in Poland (at 19%).
banks which manage securities accounts.
No limitations on capital gains transfer ap-
Participation in the scheme is obligatory for
ply to foreign investors.
those entities.
Taxation
Capital gains earned by Polish individuals are
taxed at a flat rate of 19%. The same rate
applies to capital gains earned by legal persons.
Foreign investors are generally subject to the
same regulations as domestic ones, with
their tax obligations being additionally regulated by the respective double taxation avoidance treaties. Pursuant to such treaties,
Investor structure in 2007 – equities
Domestic
institutional
investors
37%
Foreign
investors
33%
Domestic
individual investors
30%
119
Fact Book 2008
Investor structure in 2007 – futures contracts
Foreign
investors
10%
Domestic
institutional
investors
34%
Domestic
56%
Investor structure in 2007 – options
Foreign
investors
12%
Domestic
institutional
investors
35%
Domestic
individual
investors
53%
120
Main List
WSE Listing Process
The essential legal act which regulates the
(prospectus or offering memorandum)
offering and introduction of shares to trading
and work with the following entities du-
on a regulated market is the Act on Public
ring the process:
Offering, Conditions Governing the Introduction of Financial Instruments to Organised
Trading, and on Public Companies, of 29 July 2005.
Another important document is the Commis-
an auditor, who will audit the company's financial statements and convert
them into a format that allows year-toyear comparability;
sion Regulation (EC) No. 809/2004 of 29 April
a brokerage house, which will offer
2004. Attention must also be drawn to the
the company's shares for sale in a public
WSE internal regulations, including the WSE
offering.
Rules which define, inter alia, terms and con-
Depending on the issuer's specific needs,
ditions under which financial instruments are
legal and financial advisors may be hired,
admitted and introduced to trading, as well
which is a common practice.
as fees payable by issuers in connection with
their WSE-quoted instruments.
The detailed contents of the prospectus are
specified in Commission Regulation (EC)
The following section outlines the steps to
No. 809/2004 of 29 April 2004 as regards in-
be taken by a company which plans a listing
formation contained in prospectuses. Prior
on the Warsaw Stock Exchange.
to an IPO, a company may also sign an agre-
Only a joint stock company may be an
issuer of shares listed on the WSE. This
ement with an underwriter to secure the issue against a potential failure.
does not exclude entities with any other
Next, the company will need to submit
legal status, however their owners need
a working draft of its prospectus to the
to either transform the prospective issu-
Polish Financial Supervision Authority
er into a joint stock company or establish
(PFSA). The PFSA may communicate its
a joint stock company and contribute the
comments on the prospectus and once
necessary assets.
they have been incorporated in the final
As a next step, the General Shareholders
Meeting should adopt a resolution appro-
draft, the PFSA will decide whether to approve the prospectus.
ving a public offering of shares, demate-
Before initiating a public offering the is-
rialisation of the shares, and an applica-
suer is required to execute an agreement
tion for admission of the shares to trading
with the National Depository for Securi-
on the regulated market.
ties whereby the securities to be offered
Once the decision to apply for admission
will be registered by the Depository.
to trading on the regulated market has
At this stage, the public offering may pro-
been adopted, the company may need to
ceed. Rights to shares may be traded on
prepare a relevant information document
the WSE after the shares of a new issue
121
Fact Book 2008
have been allocated but not yet registered.
Once all shares which have been introduced to trading are deposited with the
Once the offering has been closed, the
National Depository for Securities, the
company will submit an application for
public offering is closed, and the shares
the admission of shares (or, possibly, also
of the new issue have been registered by
rights to shares) to trading on the main
court, the company will apply to the WSE
or the parallel market. The WSE Manage-
Management Board for the shares to be
ment Board will review the application at
introduced to trading on the main or the
one of its meetings. The application must
parallel market. The WSE Management
include, inter alia, the final draft of the
Board will then specify the trading sys-
prospectus, incorporating all recommen-
tem and the date of the first trading ses-
dations made by the Polish Financial Su-
sion.
pervision Authority.
Selected terms of admission for shares
The required information document has been prepared and approved by the competent regulator
unless such preparation or approval is not required.
No insolvency or liquidation proceedings are in progress against the issuer's enterprise.
Shares to be admitted should meet the following criteria:
a) the number of all the issuer's shares multiplied by the projected market price of those shares is the PLN
equivalent of min. EUR 5,000,000; if such a market price cannot be determined, the issuer's own
equity is taken as a multiplier instead,
b) shareholders, each of whom holds less than 5% votes at the issuer's General Meeting, hold at least 15%
of shares covered by the application or 100,000 shares worth min. EUR 1,000,000.
Once an application is filed, the Management
Board of the Warsaw Stock Exchange is obligated to adopt a resolution regarding admission or non-admission of the financial
instruments concerned within 14 days.
When reviewing an application for admission of financial instruments to trading, the
Management Board considers the following:
issuer's financial standing, current and
projected, in particular the issuer's profitability, liquidity and debt-servicing ability, as well as other factors which influence issuer's financial performance,
issuer's growth prospects, especially the
capacity to carry out investment plans,
and available sources of funding,
122
experience and qualifications of members
of the issuer's governing bodies.
Main List
Listed companies by origin*
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
1991
1992
1993
1994
1995
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
state-held
rodowodzie
Private
Prywatne
become
public
od początku
NIF
Spółki
underlying
companies
parterowe
programu NFI
Exbud
Kable
Krosno
Próchnik
Swarzędz
Tonsil
Wedel
Wólczanka
Żywiec
BRE
Elektrim
Irena
Mostostal-Export
Okocim
BIG
(Millenium)
Universal
Polifarb-Cieszyn
Sokołów
WBK (BZWBK)
Vistula
Mostostal-Warszawa
Efekt
Agros Holding
BSK
Dębica
Jelfa
Polifarb-Wrocław
Rafako
Rolimpex
(Provimi-Rolimpex)
Stalexport
AmerBank
(DZPOLSKA)
Kable BFK
(Elektrim Kable)
Remak
Kredyt Bank
ESPEBEPE
Drosed
Indykpol
KrakChemia
(Alma)
Mostostal-Zabrze
Novita
Prochem
Dom-Plast
Optimus
(GrupaOnet)
PPABank
(Fortis Bank)
Bank Gdański
BPH (BANKBPH)
Bytom
Górażdże
Polfa Kutno
Stomil Olsztyn
KPBP-BICK
Mostostal-Gdańsk
Animex
BWR
(DBPBC)
PBR
Pekpol
Beton Stal
Budimex
Elektromontaż-Export
Jutrzenka
ComputerLand
(Sygnity)
Farm Food
Zasada Centrum
Boryszew
Chemiskór
(4Media)
Lubawa
ŁDA
PPWK
Relpol
IGROUP
Echo
Forte
Kompap
Ocean
PLI
(Nomi)
Amica Wronki
Apator
Biurosystem
(I&Bsystem)
Ampli
Atlantis
Bauma (ULMA)
Best
Petrobank
(LG Petro Bank)
Warta
Elektrobudowa
Kęty
Oława
1996
1997
Bank Handlowy
Świecie (Mondi)
Hutmen
Impexmetal
Bank
Komunalny
(Nordea Bank)
Paged
Polisa
Budimex Poznań
BOŚ
Centrostal Gdańsk
Elektromontaż -Warszawa (Stormm)
Bielbaw
Ferrum
Grajewo
Izolacja (Icopal)
* Names under which companies were last quoted or are currently quoted – in brackets
123
Fact Book 2008
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
1997
c.d.
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
rodowodzie
state-held
Private
Prywatne
become
public
od początku
NIF
Spółki
underlying
companies
parterowe
programu NFI
KGHM
Kruszwica
Orbis
PBK
Polar Wrocław
WKSM
Energoaparatura
Energomontaż-Płd.
Poligrafia
Stomil Sanok
Unibud
Unimil
ZREW
Brok
Elpo (Masters)
GPRD
Mostostal-Kr.
Mostostal-Sdl.
(POLIMEXMS)
Pozmeat
Mieszko
Strzelec
(Advanced
Distribution
Solutions)
Lentex
PEPEES
Polifarb Dębica
Ropczyce
Viscoplast
ZEW
Elektrociepłownia-Będzin
Kopex
Mennica
Państwowa
Bank Pekao
Telekomunikacja
Polska
Budopol Wrocław Bank
Delia
Częstochowa
Ekodrob
Energomontaż-Płn.
Instal Lublin
Manometry
Odlewnie Polskie
ZEG
Cersanit
Elzab
Energopol
Famot Pleszew
Hydrobudowa-Gdańsk
Hydrobudowa-Śląsk
Hydrotor
Jarosław
Koło
Mostostal-Płock
Permedia
Wawel
WFM Oborniki
AMS
AS Motors
(Triton
Development)
Apexim
Bakoma
Compensa
Euro Bud Inwest
Gant
Howell
Groclin
Medicinies (PGF)
Murawski Holding
Muza
Pia Piasecki
Prokom
Softbank
(Asseco Poland)
Suwary
TIM
Wilbo Seafood
Garbarnia Brzeg
(Alchemia)
Łukbut
LZPS Protektor
Milmet
Morliny
Polna
Ponar-Wadowice
Sanwil
Stomil
Bełchatów
Wafapomp
Wistil
PKN
TUP
Centrozap
Pemug
Polnord
Naftobudowa
Instal Kraków
Projprzem
Pollena Ewa
KZWM
Agora
Caspol (Fon)
Clif
Comarch
CSS
Farmacol
Leta
LTL
Mitex
Orfe
Pażur
Prosper
StGroup
TU Europa
Ster-Projekt
(ABG Ster-Projekt)
Szeptel (MNI )
Pekabex
Skotan
EFL
Krakbrokers
Macrosoft
(Macrologic)
Fasing
1998
Yawal System (Yawal)
1999
Kogeneracja
2000
Stalprofil
Beef-San
MPEC Wrocław
(Fortum Wrocław)
124
Main List
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
rodowodzie
state-held
NIF
Spółki
underlying
companies
parterowe
programu NFI
Netia
Simple
Talex
Wandalex
PUE (ZPUE)
2000
c.d.
Getin.pl (Getin)
Elkop
Hoga.pl (Wasko)
LPP
MCI Managment
Tras Tychy (Tras-Intur)
Interia.pl
Gki
2001
Optimus
Eldorado (Emperia)
Telmax (Spin)
Kruk
Emax
BACA
Duda
Hoop
Impel
Redan
Śnieżka
2002
2003
WSiP
PKOBP
2004
Private
Prywatne
become
public
od początku
Globe Trade Centre
TVN
Borsodchem RT.
FAM - Technika
Odlewnicza
Pekaes
MOL
ATM Grupa
Dwory (Synthos)
Plastbox
Betacom
DGA
Techmex
Inter Cars
JC Auto
Artman
Hygienika
SM Media (Mediatel)
Broker FM
Ceramika Nowa Gala
Elstar Oils
PBG
Capital Partners
Comp Rzeszów
(Assecopol)
ATM
Swissmed
Torfarm
Koelner
CCC
Praterm
Polcolorit
Ivax Corporation
BMP Aktiengesellschaft
Drozapol-Profil
Eurofaktor
125
Fact Book 2008
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
state-held
rodowodzie
Private
Prywatne
become
public
od początku
Ciech
Lotos
PGNiG
Police
Polmos Białystok
Puławy
Zelmer
Bioton
Novitus
Barlinek
Opoczno
Polmos Lublin
Zetkama
ZTS
Ząbkowice-Erg
Ambra
Śrubex
AmRest Holdings
Atlanta Poland
Comp
Decora
EMC Instytut Medyczny
Eurocash
Graal
IDM (DM IDM)
Jago
Lena Lighting
PC Guard
PEP
SkyEurope
Spray
Tell
Teta
Toora Poland
Travelplanet.pl
Variant
Ruch
Interferie
CEZ
North Coast
Cash Flow
Sfinks
Eurofilms (Ergis)
Bankier.pl
Pamapol
Mispol
Gino Rossi
Intersport Polska
eCard
Inwest Consulting
Action
Qumak-Sekom
Astarta Holding
Hyperion
One-2-One
Unima 2000
AB
Euromark Polska
Asseco Slovakia
Dom Development
Netmedia
Multimedia Polska
HTL Strefa
Fota
Żurawie Wieżowe
Cinema City
Bakalland
Arteria
Monnari Trade
CEDC
LSI Software
Pegas Nonwovens
Eurotel
2005
2006
126
NIF
Spółki
underlying
companies
parterowe
programu NFI
Famur
Main List
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
Asseco
Business Solutions
Elektrotim
Hydrobudowa
Włocławek
Krakchemia
LC Corp
MOJ
Noble Bank
Petrolinvest
Pol-Aqua
2007
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
rodowodzie
state-held
Private
Prywatne
become
public
od początku
NIF
Spółki
underlying
companies
parterowe
programu NFI
Krakowska
Fabryka Armatur
Bipromet
Rafamet
Resbud
POL-MOT
Warfama
Zastal
ABM Solid
Izolacja-Jarocin
KPPD
Mewa
Orzeł Biały
Orzeł
Radpol
ZUK Stąporków
ZNTK w Łapach
Automotive
Components
Europe
Arcus
ASBISc Enterprises
B3System
Bomi
Budvar Centrum
City Interactive
Complex
CP Energia
DROP
Europejski Fundusz
Hipoteczny
Energoinstal
Erbud
ES-SYSTEM
Gadu-Gadu
Grupa Finansowa
Premium
Ventus (Hawe)
Helio
Immoeast
Integer.pl
INTROL
Infovide-Matrix
J.W.Construction
KAREN NOTEBOOK
Kernel Holding
Grupa Kolastyna
Komputrronik
Konsorcjum Stali
KREDYT INKASO
Magellan
Makarony Polskie
Makrum
Mercor
Nepentes
NTT System
Olympic Entertainment Group
Oponeo.pl
Orco Property Group
P.A. Nova
Plaza Centers
PolRest
Prima Moda
Procad
Pronox Technology
Quantum Software
Rainbow Tours
Reinhold Polska
Ronson Europe
127
Fact Book 2008
Public offering
Oferty
Wchodzące
Held by
by
State Treasury w
holdings
Skarbu
skład grup
Państwa
kapitałowych
2007
Mieszana
Mixed
forma
ownership
własności
Prywatne
Private buto
formerly
państwowym
rodowodzie
state-held
Private
Prywatne
become
public
od początku
Seco/Warwick
Seko
PTA Group (Silvano)
Pani Teresa Medica
TelForceOne
UniCredit Italiano
Warimpex
Wielton
Wola Info
128
NIF
Spółki
underlying
companies
parterowe
programu NFI
Main List
WSE Partner Programmes
To help companies find reliable partners offering support prior to a listing, the Warsaw
WSE IPO Partners
- Primary Market Leaders
Stock Exchange (WSE) runs two dedicated
partner programmes: WSE IPO Partners to
SMEs and WSE IPO Partners - Primary Market Leaders. The aim of the programmes is
to provide support for organisations which
seek to raise inexpensive funds from the
public market in collaboration with firms
experienced in working for SMEs. WSE Partners can be selected from 4 categories: brokerage houses, certified auditors, legal firms
and financial advisors.
The WSE endeavours to attract foreign issuers in a variety of ways, notably through
the WSE IPO Partner Programmes.
WSE IPO Partners for SMEs
The programme is open to investment companies, legal firms, auditors, and financial
consultants operating on the primary market. Under the programme the WSE authorises qualified Partners to use the promotional logo of 'WSE IPO Partner - Primary Market Leader'. In order to qualify, the candidate company should have executed at least
five IPOs totalling at least PLN 300 million
(this includes new issues by WSE listed companies which had been floated with the support of the candidate company) in each twoyear period under consideration. The Primary Market Leader title extends to the IPO
market as well as the market of subsequent
public offers made by listed companies.
The logo of 'WSE IPO Partner for SMEs' is
granted to investment companies, legal
firms, auditors, and financial consultants
participating in IPOs (initial public offerings)
of up to PLN 100 million, where the cost to
the issuer (cost of service rendered by the
investment company and other advisors)
does not exceed 5% of the raised capital, or
where, as an alternative to the cost criterion,
legal firms, auditors and financial consultancies participated in at least 2 IPOs of up to
PLN 100 million each over two years.
129
Fact Book 2008
List of WSE IPO Partners for SMEs (as of 31 January 2008)
Legal Advisors
FORYSTEK & PARTNERZY
Adwokaci i Radcowie Prawni
www.forystek.pl
GIDE LOYRETTE NOUEL Tokarczuk,
Jędrzejczyk i Wspólnicy
Baker Tilly Smoczyński i Partnerzy
Sp. z o.o.
www.bakertillysmoczynski.pl
BDO Numerica Sp. z o.o
- International Auditors & Consultants
www.bdo.pl
Kancelaria Prawna GLN Spółka Komandytowa
www.gide.com
DGA Audyt Sp. z o.o.
Kancelaria Adwokatów i Radców
Prawnych Celichowski - Szyndler
- Więckowska Spółka Partnerska
DORADCA,
Zespół Doradców
Finansowo-Księgowych Sp. z o.o.
www.kancelaria-csw.pl
Kancelaria Prawna
prof. Marek Wierzbowski
Doradcy Prawni
www.wierzbowski.com
Kancelaria Radców Prawnych
"Oleś & Rodzynkiewicz"
Spółka Komandytowa
www.oles.com.pl
www.dga.pl/audyt
GRUPA FINANS-SERVIS
www.doradca.lublin.pl
HLB Frąckowiak i Wspólnicy Sp. z o.o.
www.hlb.pl
Kancelaria Porad FinansowoKsięgowych
dr Piotr Rojek Sp. z o.o.
www.kpfk.pl
Łatała i Wspólnicy
LEX-FIN Sp. z o.o.
www.latala.com.pl
Moore Stephens Trzemżalski,
Krynicki i Partnerzy
Kancelaria Biegłych Rewidentów
Sp. z o.o.
Stolarek & Grabalski
Kancelaria Prawnicza
www.audyt.com.pl
www.msag.pl
www.moorestephens.gda.pl
Tomasik, Chabasiewicz
i Wspólnicy s.k.
PKF Consult Sp. z o.o.
www.tc.net.pl
Weil, Gotshal & Manges - Paweł Rymarz
www.weil.com
Wierciński Kwieciński Baehr
www.pkfconsult.com.pl
www.aeconsult.com.pl
POLINVEST-AUDIT Sp. z o.o.
www.polinvest-audit.pl
REWIT
Księgowi i Biegli Rewidenci Sp. z o.o.
www.rewit.com.pl
www.wkw.pl
White & Case W. Daniłowicz,
W. Jurcewicz i Wspólnicy
- Kancelaria Prawna sp.k.
www.whitecase.pl
www.bzwbk.pl
Financial Advisors
Bank Zachodni WBK SA
BRE Corporate Finance SA
Statutory Auditors
AdAc Sp. z o.o.
www.adac.pl
"AUXILIUM" S.A.
www.auxilium.com.pl
www.bcf.pl
DFP Doradztwo Finansowe SA
www.dfp.pl
GoAdvisers Sp. z o.o.
www.tag.com.pl
IDMSA.PL
Doradztwo Finansowe Sp. z o.o.
www.idmsa.pl
130
Main List
Inwest Consulting SA
www.ic.poznan.pl
M&M Doradztwo Gospodarcze Sp. z o.o.
Brokerage Houses
Bank DnB Nord SA
www.bmdnbnord.pl
www.mm-dg.pl
RSM Corporate Finance Sp. z o.o.
www.rsmcf.com.pl
TP Invest Sp. z o.o.
www.tpinvest.pl
Dom Inwestycyjny
BRE BANKU S.A.
www.brebrokers.com.pl
Dom Maklerski PENETRATOR S.A.
www.penetrator.com.pl
Dom Maklerski Polonia Net S.A
www.polonia.com.pl
Millennium Dom Maklerski S.A.
www.millenniumdm.pl
List of WSE IPO Partners - Primary Market Leaders (as of 31 January 2008)
Legal Advisors
Millennium Dom Maklerski SA
www.millenniumdm.pl
Kancelaria Prawna
prof. Marek Wierzbowski
Doradcy Prawni
UniCredit CA IB Polska SA
www: www.ca-ib.pl
www.wierzbowski.com
"Oleś & Rodzynkiewicz"
www.oles.com.pl
www.hlb.pl
Brokerage Houses
Dom Maklerski BZ WBK SA
www.dmbzwbk.pl
Dom Maklerski IDM SA
www.idmsa.pl
Statutory Auditors
BDO Numerica Sp. z o.o.
- International Auditors & Consultants
www.bdo.pl
Kancelaria Porad
Finansowo-Księgowych
dr Piotr Rojek Sp. z o.o.
www.kpfk.pl
Dom Maklerski
PKO Banku Polskiego SA
www.bdm.pkobp.pl
Companies interested in working with the WSE (as of 31 January 2008)
Statutory Auditors
Grupa Gumułka - Audyt Sp. z o.o.
www.gumulka.pl
131
Fact Book 2008
WSE IPO Partner
ner Agreement, by ensuring availability of
its promotional publications and offering an
opportunity to participate in events organised by the WSE to attract companies interested in having their financial instruments
quoted on WSE-run markets.
The following companies joined the WSE
The Warsaw Stock Exchange has been acti-
IPO PARTNER Programme in 2007:
vely pursuing the concept of turning War-
Millennium Capital LLC (Ukraine)
saw into a trading centre for equities issued
Wood & Company a.s. (Czech Republic)
by foreign companies, particularly those
AS Hansapank (Estonia)
from Central and Eastern Europe. These efforts have not only led to foreign debuts on
the WSE but also stimulated increasing in-
Financial and Analytical Group Pro-consulting Ltd. (Ukraine)
terest in the Polish market among foreign
Investment Company "Uniter" (Belarus)
entities engaging in brokerage operations
Concorde Capital LLC (Ukraine)
(pursuant to the legislation of their country
of domicile) or in other financial and investment- related operations. Their role in providing sales and promotional support for the
WSE is now concentrated in the new programme, launched in mid-November 2006
under the name of WSE IPO Partner.
List of WSE IPO PARTNER
Companies (as of 31 January 2008):
Millennium Capital LLC (Ukraine)
Wood & Company, a.s. (Czech Republic)
AS Hansapank (Estonia)
Evli Securities (Estonia)
The programme provides tangible benefits
for both the WSE and its IPO Partners. The
WSE obtains active support from local players in foreign markets who promote the
Sokrat Capital LLC (Ukraine)
Altera Finance JSC (Ukraine)
Investment Company "Uniter" (Belarus)
Warsaw Stock Exchange and select compa-
Financial and Analytical Group Pro-consul-
nies interested in attracting capital through
ting Ltd. (Ukraine)
the WSE trading floor. A company which will
Concorde Capital LLC (Ukraine)
be invited to sign a Partner Agreement with
the WSE may use the title of WSE IPO Partner and will receive a relevant supporting
certificate. Under the Partner Agreement,
IPO Partners will receive a special logo which
can be used in efforts to attract issuers; they
will also be allowed to include information
on their WSE-authorised partner status in letters and documents.
The Warsaw Stock Exchange supports its
Partners by providing necessary consultations related to implementation of the Part132
Main List
WSE Members
A WSE member is an entity which has been
reign brokers an opportunity to gain direct
granted permission to operate on the WSE
access to the WSE's system without a phy-
and, in particular, to conduct transactions.
sical presence in Poland or without using lo-
The authority to grant such permission lies
cal brokers.
with the Management Board of the WSE.
In 2007, the following 9 organisations (7 of
Under the current rules and regulations, the
them from other countries) were granted
following entities may become WSE mem-
WSE membership and authorised to perform
bers:
operations on the WSE:
an investment firm, as defined in Article
Opera Dom Maklerski Sp. z o.o. - Poland,
3(33) of the Act on Trading in Financial
Instruments, which conducts transactions
on its own account or on the account of
its clients;
any other entity which is a participant of
BNP Paribas Arbitrage SNC - France,
X-Trade Brokers Dom Maklerski SA
- Poland,
Cashline Securities Ltd. - Hungary,
the National Depository for Securities
Nordnet Bank AB - Sweden,
(NDS) and conducts transactions only on
NeoNet Securities AB - Sweden,
its own account;
any other entity which is not a participant
Cyrrus a.s. - Czech Republic,
of the National Depository for Securities
AS Hansapank - Estonia,
and which conducts transactions only on
DekaBank Deutsche Girozentrale - Germany.
its own account, provided that it indicates a NDS participant which has com-
2007 saw an increase in the activity of fore-
mitted itself to meeting the transaction
ign brokers on the WSE. The total value of
clearing and settlement obligations.
trading generated by remote members in
2007 reached PLN 23.5 billion, three times
All categories of entities may conduct tra-
as high as in 2006. The share held by remo-
ding in all financial instruments. The Mana-
te members in the total value of trading ge-
gement Board of the Warsaw Stock Exchan-
nerated by all WSE members stood, on ave-
ge defines the detailed scope of operations
rage, at five per cent in 2007.
for WSE members.
In 2007, WSE members demonstrated an inAt the end of 2007 there were 43 organisa-
creased interest in derivatives, in particular
tions which held the status of a WSE mem-
futures contracts and options. While in 2006,
ber, out of which 17 were foreign organisa-
foreign members hardly marked their pre-
tions from Austria, the Czech Republic, Es-
sence in this category of instruments, their
tonia, France, Hungary, Germany, Sweden
average share in trading volume in 2007
and the United Kingdom, and 26 were Po-
reached 2-3 per cent.
lish entities. Remote membership offers fo133
Fact Book 2008
Exchange Brokers and
Supervising Brokers
Issuer's market maker
WSE members are obligated to appoint in-
er's market maker (animator). An issuer's
dividuals (exchange brokers) who are autho-
market maker is a WSE member, or other
rised, on their behalf, to transfer orders to
financial institution which, as part of an agre-
the WSE, modify or cancel orders.
ement with an issuer, undertakes to mainta-
WSE members are also required to appoint
in liquidity of a specific financial instrument.
Similar tasks may be carried out by an issu-
individuals who supervise the work of exchange brokers (supervising brokers) and
The WSE Management Board may require
notify such appointments to the WSE.
that an issuer of a financial instrument concludes a market making contract if it consi-
Market Makers
ders this necessary to ensure liquidity of the
instrument.
The role of a market maker is to maintain
liquidity of listed securities.
Market maker
A market maker is a WSE member or another organisation, which has signed an agreement with the WSE, whereby it undertakes
to place buy or sell orders for a specific financial instrument on a regular basis, on its
own account and in accordance with terms
and conditions determined by the WSE Management Board. A non-member may operate as a market maker through a WSE member authorised to act on a client's account.
The Warsaw Stock Exchange may sign market making contracts with multiple members
for the same financial instrument. A market
maker may perform its duties for a financial
instrument traded in either the continuous
system or the single-price auction system.
At the end of 2007, there were 16 WSE
members (13 domestic and 2 remote members as well as one external member: BRE
BANK SA) acting as market makers on the
main floor of the WSE.
134
At the end of 2007, there were a total of
16 market makers acting as issuer's market
makers on the main market of the WSE.
Main List
List of Exchange Members (end of 2007)
AS Hansapank
Dom Maklerski PENETRATOR SA
www.hansa.ee
Bank Austria Creditanstalt AG
ERSTE Securities Polska SA
www.ba-ca.com
www.esp.pl
Bank BPH SA
Evli Securities AS
www.bph.pl
www.evli.com
Bank DnB Nord SA
GLITNIR AB
www.bmdnbnord.pl
www.fip.se
Bank Gospodarki Żywnościowej SA
ING Bank Śląski SA
www.bgz.pl
www.ing.pl
Bank Millennium SA
ING Securities SA w Warszawie
www.bankmillennium.pl
www.ingsecurities.pl
Bank Polska Kasa Opieki SA
IPOPEMA SECURITIES SA
www.pekao.com.pl
www.ipopema.pl
Bayerische Hypo -und Vereinsbank AG
JP Morgan Securities LTD
www.hvbgroup.com
www.jpmorgan.com
Beskidzki Dom Maklerski SA
KBC Securities N.V. (Spółka Akcyjna)
Oddział w Polsce
www.bdm.com.pl
Cashline Securities LTD
www.cashline.hu
Centralny Dom Maklerski Pekao SA
www.cdmpekao.com.pl
Concorde Securities LTD
www.concordesecurities.hu
Credit Suisse Securities (Europe) LTD
www.csfb.com
CYRRUS a.s.
www.cyrrus.cz
DB Securities SA
www.dbsecurities.pl
DekaBank Deutsche Girozentrale
www.dekabank.de
Dom Inwestycyjny BRE BANKU SA
www.dibre.com.pl
Dom Maklerski AmerBrokers SA
www.amerbrokers.pl
Dom Maklerski Banku Handlowego SA
www.citibank.com
Dom Maklerski
Banku Ochrony Środowiska SA
www.bossa.pl
www.dmbzwbk.pl
www.KBCmakler.pl
Kredyt Bank SA
www.kredytbank.pl
KEPLER LANDSBANKI
SOCIETE ANONYNE
www.kepler-equities.com
www.millenniumdm.pl
NeoNet Securities AB
www.neonet.biz
Nordnet Bank AB
www.nordnet.se
OPERA DOM MAKLERSKI Sp. z o.o.
www.opera.pl
PKO Bank Polski SA
www.pkobp.pl
Raiffeisen Centrobank AG
www.rcb.at
SOCIETE GENERALE SA
www.sgcib.pl
www.ca-ib.pl
Wood & Company Financial Services as
www.wood.cz
www.xtb.pl
www.idmsa.pl
135
Fact Book 2008
Members' share in trading in 2007 (cash market)
No
1
WSE Member
ING SECURITIES
Shares & Rights to shares (PDA)
continuous trading
block trades
& single-price system
(PLN
(PLN million)
(%)
million)
(%)
50 735.8
11.0
679.1
continuous trading
(PLN
million)
(%)
3.9
134.6
4.1
Bonds
block trades
(PLN
million)
(%)
0.0
0.0
2
DM BZ WBK
50 288.5
10.9
1 140.1
6.5
233.6
7.2
0.0
0.0
3
DM BH
43 749.9
9.5
2 300.3
13.1
41.6
1.3
40.5
17.5
4
UNICRCAIB
40 014.5
8.7
5 975.9
34.0
5.7
0.2
2.6
1.1
5
IPOPEMA
38 870.0
8.4
461.1
2.6
0.0
0.0
0.0
0.0
6
CDM PEKAO
32 612.3
7.1
257.5
1.5
847.5
26.0
145.5
63.0
7
DI BRE Banku
30 675.0
6.6
760.1
4.3
96.9
3.0
0.0
0.0
8
PKO BP
29 317.9
6.3
1 180.9
6.7
1 498.2
45.9
41.8
18.1
9
KBC
22 325.2
4.8
364.7
2.1
30.1
0.9
0.0
0.0
10
DB SECURITIES
19 719.3
4.3
609.7
3.5
134.8
4.1
0.0
0.0
11
BPH
15 533.0
3.4
119.7
0.7
58.2
1.8
0.0
0.0
12
DM BOŚ
12 934.2
2.8
226.3
1.3
22.6
0.7
0.0
0.0
13
MILLENNIUM DM
12 858.0
2.8
2 305.5
13.1
58.4
1.8
0.0
0.0
14
ERSTE
12 350.5
2.7
203.7
1.2
0.2
0.0
0.0
0.0
15
WOOD
10 415.4
2.3
10.2
0.1
0.0
0.0
0.0
0.0
16
IDMSA
9 687.9
2.1
681.8
3.9
28.2
0.9
0.0
0.0
17
SOCIETE
5 332.9
1.2
0.0
0.0
0.0
0.0
0.0
0.0
18
PENETRATOR
3 859.5
0.8
91.0
0.5
15.2
0.5
0.0
0.0
19
BDM SA
3 835.8
0.8
48.3
0.3
18.2
0.6
0.5
0.2
20
RAIFFEISEN
3 386.5
0.7
0.0
0.0
0.0
0.0
0.0
0.0
21
BGŻ
2 772.3
0.6
118.1
0.7
20.0
0.6
0.0
0.0
22
HVB
2 268.7
0.5
0.0
0.0
0.0
0.0
0.0
0.0
23
OPERA
2 231.9
0.5
5.4
0.0
0.0
0.0
0.0
0.0
24
AMERBROKER
1 824.3
0.4
6.7
0.0
6.5
0.2
0.0
0.0
25
CONCORDE
1 800.8
0.4
0.0
0.0
0.0
0.0
0.0
0.0
26
DNB NORD
1 791.4
0.4
4.5
0.0
10.3
0.3
0.0
0.0
27
DM PEKAO
378.4
0.1
12.1
0.1
2.8
0.1
0.0
0.0
28
GLITNIR
195.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
29
KEPLER
123.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
30
BACA
19.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
31
NEONET
4.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
32
SUPREMA
3.2
0.0
0.4
0.0
0.0
0.0
0.0
0.0
33
JP MORGAN
2.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
34
CSSELTD
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
35
XTB
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Total
461 917.3 100.0
Turnover, double counted
136
17 563.3 100.0
3 263.6 100.0
230.9 100.0
Main List
Members' share in trading in 2007 (derivatives market)
No
WSE Member
Futures
continuous trading
(futures)
(%)
block trades
(futures)
(%)
Options
continuous trading
(options)
(%)
block trades
(options)
(%)
1
DM BOŚ
3 572 073
19.2
0
0.0
49 575
6.3
0
0.0
2
DI BRE Banku
2 173 345
11.7
0
0.0
196 842
24.9
0
0.0
3
DM BZ WBK
2 021 097
10.8
0
0.0
74 923
9.5
0
0.0
4
OPERA
1 212 936
6.5
0
0.0
26 833
3.4
0
0.0
5
BPH
1 194 505
6.4
0
0.0
81 619
10.3
0
0.0
6
ING SECURITIES
1 100 454
5.9
0
0.0
8 753
1.1
0
0.0
7
CDM PEKAO
903 997
4.9
0
0.0
0
0.0
0
0.0
8
BDM SA
809 163
4.3
0
0.0
15 645
2.0
0
0.0
9
PKO BP
793 853
4.3
12 972
4.0
139 321
17.6
200
2.4
10
ERSTE
704 147
3.8
0
0.0
38 386
4.9
4 900
58.3
11
KBC
554 218
3.0
3 850
1.2
2 788
0.4
0
0.0
12
IDMSA
514 066
2.8
0
0.0
35 686
4.5
0
0.0
13
MILLENNIUM DM
496 773
2.7
188 312
58.5
30 603
3.9
0
0.0
14
BACA
450 859
2.4
0
0.0
4 500
0.6
0
0.0
15
UNICRCAIB
450 434
2.4
0
0.0
162
0.0
0
0.0
16
DB SECURITIES
423 228
2.3
0
0.0
42 589
5.4
2 800
33.3
17
DM BH
325 409
1.7
0
0.0
2 788
0.4
500
6.0
18
AMERBROKER
276 667
1.5
0
0.0
7 811
1.0
0
0.0
19
SOCIETE
160 104
0.9
0
0.0
10 620
1.3
0
0.0
20
DNB NORD
154 771
0.8
0
0.0
2 381
0.3
0
0.0
21
BGŻ
153 484
0.8
51 218
15.9
10 321
1.3
0
0.0
22
PENETRATOR
135 751
0.7
0
0.0
4 108
0.5
0
0.0
23
DM PEKAO
38 588
0.2
0
0.0
3 718
0.5
0
0.0
24
RAIFFEISEN
11 155
0.1
0
0.0
0
0.0
0
0.0
25
XTB
1 712
0.0
0
0.0
0
0.0
0
0.0
26
PKO BP *
625
0.0
0
0.0
0
0.0
0
0.0
27
PEKAO*
550
0.0
29 174
9.1
0
0.0
0
0.0
28
IPOPEMA
54
0.0
0
0.0
0
0.0
0
0.0
29
WOOD
4
0.0
0
0.0
0
0.0
0
0.0
30
CONCORDE
0
0.0
0
0.0
0
0.0
0
0.0
31
GLITNIR
0
0.0
0
0.0
0
0.0
0
0.0
32
CSSELTD
0
0.0
0
0.0
0
0.0
0
0.0
33
JP MORGAN
0
0.0
0
0.0
0
0.0
0
0.0
34
KEPLER
0
0.0
0
0.0
0
0.0
0
0.0
35
HVB
0
0.0
36 188
11.2
0
0.0
0
0.0
36
SUPREMA
0
0.0
0
0.0
0
0.0
0
0.0
37
NEONET
0
0.0
0
0.0
0
0.0
0
0.0
789 972 100.0
8 400
100.0
Total
18 634 022 100.0
321 714 100.0
Volume, double counted
* Banks operating through Treasury Departments on bond futures market
137
Fact Book 2008
List of issuer's market makers (end of 2007)
Dom Maklerski Banku Ochrony Środowiska SA
KBC Securities N.V. (Spółka Akcyjna) Oddział w Polsce
Powszechna Kasa Oszczędności Bank Polski SA
Wood &Company Financial Services as
List of market makers (end of 2007)
BRE BANK SA
Dom Maklerski Banku Ochrony Środowiska SA
Internetowy Dom Maklerski SA
KBC Securities N.V. (Spółka Akcyjna) Oddział w Polsce
Powszechna Kasa Oszczędności Bank Polski SA
Wood & Company Financial Services as
138
Main List
Organisation of Trading
Since 17 November 2000, trading on the
In 2007 the WSE enhanced the efficiency of
WSE has been based on the WARSET sys-
WARSET by replacing its central computer
tem. Similar systems are in use on a num-
and some of the system infrastructure. This
ber of leading exchanges worldwide. The
complicated operation was undertaken not
WARSET system is highly efficient in accep-
only in order to ensure security and adequ-
ting and processing orders while remaining
ate technical infrastructure for market parti-
reliable and safe. It ensures fully automated
cipants but, above all, to address the incre-
transmission of orders and execution of
asing activity of trading participants, reflec-
transactions. WARSET provides market par-
ted in the high growth of the number of or-
ticipants with efficient access to trading sys-
ders placed during sessions.
tem and broad opportunities for using realtime market information.
Financial instruments and quotation system
SINGLE-PRICE
SYSTEM
TWO AUCTIONS
CONTINUOUS
TRADING
BLOCK
TRADES
SHARES /
RIGHTS TO SHARES (PDA)
PRE-EMPTIVE RIGHTS
STRUCTURED PRODUCTS
BONDS
DERIVATIVES
INVESTMENT
CERTIFICATES
139
Fact Book 2008
Transactions
the number of securities (volume);
Before executing a transaction on the War-
additional requirements for execution of
saw Stock Exchange, an investor must have
the order.
an investment account with an investment
firm (e.g. a brokerage house) which is a WSE
Types of orders
member. A member firm that has received
Under the WARSET system multiple order
an order to execute a transaction on the WSE
types may be placed which allow investors
is responsible for the accurate fulfilment of
to apply various investment strategies tailo-
such an order.
red to their goals and needs in specific situations.
Transactions on the WSE can be executed
There are two main types of orders used in
in one of the following quotation systems:
WSE trading: orders with a price limit and
continuous trading,
those without a stated price limit.
single-price system with two auctions per
day.
Orders with a price limit (limit orders)
Here the investor precisely defines a buy or
Additionally, for large packets of financial
sell price limit for the instrument concerned.
instruments block trades are allowed outsi-
In the case of a buy order, this would be the
de the trading session.
maximum price which the investor agrees
to pay. In the case of a sell order, it is the
Orders
As a rule, investors place their orders via the
internet or by phone, by contacting the brokerage house branch which runs their investment account. Orders are then forwarded
to the member firm's headquarters and then,
via an IT network to a broker. The broker enters the orders into the WSE computer system.
The role of the internet as an order-placing
channel has gained importance over time.
Since member firms' IT systems are integrated with the WSE system, online order placement is fast and secure.
price below which the investor is not willing
to sell the instruments in question.
It should be remembered that:
limits for stocks, pre-emptive rights, rights
to shares, investment certificates, warrants and index participation units are stated in PLN;
limits for bonds are stated as a percentage of nominal value;
limits for futures contracts are stated in
points (index futures) or in PLN (currency
and equity futures) or as a percentage of
the nominal value (bond futures);
limits for index options are stated in points, and those for equity options are spe-
When placing an order, the investor must
cified in PLN.
specify:
the type of order (buy/sell);
the price limit, or a type of order without
price limit;
Orders without a price limit
Orders without a limit are designed for investors who do not want to wait long for their
order to be executed and when completion
the order validity date;
of a transaction is more important than the
the name of the security or financial in-
price obtained. Orders without a price limit
strument to be bought or sold;
140
(respective Polish abbreviations: PKC, PCR
Main List
and PCRO) cannot be placed for options, pre-
Hidden orders (HID; Polish abbreviation:
emptive rights or warrants. Moreover, orders
WUJ) are executed in stages. The investor
without a limit cannot be placed for the first
specifies the size of successive portions to
session during which those instruments are
be executed, i.e. the number of securities to
quoted.
be revealed at a time (minimum 100 instruments).
Market orders (MARKET; Polish abbreviation: PCR) can be placed only during conti-
A stop order (STOP; Polish abbreviation:
nuous trading (any phase except market ba-
LimAkt) is not displayed immediately after
lancing), and are executed at the price of the
being entered into the system, but is disclo-
first best corresponding order placed ear-
sed only if the theoretical opening price or
lier. The unfilled portion of the order beco-
last price in continuous trading reaches the
mes an order with a limit price equal to that
level specified by the investor. In addition
at which the last transaction was concluded.
to an activation limit, these orders must also
contain a price limit for execution or a must-
Market-on-opening orders (OPENING; Po-
be-filled requirement.
lish abbreviation: PCRO) are placed during
the phase in which orders are accepted for
Order validity dates
the opening and closing in the continuous
The validity of brokers' orders may be set
trading system and the single-price auction
on a specific date, or may be marked in one
system, as well as during market balancing.
of the following ways: as a day order, good-
They are executed, respectively, at the ope-
till-cancelled (GTC), fill-and-kill (FAK) or fill-
ning price, closing price, single price, or pri-
or-kill (FOK). An order marked as GTC (DOM
ce determined during the balancing phase.
in Polish) is valid indefinitely.
Must-be-filled orders (MBF; Polish abbre-
A FAK order (WiN in Polish) is valid until
viation: PKC) can be placed at all stages of
the time of the first transaction (or first trans-
continuous trading and the single-price auc-
actions, if executed within multiple transac-
tion, except the intervention phase and post-
tions simultaneously). A FAK is executed
auction trading. When placed during the or-
immediately after being placed and may be
der collection period for the opening, close,
executed in part. The unfulfilled portion of
single-price auction and market balancing,
the order when becomes void.
these orders are executed respectively at the
opening price, closing price, single price,
A FOK order (WuA in Polish) is valid until
and price determined during the market ba-
the time of the first transaction (or first trans-
lancing phase.
actions, if executed within multiple transactions simultaneously). A FOK is executed
Additional requirements for order
execution
immediately after being placed but must be
executed in full, otherwise it becomes void.
A minimum size order (MIN; Polish abbreviation: Wmin) specifies a minimum number of instruments which the investor requires to be traded if the order is to be executed.
141
Fact Book 2008
Continuous trading
gardless of the quotation system, a single
Before the session begins, orders are accep-
instrument is always taken as the transac-
ted in what is known as the pre-opening
tion unit.
phase when transactions are not concluded
ned. After the completion of this phase, the
Single-price auction system
(electronic call auction)
opening price is determined (an auction pro-
Quotations in the single-price system are
cedure) and orders entered in the pre-ope-
based on a so-called auction procedure, i.e.
ning phase are executed. This is when con-
the price of a security is determined on the
tinuous quotations begin, and buy and sell
grounds of orders entered before the ope-
but the theoretical opening price is determi-
orders may be placed.
ning. The first phase of the session is called
pre-opening. During this phase, buy and sell
In continuous trading, buyers and sellers
place orders which are then entered into the
system and executed on an ongoing basis
(provided that their prices match) or are kept
in the order book to await placement of a
corresponding order with an appropriate
price to enable a transaction.
There are two priorities applicable to execution of orders:
price,
order placement time.
orders are entered into the system, a theoretical opening price for the security is calculated and published, but no transactions
are executed.
The single price is determined on the basis
of brokers' orders placed with and without
a price limit. The moment the single price is
published, it becomes the price at which
transactions are concluded.
To determine the single price, the following
rules are applied in the system:
This means that when two orders with an
identical price are awaiting execution, the
order entered into the system earlier will be
the first to be executed. To avoid random
price movements during the final part of
a continuous trading session, the session
to maximise trading volume;
to minimise the difference between the
respective numbers of instruments in buy
and sell orders that are feasible at a particular price;
ends with a closing auction. After the clo-
to minimise the difference between the
sing price has been announced, a 10-minu-
price being determined and the refe-
te post-auction phase follows. During this
rence.
phase, all transactions are executed at the
respective closing prices.
Once the single price is published, additional buy and sell orders are placed, with li-
The most liquid stocks, all bond series, in-
mits equal to the designated single price.
vestment certificates, futures, options, war-
This phase is referred to as 'post-auction tra-
rants and index participation units are tra-
ding.' In the case of the single-price system
ded in the continuous trading system. If
with two auctions, the prices are determi-
stocks are assigned to continuous trading,
ned and transactions are made twice daily.
corresponding rights to shares and pre-emptive rights are also traded in this system. Re-
142
Main List
Trading session schedule
Continuous trading - cash market
8.30
Pre-opening (orders submitted for opening)
9.30
Opening (determining the opening price)
Continuous trading phase
16.10
Pre-closing (orders submitted for closing)
16.20
Closing (determining the closing price)
Post-auction trading
16.30
16.35
Pre-opening (orders submitted for next day)
Continuous trading - derivatives market
8.30
9.00
Opening (determining the opening price)
16.10
Pre-closing (orders submitted for closing)
16.20
Closing (determining the closing price)
16.30
16.35
143
Fact Book 2008
Single-price auction system with two auctions
8.30
11.00
Intervention
11.15
Single-price auction
11.45
14.45
Intervention
15.00
Single-price auction
15.30
16.35
Price variation limits
In each quotation system there are limits on
Continuous trading - dynamic price
ranges
price variations in relation to the reference
WIG20 shares
price. In the continuous trading system, the
mWIG40 shares
±4.5%
reference price for a transaction price (the
Other shares
±6.5%
price at which a transaction is executed) and
Bonds
the closing price is defined as the opening
Investment certificates
price set at opening or during the balancing
Structured products
phase at opening auction. If there is no ope-
WIG20 futures
±25 points
ning price, the most recent closing price is
MIDWIG futures
±30 points
taken as a reference price.
TechWIG futures
±25 points
In the single-price auction system, the refe-
Equity futures
rence price is defined as the most recent sin-
Bond futures
gle price determined for the specific instru-
Currency futures
ment.
/1 Price ranges determined each time by the WSE
Management Board, on the eve of the first day of
trading at the latest
144
Index and
equity options
Index participation units
±3.5%
±2 percentage points
±6.5%
/1
±3.5%
±0.4 percentage points
±PLN 4
half the value
of static price ranges
±PLN 5
Main List
Continuous trading – static price ranges
Instrument
Shares
Reference
price
(opening)
Acceptable price variation
limit for the opening
Acceptable price variation
limit for the session,
in case the opening price
has been determined*
Closing price ±10% relative to closing price
±10% relative to opening price
Index futures
Daily settlement
price
±5% relative to
daily settlement price
±5% relative to
opening price
Currency futures
Daily settlement
price
±3% relative to
±3% relative to
opening price
Equity futures
Daily settlement
price
±5% relative to
±5% relative to
opening price
Bond futures
Daily settlement
price
relative to settlement price
relative to opening price
Bonds
Closing price
relative to closing price
Structured products
Closing price
±40% (or ±100 points)
relative to closing price
±40% (or ±100 points)
Investment certificates
Rights to shares
Pre-emptive rights
Closing price ±100% relative to closing price ±100% relative to opening price
Index participation
units
Closing price
(including offers
on closing)
±5% relative to closing price
±5% relative to closing price
Index and
equity options
Theoretical price 5% (inPLN) of the average from
the last 20 closing prices for
the underlying instrument from
the last month relative to
theoretical price
5% (inPLN) of the average from
the last 20 closing prices for
the underlying instrument from
the last month relative to
opening price
* If no opening price has been determined at opening, the acceptable price variation limit is determined
in relation to the closing price (the daily settlement price, the theoretical price)
Single-price system with two auctions – static price ranges
Instrument
Shares
Rights to shares
Structured products
Pre-emptive rights
Permissible price variation limit for auction
±10% relative to the reference price of the last auction
(extendable to 21%)
relative to the reference price of the last auction
±100% relative to the reference price of the last auction
(extendable)
145
Fact Book 2008
Transaction settlement
Exchange member
client
Cash
and
securities
clearing
Custodian
client
Order
Order
Order
Exchange
members
Order
Warsaw Stock
Exchange
Remote
member
Transaction
Transfer of
clearing
operations
Cash
and
securities
clearing
Custodian
Copy of
contract
notes
Order
Preparation of contract notes
Calculation of
initial cash
clearing
position
Client
Calculation of
initial cash
clearing
position
Exchange
member
Post trade
settlement
instructions
National
National
Depository
Depository
for Securities
Securities (NDS)
(NDS)
for
Delivery of
initial cash
transfer orders
Preparation of initial
cash and securities
clearing
Settlement corrections
due to shortage of securities
or financial resources
Delivery of
correcting cash
transfer orders
Final cash
clearing
Post trade
settlement
instructions
Calculation of
final cash
clearing position
Final securities
settlement
Calculation of
initial cash
clearing
position
Delivery of final cash
transfer orders
Clearing
bank
Cash
clearing
Statements of
cash accounts
As at 31 December 2007
Source: National Depository for Securities (NDS)
146
Statements of
depository accounts
NDS participant
NDS participant's
payment bank
Main List
WARSET – system architecture
Polish Financial
Supervision
Authority
Information
distribution
National Depository
for Securities
Exchange members
Remote installation
Satellite market data
distribution system
Clearing
and settlement
WAN
Exchange members
Local installation
Exchange member
Computer Network
TANDEM
...
Investors
Institutions
Exchange member
Local installation
Individuals
Block trades
Rules lay down precise conditions for block
Block trades are transactions involving lar-
trade execution, defining the minimum block
ge packets of financial instruments (including
value and the maximum difference betwe-
derivatives).
en the price in a block trade and the price of
the specific instrument at a trading session.
These trades are most commonly made between major investors who had previously
agreed all transaction details (such as block
size, price, and settlement date). The WSE
147
Fact Book 2008
Electronic Distribution of Market Data
In recent years, stock market data has beco-
ge also charges fees based on the number
me accessible on a mass scale, chiefly due
of end recipients (subscribers). Under the
to the use of the internet as a data distribu-
WSE vendor agreement data provided in
tion channel.
real-time may not be redistributed without
the prior consent of the WSE unless it is de-
Commercial services
layed by at least 15 minutes (no fees are
Services delivered via data vendors
charged for delayed data and such data may
The recipients of commercial stock market
news services are professional data vendors,
be freely re-distributed, e.g. on publicly accessible websites).
both traditional (news agencies) and new
groups of companies interested in providing
these services (such as brokerage houses,
virtual banks, internet portals and software
houses). Data vendors offer market information to their clients, domestic and foreign,
including brokerage houses, banks, other financial market participants and individual in-
In order to ensure the lowest possible prices on core stock market data for individual
investors the Warsaw Stock Exchange continues to modify its pricelist, granting special discounts and user-friendly fee-calculation methods.
The 45 data vendors (January 2008) who
have signed relevant agreements with the
vestors.
Warsaw Stock Exchange include renowned
All vendors may purchase, on equal terms,
news agencies (Reuters, Bloomberg, Polish
any or all real-time data services offered by
Press Agency, Telekurs, Thomson Financial),
the WSE, including:
Polish and international brokerage houses
Service A
- Cash market
(DM BZWBK, DM BPH, CDM Pekao, ING Se-
- Offers and transactions
curities, DM BOŚ, DI BRE, DM Millennium,
- Derivatives
BDM PKO BP, Fischer Partners), virtual banks
- Offers and transactions
(mBank, Multibank), major Polish web por-
Service I
- WSE indices
tals (general content sites such as Onet,
Service C
- Statistical information.
Wirtualna Polska or Interia, and specialised
Service B
sites such as Bankier.pl and Parkiet.pl) and
The WSE charges a fixed annual fee from
software houses (Statica).
vendors. Firms connected directly to the
WSE system pay a technical fee and a distri-
Subscribers receive stock market news via
bution fee, while so-called sub-vendors, who
a variety of channels: fixed-line telephony,
receive stock market data through another
television (terrestrial and satellite signal),
vendor, pay only a distribution fee.
internet and, last but not least, mobile telephony.
For real-time market data (transferred within
max. 15 minutes after it becomes available
2000-2007 saw very a dynamic rise in the
from the WSE), the Warsaw Stock Exchan-
use of the internet as a real-time data chan-
148
Main List
nel for the stock market. By the end of 2007,
as electronic versions of numerous WSE
over 160,000 Polish individual investors were
publications.
using stock market data delivered via their
Information on the website is available
online investment accounts.
in Polish and English and access is free of
charge.
Mobile telephones are increasingly used as
a vehicle to deliver stock market data. Mo-
www.newconnect.pl
bile phone owners can use commercial news
NewConnect has its dedicated website
services to access a full range of stock
which, much as the WSE website, provides
exchange data, price alert options or a bun-
current news alerts, legal regulations, stati-
dle of prices on securities within a portfolio.
stics as well as contact details of listed companies, Authorised Advisors, Market Mem-
Services available directly
from the WSE
bers and data vendors. NCIndex values and
The WSE official daily bulletin CEDULA is
shed in real time. The website has a Polish
available via electronic subscription. It is di-
and an English version, with all information
stributed after the close of each session di-
and data available free of charge.
share prices for listed companies are publi-
rectly to subscribers' mailboxes. The WSE
also offers statistical information (sets of hi-
New sites
storical data and daily database updates with
In its efforts to raise the quality of service,
files of a predefined structure delivered by
the WSE has launched themed sites:
e-mail).
www.WSEInfoSpace.eu
One-stop destination for comprehensive in-
WSE public data services
formation and data on all companies listed
Apart from services to commercial users the
in Warsaw.
Warsaw Stock Exchange also discloses stock
market information on a free-of-charge
basis.
Internet
www.corp-gov.gpw.pl
A site focused on corporate governance
in companies listed on the Warsaw Stock
Exchange.
www.wse.com.pl
www.wseinternational.eu
The Warsaw Stock Exchange maintains its
A dedicated site for foreign companies listed
own website where it publishes current com-
on the WSE.
muniqués, resolutions adopted by its Management Board and the Supervisory Board.
Teletext
Trading data is published at the opening and
The teletext service offered via Polish pu-
closing of a session and on an ongoing ba-
blic television (TVP) delivers market data in
sis during sessions, with a 15-minute delay.
an electronic format. The 'Business News'
The only exceptions are the WIG20 values,
section on teletext pages 702-704 and their
which are delivered in real time.
subpages delivers prices on WSE listed equ-
The WSE website also contains comprehen-
ities and other financial instruments to all TV
sive sections with statistics and stock indi-
viewers who have a teletext-enabled TV sets.
ces, organisational structure, operations and
history of the WSE, addresses of listed companies, WSE members, data vendors as well
149
Fact Book 2008
List of WSE data distributors (as of 4 February 2008)
Bank BPH SA Biuro Maklerskie
GL TRADE SA
www.bm.bph.pl
www.gltrade.com
Biuro Maklerskie
Grupa Onet.pl SA
www.bmbgz.pl
Infotec SA
Bankier.pl SA
www.infotecnet.com
www.bankier.pl
INFRONT AS
www.infront.as
www.bdm.com.pl
ING Securities SA
Biuro Maklerskie Banku DnB NORD
Polska SA
www.bmdnbnord.pl
www.interia.pl
Bloomberg LP
www.onet.pl
INTERIA.PL SA
www.bloomberg.com
Oddział w Polsce
Bonnier Business (Polska) Sp. z o.o.
www.kbcmakler.pl
www.pb.pl
BRE Bank SA - mBank
www.millenniumdm.pl
www.mBank.com.pl
NeoNet Securities AB
CAIT Sp. z o.o.
www.neonet.biz
www.cait.com.pl
PKO BP SA Bankowy Dom Maklerski
www.bdm.pkobp.pl
www.cdmpekao.com.pl
Polska Agencja Prasowa SA
CQG, Inc.
www.pap.com.pl
www.cqg.com
PRESSPUBLICA Sp. z o.o.
Dom Inwestycyjny BRE Banku SA
www.rzeczpospolita.pl
www.breinwest.com.pl
Proquote Ltd
www.proquote.net
www.amerbrokers.pl
Reuters Limited
Dom Maklerski BOŚ SA
www.reuters.com
www.bossa.pl
Saxo Bank A/S
www.saxobank.com
www.dmbzwbk.pl
Statica
www.statica.pl
www.idmsa.pl
Telekurs Financial Information Ltd.
www.telekurs-financial.com
Thomson Financial
Ecetra Internet Services AG
www.thomson.com/financial
www.ecetra.com
Townsend Analytics, Ltd.
Factiva
www.townsendanalytics.com
www.factiva.com
UBS AG
Factset Research Systems INC
Wirtualna Polska SA
www.factset.com
FIDES Information Services
www.fides.ch
Fidessa plc
www.fidessa.com
FININFO
www.fininfo.fr
Fischer Partners Fondkommission AB
www.fip.se
FT Interactive Data
www.FTInteractiveData.com
150
www.wp.pl
Main List
WSE online
http://www.wse.com.pl
e-mail: wse@wse.com.pl
ABOUT
THE EXCHANGE
QUOTATIONS
INFORMATION /
STATISTICS
EXCHANGE
MEMBERS
INVESTORS
COMPANIES
European Code
of Conduct
Quotations
on-line
Periodical
statistics
List of Exchange
members
List of
companies
Listing
in Warsaw
History
Market indicators
and session results
Debuts
Share
in turnover
Equities
Prospectuses
Organisational
structure
Indices
List of issuer's
market makers
Derivatives
WSE IPO
Partners
Company
overview
Electronic
publications
List of
market makers
Bonds
Corporate
Governance
Capital
group
Market data
services
How to become
a WSE member
Pre-emptive
rights
FAQ
Closure
dates
Historical
data
Independent
Software Vendors
Investment
certificates
Regulations
Benchmarks
WSE
IPO Partner
Short
selling
Market
calendar
Newsletter
Members
Area
WIG20
companies
WARSET
system
USEFUL LINKS
151
Fact Book 2008
The History of the Warsaw Stock Exchange
The first stock exchange in Poland opened
in Warsaw on 12 May, 1817 under the name
16 April
First trading session; listed companies:
of the 'Mercantile Exchange'. The first tra-
Tonsil, Próchnik, Krosno, Kable and Exbud;
ding session took place on 16 May, 1817.
trading sessions held once a week
Sessions were held between noon and 1:00
p.m. In the 19th century, the Exchange traded primarily in bills of exchange and bonds.
Equity trading grew in importance in the
second half of the 19th century.
16 July
Additional specialist's offer (post-auction
trading) introduced
1 August
Computerised settlement system intro-
In the twenty years between the two World
duced
Wars, exchanges in Poland operated under
3 September
a presidential executive order concerning
First issue of the Ceduła - the WSE's offi-
the organisation of exchanges.
cial daily bulletin
Apart from Warsaw, stock exchanges also
3 December
operated in Katowice, Kraków, Lviv, Łódź,
WSE accepted as a correspondent of the
Poznań and Vilnius.
World Federation of Exchanges (former-
One of the oldest in Europe, the capital mar-
ly FIBV)
ket in Poland with its 190 years of history
has an impressive heritage. Paradoxically,
1992
the interruption in exchange operations in
9 January
Warsaw as a result of World War II and then
Second weekly trading session introdu-
the transition to the communist economic
ced
system enabled Poland to create a modern
28 January
stock exchange which leverages best prac-
First exchange terminals installed at WSE
tices and state-of-the-art solutions of deve-
members' offices
loped European exchanges.
23 April
First trading session supported by an IBM
1990
16 October
Poland and France signed a co-operation
agreement to open a securities exchange in Warsaw
AS/400-based system
15 June
T-bonds first quoted under continuous
trading system
1 September
T-bonds first quoted under single-price
1991
trading system
12 April
Foundation act for Giełda Papierów War-
1993
tościowych w Warszawie SA
4 January
(The Warsaw Stock Exchange Company)
signed
152
Third weekly trading session introduced
Main List
22 April
WSE parallel market launched
1 May
Settlement cycle changed from T+5 to
T+3
9 June
17 May
First public invitation to sell WSE-listed
shares
18 December
Crossing phase introduced to post-auction trading
First share split performed
5 July
Post-auction trading computerized; order
1996
6 May
placement via Exchange terminals ena-
WSE's capitalisation reaches PLN 20 bil-
bled
lion
15 July
First dissemination of trading results via
Teletext
8 July
Shares of first five companies introduced to continuous trading
15 July
1994
NIF (National Investment Funds) certifi-
10 February
cates introduced to single-price auction
First quotation of pre-emptive rights associated with listed shares
1 March
First allocation of new shares via public
subscription
16 April
WIG20 price index introduced
1 July
system
12 August
NIF certificates introduced to continuous
trading
1 October
Commercial real-time WSE data distribution system launched
20 December
Fourth weekly trading session introdu-
Invitations to tender for supply of new
ced
trading system sent out
3 October
Fifth weekly trading session introduced
10 October
WSE accepted as member of World Federation of Exchanges
7 November
The National Depository for Securities
established as a separate entity
1997
3 February
WIG20 index first published during continuous trading;
1,000th trading session on the WSE
20 February
First company (Elpo) listed on free market
1995
3 January
WIRR (parallel market index) introduced
25 January
First meeting of Coordinating Committee for the New Trading System
20 April
Continuous trading first supported with
21 May
100th company listed on WSE
May
Number of investment accounts exceed
1 million
12 June
First quotation of shares in fifteen National Investment Funds (NIF)
IBM AS/400 and Exchange terminals
153
Fact Book 2008
10 July
Market capitalisation reaches PLN 40 bil-
Exchange (12 July) and the Paris Bourse
(16 July)
lion
2000
1998
16 January
Derivatives market launched, WIG20 futures introduced
9 March
First warrants introduced to trading
4 August
First quotation of rights to shares (BRE
shares)
15 September
WSE accepted as an affiliate member of
IOSCO (International Organization of
Securities Commissions)
21 September
Values of MIDWIG (mid-cap index) first
published
25 September
USD futures introduced to trading
28 December
Last quotation of NIF certificates
February
Real-time WSE data first available via
vendors online
5 April
Corporate bonds first quoted on the WSE
(issuer: Clif SA)
28 April
Innovative Technologies Segment (SiTech) established
19 May
TechWIG index introduced for the WSE
SiTech
25 May
First investment certificates introduced
to trading
8 June
New WSE headquarters (Exchange Centre) officially opened
1 August
TechWIG futures introduced to trading
17 November
1999
New WARsaw Stock Exchange Trading
26 March
System (WARSET) introduced
WSE sectoral sub-indices first announced
May
22 January
First 'Exchange Schools' for novice inve-
First equity futures introduced to trading
stors launched (organised by the WSE)
on shares of TPSA, ELEKTRIM, PKN OR-
31 May
EUR futures introduced to trading
4 June
WSE becomes associate member of
LEN
07 February
2000th trading session on the WSE
9 August
FESE (Federation of European Securities
Memorandum of Co-operation signed
Exchanges)
between the WSE and the National Stock
11 June
WSE's capitalisation exceeds PLN 100 billion
July
WSE signed two memoranda of understanding (on cooperation and information exchange): with the London Stock
154
2001
Exchange of Lithuania
22 October
Futures based on shares of another five
companies introduced to trading: AGORA, KGHM, PEKAO, BRE and PROKOM
26 November
Index participation units based on the
Main List
WIG20 index (MiniWIG20) introduced to
2005
trading
14 February
T-bonds futures introduced to trading
2002
08 February
11 July
First remote member of the WSE starts
WSE signed cross-membership and
operations (Fischer Partners Fondkom-
cross-access agreement with Euronext
mission AB)
18 February
MIDWIG futures first quoted on the WSE
25 April
Convertible bonds (company: ComArch)
first quoted on the WSE
September
17 October
Share options for shares of five companies introduced
25 November
Shareholders Forum - first forum for individual investors
The WSE's Supervisory Board and Management Board adopted resolutions on
2006
introducing Best Practices in Public Com-
23 February
panies (Corporate Governance)
Dynamic price ranges introduced as an
additional mechanism to curb price va-
2003
1 September
riations
17 August
Post-auction trading phase introduced at
First company from Eastern markets de-
the end of continuous trading
buted on the WSE: Astarta Holding N.V.
22 September
WIG20 options introduced
14 October
First foreign issuer debut on the WSE:
22 December
WIG-PL (domestic companies index) first
published
from Ukraine
1 September
New ticks introduced
25 August
Structured products introduced to trading (issuer: Deutsche Bank AG London).
16 October
Block trades in derivatives enabled
25 October
2004
WSE welcomed the debut of CEZ, the lar-
1 May
gest company in Central and Eastern
New division of WSE markets: the main
(regulated official) market and parallel
(regulated unofficial) market
3 June
WSE accepted as a full member of FESE
Europe (as of debut day)
15 November
Contract with the first WSE IPO Partner
signed: E-volution Capital, a brokerage
house from Kiev, Ukraine
(Federation of European Securities
Exchanges)
15 December
2007
18–19 January
Best Practices in Public Companies 2005
The first edition of the Central & Eastern
adopted by the WSE's Supervisory Bo-
European Market Forum took place. This
ard and Management Board
event is intended for investors, companies and other institutions associated
155
Fact Book 2008
with the stock market. Meetings with
30 August
specialists and companies as well as
NewConnect, a new market, organised
public debates with Polish and foreign
and operated by the WSE, was launched.
experts are organised within the CEE
NewConnect is designed to finance start-
Forum
ups and new companies with a high
5 February
growth potential. Among the first com-
All sectoral subindices were denomina-
panies to have made their debuts on this
ted at a 10:1 ratio
market (on the first day of trading) were:
16 March
Digital Avenue, S4E, ViaGuara, Virtual
New rules for computing and qualifying
Vision and Wrocławski Dom Maklerski.
companies to indices came into force.
NewConnect has the status of an orga-
The previous MIDWIG index was repla-
nised market but is operated by the WSE
ced by the mWIG40, and the WIRR su-
outside the regulated market, as an al-
perseded by the sWIG80. The portfolios
of the WIG20, the mWIG40 and the
ternative trading system
12 October
sWIG80 are defined on the basis of a sin-
The Warsaw Stock Exchange became
gle ranking list of companies based on
a shareholder of the Sibiu Monetary Fi-
trading volume in the past 12 months and
nancial and Commodities Exchange, Si-
market value
bex (Monetar Financiara si de Marfuri;
1 April
Sibiu, Romania). As a result of the WSE's
Segmentation of listed companies was
contribution to the capital increase, the
modified and three segments of equities
Management Board of Sibex allocated
were introduced: 5 PLUS, 50 PLUS and
shares to the WSE representing 1.8% of
250 PLUS. The segment labelled 5 PLUS
includes shares in companies with a ca-
Sibex share capital
17 December
pitalisation of under EUR 50 million; 50
A site devoted to foreign companies li-
PLUS covers companies with a capitali-
sted on the WSE was launched at
sation between EUR 50 and 250 million
www.wseinternational.eu. The aim of the
whereas capitalisation of over EUR 250
site is to give investors a better picture
million puts companies into the segment
of foreign companies listed on the War-
called 250 PLUS
saw bourse. The site is intended for all
9 May
domestic and foreign investors, both in-
A new online service, designed by the
dividual and professional. Data and news
WSE and the Polish Press Agency, was
are available in two languages: Polish
launched at www.WSEInfoSpace.eu.
WSEInfoSpace is a business news site
and English
20 December
with information on Polish and foreign
UniCredit, an Italian company and the lar-
companies listed on the WSE, providing
gest bank in Central and Eastern Euro-
news from markets in Central and
pe, made its debut on the WSE, beco-
Eastern Europe. The site is fully accessi-
ming the largest company listed on the
ble to the public and free of charge, with
Warsaw bourse
information available in two language
versions (Polish and English)
21 December
Highest equity trading value per session
(PLN 4.14 billion) in WSE history
156
Main List
Organisational Structure
The Warsaw Stock Exchange was founded
is empowered, among others, to amend the
by the State Treasury as a joint-stock com-
WSE Articles of Association and elect mem-
pany. Its share capital is PLN 41,972,000,
bers of the WSE Supervisory Board.
divided into 59,960 registered shares with
a nominal value of PLN 700 each.
Shares in the WSE may be held by investment firms, the State Treasury, banks, investment fund companies, pension fund companies, insurance companies and issuers of
WSE listed securities. Subject to approval
by the Polish Financial Supervision Authority (KNF), WSE shares may be purchased by
other domestic and foreign legal persons.
Supervisory Board
The Supervisory Board oversees the operation of the Warsaw Stock Exchange. The
Supervisory Board consists of individuals
representing banks, brokerage houses, financial institutions, chambers of commerce
and issuers.
WSE Supervisory Board
(as at end of 2007)
At the end of 2006, the WSE had 37 share-
Piotr KAMIŃSKI - Chairman
holders, including brokerage houses, banks,
Marek WIERZBOWSKI - Vice-Chairman
investment fund companies, listed compa-
Maria DOBROWOLSKA
nies and the State Treasury, the latter hol-
Raimondo EGGINK
ding a stake of 98.81% in the original share
Małgorzata KALICKA
capital.
Marek MICHALSKI
Adam RUCIŃSKI
Legislative framework
governing WSE operations:
Polish Commercial Companies Code of
2000;
Act on Trading in Financial Instruments
of 29 July 2005;
Warsaw Stock Exchange Articles of
Association;
Warsaw Stock Exchange Rules.
General Meeting of
Shareholders
Maria SIERPIŃSKA
Sebastian SKUZA
Tomasz SÓJKA
Piotr TAMOWICZ
Marian WRONIERSKI
On 12 February 2008 an Extraordinary Meeting of Shareholders of the Warsaw Stock
Exchange was held in Warsaw. During the
Meeting the new Supervisory Board of the
WSE was elected:
Leszek PAWŁOWICZ - Chairman
Maria DOBROWOLSKA
The General Meeting of Shareholders is the
Marcin DYL
highest governing body of the Warsaw Stock
Krzysztof JAJUGA
Exchange. All shareholders have the right
Mirosław KACHNIEWSKI
to participate in the General Meeting which
Małgorzata KALICKA
157
Fact Book 2008
Mateusz RODZYNKIEWICZ
to stock exchange activities and supervises
Adam RUCIŃSKI
the trading activities of brokers and broke-
Maria SIERPIŃSKA
rage houses.
Sebastian SKUZA
The Management Board consists of four
Marek SŁOMSKI
members and is headed by the President,
Marek WIERZBOWSKI
elected by the General Meeting.
Management Board
WSE Management Board
(as at end of 2007)
The Management Board coordinates day-to-
Ludwik SOBOLEWSKI - President
day operations of the Warsaw Stock Exchan-
Lidia ADAMSKA - Member
ge, admits securities to trading and defines
Beata JAROSZ - Member
related procedures, admits WSE members
Adam MACIEJEWSKI - Member
158
Main List
Organisation Chart of the WSE (end of 2007)
GENERAL
MEETING
SUPERVISORY
BOARD
MANAGEMENT
BOARD
BUREAU OF
THE EXCHANGE
Corporate and External
Communication
Registration
Office
Secretariat of
the Exchange
LISTING
DEPARTMENT
WSE Markets
Corporate Affairs
- Legal Advisors
Chief Specialist
for Taxation
Market
Surveillance
EXCHANGE SERVICES
AND FINANCIAL
INSTRUMENTS
DEVELOPMENT
DEPARTMENT
SYSTEM
ADMINISTRATION
DEPARTMENT
Operating
Systems
Network
Administration
Development of
Financial Instruments
Development of
Exchange Services
WSE BUSINESS
NETWORK
DEVELOPMENT
DEPARTMENT
159
INFORMATION
PRODUCTS
DEPARTMENT
CEE BUSINESS
DEVELOPMENT
DEPARTMENT
GENERAL DIRECTOR
FOR TECHNOLOGY
TRADING
DEPARTMENT
Intermediate
Servers
Technical
Support
SYSTEM MAINTENANCE
AND DEVELOPMENT
DEPARTMENT
System
Maintenance
Trading
Systems
Corporate
Systems
Maintenance
Supervision
ICT
Supervision
New Markets
and Issuers
EU BUSINESS
DEVELOPMENT
DEPARTMENT
PROMOTION & PUBLIC
INFORMATION
BUREAU
Market
Promotion
Public Information
and Internet
ECONOMIC
& FINANCIAL
BUREAU
Financial
Management
Financial
Accounting
ANALYSIS
AND STRATEGIC
INFORMATION
DEPARTMENT
LISTING
DEPARTMENT
ADMINISTRATION
& TECHNICAL
BUREAU
INTERNAL AUDIT
BUREAU
Administration
HUMAN RESOURCES
BUREAU
Maintainance
Fact Book 2008
The International Status of the WSE
The Warsaw Stock Exchange is among the
Since 1992 the WSE has been working join-
most developed markets in Central and
tly with the Federation of European Securi-
Eastern Europe in terms of capitalisation, tra-
ties Exchanges (FESE). In 1999, it became
ding volume, number and type of traded in-
an associate member of the Federation, ga-
struments as well as organisational and tech-
ining full membership in June 2004.
nical solutions applied.
Since its establishment in 1991 the Warsaw
The WSE is a medium-sized European ex-
Stock Exchange has strengthened its posi-
change and holds a leading position among
tion among European markets.
the 15 new European Union member states.
Today, the Warsaw Stock Exchange is one
The growth of the WSE is facilitated by the
of the two largest exchanges in Central and
well-developed market infrastructure, found
Eastern Europe.
in mature markets, as well as the legal regulations in place which are in full compliance
In 2007 the Warsaw Stock Exchange rein-
with EU standards.
forced its position in the CEE region, primarily as a result of numerous debuts (81 on
The Warsaw Stock Exchange is a member
the Main List). As many as 12 new listings
of numerous international professional or-
came from other countries, among them
ganisations.
UniCredit, the largest bank in the region.
Since October 1994, the WSE has been a
At present, the Warsaw Stock Exchange is
full member of the World Federation of
an international market with a cross-border
Exchanges (WFE), an organisation which
reach, where the largest companies from
brings together all major exchanges world-
CEE are listed and foreign investors genera-
wide. Within this organisation the WSE co-
te one third of equities trading volume. Fo-
operates with other exchanges from other
reign investors may operate through remo-
countries in the implementation and unifi-
te WSE members, i.e. authorised foreign bro-
cation of standards.
kers including the most renowned global investment companies.
As the first exchange from Central and
Eastern Europe, the WSE was granted Designated Offshore Securities Market status by
the United States Securities and Exchange
Commission in May 1997. This status confirmed the position of the WSE as a wellregulated capital market, which meets standards recognised in the USA.
160
Main List
Capitalisation of domestic companies – December 2007 (EUR billion)
250
200
150
100
50
Os
lo
So
fia
Lj
ub
lja
na
Cy
pr
Bu us
ch
ar
es
t
Bu
da
pe
st
Pr
ag
ue
Du
bl
Lu
in
xe
m
bo
ur
g
W
ar
sa
w
Vi
en
na
At
he
ns
M
alt
a
Br
at
is
la
va
0
Source: FESE
Average monthly equity trading value (order-book trades) in 2007
(EUR million – single-counted)
12 000
10 000
8 000
6 000
4 000
2 000
Du
bl
in
At
he
ns
So
fia
Bu
da
pe
st
Pr
ag
ue
W
ar
sa
w
Vi
en
na
Cy
pr
us
Br
at
is
la
va
M
alt
Lu
a
xe
m
bo
ur
g
Bu
ch
ar
es
t
Lj
ub
lja
na
0
Source: FESE
161
Fact Book 2008
Index contracts trading volume in 2007 – monthly average (in thousands)
2 634
1 000
800
600
400
200
Sp
a
ni
sh
Source: FESE
*Denmark, Sweden, Finland, Iceland
162
X*
OM
W
ar
sa
Ex
w
ch
an
ge
s
(B
M
E)
il a
n
M
Os
lo
st
Bu
da
pe
ee
ce
)
AT
H
EX
(G
r
Vi
en
na
Pr
ag
ue
0
Main List
Listed Companies (end of 2007)
01NFI
[01N]
FUND.1 PIERWSZY NARODOWY
FUNDUSZ INWESTYCYJNY SA
04PRO
[04N]
[08N]
[13N]
[14N]
ADVANCED DISTRIBUTION
SOLUTIONS SA
www.ads-sa.com.pl
[ARCA]
ARCUS SA
www.arcus.pl
[ASB]
ASBISC ENTERPRISES PLC
www.asbis.com
ASSECOBS
[ADS]
[ART]
ARTMAN SA
www.artman.pl
ASBIS
[ACT]
[ARR]
ARTERIA SA
www.arteria.pl
ARTMAN
[ACE]
[ARM]
KRAKOWSKA FABRYKA ARMATUR SA
www.kfa.pl
ARTERIA
[ABE]
ACTION SA
www.action.pl
ADVADIS
[APT]
APATOR SA
www.apator.torun.pl
ARMATURA
[ABM]
AUTOMOTIVE COMPONENTS
EUROPE SA
ACTION
[EAT]
APATOR
ARCUS-PDA
[ABG]
AB SA
www.ab.pl
ACE
AMREST
AMREST HOLDINGS N.V.
www.amrest.eu
ABM SOLID SA
www.abmsolid.eu
ABPL
[APL]
AMPLI SA
www.ampli.com.pl
ABG SPIN SA
www.abg.pl
ABMSOLID
[AMC]
AMICA WRONKI SA
www.amica.com.pl
AMPLI
ZACHODNI FUNDUSZ
INWESTYCYJNY NFI SA
www.zachodninfi.pl
ABG
[AMB]
AMBRA SA
www.ambra.com.pl
AMICA
NARODOWY FUNDUSZ
INWESTYCYJNY FORTUNA SA
www.fortunanfi.pl
14ZACH
[ALM]
ALMA MARKET SA
www.almamarket.pl
AMBRA
[06N]
NARODOWY FUNDUSZ
INWESTYCYJNY OCTAVA SA
www.octava.com.pl
13FORTUNA
[ALC]
ALMA
[05N]
NARODOWY FUNDUSZ
INWESTYCYJNY MAGNA POLONIA SA
www.magnapolonia.com.pl
08OCTAVA
ALCHEMIA
ALCHEMIA SA
www.alchemiasa.pl
V NARODOWY FUNDUSZ
INWESTYCYJNY VICTORIA SA
06MAGNA
[AGO]
AGORA SA
www.agora.pl
NARODOWY FUNDUSZ
INWESTYCYJNY PROGRESS SA
www.pzunfi.pl
05VICT
AGORA
[ABS]
ASSECO BUSINESS SOLUTIONS SA
www.assecobs.pl
ASSECOPOL
[ACP]
ASSECO POLAND SA
www.asseco.pl
163
Fact Book 2008
ASSECOSLO
[ACS]
ASSECO SLOVAKIA A.S.
www.asseco.sk
ASTARTA
[AST]
[ATP]
[ATS]
[ATM]
[ATG]
[B3S]
[BCA]
[BAK]
[BPH]
[BPL]
[BRK[
BBICAPNFI
[BBC]
BBIDEVNFI
[BBD]
BBIZENNFI
[BBZ]
BEEF - SAN ZAKŁADY MIĘSNE SA
www.beefsan.com.pl
164
[BDL]
BUDOPOL-WROCŁAW SA
www.budopol.wroc.pl
[BDV]
BUDVAR CENTRUM SA
www.budvar.pl
[BTM]
ZAKŁADY ODZIEŻOWE BYTOM SA
www.bytom.com.pl
[BZW]
CAPITAL
[CPA]
CAPITAL PARTNERS SA
www.c-p.pl
CASHFLOW
[BDZ]
DOM OBROTU WIERZYTELNOŚCIAMI
CASH FLOW SA
www.cashflow.com.pl
[BEF]
CCC
ELEKTROCIEPŁOWNIA BĘDZIN SA
www.ecb.com.pl
BEEFSAN
[BDX]
BANK ZACHODNI WBK SA
www.bzwbk.pl
BBI ZENERIS NARODOWY
www.foksalnfi.com.pl
BEDZIN
[BRE]
BUDIMEX SA
www.budimex.com.pl
BZWBK
BBI DEVELOPMENT NARODOWY
www.nfipiast.pl
[BOS]
BRE BANK SA
www.brebank.com.pl
BYTOM
BBI CAPITAL NARODOWY
[BRS]
BANK OCHRONY ŚRODOWISKA SA
www.bosbank.pl
BUDVARCEN
BARLINEK SA
www.barlinek.com.pl
[BMI]
BORYSZEW SA
www.boryszew.com.pl
BUDOPOL
BANKIER.PL SA
www.bankier.pl
BARLINEK
[BMP]
PRZEDSIĘBIORSTWO
PRODUKCYJNO-HANDLOWE BOMI SA
www.bomi.pl
BUDIMEX
BANK BPH SA
www.bph.pl
BANKIER.PL
BOMI
BRE
BAKALLAND SA
www.bakalland.pl
BANKBPH
[BPMA]
BMPAG
BOS
BANK AUSTRIA CREDITANSTALT AG
www.ba-ca.com
BAKALLAND
BIPROMET-PDA
BORYSZEW
B3SYSTEM SA
www.b3system.pl
BACA
[BIO]
BMP AKTIENGESELLSCHAFT
www.bmp.com
ATM GRUPA SA
www.atmgrupa.pl
B3SYSTEM
BIOTON
BIPROMET SA
www.bipromet.com.pl
ATM SA
www.atm.com.pl
ATMGRUPA
[BCM]
BIOTON SA
www.bioton.pl
ATLANTIS SA
www.atlantis-sa.pl
ATM
BETACOM
BETACOM SA
www.betacom.com.pl
ATLANTA POLAND SA
www.atlantapoland.com.pl
ATLANTIS
[BST]
BEST SA
www.best.com.pl
ASTARTA HOLDING N.V.
www.astartakiev.com
ATLANTAPL
BEST
NG2 SA
www.ccc.com.pl
[CFL]
[CCC]
Main List
CCIINT
[CCI]
CINEMA CITY INTERNATIONAL N.V.
www.cinemacity.nl
CEDC
[CDC]
ECARD
[CSG]
EFEKT
KORPORACJA GOSPODARCZA
EFEKT SA
www.efektsa.pl
[CIE]
EFH-PDA
CIECH SA
www.ciech.com
CITYINTER
[CIA]
COMARCH
[CMR]
COMP
[CMP]
COMPLEX
[CMX]
CPENERGIA
[CPE]
CP ENERGIA SA
www.cpenergia.pl
DEBICA
[DBC]
DECORA
[DCR]
DGA
[DGA]
DORADZTWO GOSPODARCZE DGA SA
www.dga.com.pl
DOMDEV
[DOM]
DOM DEVELOPMENT SA
www.domdevelopment.com.pl
DROP-PDA
[DRP]
DROP SA
www.drop-sa.pl
DROZAPOL
DROZAPOL-PROFIL SA
www.drozapol.pl
[DPL]
[ELT]
[EKP]
[ELS]
ELSTAR OILS SA
www.elstaroils.pl
ELZAB
DECORA SA
www.decora.pl
[ELE]
PRZEDSIĘBIORSTWO
ELEKTROMONTAŻOWE ELKOP SA
www.elkop.pl
ELSTAROIL
FIRMA OPONIARSKA DĘBICA SA
www.debica.com.pl
[ELB]
ELEKTROTIM SA
www.elektrotim.pl
ELKOP
COMPLEX SA
www.complexmetal.com
[EFH]
ELEKTRIM SA
www.elektrim.pl
ELEKTROTI
COMP SAFE SUPPORT SA
www.comp.com.pl
[EFK]
ELEKTROBUDOWA SA
www.elbudowa.com.pl
ELEKTRIM
COMARCH SA
www.comarch.pl
[ECH]
EUROPEJSKI FUNDUSZ
HIPOTECZNY SA
www.efh.com.pl
ELBUDOWA
CITY INTERACTIVE SA
www.city-interactive.com
[ECD]
ECHO INVESTMENT SA
www.echo-inv.com.pl
[CEZ]
CEZ. A.S.
www.cez.cz
CIECH
[DZP]
ECARD SA
www.ecard.pl
ECHO
[CST]
CERSANIT SA
www.cersanit.com.pl
CEZ
DZPOLSKA
DZ BANK POLSKA SA
www.dzbank.pl
CENTROSTAL SA
www.centrostal.gda.pl
CERSANIT
[DUD]
POLSKI KONCERN MIĘSNY DUDA SA
www.pkmduda.pl
CENTRAL EUROPEAN
DISTRIBUTION CORPORATION
www.cedc.com.pl
CENSTALGD
DUDA
[ELZ]
ZAKŁADY URZĄDZEŃ
KOMPUTEROWYCH ELZAB SA
www.emc-sa.pl
EMCINSMED
[EMC]
EMC INSTYTUT MEDYCZNY SA
www.emc-sa.pl
EMPERIA
[EMP]
EMPERIA HOLDING SA
www.emperia.pl
ENAP
[ENP]
ENERGOAPARATURA SA
www.enap.com.pl
ENERGOINS
[ENI]
ENERGOINSTAL SA
www.energoinstal.pl
165
Fact Book 2008
ENERGOPLD
[EPD]
ENERGOMONTAŻ-POŁUDNIE SA
www.energomontaz.pl
ENERGOPN
[EPN]
[EPL]
[ERB]
[EEF]
[ESS]
[EUR]
[EFR]
[EMK]
[ETL]
[FAM]
[FMF]
[FCL]
GINOROSSI
GRAAL
GRAJEWO
GROCLIN
GTC
HANDLOWY
[FSG]
HBWLOCLAW
FERRUM
HELIO
[FER]
FERRUM SA
www.ferrum.com.pl
FABRYKI MEBLI FORTE SA
www.forte.com.pl
166
[GRJ]
[GCN]
[GTC]
[BHW]
[HWE]
[HBW]
HYDROBUDOWA WŁOCŁAWEK SA
www.hydrobudowa-wloclawek.pl
[HEL]
HELIO SA
www.helio.pl
[FON]
FON SA
www.fon-sa.pl
FORTE
[GRL]
HAWE SA
www.hawesa.pl
FABRYKI SPRZĘTU I NARZĘDZI
GÓRNICZYCH GRUPA KAPITAŁOWA FASING SA
www.fasing.pl
FON
[GRI]
BANK HANDLOWY
W WARSZAWIE SA
www.citibankhandlowy.pl
HAWE
FARMACOL SA
www.farmacol.com.pl
FASING
[PRE]
GLOBE TRADE CENTRE SA
www.gtc.com.pl
FABRYKA MASZYN FAMUR SA
www.famur.com.pl
FARMACOL
GFPREMIUM
INTER GROCLIN AUTO SA
www.groclin.com.pl
FAM GRUPA KAPITAŁOWA SA
www.famgk.com.pl
FAMUR
[GTN]
PFLEIDERER GRAJEWO SA
www.pfleiderer.pl
EUROTEL SA
www.eurotel.pl
FAM
GETIN
GRAAL SA
www.graal.pl
EUROMARK POLSKA SA
www.euromark.pl
EUROTEL
[GNT]
GINO ROSSI SA
www.gino-rossi.com
EUROFAKTOR SA
www.eurofaktor.pl
EUROMARK
GANT
GRUPA FINANSOWA PREMIUM SA
www.grupafinansowa.pl
EUROCASH SA
www.eurocash.com.pl
EUROFAKTR
[GGU]
GETIN HOLDING SA
www.getin.pl
ES-SYSTEM SA
www.essystem.pl
EUROCASH
GADUGADU
GANT DEVELOPMENT SA
www.gant.pl
ERGIS-EUROFILMS SA
www.eurofilms.com.pl
ESSYSTEM
[FOT]
GADU-GADU SA
www.gadu-gadu.pl
ERBUD SA
www.erbud.pl
ERGIS
FOTA
FOTA SA
www.fota.pl
ENERGOPOL - POŁUDNIE SA
www.energopolpoludnie.eu
ERBUD
[FTS]
FORTIS BANK POLSKA SA
www.fortisbank.com.pl
ENERGOMONTAŻ-PÓŁNOC SA
www.energomontaz.com.pl
ENERGOPOL
FORTISPL
HOOP
[HOP]
HOOP SA
www.hoop.com.pl
[FTE]
HTLSTREFA
HTL-STREFA SA
www.htl-strefa.pl
[HTL]
Main List
HUTMEN
[HTM]
HUTMEN SA
www.hutmen.pl
HYDROTOR
[HDR]
INTROL-PDA
[HGN]
[IDM]
[IGR]
INTERNET GROUP SA
www.zigzag.pl
IMMOEAST
[IEA]
[IPL]
[IPX]
[IND]
[BSK]
[INS]
[INK]
[ITG]
INTERFERIE SA
www.interferie.pl
[JCA]
JUPITER
[JPR]
JUPITER NARODOWY FUNDUSZ
INWESTYCYJNY SA
www.jupiter-nfi.pl
[JTZ]
JUTRZENKA SA
www.jutrzenka.com.pl
[JWC]
J.W. CONSTRUCTION HOLDING SA
www.jwconstruction.com.pl
[KBL]
KAREN
[KAR]
KERNEL
[KER]
KERNEL HOLDING SA
www.kernel.ua
[CAR]
KETY
[KTY]
GRUPA KĘTY SA
www.gk-kety.com.pl
INTER CARS SA
www.intercars.com.pl
INTERFERI
[JAG]
KAREN NOTEBOOK SA
www.karen.com.pl
INTEGER.PL SA
www.integer.pl
INTERCARS
[IZO]
NKT CABLES SA
www.nktcables.com
INSTAL KRAKÓW SA
www.instalkrakow.pl
INTEGERPL
JCAUTO
KABLE
PRZEDSIĘBIORSTWO INSTALACJI
PRZEMYSŁOWYCH INSTAL-LUBLIN SA
www.instal.com.pl
INSTALKRK
JAGO
JWCONSTR
ING BANK ŚLĄSKI SA
www.ing.pl
INSTAL
IZOLACJA
JUTRZENKA
INDYKPOL SA
www.indykpol.com.pl
INGBSK
[IMX]
JC AUTO SA
www.jcauto.pl
IMPEXMETAL SA
www.impexmetal.com.pl
INDYKPOL
IVMX
FIRMA HANDLOWA JAGO SA
www.jago.com.pl
IMPEL SA
www.impel.pl
IMPEXMET
[IRE]
HUTA SZKŁA GOSPODARCZEGO
IRENA SA
www.huta-irena.com.pl
IZOLACJA-JAROCIN SA
www.izolacja-jarocin.pl
IMMOEAST AG
www.immoeast.at
IMPEL
[INC]
INFOVIDE-MATRIX SA
www.infovidematrix.pl
DOM MAKLERSKI IDMSA SA
www.idmsa.pl
IGROUP
[INL]
INWEST CONSULTING SA
www.ic.poznan.pl
IRENA
[IBS]
INVAR&BIURO SYSTEM S.A
www.ibsystem.com.pl
IDMSA
[IPO]
INTROL SA
www.introlsa.pl
INWESTCON
[HYP]
HYPERION SA
www.hyperion.pl
IBSYSTEM
INTERSPPL
INTERSPORT POLSKA SA
www.intersport.pl
HYGIENIKA SA
www.hygienika.pl
HYPERION
[INT]
INTERIA.PL SA
www.interia.pl
PRZEDSIĘBIORSTWO HYDRAULIKI
SIŁOWEJ HYDROTOR SA
www.hydrotor.com.pl
HYGIENIKA
INTERIA.PL
[INF]
KGHM
[KGH]
KGHM POLSKA MIEDŹ SA
www.kghm.pl
167
Fact Book 2008
KOELNER
[KLR]
KOELNER SA
www.koelner.com.pl
KOGENERA
LENA
[KGN]
LENTEX
[KOL]
KOMPAP
GRUPA LOTOS SA
www.lotos.pl
[KMP]
LPP
[KOM]
KONSSTALI-PDA
[KSTA]
KOPEX
[KPX]
KPPD
[KPD]
KOSZALIŃSKIE PRZEDSIĘBIORSTWO
PRZEMYSŁU DRZEWNEGO SA
www.kppd.pl
KRAKCHEM
[KCH]
KREDYTB
[KRB]
KREDYTIN
[KRI]
KREZUS
[KZS]
KROSNO
[KRS]
LC CORP SA
www.lcc.pl
168
[MCI]
MCLOGIC
[MCL]
MACROLOGIC SA
www.macrosoft.pl
[KRK]
[KSW]
ZAKŁADY TŁUSZCZOWE
KRUSZWICA SA
www.ztkruszwica.pl
LCCORP
[MST]
MCI MANAGEMENT SA
www.mci.com.pl
W.KRUK SA
www.wkruk.pl
KRUSZWICA
[MKM]
MASTERS SA
www.jeansmasters.com.pl
MCI
KROŚNIEŃSKIE HUTY SZKŁA
KROSNO SA
www.krosno.com.pl
KRUK
[MAK]
MAKRUM SA
www.makrum.pl
MASTERS
NARODOWY FUNDUSZ
INWESTYCYJNY KREZUS SA
www.nfikrezus.pl
[MAG]
MAKARONY POLSKIE SA
www.makarony.pl
MAKRUM
KREDYT INKASO SA
www.kredytinkaso.pl
[LZP]
MAGELLAN SA
www.magellan.pl
MAKARONPL
KREDYT BANK SA
www.kredytbank.com.pl
[LBW]
LUBELSKIE ZAKŁADY PRZEMYSŁU
SKÓRZANEGO PROTEKTOR SA
www.protektorsa.pl
MAGELLAN
KRAKCHEMIA SA
www.krakchemia.pl
[LSI]
LUBAWA SA
www.lubawa.com.pl
LZPS
KOPEX SA
www.kopex.com.pl
[LPP]
LSI SOFTWARE SA
www.lsisoftware.pl
LUBAWA
KONSORCJUM STALI SA
www.konsorcjumstali.com.pl
[LTS]
LPP SA
www.lpp.com.pl
LSISOFT
KOMPUTRONIK SA
www.komputronik.pl
[LTX]
ZAKŁADY LENTEX SA
www.lentex.com.pl
LOTOS
PRZEDSIĘBIORSTWO PRODUKCYJNO
HANDLOWE KOMPAP SA
www.kompap.com.pl
[LEN]
LENA LIGHTING SA
www.lenalighting.pl
GRUPA KOLASTYNA SA
www.grupakolastyna.pl
KOMPUTRON
[LDS]
ŁDA INWEST SA
ZESPÓŁ ELEKTROCIEPŁOWNI
WROCŁAWSKICH KOGENERACJA SA.
www.kogeneracja.com.pl
KOLASTYNA
LDASA
MEDIATEL
MENNICA
[MNC]
MENNICA POLSKA SA
www.mennica.com.pl
MERCOR
[LCC]
[MTL]
MEDIATEL SA
www.medianet.pl
MERCOR SA
www.mercor.com.pl
[MCR]
Main List
MEWA
[MEW]
ZAKŁADY DZIEWIARSKIE MEWA SA
www.mewa.com.pl
MIDAS
[MDS]
NETMEDIA
[MSO]
[MIL]
MULTIMEDIA POLSKA SA
www.multimedia.pl
MNI
MNI SA
www.mni.pl
MOJ
MOJ SA
www.moj.com.pl
MOL
MOL MAGYAR OLAJ - ES GAZIPARI
NYILVANOSAN MUKODO
RESZVENYTARSASAG
www.mol.hu
MONNARI
[MON]
[MSX]
[MSP]
[MSW]
NAFTOBUDOWA SA
www.naftobudowa.pl
ODLEWNIE
[ODL]
OLYMPIC
[OEG]
ONE2ONE
[O2O]
ONE-2-ONE SA
www.one-2-one.pl
[MSZ]
OPOCZNO
[OPO]
OPOCZNO SA
www.opoczno.com
[MZA]
MUZA SA
www.muza.com.pl
NAFTA
[NTT]
OLYMPIC ENTERTAINMENT GROUP AS
www.oc.eu
MOSTOSTAL ZABRZE HOLDING SA
www.mostostal.zabrze.pl
MUZA
NTTSYSTEM
ODLEWNIE POLSKIE SA
www.odlewniepolskie.pl
MOSTOSTAL WARSZAWA S.A
www.mostostal.waw.pl
MOSTALZAB
[CNG]
NTT SYSTEM SA
www.ntt.com.pl
MOSTOSTAL PŁOCK SA
www.mostostal-plock.com.pl
MOSTALWAR
[NVS]
CERAMIKA NOWA GALA SA
www.nowa-gala.com.pl
MOSTOSTAL EXPORT SA
www.mostostal-export.com.pl
MOSTALPLC
[NVT]
NOVITUS SA
www.novitus.pl
NOWAGALA
MONNARI TRADE SA
www.monnari.com.pl
MOSTALEXP
[NCT]
NOVITA SA
www.novita.com.pl
NOVITUS
[MOL]
[NDA]
NORTH COAST SA
www.northcoast.com.pl
NOVITA
[MOJ]
[NBL]
NORDEA BANK POLSKA SA
www.nordeabank.pl
NORTCOAST
[MNI]
[EMF]
NOBLE BANK SA
www.noblebank.pl
NORDEABP
[MMP]
[NEM]
NARODOWY FUNDUSZ INWESTYCYJNY
EMPIK MEDIA & FASHION SA
www.emf.pl
NOBLEBANK
[MIP]
MISPOL SA
www.mispol.com.pl
MMPPL
[NET]
NETMEDIA SA
www.netmedia.com.pl
NFIEMF
BANK MILLENNIUM SA
www.bankmillennium.pl
MISPOL
NETIA
NETIA SA
www.netia.pl
ZAKŁADY PRZEMYSŁU
CUKIERNICZEGO MIESZKO SA
www.mieszko.com.pl
MILLENNIUM
[NEPA]
NEPENTES SA
www.nepentes.pl
NARODOWY FUNDUSZ
NWESTYCYJNY MIDAS SA
www.midasnfi.pl
MIESZKO
NEPENTES-PDA
OPONEO
[OPN]
OPONEO.PL SA
www.oponeo.pl
[NFT]
OPTIMUS
[OPT]
OPTIMUS SA
www.optimus.com.pl
169
Fact Book 2008
ORBIS
[ORB]
ORBIS SA
www.orbis.pl
ORCOGROUP
[OPG]
[OBL]
[ORZ]
ZAKŁADY LNIARSKIE ORZEŁ SA
www.orzel.com.pl
PAGED
[PGD]
[PMP]
PAMAPOL SA
www.pamapol.com.pl
PANOVA
[NVA]
P.A. NOVA SA
www.pa-nova.com.pl
PBG
[PBG]
PBG SA
www.pbg-sa.pl
PCGUARD
[PCG]
PEGAS
[PGS]
PEKAES
PEKAES SA
www.pekaes.com.pl
PEKAO
[PEO]
BANK POLSKA KASA OPIEKI SA
www.pekao.com.pl
PEMUG
[PMG]
PRZEDSIĘBIORSTWO MONTAŻU
KONSTRUKCJI STALOWYCH
I URZĄDZEŃ GÓRNICZYCH PEMUG SA
www.pemug.com.pl
PEP
[PEP]
PERMEDIA
ZAKŁADY CHEMICZNE
PERMEDIA SA
www.permedia.pl
170
PLASTBOX
[PPS]
[PLZ]
PLAZA CENTERS N.V.
www.plazacenters.com
[PGM]
PLATFORMA MEDIOWA
POINT GROUP SA
www.point-group.pl
[PQA]
PRZEDSIĘBIORSTWO ROBÓT
INŻYNIERYJNYCH POL-AQUA SA
www.pol-aqua.com.pl
POLCOLOR
[PLT]
POLCOLORIT SA
www.polcolorit.pl
POLICE
[PCE]
ZAKŁADY CHEMICZNE POLICE SA
www.zchpolice.com
[PXM]
POLIMEX - MOSTOSTAL SA
www.polimex-mostostal.pl
[PLE]
FABRYKA KOSMETYKÓW
POLLENA-EWA SA
www.pollenaewa.com.pl
POLNA
[PMD]
[PLX]
PRZETWÓRSTWO TWORZYW
SZTUCZNYCH PLAST-BOX SA
www.plast-box.com
POLLENAE
PRZEDSIĘBIORSTWO PRZEMYSŁU
SPOŻYWCZEGO PEPEES SA
www.pepees.pl
[PKO]
POWSZECHNA KASA OSZCZĘDNOŚCI
BANK POLSKI SA
www.pkobp.pl
POLIMEXMS
POLISH ENERGY PARTNERS SA
www.pepsa.com.pl
PEPEES
PKOBP
POLAQUA
[PEK]
[PKN]
POLSKI KONCERN NAFTOWY
ORLEN SA
www.orlen.pl
POINTGROUP
PEGAS NONWOVENS SA
www.pegasas.cz
[PGN]
POLSKIE GÓRNICTWO NAFTOWE
I GAZOWNICTWO SA
www.pgnig.pl
PLAZACNTR
PC GUARD SA
www.pcguard.pl
[PGF]
POLSKA GRUPA
FARMACEUTYCZNA SA
www.pgf.com.pl
PKNORLEN
PAGED SA
www.paged.com.pl
PAMAPOL
PGF
PGNIG
ORZEŁ BIAŁY SA
www.orzel-bialy.com.pl
ORZEL
[OIL]
PETROLINVEST SA
www.petrolinvest.pl
ORCO PROPERTY GROUP SA
www.orcogroup.pl
ORZBIALY
PETROLINV
[PLA]
ZAKŁADY AUTOMATYKI POLNA SA
www.polna.com.pl
POLNORD
POLNORD SA
www.polnord.pl
[PND]
Main List
POLREST
[POL]
POLREST SA
www.polrest.pl
PONARFEH
[PNF]
[PWK]
POLSKIE PRZEDSIĘBIORSTWO
WYDAWNICTW KARTOGRAFICZNYCH
IM. EUGENIUSZA ROMERA SA
www.ppwk.com.pl
PRATERM
[PTM]
[PMA]
[PRD]
[PRM]
[PRC]
[PJP]
[PKM]
[PRO]
[PSP]
[ZAP]
[QNT]
QUMAKSEK
[QSM]
RADPOL
RADPOL SA
www.radpol.com.pl
[RPC]
[RCH]
[SNK]
SANOCKIE ZAKŁADY PRZEMYSŁU
GUMOWEGO STOMIL SANOK SA
www.stomilsanok.com.pl
[SNW]
SANWIL SA
www.sanwil.com
[SWG]
SECO/WARWICK SA
www.secowarwick.com.pl
SEKO
[RDL]
[RON]
RUCH SA
www.ruch.com.pl
SECOGROUP
QUMAK - SEKOM SA
www.qumak.pl
[RES]
ZAKŁADY MAGNEZYTOWE
ROPCZYCE S.A
www.ropczyce.com.pl
SANWIL
QUANTUM SOFTWARE SA
www.quantum-software.com
[RMK]
RONSON EUROPE N.V.
www.ronson.pl
SANOK
ZAKŁADY AZOTOWE
PUŁAWY SA
www.zapulawy.pl
QUANTUM
[RLP]
RESBUD SA
www.resbud.pl
RUCH
PROSPER SA
www.prosper.ic.pl
PULAWY
[RHD]
PRZEDSIĘBIORSTWO MODERNIZACJI
URZĄDZEŃ ENERGETYCZNYCH REMAK SA
www.remak.com.pl
ROPCZYCE
PRONOX TECHNOLOGY SA
www.pronox.com
PROSPER
REMAK
RONSON
PROKOM SOFTWARE SA
www.prokom.pl
PRONOX
RELPOL
RESBUD
PROJPRZEM SA
www.projprzem.com
PROKOM
REINHOLD
RELPOL SA
www.relpol.com.pl
PRÓCHNIK SA
www.prochnik.com.pl
PROJPRZEM
[RDN]
REINHOLD POLSKA A.B
www.reinholdpolska.com
PROCHEM SA
www.prochem.com.pl
PROCHNIK
REDAN
REDAN SA
www.redan.com.pl
PROCAD SA
www.procad.pl
PROCHEM
[RBW]
RAINBOW TOURS SA
www.rainbowtours.pl
PRIMA MODA SA
www.primamoda.com.pl
PROCAD
[RAF]
FABRYKA OBRABIAREK
RAFAMET SA
www.rafamet.com.pl
RAINBOW
PRATERM SA
www.praterm.pl
PRIMAMODA
[RFK]
FABRYKA KOTŁÓW
RAFAKO SA
www.rafako.com.pl
RAFAMET
PONAR - WADOWICE SA
www.ponar-wadowice.pl
PPWK
RAFAKO
[SEK]
SEKO SA
www.rybki-seko.pl
SFINKS
[SFS]
SFINKS POLSKA SA
www.sfinks.pl
171
Fact Book 2008
SILVANO
[SFG]
AS SILVANO FASHION GROUP
www.pta.ee
SIMPLE
[SME]
[SKT]
[SKY]
[SKA]
[STX]
[STP]
[STF]
[STM]
[SUW]
SWISSMED
CENTRUM ZDROWIA SA
www.swissmed.pl
172
[TFM]
TORFARM SA
www.torfarm.com.pl
[TPS]
TRASINTUR
[TIN]
TRAVELPL
[TVL]
TRAVELPLANET.PL SA
www.travelplanet.pl
[SWZ]
TRITON
[TRI]
TRITON DEVELOPMENT SA
www.tritondevelopment.pl
[MPP]
MONDI PACKAGING PAPER
ŚWIECIE SA
www.mondipackaging.com
SWISSMED
[TOR]
TRAS-INTUR SA
www.tras-intur.com.pl
SWARZĘDZ MEBLE SA
www.swarzedz-sa.com.pl
SWIECIE
[TIM]
TELEKOMUNIKACJA POLSKA SA
www.tp.pl
SUWARY SA
www.suwary.com.pl
SWARZEDZ
[TFO]
TOORA POLAND SA
www.toorapoland.pl
TPSA
STORMM SA
www.stormm.pl
SUWARY
[TET]
TIM SA
www.tim.pl
TORFARM
[ZUK]
[TER]
TELFORCEONE SA
www.telforceone.com
TOORA
ZAKŁADY URZĄDZEŃ KOTŁOWYCH
STĄPORKÓW SA
www.zuk.com.pl
STORMM
[TEL]
TETA SA
www.teta.com.pl
TIM
STALPROFIL SA
www.stalprofil.com.pl
STAPORKOW
[TEX]
PANI TERESA-MEDICA SA
www.pani-teresa.com.pl
TFONE
STALPRODUKT SA
www.stalprodukt.com.pl
STALPROFI
TELL
TETA
[SRX]
STALEXPORT AUTOSTRADY SA
www.stalexport-autostrady.pl
STALPROD
TECHMEX
TERESA
[SPY]
FABRYKA ŚRUB W ŁAŃCUCIE
ŚRUBEX SA
www.srubex.com.pl
STALEXP
[TLX]
TELL SA
www.tell.pl
SPRAY SA
www.spray.net.pl
SRUBEX
TALEX
TECHMEX SA
www.techmex.com.pl
FABRYKA FARB I LAKIERÓW
ŚNIEŻKA SA
www.sniezka.pl
SPRAY
[SNS]
TALEX SA
www.talex.com.pl
SKYEUROPE HOLDING AG
www.skyeurope.com
SNIEZKA
SYNTHOS
SYNTHOS SA
www.dwory.pl
SKOTAN SA
www.skotansa.pl
SKYEUROPE
[SGN]
SYGNITY SA
www.sygnity.pl
SIMPLE SA
www.simple.com.pl
SKOTAN
SYGNITY
TUEUROPA
[ERP]
TOWARZYSTWO UBEZPIECZEŃ
EUROPA SA
www.tueuropa.pl
[SWD]
TUP
TUP SA
www.tup.com.pl
[TUP]
Main List
TVN
[TVN]
TVN SA
www.tvn.pl
ULMA
[ULM]
[UCG]
[U2K]
[VRT]
[VST]
[WDX]
WANDALEX SA
www.wandalex.com.pl
WARFAMA
[WFM]
[WXF]
[WAS]
[WWL]
WIELTON-PDA
[ZNT]
[PUE]
ZPUE SA
www.zpuesa.com.pl
[ERG]
ZAKŁADY TWORZYW SZTUCZNYCH
ZĄBKOWICE-ERG SA
www.erg.com.pl
[ZUR]
EFH ŻURAWIE WIEŻOWE SA
www.efh-zurawie.pl
ZYWIEC
WAWEL SA
www.wawel.com.pl
[ZKA]
ZAKŁADY NAPRAWCZE TABORU
KOLEJOWEGO W ŁAPACH SA
www.zntklapy.com.pl
ZURAWIE
WASKO SA
www.wasko.pl
WAWEL
[ZLR]
ZETKAMA FABRYKA ARMATURY
PRZEMYSŁOWEJ SA
www.zetkama.com.pl
ZTSERG
WARIMPEX FINANZ- UND
BETEILIGUNGS AG
www.warimpex.com
WASKO
ZETKAMA
ZPUE
POL-MOT WARFAMA SA
www.warfama.pl
WARIMPEX
[ZEG]
ZAKŁAD ELEKTRONIKI GÓRNICZEJ
ZEG SA
www.zeg.pl
ZNTKLAPY
VISTULA & WÓLCZANKA SA
www.vistula.com.pl
WANDALEX
[ZST]
ZELMER SA
www.zelmer.pl
VARIANT SA
www.variant.pl
VISTULA
ZEG
ZELMER
UNIMA 2000
SYSTEMY TELEINFORMATYCZNE SA
www.unima2000.com.pl
VARIANT
ZASTAL
ZASTAL SA
www.zastal.pl
UNICREDITO ITALIANO S.P.A.
www.unicreditgroup.eu
UNIMA
[YWL]
YAWAL SA
www.yawal.pl
ULMA CONSTRUCCION SA
www.bauma.com.pl
UNICREDIT
YAWAL
[ZWC]
GRUPA ŻYWIEC SA
www.grupazywiec.pl
[WLTA]
WIELTON SA
www.wielton.com.pl
WILBO
[WLB]
WILBO SA
www.wilbo.com.pl
WISTIL
[WST]
ZAKŁADY PRZEMYSŁU
JEDWABNICZEGO WISTIL SA
www.wistil.pl
WOLAINFO
[WIN]
WOLA INFO SA
www.wolainfo.pl
WSIP
[WSP]
WYDAWNICTWA SZKOLNE
I PEDAGOGICZNE SA
www.wsip.com.pl
173
Fact Book 2008
174
NewConnect
175
Fact Book 2008
176
NewConnect
Contents
Information About NewConnect .......................................................................... 179
Trading Rules ....................................................................................................... 181
Companies .......................................................................................................... 183
Investors ............................................................................................................. 188
NCIndex ............................................................................................................... 189
Listed Companies ................................................................................................ 192
NewConnect Members ........................................................................................ 193
Market Animator/Market Maker .......................................................................... 194
Authorised Advisers ............................................................................................ 195
Mandatory Disclosures ........................................................................................ 198
177
Fact Book 2008
178
NewConnect
Information About NewConnect
30 August 2007 marked the launch of
from innovative sectors relying on intan-
NewConnect: the new market organised by
gible assets, such as: information tech-
the WSE aimed at providing capital for new
nology, electronic media, biotechnolo-
companies with high growth potential.
gies, environment protection, alternative
NewConnect is an equities market based on
the Alternative Trading System (ATS) operated by the Warsaw Stock Exchange.
NewConnect was created for start-ups and
new companies, particularly those from the
high-tech sector. This is also a new opportunity for investors willing to accept a higher
risk in exchange for potentially higher returns.
energy, modern services,
with a vision and a chance for a stock market debut in future.
Two paths to a market debut
An advantage of NewConnect and a new
opportunity on the Polish capital market is
that companies may bring their shares into
trading via a private placement, targeted at
a maximum of 99 investors, institutional or
private. In this case, regardless of the size of
While NewConnect as an alternative market
is new to Poland, Europe already has similar platforms, notably the AIM in London or
First North within OMX, the Nordic bourse
group. NewConnect offers more liberal formal criteria and disclosure requirements
and, as a result, an opportunity to raise ca-
the issue, access to trading is granted on the
basis of a brief and simple information document, approved by an Authorised Adviser.
The time between the decision and the first
quotation may be as short as 2-3 months,
i.e. much shorter than on the regulated market.
pital at lower cost. NewConnect is also intended as the first step to a flotation on the
The other access path is via a public offe-
regulated market.
ring. Companies which choose this method
After the launch of NewConnect, many com-
are subject to the same access procedures
panies which do not meet the listing criteria
as those applied on the regulated market,
applied on the regulated market have taken
including the requirement to prepare a pros-
the advantage of the opportunity to offer sha-
pectus and submit it for approval to the Po-
res in public trading.
lish Financial Supervision Authority (PFSA).
NewConnect is intended for companies:
For offerings of up to EUR 2.5 million an in-
with high growth dynamics,
formation memorandum, overseen by the
in their first 3-4 years of operations, buil-
PFSA, may be considered as an information
ding their track record in business,
with an expected capitalisation of up to
ca. PLN 20 million,
seeking to raise between a few hundred
document. The time taken between the decision and the market debut is comparable
to that on the regulated market, i.e. between
6 and 9 months.
thousand to a few million PLN or more,
179
Fact Book 2008
Key market indicators
The capitalisation of the 24 companies tra-
In 2007 the trading value on NewConnect
ded at the end of 2007 was over PLN 1.1
exceeded PLN 303 million, and investors
billion.
closed over 58,000 deals.
Equity trading value in 2007 (PLN million)
Continuous
trading
Single-price
system
Block
trades
Total
August
18.5
1.0
0.0
19.5
September
15.2
1.8
0.0
16.9
October
34.8
0.0
0.0
34.8
November
21.8
0.0
0.0
21.8
December
Total
62.2
0.0
0.0
62.2
152.6
2.8
0.0
155.4
Rights to shares (PDA) trading value in 2007 (PLN million)
Continuous
trading
Single-price
system
Block
trades
Total
August
29.6
0.0
0.0
29.6
September
28.3
0.0
0.0
28.3
October
17.5
0.0
0.0
17.5
November
37.6
0.0
0.0
37.6
December
Total
180
34.1
0.0
0.0
34.1
147.2
0.0
0.0
147.2
NewConnect
Trading Rules
NewConnect operates on the WARSET trans-
the obligation to place buy and sell orders.
action platform, a reliable system that inves-
The market maker is always a party to each
tors are familiar with. Companies may cho-
transaction.
ose one of the two available systems: or-
The choice of trading system is made at the
der-driven (with participation of a market ani-
issuer's sole discretion but may be prece-
mator) or price-driven (with a market maker).
ded by consultation with an authorised ad-
Shares can be traded within a continuous
viser.
trading system or a single-price auction sys-
At the end of 2007 all NewConnect compa-
tem with two auctions daily.
nies were traded under the order-driven sys-
In the order-driven system the market ani-
tem. The session schedule is the same as
mator is obligated to stimulate trading, i.e.
on the WSE's main floor and so are the ty-
to support liquidity of issuer's shares. In the
pes of orders and execution priorities. The
price-driven system the market maker has
tick size is PLN 0.01.
Trading session schedule on the NewConnect Market
Order-driven market – continuous trading
8:30 – 9:30
Pre-opening phase (opening call)
– orders may be submitted, modified and cancelled
– transactions are not executed
9:30
Opening (determination of the opening price
and execution of transactions at the opening)
– order submission, modification and cancellation is suspended
– transactions are executed at a price equal to the opening price
9:30 – 16:10
– transactions are executed
16:10 – 16:20
Pre-closing phase (closing call)
16:20
Closing (closing price is determined and transactions are made at the closing)
– transactions are executed at a price equal to the closing price
16:20 – 16.30
16:10 – 16:20
Pre-opening phase (next day opening call)
181
Fact Book 2008
Order-driven market – single-price auction
8:30 – 11:00
11:00 – 11:15
Intervention phase
11:15
Opening (single price is determined and transactions are made at the opening)
11:15 – 11.45
11:45 – 14:45
14:45 – 15:00
Intervention phase
15:00
Opening (single price is determined and transactions are made at the opening)
15:00 – 15.30
15:30 – 16:35
Pre-opening phase (next day opening call)
Price-driven market – continuous trading
9:30 – 16:10
– Market Makers submit orders (quotations)
– other Market Members submit orders
– transactions are executed
182
NewConnect
Companies
By the end of 2007, i.e. within just four mon-
NewConnect companies opted for private
ths following commencement of operations,
placement. The largest offering in terms of
24 companies were floated on NewConnect,
value came from LUG: over PLN 20.5 mil-
bringing over PLN 150 million worth of offe-
lion. Five other companies offered over PLN
rings, including PLN 145 million in new is-
10 million worth of shares: Stark Develop-
sues. Companies and investors received
ment, Inwest Connect, Mera Schody, WDM
a new opportunity to offer/acquire shares
and MW Trade. E-Muzyka closesd the ran-
via private placement. This option turned
king with an issue of PLN 1.6 million.
out to be a popular choice: the majority of
No
Company
Issue
price
First quotation*
date
price**
(PLN)
(PLN)
(%)
(%)
1
DIGITAL-PDA
28.00
30.08
30.00
18.00
-35.7
-40.0
2
S4E
1.00
30.08
13.99
9.61
861.0
-31.3
3
WDMSA
2.00
30.08
5.18
2.97
48.5
-42.7
4
VIAGUARA
1.39
30.08
8.00
2.71
95.0
-66.1
5
VISION
0.01
30.08
0.79
1.54
15 300.0
94.9
6
MERA
5.00
20.09
4.83
4.75
-5.0
-1.7
7
AUXILIUM
4.00
27.09
3.68
6.79
69.8
84.5
8
STARKDEV
23.00
27.09
20.19
21.70
-5.7
7.5
9
INWESTCNN
3.75
28.09
3.59
3.06
-18.4
-14.8
10
MWTRADE
10.00
28.09
7.68
8.20
-18.0
6.8
11
ADVPL-PDA
3.30
9.10
3.60
4.04
22.4
12.2
12
INFOSYS
6.50
24.10
6.81
6.38
-1.8
-6.3
13
DIVICOM
3.00
30.10
9.14
30.00
900.0
228.2
14
POLNOCNR
8.50
5.11
8.19
6.15
-27.6
-24.9
15
SSI
0.20
6.11
0.36
0.72
260.0
100.0
16
TELESTR-PDA
6.00
15.11
4.90
5.95
-0.8
21.4
17
TECHPARK2
57.0
18
LUG
19
LIBERTY
(PLN)
Price**
at year-end
Price change vs.
---
16.11
11.08
17.40
---
2.30
20.11
2.35
2.82
22.6
20.0
---
30.11
2.35
1.84
---
-21.7
20
EFICOM-PDA
3.60
3.12
5.19
4.39
21.9
-15.4
21
IQP-PDA
3.00
4.12
2.89
3.28
9.3
13.5
22
BLUPREIPO
3.75
14.12
10.23
29.15
677.3
185.0
23
EMUZYKA-PDA
4.00
21.12
6.50
5.95
48.8
-8.5
24
MAKOLAB-PDA
1.75
21.12
5.10
5.99
242.3
17.5
* Closing price
183
Fact Book 2008
No
Company
Ticker
Order-book trades
Block trades
Average
Average
Average
(PLN
orders
million)
(%)
(%)
(shares)
Turnover Number of
value transactions
(PLN
million)
1
DIVICOM
DVC
26.0
16.75
19.2
25 981
91
255
---
---
2
S4E
S4E
22.1
14.21
48.4
9 835
67
235
---
---
3
VIAGUARA
VGR
18.3
11.74
15.6
22 512
65
224
---
---
4
VISION
VIV
17.3
11.13
546.7
65 861
64
269
---
---
5
MERA
MER
15.9
10.24
28.9
21 427
41
154
---
---
6
SSI
SSI
13.0
8.39
13.8
1 266 727
288
628
---
---
7
WDMSA
WDM
11.8
7.59
23.3
30 542
52
225
---
---
8
AUXILIUM
AUX
10.2
6.58
66.9
24 154
57
169
---
---
9
TECHPARK2
TP2
6.2
4.00
3.5
7 677
25
104
---
---
10
BLUPREIPO
BLU
4.7
3.02
2.9
17 618
105
306
---
---
11
LIBERTY
LTG
2.8
1.78
12.6
34 980
51
175
---
---
12
INWESTCNN
ICN
2.4
1.54
11.1
147 466
179
367
---
---
13
MWTRADE
MWT
1.5
0.98
1.0
4 062
9
55
---
---
14
STARKDEV
STR
1.4
0.93
0.0
1 249
5
35
---
---
15
LUG
LUG
1.0
0.66
0.5
61 590
43
99
---
---
16
INFOSYS
IFS
0.7
0.46
1.9
3 222
4
28
---
---
No
Company
Ticker
Order-book trades
Block trades
Average
value
in turnover
value transactions
(PLN turnover
orders
(PLN
million)
(%)
(%)
(shares)
million)
1
SSI-PDA
SSIA
39.3
26.72
214.6
1 724 558
211
523
---
---
2
WDMSA-PDA
WDMA
38.5
26.13
51.8
188 332
321
777
---
---
3
DIGITAL-PDA
DGLA
15.2
10.33
146.6
3 698
41
170
---
---
4
AUXILIUM-PDA
AUXA
12.6
8.56
165.4
60 318
80
277
---
---
5
INWESTCNN-PDA ICNA
10.6
7.20
71.0
36 110
27
108
---
---
6
MWTRADE-PDA
MWTA
9.0
6.09
36.6
14 548
28
138
---
---
7
MAKOLAB-PDA
MLBA
4.1
2.77
132.6
121 390
288
775
---
---
8
IQP-PDA
IQPA
3.4
2.28
28.5
33 001
52
167
---
---
9
LUG-PDA
LUGA
2.9
1.96
6.6
25 887
22
90
---
---
10
ADVPL-PDA
ADVA
2.2
1.51
15.1
5 486
8
37
---
---
11
EMUZYKA-PDA
EMUA
2.1
1.41
39.1
52 141
143
381
---
---
12
EFICOM-PDA
EFIA
2.0
1.34
15.0
12 333
30
122
---
---
13
TELESTR-PDA
TLSA
2.0
1.33
23.1
5 910
11
61
---
---
14
STARKDEV-PDA
STRA
1.5
1.02
9.4
1 204
8
64
---
---
15
POLNOCNR-PDA
PNRA
1.3
0.90
10.2
2 470
8
102
---
---
16
INFOSYS-PDA
IFSA
0.7
0.44
10.3
1 922
6
37
---
---
184
NewConnect
Shares and rights to shares (PDA) with highest daily turnover in 2007
No
Shares
Date
1
WDMSA-PDA
30.08
2
S4E
30.08
6.11
Turnover
volume
(shares)
No
Shares
13.33 1 255 489
Turnover
value
(PLN million)
8.89
19
S4E
256 002
20
SSI-PDA
Date
31.08
9.11
17.12
Turnover
value
(PLN million)
Turnover
volume
(shares)
2.50
84 276
2.47 3 560 949
3
SSI-PDA
7.90 8 846 663
21
SSI
4
WDMSA-PDA
31.08
7.61
715 968
22
WDMSA-PDA
4.09
2.42
2.44 2 255 477
5
DIGITAL-PDA
30.08
7.31
94 625
23
SSI-PDA
8.11
2.41 3 576 094
6
DIVICOM
30.10
5.60
357 530
24
AUXILIUM-PDA
2.10
2.34
7
VIAGUARA
30.08
4.00
239 402
25
VISION
30.10
2.29
531 946
8
SSI-PDA
11.12
3.95 2 644 356
26
MWTRADE-PDA 28.09
2.19
131 056
9
294 530
230 712
MWTRADE-PDA 19.11
3.28
230 972
27
TECHPARK2
19.12
2.13
57 977
10
VIAGUARA
31.08
3.15
157 782
28
VISION
29.10
1.93
495 077
11
AUXILIUM-PDA
27.09
3.14
402 219
29
INWESTCNN-PDA 20.12
1.88
395 668
12
WDMSA-PDA
7.09
3.13
384 841
30
SSI-PDA
10.12
1.87 1 474 876
13
DIVICOM
20.12
2.96
60 015
31
SSI-PDA
13.11
14
SSI
19.12
2.84 1 962 101
32
WDMSA-PDA
15
SSI
18.12
2.78 2 176 423
33
AUXILIUM
19.12
1.73
138 194
16
SSI-PDA
7.11
2.67 3 674 107
34
WDMSA-PDA
3.09
1.71
169 927
238 667
5.09
1.86 3 213 136
1.84
259 702
17
MERA
20.09
2.65
241 897
35
WDMSA-PDA
6.09
1.71
18
DIVICOM
31.10
2.60
140 615
36
SSI-PDA
6.12
1.70 1 717 547
No
Company
1
WDMSA
82 500.00
245.03
2
DIVICOM
5 400.00
162.00
3
BLUPREIPO
4 800.00
139.92
11.81
4
TECHPARK2
6 150.00
107.01
9.03
5.32
6.5
---
5
LUG
35 992.85
101.50
8.57
13.64
43.2
---
6
VISION
51 000.00
78.54
6.63
613.59
---
---
7
MWTRADE
8 188.60
67.15
5.67
35.89
41.5
---
8
VIAGUARA
19 885.00
53.89
4.55
78.44
x
---
9
SSI
73 500.00
52.92
4.47
92.03
127.5
---
2 250.00
48.83
4.12
1 085.00
x
-----
Shares
outstanding
(thousand)
Market
capitalisation
(PLN million)
Market
share
(%)
P/BV
P/E
Dividend
yield
(%)
20.68
291.70
x
---
13.67
165.31
x
---
43.67
---
---
10
STARKDEV
11
MERA
10 092.50
47.94
4.05
6.14
40.0
12
INWESTCNN
8 000.00
24.48
2.07
2.08
x
---
13
INFOSYS
3 107.08
19.82
1.67
97.17
30.5
---
14
S4E
1 686.73
16.21
1.37
7.47
33.6
---
15
AUXILIUM
1 525.00
10.35
0.87
13.66
39.8
---
16
LIBERTY
5 000.00
9.20
0.78
16.00
---
---
1 184.79
100.00
20.02
53.3
---
Total
185
Fact Book 2008
Shares and rights to shares (PDA) by return in 2007
No
Company
year-beginning (%)
low
high
Price
end
(in PLN)
(PLN)
(PLN)
(PLN)
1
DIVICOM
228.2
11.50
9.99
30.00
2
BLUPREIPO
185.0
11.16
29.17
29.15
3
SSI
100.0
0.26
0.84
0.72
4
VISION
94.9
0.31
2.56
1.54
5
AUXILIUM
84.5
3.04
7.80
6.79
6
TECHPARK2
57.0
10.00
19.40
17.40
7
TELESTR-PDA
21.4
4.49
8.00
5.95
8
LUG
20.0
2.03
2.84
2.82
9
MAKOLAB-PDA
17.5
2.50
8.50
5.99
10
IQP-PDA
13.5
2.50
4.40
3.28
11
ADVPL-PDA
12.2
3.25
4.50
4.04
12
STARKDEV
7.5
13.00
23.58
21.70
13
MWTRADE
6.8
5.46
9.99
8.20
14
MERA
-1.7
3.90
7.20
4.75
15
INFOSYS
-6.3
5.50
9.20
6.38
16
EMUZYKA-PDA
-8.5
5.56
8.30
5.95
17
INWESTCNN
-14.8
1.53
3.89
3.06
18
EFICOM-PDA
-15.4
4.00
7.80
4.39
19
LIBERTY
-21.7
1.60
2.94
1.84
20
POLNOCNR-PDA
-24.9
5.61
8.70
6.15
21
S4E
-31.3
10.00
9.99
9.61
22
DIGITAL-PDA
-40.0
10.00
48.50
18.00
23
WDMSA
-42.7
2.12
5.99
2.97
24
VIAGUARA
-66.1
2.01
9.90
2.71
Shares with highest monthly returns in 2007 by month
Months
September
Shares
VISION
Return (%)
(in PLN)
(in EUR)
-2.5
-1.3
October
VISION
65.0
71.7
November
DIVICOM
59.4
59.6
December
DIVICOM
111.4
112.6
186
NewConnect
2007
Indices
NCIndex at year-end
Return on NCIndex (%)
144.17
44.17
Companies
Number of listed companies at year-end
Capitalisation at year-end (PLN million)
Average P/E ratio*
Average P/BV ratio*
24
1 185
90.0
27.95
Dividend yield at year-end (%)*
0.0
Total turnover value for the year (PLN million)
303
3.6
719
2 535
Turnover ratio for companies (%)
14.5
Number of sessions for the year
83
Continuous trading
24
710
300
Single-price system
0
9
3
* Average annual figure for all listed companies
187
Fact Book 2008
Investors
During the first months of operations, indi-
bed above 92%. Polish financial institutions
vidual investors played by far the decisive
accounted for 5% and foreign investors ge-
role, as their share in total trading value clim-
nerated 3% of trading.
Investor structure in 2007 – equities
Domestic
institutional investors
5%
Foreign investors
3%
Domestic
92%
188
NewConnect
NCIndex
NCIndex is the first index on NewConnect,
The list of constituent companies is upda-
calculated since the launch of this market,
ted four times a year. After the close of the
i.e. 30 August 2007. Its portfolio covers all
session on the second Friday of March, June,
companies traded on NewConnect.
September and December, a list of all New-
The base value of NCIndex is 100 points and
Connect companies is compiled. Companies'
its subsequent values are based on prices
weightings in the index are based on the
of shares or rights to shares for all constitu-
number of shares or rights to shares in free
ent companies.
float (rounded off to the nearest thousand).
NCIndex is published from the start till the
Moreover, one company may account for a
end of the session, at five-minute intervals.
maximum of 15% of NCIndex. The new in-
NCIndex is a total return index, which me-
dex portfolio comes into force after the third
ans that income from dividends and pre-
Friday of March, June, September and De-
emptive rights is also included in calcula-
cember.
tions.
The NCIndex in 2007
150
140
130
120
110
100
90
80
Aug
Sep
Oct
Nov
Dec
189
Fact Book 2008
The NCIndex portfolio (end of 2007)
No
Shares
Price
Number
of shares
Market
value
(PLN)
Share
in NCIndex
(%)
(PLN)
1
BLUPREIPO
29.15
4 800 000
139 920 000
18.89
2
DIVICOM
30.00
3 991 000
119 730 000
16.16
3
TECHPARK2
17.40
6 150 000
107 010 000
14.45
4
MWTRADE
8.20
8 189 000
67 149 800
9.07
5
SSI
0.72
73 500 000
52 920 000
7.14
6
STARKDEV
21.70
2 250 000
48 825 000
6.59
7
VIAGUARA
2.71
12 000 000
32 520 000
4.39
8
LUG
2.82
8 993 000
25 360 260
3.42
9
MERA
4.75
5 045 000
23 963 750
3.24
10
WDMSA
2.97
8 000 000
23 760 000
3.21
11
INFOSYS
6.38
3 107 000
19 822 660
2.68
12
S4E
9.61
1 687 000
16 212 070
2.19
13
AUXILIUM
6.79
1 408 000
9 560 320
1.29
14
LIBERTY
1.84
5 000 000
9 200 000
1.24
15
INWESTCNN
3.06
3 000 000
9 180 000
1.24
16
ADVPL-PDA
4.04
2 000 000
8 080 000
1.09
17
EFICOM-PDA
4.39
1 400 000
6 146 000
0.83
18
IQP-PDA
3.28
1 853 000
6 077 840
0.82
19
POLNOCNR-PDA
6.15
900 000
5 535 000
0.75
20
TELESTR-PDA
5.95
743 000
4 420 850
0.60
21
DIGITAL-PDA
18.00
209 000
3 762 000
0.51
22
VISION
1.54
1 000 000
1 540 000
0.21
190
NewConnect
NCIndex values in 2007
Session
NCIndex
Session
NCIndex
Session
NCIndex
30.08
100.00
19.10
96.49
11.12
109.43
31.08
140.89
22.10
94.30
12.12
109.73
3.09
127.76
23.10
94.48
13.12
108.91
4.09
112.37
24.10
96.44
14.12
111.38
5.09
100.00
25.10
95.67
17.12
110.11
6.09
101.83
26.10
95.18
18.12
110.26
7.09
110.21
29.10
95.36
19.12
118.97
10.09
109.83
30.10
93.52
20.12
125.03
11.09
110.50
31.10
94.31
21.12
134.90
12.09
104.99
2.11
94.30
27.12
137.47
13.09
104.48
5.11
94.82
28.12
144.17
14.09
102.12
6.11
92.83
17.09
101.48
7.11
90.08
18.09
98.81
8.11
89.17
19.09
101.83
9.11
88.34
20.09
98.34
12.11
88.29
21.09
98.84
13.11
86.32
24.09
97.19
14.11
85.94
25.09
92.32
15.11
84.28
26.09
90.17
16.11
90.25
27.09
90.91
19.11
90.08
28.09
91.45
20.11
87.24
1.10
91.73
21.11
85.65
2.10
95.47
22.11
87.71
3.10
94.85
23.11
91.31
4.10
95.65
26.11
91.78
5.10
96.99
27.11
90.42
8.10
99.38
28.11
92.13
9.10
98.24
29.11
94.25
10.10
95.98
30.11
94.47
11.10
96.38
3.12
94.76
12.10
96.30
4.12
96.49
15.10
95.82
5.12
97.25
16.10
95.41
6.12
101.69
17.10
95.44
7.12
105.84
18.10
94.77
10.12
110.70
All-year high for 2007
All-year low for 2007
191
Fact Book 2008
Listed Companies (end of 2007)
ADVPL-PDA
[ADVA]
ADV.PL SA
www.adv.pl
AUXILIUM
[AUX]
MWTRADE
[BLU]
EFICOM SA
www.eficom.pl
EMUZYKA-PDA
E-MUZYKA SA
www.e-muzyka.pl
INFOSYS
INFOSYSTEMS SA
www.infosystems.pl
INWESTCNN
INWEST CONNECT SA
www.ic.poznan.pl
IQP-PDA
IQ PARTNERS SA
www.iqpartners.pl
LIBERTY
LIBERTY GROUP SA
www.libertygroup.pl
LUG
LUG SA
www.lug.com.pl
192
[VGR]
[VIV]
VIRTUAL VISION SA
www.virtualvision.pl
WDMSA
[LUG]
[TLSA]
VIAGUARA SA
www.viaguara.com
VISION
[LTG]
[TP2]
TELESTRADA SA
www.telestrada.pl
VIAGUARA
[IQPA]
[STR]
TECHNOPARK 2 SA
www.technopark2.pl
TELESTR-PDA
[ICN]
[SSI]
STARK DEVELOPMENT SA
www.starkdev.pl
TECHPARK2
[IFS]
[S4E]
SECURITY SYSTEM INTEGRATION SA
www.ssisa.pl
STARKDEV
[EMUA]
[PNR]
S4E SA
www.s4e.pl
SSI
[EFIA]
[MWT]
PÓŁNOC NIERUCHOMOŚCI SA
www.nieruchomoscipolnoc.pl
S4E
[DVC]
DIVICOM SA
www.divicom.pl
EFICOM-PDA
[MER]
M.W. TRADE SA
www.mwtrade.pl
POLNOCNR
[DGLA]
DIGITAL AVENUE SA
www.digitalavenue.pl
DIVICOM
MERA
MERA SCHODY SA
www.mera.pl
BLUMERANG PRE IPO SA
www.blumerang.pl
DIGITAL-PDA
[MLBA]
MAKOLAB SA
www.makolab.com
AUXILIUM KANCELARIA BIEŁYC
REWIDENTÓW SA
www.auxilium.com.pl
BLUPREIPO
MAKOLAB-PDA
WROCŁAWSKI DOM MAKLERSKI SA
www.wdmsa.pl
[WDM]
NewConnect
NewConnect Members
NewConnect membership is open only to
market and that they have made the requ-
organisations which are already members of
ired payment to the fund which secures ATS
the Warsaw Stock Exchange. In order to
transactions (the fund is operated by the
obtain NewConnect membership, the inte-
National Depository for Securities). Alterna-
rested WSE members must apply to the Or-
tively, the payment may be made by ano-
ganiser of the Alternative Trading System to
ther organisation which has signed an agre-
define the start date and the scope of their
ement with the market member to settle
operations on NewConnect.
NewConnect transactions. The aforementioned declaration must be submitted no later
In order to begin operations on NewConnect,
than two days before commencement of
members are required to submit a declara-
operations.
tion confirming that they intend to join the
List of NewConnect Members (as of 4 February 2008)
www.ba-ca.com
www.idmsa.pl
Bank BPH SA
www.bph.pl
Bank DnB NORD Polska SA
ERSTE Securities Polska SA
www.dnbnord.pl
www.esp.pl
ING Securities SA
www.bgz.pl
Bank Polska Kasa Opieki S.A.
IPOPEMA SECURITIES SA
www.pekao.com.pl
www.ipopema.pl
Oddział w Polsce
www.bdm.com.pl
www.cdmpekao.com.pl
Dom Inwestycyjny BRE Banku SA
www.amerbrokers.pl
www.citibank.com
www.bossa.pl
www.kbcmakler.pl
www.millenniumdm.pl
OPERA Dom Maklerski Sp. z o.o.
www.opera.pl
PKO Bank Polski SA
www.pkobp.pl
www.ca-ib.pl
www.xtb.pl
www.dmbzwbk.pl
193
Fact Book 2008
Market Animator/Market Maker
During at least 2 years after the flotation,
a market animator and a market maker de-
each company is supported by an invest-
pends on the trading system chosen by the
ment firm acting as a market animator who-
issuer.
se primary role is to ensure liquidity of trading in issuers' shares. A market animator is
At the end of 2007, four market animators
a counterpart of a market maker: the latter
operated on NewConnect, performing their
fulfils the same responsibilities under ano-
role for 24 companies listed on that market.
ther trading system. The choice between
List of Market Animators (as of 31 December 2007)
www.bdm.com.pl
www.amerbrokers.pl
Dom Maklerski BOS SA
www.bossa.pl
PKO Bank Polski SA
www.pkobp.pl
194
NewConnect
Authorised Advisers
If a would-be debutant opts for a private pla-
company which it takes to NewConnect and
cement, the feasibility of such a placement
supports the would-be issuer on its way to
and the company's readiness for a NewCon-
flotation. This role may be fulfilled by repu-
nect flotation is assessed by an independent
table, credible investment firms, legal firms,
organisation acting as the so-called autho-
audit companies and financial consultancies.
rised adviser. The company and the selec-
Each would-be debutant selects an authori-
ted authorised adviser sign a collaboration
sed adviser at its own discretion.
agreement. The adviser 'warrants' for the
List of Authorised Advisers (as of 11 February 2008)
Acropolis Advisory Marcin Anklewicz
www.acropolisadvisory.pl
Biuro Doradztwa Prawnego
i Podatkowego NDW Sp. z o.o.
AdAc Sp. z o.o.
www.ndw.org.pl
www.adac.pl
Biuro Inwestycji Kapitałowych
Advanced Financial Solutions Sp. z o.o.
www.bikinvest.pl
www.afs.info.pl
Business Consulting Sp. z o.o.
AFS Sp. z o.o.
www.buscon.pl
AT INVEST Sp. z o.o.
Capital One Advisers Sp. z o.o.
www.atinvest.pl
www.capitalone.pl
Auxilium Kancelaria Biegłych
Rewidentów S.A.
Carlson Capital Partners Sp. z o.o.
www.auxilium.com.pl
Celichowski - Szyndler - Więckowska
i Partnerzy Kancelaria Adwokatów
i Radców Prawnych Spółka Partnerska
Azimutus Associates Sp. z o.o.
www.azimutus.com
BAA Polska Sp. z o.o.
www.baa.com.pl
Baker Tilly Smoczyński i Partnerzy
Sp. z o.o.
www.bakertillysmoczynski.eu
Bank DnB Nord S.A
www.dnbnord.pl
www.bdm.pl
Beskidzkie Biuro Consultingowe Capital
Sp. z o.o.
www.bbc.ig.pl
Biuro Audytorskie Sadren Sp. z o.o.
www.carlsonfinance.com
www.kancelaria-csw.pl
Central Eastern Europe Capital Sp. z o.o.
(CEE Capital Sp. z o.o.)
www.ceec.pl
Chłopecki Sobolewska i Wspólnicy
Doradcy Prawni Spółka Komandytowa
www.smlegal.pl
CMS Corporate Management Services
Sp. z o.o.
www.cms-proalfa.pl
Conco Consulting - Nowak, Skorus,
Wojtanowicz Spółka Jawna
www.conco.pl
www.sadren.com.pl
195
Fact Book 2008
Concordia Espirito Santo Investment
Sp. z o.o.
GoAdvisers Sp. z o.o.
www.concordia.com.pl
Corvus Corporate Finance Sp. z o.o.
Gorazda, Świstuń, Wątroba,
www.corvuscf.pl
www.gsw.com.pl
Dexus Partners Sp. z o.o.
Grupa EGEA Sp. z o.o.
www.dexuspartners.pl
www.egea.pl
DFP Doradztwo Finansowe Sp. z o.o.
Grupa Gumułka - Audyt Sp. z o.o.
www.dfp.pl
www.gumulka.pl
DGA Audyt Sp. z o.o.
www.dga.poznan.pl
Grupa Konsultingowa Jagiełło,
Wrębiak i Wspólnicy Sp. z o.o.
Dom Inwestycyjny Nehrebetius SA
www.gkjw.pl
www.nehrebetius.pl
Grupa Morison Finansista
Morison Finansista Corporate Finance
Sp. z o.o.
Dom Inwestycyjny Taurus Sp. z o.o.
www.dom-taurus.pl
Dom Maklerski Capital Partners SA
www.dmcp.com.pl
Dom Maklerski IDMSA
www.idmsa.pl
Dom Maklerski POLONIA NET SA
www.polonia.com.pl
DORADCA Zespół Doradców
Finansowo-Księgowych Sp. z o.o.
GRUPA FINANS-SERVIS
www.doradca.lublin.pl
Doradztwo Ekonomiczne
-Dariusz Zarzecki
www.zarzecki.pl
Doradztwo Gospodarcze DGA SA
www.gounited.pl
www.finansista.pl
Grynhoff Woźny Maliński Spółka
Komandytowa
www.gwmlegal.pl
Grzybczyk Fuchs Kałuża Kamiński Radcy
Prawni Spółka Partnerska
www.gfkk.pl
Grzybkowski & Guzek Adwokacka
Spółka Partnerska
www.grzybkowski-guzek.pl
www.hlb.pl
Holon Consultants Sp. z o.o.
www.holon.pl
Horus Investment Sp. z o.o.
www.horusinvestment.pl
www.dga.pl
INVESTIN Sp. z o.o.
EBC Solicitors Arkadiusz Stryja
Inwest Consulting S.A.
www.investin.pl
www.ebcsolicitors.pl
www.ic.poznan.pl
ECM Dom Maklerski SA
Inwestexpert Corporate Finance
Sp. z o.o.
www.ecmdm.pl
EFICOM S.A.
www.eficom.pl
ERSTE Securities Polska
www.esp.pl
EUROLINKS SA Spółka Komandytowa
www.eurolinks.pl
Europejskie Centrum Audytu Sp. z o.o.
www.ecaudyt.pl
Fabisiak i Wspólnicy Sp. K.
www.fiw.net.pl
FAS Polska Sp. z o.o.
www.faspolska.pl
Financial Markets Center Management
Sp. z o.o.
www.fmcm.pl
Forystek i Partnerzy
www.forystek.pl
196
www.inwestexpert.pl
IPO Doradztwo Strategiczne Sp. z o.o
www.ipo.com.pl
J. Chałas i Wspólnicy Kancelaria Prawna
www.chwp.pl
REWIDO Sp. z o.o.
www.rewido.pl
Kancelaria Consultingowa IRED
Kancelaria Porad FinansowoKsięgowych dr Piotr Rojek Sp. z o.o.
www.kpfk.pl
Kancelaria Prawna Waluga i Wspólnicy
www.waluga.pl
NewConnect
i Adwokatów Głuchowski Jedliński
Rodziewicz Zwara i Partnerzy
www.kancelaria-sopot.pl
Polinvest-Audit Sp. z o.o.
www.polinvest-audit.pl
Prof. Marek Wierzbowski
Radcowie Prawni Spółka Partnerska
Jakubisiak i Pałtynowicz
www.wierzbowski.com
www.jip.pl
www.profescapital.pl
Oleś & Rodzynkiewicz
www.oles.com.pl
Kancelaria Radcy Prawnego Kinga
Pajerska-Krasnowska
www.futuro.net.pl
Korpex-Audytor Sp. z o.o.
www.korpex.pl
Krawczyk i Wspólnicy
www.krawczyk-legal.com
Łatała i Wspólnicy
www.latala.com.pl
Łuczyński i Wspólnicy
www.liwlegal.pl
M&M Doradztwo Gospodarcze Sp. z o.o.
www.mm-dg.pl
M.Furtek i Wspólnicy
Kancelaria Prawnicza
www.furtek.pl
Management & Consulting
Dom Inwestycyjny Sp. z o.o.
www.mcgroup.eu/di
Małkowski Matczuk Wieczorek
Kancelaria Adwokatów
i Radców Prawnych Spółka Jawna
www.mmwlaw.pl
Moore Stephens Trzemżalski, Krynicki
i Partnerzy Kancelaria Biegłych
Rewidentów Sp. z o.o.
www.moorestephens.gda.pl
Morison Finansista Audit Sp. z o.o.
www.finansista.pl
Navigator Capital Sp. z o.o.
www.navigatorcapital.pl
New Europe Advisers Limited
www.neweuropeadvisers.com
O.M. Finance Sp. z o.o.
www.omfin.pl
PROFESCAPITAL Sp. z o.o.
REWIT Księgowi i Biegli Rewidenci
Sp. z o.o.
www.rewit.com.pl
Roedl Audit Sp. z o.o.
www.roedl.pl
RSM Corporate Finance
Sp. z o.o.
Ruciński i Wspólnicy Kancelaria
Audytorów i Doradców Sp. z o.o.
www.adamrucinski.com
SALWIX Sp. z o.o.
www.salwix.pl
Secus Asset Management SA
www.secus.pl
SKYLINE Investment SA
www.skyline.com.pl
Sołtysiński & Szlęzak
i Adwokatów Spółka Komandytowa
www.skslegal.pl
Spółka Zarządzająca Funduszami
Kapitału Zalążkowego SATUS Sp. z o.o.
www.bdm.com.pl
T&T Consulting
Kancelaria Doradztwa Gospodarczego
www.trznadel.pl
TDI Towarzystwo Doradztwa
Inwestycyjnego Sp. z o.o.
www.tdi.com.pl
Tomasik, Chabasiewicz i Wspólnicy
www.tc.net.pl
Top Consulting Sp. z o.o.
www.topconsult.pl
Wardyński i Wspólnicy Sp. k.
www.wardynski.com.pl
Wierciński, Kwieciński, Baehr
www.wkb.com.pl
Wrocławski Dom Maklerski SA
www.wdmsa.pl
WYG International Sp. z o.o.
www.wyginternational.pl
Peter Nielsen & Partners Law Office
www.pnplaw.pl
PKF Consult Sp. z o.o.
ww.pkfconsult.com.pl
197
Fact Book 2008
Mandatory Disclosures
Disclosure requirements for NewConnect
companies have been significantly reduced.
submission of audited annual reports,
compliance with corporate governance
rules, with concessions arising from the
In comparison with the regulated market,
NewConnect offers:
no requirement to submit quarterly reports,
the possibility to submit unaudited semiannual reports, with selected data only,
the freedom in choosing accounting standards (either internationally recognised
standards or those applicable in the issuer's country of domicile).
nature of traded companies.
Reporting is managed through the Electronic Information Base (EIB). This is a stateof-the-art system for reporting, archiving
and publicising current and periodic reports
submitted by NewConnect companies. EIB
was developed in house and is supervised
by the WSE.
The following are mandatory for NewConnect companies:
submission of current reports (their scope
narrower than on the regulated market),
List of Data Vendors (as of 4 February 2008)
www.bm.bph.pl
Biuro Maklerskie
Dom Inwestycyjny
BRE Banku SA
www.bmbgz.pl
www.amerbrokers.pl
Bankier.pl SA
www.bankier.pl
www.bossa.pl
www.bdm.com.pl
www.dmbzwbk.pl
Biuro Maklerskie Banku DnB NORD
Polska SA
www.bmdnbnord.pl
www.idmsa.pl
Dom Maklerski
PENETRATOR SA
www.pb.pl
BRE Bank SA - mBank
Grupa Onet.pl SA
www.mBank.com.pl
www.onet.pl
CAIT Sp. z o.o.
ING Securities SA
www.cait.com.pl
INTERIA.PL SA
www.cdmpekao.com.pl
www.interia.pl
198
NewConnect
Oddział w Polsce
www.kbcmakler.pl
www.millenniumdm.pl
www.bdm.pkobp.pl
Reuters Limited
www.reuters.com
Statica
www.statica.pl
Telekurs Financial Information Ltd.
www.telekurs-financial.com
Wirtualna Polska SA
www.wp.pl
www.pap.com.pl
List of Distributors of Company Reports (as of 4 February 2008)
Grupa Onet.pl SA
www.bm.bph.pl
www.onet.pl
Bankier.pl SA
INTERIA.PL SA
www.bankier.pl
www.interia.pl
Biuro Maklerskie
Banku DnB NORD Polska SA
www.bmdnbnord.pl
www.pb.pl
BRE Bank SA - mBank
www.mBank.com.pl
www.millenniumdm.pl
www.bdm.pkobp.pl
www.pap.com.pl
www.cdmpekao.com.pl
199
200
NewConnect online
http://www.newconnect.pl
e-mail: rynek@newconnect.pl
QUOTATIONS
ON-LINE
INVESTORS
COMPANIES
AUTHORISED
ADVISER
MEMBERS
REGULATIONS
STATISTICS
Basic
info
Basic
info
List of market
members
Information
about listed
shares
Investor
Guide
Listed
companies
Market
Animators
Market
Statistics
Data
Distributors
Reports
Share
in turnover
Daily
Statistics
Issuer
Manual
Weekly
Statistics
Index
Composition
Growth
Indicator
Fact Book 2008
Warsaw
Important Addresses
Selected Capital Market
Institutions
Selected Financial Information
Services
Komisja Nadzoru Finansowego (KNF)
Polish Financial Supervision Authority
Giełda Papierów Wartościowych
w Warszawie S.A.
www.knf.gov.pl
Ministerstwo Skarbu Państwa
Ministry of the Treasury
www.msp.gov.pl
Ministerstwo Finansów
Ministry of Finance
www.wse.com.pl
Polska Agencja Prasowa
Polish Press Agency
www.pap.com.pl
Onet.pl
www.mf.gov.pl
www.onet.pl
Narodowy Bank Polski
National Bank of Poland
Gazeta Wyborcza
www.nbp.pl
Parkiet
Krajowy Depozyt Papierów
Wartościowych
National Depository for Securities
www.parkiet.com.pl
www.gazeta.pl
Puls Biznesu
www.pb.pl
www.kdpw.pl
Izba Domów Maklerskich
Chamber of Brokerage Houses
www.idm.com.pl
Rzeczpospolita
Bankier.pl
www.bankier.pl
Związek Maklerów i Doradców
Polish Association of Brokers and
Investment Advisors
www.zmid.org.pl
Stowarzyszenie Emitentów Giełdowych
Issuers Association
Selected International
Institutions
www.seg.org.pl
Związek Banków Polskich
Polish Bank Association
www.zbp.pl
Polska Agencja Informacji i Inwestycji
Zagranicznych
Polish Information and Foreign
Investment Agency
World Federation of Exchanges (WFE)
www.world-exchanges.org
Federation of European Securities
Exchanges (FESE)
www.fese.be
International Organization of Securities
Commissions (IOSCO)
www.paiz.gov.pl
www.iosco.org
Stowarzyszenie Inwestorów
Indywidualnych
Individual Investors' Association
World Bank
www.sii.org.pl
www.worldbank.org
European Bank for Reconstruction
and Development
www.ebrd.com
201
Fact Book 2008
Selected Exchanges
Argentina
Bolsa de Comercio de Buenos Aires
www.bcba.sba.com.ar
Australia
Australian Stock Exchange
www.asx.com.au
Austria
Wiener Borse AG
www.wienerboerse.at
Belgium
NYSE Euronext
Euronext Brussels
www.euronext.com
Bermudas
Bermuda Stock Exchange
www.bsx.com
Brazil
Rio de Janeiro Stock Exchange
www.bvrj.com.br/mbre2
Brazil's Stock Exchange (BOVESPA)
www.bovespa.com.br
Bulgaria
Bulgarian Stock Exchange
www.bse-sofia.bg
Canada
Toronto Stock Exchange
www.tsx.com
Montréal Exchange
www.m-x.ca
Chile
Santiago Stock Exchange
www.bolsadesantiago.com
China
Shenzhen Stock Exchange
www.szse.cn/main/en
Croatia
Zagreb Stock Exchange
www.zse.hr
Cyprus
Cyprus Stock Exchange
www.cse.com.cy
Czech Republic
Prague Stock Exchange
www.pse.cz
Denmark
OMX Nordic Exchange
www.omxgroup.com/nordicexchange
Estonia
OMX Nordic Exchange
Tallinn Stock Exchange
www.ee.omxgroup.com
Finland
OMX Nordic Exchange
France
NYSE Euronext
Euronext Paris
www.euronext.com
Germany
Deutsche Borse AG
www.deutsche-boerse.com
Greece
Athens Exchange
www.ase.gr
Hong Kong
Hong Kong Exchanges and Clearing
www.hkex.com.hk
Hungary
Budapest Stock Exchange
www.bse.hu
Iceland
OMX Nordic Exchange
Iceland Stock Exchange
India
National Stock Exchange of India
www.nse-india.com
Bombay Stock Exchange
www.bseindia.com
Indonesia
Jakarta Stock Exchange
www.jsx.co.id
Iran
Tehran Stock Exchange
www.tse.ir
Ireland
Irish Stock Exchange
www.ise.ie
Israel
Tel-Aviv Stock Exchange
www.tase.co.il
Italy
Borsa Italiana
www.borsaitaliana.it
Japan
Tokyo Stock Exchange
www.tse.or.jp
Osaka Securities Exchange
www.ose.or.jp
202
Warsaw
Latvia
OMX Nordic Exchange
Riga Stock Exchange
www.lv.omxgroup.com
Lithuania
OMX Nordic Exchange
Vilnius Stock Exchange
www.lt.omxgroup.com
Luxembourg
Luxembourg Stock Exchange
www.bourse.lu
Macedonia
Macedonian Stock Exchange
www.mse.org.mk
Malaysia
Bursa Malaysia
www.klse.com.my
Malta
Malta Stock Exchange
www.borzamalta.com.mt
Mexico
Bolsa Mexicana de Valores
www.bmv.com.mx
Moldova
Moldova Stock Exchange
www.moldse.md
Netherlands
NYSE Euronext
Euronext Amsterdam
www.euronext.com
New Zealand
New Zealand Exchange Limited
www.nzx.com
Russian Federation
Russian Trading System (Stock Exchange)
www.rts.ru
Moscow Interbank Currency Exchange
www.micex.com
Serbia
Belgrade Stock Exchange (BELEX)
www.belex.co.yu
Singapore
Singapore Exchange
www.sgx.com
Slovakia
Bratislava Stock Exchange
www.bsse.sk
Slovenia
Ljubljana Stock Exchange
www.ljse.si
South Africa
JSE
www.jse.co.za
South Korea
Korea Exchange
www.sm.krx.co.kr
Spain
Spanish Exchanges (BME)
www.bolsasymercados.es
Bolsa de Madrid
www.bolsamadrid.es
Bolsa de Barcelona
www.borsabcn.es
Bolsa de Bilbao
www.bolsabilbao.es
Bolsa de Valencia
www.bolsavalencia.es
Norway
Oslo Bors
www.oslobors.no
Sri Lanka
Colombo Stock Exchange
www.cse.lk
Peru
Bolsa de Valores de Lima
www.bvl.com.pe
Sweden
OMX Nordic Exchange
Philippines
Philippine Stock Exchange
www.pse.org.ph
Switzerland
SWX Swiss Exchange
www.swx.com
Portugal
NYSE Euronext
Euronext Lisbon
www.euronext.com
Romania
Bucharest Stock Exchange
www.bvb.ro
Sibiu Monetary – Financial and
Commodities Exchange
www.sibex.ro
Taiwan
Taiwan Stock Exchange Corporation
www.tse.com.tw
Thailand
Stock Exchange of Thailand
www.set.or.th
Turkey
Istanbul Stock Exchange
www.ise.org
203
Fact Book 2008
United Kingdom
London Stock Exchange
Ukraine
PFTS Stock Exchange
www.londonstockexchange.com
www.pfts.com
Liffe – Futures & Options
Ukrainian Stock Exchange
www.euronext.com
www.ukrse.kiev.ua
United States of America
NYSE Euronext
www.nyse.com
American Stock Exchange
www.amex.com
Chicago Board Options Exchange
www.cboe.com
Chicago Stock Exchange
www.chx.com
NASDAQ Stock Market
www.nasdaq.com
204
Warsaw
Selected WSE Publications
Ceduła Giełdy Warszawskiej
- WSE official daily bulletin
Rules of the WSE Court
online version
online version
Detailed Exchange Trading Rules
Monthly Bulletin
online version
online version
Futures Trading Rules
Warsaw Stock Exchange Indices
online version
online version
Options Trading Rules
Annual Report
online version
online and printed version
Fact Book
How to raise capital and build
a market position on the Warsaw
Stock Exchange
WSE Articles of Association
online version
WSE Rules
Information and education leaflets
and booklets
printed version
online version
Online versions are available from: www.wse.com.pl
205
Fact Book 2008
Additional Closing Dates in 2008
The Warsaw Stock Exchange is open Monday
to Friday except on the following dates:
1 January
(Tuesday)
21 March
(Friday)
24 March
(Monday)
1 May
(Thursday)
22 May
(Thursday)
15 August
(Friday)
11 November
(Tuesday)
24 December
(Wednesday)
25 December
(Thursday)
26 December
(Friday)
206

Fact Book 2008

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