FACT BOOK 2001

Transcription

FACT BOOK 2001

2
WARSAW STOCK EXCHANGE
FACT
BOOK
2001
2000 Data
Fact Book 2001
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2000 Market indicators
Equity market capitalisation at year-end
(billion zl)
129.9
Turnover value, all securities
(billion zl)
245.0
Total turnover value per session, all securities
(billion zl)
980
Average number of orders per session (thousands)
38.5
Average number of transactions per session (thousands)
14.9
Number of newly - listed companies
13
Number of listed companies at year-end
225
WIG20 change in 2000
1.5%
MIDWIG change in 2000
-9.9%
WIG change in 2000
-1.3%
TechWIG change in 2000
45.7%
NIF change in 2000
-2.1%
WIRR change in 2000
31.8%
P/E ratio (at year-end, excluding NIF shares)
13.4
P/BV ratio (at year-end, excluding NIF shares)
1.80
Number of sessions in year
250
Fact Book 2001
2
Official publication of the Warsaw Stock Exchange
© Copyright by Warsaw Stock Exchange
Książęca 4
00-498 Warsaw, Poland
Internet: www.wse.com.pl; E-mail: gielda@wse.com.pl
Cover design: Carte Blanche -2
DTP: Krzysztof Doliński - WSE Information and Marketing Department
Print: Drukarnia GRAFMAX S.C.
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.
Fact Book 2001
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The Warsaw Stock Exchange Fact Book 2001 contains
information about the organisation and operation of the
Exchange, statistical data for the year 2000, and historical
comparisons with previous years. A description of important events, information about listed companies and brokerage houses (WSE members), along with contact details for
the most important institutions on the Polish capital market,
are also given here.
We sincerely hope that the Fact Book will prove a useful
reference source for the Reader.
The aim of the Fact Book, as an annual publication, is to
make it easier to follow the Polish capital market‘s developments and to help to better understand the role of the WSE
in the Polish economy.
Warsaw Stock Exchange
Fact Book 2001
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Zloty exchange rates (average)
2000
1999
1998
1997
1996
1 USD
4.35
3.97
3.49
3.28
2.70
1 EUR
4.01
4.23
3.92
3.71
3.38
Source: National Bank of Poland
Fact Book 2001
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Contents
The Warsaw Stock Exchange .................................................................................. 7
The Polish capital market ....................................................................................... 11
Important events on the WSE in 2000 .................................................................. 13
The Exchange in 2000 ............................................................................................ 15
Equities .................................................................................................................... 17
Bonds ...................................................................................................................... 35
WSE indices ............................................................................................................ 39
Derivatives market .................................................................................................. 57
Investors .................................................................................................................. 65
Issuers ..................................................................................................................... 67
Exchange members ................................................................................................ 75
Organisation of trading under the WARSET system ............................................ 81
Market information ................................................................................................. 89
History of the Warsaw Stock Exchange ................................................................ 93
Organisational structure ......................................................................................... 99
Listed companies .................................................................................................. 103
List of Exchange members .................................................................................. 117
Important addresses ............................................................................................. 119
WSE publications .................................................................................................. 121
Closure dates in 2001 ........................................................................................... 121
Glossary ................................................................................................................ 123
Fact Book 2001
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Fact Book 2001
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T he Warsaw Stock Exchange
The WSE operates on the basis of the Law on Public Trading in Securities of
August 21, 1997 (as amended), under the supervision of the Polish Securities and
Exchange Commission.
Capital market traditions in Poland go back to 1817, when the Warsaw Mercantile Exchange was established. The Warsaw Stock Exchange commenced activity
in its present form on April 16, 1991, starting from the very beginning with electronic paperless trading.
The Warsaw Stock Exchange is a joint-stock company created by the State
Treasury; its capital amounts to 42 million zloty split into 60 thousand registered
shares. At the end of 2000, the WSE had 52 shareholders, including banks, brokerage houses and the State Treasury.
The task of the Warsaw Stock Exchange is to organise public securities
trading. The Exchange provides a concentration of buy and sell offers in one place
and at one time, which allows prices to be determined and transactions to be
concluded.
The trading system used on the WSE is order-driven, which means that prices
of securities are determined on the basis of buy and sell orders. To set the price for
a given security, a list of buy and sell orders is prepared. Matching of these orders
is done according to strictly-defined rules, and execution of transactions takes
place during trading sessions. To improve the liquidity of listed securities, brokerage houses may perform the function of market maker (animator), placing (based on relevant contract with the Exchange) buy and sell orders in the public order
book.
Trading sessions at the Exchange are held Monday–Friday from 10:00 a.m.
to 4:10 p.m. Futures contracts are quoted from 9:00 a.m. to 4:10 p.m.
WSE mission
The mission of the Warsaw Stock Exchange is to provide investors and issuers
with a transparent, effective and liquid market for securities.
Strategic goals
The strategic goal of the Warsaw Stock Exchange is to further develop the
Polish capital market and provide trading safety and service quality at the highest
level. To accomplish this goal, the Exchange is:
l improving the quality of its services and raising the level of trading safety
l reducing costs of services rendered
l offering new products
l undertaking educational and promotional activities.
Exchange operations
The following securities are traded on the Warsaw Stock Exchange: equities,
bonds, subscription rights, allotment certificates and investment certificates, as
well as derivative instruments: futures contracts and warrants.
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The Warsaw Stock Exchange
Equities are the basic type of securities quoted on the WSE; they account for
the bulk of Exchange trading. Equities may be listed on three markets—main, parallel and free—depending on, among other things, the size and history of the company, and the value of its shares.
Taking into consideration the growing importance of the so-called new economy, the WSE has launched a Segment for Innovative Technologies—SiTech—which
includes companies from the telecom and IT sectors, as well as companies whose
production and services use new technologies. SiTech provides an additional
presentation of these companies, thus offering extra visibility to companies already quoted in one of the three Exchange markets. This allows investors to better
identify these companies.
Quotations are made in a continuous trading system or in a single-price system with one* or two auctions. Additionally, for large blocks of securities, so-called block trades outside the public order book are possible. Transactions are executed electronically, via the Exchange computer system. The National Depository
for Securities, which settles transactions, also performs operations on securities
(e.g. dividend payments, share splits, bond redemptions, etc.). Equity transactions
are settled in a T+3 cycle (i.e. on the third day after the transaction), on a delivery
versus payment (DVP) basis.
Subscription rights are rights of shareholders in listed companies to purchase
new shares in the given company. Subscription rights are quoted in the same
trading system as shares of the company in question.
Allotment certificates (PDA) are financial instruments allowing buyers of new
issues of shares to sell them before they are introduced to trading. Trading in
allotment certificates is subject to the same regulations as equity trading. Allotment certificates are quoted in the same trading system as the one in which the
shares are subsequently to be listed.
Bonds are traded in the continuous trading system. The majority of bonds
listed are Treasury bonds. In 2000, corporate bonds were introduced to trading on
the Exchange for the first time. The settlement cycle for bonds is T+2.
Derivatives
In January 1998, the Warsaw Stock Exchange launched its derivatives market
with commencement of trading in futures contracts on the WIG20 index. In March
of the same year, warrants on the NIF index and several stocks were listed on the
Exchange; in September 1998, USD futures contracts were introduced to trading.
In May 1999, EURO futures contracts started trading on the WSE. In August 2000,
TechWIG futures contracts made their debut on the Exchange. The TechWIG is an
*
Effective April 18, 2001, the single-price system with one auction per day is no longer used
for stock quotations. Stocks previously traded in this system have been reallocated either to
continuous trading or to the single-price system with two auctions per day.
Fact Book 2001
The Warsaw Stock Exchange
9
index tracking developments in IT and telecom sector companies. The importance
of the derivatives market increases every year, which fact is best illustrated by this
market's increasing share in total turnover.
Investment certificates are instruments issued by closed-end investment funds.
The first investment certificates made their debut on the Exchange in May 2000.
Surveillance
The tasks of the Warsaw Stock Exchange include maintaining surveillance over
listed companies' compliance with disclosure requirements, and ensuring that
market participants have equal access to information published by issuers. The
Exchange also supervises members' activities, analysing orders placed by them
and monitoring their participation in Exchange trading.
Market data
Exchange information is distributed in both electronic and paper format. Information distributed in electronic format is available in the form of commercial and
public services. Distributors which have signed a relevant agreement with the
Exchange are provided with market information in real time via satellite. This information is subsequently made available to other groups of clients, including individual investors.
Apart from commercial services, which are available through data vendors,
brokerage houses, Internet portals or mobile phone operators, investors also have
at their disposal market information provided by the Exchange—free of charge—
via the following services: the teletext service of Polish public television, WSE web
site and Exchange Telephone Information System. However, public services offer
a limited scope of data, and provide information with some delay.
The WSE also publishes Cedula, an official daily bulletin, along with monthly
statistics.
Promotion and education
Promotional and educational activities have been an important task since the
beginning of the WSE's operation. The Exchange participates in fairs and exhibitions, publishes leaflets and educational brochures, and organises seminars and
conferences for investors and capital market intermediaries. Since May 1999,
a programme called the Exchange School, organised and financed by the Exchange,
has been conducted. Over 2000 people, in a dozen or so cities in Poland, participate
in these courses every year.
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Giełda Papierów Wartościowych
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T he Polish capital market
The main institutions of the Polish capital market are the Warsaw Stock
Exchange, which organises both cash and derivatives markets, and the National
Depository for Securities, which handles clearing and settlement on the regulated
market and maintains securities in the form of computer records. Since 1999, the
clearing bank is the National Bank of Poland. A regulated off-Exchange market,
organised by a company called CeTO, encompasses a small number of securities,
mainly shares in smaller companies, along with municipal bonds. Trading in
Treasury bonds takes place on the inter-bank market, as well as on the Exchange,
which also allows individual investors to participate in trading.
Legal Regulations
The basic legal act regulating capital market activities in Poland is the Law on
Public Trading in Securities of August 21, 1997, as amended. It determines the
principles and scope of operations of such capital market institutions as the Polish
Securities and Exchange Commission, stock exchanges, the National Depository
for Securities and brokerage houses. Additional laws, including the Investment
Funds Act of August 28, 1997, as amended, and the Bond Act of June 29, 1995, as
amended, regulate other aspects of market activities.
Structure of the Polish capital market
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The Polish capital Market
The Polish Securities and Exchange Commission is a state administration agency
supervising the activities of capital market institutions, including exchanges, brokerage houses, investment funds, brokers, investment advisors and clearing institutions, as well as publicly-traded companies. This supervision 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 the market. The PSEC works with other government bodies and with the National Bank of
Poland, as well as with institutions and entities participating in public trading. The
Commission's tasks also include drafting new market regulations and undertaking
educational activities.
Regulatory powers of the Exchange
Only Exchange members may operate on the Exchange. The Exchange determines the conditions which a brokerage house must meet in order to obtain membership status. As far their operations on the Exchange are concerned, Exchange
members are subject to the Exchange's supervision. One of the conditions for
acquiring Exchange membership is a declaration of observance of Exchange
Rules. Only an Exchange shareholder engaged in brokerage activities may become a WSE member. Activities in breach of the Rules are subject to reprimand or
fine. The Exchange Court settles disputes between the Exchange and its members. In special cases, an Exchange member may be punished by being suspended or even excluded from operation on the Exchange.
The Exchange also supervises issuers of listed securities. Improper discharge
of disclosure obligations resulting from the Exchange Rules by an issuer is punishable by reprimand or fine. In special cases, the issuer may be punished by
suspension of its securities quotations or even de-listing. The rules concerning
organisation of trading, order placement and conclusion of transactions are contained in a document entitled Detailed Exchange Trading Rules.
Fact Book 2001
13
I mportant events on the WSE in 2000
The last year of the 20th century was a year of important changes on the Polish
capital market. The most significant one was the implementation of the new trading system called WARSET, is based on the French NSC platform, used by several exchanges world-wide. The WARSET system was launched on November 17,
2000, following two years of preparation.
The advantages of the new system became visible in the first weeks of its
functioning. Investors quickly appreciated the system's benefits, as they obtained
better opportunity to follow the order book, as well as faster transfer and execution of orders in the system.
The new system also brought an extension of the trading session. Since the
introduction of WARSET, the session starts at 10:00 a.m. and lasts until 4:10 p.m.;
trading in futures contracts takes place from 9:00 a.m. to 4:10 p.m.
Along with implementation of WARSET, listed securities were allocated to particular trading systems according to new principles. Any given security may only
be traded in one system. In addition to the continuous trading system and the
single-price system with one auction*, a system with two auctions per day was
introduced. All bonds and derivatives are traded in the continuous trading system.
Another important project, implemented simultaneously with WARSET, was
the construction of a new site for the Exchange. The finishing work was completed
in May; and in June, the Exchange Centre building was opened. Besides the Warsaw Stock Exchange, this building houses the National Depository for Securities
and other financial institutions.
In 2000, the Exchange became both an initiator of and a participant in consolidation processes on the Polish capital market, acquiring a strategic holding in the
Central Table of Offers (Centralna Tabela Ofert - CeTO), the regulated off-Exchange
market. In the future, a small- and medium-sized companies market is to be created, based on the CeTO. Trading in corporate bonds, municipal bonds and mortgage bonds is also to be developed there.
The SiTech, Segment for Innovative Technologies, turned out to be a very successful project, as far as organisation of trading is concerned. SiTech provides
additional coverage of companies active in the telecom and IT sectors. Companies
are qualified to this segment independent of the market on which they are quoted.
Separate presentation of the segment began on April 28, 2000. The TechWIG index, introduced on May 19, 2000, provides a tool for analysing and evaluating
SiTech companies' performance. At the beginning of August 2000, futures contracts for the TechWIG were introduced on the Exchange. These contracts allow
for better price-risk management in the case of companies allocated to the SiTech.
In April, corporate bonds were introduced to trading on the WSE. Three-year
bonds with floating interest rates were issued by Clif—a company listed on the
Exchange's free market.
*
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Important events
The first investment certificates issued by the closed-end investment fund
Skarbiec-Gwarancja were introduced to trading on May 25, 2000. Investment certificates are quoted in the continuous trading system.
In 2000, the derivatives market developed very rapidly. In the WIG20 futures
contracts market, operating since January 1998, turnover increased seven-fold as
compared to 1999. The liquidity of this instrument allows the WSE to be positioned among the medium-sized European exchanges with regard to futures contracts trading. Less interest was expressed in trading TechWIG, while the liquidity
of futures contracts for USD and EURO exchange rates was definitely too low to
allow these instruments to serve their purpose.
Turnover on the warrants market grew five-fold. This is, above all, a result of
the increasing number and variety of listed warrants. Last year for the first time
issuers introduced to trading put warrants for both indices and individual stocks.
Only 13 companies debuted on the Exchange in 2000. Almost half of them
came to the Exchange from CeTO (the regulated off-Exchange market). There were
no large-scale privatisations of state-owned companies, which in past years stimulated activity on the part of both individual and institutional investors. The year
2000 was the first in the ten-year history of the Exchange in which the largest
newly-listed company—telecom operator Netia—had fully private roots.
The year 2000 was the second year of Open Pension Funds investing in Exchange-listed instruments. At the end of the year, their holdings in listed companies
amounted to zloty 2.6 billion, i.e. 2% of the Exchange's total market capitalisation.
This constituted a significant element in the shaping of listed companies' shareholder structure, as well as of market trends.
During 2000, the importance of continuous trading grew consistently. A drastic increase in its share of the total turnover was noted after the introduction of the
WARSET system and new rules for allocation of companies to trading systems. In
December 2000, continuous trading accounted for more than 98% of the total
turnover.
In 2000, 27 invitations to sell shares were announced, almost two times less
than in the preceding year. This indicates stabilisation of ownership transformation processes in listed companies, most of which already have a strategic investor. The majority of the announcements were made by foreign companies.
Fact Book 2001
15
T he Exchange in 2000
It is difficult to make an unambiguous judgement regarding market performance in 2000. The main Exchange index—the WIG—lost 1.3%; however, the WIG20,
the index of the largest listed companies, showed a slight gain, i.e. 1.5%. The
MIDWIG, the medium-sized company index, lost 9.9%; and the NIF index, 2.1%.
A significant increase, 31.8%, was recorded for the WIRR (parallel market index);
while the TechWIG, the index for SiTech companies, turned out to be the champion, with growth of 45.7%.
WIG index in 2000
23 000
22 000
Mar, 27
22 868.4
21 000
20 000
19 000
17 847.6
18 981.7
18 000
17 000
16 000
Oct, 13
14 929.3
15 000
14 000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
A positive rate of return was recorded for 81 companies among those listed on
the Exchange over the whole year; the remaining 131 companies (including NIFs)
brought losses to their shareholders over the same period.
For the WIG index companies (main-market companies), a differentiation in
trends was clearly visible for various sectors. Telecom companies performed
best—their sector sub-index gained 29%, while the worst results were observed
for the consumer goods sector, whose sector sub-index lost 33%.
The first quarter of 2000 was the most favourable for investors, with the WIG,
WIG20, MIDWIG and TechWIG reaching all-time highs. The increase in these indices was mainly on account of the so-called new-economy companies, which constitute the base for the TechWIG index, and are also strongly represented in other
indices of the main market.
The following months brought falls in prices for most main-market companies.
The lowest levels of all indices were recorded in October. However, in the case of
the IT sector, this several-month-long downward trend did not manage to outweigh previous growth. Therefore, the year 2000 can be viewed as a good one for
shareholders in IT companies.
Fact Book 2001
16
The Exchange in 2000
The downward trend which affected most of the companies on the main market in the second and third quarter did not affect companies quoted in the parallel
market, whose share prices rose systematically until July. However, a visible decline in prices of these stocks was recorded during the last months of the year.
A similar lack of correlation with other listed securities could be observed in the
case of NIF, where the third quarter was the best one for investors.
In 2000, a positive correlation of the WSE with trends on exchanges worldwide was strongly visible. The euphoric run on Internet companies in Warsaw was
comparable with that on the American or Western European markets. What differentiates the WSE positively from other markets is its reaction to declines after
previous growth spurts, which was not as dramatic as in other countries.
The bullish market for advanced-technology companies brought a new phenomenon to the Polish market, namely changes in type of business activity on the
part of some companies—from less profitable, more traditional areas to the Internet and media sectors. In the first months of the year, the market accepted this
kind of information with enthusiasm. However, as the Internet fever eased, interest
in such stocks declined.
Market growth rates in the first quarter of the year were accompanied by high
turnover. This resulted in a record turnover value for the year 2000. Total turnover
reached 245 billion zloty—138% higher than in 1999, and the highest in the Exchange's 10-year history.
This result should be considered especially good in light of the many negative
tendencies affecting the market throughout the year, chief among which were:
poorer than in previous years profit growth rates of listed companies, a lack of
large-scale privatisations to mobilise large amounts of capital and new investors,
and high interest rates—raised during the course of the year by the Monetary
Policy Council—which favoured bank deposits rather than more risky investments
in securities.
The year 2000 was another record year for the Exchange futures market; this,
however, holds true only for index-based contracts. A significant increase was
observed for exchange-rate futures as well; nevertheless, in this case, the rise
began from a very low level. Total turnover for all futures contracts increased sevenfold in comparison to 1999, with WIG20 futures constituting the bulk of the turnover. Compared to the cash market, turnover for WIG20 futures equalled 70% of
trading in stocks of the underlying index, and 58% of the main market turnover. In
the last quarter of the year, trading in WIG20 contracts was higher than turnover in
WIG20 constituent stocks. Systematic growth trends were visible in both the open
interest level and the turnover volume.
An increase of more than five-fold over the year 1999 was observed on the
warrants market. This resulted from, among other things, introduction of new series
of these instruments to trading in 2000.
On the bond market, the year 2000 brought stagnation. With the exception of
block trades, where turnover was higher than in the preceding year, interest in
bonds was generally even smaller than in 1999.
Fact Book 2001
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E quities
In the year 2000, 13 new companies were introduced to trading on the Exchange. At the end of the year, there were 225 companies listed (including 14
National Investment Funds), of which 102 were quoted in the continuous trading
system; 34 in the single-price auction system with two auctions per day; and 89 in
the single-price auction system with one auction*. At the end of 2000, Warsaw
Stock Exchange capitalisation amounted to 130.1 billion zloty, an increase of 5.4%
compared with the previous year. Such a small increase in market value resulted
from the downward trend which predominated on the Exchange for most of the
year, as well as from a lack of new large listings. In 2000, only one company privatised by the State Treasury made its debut on the Exchange.
Equity turnover in 2000 (in milions zl)
Continuous
Single-price system
trading
Two
auctions
One
auction
January
6 255.0
---
5 884.85
February
8 524.2
---
7 888.36
March
7 402.5
---
7 768.20
April
3 811.1
---
3 271.62
Block
Other*
TOTAL
2 273.4
36.9
14 450
2 331.1
35.2
18 779
3 744.9
407.9
19 324
1 908.1
1 075.2
10 066
trades
May
3 680.7
---
3 677.86
874.3
486.1
8 719
June
3 753.7
---
3 638.51
4 662.0
5 735.0
17 789
July
3 310.9
---
3 474.19
1 856.2
3 787.2
12 428
August
2 409.3
---
2 639.51
3 119.3
0.0
8 168
September
2 671.0
---
2 426.43
1 263.6
42.2
6 403
October
2 376.7
---
2 152.8
39 797.7
745.1
45 072
November
5 422.1
31.2
2 338.6
1 794.1
0.0
9 586
December
8 711.5
76.4
60.3
1 813.2
101.7
10 763
58 328.7
107.5
45 221.3
65 437.9
12 452.4
181 548
Total
Single-price system with two auctions was introduced with the WARSET trading system,
starting November 17, 2000.
* Other: invitations to sell shares and IPOs
In 2000, companies active in the new technology sector were grouped separately on the Exchange.
SiTech—the Segment for Innovative Technologies—provides an additional
presentation of the so-called new-economy companies. Companies are qualified
to the SiTech segment regardless of the market on which they are listed.
The main criterion for a company's qualification to the SiTech segment is its
area of activity—IT and telecom. At the end of 2000, 17 companies were included
in the SiTech.
*
Fact Book 2001
18
Equities
Extra visibility of session results for this group of companies is an answer to
growing investor interest in this sector. This is a common characteristic for exchanges all over the globe.
For the stocks included in SiTech, a new index—TechWIG—was created. Each
company classified in this segment is then added to the list of TechWIG index
participants. The index is used as an underlying instrument for futures contracts.
Change of company name in 2000
No
Name
before change
Name
after change
name
name
Ariel S.A.
Internet Group S.A.
IGROUP
IGR
1
Short Ticker
2
As Motors S.A.
7bulls.com S.A.
7BULLS
7BC
3
Kredyt Bank PBI S.A.
Kredyt Bank S.A.
KREDYTB
KRB
STC
4
Małopolski Browar Strzelec S.A.
Browary Strzelec S.A.
STRZELEC
5
Pierwszy Polsko - Amerykański Bank S.A.
Fortis Bank Polska S.A.
FORTIS
FTS
Polski Koncern Naftowy S.A. Polski Koncern Naftowy ORLEN S.A.
PKNORLEN
PKN
6
7
Swarzędzka Fabryka Mebli S.A.
Swarzędz Meble S.A.
SWARZEDZ
SWZ
8
Trzeci NFI & Jedenasty Fundusz
Inwestycyjny S.A.
Jupiter Narodowy Fundusz
Inwestycyjny S.A.
JUPITER
JPR
9
WOPUH Leta S.A.
Leta Spółka Akcyjna
LETA
LTA
10
Yawal System S.A.
Yawal Spółka Akcyjna
YAWAL
YWL
11
Zakłady Metali Lekkich Kęty S.A.
Grupa Kęty S.A.
KETY
KTY
12
Zakłady Techniki Biurowej
Biurosystem S.A.
Invar&Biuro System S.A.
IBSYSTEM
IBS
Company names as of the end of the year have been used in this table
Splits of shares in 2000
No
Company
Market
Date of
Split
quotation
after split
ratio
free
04.01.00
1:6
1
LETA
2
BORYSZEW
main
06.03.00
1:5
3
SOFTBANK
main
06.07.00
1:2
4
MITEX
main
11.09.00
1:5
5
COMARCH
main
22.09.00
1:2
6
SKOTAN
free
20.12.00
1:3
Fact Book 2001
19
Equities
Companies by return in 2000
No
Company
Market
Rate of
return
(%)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
NOVITA
SZEPTEL
7BULLS
CHEMISKOR
MANOMETRY
IGROUP
GARBARNIA
IRENA
CLIF
PERMEDIA
HOWELL
MUZA
LGPETRO
ESPEBEPE
MIESZKO
STALPROD
INSTALKRK
POLIGR
COMPLAND
PONAR
BAUMA
GROCLIN
YAWAL
ROPCZYCE
OPTIMUS
GRAJEWO
CERSANIT
AGORA
ECHO
CELULOZA
KABLE
WAFAPOMP
MENNICA
PROKOM
IMPEXMET
BIELBAW
WARTA
TUEUROPA
EFEKT
BK
LENTEX
AGROS
10FOKSAL
01NFI
ENERGOPLD
ATLANTIS
ELEKTRIM
PEKPOL
08OCTAVA
KROSNO
P
R
R
R
R
R
R
P
W
W
R
R
P
P
R
P
R
R
P
R
R
R
R
P
P
P
P
P
P
P
P
R
P
P
P
R
P
W
R
P
P
P
P
P
P
P
P
P
P
P
217.5
211.8
162.9
150.9
131.1
129.4
117.9
113.1
104.2
99.6
98.6
88.2
81.1
77.7
76.2
74.4
74.3
70.2
68.1
63.9
61.8
61.8
59.3
52.4
50.6
42.2
41.9
40.7
40.7
40.6
40.3
38.0
36.5
34.8
33.6
29.0
27.9
27.8
25.8
25.7
25.1
22.0
22.0
21.2
20.8
20.8
20.5
20.0
20.0
19.2
Rate of
Rate of
return
return
in EURO since listing
(%)
(%)
243.4
237.2
184.3
171.3
150.0
148.1
135.7
130.5
120.8
115.9
114.8
103.6
95.8
92.2
90.6
88.6
88.6
84.1
81.9
77.3
75.0
75.0
72.3
64.8
62.9
53.8
53.5
52.2
52.2
52.1
51.7
49.3
47.6
45.8
44.6
39.5
38.4
38.3
36.0
36.0
35.3
31.9
31.9
31.1
30.7
30.6
30.3
29.8
29.8
29.0
86.9
273.2
841.7
25.0
12.2
-67.3
63.5
1260.0
150.0
-16.4
185.0
-28.2
78.9
-70.7
-59.0
-43.2
120.0
0.0
841.7
-56.6
1.1
25.2
-16.3
-45.0
143.0
-69.7
29.5
73.1
574.4
1.4
143.8
-23.2
-21.0
59.3
-27.0
-61.5
107.1
60.0
250.9
-24.3
-21.8
15.4
-66.3
-60.6
-49.2
-52.5
10191.7
9.1
-20.0
530.3
low
Price
high
end
(zl)
(zl)
(zl)
6.20
12.45
14.20
1.33
3.42
2.12
3.33
5.10
11.25
6.35
12.60
8.20
9.45
5.10
4.56
7.80
6.10
11.60
67.50
8.80
11.45
15.60
11.00
8.00
88.00
27.90
19.15
63.80
85.00
15.00
14.00
4.66
18.50
134.00
21.10
8.50
112.00
8.40
15.15
12.20
20.30
26.50
2.20
2.70
21.50
2.43
34.50
11.70
5.55
29.10
21.00
49.00
46.00
5.00
10.20
18.00
10.50
13.00
33.70
14.80
38.50
21.00
17.20
10.25
9.00
18.50
10.00
24.40
179.00
20.60
18.20
30.00
21.30
14.20
377.00
54.50
37.00
188.50
146.00
26.00
28.50
7.65
27.20
327.00
33.00
16.80
200.00
15.20
28.00
18.10
35.00
43.00
5.45
4.90
40.50
6.90
76.60
21.00
9.00
40.00
20.00
41.00
36.80
4.29
10.10
4.90
8.50
13.00
32.00
12.80
28.80
16.00
17.20
9.95
8.30
14.60
10.00
20.60
114.50
14.75
18.20
28.80
18.60
12.00
123.50
45.50
27.10
85.00
121.00
21.80
20.20
6.90
24.70
174.00
27.30
13.80
145.00
12.00
20.00
17.00
29.00
35.50
4.05
3.94
31.80
3.49
50.60
18.00
8.40
37.50
Fact Book 2001
20
Equities
No
Company
Market
Rate of
return
(%)
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
ZEG
OLAWA
SWARZEDZ
BPH
PEKAO
PBK
PPWK
MOSTALEXP
CSS
PROSPER
VISCO
HYDROBUGD
LDASA
JELFA
PAGED
RAFAKO
POLNORD
IBSYSTEM
STOMIL
SANOK
LZPS
WKSM
BRE
FARMACOL
HANDLOWY
BOS
04PRO
STRZELEC
TPSA
LUKBUT
POZMEAT
FERRUM
ZREW
REMAK
KGHM
STERPRO
WBK
AMS
APATOR
07NFI
GANT
AMICA
PIASECKI
HYDROTOR
FORTE
NOMI
MASTERS
POLLENAE
AMPLI
WILBO
Fact Book 2001
W
P
P
P
P
P
R
P
R
P
R
P
R
P
P
P
R
R
P
P
W
R
P
P
P
P
P
R
P
R
R
P
R
P
P
P
P
P
R
P
W
P
R
R
P
P
R
R
W
P
18.6
17.3
16.6
15.8
15.7
14.9
14.5
13.5
13.0
11.2
11.0
10.6
10.2
8.7
7.9
7.5
7.1
6.7
6.2
5.9
5.7
5.5
4.0
3.4
3.2
2.5
2.3
1.0
0.9
0.5
0.0
-0.3
-0.4
-0.6
-1.5
-1.7
-1.7
-2.0
-3.1
-4.6
-5.0
-5.3
-6.6
-6.7
-6.8
-7.0
-7.7
-7.9
-8.0
-8.1
Rate of
Rate of
return
return
(%)
(%)
28.2
26.8
26.1
25.2
25.2
24.3
23.8
22.8
22.2
20.3
20.0
19.6
19.2
17.6
16.7
16.2
15.8
15.4
14.9
14.5
14.3
14.1
12.5
11.9
11.6
10.9
10.6
6.2
9.1
8.7
8.2
7.8
7.7
7.5
6.5
6.4
6.3
6.0
4.8
3.1
2.8
2.4
1.0
0.9
0.8
0.6
-0.2
-0.4
-0.5
-0.7
-39.0
-3.3
-18.7
222.7
11.8
29.2
37.5
1011.1
-27.3
-23.1
-12.4
25.0
-43.8
35.0
-73.9
-81.9
-2.9
-41.1
15.2
-43.8
-46.5
-23.0
3114.3
-12.7
57.8
46.9
-66.7
15.7
62.7
-88.5
-28.7
61.0
-66.4
-34.8
7.7
-2.5
525.6
14.0
-67.2
-66.0
-4.5
-50.5
-22.0
-78.7
-56.8
-11.1
-63.7
-28.3
-80.3
-58.5
low
Price
high
end
(zl)
(zl)
(zl)
5.95
10.15
3.00
173.00
46.30
81.00
12.00
3.75
27.10
11.70
17.60
17.50
3.74
27.60
3.82
5.55
13.05
9.90
19.60
25.50
3.99
47.50
104.00
15.20
45.00
65.50
3.18
2.34
20.90
3.16
18.45
12.95
20.10
2.80
22.20
16.70
20.00
44.00
9.10
1.99
3.20
27.10
7.35
4.05
4.35
7.20
1.50
12.80
1.23
2.18
9.75
16.00
4.75
235.00
67.80
112.50
18.10
6.20
60.50
17.90
25.00
26.00
7.60
51.50
7.95
8.80
18.70
21.90
33.60
48.00
6.00
59.00
159.50
22.50
75.50
86.00
4.71
3.00
40.30
10.85
32.40
26.40
32.50
4.99
37.40
55.00
34.50
89.00
14.40
3.49
4.94
55.00
11.80
6.40
8.40
7.90
2.35
19.00
2.12
3.24
8.30
12.90
3.79
235.00
62.50
106.00
15.00
5.00
30.40
15.90
19.90
22.00
5.40
37.80
5.20
6.85
17.00
11.90
27.10
33.00
4.95
53.80
131.00
18.10
61.50
70.50
4.00
2.66
27.60
3.90
24.50
16.95
25.90
3.38
25.80
17.70
27.40
48.10
12.30
2.67
3.61
32.00
7.80
4.90
4.80
8.00
2.03
13.40
1.38
2.48
21
Equities
No
Company
Market
Rate of
return
(%)
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
WISTIL
13FORTUNA
14ZACH
KRUSZWICA
PEMUG
HUTMEN
PKNORLEN
09KWIAT
BWR
INDYKPOL
PROJPRZEM
WAWEL
BSK
UNIMIL
STGROUP
KREDYTB
EXBUD
BELCHATOW
OBORNIKI
AMERBANK
ELEKTROEXP
PEPEES
CENSTALGD
ELEKTROWAR
DEBICA
PROCHEM
MOSTALGD
KETY
ENERGOPN
SUWARY
RELPOL
APEXIM
MOSTALPLC
POLFKUTNO
COMPENSA
ZEW
PGF
02NFI
SANWIL
IZOLACJA
MOSTALZAB
DROSED
BCZ
WOLCZANKA
BUDOPOL
ELBUDOWA
MOSTALSDL
POLIFARBC
LTL
GPRD
R
P
P
P
R
P
P
P
P
P
R
P
P
R
R
P
P
P
P
P
P
P
R
P
P
P
P
P
P
W
P
R
P
P
P
P
P
P
R
P
P
P
R
P
W
P
P
P
W
P
-8.2
-9.2
-9.5
-9.8
-12.8
-13.3
-13.6
-13.8
-14.7
-14.9
-14.9
-15.4
-15.7
-16.1
-16.2
-16.2
-16.6
-16.7
-16.7
-18.0
-18.0
-18.2
-18.5
-18.8
-19.1
-20.1
-20.2
-21.4
-22.1
-22.3
-22.5
-23.8
-24.1
-24.5
-25.0
-25.5
-25.7
-25.8
-25.9
-26.0
-26.8
-26.9
-27.0
-27.4
-27.5
-27.5
-29.1
-29.3
-29.3
-30.0
Rate of
Rate of
return
return
(%)
(%)
-0.7
-1.8
-2.1
-2.4
-5.7
-6.2
-6.5
-6.8
-7.7
-7.9
-7.9
-8.5
-8.8
-9.2
-9.3
-9.3
-9.8
-9.9
-9.9
-11.3
-11.3
-11.5
-11.8
-12.2
-12.5
-13.6
-13.7
-15.0
-15.7
-16.0
-16.2
-17.6
-17.9
-18.4
-18.9
-19.4
-19.6
-19.8
-19.9
-20.0
-20.9
-20.9
-21.0
-21.5
-21.6
-21.6
-23.3
-23.5
-23.5
-24.3
-69.1
-75.1
-65.9
-65.2
-23.0
-67.8
1.8
-43.2
-67.8
130.0
-32.5
-58.6
-65.1
-57.4
-6.1
-18.7
873.2
-13.9
-67.4
-45.3
-28.1
-76.5
-71.5
-59.1
154.5
-49.0
158.6
53.2
-41.9
-37.2
-26.0
-32.0
-30.0
131.1
-34.8
-16.7
-10.7
-71.6
-88.7
105.4
-10.3
12.9
38.9
195.0
-48.2
1.7
-60.7
42.5
-31.0
-58.1
low
Price
high
end
(zl)
(zl)
(zl)
19.25
2.68
3.40
6.40
7.45
11.00
15.35
4.65
1.80
19.60
4.45
14.65
182.00
14.95
10.40
12.50
24.70
15.20
2.85
24.00
2.45
27.00
1.80
2.10
31.50
4.90
11.00
33.30
12.70
8.90
28.00
17.00
11.85
46.60
15.60
28.50
26.70
2.22
1.70
300.00
8.75
31.10
13.50
12.00
1.65
19.30
10.10
4.90
6.70
6.05
28.00
4.15
5.65
9.85
11.05
18.00
28.40
6.95
3.90
35.00
7.25
21.20
350.00
23.80
27.30
21.00
44.10
21.00
5.65
32.00
4.20
41.10
2.50
3.04
49.30
7.20
28.50
75.00
26.10
23.00
57.00
39.70
17.90
91.00
29.80
42.00
43.50
3.59
6.85
462.00
15.20
64.90
26.00
19.20
3.59
39.00
17.00
10.50
17.30
9.70
22.30
3.24
4.30
8.30
7.70
12.40
22.50
5.00
1.92
30.90
5.60
17.25
235.00
16.20
10.90
15.80
29.10
17.00
3.65
24.60
2.50
27.00
1.94
2.11
34.00
5.15
15.00
44.00
14.10
9.25
32.00
22.10
12.75
54.50
19.50
30.10
28.50
2.44
3.00
340.00
9.00
39.50
15.70
12.00
1.95
23.70
11.10
5.65
9.90
7.00
Fact Book 2001
22
Equities
No
Company
Market
Rate of
return
(%)
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
ORBIS
BEST
05VICT
FAMOT
ENERGOPOL
06MAGNA
15HETMAN
BUDIMEX
BEDZIN
12PIAST
EKODROB
MILMET
KABLEHOLD
LUBAWA
PEKABEX
POLAR
STALEXP
ELZAB
HYDROBUD
CASPOL
TIM
BYTOM
OKOCIM
ROLIMPEX
KRAKCHEM
JUTRZENKA
ZYWIEC
VISTULA
FORTISPL
MORLINY
SOKOLOW
NAFTOBUDOWA
BIG
BAKOMA
MOSTALWAR
KPBP-BICK
POLNA
ANIMEX
INSTAL
DELIA
PROCHNIK
KZWM
KOMPAP
ORFE
TONSIL
TUP
ODLEWNIE
ENAP
MURAWSKI
KOPEX
Fact Book 2001
P
P
P
W
R
P
P
P
W
P
R
R
P
R
W
P
P
P
R
W
R
P
P
P
R
P
P
P
P
P
P
R
P
W
P
P
R
P
R
W
P
W
R
P
P
W
W
R
W
R
-30.6
-30.6
-31.4
-31.7
-32.1
-32.3
-32.6
-32.9
-33.2
-33.3
-33.8
-34.2
-34.6
-35.7
-35.9
-36.3
-36.3
-36.4
-36.5
-36.7
-37.1
-38.2
-40.1
-40.4
-40.5
-41.5
-43.8
-44.3
-44.6
-47.4
-47.7
-47.8
-48.8
-48.8
-49.0
-52.0
-52.7
-54.7
-54.8
-57.6
-57.6
-57.6
-58.6
-59.0
-59.2
-61.0
-63.0
-65.6
-66.5
-67.3
Rate of
Rate of
return
return
(%)
(%)
-24.9
-25.0
-25.8
-26.1
-26.5
-26.8
-27.1
-27.5
-27.7
-27.9
-28.4
-28.8
-29.3
-30.4
-30.7
-31.1
-31.1
-31.2
-31.3
-31.6
-32.0
-33.2
-35.2
-35.5
-35.7
-36.7
-39.2
-39.8
-40.1
43.1
-43.4
-43.6
-44.6
-44.6
-44.9
-48.1
-48.8
-51.0
-51.1
-54.1
-54.1
-54.2
-55.2
-55.7
-55.8
-57.9
-59.9
-62.8
-63.7
-64.7
63.0
-85.1
-71.8
-22.6
-16.0
-66.8
-73.3
102.1
-50.0
-84.7
-60.8
-83.1
145.5
-76.7
-50.5
14.3
-37.1
-78.0
-24.9
-46.0
-74.0
-93.2
312.1
-29.7
-66.5
-18.7
2263.6
-60.9
130.8
-43.8
5.9
-56.1
750.0
-46.7
5.7
7.3
-68.9
-20.8
-73.2
-50.0
-67.7
-57.6
-82.2
-64.4
-82.5
-69.7
-78.5
-75.0
-36.8
-74.0
low
Price
high
end
(zl)
(zl)
(zl)
21.70
9.40
2.26
3.60
7.20
3.51
3.05
15.15
10.30
1.80
1.73
3.00
4.00
1.85
3.95
13.50
16.45
15.00
16.90
1.55
2.00
3.11
11.55
2.76
3.06
13.30
195.00
7.55
18.60
8.50
1.91
4.40
4.44
23.00
9.00
7.15
12.90
2.62
1.21
1.19
1.64
2.18
5.05
15.00
1.41
0.82
1.15
6.20
0.86
12.45
43.50
16.90
3.80
6.65
14.20
5.20
5.20
40.40
22.50
3.02
2.95
5.50
9.65
3.89
8.80
25.20
25.80
37.50
36.80
3.40
14.15
8.55
23.80
6.25
6.15
34.40
455.00
13.90
37.50
17.60
4.32
12.00
22.00
52.50
23.00
17.80
30.30
7.80
3.57
3.78
4.70
6.00
13.50
40.00
4.42
2.35
3.59
20.80
4.36
43.00
25.90
9.85
2.40
4.10
9.30
3.52
3.20
19.25
14.70
1.84
1.88
3.29
4.97
2.02
5.35
16.00
17.70
15.90
21.00
1.55
2.65
4.51
12.10
3.40
3.45
18.75
208.00
8.35
20.10
9.00
2.14
6.00
6.70
24.00
10.45
8.15
14.20
3.17
1.48
1.40
1.76
2.50
5.05
16.40
1.49
0.90
1.30
6.30
1.14
13.20
23
Equities
No
Company
Market
Rate of
return
(%)
201
202
203
204
205
206
207
208
209
210
211
PAZUR
CENTROZAP
COMARCH
EBI
SOFTBANK
OCEAN
SKOTAN
MITEX
BORYSZEW
BETONSTAL
LETA
R
P
P
W
P
P
W
P
P
R
W
Rate of
Rate of
return
return
(%)
(%)
-68.2
-72.4
-76.0
-76.5
-76.6
-84.8
-86.8
-93.3
-94.6
-95.6
-98.7
-65.6
-70.1
-74.0
-74.6
-74.7
-83.5
-87.1
-92.8
-94.2
-95.2
-98.6
-30.1
-77.8
-17.2
-65.6
55.6
-37.3
-63.6
-25.3
-5.4
-96.8
-61.1
low
Price
high
end
(zl)
(zl)
(zl)
3.21
4.30
41.20
0.49
53.90
0.71
9.75
10.80
6.50
1.02
1.03
42.90
20.00
324.50
2.30
359.00
17.60
38.70
69.00
31.70
25.80
14.70
4.65
5.50
63.40
0.54
65.00
1.92
9.95
14.35
6.70
1.10
1.07
Market: P - main, R - parallel, W - free
Allotment certificates in 2000
No Company
1
2
3
4
Trading dates
STERPROJEKT
02.12.99
- 21.02.00
COMARCH
29.02.00
- 30.03.00
EFL
12.04.00
- 08.05.00
NETIA
15.06.00
- 10.07.00
Subscription rights in 2000
No
Company
Record
date
1
COMPENSA
25.02.00
28.02.00
- 01.03.00
2
3
IGROUP
22.05.00
23.05.00
- 02.06.00
CASPOL
09.03.00
10.03.00
- 06.06.00
4
5
BKOMUNALNY
31.07.00
01.08.00
- 07.08.00
ŻYWIEC
25.08.00
08.09.00
- 22.09.00
6
7
KRUSZWICA
06.09.00
07.09.00
- 26.09.00
NOMI
15.09.00
18.09.00
- 25.09.00
8
9
MUZA
15.10.00
TIM
24.10.00
25.10.00
- 07.11.00
BUDIMEX
16.11.00
17.11.00
- 22.11.00
10
Trading dates
not quoted
Fact Book 2001
24
Equities
Shares with highest monthly returns in 2000
No
Shares
Month
Return
(%)
No
Shares
1
IGROUP
2
LUKBUT
February
534.8
26
PERMEDIA
March
216.5
27
OCEAN
3
OPTIMUS
February
189.5
28
AMS
4
CHEMISKOR
5
HOWELL
July
170.0
29
IMPEXMET
February
139.9
30
BIELBAW
December
6
LETA
45.3
February
129.2
31
STERPRO
March
44.7
7
SZEPTEL
8
BETONSTAL
February
127.7
32
DROSED
March
44.4
October
93.2
33
TIM
9
PROKOM
February
77.4
34
COMARCH
February
77.2
35
01NFI
September
75.0
36
REMAK
Month
Return
(%)
February
50.0
October
48.0
February
47.9
January
47.5
Czerwiec
43.4
January
43.1
March
42.7
July
42.4
10
MUZA
11
10FOKSAL
12
TIM
May
74.6
37
AGORA
January
42.0
13
PAZUR
April
71.1
38
BEDZIN
December
41.3
14
AGORA
February
69.6
39
ENERGOPLD
July
41.0
15
7BULLS
April
67.1
40
KABLE
16
NOVITA
November
66.7
41
17
ATLANTIS
July
63.9
18
BORYSZEW
March
62.1
19
CLIF
August
61.5
20
COMARCH
February
61.3
21
SUWARY
February
22
STGROUP
23
SOFTBANK
24
OCEAN
25
BWR
March
40.3
SOFTBANK
January
39.9
42
ELEKTRIM
February
39.5
43
STERPRO
February
38.9
44
CSS
February
38.6
45
PEKPOL
60.8
46
POLFKUTNO
March
38.5
November
38.0
March
57.4
47
BUDIMEX
March
37.4
February
55.4
48
TUEUROPA
June
36.8
December
52.4
49
GANT
June
36.5
January
51.1
50
IBSYSTEM
February
36.5
Shares with highest monthly returns in 2000 by month
Month
Shares
Return
(%)
January
BWR
51.1
February
IGROUP
534.8
March
LUKBUT
216.5
April
PAZUR
71.1
May
TIM
74.6
June
July
August
September
October
TIM
43.4
CHEMISKOR
170.0
CLIF
61.5
10FOKSAL
75.0
BETONSTAL
93.2
November
NOVITA
66.7
December
OCEAN
52.4
Fact Book 2001
Equities
25
Shares by trading value in 2000
Order-book trades
No
Shares
Ticker
name
Turnover
value
Share in Turnover
turnover
ratio
(mil. zl)
(%)
(%)
Average
volume
Block trades
Average
Average
number of number of
per session transactions
orders
(shares)
Turnover Number of
value transactions
(mil. zl)
1
ELEKTRIM
ELE
16 684.2
16.10
196.2
631 803
822
1112
1 428.6
2
TPSA
TPS
9 858.7
9.51
14.1
689 486
923
1774
37 451.5
102
42
3
PKNORLEN
PKN
8 963.7
8.65
49.1
811 929
990
2904
564.2
152
4
OPTIMUS
OPT
8 902.8
8.59
526.1
96 477
662
823
453.0
57
5
PROKOM
PKM
6 251.2
6.03
119.6
59 884
423
544
362.4
77
6
KGHM
KGH
4 552.6
4.39
38.6
309 168
473
1558
133.0
33
7
PEKAO
PEO
4 093.9
3.95
27.2
147 010
355
1055
704.6
49
8
SOFTBANK
SFT
3 416.2
3.30
82.7
53 008
376
478
635.2
16
9
BRE
BRE
3 122.2
3.01
50.6
46 112
212
342
136.8
34
10
AGORA
AGO
2 827.8
2.73
79.4
52 242
296
481
414.8
20
11
COMPLAND
CPL
2 476.1
2.39
181.5
44 010
307
483
416.5
18
12
PBK
PBK
1 953.4
1.88
38.5
39 468
195
651
554.9
12
13
HANDLOWY
BHW
1 944.1
1.88
21.2
58 707
173
505
3 182.3
43
14
ORBIS
ORB
1 936.0
1.87
66.9
123 335
260
614
1 561.1
21
15
COMARCH
CMR
1 654.3
1.60
117.3
23 230
200
306
76.7
14
16
BSK
BSK
1 108.1
1.07
24.2
8 961
142
479
53.0
10
17
MOSTALEXP
MSX
1 091.3
1.05
259.2
453 923
255
492
2.5
1
18
KABLEHOLD
ELK
1 018.4
0.98
60.2
279 829
205
390
62.4
14
WBK
989.4
0.95
27.9
76 850
132
299
39.2
7
DBC
940.2
0.91
116.5
47 064
204
488
1.3
1
35
19
WBK
20
DEBICA
21
EXBUD
EXB
879.2
0.85
76.0
45 619
102
265
366.0
22
STOMIL
STO
703.3
0.68
51.8
56 407
104
261
60.3
12
23
STALEXP
STX
684.8
0.66
127.3
65 366
209
453
19.7
10
24
JELFA
JLF
673.0
0.65
123.0
33 443
156
309
40.5
10
25
SWIECIE
FSC
608.3
0.59
29.9
59 893
92
224
20.3
4
26
AMICA
AMC
605.7
0.58
258.6
30 148
132
238
72.5
8
27
BUDIMEX
BDX
578.5
0.56
49.5
37 046
81
205
1 159.0
77
28
BPH
BPH
550.0
0.53
11.4
5 362
77
224
11.8
6
29
NETIA
NET
548.8
0.53
13.6
30 725
182
328
24.2
3
30
ELBUDOWA
ELB
517.6
0.50
194.2
34 358
108
242
21.8
6
31
MOSTALZAB
MSZ
497.5
0.48
170.8
82 185
102
239
8.4
4
32
KREDYTB
KRB
480.5
0.46
14.9
55 974
76
224
491.0
9
33
BIG
BIG
462.9
0.45
5.4
92 034
108
243
6 789.3
53
34
JUPITER
JPR
396.3
0.38
68.7
140 537
207
390
63.9
19
35
POLIFARBC
PLC
368.3
0.36
55.8
101 255
113
303
0.0
----
36
KETY
KTY
366.9
0.35
35.5
14 208
53
142
29.5
5
37
SZEPTEL
SPT
343.8
0.33
55.6
21 647
65
116
434.7
66
38
APEXIM
APX
340.4
0.33
228.6
25 603
93
141
203.2
47
39
STGROUP
STG
305.9
0.30
190.4
35 101
142
253
58.2
6
40
EFL
EFL
303.9
0.29
25.7
6 937
39
113
80.8
19
41
STERPRO
STR
295.3
0.28
46.9
19 282
79
153
81.6
6
42
ZYWIEC
ZWC
294.8
0.28
6.8
1 749
50
159
59.0
10
43
JUTRZENKA
2
44
OKOCIM
45
JTZ
285.3
0.28
231.4
24 189
99
187
4.0
OKM
263.5
0.25
33.7
29 654
66
253
17.7
4
MOSTALWAR
MSW
250.8
0.24
75.6
30 249
82
185
0.0
----
46
WARTA
WAR
238.0
0.23
12.0
2 899
22
50
420.8
29
47
IRENA
IRE
230.9
0.22
252.7
63 051
61
167
23.7
10
48
PGF
PGF
229.6
0.22
44.0
13 259
50
154
63.1
18
49
08OCTAVA
08N
215.3
0.21
46.0
56 094
137
272
77.4
14
50
ROLIMPEX
RMX
202.9
0.20
103.7
82 768
97
214
89.1
3
Fact Book 2001
26
Equities
Order-book trades
No
Shares
51
PAZUR
52
AMS
Ticker
name
Turnover
value
Share in Turnover
turnover
ratio
Average
volume
Block trades
Average
Average
number of number of
orders
(mil. zl)
(%)
(%)
(shares)
Turnover Number of
value transactions
(mil. zl)
PZR
179.2
0.17
204.0
22 124
31
75
6.8
4
AMS
177.5
0.17
34.1
5 366
29
69
249.6
32
53
CERSANIT
CST
169.4
0.16
26.0
12 092
30
70
66.1
16
54
ECHO
ECH
167.2
0.16
20.4
2 817
24
74
99.5
21
55
FARMACOL
FCL
157.6
0.15
110.4
16 778
43
161
2.0
1
56
RAFAKO
RFK
157.2
0.15
62.0
43 131
46
141
12.0
4
57
KOGENERA
KGN
145.0
0.14
15.0
8 792
35
124
296.5
41
58
IMPEXMET
IPX
142.9
0.14
24.2
10 304
25
83
225.8
35
59
HOWELL
HWL
136.9
0.13
49.0
9 849
38
86
68.1
25
60
AGROS
AGR
134.5
0.13
28.6
7 866
32
85
173.8
8
61
LENTEX
LTX
131.0
0.13
41.0
9 839
27
98
9.8
5
62
SOKOLOW
SKW
130.9
0.13
34.3
89 979
76
207
119.8
13
63
GRAJEWO
GRJ
125.1
0.12
31.6
6 518
42
99
1.3
1
64
12PIAST
12N
118.9
0.11
87.6
106 669
189
423
16.5
3
65
FARMFOOD
FMD
118.4
0.11
96.5
23 197
73
104
3.1
2
66
POLFKUTNO
PFK
116.3
0.11
28.1
3 135
23
70
6.5
3
67
CSS
CSS
116.0
0.11
43.8
5 519
25
68
28.7
5
68
WILBO
WLB
110.2
0.11
216.4
82 236
56
171
4.4
2
69
PROSPER
PSP
106.1
0.10
102.9
14 195
38
144
10.9
4
70
10FOKSAL
10N
105.6
0.10
49.7
59 954
155
323
220.1
41
71
07NFI
26
72
MOSTALGD
73
09KWIAT
74
11 NFI
75
MIESZKO
07N
95.7
0.09
60.3
72 683
169
368
144.8
MSG
91.7
0.09
76.3
11 174
23
60
11.9
7
09N
90.2
0.09
27.9
33 583
134
286
105.5
23
11N
87.7
0.08
32.2
126 760
208
395
26.6
8
MSO
85.4
0.08
105.6
24 083
26
83
33.3
13
76
IGROUP
IGR
84.7
0.08
180.9
20 705
48
123
16.9
12
77
OCEAN
OCN
83.4
0.08
116.0
63 888
57
129
129.3
37
78
04PRO
04N
80.9
0.08
34.3
41 344
136
299
85.7
16
79
STALPROD
STP
80.8
0.08
81.4
12 590
26
117
39.6
19
80
MENNICA
MNC
78.8
0.08
32.3
6 955
28
124
10.0
3
81
14ZACH
14N
77.5
0.07
30.4
36 641
141
311
181.9
27
82
YAWAL
YWL
74.9
0.07
208.4
8 650
26
75
24.5
9
83
ATLANTIS
ATS
73.7
0.07
134.1
38 929
31
99
44.4
16
84
OLAWA
OLW
72.7
0.07
109.8
10 870
15
60
71.0
37
85
SANOK
SNK
70.0
0.07
20.1
3 941
11
39
0.0
----
86
FERRUM
FER
69.8
0.07
26.2
7 671
15
55
364.0
97
87
01NFI
01N
69.6
0.07
30.8
37 106
147
294
98.0
17
88
KPBP-BICK
KPB
69.1
0.07
128.8
10 254
46
119
0.0
----
89
13FORTUNA
13N
65.5
0.06
33.5
40 389
137
309
40.6
8
90
BORYSZEW
BRS
63.9
0.06
32.0
12 795
23
78
92.8
30
91
MPECWRO
MPW
62.6
0.06
23.3
13 439
29
86
124.8
12
92
PIASECKI
PSK
60.2
0.06
50.4
12 812
20
72
0.0
----
93
02NFI
02N
59.8
0.06
35.6
42 833
151
346
95.0
34
94
SWARZEDZ
SWZ
59.4
0.06
82.1
31 221
31
129
25.6
8
95
MACROSOFT
MCF
59.1
0.06
25.9
2 730
31
73
14.3
4
96
RELPOL
RLP
59.0
0.06
62.2
2 740
20
54
50.8
12
97
ELZAB
ELZ
57.6
0.06
97.9
4 355
32
89
5.3
2
98
ENERGOPN
EPN
54.4
0.05
42.7
6 346
12
38
201.4
84
99
ENERGOPLD
EPD
50.4
0.05
79.7
3 508
14
45
5.7
3
TIM
TIM
49.1
0.05
79.9
15 388
47
101
0.0
----
100
Fact Book 2001
Equities
27
Order-book trades
No
Shares
Ticker
name
Turnover
value
Share in Turnover
turnover
ratio
Average
volume
Block trades
Average
Average
number of number of
orders
Turnover Number of
value transactions
(mil. zl)
(%)
(%)
(shares)
(mil. zl)
POL
47.2
0.05
288.9
921 254
242
380
0.0
----
MSK
45.6
0.04
22.6
10 186
13
47
58.3
11
101
POLISA
102
MOSTALKRK
103
15HETMAN
15N
44.2
0.04
18.3
21 992
138
324
121.5
9
104
CHEMISKOR
HSR
44.0
0.04
239.6
32 963
38
127
0.0
---2
105
LDASA
LDS
43.6
0.04
182.2
16 159
24
84
2.3
106
05VICT
05N
43.3
0.04
25.6
30 894
143
328
10.2
2
107
MUZA
MZA
42.8
0.04
57.2
5 355
23
52
7.8
5
108
PAGED
PGD
42.5
0.04
43.2
14 783
19
82
44.8
20
109
NOVITA
NVT
41.1
0.04
55.3
8 591
18
60
31.6
6
110
ZEW
ZEW
40.5
0.04
24.6
2 206
17
67
28.3
4
111
POLLENAE
PLE
39.8
0.04
49.6
4 759
14
68
2.8
2
112
MITEX
MTX
39.2
0.04
3.2
2 491
14
40
56.5
14
113
EBI
EBI
38.6
0.04
312.7
50 035
33
111
0.0
----
114
BK
BKG
38.6
0.04
23.9
5 199
16
74
0.0
----
115
APATOR
APT
38.0
0.04
98.6
6 914
17
66
45.1
30
116
BETONSTAL
BTS
38.0
0.04
177.3
10 850
24
83
24.1
19
117
FORTE
FTE
37.4
0.04
17.6
12 170
18
65
0.0
----
118
WOLCZANKA
WLC
37.3
0.04
60.0
4 478
15
75
15.6
6
119
06MAGNA
06N
36.3
0.03
13.4
16 190
126
291
63.7
17
120
KABLE
KBL
35.5
0.03
85.4
3 416
22
78
0.0
----
121
LGPETRO
LGP
34.4
0.03
12.6
5 423
15
60
9.5
3
122
STRZELEC
STC
32.2
0.03
49.5
23 746
19
119
24.8
13
123
MOSTALPLC
MSP
31.5
0.03
58.6
3 998
13
67
0.0
----
124
PPWK
PWK
31.3
0.03
45.1
4 226
8
29
40.8
17
125
BWR
BWR
31.3
0.03
3.2
20 318
20
129
0.0
----
126
7BULLS
7BC
30.2
0.03
5.1
2 237
10
25
92.3
14
127
POLAR
PLR
29.7
0.03
4.4
2 491
15
61
0.0
----
128
STALPROFI
STF
28.8
0.03
87.3
6 931
23
77
8.0
3
129
ELEKTROEX
ELX
28.8
0.03
51.1
17 836
23
74
0.0
----
130
KROSNO
KRS
28.4
0.03
12.4
1 649
16
75
156.5
17
131
BIELBAW
BLB
26.3
0.03
75.4
4 374
13
55
0.4
1
132
HYDROTOR
HDR
25.9
0.02
144.0
9 772
19
70
4.4
6
133
VISCO
VSC
25.7
0.02
30.5
2 388
7
45
1.4
1
134
ROPCZYCE
135
KRUSZWICA
136
CENTROZAP
CZP
23.9
0.02
137
GROCLIN
GCN
23.9
0.02
138
SUWARY
SUW
23.9
0.02
139
PROCHEM
PRM
23.9
0.02
140
KOMPAP
KMP
23.6
141
POLIGR
PLG
142
LETA
LTA
143
INSTALKRK
144
ORFE
145
146
147
ESPEBEPE
ESP
20.0
0.02
148
BROK
BRK
19.9
0.02
149
ZREW
ZRW
19.2
0.02
150
PEPEES
PPS
18.8
0.02
RPC
25.3
0.02
25.2
4 636
14
60
0.0
----
KSW
25.2
0.02
44.5
6 460
21
106
0.0
----
39.1
4 256
14
66
6.1
5
25.7
1 915
7
23
3.7
2
88.2
2 850
12
35
2.5
5
47.4
7 453
16
83
17.0
6
0.02
70.6
4 630
17
72
0.0
----
21.8
0.02
19.4
2 804
8
25
10.4
3
21.6
0.02
79.2
13 956
22
64
11.8
13
INK
21.6
0.02
28.0
5 022
6
20
7.5
4
ORF
21.6
0.02
5.5
1 727
13
62
0.0
----
IBSYSTEM
IBS
21.3
0.02
112.6
2 617
17
51
6.2
5
VISTULA
VST
20.8
0.02
19.6
3 820
16
77
46.7
18
65.7
5 589
12
42
7.7
19
14.2
1 300
8
35
27.8
6
41.9
1 456
9
47
1.3
1
23.6
1 104
9
42
30.4
12
Fact Book 2001
28
Equities
Order-book trades
No
Shares
Ticker
name
Turnover
value
(mil. zl)
Share in Turnover
turnover
ratio
Average
volume
Block trades
Average
Average
number of number of
orders
(%)
(%)
(shares)
Turnover Number of
value transactions
(mil. zl)
151
PROCHNIK
PRC
18.8
0.02
30.9
12 365
22
92
0.0
----
152
BOS
BOS
18.6
0.02
0.9
493
7
31
1 036.0
25
153
DROSED
DSD
18.6
0.02
10.0
736
7
32
13.8
5
154
PROJPRZEM
PJP
18.4
0.02
45.0
6 763
17
77
6.0
1
155
MOSTALSDL
MSS
18.4
0.02
9.0
2 673
9
56
35.9
7
156
REMAK
RMK
18.3
0.02
83.0
9 957
16
69
0.0
----
157
UNIMIL
UML
18.0
0.02
58.4
1 801
9
47
21.9
5
158
KRAKCHEM
KKM
18.0
0.02
76.0
7 961
14
67
6.2
7
159
PERMEDIA
PMD
17.9
0.02
40.9
3 081
9
28
4.4
5
160
SKOTAN
SKT
16.3
0.02
11.3
975
7
28
51.4
26
161
BAUMA
BMA
15.9
0.02
17.7
2 279
6
24
0.0
----
162
BEST
BST
15.1
0.01
31.9
2 271
12
49
0.0
----
163
HYDROGD
HGD
15.0
0.01
15.5
1 363
5
33
8.2
3
164
PUE
PUE
14.3
0.01
81.0
3 295
8
27
5.8
2
165
ODLEWNIE
ODL
14.2
0.01
74.2
11 663
13
61
1.0
2
166
CLIF
CLF
13.5
0.01
30.4
1 628
9
28
0.0
----
167
INSTAL
168
SANWIL
169
INS
13.5
0.01
41.3
10 022
14
65
0.0
----
SNW
13.4
0.01
46.0
6 152
13
44
0.0
----
EFEKT
EFK
12.3
0.01
31.2
1 218
8
33
0.0
----
170
BELCHATOW
BHT
12.0
0.01
11.6
1 236
6
39
38.6
9
171
AMPLI
APL
11.7
0.01
150.9
14 054
13
54
0.0
----
172
WAWEL
173
TONSIL
WWL
11.6
0.01
23.8
1 233
9
61
13.4
4
TNL
10.7
0.01
47.5
6 390
17
78
0.0
----
174
MASTERS
MST
10.3
175
OBORNIKI
OBR
10.1
0.01
71.1
10 764
12
64
1.4
2
0.01
31.9
4 401
9
43
8.9
6
176
LUKBUT
LKB
10.0
0.01
126.2
3 152
10
31
2.0
6
177
GPRD
GPR
10.0
0.01
11.2
2 556
9
59
0.0
----
178
WAFAPOMP
WFP
9.9
0.01
33.7
3 297
7
38
21.2
11
179
GARBARNIA
GRB
9.8
0.01
39.9
3 594
6
22
30.9
37
180
MANOMETRY
MNM
9.7
0.01
42.1
2 723
10
40
21.4
10
181
HUTMEN
HTM
9.7
0.01
12.4
1 414
10
60
18.1
3
182
PONARFEH
PNF
9.1
0.01
38.2
1 323
6
21
6.5
14
183
PEMUG
PMG
8.9
0.01
19.6
1 865
7
35
2.9
3
184
ELMONTWAR
ELW
8.9
0.01
36.8
6 999
11
59
0.0
----
185
PEKPOL
186
MURAWSKI
187
188
PKL
8.8
0.01
20.6
1 038
5
24
0.0
----
MRW
8.6
0.01
58.4
6 713
6
22
8.2
11
KOPEX
KPX
8.6
0.01
10.5
788
10
48
0.0
----
TALEX
TLX
8.4
0.01
12.5
5 182
28
90
0.0
----
189
BUDOPOL
BDL
8.4
0.01
33.1
5 962
6
32
0.0
----
190
CENSTALGD
CSG
8.3
0.01
32.1
8 123
11
65
2.1
2
191
TUEUROPA
ERP
8.0
0.01
13.6
1 426
7
35
5.1
3
192
ENAP
ENP
7.5
0.01
11.9
1 046
7
38
0.0
----
193
ANIMEX
ANX
7.4
0.01
3.0
2 714
11
81
12.0
2
194
AMERBANK
AMB
7.2
0.01
1.9
523
7
60
0.0
----
195
WISTIL
WST
7.1
0.01
15.0
599
6
30
16.4
8
196
BEEFSAN
BEF
6.9
0.01
50.7
5 658
11
57
0.0
----
197
UNIBUD
UND
6.6
0.01
6.5
7 025
10
43
0.0
----
198
NOMI
NMI
6.5
0.01
3.6
1 541
6
40
0.0
----
199
POZMEAT
PZM
6.4
0.01
7.1
469
6
24
8.5
2
200
LUBAWA
LBW
6.3
0.01
36.6
4 094
8
41
3.8
11
Fact Book 2001
29
Equities
Order-book trades
No
Shares
Ticker
name
Turnover
value
(mil. zl)
Share in Turnover
turnover
ratio
(%)
Average
volume
Block trades
Average
Average
number of number of
orders
(%)
(shares)
Turnover Number of
value transactions
(mil. zl)
201
HYDROBUD
HBD
6.2
0.01
8.8
423
5
28
48.3
11
202
BEDZIN
BDZ
5.4
0.01
6.5
710
6
33
70.0
3
203
MILMET
MLM
5.4
0.01
18.9
2 393
8
48
19.4
8
204
PEKABEX
PBX
5.2
0.00
17.3
1 472
6
25
0.0
----
205
LTL
LTL
4.7
0.00
5.2
761
5
27
5.6
1
206
NAFTA
NFT
4.7
0.00
10.4
975
6
53
5.1
2
207
BYTOM
BTM
4.7
0.00
46.8
1 403
7
32
0.0
----
208
BCZ
BCZ
4.5
0.00
9.8
399
3
18
44.5
23
209
DELIA
DLA
4.5
0.00
9.0
4 152
7
35
0.0
----
210
EKODROB
EKD
4.3
0.00
13.7
3 285
5
37
0.0
----
211
INDYKPOL
IND
4.2
0.00
6.3
315
5
28
35.6
4
212
POLIFARBD
PLD
3.9
0.00
1.8
193
4
22
0.0
----
213
COMPENSA
CSA
3.7
0.00
2.0
326
5
31
43.9
2
214
FORTIS
FTS
3.7
0.00
0.7
225
4
34
0.0
----
215
KZWM
KZW
3.6
0.00
27.7
1 664
6
31
0.2
1
216
POLNORD
PND
3.6
0.00
6.5
439
4
20
12.3
6
217
MORLINY
MRL
3.3
0.00
1.9
441
4
31
0.0
----
218
LZPS
LZP
3.0
0.00
19.1
1 269
5
22
10.8
16
219
TUP
TUP
2.9
0.00
45.7
3 660
6
30
0.0
----
220
JAROSŁAW
JRS
2.9
0.00
3.6
1 044
7
48
0.0
----
221
CASPOL
CSP
2.8
0.00
17.3
2 029
4
18
3.1
1
222
ENERGOPOL
EPL
2.8
0.00
6.8
464
4
24
0.0
----
223
GANT
GNT
2.5
0.00
14.7
1 304
4
23
0.0
----
224
ZASADA
ZAS
2.5
0.00
3.9
5 705
14
88
0.0
----
225
WKSM
WKS
2.3
0.00
2.4
86
3
18
0.0
----
226
POLNA
PLA
2.2
0.00
6.4
209
3
22
0.0
----
227
BAKOMA
BKM
2.2
0.00
0.5
100
4
21
0.0
----
228
ZEG
----
229
FAMOT
230
IZOLACJA
ZEG
2.1
0.00
12.3
558
4
22
0.0
FMT
1.9
0.00
3.0
665
3
17
0.0
----
IZL
1.7
0.00
0.2
9
2
14
0.0
----
231
WANDALEX
WDX
1.3
0.00
6.3
9 966
11
48
7.3
2
232
KRAKBROK
KBS
1.2
0.00
7.0
1 553
5
21
0.0
----
233
FASING
FSG
1.0
0.00
3.9
1 681
5
37
0.0
----
234
SIMPLE
SME
0.9
0.00
2.5
405
7
28
0.0
----
Change of quotation market
No
Company
Quotation market
before change
Quotation date
after change
last
first
before change after change
1
STERPROJEKT
2
COMARCH
free
main
09.03.00
10.03.00
parallel
main
06.04.00
07.04.00
3
4
PAŻUR
free
parallel
27.06.00
28.06.00
MITEX
parallel
main
25.08.00
28.08.00
Fact Book 2001
30
Equities
Shares with highest daily turnover in 2000
No
No
Shares
Date
(mil. zl)
(shares)
9 482 173
51
ELEKTRIM
6.06
126.2
1 156 721
320.6
3 198 296
52
TPSA
20.12
125.5
2 220 493
296.1
1 944 363
53
TPSA
24.11
124.2
2 487 543
13.12
262.7
2 841 961
54
TPSA
29.02
122.1
1 584 019
TPSA
13.12
256.1
4 907 468
55
ELEKTRIM
4.02
118.9
1 187 709
6
ELEKTRIM
23.02
236.1
1 710 139
56
ELEKTRIM
31.03
118.8
974 047
7
ELEKTRIM
9.02
223.6
1 907 763
57
ELEKTRIM
8.06
118.2
1 095 046
8
TPSA
14.12
219.7
3 988 212
58
ELEKTRIM
6.12
118.2
1 351 448
9
OPTIMUS
25.02
215.3
373 006
59
ELEKTRIM
12.07
117.7
1 253 197
10
ELEKTRIM
18.02
205.1
1 590 382
60
ELEKTRIM
14.07
117.1
1 127 488
11
OPTIMUS
10.03
202.4
279 851
61
ELEKTRIM
15.02
116.4
1 013 342
12
TPSA
19.12
201.7
3 494 600
62
ELEKTRIM
20.07
116.2
1 124 431
13
ELEKTRIM
16.03
195.3
1 383 213
63
ELEKTRIM
21.07
116.0
1 095 151
14
OPTIMUS
2.03
192.3
276 690
64
ELEKTRIM
16.05
115.8
1 063 820
15
OPTIMUS
24.02
185.9
326 505
65
PROKOM
13.03
114.5
197 381
16
ELEKTRIM
17.07
178.2
1 670 827
66
TPSA
18.12
114.2
2 068 908
17
ELEKTRIM
15.03
174.2
1 273 002
67
OPTIMUS
3.03
112.7
172 418
18
ELEKTRIM
10.03
168.2
1 244 437
68
PKNORLEN
11.02
112.1
2 368 369
19
PKNORLEN
10.01
168.1
3 034 484
69
KGHM
24.02
111.0
1 698 866
20
ELEKTRIM
24.03
167.0
1 187 695
70
ELEKTRIM
7.04
110.4
847 914
21
ELEKTRIM
2.06
165.4
1 408 202
71
ELEKTRIM
1.03
110.2
877 199
22
TPSA
6.12
161.3
3 209 700
72
KGHM
14.01
110.1
1 801 483
23
TPSA
27.11
160.2
3 106 839
73
TPSA
9.02
108.8
1 520 825
24
TPSA
15.12
160.1
2 882 381
74
PKNORLEN
9.02
107.2
2 136 237
25
OPTIMUS
1.03
159.6
243 310
75
ELEKTRIM
31.05
107.0
934 644
26
ELEKTRIM
17.02
159.5
1 298 625
76
ELEKTRIM
21.03
106.9
734 149
27
OPTIMUS
28.02
158.5
303 258
77
TPSA
21.12
106.8
1 896 147
28
PKNORLEN
7.01
154.5
2 879 179
78
ELEKTRIM
11.04
106.6
833 649
29
PKNORLEN
14.01
151.7
2 766 845
79
PKNORLEN
14.03
106.3
2 350 186
30
ELEKTRIM
16.06
151.1
1 410 926
80
OPTIMUS
6.03
106.1
157 414
31
ELEKTRIM
14.03
151.0
1 096 084
81
ELEKTRIM
23.03
105.6
731 619
32
ELEKTRIM
8.02
150.6
1 404 255
82
ELEKTRIM
11.01
105.3
1 170 169
33
ELEKTRIM
19.12
149.3
1 471 183
83
ELEKTRIM
9.06
105.2
1 017 541
34
ELEKTRIM
24.02
149.1
1 082 488
84
ELEKTRIM
14.02
105.0
947 679
35
ELEKTRIM
5.06
145.7
1 255 227
85
PROKOM
1.03
104.6
181 348
36
OPTIMUS
13.03
145.5
218 566
86
PEKAO
6.11
104.3
980 456
37
OPTIMUS
12.05
142.7
368 326
87
OPTIMUS
11.02
104.0
266 556
38
PEKAO
7.11
141.2
1 263 974
88
OPTIMUS
27.06
103.2
244 990
39
TPSA
9.11
140.2
2 787 740
89
PKNORLEN
18.02
103.2
2 095 964
Shares
Date
Turnover
value
Turnover
volume
(mil. zl)
(shares)
1
TPSA
8.11
494.2
2
PEKAO
3.11
3
ELEKTRIM
17.03
4
ELEKTRIM
5
Turnover
value
Turnover
volume
40
ELEKTRIM
13.04
139.2
1 025 391
90
TPSA
28.11
102.6
2 064 781
41
OPTIMUS
29.02
139.1
233 867
91
KGHM
25.02
102.5
1 481 664
42
ELEKTRIM
1.06
138.6
1 198 575
92
PROKOM
10.02
102.5
228 292
43
PEKAO
21.06
135.2
1 332 021
93
ELEKTRIM
25.02
102.5
765 184
44
PROKOM
24.02
133.6
210 135
94
OPTIMUS
9.02
102.5
266 200
45
OPTIMUS
9.03
131.0
200 141
95
ELEKTRIM
2.03
101.9
778 700
46
OPTIMUS
15.05
129.8
303 447
96
ELEKTRIM
21.02
101.0
793 237
47
TPSA
10.11
129.7
2 716 134
97
PROKOM
8.02
100.9
230 005
48
TPSA
30.11
129.0
2 607 733
98
TPSA
12.12
100.7
2 005 519
49
ELEKTRIM
22.02
126.7
953 350
99
OPTIMUS
1.06
100.4
255 727
50
ELEKTRIM
13.03
126.4
967 815
100
PKNORLEN
7.07
100.0
2 434 910
Fact Book 2001
31
Equities
Dividends paid by listed companies in 2000
No
Company
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
ELBUDOWA
CLIF
MOSTALZAB
PGF
IMPEXMET
PEMUG
SANOK
POLIFARBC
SUWARY
KOGENERA
INSTALKRK
HANDLOWY
YAWAL
JELFA
ŻYWIEC
STOMIL
BK
KOPEX
HYDROBUD
PROKOM
PBK
ZREW
SOFTBANK
TPSA
LETA
BSK
BOŚ
MOSTALEXP
STALPROD
ROPCZYCE
BAUMA
STALPROFI
BRE
KPBP-BICK
KROSNO
RAFAKO
ENERGOPOL
ENERGOPŁD
BAKOMA
HYDROTOR
POLNORD
DĘBICA
INSTAL
WARTA
KREDYT B
LZPS
WÓLCZANKA
MACROSOFT
ELMONTWAR
SKOTAN
General
meeting
date
Record
date
Dividend
per share
(zl)
28.06
14.06
30.06
31.07
30.06
03.06
28.06
28.06
21.06
28.06
03.06
30.06
30.06
28.06
30.06
28.06
29.06
29.06
20.06
30.06
26.06
21.06
20.06
27.06
09.06
09.06
19.05
26.06
30.06
16.06
15.06
28.03
24.05
12.05
02.06
15.05
27.04
07.06
30.05
27.05
26.05
31.05
12.05
26.05
29.05
10.05
11.05
25.05
20.05
26.04
14.09
01.09
30.08
16.08
14.08
31.07
31.07
31.07
31.07
28.07
28.07
26.07
25.07
21.07
21.07
21.07
17.07
17.07
17.07
17.07
17.07
14.07
14.07
14.07
14.07
14.07
13.07
12.07
11.07
10.07
03.07
30.06
30.06
30.06
30.06
28.06
28.06
26.06
26.06
21.06
20.06
20.06
20.06
19.06
16.06
15.06
15.06
15.06
14.06
09.06
2.50
0.27
0.25
0.70
0.11
0.66
2.95
0.30
0.75
0.10
0.25
2.00
0.35
1.50
2.50
0.60
0.50
1.00
0.70
1.50
2.80
2.14
0.50
0.05
0.18
4.35
1.50
0.10
0.20
0.86
1.00
0.50
8.00
0.20
0.60
0.35
0.70
1.00
1.00
0.25
0.30
2.30
0.10
5.83
0.40
0.20
1.00
0.40
0.05
3.50
Fact Book 2001
32
Equities
Dividends paid by listed companies in 2000
No
Company
51
52
53
54
55
56
57
58
59
60
61
62
WBK
JUTRZENKA
POLLENAE
VISCO
LENTEX
TIM
PKN
PROCHEM
PROJPRZEM
ŚWIECIE
PERMEDIA
BIG
General
meeting
date
Record
date
Dividend
per share
(zl)
05.04
20.05
16.05
20.04
12.05
13.05
15.05
29.04
28.04
05.04
14.04
28.01
08.06
08.06
06.06
01.06
01.06
31.05
31.05
22.05
19.05
18.05
05.05
10.03
0.55
0.96
0.55
0.75
0.50
0.75
0.05
0.15
0.28
1.00
0.75
0.08
Sectoral market indicators in 2000
Macrosector / Sector
Number
of companies
Market
capitalisation
Share
in 2000
(mil. zl)
(%)
turnover
(%)
P/BV
P/E
Dividend
yield
(%)
INDUSTRY
139
29 943
23.4
28.3
1.11
14.4
0.9
FOOD
21
3 501
2.7
1.8
0.83
x
0.9
LIGHT INDUSTRY
17
374
0.3
0.4
0.61
x
1.2
WOOD & PAPER
7
1 531
1.2
0.9
1.08
-5.8
3.4
16
11 785
9.2
11.9
1.31
10.9
1.0
0.7
CHEMICALS
BUILDING MATERIALS
9
1 342
1.0
0.7
1.70
24.2
CONSTRUCTION
35
3 074
2.4
4.6
1.12
23.7
1.0
ELECTROENGINEERING
20
1 607
1.3
2.1
0.82
20.3
0.7
METALS
13
6 585
5.1
5.9
1.09
11.1
0.1
1
144
0.1
0.0
2.17
14.8
0.0
OTHER
FINANCE
25
37 304
29.1
15.2
1.64
15.0
1.8
16
35 007
27.3
14.5
1.62
14.0
1.8
INSURANCE
3
1 369
1.1
0.3
3.65
x
2.6
OTHER
6
928
0.7
0.3
1.35
9.5
0.1
47
60 830
47.5
56.6
2.83
12.1
0.2
WHOLESALE & RETAIL
18
1 867
1.5
1.1
1.82
25.2
0.9
IT
0.5
BANKING
SERVICES
13
5 990
4.7
23.4
4.47
50.5
TELECOM
4
45 665
35.7
26.9
2.82
-9.9
0.2
MEDIA
4
5 105
4.0
3.0
5.08
49.1
0.0
OTHER
TOTAL
Fact Book 2001
8
2 203
1.7
2.2
1.13
19.8
0.0
211
128 077
100
100
1.80
13.4
0.8
33
Equities
Invitations to sell shares in 2000
No
Company
Invitation announced by
Date of
announcement
Price
(zl)
1
PAGED
YAWAL SYSTEM
06.01
Price on
Price
announcement at year-end
date (zl)
(zl)
5.25
5.15
5.20
2
POLIGR
Baring CEF Investments IV Limited
10.01
13.00
*12.10
20.60
3
ZPW Grajewo
Pfleiderer Holzwerkstoffe GmbH
16.02
35.00
50.00
45.50
4
SOFTBANK
Aleksander Lesz
03.03
77.50
142.50
65.00
5
FERRUM
Izostal
06.03
13.25
15.50
16.95
6
PEKPOL
Romuald Dzienio
13.03
18.00
*16.50
18.00
7
SANOK
Stomil Sanok
15.03
40.00
35.00
33.00
8
DROSED
L.D.C. S.A.
04.04
60.00
54.50
39.50
EXBUD
Skanska Europe AB
05.04
45.00
40.40
29.10
10
9
BELCHATOW
Semperit Aktiengesellschaft Holding
12.04
21.00
*19.80
17.00
11
BWR
Deutsche Bank Polska S.A.
26.04
2.85
*2.65
1.92
12
DROSED
L.D.C. S.A.
26.04
60.00
54.40
39.50
13
HANDLOWY
Citibank Overseas Investment
15.05
70.00
63.80
61.50
14
EXBUD
Skanska Europe AB
18.05
40.00
37.60
29.10
15
BROK
Holsten - Brauerei AG
30.05
42.00
38.50
-----
16
UNIMIL
Condomi
05.06
21.00
21.00
16.20
17
BELCHATOW
Semperit Aktiengesellschaft Holding
05.06
19.02
19.50
17.00
18
HANDLOWY
Citibank Overseas Investment
12.06
70.00
65.80
61.50
19
POLAR
Brandt
26.06
25.40
*23.90
16.00
20
BK
Nordbanken AB
20.09
17.50
14.00
17.00
21
ZEW
SGL Carbon AG
26.09
41.00
39.50
30.10
22
FASING
Karbon 2
13.09
3.71
**4.40
2.99
23
IZOLACJA
Icopal A/S
06.10
370.00
306.50
340.00
24
ZEW
SGL Carbon AG
17.10
41.00
38.80
30.10
25
POLFKUTNO
Polfa Kutno
21.11
65.00
61.00
54.50
26
BIELBAW
Fabryka Firanek i Koronek HAFT S.A.
20.12
14.00
13.00
13.80
27
COMPENSA
Hamburg - Mannheimer
21.12
20.00
19.50
19.50
* Price from last day preceding announcement
** Company previously quoted on CeTO
Fact Book 2001
34
Equities
Equity—basic figures
2000
1999
1998
1997
1996
WIG20 index at end of year
1 816.2
1 755.8
1 221.0
1 457.8
1 441.8
MIDWIG index at end of year
1 004.7
1 098.7
777.0
1 000.0
---
17 847.6
18 083.6
12 795.6
14 668.0
14 342.8
1 456.9
1 000.0
---
---
---
59.8
60.6
65.6
122.6
---
Indices
WIG index at end of year
TechWIG index at end of year
NIF index at end of year
WIRR index at end of year
2 748.6
2 085.9
1 674.5
3 284.5
2 661.7
Return on WIG20 (%)
1.5
43.8
-16.2
1.1
82.1
Return on MIDWIG (%)
-9.9
41.4
-22.3
---
---
Return on WIG (%)
-1.3
41.3
-12.8
2.3
89.1
Return on TechWIG (%)
45.7
---
---
---
---
Return on NIF (%)
-2.1
-7.6
-46.5
---
---
Return on WIRR (%)
31.8
24.6
-49.0
23.4
164.2
225
221
198
143
83
Companies
Number of listed companies at end of year
Capitalisation at end of year (mil. zl)
129 879
123 411
72 442
43 766
24 000
Average P/E ratio
28.5
36.2
16.3
13.2
14.8
Average P/BV ratio
1.98
1.91
1.43
1.33
2.07
0.8
0.6
0.9
1.3
1.2
169 096
88 974
62 338
52 342
29 895
Dividend yield at year-end (%)
Total turnover value (mil. zl)
Average turnover value per session (mil. zl)
676.4
357.3
249.4
210.2
119.6
Number of transactions per session
14 919
17 417
14 365
14 048
9 056
Average value of transaction (zl)
22 668
20 516
17 365
14 964
13 204
Turnover ratio for companies (%)
42.9
46.1
58.2
69.4
77.2
Number of sessions
250
249
250
249
250
1 236
1 158
1 262
1 181
894
Number of investment accounts at year-end ('000)
Continuous trading
102
99
82
46
21
6 157
4 085
1 626
518
31
58 329
28 667
8 766
3 583
251
Single-price system
123
221
198
143
83
8 777
7 827
11 299
13 528
9 025
45 329
42 164
44 521
44 073
28 068
2 681
2 030
1 308
509
143
Block trades
Number of transactions (single counted)
Fact Book 2001
12.20
4.47
3.46
4.60
5.51
65 438
18 143
9 051
4 686
1 575
35
B onds
Treasury bonds have been listed on the Exchange since 1992. At the end
of 2000, there were 47 issues of Treasury bonds and one issue of corporate bonds
in trading. All bonds are quoted in the continuous trading system, with one bond
as the transaction unit. As far as the interest calculation method is concerned,
bonds listed on the Exchange may be divided into three groups: floating interestrate, fixed interest-rate and zero-coupon bonds. Two-, three-, five- and ten-year
bonds are listed.
Floating interest-rate bonds
Three- and ten-year floating interest-rate bonds are quoted on the Exchange.
For owners of three-year bonds, interest is paid out quarterly. It is calculated based
on the average yield of 13-week Treasury bills (average yield x 1.04 or 1.03, depending on the issue date).
Interest on ten-year bonds is paid out once a year. It is calculated based on the
average yield on 52-week Treasury bills (+1%). The nominal value of three-year
bonds is 100 zloty; and for ten-year bonds, 1,000 zloty.
Fixed interest-rate bonds
Fixed interest-rate bonds debuted on the Exchange in May 1994. In 2000, there
were three types of these bonds listed: two-, five- and ten-year. Interest on these
bonds, depending on the maturity date, ranges from 8.5% to 14% annually, and is
paid out once a year. The nominal value of one bond is 1,000 zloty.
Zero-coupon bonds
In the case of these bonds, the holder is not entitled to any payment prior to
the maturity date. Then, the holder receives an amount equal to the bond's nominal value. Interest on these bonds comes in the form of a sale discount. In the year
2000, there were 4 such issues listed on the Exchange.
Corporate bonds
In April 2000, corporate bonds were listed on the Exchange for the first time.
Three-year bonds with floating interest rate were issued by Clif—a company listed
on the WSE free market.
Fact Book 2001
36
Bonds
Floating-interest bonds in 2000
No
1
Bonds
Interest
rate
high
Price
low
end
Turnover
value
(%)
(%)
(%)
(%)
(mil. zl)
99.70
98.80
99.70
7.29
1 049
5
0
One-year bonds
IR0300
Average
volume
Average
number of
transactions
Block
trade
value
(mil. zl)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Three-year bonds
TP0802
1.04*b
TP1102
1.04*b
TZ0200
1.05*b
TZ0201
1.05*b
TZ0202
1.05*b
TZ0203
1.04*b
TZ0500
1.05*b
TZ0501
1.05*b
TZ0502
1.05*b
TZ0503
1.04*b
TZ0800
1.05*b
TZ0801
1.05*b
TZ0802
1.04*b
TZ0803
1.00*b
TZ1100
1.05*b
TZ1101
1.05*b
TZ1102
1.05*b
TZ1103
1.04*b
99.60
100.50
99.90
100.20
100.80
101.20
100.10
100.30
101.00
101.00
100.00
100.50
100.75
100.80
100.00
100.80
105.00
109.30
98.30
98.00
99.50
98.70
98.60
98.30
99.50
98.60
98.50
98.50
99.20
98.60
98.40
98.60
98.90
98.50
97.00
99.00
99.40
99.50
99.90
99.90
100.09
100.00
99.70
99.81
100.25
100.20
100.00
99.90
100.05
100.00
99.80
99.80
100.00
100.05
29.52
99.68
3.41
385.63
451.22
68.72
27.60
511.33
388.76
39.50
51.29
428.50
155.56
16.95
196.00
331.32
83.80
9.95
850
2 036
1 040
7 640
8 948
1 581
1 744
10 153
7 597
1 254
1 817
8 510
3 085
908
4 801
6 570
1 658
1 480
1
3
4
45
59
26
9
55
53
20
12
44
38
17
30
48
29
17
0
0
0
1.12
0
0
0
20.96
2.00
0
0
1.09
0
0
1.00
4.29
0
0
1
2
3
4
5
6
7
8
9
10
11
12
Ten-year bonds
DZ0107
DZ0108
DZ0109
DZ0110
DZ0406
DZ0407
DZ0706
DZ0707
DZ0708
DZ0709
DZ1006
DZ1205
c+1
c+1
c+1
c+1
c+1
c+1
c+1
c+1
c+1
c+1
c+1
c+1
100.10
101.00
100.05
100.00
100.50
101.20
100.90
100.60
100.60
100.75
101.50
101.50
99.10
98.00
97.00
97.10
99.00
100.10
97.00
98.00
96.40
96.30
98.00
96.40
100.10
100.50
100.05
99.99
99.00
101.20
99.50
99.50
99.90
99.98
101.50
100.80
2.67
63.98
192.00
47.86
1.93
1.22
9.42
0.31
73.08
187.05
0.95
6.31
5
127
362
102
4
2
18
1
142
352
2
12
0
0
3
1
0
0
0
0
1
3
0
0
0
0
20.73
14.15
0
0
0
0
0
0
0
0
Corporate bonds
VCLIFE1
b+2
98.00
95.00
95.00
0.57
2
0
5.91
1
Note: b- average yield on 13-week T-bills
c - average yield on 52-week T-bills
Fact Book 2001
Bonds
37
Fixed-interest bonds in 2000
No
Bonds
Interest
rate
high
Price
low
end
Turnover
value
Average
volume
Average
number of
transactions
Block
trade
(%)
(%)
(%)
(%)
(mil. zl)
81.70
78.00
85.60
74.90
72.40
71.45
75.40
73.00
81.50
77.60
85.60
74.45
44.19
10.83
74.54
4.57
169
75
185
280
4
2
4
1
0
0
0
0
value
(mil. zl)
1
2
3
4
Two-year bonds
OK0402
OK0802
OK1201
OK1202
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Five-year bonds
OS0200
OS0201
OS0202
OS0203
OS0204
OS0600
OS0601
OS0602
OS0603
OS0604
OS0700
OS0800
OS1000
OS1001
OS1002
OS1003
OS1004
PS0205
PS0605
PS1004
PS1005
14.0
13.0
12.0
12.0
10.0
14.0
12.0
12.0
12.0
10.0
14.0
14.0
13.0
12.0
12.0
12.0
10.0
8.5
8.5
8.5
8.5
99.60
99.10
96.20
97.20
93.85
99.90
97.00
96.60
97.80
94.00
99.90
99.80
99.80
96.50
96.70
100.30
93.90
87.50
84.95
89.20
84.90
99.30
95.80
91.00
89.10
81.65
98.50
93.50
90.00
89.50
82.00
98.00
97.50
96.80
92.70
90.00
88.60
82.30
76.30
76.30
76.00
77.80
99.50
99.10
95.00
93.50
88.40
99.70
97.00
93.80
92.70
88.00
99.70
99.80
99.80
95.50
93.20
92.80
88.00
85.05
84.95
85.00
84.90
3.95
6.12
26.39
19.42
14.85
12.89
73.65
51.36
9.74
9.31
3.40
6.72
6.96
12.19
7.08
6.30
3.03
25.77
10.02
24.86
3.93
77
12
53
39
32
58
148
108
20
20
13
21
18
25
15
13
7
69
43
59
45
0
0
1
1
2
2
2
2
1
1
0
1
0
1
1
1
0
2
1
2
1
0
0
77.32
0
9.73
0
9.57
7.45
0
0
0
0
14.01
0
0
0
0
6.92
8.07
4.63
0
1
2
3
Ten-year bonds
DS0509
DS1109
DS1110
6.0
6.0
6.0
79.60
80.20
73.30
64.00
62.00
65.00
74.20
73.40
72.00
11.30
22.61
1.66
30
64
50
1
2
1
0
0
0
Fact Book 2001
38
Bonds
Bonds—basic figures
2000
1999
1998
1997
1996
48
47
44
44
42
16 219
Bonds
Number of listed bond issues at end of year
4 590
4 766
8 581
13 488
Average turnover value per session (mil. zl)
18.4
19.1
34.3
54.2
64.9
489
544
602
1 235
1 048
18 772.9
17 587
28 494
21 936
30 955
48
45
40
39
40
Continuous trading
146
54
10
8
8
2 941
2 088
1 197
2 871
4 007
Single-price system
---
13
16
15
14
388
490
591
1 225
1 038
1 440
2 588
3 753
2 782
1 898
Block trades
Number of transactions (single-counted)
45
38
327
422
480
Average value of transaction (mil. zl)
2.32
1.19
5.55
9.28
10.74
209
91
3 632
7 835
10 314
Bond market calendar - listings and de-listings
No
Issue
name
1
2
3
4
5
6
7
8
9
10
11
12
13
PS0205
DZ0110
TZ0203
VCLIFE1
OK0402
TZ0503
PS0605
OK0802
TZ0803
PS1005
TZ1103
DS1110
OK1201
First quotation
date
Fact Book 2001
15.02
21.02
21.02
05.04
26.04
22.05
13.06
14.08
21.08
13.10
13.11
27.11
13.12
No
Issue
name
Last quotation
date
1
2
3
TZ0200
OS0200
IR0300
24.01
02.02
15.02
4
TZ0500
19.04
5
OS0600
31.05
6
OS0700
30.06
7
TZ0800
21.07
8
OS0800
02.08
9
OS1000
27.09
10
TZ1100
19.10
39
W SE indices
The Warsaw Stock Exchange publishes six indices: for the main market—the
WIG20, WIG and MIDWIG indices; for companies qualified to the SiTech (WSE
Segment for Innovative Technologies), the TechWIG index; for the parallel market,
the WIRR; and for National Investment Funds shares, the NIF index. Index values
are published on an on-going basis during each trading session, with the closing
value published at the end of the session. The only exception here is the WIRR
index, since its value is published twice a day: at the opening and closing of trading.
Monthly rates of return on WSE indices in 2000 (%)
Month
WIG20
MIDWIG
WIG
TechWIG
WIRR
NIF
January
6.8
3.8
7.3
22.1
6.7
-9.3
February
22.6
-7.3
11.0
77.6
22.8
-10.1
March
-2.8
10.5
-1.3
-2.7
3.4
18.9
April
-10.2
-5.4
-7.6
-23.7
3.3
-1.7
May
-1.4
-2.8
-0.3
5.1
3.3
-4.6
June
-0.8
1.6
0.4
5.2
1.3
-1.1
July
-2.8
-0.6
-3.3
-9.6
1.2
9.1
August
-1.5
-3.8
-3.0
2.7
-2.1
6.2
-11.7
-9.3
-8.3
-14.5
-6.1
5.7
October
-7.1
-3.0
-7.6
-3.9
-4.4
-7.4
November
3.5
3.3
4.5
-8.6
-2.0
-4.1
December
11.9
4.4
9.5
17.4
3.2
0.2
September
The Warsaw Stock Exchange Index (WIG)
The Warsaw Stock Exchange index (WIG) takes into account price changes for
all companies listed on the main market (except for National Investment Funds).
The WIG is weighted by market value, so that companies' impact on the WIG value
is proportional to their capitalisation. The WIG is a total-return index, which means
that besides the prices of its constituent shares, income from dividends and subscription rights is also taken into account. A single company's share in the WIG
cannot exceed 10 percent. Companies whose market values surpass this limit have
their shares in the index reduced at the beginning of the subsequent quarter. Similarly, individual sectors' influence on the WIG is limited to 30 percent. A company's share in the index is based on the number of its shares introduced to Exchange trading.
The base date for the WIG index is April 16, 1991—the first WSE trading session; the index base value is 1,000 points.
During trading, the WIG value is published once per minute, based on the
most recent transaction prices, with an accuracy of ±0.01 point. At the end of
trading, the closing index value is announced.
Fact Book 2001
40
WSE indices
Monthly rates of return on WIG index (%)
Month
2000
1999
1998
1997
1996
January
7.3
13.9
-0.5
12.3
37.3
February
11.0
-9.2
20.7
8.9
5.9
March
-1.3
6.8
-4.3
-4.9
3.2
April
-7.6
7.9
5.2
-0.9
9.3
May
-0.3
2.5
-11.6
-3.7
-4.4
June
0.4
7.7
0.3
-4.9
15.3
July
-3.3
0.9
5.1
0.0
-6.0
August
-3.0
0.2
-29.6
11.0
8.1
September
-8.3
-16.2
5.2
3.9
5.8
October
-7.6
5.3
0.9
-12.1
-8.5
November
4.5
4.4
-4.6
-6.8
2.2
December
9.5
15.4
8.6
2.4
4.0
Maximum changes in WIG index (%)
Maximum increase
Maximum decrease
daily
weekly
monthly
daily
weekly
monthly
1996
4.8
25/1
14.4
22-27/1
37.3
January
-4.4
11/3
-8.3
21-26/10
-8.5
October
1997
7.1
29/10
10.9
4-8/8
12.3
January
-9.8
28/10
-9.9
27-31/10
-12.1
October
1998
8.2
2/9
9.8
9-13/3
20.7
February
-9.5
28/8
-17.5
24-28/8
-29.6
August
1999
7.0
18/1
12.7
4-8/1
15.4
December
-5.5
14/1
-12.7
11-15/1
-16.2
September
2000
5.1
04.02.00
8.8
13-20/10
11.0
February
-8.1
17.04.00
-9.1
6-13/10
-8.3
September
WIG sector sub-indices
The Exchange publishes five sector sub-indices, which allow the effectiveness
of investments in companies from various sectors to be assessed. The sector subindices are based on the WIG index methodology, and take into account income
from dividends and subscription rights. The number of a given company's shares
in the sub-index is the same as in the WIG index. The Exchange has introduced the
following sub-indices:
l WIG-banking
l WIG-construction
l WIG-IT
Fact Book 2001
WSE indices
41
l WIG-food
l WIG-telecom
The sub-index portfolios comprise portions of the WIG index portfolio, selected on the basis of sector criteria.
The base date for sector sub-indices is December 31, 1998; their base value is
equal to the WIG index value on that date, i.e. 12 795.6 points.
Monthly rates of return on WIG sub-indices in 2000 (%)
Month
WIG-BANKING
WIG-CONSTRUCTION
WIG-IT
WIG-FOOD
WIG-TELECOM
January
5.3
6.2
14.1
3.4
14.1
February
-0.2
-2.5
50.6
-9.3
50.6
March
-1.7
12.5
-6.3
4.4
-6.3
April
-4.8
-11.2
-19.5
-5.3
-19.5
May
-2.3
-1.1
1.8
-0.9
1.8
June
-1.4
-3.9
5.1
-3.0
5.1
July
-0.2
4.6
-17.8
6.4
-2.4
August
-3.8
-0.4
4.8
-6.8
-8.5
September
-5.1
-10.9
-10.2
-8.6
-11.1
October
-12.1
-6.2
-8.0
-12.4
-3.4
November
14.9
-2.4
-14.4
0.4
2.3
December
9.9
3.5
14.7
-3.4
17.2
WIG20 Index
The WIG20 index debuted on the Exchange in 1994. It is calculated on the
basis of a portfolio comprised of shares in the 20 largest and most-traded companies on the main market. The Exchange takes into account two criteria when
selecting companies for the index: turnover value (weight 0.6) and market value
(weight 0.4). No more than five companies from any one sector can participate in
the index. The WIG20 is a price index, which means that only price changes for its
constituent shares are taken into account in the calculations.
During a trading session, the WIG20 value is published every 30 seconds,
based on the most recent transaction prices, with an accuracy of ±0.01 point. At
the end of trading, the closing value is announced.
The index base date is April 16, 1994; and its base value, 1,000 points.
Changes in the WIG20 portfolio are made every quarter, based on a ranking of
listed companies by turnover and market values.
MIDWIG Index
The MIDWIG index is calculated on the basis of share values for 40 companies on the main market (not including companies participating in the WIG20
index). The composition of the MIDWIG portfolio is based on the WIG20 index
ranking. MIDWIG is a price index, which means that during its calculation, only
price changes for constituent shares are taken into account.
Fact Book 2001
42
WSE indices
During a trading session, the index value is published once per minute, based
on the most recent transaction prices, with an accuracy of ±0.01 point. At the end
of trading, the closing index value is published.
The base date for the MIDWIG index is December 31, 1997; and the base
value, 1,000 points. Changes in the MIDWIG portfolio are made once per quarter,
based on a ranking of listed companies' turnover and market values.
TechWIG Index
The TechWIG index covers companies qualified to the SiTech—the WSE Segment for Innovative Technologies. Each new company assigned to the SiTech becomes a TechWIG index participant. Particular companies' share in the index
results from a ranking carried out every quarter. A company's position in the ranking is determined on the basis of its percentage share in SiTech capitalisation
(weight 0.4) and turnover (weight 0.6) for the last six months. The share of a company in the TechWIG index portfolio is limited during quarterly revisions to 20%
(the maximum).
During a trading session, the index value is published every 30 seconds, based
on the most recent transaction prices, with an accuracy of ±0.01 point. At the end
of trading, the closing index value is published.
The index base date is December 31, 1999; and its base value, 1,000 points.
The Warsaw Parallel Market Index (WIRR)
The WIRR index has been published since the beginning of 1995. Like the WIG
index, the WIRR is a total-return index. It is weighted by the market value of individual companies, so that stocks with larger capitalisation have greater impact on
the index value. In the case of the WIRR, the rule limiting companies' maximum
impact on the index is not applied.
The WIRR's base date is December 31, 1994; and its base value, 1,000 points.
The National Investment Funds Indes (NIF)
The NIF is a price index, which corresponds to the market value of shares in
the National Investment Funds, received upon conversion of one NIF certificate.
During trading, the NIF value is published every 1.5 minutes, based on the
most recent transaction prices, with an accuracy of ±0.01 point. At the end of
trading, the index's closing value is published.
The NIF's base date is June 12, 1997; and its base value, 160 points.
Detailed information on Warsaw Stock Exchange indices, including their current portfolio composition and correction coefficients, is contained in a brochure
entitled The Warsaw Stock Exchange Indices. This information is also available on
the WSE web site, at www.wse.com.pl.
Licensing
The Exchange registered its indices as official trademarks in January 1997.
Therefore, use of WSE indices is subject to a licence agreement with the Warsaw
Stock Exchange.
Fact Book 2001
WSE indices
43
WIG index portfolio (end of 2000)
No
Shares
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
TPSA
PEKAO
PKN
KGHM
ELEKTRIM
BRE
PROKOM
BIG
NETIA
PBK
AGORA
BSK
HANDLOWY
WBK
ORBIS
KREDYTB
SWIECIE
SOFTBANK
BPH
STOMIL
COMPLAND
BOS
ZYWIEC
OPTIMUS
EFL
KOGENERA
KETY
WARTA
ECHO
BUDIMEX
DEBICA
COMARCH
CERSANIT
IMPEXMET
KABLEHOLD
MITEX
OKOCIM
JELFA
POLIFARBC
AGROS
STALEXP
MOSTALEXP
EXBUD
PGF
SOKOŁOW
IZOLACJA
AMS
BWR
STERPRO
LENTEX
Price
(zl)
27.60
62.50
22.50
25.80
50.60
131.00
174.00
6.70
75.50
106.00
85.00
235.00
61.50
27.40
25.90
15.80
22.00
65.00
235.00
27.10
114.50
70.50
208.00
123.50
114.50
52.00
44.00
145.00
121.00
19.25
34.00
63.40
27.10
27.30
4.97
14.35
12.10
37.80
5.65
35.50
17.70
5.00
29.10
28.50
2.14
340.00
48.10
1.92
17.70
29.00
Number
of shares
262
108
294
200
83
17
12
317
27
19
22
6
26
51
46
70
50
16
4
27
6
9
3
4
4
9
10
3
3
18
10
5
11
10
58
19
22
6
45
6
12
43
7
7
100
4
97
10
6
726
754
124
000
770
024
515
627
023
007
550
929
160
495
075
353
000
031
399
220
152
850
203
641
430
265
001
029
460
596
100
208
633
631
086
779
000
800
362
875
834
775
500
639
194
575
017
361
500
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Market value
(zl)
7
6
6
5
4
2
2
2
2
2
1
1
1
1
1
1
1
1
1
251
797
617
160
238
230
177
128
040
014
916
628
608
410
193
111
100
042
033
737
704
694
666
573
507
481
440
439
418
357
343
330
315
290
288
283
266
257
256
244
227
218
218
217
214
195
193
186
185
174
237
125
790
000
762
144
610
100
236
742
750
315
840
963
342
577
000
015
765
662
404
425
224
163
235
780
044
205
660
973
400
187
254
226
687
828
200
040
295
062
161
875
250
711
415
500
217
933
850
000
Share in WIG
(%)
600
000
000
000
000
000
000
900
500
000
000
000
000
000
500
400
000
000
000
000
000
000
000
500
000
000
000
000
000
000
000
200
300
300
420
650
000
000
300
500
800
000
000
500
160
000
700
120
000
000
Fact Book 2001
10.74
10.07
9.81
7.65
6.28
3.30
3.23
3.15
3.02
2.99
2.84
2.41
2.38
2.09
1.77
1.65
1.63
1.54
1.53
1.09
1.04
1.03
0.99
0.85
0.75
0.71
0.65
0.65
0.62
0.53
0.51
0.49
0.47
0.43
0.43
0.42
0.39
0.38
0.38
0.36
0.34
0.32
0.32
0.32
0.32
0.29
0.29
0.28
0.28
0.26
44
WSE indices
No
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Shares
Price
(zl)
SANWIL
MOSTALZAB
POLFKUTNO
LGPETRO
MENNICA
AMERBANK
KROSNO
FERRUM
RAFAKO
GRAJEWO
POLAR
MOSTALWAR
ELBUDOWA
AMICA
FORTE
IRENA
MOSTALSDL
NOVITA
FORTISPL
FARMACOL
ROLIMPEX
ZEW
ORFE
BK
STALPROD
ROPCZCE
MOSTALGD
PROSPER
ENERGOPN
JUTRZENKA
HYDROGD
COMPENSA
PAGED
NOMI
MPECWRO
VISTULA
DROSED
SWARZEDZ
ANIMES
HUTMEN
RELPOL
ENERGOPLD
BORYSZEW
OLAWA
PEPEES
OCEAN
MORLINY
ATLANTIS
WILBO
PROCHEM
33.00
9.00
54.50
17.20
24.70
24.60
37.50
16.95
6.85
45.50
16.00
10.45
23.70
32.00
4.80
13.00
11.10
20.00
20.10
18.10
3.40
30.10
16.40
17.00
14.60
12.00
15.00
15.90
14.10
18.75
22.00
19.50
5.20
8.00
7.25
8.35
39.50
3.79
3.17
12.40
32.00
31.80
6.70
12.90
27.00
1.92
9.00
3.49
2.48
5.15
Fact Book 2001
Number
of shares
4
16
2
8
5
5
3
7
17
2
7
10
4
2
17
6
7
3
3
3
19
2
3
3
3
4
3
3
3
2
2
2
8
5
5
4
9
11
2
1
1
5
2
1
13
2
7
9
4
809
927
785
042
593
159
316
314
400
580
150
000
245
928
308
238
106
884
761
800
960
245
925
730
865
606
661
450
717
614
226
449
473
288
731
885
920
512
353
844
101
100
058
476
170
767
891
259
500
506
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Market value
(zl)
158
152
151
138
138
126
124
123
119
117
114
104
100
93
83
81
78
77
75
68
67
67
64
63
56
55
54
54
52
49
48
47
44
42
41
40
36
36
35
35
35
34
33
31
31
26
26
25
23
23
697
343
782
322
147
911
350
972
190
390
400
500
606
696
078
094
876
680
596
780
864
574
370
410
429
272
915
855
409
012
972
755
059
304
549
789
340
050
989
265
232
980
888
940
590
432
019
333
560
205
000
000
500
400
100
400
000
300
000
000
000
000
500
000
400
000
600
000
100
000
000
500
000
000
000
000
000
000
700
500
000
500
600
000
750
750
000
480
010
600
000
000
600
400
000
640
000
910
000
900
Share in WIG
(%)
0.24
0.23
0.22
0.20
0.20
0.19
0.18
0.18
0.18
0.17
0.17
0.15
0.15
0.14
0.12
0.12
0.12
0.12
0.11
0.10
0.10
0.10
0.10
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
45
WSE indices
No
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
Shares
Price
(zl)
Number
of shares
PEKPOL
BELCHATOW
WAWEL
ELEKTROEX
MOSTALPLC
WOLCZANKA
ESPEBEPE
KABLE
GPRD
INDYKPOL
ELZAB
PROCHNIK
KPBP-BICK
KRUSZWICA
CENTROZAP
OBORNIKI
REMAK
ELMONTWAR
BEST
TONSIL
BYTOM
18.00
17.00
17.25
2.50
12.75
12.00
9.95
20.20
7.00
30.90
15.90
1.76
8.15
8.30
5.50
3.65
3.38
2.11
9.85
1.49
4.51
1
1
1
8
1
1
2
1
2
1
10
1
1
2
3
3
4
3
274
337
292
898
713
798
127
000
843
625
115
000
991
815
724
453
000
760
890
364
750
Market value
(zl)
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
22
22
22
22
21
21
21
20
19
19
17
17
16
15
14
12
10
10
8
5
3
932
729
287
245
840
576
163
200
901
312
728
600
226
064
982
603
140
043
766
012
382
Share in WIG
(%)
000
000
000
000
750
000
650
000
000
500
500
000
650
500
000
450
000
600
500
360
500
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
WIG index in 1991–2000
24 000
21 000
18 000
15 000
12 000
9 000
6 000
3 000
Fact Book 2001
46
WSE indices
WIG index in 2000
Month
Jan
Feb
Mar
Apr
1
----- 19 721.0 21 912.6
-----
2
----- 19 704.2 22 061.5
-----
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
----- 19 581.3
----- 18 961.4 18 614.2
-----
----- 19 851.5
----- 18 826.4
----- 16 733.4 15 986.8
-----
----- 19 536.6 18 873.4
----- 16 462.2 16 550.3
-----
Day
3
18 981.7 20 204.1 21 833.8 21 783.8
4
18 558.0 21 224.6
----- 20 984.1 19 615.9
5
17 694.4
-----
----- 20 864.3 19 357.8 20 053.4 19 684.0
6
18 074.7
----- 22 347.3 20 619.1
7
18 953.5 20 977.2 21 765.8 21 243.5
8
9
-----
----- 19 709.0 18 795.7 18 782.1 16 342.7
----- 19 677.6 19 542.9
----- 18 562.3 16 419.2
----- 16 347.1
----- 16 099.1
----- 16 430.4
----- 18 423.2 16 415.5 16 733.9 16 716.2
----- 19 396.3 19 474.4 18 918.1 18 275.0
----- 21 185.3 21 421.4
----- 19 266.9 19 866.3
----- 18 820.4 18 265.4
----- 21 742.2 21 967.6
----- 19 093.7 19 676.1
----- 17 108.5 16 714.2
----- 16 953.6 16 860.6
----- 19 025.6
----- 16 156.4 16 688.0
-----
10
19 851.8 20 859.7 22 208.2 21 325.6 19 193.8
----- 19 610.1 19 072.2
----- 16 045.4 16 429.4
-----
11
19 853.3 21 245.4
----- 20 751.3 19 262.1
----- 19 456.5 18 756.3 18 034.2 15 506.5
12
19 469.7
-----
----- 20 821.7 19 782.3 19 612.1 19 340.6
13
19 900.4
----- 22 013.4 20 417.6
14
20 445.7 20 521.0 21 619.1 20 683.0
----- 19 355.4 19 533.0
----- 18 011.0 15 320.1
----- 16 941.8
----- 17 088.1
----- 18 203.4 14 929.3 15 898.8 17 237.2
----- 19 728.9 19 658.0 18 463.6 18 282.8
----- 18 234.3
----- 16 176.1 17 675.6
15
----- 21 332.0 21 666.2
----- 19 701.9 19 682.4
-----
16
----- 21 452.5 21 906.3
----- 19 992.1 19 675.8
----- 18 605.4
----- 15 544.8 16 225.6
----- 16 366.5 17 596.4
-----
----- 15 621.7 16 467.2
-----
17
20 108.3 21 044.4 22 386.2 19 003.7 20 207.1
----- 19 713.0 18 458.2
18
20 318.0 21 753.2
----- 19 704.0 19 925.3
----- 19 835.1 18 276.2 18 026.7 15 711.4
19
19 632.3
-----
----- 19 659.4 19 758.3 19 518.7 19 934.8
20
19 966.9
----- 21 969.4 19 041.8
21
19 905.7 21 352.8 21 837.0
22
----- 21 919.8 22 020.9
----- 19 445.4
23
----- 22 475.9 22 017.8
----- 19 237.2 19 575.2
24
20 085.8 22 704.7 22 388.0
25
19 354.5 22 823.6
----- 19 074.8 18 644.6
26
19 361.0
-----
----- 19 252.9 18 356.7 19 589.8 19 830.4
27
19 481.4
----- 22 868.4 19 252.0
28
19 765.5 21 488.9 22 848.3 19 631.1
-----
18 032.7 15 838.7
----- 19 575.0 19 940.1
18 032.3 16 241.6 16 568.1 17 609.9
----- 19 561.4 20 047.7 17 901.4 17 853.3
----- 18 461.7
-----
----- 17 789.5
----- 18 066.0
----- 17 979.1 17 076.5
----- 16 600.4 17 447.1
----- 16 443.7 17 831.8
----- 18 068.9
----- 16 241.6 16 353.2
-----
----- 20 028.0 18 261.9
----- 16 199.3 16 773.4
-----
----- 19 892.4 18 403.5 17 258.3 16 295.4
----- 19 944.5 19 376.6
----- 17 160.3 16 132.6
-----
-----
-----
-----
----- 16 808.3 15 953.1 16 886.4 18 014.9
----- 19 831.5 19 100.0 18 475.7 16 776.3
29
----- 21 536.8 22 588.5
----- 18 399.3 19 858.7
----- 18 277.7 16 882.6
30
-----
----- 21 921.5
----- 19 028.6 19 642.7
----- 18 220.7
31
19 398.0
----- 21 255.9
----- 19 570.5
----- 18 991.0 18 420.3
----- 16 668.7 17 909.6
----- 16 555.6 17 847.6
----- 15 775.7 16 292.2
-----
----- 15 597.5
-----
-----
Until November 16, 2000, index value from single-price system; from November 17, 2000 onward,
closing index value for continuous trading
Fact Book 2001
47
WSE indices
WIG20 index portfolio (end of 2000)
No
Shares
Price
(zl)
Number
of shares
Market value
(zl)
Share in WIG20
(%)
1
ELEKTRIM
50.60
1 682
85 109
14.05
2
TPSA
27.60
2 990
82 524
13.62
3
PKN
22.50
2 592
58 320
9.63
4
PEKAO
62.50
837
52 313
8.63
5
KGHM
25.80
1 712
44 170
7.29
6
BRE
131.00
284
37 204
6.14
7
PBK
106.00
312
33 072
5.46
8
HANDLOWY
61.50
463
28 475
4.70
9
OPTIMUS
123.50
212
26 182
4.32
10
PROKOM
174.00
143
24 882
4.11
11
AGORA
85.00
266
22 610
3.73
12
COMPLAND
13
ORBIS
14
BIG
15
KABLEHOLD
16
DEBICA
17
NETIA
18
MOSTALEXP
19
SOFTBANK
20
ZYWIEC
114.50
171
19 580
3.23
25.90
599
15 514
2.56
6.70
1 947
13 045
2.15
4.97
2 527
12 559
2.07
34.00
369
12 546
2.07
75.50
158
11 929
1.97
5.00
2 019
10 095
1.67
65.00
134
8 710
1.44
208.00
34
7 072
1.17
WIG20 index in 2000
2 500
2 400
2 300
2 200
2 100
2 000
1 900
1 800
1 700
1 600
1 500
Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Oct
Nov Dec
Fact Book 2001
48
WSE indices
WIG20 index in 2000
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
-----
Nov
Dec
Day
1
----- 1 946.3 2 391.2
-----
----- 2 092.8
----- 1 903.0 1 952.0
2
----- 1 981.3 2 358.0
-----
----- 2 102.9
----- 1 941.5
----- 1 700.7 1 648.3
-----
----- 2 023.1 1 909.6
----- 1 667.1 1 663.6
-----
3
1 852.9 2 109.0 2 397.4 2 209.9
4
1 796.6 2 096.8
----- 2 192.1 2 008.0
-----
5
1 777.0
-----
----- 2 100.4 1 970.4 2 086.3 2 019.1
6
1 832.1
----- 2 380.1 2 186.0
7
1 933.2 2 142.1 2 369.1 2 228.8
----- 2 030.0 1 942.4 1 939.7 1 643.5
----- 2 019.7 1 999.5
----- 1 919.5 1 668.5
----- 1 626.3
----- 1 602.0
----- 1 638.9
----- 1 910.9 1 658.0 1 733.0 1 680.4
----- 2 057.4 1 987.8 1 924.7 1 894.0
----- 1 715.3 1 690.1
8
----- 2 205.8 2 355.7
----- 1 942.8 2 051.7
----- 1 943.1 1 888.7
9
----- 2 198.6 2 401.2
----- 1 946.3 2 045.6
----- 1 970.6
----- 1 618.6 1 657.0
----- 1 714.3 1 714.8
-----
----- 1 608.7 1 630.0
-----
10
2 000.8 2 170.6 2 481.8 2 217.7 1 990.5
----- 1 989.7 1 922.7
11
1 974.9 2 132.8
----- 2 132.4 2 044.5
----- 1 972.7 1 886.0 1 867.7 1 546.7
12
1 961.3
-----
----- 2 174.1 2 060.7 2 034.0 1 987.5
13
2 032.9
----- 2 346.1 2 163.1
14
2 010.5 2 146.5 2 464.8 2 121.0
----- 2 016.0 2 004.8
----- 1 900.7 1 550.2
----- 1 723.4
----- 1 734.8
----- 1 892.3 1 499.1 1 591.1 1 744.8
----- 2 039.0 2 016.4 1 891.9 1 907.2
15
----- 2 155.6 2 368.2
----- 2 023.9 2 041.7
-----
16
----- 2 157.9 2 378.4
----- 2 109.8 2 030.9
----- 1 912.1
----- 1 574.8 1 628.4
-----
2 027.0 2 221.8 2 384.1 1 963.7 2 063.1
----- 2 039.9 1 855.6
----- 1 618.0 1 643.2
-----
----- 2 047.0 1 837.2 1 874.3 1 542.3
17
18
1 982.6 2 264.3
----- 2 005.5 2 068.2
19
1 971.9
-----
----- 1 993.8 2 016.8 2 002.0 2 064.3
20
1 995.2
----- 2 387.9 1 982.8
21
2 003.0 2 242.4 2 341.5
22
----- 2 333.6 2 380.7
----- 1 983.7
23
----- 2 344.2 2 402.3
----- 1 952.0 2 024.6
24
1 933.1 2 426.6 2 445.7
-----
----- 2 040.9 2 061.2
----- 1 891.9
-----
----- 1 852.7
----- 1 625.0 1 626.5
-----
----- 1 644.4 1 677.4
-----
1 873.7 2 327.6
----- 1 951.3 1 912.9
-----
----- 1 975.8 1 897.8 2 061.6 1 993.8
27
1 951.3
----- 2 443.7 1 980.8
28
1 938.5 2 268.1 2 443.1 2 042.8
----- 2 046.6 1 898.6 1 768.1 1 606.2
----- 2 064.9 1 966.0
----- 1 710.5 1 582.8
----- 2 063.7 1 949.3 1 876.9 1 664.0
----- 1 873.4 1 688.4
----- 1 889.3
30
-----
----- 2 235.9
----- 1 984.6 1 997.7
31
1 910.1
----- 2 275.5
----- 2 014.7
-----
-----
-----
-----
----- 1 708.3 1 571.2 1 688.5 1 843.6
----- 1 969.7 2 020.5
Fact Book 2001
----- 1 660.0 1 772.1
----- 1 639.2 1 816.6
----- 2 069.7 1 879.4
1 914.1
Closing index value for continuous trading
----- 1 818.2
----- 1 847.4
----- 1 842.1 1 630.0 1 653.1 1 792.1
----- 1 837.4 1 723.1
25
----- 2 341.9 2 393.9
----- 1 622.7 1 785.4
----- 1 858.4 1 608.3
----- 2 036.0 2 061.7 1 822.6 1 794.4
26
29
----- 1 889.6
----- 1 640.0 1 799.4
----- 1 941.1 1 911.7
----- 1 665.4 1 825.2
----- 1 658.0 1 816.2
----- 1 543.9 1 623.2
-----
----- 1 568.8
-----
-----
WSE indices
49
MIDWIG index portfolio (end of 2000)
No
Shares
Price
(zl)
Number
of shares
Market value Share in MIDWIG
(zl)
(%)
121
28 435
12.87
8.93
1
BPH
235.00
2
BSK
235.00
84
19 740
3
KREDYTB
15.80
962
15 200
6.88
4
WBK
27.40
497
13 618
6.16
5
STOMIL
27.10
425
11 518
5.21
6
AGROS
35.50
302
10 721
4.85
7
SWIECIE
22.00
475
10 450
4.73
8
JELFA
37.80
222
8 392
3.80
9
KOGENERA
52.00
116
6 032
2.73
10
ELBUDOWA
23.70
253
5 996
2.71
11
AMICA
32.00
178
5 696
2.58
12
EFL
114.50
47
5 382
2.44
13
WARTA
145.00
35
5 075
2.30
14
MOSTALZAB
9.00
541
4 869
2.20
15
BOS
70.50
69
4 865
2.20
16
JUTRZENKA
18.75
249
4 669
2.11
17
BUDIMEX
19.25
238
4 582
2.07
18
KETY
44.00
100
4 400
1.99
19
STALEXP
17.70
223
3 947
1.79
20
OKOCIM
12.10
278
3 364
1.52
21
SOKOŁOW
2.14
1 493
3 195
1.45
22
ECHO
121.00
25
3 025
1.37
23
IRENA
13.00
213
2 769
1.25
24
POLIFARBC
5.65
487
2 752
1.25
25
PGF
28.50
93
2 651
1.20
26
CERSANIT
27.10
97
2 629
1.19
27
STERPRO
17.70
142
2 513
1.14
1.12
28
MOSTALWAR
10.45
237
2 477
29
LENTEX
29.00
84
2 436
1.10
30
COMARCH
63.40
38
2 409
1.09
31
IMPEXMET
27.30
87
2 375
1.07
32
ROLIMPEX
3.40
640
2 176
0.98
33
RAFAKO
6.85
269
1 843
0.83
34
BWR
1.92
940
1 805
0.82
35
AMS
48.10
37
1 780
0.81
36
STALPROD
14.60
109
1 591
0.72
0.68
37
EXBUD
29.10
52
1 513
38
FARMACOL
18.10
79
1 430
0.65
39
MENNICA
24.70
55
1 359
0.61
40
MPECWRO
7.25
181
1 312
0.59
Fact Book 2001
50
WSE indices
MIDWIG index in 2000
Month
Jan
Feb
Mar
Apr
May
1
----- 1 169.3
1 090.2
-----
2
----- 1 184.6
1 109.3
-----
1 141.9
1 175.3
-----
Jun
Jul
Aug
Sep
----- 1 111.7
----- 1 086.9
1 056.1
----- 1 107.7
----- 1 092.4
-----
Oct
Nov
Dec
-----
-----
960.4
955.5
950.5
-----
Day
3
1 140.1
1 246.2
4
1 103.8
1 246.5
----- 1 177.0
1 111.5
5
1 086.1
-----
----- 1 147.7
1 107.3
6
1 105.3
----- 1 143.4
7
1 147.8
----- 1 110.8
1 084.6
-----
949.5
962.5
-----
----- 1 116.2
1 090.4
945.5
1 059.6
947.5
-----
1 097.7
1 128.8
----- 1 051.2
949.5
-----
954.7
1 173.9
----- 1 072.9
1 124.1
----- 1 043.0
949.9
977.1
958.4
1 185.8
----- 1 089.1
1 135.2
1 240.4
1 148.2
1 096.3
1 043.7
-----
967.6
953.5
8
----- 1 234.1
1 128.4
----- 1 101.0
1 088.7
----- 1 093.3
1 033.7
-----
976.5
957.1
9
----- 1 199.8
1 140.4
----- 1 103.5
1 087.4
----- 1 096.7
-----
934.2
950.5
-----
10
1 179.1
1 174.5
1 141.8
1 172.6
1 111.1
11
1 173.8
12
1 160.7
1 166.0
----- 1 148.2
1 114.1
-----
----- 1 165.0
1 102.9
13
1 184.2
----- 1 093.4
14
1 177.9
----- 1 151.7
1 094.7
-----
926.6
948.3
-----
----- 1 145.0
1 086.6
959.6
1 026.9
910.7
-----
1 087.1
1 142.9
----- 1 025.4
900.3
-----
960.4
1 151.7
----- 1 092.0
1 143.1
----- 1 018.2
875.6
931.9
967.2
1 147.0
----- 1 110.5
1 144.1
1 162.4
1 126.8
15
----- 1 167.9
1 112.1
----- 1 103.1
1 112.9
-----
16
----- 1 176.6
1 130.0
----- 1 136.3
1 108.0
----- 1 083.5
17
1 189.6
1 204.4
18
1 170.6
19
1 162.1
20
1 174.4
21
1 193.9
22
23
1 132.1
1 066.9
1 125.6
1 187.6
----- 1 098.3
1 128.3
-----
----- 1 091.6
1 110.2
----- 1 145.2
998.0
----- 1 160.6
1 157.0
----- 1 096.6
----- 1 145.8
1 174.5
----- 1 076.3
1 200.3
----- 1 061.1
26
1 161.7
-----
----- 1 106.8
1 049.6
27
1 173.8
----- 1 203.9
28
1 164.3
-----
1 067.6
1 146.4
1 150.6
1 069.1
946.9
----- 1 140.3
1 099.9
1 146.9
----- 1 094.8
909.4
-----
----- 1 116.2
1 089.5
988.9
-----
946.1
----- 1 111.5
1 152.4
980.5
948.2
921.2
-----
25
945.6
-----
-----
1 101.1
1 118.9
-----
1 072.2
1 140.3
1 180.4
1 025.6
1 028.8
----- 1 140.6
1 156.8
24
1 082.6
1 019.8
896.7
-----
----- 1 016.8
925.9
----- 1 008.1
----- 1 010.4
936.4
953.0
1 059.2
986.7
-----
948.0
992.4
990.3
-----
----- 1 059.8
977.5
-----
946.9
1 004.6
1 112.0
----- 1 062.5
-----
-----
933.2
948.7
----- 1 148.9
1 073.6
-----
942.5
964.3
-----
----- 1 142.8
1 069.6
986.5
933.5
-----
-----
1 116.8
1 130.5
-----
970.9
930.0
-----
-----
1 108.3
----- 1 114.0
1 115.4
-----
962.6
932.5
972.3
1 012.1
1 120.7
----- 1 117.0
1 102.0
1 053.0
1 222.7
1 058.5
954.3
-----
966.5
1 009.5
29
----- 1 072.2
1 214.4
----- 1 064.7
1 106.7
----- 1 059.0
960.1
-----
965.9
1 004.7
30
-----
----- 1 181.1
----- 1 079.1
1 107.1
----- 1 053.3
-----
929.0
962.3
-----
31
1 156.7
----- 1 185.1
----- 1 089.2
-----
931.6
-----
-----
Fact Book 2001
----- 1 100.7
1 058.4
51
WSE indices
TechWIG index portfolio (end of 2000)
No
Shares
Price
(zl)
Number
of shares
Market value
(zl)
Share in TechWIG
(%)
1
ELEKTRIM
50.60
601
30 411
20.68
2
TPSA
27.60
1 023
28 235
19.20
3
OPTIMUS
123.50
208
25 688
17.47
4
PROKOM
174.00
119
20 706
14.08
5
SOFTBANK
65.00
214
13 910
9.46
6
COMPLAND
114.50
69
7 901
5.37
5.24
7
NETIA
75.50
102
7 701
8
COMARCH
63.40
107
6 784
4.61
9
SZEPTEL
41.00
37
1 517
1.03
10
APEXIM
22.10
61
1 348
0.92
11
STGROUP
10.90
82
894
0.61
12
STERPRO
17.70
39
690
0.47
13
MACROSOFT
37.50
12
450
0.31
14
CSS
30.40
13
395
0.27
15
TALEX
26.80
8
214
0.15
16
ELZAB
15.90
13
207
0.14
TechWIG index in 2000
2 600
2 400
2 200
2 000
1 800
1 600
1 400
1 200
1 000
Jan
Feb
Mar
Apr
May Jun
Jul
Aug
Sep
Oct
Nov Dec
Fact Book 2001
52
WSE indices
TechWIG index in 2000
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
1
----- 1 292.6
2 318.5
-----
2
----- 1 337.8
2 376.6
-----
----- 1 863.5
----- 1 559.8
1 738.1
-----
----- 1 898.7
----- 1 606.0
2 201.0
2 195.6
-----
----- 1 814.3
1 562.8
----- 1 808.9
1 616.6
Nov
Dec
Day
3
1 065.9
1 446.5
4
1 063.0
1 589.9
----- 2 040.2
1 589.9
5
1 017.7
-----
----- 1 980.0
1 554.3
6
1 051.6
----- 2 331.2
7
1 124.1
----- 1 696.5
1 419.6
----- 1 686.8
1 411.9
2 026.8
----- 1 818.5
1 718.7
2 142.8
----- 1 519.4
----- 1 811.0
2 284.8
----- 1 475.5
11
1 272.3
12
13
14
1 327.6
1 316.9
1 827.7
----- 1 618.5
1 644.5
----- 1 464.6
1 354.3
1 842.2
----- 1 676.1
1 614.9
1 834.2
----- 1 896.6
1 540.3
----- 1 688.9
1 554.4
1 259.1
-----
----- 1 885.1
1 712.5
1 298.7
----- 2 559.9
1 329.5
----- 1 639.4
1 290.4
1 849.5
----- 1 786.7
1 757.3
1 379.7
----- 1 364.8
1 414.0
----- 1 641.1
----- 1 311.3
1 390.5
----- 1 801.8
1 787.9
-----
----- 1 864.6
1 778.6
----- 1 601.1
1 814.0
----- 1 778.1
1 535.1
1 864.8
----- 1 728.0
1 729.5
----- 1 798.3
1 527.9
1 227.1
-----
----- 1 734.1
1 690.1
1 260.8
----- 2 438.8
----- 1 369.9
1 301.7
-----
----- 1 401.9
1 327.4
-----
1 621.4
1 302.9
1 744.3
1 814.7
----- 1 609.8
1 380.8
1 652.7
----- 1 802.9
1 815.8
----- 1 589.2
1 415.5
----- 1 804.6
1 802.0
-----
22
----- 1 941.9
2 391.5
----- 1 630.9
23
----- 2 119.2
2 384.9
----- 1 589.0
2 438.8
----- 1 512.2
24
1 232.8
2 256.9
25
1 173.0
2 353.8
----- 1 619.1
1 560.9
26
1 156.9
-----
----- 1 621.9
1 524.7
27
1 189.7
----- 2 538.9
28
1 230.1
29
1 570.6
1 666.5
2 371.6
----- 1 378.6
1 659.1
2 411.1
1 812.0
----- 1 372.9
1 311.5
2 390.6
1 230.6
1 321.0
----- 1 654.0
----- 1 790.4
21
-----
1 617.5
1 751.9
----- 1 795.5
20
1 362.4
1 744.9
16
19
-----
----- 1 379.4
1 774.3
15
1 305.7
1 402.4
----- 1 747.2
2 481.1
18
----- 1 374.1
1 781.7
1 691.9
2 529.8
1 292.5
----- 1 468.3
----- 1 705.8
1 739.7
----- 1 234.4
1 498.8
1 662.6
1 494.7
1 281.3
----- 1 208.4
1 595.2
2 072.7
17
1 384.5
1 728.9
----- 1 685.3
2 464.8
-----
1 725.4
1 774.2
9
1 730.7
1 430.8
1 886.0
8
1 221.8
-----
----- 1 402.4
----- 1 760.7
2 177.0
10
1 419.8
1 927.7
1 589.1
----- 1 237.4
----- 1 442.1
----- 1 435.5
----- 1 463.9
1 325.8
1 408.1
1 504.5
1 530.7
----- 1 331.2
1 396.6
-----
----- 1 512.5
1 451.7
----- 1 306.0
1 439.3
1 797.1
----- 1 526.5
----- 1 789.8
1 569.6
----- 1 761.2
1 602.1
----- 1 411.0
1 294.0
-----
----- 1 436.3
1 335.6
---------
1 503.0
1 389.2
-----
1 881.6
1 686.4
----- 1 430.9
1 360.4
-----
-----
1 570.9
----- 1 905.6
1 660.6
----- 1 432.2
1 354.3
1 339.6
1 484.3
1 609.0
----- 1 912.3
1 644.3
2 129.2
2 528.9
1 581.3
1 374.4
----- 1 309.4
1 462.4
----- 2 168.0
2 432.6
----- 1 625.9
1 826.9
----- 1 576.7
1 411.2
----- 1 290.6
1 456.9
1 778.8
----- 1 594.6
30
-----
----- 2 282.9
----- 1 659.0
31
1 221.0
----- 2 108.9
----- 1 691.1
Fact Book 2001
----- 1 608.0
1 651.4
----- 1 329.5
1 240.6
-----
----- 1 356.6
-----
-----
WSE indices
53
WIRR index portfolio (end of 2000)
No
Shares
Price
(zl)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
SZEPTEL
7BULLS
HOWELL
CSS
GROCLIN
APEXIM
BAUMA
STGROUP
PIASECKI
MIESZKO
INSTALKRK
POZMEAT
VISCO
MUZA
POLIGR
PPWK
IGROUP
POLLENAE
STRZELEC
POLNORD
HYDROBUD
WKSM
ZREW
APATOR
PROJPRZEM
BIELBAW
EFEKT
GARBARNIA
YAWAL
PEMUG
WAFAPOMP
MANOMETRY
ENERGOPOL
BCZ
CHEMISKOR
NAFTOBUDOWA
ENAP
KOPEX
PONAR
TIM
PAZUR
CENTROSTALGD
LDASA
POLNA
EKODROB
WISTIL
MILMET
SANWIL
KRAKCHEM
INSTAL
41.00
36.80
28.80
30.40
28.80
22.10
18.20
10.90
7.80
8.30
10.00
24.50
19.90
16.00
20.60
15.00
5.00
13.40
2.68
17.00
21.00
53.80
25.90
12.30
5.60
13.80
20.00
8.50
18.60
7.70
6.90
10.10
9.30
15.70
4.29
6.00
6.30
13.20
14.75
2.65
4.65
1.94
5.40
14.20
1.88
22.30
3.29
3.00
3.45
1.48
Number
of shares
6
6
5
3
2
2
3
4
6
5
4
1
1
2
1
2
6
2
12
1
1
1
3
1
2
1
2
2
1
1
3
2
2
4
2
6
2
6
3
3
2
6
517
221
023
630
750
800
226
599
354
700
422
653
957
323
803
322
550
405
000
713
203
446
868
813
794
450
975
250
013
311
444
619
717
993
460
353
198
994
867
800
712
331
217
832
000
500
160
341
617
073
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
Market value
(zl)
267
228
144
110
79
61
58
50
49
47
44
40
38
37
37
34
32
32
32
29
25
23
22
22
21
20
19
19
18
17
16
16
15
15
14
14
13
13
12
12
12
12
11
11
11
11
10
10
9
8
197
932
662
352
200
880
713
129
561
310
220
498
944
168
141
830
750
227
160
121
263
994
481
299
246
010
500
125
841
794
863
351
968
590
843
118
847
120
788
720
610
282
971
814
280
150
396
023
028
988
Share in WIRR
(%)
000
800
400
000
000
000
200
100
200
000
000
500
300
000
800
000
000
000
000
000
000
800
200
900
400
000
000
000
800
700
600
900
100
100
400
000
400
800
250
000
800
140
800
400
000
000
400
000
650
040
Fact Book 2001
13.56
11.61
7.34
5.60
4.02
3.14
2.98
2.54
2.51
2.40
2.24
2.05
1.98
1.89
1.88
1.77
1.66
1.64
1.63
1.48
1.28
1.22
1.14
1.13
1.08
1.02
0.99
0.97
0.96
0.90
0.86
0.83
0.81
0.79
0.75
0.72
0.70
0.67
0.65
0.65
0.64
0.62
0.61
0.60
0.57
0.57
0.53
0.51
0.46
0.46
54
WSE indices
WIRR index portfolio (end of 2000)
No
Shares
Price
(zl)
Number
of shares
51
52
53
54
55
56
57
58
HYDROTOR
KOMPAP
MASTERS
IBSYSTEM
UNIMIL
LUBAWA
LUKBUT
BETONSTAL
4.90
5.05
2.03
12.80
16.20
2.02
3.90
1.10
1 696 000
1 640 000
3 784 000
581 000
386 000
2 800 000
624 000
1 530 000
Market value
(zl)
8
8
7
7
6
5
2
1
310
282
681
436
253
656
433
683
Share in WIRR
(%)
400
000
520
800
200
000
600
000
0.42
0.42
0.39
0.38
0.32
0.29
0.12
0.09
WIRR index in 2000
Month
Jan
Feb
Mar
Apr
May
1
----- 2 265.1
2 824.3
-----
2
----- 2 302.7
2 867.4
-----
2 801.0
2 894.1
-----
Jun
Jul
Aug
Sep
Oct
----- 3 006.5
----- 3 082.8
3 056.2
-----
----- 3 000.8
----- 3 062.4
Nov
Dec
Day
3
2 151.0
2 386.4
4
2 143.7
2 584.5
----- 2 796.2
2 867.6
5
2 056.1
-----
----- 2 809.7
2 784.4
6
2 080.9
----- 2 864.2
7
2 140.9
2 834.7
2 837.5
2 789.4
----- 2 998.5
3 062.6
----- 3 012.4
2 850.0
2 882.6
----- 2 953.3
3 060.5
----- 2 660.7
2 701.2
----- 2 787.6
----- 2 781.9
2 768.4
----- 2 786.6
11
2 243.1
12
2 209.3
13
2 236.5
----- 2 870.9
14
2 267.3
2 909.7
2 816.1
2 692.4
----- 2 842.4
2 845.1
-----
----- 2 833.9
2 869.5
2 617.1
2 989.1
----- 3 084.4
3 034.4
----- 2 684.8
2 607.5
3 020.0
----- 3 083.6
----- 3 068.7
3 110.1
----- 3 051.4
3 083.9
2 733.8
2 837.4
----- 3 007.6
3 061.7
----- 2 996.7
2 728.4
2 884.9
----- 3 021.8
3 061.8
2 575.5
----- 2 603.3
2 589.8
----- 2 975.1
----- 2 621.3
2 600.4
3 027.2
-----
3 051.8
----- 3 053.0
2 945.2
2 751.0
----- 2 777.3
2 923.3
-----
----- 2 838.2
2 966.5
2 229.9
----- 2 906.1
21
2 218.4
-----
2 759.2
2 839.4
----- 3 000.6
3 099.7
----- 2 976.6
2 789.4
----- 3 022.5
3 109.5
----- 2 748.7
2 907.8
----- 2 981.3
----- 2 846.2
2 921.4
----- 3 019.8
2 961.2
----- 2 997.4
24
2 221.4
2 849.7
25
2 144.0
2 871.3
----- 2 833.3
2 946.5
26
2 154.0
-----
----- 2 895.7
2 891.4
27
2 172.2
----- 2 988.2
28
2 229.7
3 005.6
3 018.5
2 618.9
2 756.3
23
3 017.9
----- 3 118.5
-----
----- 2 780.8
2 961.3
22
2 689.3
3 007.0
2 588.0
----- 2 952.6
-----
----- 2 732.8
----- 3 096.1
----- 2 772.7
3 082.3
2 857.5
29
3 068.2
3 027.5
2 705.5
----- 2 575.5
2 999.8
----- 2 885.9
2 690.0
----- 2 591.1
2 582.9
----- 2 880.4
20
-----
2 759.1
2 831.1
2 204.8
2 634.5
2 976.5
2 788.1
2 262.0
-----
----- 2 824.6
----- 2 989.1
----- 2 657.1
19
2 674.9
3 036.4
----- 2 616.7
18
----- 2 828.6
3 006.9
16
2 914.7
2 638.9
----- 2 708.2
15
2 643.3
----- 2 634.2
2 689.1
3 012.6
2 784.7
2 247.8
----- 2 644.3
3 059.5
2 580.7
17
-----
3 037.0
9
2 867.6
3 073.6
2 716.0
----- 3 005.9
8
2 668.1
----- 3 064.5
-----
----- 2 852.2
3 080.1
2 793.1
2 237.7
3 043.8
2 722.4
3 055.5
2 583.2
10
----- 3 026.2
----- 2 617.9
----- 2 841.0
----- 2 610.0
----- 2 649.6
2 624.6
2 638.3
3 000.9
2 977.8
----- 2 606.1
2 637.1
-----
----- 2 995.4
2 873.0
----- 2 615.5
2 612.8
3 027.8
----- 3 012.4
----- 3 104.5
3 004.8
----- 3 121.1
3 023.9
----- 2 770.1
2 627.9
-----
----- 2 768.9
2 661.3
---------
2 867.5
2 747.5
-----
3 026.0
3 118.9
----- 2 862.5
2 740.9
-----
-----
2 939.3
----- 3 064.6
3 093.1
----- 2 788.4
2 725.9
2 683.1
2 665.1
2 919.0
----- 3 051.4
3 119.9
3 031.4
2 808.3
----- 2 666.7
2 691.4
----- 2 920.4
3 069.7
----- 2 991.8
2 844.1
----- 2 668.3
2 748.6
3 055.6
----- 3 002.8
30
-----
----- 2 942.9
----- 2 956.4
31
2 225.1
----- 2 826.6
----- 3 015.6
----- 3 093.5
3 028.8
----- 2 719.2
2 663.5
-----
----- 2 718.5
-----
-----
Until November 16, 2000, index value from single-price system; from November 17, 2000 onward,
closing index value for continuous trading
Fact Book 2001
55
WSE indices
NIF index portfolio (end of 2000)
No
Shares
Price
(zl)
Number
of shares
Market value
(zl)
Share in NIF
(%)
1
JUPITER
5.40
2
10.80
18.06
2
08OCTAVA
8.40
1
8.40
14.05
3
09KWIAT
5.00
1
5.00
8.36
4
14ZACH
4.30
1
4.30
7.19
5
10FOKSAL
4.05
1
4.05
6.77
6
04PRO
4.00
1
4.00
6.69
7
01NFI
3.94
1
3.94
6.59
8
06MAGNA
3.52
1
3.52
5.89
13FORTUNA
3.24
1
3.24
5.42
10
9
15HETMAN
3.20
1
3.20
5.35
11
07NFI
2.67
1
2.67
4.46
12
02NFI
2.44
1
2.44
4.08
13
05VICT
2.40
1
2.40
4.01
14
12PIAST
1.84
1
1.84
3.08
NIF index in 2000
Month
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1
-----
54.9
51.3
-----
-----
55.7
-----
60.6
64.8
2
-----
56.0
54.8
-----
-----
55.3
-----
60.8
-----
-----
-----
58.9
66.8
64.6
3
63.7
57.9
56.8
57.4
-----
-----
54.6
60.7
-----
64.4
64.4
---------
4
61.0
57.5
-----
57.3
57.5
-----
54.4
60.6
65.4
64.0
-----
58.2
5
59.3
-----
-----
55.5
57.4
54.3
56.4
-----
65.1
65.9
-----
57.8
6
59.6
-----
57.3
57.4
-----
54.1
56.6
-----
64.8
66.6
63.8
59.0
7
62.2
57.6
58.1
58.6
-----
54.3
56.9
60.5
63.9
-----
63.4
59.7
8
-----
57.8
58.1
-----
56.3
54.2
-----
61.4
63.4
-----
62.5
59.5
-----
Day
9
-----
57.3
63.8
-----
56.1
54.3
-----
62.5
-----
65.7
62.0
10
62.8
57.7
65.7
61.6
57.1
-----
60.0
62.8
-----
65.2
61.7
-----
11
61.2
56.4
-----
60.1
56.9
-----
60.4
61.2
62.6
63.8
-----
59.4
12
60.6
-----
-----
62.1
56.7
54.3
59.3
-----
62.8
63.5
-----
59.2
13
60.9
-----
63.5
61.2
-----
54.0
59.0
-----
62.9
61.9
60.8
61.0
14
60.6
56.2
64.8
59.8
-----
55.0
58.9
60.9
64.1
-----
61.0
60.1
15
-----
54.8
61.0
-----
56.8
58.1
-----
-----
68.9
-----
60.5
60.2
16
-----
53.7
58.8
-----
57.7
57.6
-----
61.9
-----
62.5
60.2
-----
17
59.7
53.4
59.4
56.0
58.4
-----
59.2
60.8
-----
62.8
59.8
-----
18
58.4
52.6
-----
56.5
57.7
-----
59.6
60.4
67.6
61.8
-----
59.7
19
56.9
-----
-----
56.9
57.0
56.5
58.9
-----
67.4
62.6
-----
59.9
20
56.6
-----
58.6
57.4
-----
55.8
59.9
-----
70.0
63.1
59.9
59.2
21
56.4
51.4
57.6
-----
-----
55.4
60.6
60.3
69.7
-----
59.9
58.4
22
-----
51.0
59.1
-----
56.1
-----
-----
61.8
69.9
-----
59.1
59.5
23
-----
50.6
58.4
-----
55.3
54.9
-----
61.8
-----
62.6
59.3
-----
24
54.3
49.0
58.6
-----
54.7
-----
60.8
62.2
-----
63.1
59.6
-----
25
52.7
48.8
-----
56.6
54.8
-----
60.0
62.0
68.9
63.1
-----
-----
26
53.9
-----
-----
55.9
53.6
54.9
59.7
-----
66.1
62.5
-----
-----
27
56.7
-----
61.0
56.9
-----
54.7
59.1
-----
65.6
62.6
60.1
59.3
28
55.6
48.4
60.7
58.2
-----
54.6
60.5
62.4
65.8
-----
59.7
59.5
29
-----
49.8
60.0
-----
53.4
54.8
-----
63.1
67.2
-----
59.8
59.8
30
-----
-----
59.4
-----
55.3
54.9
-----
64.2
-----
62.3
59.7
-----
31
55.4
-----
59.2
-----
55.5
-----
59.9
63.6
-----
62.2
-----
-----
Fact Book 2001
56
WSE indices
Fact Book 2001
57
D erivatives market
Futures
The Warsaw Stock Exchange derivatives market was launched on January 16,
1998, when WIG20 index futures were introduced to trading. In 1998, futures contracts on the USD exchange rate were listed, and in 1999 Euro exchange-rate contracts were introduced to trading. Since August 2000, futures on the TechWIG
index have also been available for trading. In January 2001, futures contracts on
individual stocks debuted on the Exchange.
The Exchange, as the organiser of trading on the futures market, develops
contract specifications, which define, among other things, the manner of contract
value calculation, quotation unit and tick (minimum price change), first and last
day of trading, manner of daily and final settlement price determination, as well as
the settlement method. Procedures for clearing, settlement and record-keeping,
as well as amount of required margin, are determined by the National Depository
for Securities, which acts as a clearing house.
In the year 2000, it was possible at any given time to trade WIG20 futures with
expiry dates in the three consecutive months of the March quarterly cycle (March,
June, September and December).
In the case of currency futures, at any given time 5 contract series, with expiry
dates in the three nearest calendar months, as well as the two consecutive months
from the March quarterly cycle, were available for trading.
Futures contracts are traded in the continuous trading system from 9:00 a.m.
to 4:10 p.m. At the opening and closing of trading, an auction is held just as in the
case of other securities quoted in the continuous system.
To ensure liquidity on the derivatives market, some Exchange members act as
market makers (animators). This means that, based on an agreement made with
the Exchange, they are required to place their own buy and sell orders in the order
book. At the end of the year 2000, five member firms performed a market-making
function.
Price variation limits are imposed on futures contracts trading. The maximum
allowable variation from the previous settlement price is 10% for index and stock
futures, and 5% for currency futures.
In the year 2000, the WIG20 futures market grew with particular intensity. Currency futures showed the weakest growth.
Transactions could be concluded by investors via 29 entities required to meet
relevant organisational and financial requirements. In the last quarter of the year,
the value of futures trading exceeded turnover on the equity market.
Fact Book 2001
58
Derivatives market
WIG20 and TechWIG index futures contracts—basic characteristics
Contract symbol
FW20kr
FTECkr
Underlying instrument
WIG20 index
TechWIG index
Multiplier
10 zl
10 zl
Contract value
Multiplier x contract price
Multiplier x contract price
Quotation unit
Index points
Index points
Minimum price
fluctuation(tick)
One index point
One index point
Minimum tick value
10 zl
10 zl
Contract delivery months
Three nearest months of following cycle:
March, June, September, December
Three nearest months of following cycle:
March, June, September, December
Last trading day
Third Friday of given expiry month.
If there is no trading session on that date, it
is last trading session day preceding third
Friday of expiry month.
Third Friday of given expiry month.
If there is no trading session on that date, it
is last trading session day preceding third
Friday of expiry month.
Expiry date
Day when final settlement price is determined. In this case, this is the same as last trading day.
Day when final settlement price is determined. In this case, this is the same as last trading day.
Final settlement price
Final settlement price is determined on contract expiry date as arithmetic mean of all
WIG20 values from last hour of continuous
trading and closing WIG20 index value
Final settlement price is determined on contract expiry date as arithmetic mean of all
TechWIG values from last hour of continuous trading and closing TechWIG index value
Settlement date
Next working day following contract expiry
date (day after last trading day)
Next working day following contract expiry
date (day after last trading day)
Settlement
Cash in Polish zloty
USD and EURO exchange rate futures contracts—basic characteristics
Contract symbol
FUSDkr
FEURkr
Underlying instrument
USD/PLN exchange rate
EUR/PLN exchange rate
Contract size
10,000 USD
10,000 EUR
Quotation unit
PLN per 100 USD
PLN per 100 EUR
Minimum price
fluctuation (tick)
0.01 PLN per 100 USD
(quotation for 100 USD) = 1 PLN
0.01 PLN per 100 EUR
(quotation for 100 EUR) = 1 PLN
Contract delivery
months
Three nearest calendar months plus 2 subsequent months from March quarterly cycle
Three nearest calendar months plus 2 subsequent months from March quarterly cycle
Last trading day
Trading day directly preceding expiry date.
Trading day directly preceding expiry date.
Expiry date
Day on which final settlement price is determined.
Fourth Friday of contract month; in the event
of fourth Friday not being a business day,
expiry date shall normally be last business
day preceding fourth Friday.
Day on which final settlement price is determined.
Fourth Friday of contract month; in the event
of fourth Friday not being a business day,
expiry date shall normally be last business
day preceding fourth Friday.
Final settlement price
Average USD exchange rate determined by
National Bank of Poland at fixing on contract
expiry date, multiplied by 100.
Average EUR exchange rate determined by
National Bank of Poland at fixing on contract
expiry date, multiplied by 100.
Settlement date
Next business day following contract expiry
date.
Next business day following contract expiry
date.
Settlement
Fact Book 2001
59
Derivatives market
WIG20 and TechWIG futures trading calendar
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
March
June
September
December
March
June
September
EURO and USD futures trading calendar
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
January
February
March
April
May
June
July
August
September
October
November
December
January
Feb
September
March
June
Fact Book 2001
60
Derivatives market
Index futures in 2000
WIG20 futures
Month
Number of
transactions
Trading
volume
TechWIG futures
Open interest
at end
Number of
transactions
Trading
volume
of month
Open interest
at end
of month
January
38 682
113 393
6 914
---
---
---
February
52 448
159 974
6 647
---
---
---
March
42 143
108 084
5 854
---
---
---
April
32 697
88 051
7 103
---
---
---
May
41 161
110 740
6 777
---
---
---
June
36 405
95 987
5 583
---
---
---
July
26 108
67 304
6 343
---
---
---
August
33 144
83 130
8 156
2 743
4 424
345
September
38 731
103 503
7 443
3 155
4 583
455
October
56 202
171 100
11 574
2 522
3 450
645
November
70 638
223 010
13 155
1 818
2 572
790
56 813
165 729
11 116
2 281
3 041
606
12 519
18 070
December
Total
525 172 1 490 005
Currency futures in 2000
USD exchange rate futures
Month
Number of
transactions
Trading
volume
EUR exchange rate futures
Open interest
at end
Number of
transactions
Trading
volume
of month
Open interest
at end
of month
January
44
289
151
40
301
247
February
39
72
150
68
147
333
March
33
205
101
64
204
169
April
68
115
109
118
431
312
May
214
394
132
244
1087
279
June
142
393
87
146
402
214
July
80
161
86
175
397
269
August
56
87
70
230
583
412
265
September
131
229
70
216
409
October
174
373
152
309
609
198
November
111
363
102
134
312
221
78
145
62
129
259
168
1 170
2 826
1 873
5 141
December
Total
Fact Book 2001
61
Derivatives market
Futures trading in 2000 (volume)
250 000
200 000
150 000
100 000
50 000
Jan
Feb
Mar
Apr May Jun
Jul
Aug Sep Oct
Nov Dec
Futures trading in 2000 (open interest)
16 000
14 000
12 000
10 000
8 000
6 000
4 000
2 000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Fact Book 2001
Nov
Dec
62
Derivatives market
Turnover in 2000 (cash market vs derivatives market)
mil. zl
Cash market (shares from WIG20 index)
WIG20 futures
14
12
10
8
6
4
2
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Warrants
European-style warrants are available for trading on the Warsaw Stock Exchange. Banks and other financial institutions, e.g. brokerage houses, may issue such
warrants on stocks of other companies already in public trading, indices and other
Call and put warrants in 2000
Month
Call warrants
value share in total
(‘000 zl)
value (%)
Put warrants
(‘000 zl)
value (%)
Total
(‘000 zl)
value (%)
January
8 501.0
14.35
1 004.0
8.03
9 505.0
13.25
February
13 702.0
23.13
727.0
5.82
14 428.0
20.11
March
11 378.0
19.21
1 434.0
11.47
12 813.0
17.86
April
4 626.0
7.81
1 467.0
11.74
6 092.0
8.49
May
4 052.0
6.84
890.0
7.12
4 942.0
6.89
June
3 167.0
5.35
506.0
4.05
3 673.0
5.12
July
2 744.0
4.63
579.0
4.63
3 323.0
4.63
August
2 184.0
3.69
1 266.0
10.13
3 450.0
4.81
September
1 665.0
2.81
849.0
6.79
2 515.0
3.51
October
November
December
Total
944.0
1.59
1 774.0
14.19
2 718.0
3.79
2 587.0
4.37
1 482.0
11.86
4 068.0
5.67
3 681.0
6.21
523.0
4.18
4 203.0
5.86
59 231.0
100.00
12 501.0
100.00
71 730.0
100.00
Fact Book 2001
Derivatives market
63
financial instruments. European-style means that the warrant may be executed
only on a date pre-designated by the issuer, known as the expiry date.
The first warrants were introduced to trading on the Exchange on March 9,
1998. These were call warrants on Elektrim shares and on the NIF index issued by
Bank Rozwoju Eksportu. In the following months, warrants on other stocks and
WSE indices were made available for trading. In October 1999, put warrants on the
WIG20 index were introduced, and a month later, put and call warrants on several
stocks were listed. At the end of the year 2000 there were 74 series of warrants
available on the Exchange. These were put and call warrants on the WIG20 and
NIF indices, as well as on a dozen or so of the most liquid stocks.
Warrants are traded in the continuous system from 10:00 a.m. to 4:10 p.m.
No price variation limits apply for warrant quotations.
Stock and index warrants in 2000
Month
Stock warrants
(‘000 zl)
value (%)
Index warrants
(‘000 zl)
value (%)
January
5 638.0
12.08
3 867.0
15.44
9 505.0
13.25
February
10 518.0
22.53
3 910.0
15.62
14 428.0
20.11
March
9 468.0
20.28
3 345.0
13.36
12 813.0
17.86
April
3 688.0
7.90
2 404.0
9.60
6 092.0
8.49
May
2 893.0
6.20
2 049.0
8.18
4 942.0
6.89
June
2 136.0
4.57
1 538.0
6.14
3 674.0
5.12
July
2 208.0
4.73
1 115.0
4.45
3 323.0
4.63
August
1 489.0
3.19
1 960.0
7.83
3 449.0
4.81
September
1 077.0
2.31
1 438.0
5.74
2 515.0
3.51
716.0
1.53
2 002.0
8.00
2 718.0
3.79
October
Total
(‘000 zl)
value (%)
November
3 104.0
6.65
964.0
3.85
4 068.0
5.67
December
3 756.0
8.04
447.0
1.79
4 203.0
5.86
46 691.0
100.00
25 039.0
100.00
71 730.0
100.00
Total
Fact Book 2001
64
Derivatives market
Futures contracts—key figures
Futures contracts (total)
Average turnover value per session (‘000 zl)
Average volume per session
(Average number of futures contracts per session)
Open interest (at end of year)
Number of series (at end of year)
2000
1999
2 163
359
1998
63
58 612
6 368
602
234 447
25 575
2 406
6 064
836
97
11 952
5 360
699
16
13
7
WIG20 futures
2000
1999
2 101
355
1998
63
57 390
6 015
597
229 560
24 058
2 386
5 960
815
97
11 116
4 845
675
3
3
2
TechWIG futures
2000***
119
1999
---
1998
---
545
---
---
5 190
---
---
172
---
---
606
---
---
3
---
---
EURO exchange rate futures
2000
7
1999**
3
1998
---
424
168
---
1 695
1 148
---
21
13
---
168
375
---
5
5
---
USD exchange rate futures
2000
5
1999
2
1998*
0
253
186
5
1 012
744
59
11
9
1
62
140
24
5
5
5
*
83 trading sessions
** 146 trading sessions
*** 105 trading sessions
Fact Book 2001
65
I nvestors
Domestic and foreign investors are treated equally, and there are no restrictions concerning transfer of capital gains by foreign investors. Capital gains
made by domestic private individuals are tax-exempt until the end of 2003. Dividends are subject to a 15% withholding tax. Income from interest on Treasury
bonds is tax-exempt for individual domestic investors. Domestic legal entities pay
a 28% income tax both on capital gains and on interest from T-bonds; dividends
paid to them are subject to a 15% withholding tax.
Foreign investors are subject to basically the same regulations as domestic
investors. Tax obligations of foreign investors deriving income in Poland are
regulated by intergovernmental agreements on the avoidance of double taxation,
as well as by relevant reciprocity agreements.
The number of investment accounts in brokerage houses amounted to 1.2
million at the end of 2000. Only about 5% of adult Poles use stocks or bonds to
diversify their savings and investment portfolios.
Number of investment accounts (in thousands)
1 300
1 200
1 100
1 000
900
800
1996
1997
1998
1999
2000
At the same time, individual investors constitute a quite active group on the
Exchange. In the year 2000, an average of 17.6 thousand transactions were concluded per session, which, in comparison with other medium-sized European markets, is a significant number.
In the year 2000, 25 new investment funds were created. At the end of the
year, there were 21 Investment Fund Corporations operating in Poland, managing
a total of 93 funds.
The year 2000 was the second year of Open Pension Funds investing on the
Exchange. All 21 funds active on the Polish market invested a portion of collected
premiums in stocks listed on the Exchange.
Fact Book 2001
66
Investors
At the end of the year, stocks accounted for 33.6% of the open pension funds'
investment portfolio (with a limit set by law at 40%), while bonds represented over
61.4% of their investment portfolio's total value.
Treaties on avoidance of double taxation
No
Country
Treaty
in force since
No
Country
Treaty
in force since
1
Albania
01.01.95
32
Malaysia
01.01.77
2
3
Australia
01.01.93
33
Malta
01.01.95
Austria
01.01.74
34
Moldavia
01.01.96
4
Belarus
01.01.94
35
Morocco
01.01.96
01.01.79
36
Netherlands
01.01.78
5
Belgium
6
Bulgaria
01.01.96
37
Norway
01.01.76
7
Canada
01.01.89
38
Pakistan
01.01.73
8
China
01.01.90
39
Philippines
01.01.98
9
Croatia
01.01.97
40
Portugal
01.01.99
10
Cyprus
01.01.94
41
Romania
01.01.96
11
Czech Republic
01.01.94
42
Russia
01.01.94
12
Denmark (protocol)
01.01.74
43
Singapore
01.01.94
13
Estonia
01.01.95
44
Slovak Republic
01.01.96
14
Finland (protocol)
01.01.80
45
Slovenia
01.01.99
15
France
01.01.74
46
South Africa
01.01.96
16
Germany (protocol)
01.01.72
47
South Korea
01.01.91
17
Great Britain
01.04.75
48
Spain
01.01.83
18
Greece
01.01.92
49
Sri Lanka
01.01.83
19
Hungary
01.01.96
50
Sweden
01.01.74
20
India
01.01.90
51
Switzerland
01.01.92
21
Indonesia
01.01.94
52
Thailand
01.01.83
22
Ireland
01.01.96
53
Tunisia
01.01.94
23
Island
01.01.00
54
Turkey
01.01.98
24
Italy
01.01.84
55
Ukraine
01.01.95
25
Israel
01.01.92
56
United Arab Emirates
01.01.95
26
Japan
01.01.82
57
USA
01.01.74
27
Jordan
01.01.00
58
Uzbekistan
01.01.96
28
Kazakhstan
01.01.96
59
Vietnam
01.01.96
29
Latvia
01.01.95
60
Yugoslavia
01.01.86
30
Lithuania
01.01.95
61
Zimbabwe
01.01.95
31
Luxembourg
01.01.97
Fact Book 2001
Source: Ministry of Finance
67
I ssuers
Equities are listed on the Exchange on three different markets: main, parallel
and free. Disclosure requirements are the same for all companies, regardless of
the market on which they are listed. From the investor's point of view, the quotation market indicates the liquidity as well as the level of risk resulting from a company's size, history and financial results achieved in the past. The most liquid companies, regardless of the market to which they belong, are traded in the continuous trading system; companies with lower liquidity are traded in the single-price
auction system with two auctions per day; and the remaining stocks, in the singleprice auction system with one auction* per day.
A company intending to introduce its shares to Exchange trading applies to
the Exchange Supervisory Board, which makes the decision regarding admittance
to trading. The conditions prerequisite for obtaining a positive decision are: prior
admittance of the company's shares to public trading by the Polish Securities and
Exchange Commission, lack of limitations on transferability of these shares, and
fulfilment of minimum criteria qualifying a company's shares for the free market.
The decision to introduce a company's shares to trading on the main, parallel or
free market is made by the Exchange Management Board on the basis of detailed
Selected listing requirements
Main market
Parallel market
Free market
Minimum value of shares
to be admitted for trading
40 mil. zl
14 mil. zl
4 mil. zl
Minimum book value of company
65 mil. zl
22 mil. zl
4 mil. zl
Minimum value of shares admitted to trading
and held by shareholders, each of whom
owns no more than 5% of the total number
of votes at the general meeting
32 mil. zl
11 mil. zl
-----
25%
or at least
500 000 shares
of value at least
70 mil. zl
10%
or at least
-----
200 000 shares
of value at least
35 mil. zl
500
300
-----
three financial years
two financial years
last
financial year
Minimum percentage of shares to be admitted
for trading and held by shareholders,
each of whom owns no more than 5% of the
total number of votes at the general meeting
Minimum number of shareholders
who hold shares to be admitted for trading
Period for which company is required
to disclose audited financial reports to the public
* Effective April 18, 2001, the single-price system with one auction per day is no longer used
Fact Book 2001
68
Issuers
criteria contained in the Exchange Rules. A company listed on a lower quotation
market may apply—after fulfilling the relevant requirements listed in the Rules - to
have its shares transferred to a higher quotation market. The Management Board
also decides the quotation system in which a company's shares are to be traded.
Newly-listed companies in 2000
No
Company
Issue
price
First quotation
date
price
(zl)
(zl)
Price
Price change from
at end issue price first quotation
of year (zl)
(%)
(%)
1
BEEFSAN
2.70
9.03.00
3.50
1.43
-47.0
-59.1
2
MPECWRO
6.40
23.03.00
11.40
7.25
13.3
-36.4
3
STALPROFI
4
EFL
5
KOGENERA
6
MACROSOFT
7
NETIA
8
PUE
9
FASING
10
KRAKBROK
11
TALEX
12
WANDALEX
13
SIMPLE
11.00
26.04.00
12.75
12.75
15.9
0.0
145.00
9.05.00
151.00
114.50
-21.0
-24.2
49.00
26.05.00
52.00
52.00
6.1
0.0
-64.3
x
31.05.00
105.00
37.50
x
110.00
11.07.00
117.00
75.50
-31.4
-35.5
26.00
23.08.00
24.00
17.50
-32.7
-27.1
x
18.09.00
5.50
2.99
x
-45.6
8.10
4.10.00
8.00
6.70
-17.3
-16.3
29.00
20.11.00
30.00
26.80
-7.6
-10.7
3.50
29.11.00
3.22
2.61
-25.4
-18.9
109.00
14.12.00
118.50
113.00
3.7
-4.6
De-listings in 2000
No
Company
Suspension
date
De-listing
date
Reason for
de-listing
17.01.00
28.01.00
merger
---
1.03.00
bankruptcy
10.04.00
17.04.00
merger
1
UNIBUD
2
POLISA
3
11NFI
4
ZASADA
16.05.00
19.05.00
company‘s motion
5
FARM FOOD
19.07.00
2.08.00
merger
6
JAROSLAW
21.08.00
28.09.00
merger
7
POLIFARBD
25.09.00
28.09.00
company‘s motion
8
MOSTALKRK
21.09.00
18.10.00
merger
9
BROK
31.10.00
20.11.00
company‘s motion
Fact Book 2001
69
Issuers
Companies with largest market capitalisation in 2000 (end of year)
No
Company
Shares
Market
outstanding capitalisation
(in millions)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
TPSA
PEKAO
PKNORLEN
KGHM
AGORA
HANDLOWY
ELEKTRIM
BPH
PBK
BRE
BIG
NETIA
PROKOM
BSK
WBK
KREDYTB
ZYWIEC
ORBIS
WARTA
SWIECIE
SOFTBANK
BOS
OPTIMUS
COMPLAND
STOMIL
EFL
KABLEHOLD
BWR
7BULLS
KOGENERA
BUDIMEX
DEBICA
KETY
COMARCH
EXBUD
ECHO
SZEPTEL
IZOLACJA
AGROS
LGPETRO
PGF
JUPITER
CERSANIT
MITEX
MPECWRO
IMPEXMET
AMICA
BAKOMA
OKOCIM
JELFA
1 400.00
165.75
420.18
200.00
56.76
69.92
83.77
14.05
29.34
22.97
424.59
31.42
12.70
9.26
68.82
98.60
7.39
46.08
8.13
50.00
16.03
13.20
6.88
6.51
27.22
6.38
119.57
298.06
15.50
10.90
25.53
13.80
10.50
7.23
15.00
3.50
10.10
1.15
11.00
22.26
12.24
60.11
11.63
20.52
40.46
10.63
8.74
11.50
22.00
6.80
38
10
9
5
4
4
4
3
3
3
2
2
2
2
1
1
1
1
1
1
1
Market
share
(mil. zl)
(%)
640.00
359.26
453.99
160.00
824.39
299.93
238.78
301.16
109.78
009.14
844.76
372.15
209.80
176.10
885.56
557.91
537.68
193.39
178.51
100.00
041.99
930.60
850.19
745.58
737.66
730.83
594.27
572.27
570.40
566.80
491.45
469.29
462.03
458.26
436.50
423.50
414.10
391.00
390.50
382.81
348.71
324.61
315.25
294.46
293.36
290.21
279.60
276.00
266.20
257.04
29.69
7.96
7.27
3.97
3.71
3.30
3.26
2.54
2.39
2.31
2.19
1.82
1.70
1.67
1.45
1.20
1.18
0.92
0.91
0.85
0.80
0.72
0.65
0.57
0.57
0.56
0.46
0.44
0.44
0.44
0.38
0.36
0.36
0.35
0.34
0.33
0.32
0.30
0.30
0.29
0.27
0.25
0.24
0.23
0.23
0.22
0.21
0.21
0.20
0.20
P/BV
P/E
Dividend
yield
(%)
3.42
2.38
1.45
1.32
5.49
1.32
1.03
1.50
1.47
1.40
1.56
3.22
4.66
1.30
1.81
1.09
0.74
1.15
3.06
1.17
5.13
1.55
4.48
7.31
1.35
1.26
0.91
4.37
9.30
1.29
1.17
0.83
1.41
4.03
1.19
2.28
13.18
3.06
1.09
1.31
1.23
0.73
3.07
3.38
0.95
0.81
0.84
1.96
0.68
0.79
25.8
23.9
11.5
18.3
34.1
11.3
1.2
22.2
10.5
10.5
9.0
x
23.5
11.2
8.8
8.5
18.8
17.5
x
5.2
27.6
13.0
x
32.4
8.4
9.9
68.5
x
x
100.5
32.8
6.7
22.4
81.0
83.2
10.3
182.1
34.8
x
10.9
26.1
x
16.4
7.0
8.5
15.6
5.2
17.5
67.0
13.0
Fact Book 2001
0.2
--0.2
----4.3
----2.4
6.1
1.2
--0.9
1.9
2.0
2.5
1.0
--3.0
4.5
0.8
2.1
----2.2
--------0.2
--6.8
----------------2.1
--------0.4
--4.2
--4.0
70
Issuers
Listed companies by origin
Public offering
Held
by State Treasury by holdings
1991
1992
1993
1994
1995
1996
1997
Mixed
ownership
Private with
State roots
Private
gone public
NIF underlying
companies
Exbud
Kable
Krosno
Próchnik
Swarzędz
Tonsil
Wedel
Wólczanka
Żywiec
BRE
Elektrim
Irena
Mostostal-Export
Okocim
BIG
Universal
Polifarb-Cieszyn
Sokołów
WBK
Vistula
Mostostal-Warszawa
Agros Holding
BSK
Dębica
Jelfa
Polifarb-Wrocław
Rafako
Rolimpex
Stalexport
AmerBank
Kable Holding
Remak
Kredyt Bank
ESPEBEPE
Drosed
Indykpol
KrakChemia
Mostostal-Zabrze
Novita
Prochem
Dom-Plast
Optimus
Fortis
Bank Gdański
BPH
Bytom
Górażdże
Polfa Kutno
Stomil Olsztyn
KPBP-BICK
Mostostal-Gdańsk
Animex
BWR
PBR
Pekpol
LGPetro
Warta
Beton Stal
Budimex
Elektromontaż-Export
Jutrzenka
ComputerLand
Farm Food
Zasada Centrum
Bank
Komunalny
Paged
Polisa
Boryszew
Chemiskór
Lubawa
ŁDA
PPWK
Relpol
IGROUP
Echo
Forte
Kompap
Ocean
Nomi
BOŚ
Amica Wronki
Apator
IBSystem
Brok
Masters
GPRD
Mostostal-Kr.
Mostostal-Sdl.
Pozmeat
Ampli
Atlantis
Bauma
Best
Mieszko
Strzelec
Elektrobudowa
Kęty
Oława
Bank Handlowy
Świecie
Hutmen
Impexmetal
KGHM
Kruszwica
Orbis
PBK
Polar Wrocław
WKSM
Budimex Poznań
Centrostal Gdańsk
Elektromontaż -Warszawa
Energoaparatura
Energomontaż-Płd.
Poligrafia
Stomil Sanok
Unibud
Unimil
ZREW
Fact Book 2001
Efekt
Bielbaw
Ferrum
Grajewo
Izolacja
Lentex
PEPEES
Polifarb Dębica
Ropczyce
Viscoplast
ZEW
Issuers
71
Listed companies by origin
1998
1998
Public offering
Held
by State Treasury by holdings
Mixed
ownership
Private with
State roots
Private
gone public
NIF underlying
companies
Elektrociepłownia-Będzin
Kopex
Mennica
Państwowa
Bank Pekao
Telekomunikacja
Polska
Budopol Wrocław
Delia
Ekodrob
Energomontaż-Płn.
Instal Lublin
Manometry
Odlewnie Polskie
ZEG
Bank
Częstochowa
Cersanit
Elzab
Energopol
Famot Pleszew
Hydrobudowa-Gdańsk
Hydrobudowa-Śląsk
Hydrotor
Jarosław
Koło
Mostostal-Płock
Permedia
Wawel
WFM Oborniki
AMS
7Bulls
Apexim
Bakoma
Compensa
Euro Bud Inwest
Gant
Howell
Groclin
PGF
Murawski Holding
Muza
Pia Piasecki
Prokom
Softbank
Suwary
TIM
Wilbo Seafood
Yawal System
Garbarnia Brzeg
Łukbut
LZPS
Milmet
Morliny
Polna
Ponar-Wadowice
Sanwil
Stomil Bełchatów
Wafapomp
Wistil
PKN
TUP
Centrozap
Pemug
Polnord
Naftobudowa
Instal Kraków
Projprzem
Pollena Ewa
KZWM
Agora
Caspol
Clif
Comarch
CSS
Farmacol
Leta
LTL
Mitex
Orfe
Pażur
Prosper
St Group
TU Europa
Ster-Projekt
Szeptel
Pekabex
Skotan
Beef-San
EFL
Krakbrokers
Macrosoft
Netia
Simple
Talex
Wandalex
PUE
Fasing
1999
1999
Kogeneracja
2000
Stalprofil
MPEC
Fact Book 2001
72
Issuers
Assimilations of shares
No
Company
Introduction
date
No
Company
Introduction
date
20.07.00
1
COMPLAND
05.01.00
54
OPTIMUS
2
HYDROBUDOWA
20.01.00
55
APATOR
27.07.00
3
CERSNIT
24.01.00
56
PGF
28.07.00
4
BUDIMEX
24.01.00
57
POLLENAE
28.07.00
5
APATOR
25.01.00
58
HYDROBUD
6
NAFTA
26.01.00
59
SOKOLOW
11.08.00
7
BUDIMEX
2.02.00
60
POLNA
16.08.00
8
AMS
10.02.00
61
BEEFSAN
17.08.00
9
DELIA
11.02.00
62
COMPLAND
17.08.00
10
STERPRO
22.02.00
63
MITEX
17.08.00
11
POLNORD
23.02.00
64
IGROUP
21.08.00
12
MENNICA
25.02.00
65
MOSTALZAB
23.08.00
4.08.00
13
COMPLAND
1.03.00
66
FORTIS
23.08.00
14
PROJPRZEM
3.03.00
67
AMICA
28.08.00
31.08.00
15
ELEKTRIM
9.03.00
68
MOSTALSDL
16
HANDLOWY
15.03.00
69
PROJPRZEM
17
MITEX
22.03.00
70
INSTALKRK
31.08.00
18
CSS
29.03.00
71
MACROSOFT
15.09.00
19
CHEMISKOR
30.03.00
72
CASPOL
18.09.00
20
COMARCH
31.03.00
73
SOKOLOW
21.09.00
21
MENNICA
3.04.00
74
BUDIMEX
13.10.00
31.-8.00
22
JUPITER
17.04.00
75
BWR
17.10.00
23
ELEKTRIM
18.04.00
76
BOS
18.10.00
24
OPTIMUS
25.04.00
77
CSS
20.10.00
25
ELEKTRIM
26.04.00
78
BRE
20.10.00
26
APATOR
28.04.00
79
PAGED
25.10.00
27
SWIECIE
5.05.00
80
APATOR
30.10.00
28
IMPEXMETAL
8.05.00
81
TPSA
8.11.00
29
PAGED
15.05.00
82
POLAR
9.11.00
30
BWR
23.05.00
83
AGORA
13.11.00
31
ELEKTOEX
23.05.00
84
ORBIS
16.11.00
32
AMICA
24.05.00
85
BK
20.11.00
33
BUDIMEX
25.05.00
86
PBK
23.11.00
34
ELEKTRIM
29.05.00
87
PUE
27.11.00
35
PGF
30.05.00
88
BEDZIN
28.11.00
36
MPECWRO
30.05.00
89
PGF
28.11.00
37
KOPEX
31.05.00
90
NETIA
4.12.00
38
PROCHEM
31.05.00
91
COMPLAND
4.12.00
39
HUTMEN
12.06.00
92
LENTEX
6.12.00
40
PROJPRZEM
13.06.00
93
STGROUP
6.12.00
41
GROCLIN
15.06.00
94
ZYWIEC
8.12.00
42
KRUSZWICA
16.06.00
95
PGF
43
HANDLOWY
20.06.00
96
KREDYTB
14.12.00
44
PEKAO
21.06.00
97
MPECWRO
19.12.00
45
BWR
21.06.00
98
POLLENAE
20.12.00
46
MACROSOFT
21.06.00
99
COMPENSA
22.12.00
47
GROCLIN
3.07.00
100
YAWAL
22.12.00
48
MACROSOFT
3.07.00
101
EBI
22.12.00
49
MPECWRO
3.07.00
102
PROJPRZEM
28.12.00
50
KGHM
7.07.00
103
HOWELL
28.12.00
51
ELEKTRIM
12.07.00
104
NOMI
29.12.00
52
SZEPTEL
14.07.00
105
WAWEL
29.12.00
53
COMPENSA
18.07.00
Fact Book 2001
8.12.00
73
Issuers
Assimilations of shares (resulting from conversion)
No Company
Conversion Assimilations
date
date
No Company
Conversion Assimilations
date
date
1
AMERBANK
3.01.00
4.01.00
19
BRE
3.07.00
2
SZEPTEL
3.01.00
4.01.00
20
AMERBANK
3.07.00
4.07.00
4.07.00
ESPEBEPE
3.07.00
4.07.00
3
EFEKT
3.01.00
4.01.00
21
4
BRE
1.02.00
2.02.00
22
BEEFSAN
1.08.00
2.08.00
5
ESPEBEPE
1.02.00
2.02.00
23
PEKPOL
1.08.00
2.08.00
6
BORYSZEW
1.03.00
2.03.00
24
PROCHEM
1.08.00
2.08.00
7
AMERBANK
1.03.00
2.03.00
25
BIG
1.08.00
2.08.00
8
PROCHEM
3.04.00
4.04.00
26
BRE
1.08.00
2.08.00
2.08.00
9
PEKPOL
3.04.00
4.04.00
27
ESPEBEPE
1.08.00
10
SZEPTEL
4.05.00
5.04.00
28
PROCHEM
1.09.00
4.09.00
11
PEKPOL
4.05.00
5.05.00
29
BORYSZEW
1.09.00
4.09.00
12
BRE
4.05.00
5.05.00
30
BWR
1.09.00
4.09.00
13
BK
4.05.00
5.05.00
31
ESPEBEPE
2.10.00
3.10.00
14
BUDIMEX
4.05.00
5.05.00
32
PPWK
2.10.00
3.10.00
15
MOSTALPLC
1.06.00
2.06.00
33
ESPEBEPE
2.11.00
3.11.00
16
PEKPOL
1.06.00
2.06.00
34
BCZ
1.12.00
4.12.00
17
KREDYTB
1.06.00
2.06.00
35
AMERBANK
1.12.00
4.12.00
18
AGORA
3.07.00
4.07.00
36
MOSTALPLC
1.12.00
4.12.00
IPO value
Year
Number of offerings
IPO*
capital
Number of
public offerings
increase
by State Treasury
Value of offerings
public
IPO
(mil. zl)
(mil. zl)
1995
6
26
6
882
589
1996
1
47
22
1 432
32
1997
16
74
30
7 921
4 613
1998
14
59
24
8 039
4 241
1999
5
49
27
4 923
2 418
2000
5
57
43
4 072
232
Total
47
312
152
27 268
12 124
* Both State Treasury and private company IPOs
Source: Polish Securities and Exchange Commissions
Fact Book 2001
74
Issuers
Exchange fees paid by issuers
Issuers pay fees for listing of their shares on the Exchange. The one-time fees
for introduction of shares into trading are 0.03 % of the issue value in the case of
shares, and 0.004% of the nominal value in the case of bonds; for each quotation
market, there is an upper limit for this fee.
Issuers also pay annual fees in the amount of 0.02% of market value for shares
listed on the main and parallel markets, 3,000 zloty for shares listed on the free
market, and 0.01% for other securities. As in the case of the introductory fee, the
annual fees are also subject to upper limits. For example, the maximum annual fee
for shares on the main market amounts to 60,000 zloty.
The Exchange also charges fees for such operations as change of quotation
market, change of securities' nominal value, or quotation of subscription rights.
Deposit of shares with the National Depository
for Securities
One of the conditions for introduction of shares to trading on the Exchange is
their acceptance for deposit by the National Depository for Securities. Securities
traded on the Exchange exist in the form of computer records. The National Depository for Securities maintains records of securities in the accounts of issuers,
as well as of brokerage houses and custodian banks.
Market capitalisation in 2000 (end of month)
Capitalisation
(mil. zl)
January
February
March
April
May
June
July
August
September
October
November
December
131 545
152 377
151 772
138 553
139 226
138 182
138 135
130 203
119 131
111 044
116 859
130 128
mil. zl
160 000
140 000
120 000
100 000
80 000
60 000
40 000
20 000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Fact Book 2001
75
E
xchange members
Only Exchange members have the right to conclude transactions on the Warsaw Stock Exchange.
WSE membership status is granted by the Exchange Supervisory Board. Conditions for obtaining membership include, among other things, possession of the
following:
l Polish Securities and Exchange Commission permit to run a brokerage business;
l shares of the Stock Exchange;
l sufficient means to ensure proper and safe service of trading in listed securities; equity must amount to at least 3.5 million zloty;
l status of a direct participant in the National Depository for Securities.
The decision regarding admission to operations on the Exchange is made by
the Exchange Supervisory Board. Any disputes arising between the Exchange and
its members are settled by the Exchange Court.
In the year 2000, the following events concerning WSE member brokerage
houses took place:
ProCapital SA
Admittance to operations 19 January 2000
commencement of operations 21 February 2000
Dom Maklerski POLONIA NET SA Admittance to operations 21 June 2000
commencement of operations and take-over
of BGK S.A. Brokerage House 1 July 2000
Dom Maklerski PBK SA
Spin-off from bank structures,
commencement of operations 1 July 2000
Dom Maklerski AmerBrokers SA
Spin-off from bank structures,
commencement of operations 2 September 2000
Krakowski Dom Maklerski
Admittance to operations 18 October 2000
At the end of 2000, there were 38 WSE member brokerage houses admitted to
operations on the Exchange, including 29 entities also admitted to operations on
the derivatives market.
All members of the Exchange are required to participate in a guarantee fund,
managed by the National Depository for Securities, whose purpose is to guarantee transaction settlement between members. The amount of individual brokerage
houses' contribution to the fund depends on their share in Exchange turnover.
This amount is calculated by the NDS and updated every two weeks.
Fact Book 2001
76
Exchange members
Market-makers
In order to increase the liquidity of trading, the function of market-maker (animator) was introduced. The market-maker ensures that for a given security there
are both buy and sell offers placed in the order book. The presence of a marketmaker is most desirable for securities of low liquidity.
MARKET-MAKERS (ANIMATORS)
A market-maker is a WSE member brokerage house which, on the basis of an
agreement with the Exchange, undertakes to place buy or sell orders for a given
security on an on-going basis, at their own account, on terms and conditions determined by the Exchange Management Board.
The Exchange may sign market-making agreements with many Exchange members with regard to a given security. A market-maker may operate in the continuous trading and single-price auction system.
ISSUER'S MARKET-MAKERS
Similar tasks may be carried out by an issuer's market-maker. An issuer's market-maker is a WSE member brokerage house which, on the basis of an agreement
with an issuer, undertakes to maintain the liquidity of a given security. The Exchange Management Board may require an issuer of securities traded in the
single-price auction system to conclude an issuer's market-making agreement if it
determines that this is necessary for the liquidity of a given security.
Fact Book 2001
77
Exchange members
Members share in trading—equity*
No
Brokerage firm
Single-price system**
Continuous trading
Total
(mil. zl)
(%)
(mil. zl)
(%)
(mil. zl)
(%)
11.9
13 487
13.2
1
CDM Pekao S.A.
6 625
14.8
6 862
2
DM Banku Śląskiego
1 264
2.8
1 550
2.7
2 815
2.8
3
Staropolski DM
270
0.6
408
0.7
678
0.7
4
BM BPH
681
1.5
648
1.1
1 329
1.3
5
DM Banku Zachodniego
532
1.2
763
1.3
1 295
1.3
6
IDM Kredyt Bank
468
1.0
508
0.9
976
1.0
7
PKO BP BDM
1 652
3.7
1 780
3.1
3 433
3.4
8
Global Capital Partners
142
0.3
156
0.3
298
0.3
9
DI BRE Banku
2 831
6.3
3 410
5.9
6 241
6.1
10
DM WBK
1 585
3.5
1 687
2.9
3 271
3.2
11
DM Polonia Net
196
0.4
287
0.5
482
0.5
12
BGŻ
909
2.0
1 969
3.4
2 877
2.8
13
BM PBK
1 332
3.0
1 778
3.1
3 110
3.0
14
Bank Handlowy
2 446
5.5
2 969
5.2
5 415
5.3
15
CA IB Securities
2 023
4.5
2 253
3.9
4 276
4.2
16
ABN AMRO Securities (Poland)
1 396
3.1
1 646
2.9
3 042
3.0
17
SUR5.NET
270
0.6
572
1.0
842
0.8
18
PM Elimar
925
2.1
2 196
3.8
3 120
3.1
19
Citibrokerage
1 003
2.2
1 425
2.5
2 428
2.4
20
DM Amerbrokers
287
0.6
311
0.5
598
0.6
21
Credit Suisse First Boston (Polska)
1 656
3.7
2 482
4.3
4 139
4.0
0.8
22
Fortis Securities Polska
23
DM Penetrator
24
Raiffeisen Capital & Investment
336
0.8
453
0.8
789
1 196
2.7
1 695
2.9
2 891
2.8
648
1.5
852
1.5
1 500
1.5
4.2
25
DM BOŚ
1 696
3.8
2 551
4.4
4 247
26
DM BIG-BG
3 138
7.0
4 244
7.4
7 382
7.2
27
Erste Securities Polska
2 008
4.5
2 471
4.3
4 480
4.4
28
DI BWE
114
0.3
141
0.2
255
0.2
29
Robert Fleming (Polska)
653
1.5
495
0.9
1 148
1.1
30
Beskidzki Dom Maklerski
941
2.1
1 456
2.5
2 396
2.3
31
DM BISE
98
0.2
124
0.2
222
0.2
32
ING Baring Securities (Poland)
33
HSBC Securities Polska
34
DM BMT
205
35
SG Securities Polska
948
36
Wood & Company
925
37
Procapital
74
44 669
100
Total
2 443
5.5
3 434
6.0
5 877
5.7
757
1.7
1 121
1.9
1 878
1.8
0.5
203
0.4
408
0.4
2.1
1 125
2.0
2 072
2.0
2.1
1 434
2.5
2 360
2.3
0.2
118
0.2
191
0.2
57 579
100
102 248
100
*
Transactions on which WSE collects transaction fees (excluding currency futures,
specialists and market-makers cash market transactions)
** Including single-price system with one and two auctions
Fact Book 2001
78
Exchange members
Members share in trading—T-bonds*
No
Brokerage firm
Single-price system**
Continuous trading
Total
(mil. zl)
(%)
(mil. zl)
(%)
(mil. zl)
(%)
1
CDM Pekao S.A.
295
21.6
344
14.6
638
17.2
2
170
12.4
217
9.2
387
10.4
3
Staropolski DM
4
0.3
8
0.3
12
0.3
4
BM BPH
47
3.4
250
10.6
296
8.0
5
38
2.8
30
1.3
68
1.8
6
IDM Kredyt Bank
26
1.9
45
1.9
71
1.9
7
PKO BP BDM
44
3.2
66
2.8
109
2.9
8
1
0.1
1
0.0
2
0.0
9
DI BRE Banku
10
DM WBK
11
DM Polonia Net
12
BGŻ
13
BM PBK
59
4.3
215
9.1
274
7.4
149
10.9
105
4.5
254
6.8
1
0.1
5
0.2
7
0.2
43
3.2
78
3.3
121
3.3
40
2.9
43
1.8
83
2.2
15.4
14
Bank Handlowy
151
11.1
422
18.0
573
15
CA IB Securities
14
1.0
61
2.6
75
2.0
16
2
0.1
23
1.0
25
0.7
17
SUR5.NET
3
0.2
3
0.1
6
0.2
18
PM Elimar
38
2.8
22
0.9
59
1.6
19
Citibrokerage
15
1.1
37
1.6
52
1.4
20
DM Amerbrokers
9
0.6
13
0.5
22
0.6
21
1
0.1
1
0.0
2
0.0
22
23
DM Penetrator
5
0.3
8
0.4
13
0.4
19
1.4
10
0.4
30
0.8
24
0
0.0
75
3.2
76
2.0
25
DM BOŚ
13
1.0
13
0.6
26
0.7
26
DM BIG-BG
99
7.3
98
4.2
197
5.3
27
10
0.7
40
1.7
50
1.3
28
DI BWE
1
0.1
3
0.1
4
0.1
29
0
0.0
0
0.0
0
0.0
30
27
2.0
46
2.0
74
2.0
31
DM BISE
10
0.7
12
0.5
22
0.6
32
13
0.9
24
1.0
36
1.0
33
10
0.7
12
0.5
22
0.6
34
DM BMT
1
0.1
0
0.0
1
0.0
35
9
0.7
19
0.8
28
0.8
36
Wood & Company
1
0.1
0
0.0
1
0.0
37
Procapital
Total
*
0
0.0
2
0.1
2
0.1
1 366
100
2 353
100
3 718
100
Fact Book 2001
79
Exchange members
Members share in total trading*
Cash market
o
N
Brokerage firm
Futures contracts
Single-price system** Continuous trading
(mil. zl)
(%)
(mil. zl)
(%)
Continuous trading
(contracts)
(%)
1
CDM Pekao S.A.
6 919
15.0
7 206
12.0
239 575
2
1 434
3.1
1 767
2.9
204 386
7.9
6.8
3
Staropolski DM
274
0.6
416
0.7
29 690
1.0
4
BM BPH
728
1.6
898
1.5
111 667
3.7
5
570
1.2
793
1.3
70 788
2.3
6
IDM Kredyt Bank
493
1.1
554
0.9
139 908
4.6
7
PKO BP BDM
1 696
3.7
1 846
3.1
160 090
5.3
8
143
0.3
157
0.3
0
0.0
9
DI BRE Banku
2 890
6.3
3 625
6.0
351 079
11.6
10
DM WBK
1 734
3.8
1 792
3.0
136 156
4.5
11
DM Polonia Net
197
0.4
292
0.5
12 639
0.4
12
BGŻ
952
2.1
2 046
3.4
131 257
4.4
13
BM PBK
1 372
3.0
1 822
3.0
123 286
4.1
14
Bank Handlowy
2 597
5.6
3 392
5.7
124 964
4.1
15
CA IB Securities
2 037
4.4
2 314
3.9
53 078
1.8
16
1 398
3.0
1 669
2.8
6 483
0.2
17
SUR5.NET
272
0.6
575
1.0
56 284
1.9
18
PM Elimar
4.4
19
Citibrokerage
20
DM Amerbrokers
21
22
23
DM Penetrator
24
25
962
2.1
2 217
3.7
133 633
1 018
2.2
1 462
2.4
2
0.0
295
0.6
324
0.5
9 230
0.3
1 657
3.6
2 483
4.1
0
0.0
340
0.7
462
0.8
1 833
0.1
1 215
2.6
1 705
2.8
100 645
3.3
649
1.4
928
1.5
6 927
0.2
DM BOŚ
1 709
3.7
2 564
4.3
168 257
5.6
26
DM BIG-BG
3 238
7.0
4 342
7.2
130 438
4.3
27
2 018
4.4
2 511
4.2
95 416
3.2
28
DI BWE
115
0.2
144
0.2
2 940
0.1
29
653
1.4
495
0.8
0
0.0
30
968
2.1
1 502
2.5
307 286
10.2
31
DM BISE
107
0.2
137
0.2
103 487
3.4
32
2 455
5.3
3 458
5.8
4 726
0.2
33
766
1.7
1 134
1.9
0
0.0
34
DM BMT
206
0.4
203
0.3
0
0.0
35
957
2.1
1 144
1.9
0
0.0
36
Wood & Company
926
2.0
1 435
2.4
0
0.0
37
Procapital
Total
74
0.2
120
0.2
0
0.0
46 035
100
59 931
100
3 016 150
100
*
** For equities - including single-price system with one and two auctions
Fact Book 2001
80
Exchange members
Specialised services
No Brokerage firm
Portfolio
managment
Investment
advice
Derivatives market
trading
since
since
since
14.05.98
1
CAIB Investment Management SA
14.05.98
2
Bank Handlowy SA
02.02.95
18.05.95
16.01.98
3
Bank Gospodarki Żywnościowej SA
22.06.95
24.11.94
14.05.98
4
Dom Inwestycyjny BRE Banku SA
16.04.99
16.04.99
31.05.99
5
Fortis Securities Polska SA
31.10.96
11.04.96
24.10.00
6
Dom Maklerski BIG-BG SA
13.06.96
28.11.97
16.01.98
7
Beskidzki Dom Maklerski SA
18.07.96
8
PKO BP SA
12.09.96
16.04.99
08.05.98
9
06.09.99
Dom Maklerski Penetrator SA
03.10.96
ING BSK Asset Management SA
03.10.96
11
Pioneer Asset Managment
13.09.00
12
Staropolski Dom Maklerski SA
24.06.98
24.06.98
13
Credit Suisse Asset Management (Polska) SA
29.11.96
29.11.96
10
16.01.98
12.09.98
14
Raiffeisen Capital & Investment Polska SA
21.03.97
15
Dom Maklerski ELIMAR SA
07.05.97
22.10.97
09.02.98
16
Dom Maklerski BOŚ SA
05.06.97
02.08.00
02.02.98
17
Dom Maklerski BMT SA
19.06.97
18
WBK AIB Asset Management SA
07.08.97
19
Kredyt Bank SA
04.09.97
03.10.96
23.01.98
20
CDM Pekao SA
14.10.97
14.10.97
16.01.98
21
ABN AMRO Asset Management Polska SA
30.01.98
18.10.96
16.02.98
05.06.97
09.03.98
22
ING Baring Securities (Poland) SA
23
Bank Przemysłowo-Handlowy SA
24
Wood & Company SA
09.10.98
05.02.98
13.11.97
25
BRE Asset Management SA
15.11.00
26
BWE Asset Management SA
28.08.98
27
ERSTE Securities Polska SA
11.05.00
28
Dom Maklerski Banku Śląskiego SA
29
CA IB Securities SA
16.01.98
30
Dom Maklerski BZ SA
16.08.99
31
Dom Maklerski WBK SA
32
33
15.02.99
34
Bank Inicjatyw Społeczno-Ekonomicznych SA
22.12.99
35
Dom Maklerski Sur5.net SA
17.01.00
36
Dom Inwestycyjny BWE SA
01.03.00
37
ABN AMRO Securities (Polska) SA
27.03.00
38
Dom Maklerski POLONIA NET SA
14.08.00
39
Citibrokerage SA
Commercial Union Investment
Managment (Polska) SA
02.10.00
40
15.11.00
16.01.98
16.04.98
02.02.98
02.11.99
02.08.00
10.08.98
29.01.99
29.01.99
24.09.99
41
PBK Asset Managment SA
24.09.99
42
Handlowy Zarządzanie Aktywami SA
22.10.99
Source: PSEC
Fact Book 2001
81
O rganisation of trading under
the WARSET system
Since November 17, 2000, Warsaw Stock Exchange trading has taken place on
the new WARSET trading system. Similar systems based on the French NSC platform are in use on a number of exchanges world-wide. The WARSET system is
highly effective in accepting, processing and fulfilling orders. At the same time, it
is reliable and safe, providing full automation of order transmission and transaction execution. WARSET allows efficient access to the trading system for market
participants, and offers numerous possibilities associated with the use of real-time
market information.
Transactions
An investor intending to conclude a transaction on the Exchange must have an
investment account with a licensed brokerage house. A brokerage firm which has
accepted a customer's order to buy or sell securities on the Exchange is responsible for proper fulfilment of this order.
Exchange transaction systems
Shares
Allotment certificates
Subscription rights
single-price
auction,
one auction*
single-price
auction,
two auctions
continuous
trading
block
trades
Bonds
Derivatives
market
Treasury
Securities
Market
Investment
certificates
* Effective April 18, 2001, all companies from the single-price system with one auction have
been allocated either to continuous trading or to the two-auction system
Fact Book 2001
82
Trading under the WARSET system
Exchange transactions can be concluded in any one of three quotation systems:
l continuous trading
l single-price auction with two auctions per day
l single-price auction with one auction*
Additionally, for large blocks of securities, it is possible to conclude transactions outside the trading session.
Orders
The investor places orders at a customer service point in the brokerage house
which runs his account. Then, the order is forwarded via computer network to the
Warsaw Stock Exchange's computerised trading system.
When placing an order, the investor must define:
l type of order (buy/sell)
l price limit or type of order without price limit
l order validity date
l name of security/financial instrument to be bought/sold
l additional requirements for execution of order.
TYPES OF ORDERS
The WARSET system makes it possible to place many different types of orders, thereby allowing investors to apply various investment strategies tailored to
their goals and needs in specific situations.
Orders with price limit (limit orders)
The investor precisely defines a buy or sell price for a given security. In the
case of a buy order, this is the price above which the investor placing the order
does not agree to its execution; in the case of a sell order, it is the price below
which the investor is not willing to sell the securities.
It should be remembered that:
l for stocks, subscription rights, allotment certificates and warrants, limits are
stated in zloty;
l for bonds (Treasury and corporate bonds), limits are stated as a percentage
of nominal value;
l for futures contracts, limits are stated in points (index futures contracts) or
in zloty (currency and stock futures contracts).
Orders with price limits may contain additional execution requirements.
For a minimum size order (MIN), i.e. an order with a minimum execution size,
the minimum number of securities below which the order may not be executed
should be specified.
*
Fact Book 2001
83
A hidden order (HID)—an order containing a disclosed size requirement—is
fulfilled gradually, in parts. The investor placing such an order indicates the portions in which it is to be executed, i.e. the number of securities to be displayed at
a given time (minimum 100).
Stop orders (STOP), i.e. orders with an activation limit, are not displayed immediately after being entered into the system, but are revealed only when the
indicative opening price or the price of the last transaction in the continuous
trading system reaches the appropriate level, as specified by the investor. Thus,
besides the activation limit, the order must also contain an execution price limit
(stop price), or an instruction to execute at any price.
Orders without price limit
Market orders (MARKET) may be entered into the Exchange system only in
continuous trading, except for the market-balancing phase. They are executed at
the price of the best not-yet-executed opposite order. The unfulfilled portion of the
market order becomes a limit order with limit equal to the price of the last transaction.
Market-on-opening orders (OPENING) may be entered into the system only
during the pre-opening phase (opening call, i.e. acceptance of orders for the
opening) and pre-closing phase in the continuous trading system, the single-price
auction system, and the market-balancing phase. They are executed at, respectively, the opening price, the closing price, the single-price, or the price resulting
from market balancing.
A must-be-filled order (MBF) may be entered into the trading system during all
phases of continuous trading and in the single-price auction system, except during the intervention and post-auction trading phases. Orders entered for the
opening or close of a session, the single-price auction or the market-balancing
phase are executed at, respectively, the opening price, closing price, single-price,
or price determined during market balancing.
ORDER VALIDITY DATES
Broker's orders may be designated as valid for a specific date, or their validity
may be defined in one of the following ways: until the end of the trading session
(DAY), good’ till cancelled (GTC), fill and kill (FAK), fill or kill (FOK).
An order marked as good’ till cancelled (GTC) is valid indefinitely.
A fill-and-kill (FAK) order is valid until the first transaction is made (or first
transactions, if the order is to be executed in several subsequent transactions). It
may be executed in part; the unfulfilled portion of the order then becomes void.
A fill-or-kill (FOK) order is valid until the first transaction is made (or first transactions, if the order is to be executed in several subsequent transactions). It must
be executed in full. If execution in full is not possible, the order becomes void.
Fact Book 2001
84
The single-price auction system (electronic call auction)
Quotations in the single-price system are based on a so-called auction procedure, i.e. a security's price is determined on the basis of orders entered before the
opening. The first phase of the session is called pre-opening—a phase during which
buy and sell orders are entered into the system, but no transactions are concluded. However, an indicative opening price for the security is calculated and published. The single price is determined on the basis of orders with and without price
limit. At the moment when the single price is published, it becomes the price at
which transactions are concluded.
To determine the single price, the system uses the following rules:
l maximise trading volume
l minimise the difference between the respective numbers of securities
in buy and sell orders which are possible to fulfil at a given price
l minimise the difference between the price being determined and the
reference price
Once the single price is published, additional buy and sell orders with limits
equal to the designated single price may be entered. This phase is called postauction trading.
In the case of the single-price system with two auctions, the single price is
determined twice daily.
Continuous trading
In the continuous trading system, the auction procedure is used at the opening and closing of trading. The opening auction allows the opening price to be
determined. Orders are accepted in the so-called pre-opening phase, but without
concluding transactions; however, an indicative opening price is calculated. After
the completion of this phase, the opening price is determined, at which orders
entered in the pre-opening phase (and qualifying) are executed. Then continuous
quotations begin, at which time buy and sell orders may be placed.
In continuous trading, buyers and sellers place orders which, upon entering
the system, are executed on an on-going basis—provided their prices match - or
are kept in the order book to await placement of an appropriate opposite order so
that a transaction becomes possible. There are two priorities applicable to
execution of orders: price and time of order placement. This means that in a case
where there are two orders of identical price awaiting execution, the order first
entered into the system will be the first to be executed.
To avoid randomness in price formulation during the final part of a continuous
trading session, the session concludes with a closing auction.
The most liquid stocks, all bond series, investment certificates, warrants and
futures contracts are traded in the continuous trading system. Allotment certificates, as well as subscription rights, are traded in this system, provided that the
relevant stocks are assigned to the continuous trading system.
Regardless of the quotation system, the transaction unit is always one security.
Fact Book 2001
Preopening
8:30-10:00
Pre-closing
Submiting orders
for closing
16:00-16:10
CONTINUOUS TRADING
Opening (auction)
10:00
Pre-opening
(for next day)
16:10-16:30
Closing (auction)
16:10
CONTINUOUS TRADING - FUTURES CONTRACTS
Preopening
CONTINUOUS TRADING
8:30-9:00
SINGLE-PRICE AUCTION SYSTEM WITH TWO AUCTIONS
Intervention
11:00-11:15
Fact Book 2001
Post-auction
trading
11:15-11:45
Pre-opening
11:45-14:45
Auction 11:15
Intervention
14:45-15:00
Post-auction
trading
15:00-15:30
Auction 15:00
SINGLE-PRICE AUCTION SYSTEM WITH ONE AUCTION
Pre-opening
8:30-11:00
16:10-16:30
Closing (auction)
16:10
Opening (auction)
9:00
Pre-opening
8:30-11:00
Pre-opening
(for next day)
Intervention
11:00-11:15
Post-auction
trading
11:15-11:45
Pre-opening
(for next day)
11:45-16:30
85
Auction 11:15
Pre-opening
(for next day)
15:30-16:30
Pre-closing
Submiting orders
for closing
16:00-16:10
Trading session schedule
CONTINUOUS TRADING
86
Price variation limits
In each quotation system, there are limits on price variations with respect to
the so-called reference price. In the continuous trading system, the reference price for the opening, transactional and closing price is the last closing price. In the
single-price auction system, the last single price is the reference price.
Continuous trading
Instrument
Reference
price
Allowable
next-day
price variation
Shares
Closing price
± 15% relative to closing price
Index and stock futures
Daily settlement
price
± 10% relative to daily
settlement price
Currency futures
Daily settlement
price
± 5% relative to daily
settlement price
Bonds
Closing price
± 5 percentage points
relative to closing price
Investment certificates
Closing price
Continuously-traded
allotment certificates
Closing price
Subscription rights attached
to continuously-traded shares
no limit
Warrants
no limit
Single-price system
Instrument
Allowable price variation limits
Shares,
allotment certificates for shares
traded in single-price auction system
Subscription rights to shares traded
in single-price auction system
Two-auction
system
One-auction
system
± 10% relative to most
recent auction
± 15% relative to most
recent auction
reference price
reference price
no limit
no limit
Excluding price limit extension resulting from market balancing
Fact Book 2001
87
Trading and post-trading activities
Client
Client
custodian
brokerage firm
Cash
and
securities
clearing
Order
Indirect order
Order
Brokerage
Order
Cash
and
securities
clearing
Custodian
firm
Warsaw
Stock Exchange
Transaction
Transfer of clearing
operations
Preparation of contract notes
Calculation of
cash clearing
position
Copy of
contract notes
Confirmation of
contract notes
Brokerage
firm
Post-negotiation
delivery order (seller)
National
Depository
for Securities
Preparation
of cash
transfer orders
Preparation of
correcting cash
transfer orders
Final cash
clearing
Calculation of
cash clearing
position
Post-negotiation
delivery order (seller)
Preparation of
cash and securities
clearing
Corrections,
suspensions
Calculation of
cash clearing
position
Calculation of
cash clearing
position
Final securities
clearing
Cash
transfer orders
NDS
member bank
Clearing
Bank
Statements of
depository accounts
Cash
clearing
Statements of
cash accounts
NDS
member
Source: National Depository for Securities
Fact Book 2001
88
Block trades
Block trades are transactions involving large blocks of securities (stocks, bonds).
Most often, these trades are made between large investors who have usually preagreed all transaction details (block size, price, and settlement date). The Exchange Rules give precise conditions for block trade execution, defining the minimum
block size and the maximum difference between the security's block trade price
and its trading session price.
WARSET system architecture
Fact Book 2001
89
M arket information
In recent years, access to Exchange data has become more common, mostly
because of the Internet's increasing use as a data distribution channel.
WSE public data services
INTERNET
The Exchange set up its web site in 1996. This site contains current communiqués, as well as resolutions of the Exchange Management Board and the Supervisory Board (in Polish). Data concerning trading is published at the opening and
close of a trading session; during a trading session, data is available on the Internet with 15 minutes' delay. The Exchange web site also offers comprehensive
coverage of indices and statistics; extensive information on the organisation, structure and history of the Exchange; and detailed descriptions of its trading systems
and listed instruments. Contact details of listed companies, Exchange members
and data vendors, as well as SiTech partner companies, are also available there.
Exchange publications in electronic form are posted on the web site as well. Information on the web site is available both in Polish and English, and access to all
data is free of charge.
The Warsaw Stock Exchange web site address is www.wse.com.pl.
TELETEXT
The most popular electronic source of market information—besides the web
site—is the Polish public television (TVP) teletext. The 'Business News' service, on
teletext pages 610, 612 and relevant sub-pages, allows every viewer to stay up-todate with market developments. The service is free of charge. TVP's teletext service provides end-of-day results, as well as market snapshots during trading hours.
TELEPHONE INFORMATION SERVICE
An automatic information service (available in Polish only) provides closing
prices for all listed securities, as well as Exchange index values. It is available at the
following numbers: (48-22) 537 7447 and (48-22) 537 7145. The caller can quickly
access required data via touch-tone dialling.
Commercial services - Data vendors
The Exchange also provides paid data services. The recipients of commercial
services are professional data vendors, both traditional (information agencies) and
new groups of companies interested in providing such services (brokerage
houses, Internet portals and software providers). Data vendors offer market information to their clients, including brokerage houses, banks, other financial market
participants and individual investors, both in Poland and abroad.
Fact Book 2001
90
Market information
Every vendor may purchase, on equal terms, any or all real-time data services
offered by the Exchange, including:
Service A1
- Cash market—transactions only
Service A2
- Cash market—5 best buy/sell offers and transactions
Service B
- Derivatives market—transactions and 5 best buy/sell offers
Service I
- Exchange indices
Service ABI - Final trading results
(cash and derivatives markets, along with indices)
The Exchange charges data vendors a fixed annual fee. Firms connected directly to the Exchange system pay a technical fee and a distribution fee, while socalled sub-vendors (firms receiving Exchange data through another distributor)
pay only a distribution fee. For real-time market data, the Exchange also charges
fees based on the number of end-recipient devices. Under the WSE data distribution agreement, information provided in real time cannot be retransmitted without
prior consent of the Exchange, unless it is delayed by at least 15 minutes (delayed
data is not subject to any fees and can be freely distributed—for example, on
publicly-accessible Internet sites).
To make access to market data as inexpensive as possible, especially for individual investors, the Exchange has modified its price list to offer these customers
special discounts and user-friendly fee-calculation methods.
Among the 45 data vendors who have signed agreements with the Warsaw
Stock Exchange are well-known information agencies such as Reuters, Bridge
Telerate, Bloomberg, Telekurs, Primark, the Polish Press Agency (PAP) and Agencja Telegazeta. Among the companies which signed distribution agreements with
the Exchange last year were many Exchange member firms (both large bank brokerage houses and small private companies) and Internet portals (general and specialist), as well as IT companies such as Rodan Telecom (the first data vendor to
deliver real-time data via the Internet) and Polish mobile phone operator Era GSM.
One new quality of today's market is the assortment of distribution channels
through which it is possible to receive market information, e.g. fixed telephone
lines, television (ground and satellite), Internet and mobile phones. This diversity
of technical solutions is accompanied by a differing scope of information, as well
as differences in added value offered by the various vendors. All of these elements
are reflected in the service price.
Fact Book 2001
Market information
WSE web site
http://www.wse.com.pl
e-mail: gielda@wse.com.pl
Daily Quotations
About
the Exchange
News
Market's
calendar
Regulatory
framework
Communiqués
Trading
systems
Exchange
holidays
Listed
securities
History
Indices
and Statistics
Derivatives
Indices
Periodical
statistics
Futures
contracts
Market
indicators
Warrants
Brokerage
houses
Data
Distribution
Exchange
Members
Market makers
(animators)
Issuer's
market makers
Information
services
Historical
data
Publications
Useful links
Other
Exchanges
Listed
companies
Capital market
institutions
Fact Book 2001
91
92
Market information
Data vendors*
Polska Agencja Prasowa
www.pap.com.pl
Bridge Telerate
www.bridge.com
TVP Agencja Telegazeta
www.tvp.pl
Reuters Ltd.
www.reuters.com
Bloomberg LP.
www.bloomberg.com
Euromoney Polska S.A.
www.euromoney.pl
Telekurs Financial Information Ltd.
www.telekurs-financial.com
Astech Polska S.A.
www.astech.pl
Polska Telefonia Cyfrowa Sp. z o.o.
www.eragsm.com.pl
Rodan Telecom Sp. z o.o.
www.polpro.com.pl
Dom Maklerski BMT S.A.
www.bmt.com.pl
Interia.pl S.A.
www.interia.pl
Dom Maklerski WBK S.A.
www.dmwbk.pl
Arena.pl S.A.
www.arena.pl
Dom Maklerski "Sur5.net" S.A.
www.sur5.net
Dom Maklerski BOŚ S.A.
www.bossa.pl
CDM Pekao S.A.
www.cdmpekao.com.pl
The Mother.Ship Poland
Internet Holdings Sp. z o.o.
www.ahoj.pl
BDM PKO BP S.A.
www.pkobp.pl
www.supermakler.pkobp.pl
DM Wood & Company S.A.
www.woodstock.pl
Dom Maklerski BPH S.A.
www.bm.bph.pl
Thomson Financial
www.thomsonfinancial.com
Dom Maklerski PBK S.A.
www.bmpbk.com.pl
Dom Maklerski BSK S.A.
www.dmbsk.com.pl
CT Creative Tean Sp. z o.o.
www.creativeteam.com.pl
FinFin S.A.
www.expander.pl
Altkom Matrix S.A.
www.matrix.pl
Dom Maklerski ELIMAR S.A.
www.elimar.net
Dom Maklerski Amerbrokers S.A.
www.amerbrokers.pl
Puls Biznesu Net S.A.
www.pb.pl
Olimp Multimedia
www.olimp.com.pl
Global Capital Partners Poland S.A.
www.globalcapital.pl
Elfin Sp. z o.o.
www.elfin.pl
ING Baring Securities (Poland) Sp. z o.o.
www.ing-barings.com.pl
Presspublica Sp. z o.o.
www.rzeczpospolita.pl
Dom Maklerski Banku Zachodniego S.A.
www.dmbz.com.pl
Dom Inwestycyjny BRE Banku S.A.
www.breinwest.com.pl
BlueBull AG
www.bluebull.com
LETA S.A.
www.leta.com.pl
ILX Systems
www.ilx.com
Bankier.pl
www.bankier.pl
caibon.com
www.caibon.com
Onet.pl S.A.
www.onet.pl
Factiva
www.factiva.com
Fortis Securities Polska S.A.
www.fsp.com.pl
* Firms which have signed data distribution agreements with the Exchange
(as of March 30, 2001)
Fact Book 2001
93
H istory of the Warsaw Stock Exchange
The first stock exchange in Poland opened in Warsaw on May 12, 1817 as the
Mercantile Exchange. The first Exchange trading session took place on May 16,
1817. Sessions took place between 12:00 and 1:00 p.m. In the 19th century, the
Exchange traded primarily in bills of exchange and bonds. Equity trading developed
on a larger scale in the second half of the 19th century. In the 20 years between the
world wars, exchanges in Poland operated on the basis of a presidential executive
order concerning organisation of stock exchanges. Aside from Warsaw, stock exchanges also existed in Katowice, Kraków, Lviv, Łódź, Poznań and Vilnius.
Poland's 180-year-long capital market tradition is worth underlining, for it is among
the oldest in Europe. Paradoxically, the break in the Warsaw Exchange's activity,
caused by World War II and subsequently by a change in economic system, has
enabled Poland to create a modern stock exchange, taking advantage of the best
solutions implemented elsewhere in Europe.
Important dates in WSE History
1990
Oct 16
Poland and France sign intergovernmental agreement to create stock
exchange in Warsaw
1991
Apr 12
Foundation act for Giełda Papierów Wartościowych w Warszawie S.A.
(the Warsaw Stock Exchange) signed
Apr 16
First trading session; companies listed on the Exchange:
Tonsil, Próchnik, Krosno, Kable and Exbud;
trading sessions held once a week
Jul 10
Computerised trade registration system begins activity
Jul 16
Specialist additional offer (post-auction trading) introduced
Aug 1
Computerized settlement system introduced
Sep 3
First issue of the Cedula - WSE official daily bulletin
Dec 3
WSE accepted as corresponding member of International Federation
of Stock Exchanges (FIBV)
1992
Jan 9
Second trading session in a week introduced
Jan 28
First exchange terminals installed at member firms' offices
Apr 23
First trading session serviced with IBM AS/400 computer
Fact Book 2001
94
History of the Warsaw Stock Exchange
May 26
First dividend payment by listed company serviced
Jun 15
T-bonds introduced to continuous trading
Aug 18
KING electronic Exchange data distribution system launched
Sep 1
T-bonds introduced to single-price auction system
1993
Jan 4
Third trading session in a week introduced
Apr 22
WSE parallel market launched
May 1
Settlement cycle changed from T+5 to T+3
Jun 9
First share split
Jul 5
Post-auction trading computerised; orders may be entered from
Exchange terminals
Jul 15
Dissemination of end-of-day trading results via TV teletext begun
1994
Feb 10
Mar 1
Apr 16
Jun 1
First quotation of subscription rights
First allocation of shares of new issue by public subscription
WIG20 (price index) introduced
Real-time transmission of post-auction trading via TV teletext begun
Jul 1
Fourth trading session in a week introduced
Oct 3
Fifth trading session in a week introduced
Oct 10
WSE accepted as full member of International Federation of Stock
Exchanges (FIBV)
Nov 7
National Depository for Securities (NDS) spun-off, NDS functions as
a joint-stock company owned by WSE and State Treasury
1995
Jan 3
WIRR (parallel market index) introduced
Jan 25
First meeting of Co-ordinating Committee for New Trading System
Apr 20
Continuous trading with use of IBM AS/400 computer and Exchange
terminals begun
May 17
Oct 12–14
First public invitation to sell shares listed on Exchange
Your Money—the First Polish Capital Investment Forum trade fair
accompanied by public debates, organised by Exchange
Dec 18
Crossing phase introduced to post-auction trading
Fact Book 2001
95
1996
Feb 15
First issue of WSE Monthly Bulletin
May 6
Market capitalisation reaches 20 billion zloty
Jul 8
Jul 15
Aug 12
Oct 1
Oct 10–12
First five companies introduced to continuous trading
NIF certificates introduced to single-price auction system
NIF certificates introduced to continuous trading
Commercial real-time Exchange data distribution system launched
Your Money—the Second Capital Investment Forum organised by WSE,
Polish Bank Association and Polish Chamber of Insurance
Dec 20
Invitation to tender bids for supply of new trading system sent out
1997
Feb 3
Publication of WIG20 index during continuous trading begun;
1000th trading session on WSE
Feb 12
Market capitalisation reaches USD 10 billion
Feb 20
First company (Elpo) listed on free market
Apr 1
Real-time Exchange data available through Reuters
May 12
180th anniversary of creation of first Exchange in Warsaw
May 21
100th company listed on WSE
May
Jun 12
Number of investment accounts exceeds 1 million
First quotation of 15 National Investment Funds;
publication of NIF index begun
Jul 1
NIF shares introduced to continuous trading;
NIF index published in continuous system
Jul 10
Market capitalisation reaches zloty 40 billion
Jul 25
WSE and SBF-Bourse de Paris sign letter of intent for supply of new
trading system
Oct 16-18
Your Money—the Third Polish Capital and Financial Forum
1998
Jan 16
Mar 9
WSE derivatives market lunched—WIG20 futures introduced
First warrants (on NIF index and Elektrim stocks) introduced to trading
on Exchange
Mar 25
Construction of new Exchange site begun
Fact Book 2001
96
Jun 30
First quotation of largest bank on Exchange—PeKaO SA
Aug 4
First quotation of allotment certificates (for BRE shares)
Aug 21
Contract signed with SBF-Bourse de Paris and Euronext for supply of
new trading system
Sep 15
WSE accepted as affiliate member of International Organisation of Securities Commissions (IOSCO)
Sep 21
MIDWIG (mid-cap index) introduced
Sep 25
USD futures introduced to trading on Exchange
Oct 15–17
Your Money—the Fourth Polish Capital and Financial Forum in Warsaw
Nov 18
First quotation of TPSA—Polish Telecom—largest company listed on
Exchange; market capitalisation exceeds USD 20 billion
Dec 28
Last quotation of NIF certificates
1999
Jan 4
Trading hours extended, single-price auction begins at 10:00 a.m.;
continuous trading extended by one hour, begins at 12:00 p.m.
and ends at 4:00 p.m.
Jan 11
200th company (Skotan) debuts on Exchange (free market)
Mar 26
WIG sector sub-indices launched
May
First 'Exchange School' courses organised by Exchange for beginning
investors
May 31
Jun 4
Euro futures introduced to trading on Exchange
WSE becomes associate member of Federation of European Stock
Exchanges (FESE)
Jun 11
Jul
Market capitalisation exceeds 100 billion zloty
WSE signed two memoranda of co-operation and exchange of information: with London Stock Exchange (July 12) and with Paris Bourse
(July 16)
Oct 14–16
Your Money—the Fifth Capital and Financial Forum in Warsaw
Nov 26
Debut of largest company privatised in 1999, Polski Koncern Naftowy
Nov 30
Foundation act signed for Power Exchange
(in which WSE has 10% stake)
Fact Book 2001
97
2000
Feb
Feb 2
Mar 27
Apr 5
Real-time Exchange data become available via vendors on Internet
Highest daily turnover value 1 110.8 million zloty
All-time WIG index high (22 868.4)
First quotation of corporate bonds on Exchange
(issuer—Centrum Leasingu i Finansów Clif SA)
Apr 28
Creation of Segment for Innovative Technologies - SiTech - intended
for companies from IT-telecom sector (regardless of quotation
market whose activities encompass production and services using
innovative technologies)
May 19
TechWIG index for WSE Segment for Innovative Technologies introduced
May 25
First investment certificates introduced to trading on Exchange
(issuer—Skarbiec-Gwarancja 2002—closed-end investment fund)
Jun 8
Official opening of new Exchange site—Exchange Centre
Aug 1
TechWIG futures introduced to trading on Exchange
Nov 16
Nov17
Last trading session held at Banking and Financial Centre
New WARsaw Stock Exchange Trading System (WARSET)
introduced
2001
Jan 22
Feb 7
Futures contracts on individual stocks introduced to trading
on Exchange
2000th trading session on Exchange
Fact Book 2001
98
Fact Book 2001
99
O rganisational structure
The Warsaw Stock Exchange was founded by the State Treasury as a jointstock company. Its share capital amounts to zloty 42 million and is divided into
60,000 registered shares. Banks, brokerage firms, investment fund societes, insurance companies, and issuers of securities admitted to public trading, as well as the
State Treasury, may hold shares in the WSE. As of December 31, 2000, the Exchange's shareholders included 51 banks and brokerage firms, as well as the State
Treasury.
Legal basis for Exchange operations:
l Commercial Companies Code of 2000
l Law on Public Trading in Securities of August 21, 1997 (as amended)
l Warsaw Stock Exchange Articles of Association
l Rules of the Warsaw Stock Exchange
l Rules of the Exchange Court.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest decision-making body of
the Exchange. All shareholders have the right to participate in the General Meeting, whose sphere of competency includes, among other things, making of
changes in the WSE Articles of Association, and election of Exchange Supervisory
Board members.
Supervisory Board
A twelve-person Supervisory Board controls Exchange operations, admits securities for trading, and grants and revokes Exchange membership. It consists of
representatives of banks, brokerage houses, financial institutions, chambers of
commerce and issuers.
WSE SUPERVISORY BOARD (END
OF
2000):
Marek Wierzbowski
- Chairman
Maciej Wandzel
- Deputy Chairman
Waldemar Markiewicz
Igor Chalupec
Andrzej Modrzejewski
Jerzy Gajdka
Piotr Osiecki
Krzysztof Lis
Henryka Pieronkiewicz
Paweł Durjasz
Fact Book 2001
100
Organisational structure
Paweł Rzepka
Małgorzata Zaleska
Management Board
The Management Board co-ordinates the day-to-day operations of the Exchange, determines procedures for introduction of securities to trading, and supervises Exchange trading activities of brokers and brokerage houses. The Management Board consists of five members. Management Board activities are directed by its President, who is elected by the General Meeting.
WSE MANAGEMENT BOARD (END
OF
2000):
Wiesław Rozłucki
- President
Ryszard Czerniawski
- Vice President
Piotr M. Kamiński
- Vice President
Włodzimierz Magiera
- Vice President
Piotr Szeliga
- Vice President
Fact Book 2001
Organisational structure
WSE internal organisation (end of 2000)
Fact Book 2001
101
102
Fact Book 2001
103
L isted companies
(AS OF DECEMBER 2000)
7BULLS
7bulls.com SA
ul. Chocimska 28
00-791 Warszawa
ph. (48 22) 646 84 11
fax (48 22) 646 58 09
e-mail: contact@7bulls.com
[7BC]
APATOR
„APATOR” SA
ul. Żółkiewskiego 13/29
87-100 Toruń
ph. (48 56) 619 11 11, 619 13 82
fax (48 56) 619 13 12
e-mail: apatot01@apator.com.pl
[APT]
AGORA
„AGORA” SA
ul. Czerska 8/10
00-732 Warszawa
ph. (48 22) 840 14 71
fax (48 22) 840 00 67
e-mail: investor@gazeta.pl
[AGO]
APEXIM
APEXIM SA
ul. Kłobucka 25
02-699 Warszawa
ph. (48 22) 607 61 00
fax (48 22) 607 62 00
e-mail: apexim@apexim.com.pl
[APX]
AGROS
„AGROS HOLDING” SA
ul. Chałubińskiego 8
00-613 Warszawa
ph. (48 22) 30 27 42, 830 06 14
fax (48 22) 830 06 15
e-mail: agros@agros.com.pl
[AGR]
ATLANTIS
„ATLANTIS” SA
ul. Wagonowa 12
02-233 Warszawa
ph. (48 22) 868 08 68
fax (48 22) 846 33 09, 846 73 09
e-mail: atlantis@atlantis.com.pl
[ATS]
AMERBANK
[AMB]
„Bank Amerykański w Polsce” SA
ul. Marszałkowska 115
00-102 Warszawa
ph. (48 22) 624 85 05
fax (48 22) 624 99 81
e-mail: amerbank@amerbank.com.pl
AMICA
„AMICA Wronki” SA
ul. Mickiewicza 52
64-510 Wronki
ph. (48 67) 254 61 00, 254 61 11
fax (48 67) 254 03 20
e-mail: MaciejO@amica.com.pl
AMPLI
„AMPLI” SA
ul. Przemysłowa 27
33-100 Tarnów
ph. (48 14) 626 22 08
fax (48 14) 626 25 95
e-mail: biuro@ampli.com.pl
[AMC]
[APL]
AMS
„Art Marketing Syndicate” SA
ul. Jana Pawła II 14
61-139 Poznań
ph. (48 61) 877 10 81, 879 22 19
fax (48 61) 877 13 69, 877 14 49
e-mail: biuro_z@ams.com.pl
[AMS]
ANIMEX
„ANIMEX” SA
00-613 Warszawa
ph. (48 22) 830 16 65, 830 26 39
fax (48 22) 830 05 37
e-mail: animex@animex.com.pl
[ANX]
BAKOMA
„BAKOMA” SA
ul. Jana Kazimierza 62A
01-248 Warszawa
ph. (48 22) 877 19 05
fax (48 22) 877 19 03
[BKM]
BAUMA
„BAUMA” SA
ul. Skierniewicka 16/20
01-230 Warszawa
ph. (48 22) 631 15 24
fax (48 22) 631 15 23
e-mail: info@bauma.com.pl
[BMA]
BCZ
Bank „Częstochowa” SA
ul. Dekabrystów 41
42-200 Częstochowa
ph. (48 34) 322 43 44, 322 44 14
fax (48 34) 325 44 18
e-mail: bcz@bcz.com.pl
[BCZ]
BEDZIN
Elektrociepłownia BĘDZIN SA
ul. Małobądzka 141
42-500 Będzin
ph. (48 32) 267 98 80, 267 99 01
fax (48 32) 266 44 11
e-mail: ecbedzin@ecb.com.pl
[BDZ]
BEEFSAN
„BEEF-San” Zakłady Mięsne SA
ul. Orzeszkowej 8
38-500 Sanok
ph. (48 13) 463 19 36, 463 33 46
fax (48 13) 463 48 16
e-mail: Beefsan@beefsan.com.pl
[BEF]
Fact Book 2001
104
Listed companies
BELCHATOW
[BHT]
Bełchatowskie Zakłady
Przemysłu Gumowego
„STOMIL” SA
Rogowiec
97-406 Bełchatów 5
ph. (48 44) 731 35 00, 731 52 54
fax (48 44) 731 35 15, 731 35 16
e-mail: stomil@stomil-belchatow.com.pl
BEST
[BST]
„BEST” SA
ul. Polna 58/60
81-740 Sopot
ph. (48 58) 550 44 88
fax (48 58) 551 12 34
e-mail: joanna.winogradow@best.com.pl
BETONSTAL
[BTS]
BETON STAL SA
ul. Pańska 73
00-834 Warszawa
ph. (48 22) 620 03 31, 620 92 11
fax (48 22) 620 68 93
e-mail: betonstal@betonstal.com.pl
BIELBAW
[BLB}
Zakłady Przemysłu Bawełnianego
„BIELBAW” SA
ul. Piastowska 19
58-260 Bielawa
ph. (48 74) 833 41 00, 833 43 41...49
fax (48 74) 833 46 73, 833 76 55
e-mail: bielbaw@bielbaw.com.pl
BIG
„BIG Bank GDAŃSKI” SA
ul. M. Kopernika 36/40
00-924 Warszawa
ph. (48 22) 657 50 00, 657 53 64
fax (48 22) 826 71 80
e-mail: tomaszobarski@big.pl
BK
Bank Komunalny SA
w Gdyni
ul. Kielecka 2
81-303 Gdynia
ph. (48 58) 629 76 21
fax (48 58) 620 41 57
e-mail: centrala1@bksa.pl
[BIG]
[BKG]
BORYSZEW
[BRS]
Zakłady Chemiczne
i Tworzyw Sztucznych BORYSZEW SA
ul. 15 Sierpnia 106
96-500 Sochaczew
ph. (48 46) 863 02 01
fax (48 46) 863 00 96
e-mail: boryszew@boryszew.com.pl
BOS
Bank Ochrony Środowiska SA
Al. Jana Pawła II 12
00-950 Warszawa
ph. (48 22) 850 87 20, 850 88 05
fax (48 22) 850 88 88, 850 88 91
e-mail: bos@bosbank.pl
Fact Book 2001
[BOS]
BPH
[BPH]
BANK
PRZEMYSŁOWO-HANDLOWY SA
Al. Pokoju 1, skr. poczt. 57
31-548 Kraków
ph. (48 12) 618 63 45, 618 68 64/65
fax (48 12) 618 63 43, 618 68 63
e-mail: bankbph@bph.pl
BRE
„BRE BANK” SA
ul. Senatorska 18
00-950 Warszawa
ph. (48 22) 635 54 26, 635 59 26
fax (48 22) 829 00 10, 829 01 18
e-mail: info@brebank.com.pl
[BRE]
BSK
[BSK]
Bank Śląski
w Katowicach SA
ul. Sokolska 34
40-086 Katowice
ph. (48 32) 357 70 00, 357 72 82
fax (48 32) 357 70 91
e-mail: mpawlas@maik.bsk.com.pl
BUDIMEX
„BUDIMEX” SA
00-517 Warszawa
ph. (48 22) 623 63 75, 629 23 97
fax (48 22) 623 62 33, 629 48 31
e-mail: info@budimex.com.pl
[BDX]
BUDOPOL
„BUDOPOL-WROCŁAW” SA
ul. Racławicka 15/19
53-149 Wrocław
ph. (48 71) 361 60 61, 361 97 45
fax (48 71) 361 35 32
e-mail: budopol@budopol.wroc.pl
[BDL]
BWR
BANK
WSPÓŁPRACY REGIONALNEJ SA
ul. J. Sarego 2 i 4
31-047 Kraków
ph. (48 12) 421 96 42, 421 97 56
fax (48 12) 421 96 52
e-mail: bwr@bwrbank.com.pl
[BWR]
BYTOM
Zakłady Odzieżowe
„BYTOM” SA
ul. Wrocławska 32/34
41-900 Bytom
ph. (48 32) 281 02 81
fax (48 32) 281 76 03
e-mail: marketing@bytom.com.pl
[BTM]
CASPOL
Cieszyńska Agencja Spedytorska
„CASPOL” SA
ul. Stawowa 79
43-400 Cieszyn
ph. (0 33) 851 19 10
fax (0 33) 851 19 10
e-mail: office@caspol.com.pl
[CSP]
Listed companies
105
CENSTALGD
[CSG]
„CENTROSTAL” SA
ul. Budowlanych 42
80-298 Gdańsk
ph. (48 58) 341 77 30, 347 54 20
fax (48 58) 349 40 78
e-mail: centrostal@centrostal.gda.pl
CSS
„Computer Service Support” SA
ul. Jagielońska 78
03-301 Warszawa
ph. (48 22) 519 07 00
fax (48 22) 519 07 12
e-mail: zofia_rybicka@waw.css.pl
[CSS]
CENTROZAP
„CENTROZAP” SA
ul. Mickiewicza 29
40-085 Katowice
ph. (48 32) 251 34 01
fax (48 32) 259 86 58
e-mail: cent@centrozap.com.pl
[CZP]
DEBICA
Firma Oponiarska Dębica SA
ul. 1-go Maja 1
39-200 Dębica
ph. (48 14) 670 04 91, 670 28 31
fax (48 14) 621 75 68, 622 39 57
[DBC]
[CST]
DELIA
„Delia” SA
ul. Prosta 1
22-400 Zamość
ph. (0 84) 639 36 11...14
fax (0 84) 638 66 77
e-mail: delia@delia.pl
[DLA]
CERSANIT
„CERSANIT-KRASNYSTAW” SA
ul. Zagnańska 27
25-528 Kielce
ph. (48 41) 363 17 65, 363 17 66
fax (48 41) 363 17 67
e-mail: cersanit@cersanit.com.pl
[HSR]
DROSED
Siedleckie Zakłady Drobiarskie
„DROSED” SA
ul. Sokołowska 154
08-110 Siedlce
ph. (48 25) 644 20 30
fax (48 25) 640 00 00, 644 51 61
e-mail: drosed@wsrp.siedlce.pl
[DSD]
CHEMISKÓR
„CHEMISKÓR” SA
ul. Zgierska 104
91-303 Łódź
ph. (0 42) 654 45 20, 654 45 83
fax (0 42) 654 42 77
e-mail: chemskor@poczta.pdi.net
CLIF
Centrum Leasingu
i Finansów CLIF SA
Al. Róż 2
00-556 Warszawa
ph. (48 22) 628 33 33, 665 97 18
fax (48 22) 628 17 96, 665 97 54
e-mail: clif@clif.com.pl
[CLF]
COMARCH
ComArch SA
Al. Jana Pawła II 39a
31-864 Kraków
ph. (48 12) 646 10 00
fax (48 12) 646 11 00
e-mail: inwestor@comarch.pl
[CMR]
COMPENSA
[CSA]
Towarzystwo Ubezpieczeniowe
„Compensa” SA
ul. Łucka 13
00-842 Warszawa
ph. (48 22) 620 95 65
fax (48 22) 620 45 97
e-mail: centrala@compensa.com.pl
COMPLAND
„COMPUTERLAND” SA
ul. Jana Kazimierza 62A
01-248 Warszawa
ph. (48 22) 532 97 77
fax (48 22) 532 98 88
e-mail: info@computerland.pl
[CPL]
EBI
EURO BUD INVEST SA
ul. Zebrzydowicka 90
44-217 Rybnik
ph. (48 32) 424 29 12
fax (48 32) 424 29 13
e-mail: ebi@ebi.com.pl
[EBI]
ECHO
[ECH]
„Echo Investment” SA
ul. Zagnańska 27
25-528 Kielce
ph. (48 41) 363 17 00, 363 17 01
fax (48 41) 363 17 07
e-mail: office@kielce.echo-inv.com.pl
EFEKT
Korporacja Gospodarcza
„Efekt” SA
ul. Cystersów 18
31-553 Kraków
ph. (48 12) 413 88 32, 422 72 75
fax (48 12) 422 79 62
e-mail: efektsa@bci.pl
[EFK]
EFL
„Europejski Fundusz
Leasingowy” SA
ul. Kamieńskiego 57
51-124 Wrocław
ph. (48 71) 324 07 01, 324 08 57
fax (48 71) 324 07 73, 324 08 59
e-mail: info@efl.com.pl
[EFL]
Fact Book 2001
106
Listed companies
EKODROB
Iławskie Zakłady Drobiarskie
„EKODROB” SA
ul. Składowa 8
14-200 Iława
ph. (48 89) 648 22 41, 649 05 00
fax (48 89) 648 28 70, 649 05 76
e-mail: izd@botar.home.com.pl
[EKD]
ELZAB
Zakłady Urządzeń Komputerowych
„ELZAB” SA
ul. Kruczkowskiego 39
41-813 Zabrze
ph. (48 32) 272 20 21...26
fax (48 32) 272 25 83
e-mail: zalog@elzab.com.pl
[ELZ]
ELBUDOWA
[ELB]
ELEKTROBUDOWA SA
ul. Porcelanowa 12
40-246 Katowice
ph. (48 32) 205 46 00...09
fax (48 32) 205 27 60
e-mail: elbudowa@elbudowa.com.pl
ENAP
ENERGOAPARATURA SA
ul. Gen. K. Pułaskiego 7
40-273 Katowice
ph. (48 32) 255 50 65
ph. (48 32) 255 53 56, 256 57 75
e-mail: mm@enap.com.pl
[ENP]
ELEKTRIM
„ELEKTRIM” SA
ul. Pańska 77/79
00-834 Warszawa
ph. (48 22) 652 87 51, 654 61 80
fax (48 22) 652 87 50
e-mail: elektrim@elektrim.pl
ESPEBEPE
Szczecińskie Przedsiębiorstwo
Budownictwa Przemysłowego
ESPEBEPE - Holding SA
ul. Świętosławy Storrady 1
71-602 Szczecin
ph. (0 91) 341 655, 434 06 31
fax (0 91) 330 121, 434 27 25
e-mail: espebepe@inet.com.pl
[ESP]
EXBUD
„EXBUD” SA
ul. Manifestu Lipcowego 34
25-323 Kielce
ph. (48 41) 332 62 04, 332 63 07
fax (48 41) 332 21 22, 332 25 51
e-mail: info@exbud.com.pl
[EXB]
FAMOT
„FAMOT-PLESZEW” SA
ul. Fabryczna 7
63-300 Pleszew
ph. (0 62) 742 25 17, 742 81 02
fax (0 62) 742 16 40, 742 81 06
e-mail: famot@famot.com.pl
[FMT]
[ELE]
ELEKTROEX
[ELX]
Przedsiębiorstwo Produkcyjno Handlowe „Elektromontaż - Export” SA
ul. Ogrodowa 28/30
00-896 Warszawa
ph. (48 22) 620 30 25, 620 31 39
fax (48 22) 620 30 23, 620 32 69
e-mail: elektroex@zigzag.pl
ENERGOPLD
ENERGOMONTAŻ - POŁUDNIE SA
ul. Mickiewicza 15
40-951 Katowice
ph. (48 32) 58 70 41
fax (48 32) 58 65 22
e-mail: info@energomontaz.pl
[EPD]
ENERGOPN
[EPN]
ENERGOMONTAŻ - PÓŁNOC SA
ul. Przemysłowa 30
00-450 Warszawa
ph. (48 22) 621 10 41, 628 23 92
fax (48 22) 629 49 12, 629 63 24
e-mail: info@energomontaz.com.pl
ENERGOPOL
[EPL]
Przedsiębiorstwo Eksploatacji
Maszyn Budowlanych
„ENERGOPOL” SA
ul. Jedności 2
41-208 Sosnowiec
ph. (48 32) 263 71 21, 263 71 82
ph. (48 32) 263 39 07
e-mail: info@energopol-sosnowiec.com.pl
ELMONTWAR
[ELW]
Przedsiębiorstwo Produkcyjno-Montażowe
„Elektomontaż Warszawa” SA
ul. Obrzeżna 3
02-691 Warszawa
ph. (48 22) 843 02 31, 847 23 31
fax (48 22) 847 26 51
e-mail: biuro@elmont-waw.com.pl
Fact Book 2001
FARMACOL
„FARMACOL” SA
ul. Rzepakowa 2
40-541 Katowice
ph. (48 32) 202 24 86
fax (48 32) 202 24 97
e-mail: farmacol@farmacol.com.pl
[FCL]
FASING
[FSG]
Fabryka Sprzętu
i Narzędzi Górniczych
Grupa Kapitałowa FASING SA
ul. Modelarska 11
40-142 Katowice
ph. (48 32) 58 20 51, 735 00 00
fax (48 32) 58 22 66
e-mail: fasing@fasing.silesia.top.pl
FERRUM
„Huta Ferrum” SA
ul. Hutnicza 3
40-241 Katowice
ph. (48 32) 255 56 77
fax (48 32) 255 41 50
e-mail: huta@ferrum.com.pl
[FER]
Listed companies
107
FORTE
[FTE]
Fabryki Mebli „FORTE” SA
ul. Biała 1
07-300 Ostrów Mazowiecka
ph. (0 29) 644 22 22, 746 20 81...86
fax (0 29) 664 21 10, 746 29 19
e-mail: forte@forte.com.pl
HOWELL
HOWELL SA
ul. Armii Krajowej 54
50-541 Wrocław
ph. (48 71) 785 46 64
fax (48 71) 336 26 70
e-mail: howell@howell.pl
[HWL]
FORTIS
[FTS]
FORTIS BANK POLSKA SA
ul. Marynarska 13
02-674 Warszawa
ph. (48 12) 541 18 00, 541 18 90
fax (48 12) 541 18 10
e-mail: kancelaria@fortisbank.com.pl
HUTMEN
HUTMEN SA
ul. Grabiszyńska 241
53-234 Wrocław
ph. (48 71) 33 48 300, 33 48 772
fax (48 71) 33 90 346, 33 90 337
e-mail: biuro.spolki@hutmen.pl
[HTM]
GANT
„GANT” SA
ul. Rynek 28
59-220 Legnica
ph. (48 76) 856 50 27, 856 52 31
fax (48 76) 856 50 27
e-mail: gant@mikrozet.wroc.pl
[GNT]
HYDROBUD
[HBD]
„HYDROBUDOWA ŚLĄSK” SA
ul. Francuska 34
40-028 Katowice
ph. (48 32) 255 18 06, 255 21 61
fax (48 32) 255 59 69
e-mail: hbslsa@silter.silesia.top.pl
GARBARNIA
[GRB]
„GARBARNIA BRZEG” SA
ul. Krakusa 3
49-300 Brzeg
ph. (48 77) 416 26 34, 416 28 41...45
fax (48 77) 416 25 59
e-mail: info@garbarniabrzeg.com.pl
HYDROGD
[HGD]
„HYDROBUDOWA” SA
ul. Grunwaldzka 135
80-264 Gdańsk
ph. (48 58) 341 02 70, 341 32 11
fax (48 58) 341 56 30
e-mail: sekretariat@hydrobudowa.com.pl
GPRD
„Gdańskie Przedsiębiorstwo
Robót Drogowych” SA
ul. Długa 81/83
80-831 Gdańsk
ph. (48 58) 301 69 72, 301 82 21
fax (48 58) 301 88 32
e-mail: sekretariat@gprd.com.pl
[GPR]
GRAJEWO
Zakłady Płyt Wiórowych SA
ul. Wiórowa 1
19-203 Grajewo
ph. (48 86) 272 24 17, 272 32 61
fax (48 86) 272 39 83
e-mail: zpw@zpw-grajewo.com.pl
[GRJ]
HYDROTOR
Przedsiębiorstwo
Hydrauliki Siłowej
„HYDROTOR” SA
ul. Chojnicka 72
89-500 Tuchola
ph. (48 52) 33 48 631
fax (48 52) 33 48 635
e-mail: hydrotor@hydrotor.com.pl
GROCLIN
INTER GROCLIN AUTO SA
ul. Jeziorna 3
64-200 Wolsztyn-Karpicko
ph. (48 68) 384 27 09, 384 36 92
fax (48 68) 384 31 08
e-mail: groclin@groclin.com.pl
HANDLOWY
„BANK HANDLOWY
w Warszawie” SA
00-950 Warszawa
ph. (48 22) 690 30 00, 830 01 00
fax (48 22) 690 37 49, 830 01 13
e-mail: listy@bh.com.pl
[HDR]
IBSYSTEM
Invar&Biuro System SA
ul. Suwalska 16
93-176 Łódź
ph. (0 42) 684 64 77
fax (0 42) 681 73 89, 684 49 59
[IBS]
[GCN]
IGROUP
„Internet Group” SA
ul. Piękna 28/34
00-547 Warszawa
ph. (48 22) 622 95 55, 627 21 80
fax (48 22) 627 21 81
e-mail: info@igroup.pl
[IGR]
[BHW]
IMPEXMET
„Impexmetal” SA
ul. Łucka 7/9
00-842 Warszawa
ph. (48 22) 658 60 00, 658 68 75
fax (48 22) 658 64 05
e-mail: info@impexmetal.pl
[IPX]
Fact Book 2001
108
Listed companies
INDYKPOL
Olsztyńskie Zakłady Drobiarskie
„INDYKPOL” SA
ul. Jesienna 3
10-370 Olsztyn
ph. (48 89) 526 22 22, 526 50 61
fax (48 89) 526 02 45, 526 22 23
e-mail: info@indykpol.com.pl
[IND]
INSTAL
[INS]
Przedsiębiorstwo Instalacji
Przemysłowych „INSTAL-LUBLIN” SA
ul. Lucyny Herc 7
20-328 Lublin
ph. (0 81) 744 00 31
fax (0 81) 744 16 07
e-mail: office@instal.com.pl
INSTALKRK
[INK]
INSTAL KRAKÓW SA
ul. Konstantego Brandla 1
30-732 Kraków
ph. (48 12) 653 20 11, 653 23 47
fax (48 12) 653 21 97
e-mail: marketing@instal-krakow.com.pl
IRENA
Huta Szkła Gospodarczego
„Irena” SA
ul. Szklarska 9
88-100 Inowrocław
ph. (48 52) 354 21 00
fax (48 52) 357 23 54
e-mail: zarząd@huta-irena.com.pl
[IRE]
IZOLACJA
[IZL]
Materiały Izolacyjne „IZOLACJA” SA
ul. Łaska 169/197
98-220 Zduńska Wola
ph. (0 43) 823 29 03, 823 41 11...15
fax (0 43) 823 33 89
e-mail: kapital@izolacja.com.pl
JELFA
Przedsiębiorstwo Farmaceutyczne
Jelfa SA
ul. Wincentego Pola 21
58-500 Jelenia Góra
ph. (48 75) 752 28 21
fax (48 75) 752 44 55
e-mail: jelfa@jelfa.com.pl
[JLF]
KABLEHOLD
„Elektrim - Kable” SA
ul. Pańska 81/83
00-834 Warszawa
ph. (48 22) 733 77 29
fax (48 22) 721 00 25
e-mail: kable@elektrim.pl
[ELK]
KETY
Grupa KĘTY SA
ul. Kościuszki 111
32-650 Kęty
ph. (0 33) 45 22 51, 844 60 00
fax (0 33) 45 30 94, 845 30 93
e-mail: kety@gk-kety.com.pl
[KTY]
KGHM
KGHM Polska Miedź SA
ul. Marii Skłodowskiej-Curie 48
59-301 Lubin
ph. (48 76) 847 82 00, 847 88 52
fax (48 76) 847 82 04
e-mail: W.Marciniak@bz.kghm.pl
[KGH]
KOGENERA
[KGN]
Zespół Elektrociepłowni Wrocławskich
KOGENERACJA SA
ul. Łowiecka 24
50-220 Wrocław
ph. (48 71) 32 38 111
fax (48 71) 32 93 521
e-mail: zec@zec.wroc.pl
KOMPAP
[KMP]
Przedsiębiorstwo Produkcyjno-Handlowe
„KOMPAP” SA
ul. Pomorska 83/85
90-224 Łódź
ph. (0 42) 678 26 20, 678 28 12
fax (0 42) 678 98 48 w. 212
e-mail: office@kompap.com.pl
KOPEX
[KPX]
Przedsiębiorstwo Eksportu i Importu
„KOPEX” SA
ul. Grabowa 1
40-172 Katowice
ph. (48 32) 58 60 31...39
fax (48 32) 203 51 80/81
e-mail: kopex@kopex.com.pl
KPBP-BICK
Przedsiębiorstwo Budownictwa
Przemysłowego KPBP-BICK SA
w Kielcach
ul. Sienkiewicza 63
25-002 Kielce
ph. (48 41) 366 16 21, 366 18 75
fax (48 41) 345 06 17, 366 27 64
e-mail: bick@kpbp-bick.com.pl
[KPB]
JUTRZENKA
[JTZ]
Przedsiębiorstwo Cukiernicze
„JUTRZENKA” SA
ul. Kościuszki 53
85-079 Bydgoszcz
ph. (48 52) 376 91 04, 376 93 00/08
fax (48 52) 376 93 03
e-mail: klub@jutrzenka.com.pl
KABLE
Śląska Fabryka Kabli SA
ul. Legionów 59
43-502 Czechowice-Dziedzice
ph. (48 32) 215 22 61
fax (48 32) 215 29 57
e-mail: kable@kable.com.pl
KRAKBROK
KRAK-BROKERS SA
ul. Kalwaryjska 69
30-504 Kraków
ph. (48 12) 656 31 09
fax (48 12) 656 33 43
e-mail: biuro@krak-brokers.pl
[KBS]
Fact Book 2001
[KBL]
Listed companies
KRAKCHEM
Firma Handlowa
„KrakChemia” SA
ul. Pilotów 6
30-964 Kraków
ph. (48 12) 411 21 33
fax (48 12) 411 68 50
e-mail: info@krakchemia.com.pl
[KKM]
KREDYTB
[KRB]
Kredyt Bank SA
ul. M. Kasprzaka 2/8
01-211 Warszawa
ph. (48 22) 634 54 00, 634 54 12
fax (48 22) 634 53 34, 634 53 34
e-mail: brrasowe@kredytbank.com.pl
KROSNO
Krośnieńskie Huty Szkła
„KROSNO” SA
ul. Tysiąclecia 13
38-400 Krosno
ph. (48 13) 432 80 00
fax (48 13) 436 31 11
e-mail: krosno.sa@krosno.com.pl
[KRS]
KRUSZWICA
Zakłady Tłuszczowe
„Kruszwica” SA
ul. Niepodległości 42
88-150 Kruszwica
ph. (48 52) 353 51 00
fax (48 52) 351 51 99
[KSW]
KZWM
„KATOWICKIE ZAKŁADY
WYROBÓW METALOWYCH” SA
ul. Żeromskiego 21
41-103 Siemianowice Śląskie
ph. (48 32) 228 41 35, 228 53 46
fax (48 32) 228 42 16
e-mail: kzwm@kzwm.com.pl
[KZW]
LDASA
„ŁDA Invest” SA
ul. Bracka 25
00-028 Warszawa
ph. (48 22) 692 16 00, 827 73 42
fax (48 22) 692 16 02
[LDS]
LENTEX
Zakłady „LENTEX” SA
ul. Powstańców 54
42-700 Lubliniec
ph. (48 34) 356 26 41
fax (48 34) 356 33 20
e-mail: EMLentex@lentex.com.pl
[LTX ]
LETA
„LETA” SA
ul. Młodzieżowa 67B
44-365 Wodzisław Śląski
ph. (48 32) 456 28 51, 456 28 82
fax (48 32) 456 28 82 w. 131
e-mail: leta@leta.pl
[LTA]
109
LGPETRO
[LGP]
LG Petro Bank SA
ul. Rzgowska 34/36
93-172 Łódź
ph. (0 42) 681 90 60, 684 90 60
fax (0 42) 684 61 92
e-mail: warszawa2@lgpetro.com.pl
LTL
[LTL]
Lubelskie Towarzystwo Leasingowe SA
ul. Braci Wieniawskich 5
20-843 Lublin
ph. (0 81) 740 21 82...85
fax (0 81) 741 06 88
e-mail: centrala@ltl.pl
LUBAWA
[LBW]
Zakłady Konfekcji Technicznej „LUBAWA” SA
ul. Dworcowa 1
14-260 Lubawa
ph. (48 89) 645 25 41
fax (48 89) 645 22 55, 645 25 64
LUKBUT
Łukowskie Zakłady Przemysłu
Skórzanego „ŁUKBUT” SA
ul. Wójtostwo 23
21-400 Łuków
ph. (48 25) 798 24 71...79
fax (48 25) 798 25 30, 798 37 42
e-mail: finanse@lukbut.pl
[LKB]
LZPS
[LZP]
Lubelskie Zakłady Przemysłu Skórzanego
PROTEKTOR SA
ul. Kunickiego 20-24
20-417 Lublin
ph. (0 81) 532 22 31, 532 76 47
fax (0 81) 532 02 00
e-mail: info@protektor.lublin.pl
MACROSOFT
„MacroSoft” SA
ul. Jagiellońska 36
03-719 Warszawa
ph. (48 22) 511 81 15
fax (48 22) 511 81 16
e-mail: office@macrosoft.pl
[MCF]
MANOMETRY
[ MNM ]
Kujawska Fabryka Manometrów
„KFM” SA
ul. Łęgska 29/35
87-800 Włocławek
ph. (48 54) 231 38 41
fax (48 54) 231 35 83, 231 37 65
e-mail: kfm@manometry.com.pl
MASTERS
Masters SA
ul. Słubicka 2
59-220 Legnica
ph. (48 76) 852 29 82, 862 16 71
fax (48 76) 856 08 70
e-mail: sekretariat@post.pl
Fact Book 2001
[MST]
110
Listed companies
MENNICA
[MNC]
MENNICA PAŃSTWOWA SA
ul. Pereca 21
00-958 Warszawa
ph. (48 22) 656 40 00
fax (48 22) 620 52 22
e-mail: mennica@mennica.com.pl
MOSTALSDL
[MSS]
„MOSTOSTAL - SIEDLCE” SA
ul. Terespolska 12
08-110 Siedlce
ph. (48 25) 644 31 20
fax (48 25) 644 55 52
e-mail: sekret@mostostal.siedlce.pl
MIESZKO
Zakłady Przemysłu Cukierniczego
„Mieszko” SA
ul. Starowiejska 75
47-400 Racibórz
ph. (48 32) 415 36 53
fax (48 32) 415 36 53
e-mail: mieszko@mieszko.com.pl
[MSO]
MOSTALWAR
[MSW]
MOSTOSTAL WARSZAWA SA
ul. Konstruktorska 11A
02-673 Warszawa
ph. (48 22) 548 56 00, 548 56 01
fax (48 22) 548 56 66
e-mail: info@mostostal.waw.pl
MILMET
Fabryka Butli Technicznych
„MILMET” SA
ul. Gen. Grota-Roweckiego 130
41-200 Sosnowiec
ph. (48 32) 299 03 00, 299 03 03
fax (48 32) 299 03 03
e-mail: milmet@silesia.top.pl
[MLM]
MITEX
„MITEX” SA w Kielcach
ul. Zagnańska 65
25-558 Kielce
ph. (48 41) 363 41 00, 363 41 75
fax (48 41) 363 43 00
e-mail: kielce@mitex.com.pl
[MTX]
MORLINY
Zakłady Mięsne
„MORLINY” SA
Morliny
14-100 Ostróda
ph. (48 88) 47 71 00
fax (48 88) 46 51 63, 47 71 50
e-mail: morliny@klub500.pl4
[MRL]
MOSTALEXP
[MSX]
„MOSTOSTAL -EXPORT” SA
ul. Krucza 20/22
00-926 Warszawa
ph. (48 22) 621 16 04
fax (48 22) 628 23 62
e-mail: biuro@mostostal-export.com.pl
MOSTALGD
MOSTOSTAL GDAŃSK SA
ul. Marynarki Polskiej 96
80-955 Gdańsk
ph. (48 58) 343 06 77, 343 16 61
fax (48 58) 343 10 08, 343 28 24
e-mail: ef@mostostal.gda.pl
[MSG]
MOSTALPLC
MOSTOSTAL PŁOCK SA
ul. Targowa 12
09-400 Płock
ph. (48 24) 367 11 11, 367 11 27
fax (48 24) 367 12 50
[MSP]
Fact Book 2001
MOSTALZAB
[MSZ]
„MOSTOSTAL ZABRZE HOLDING” SA
ul. Wolności 191
41-800 Zabrze
ph. (48 32) 271 32 21
fax (48 32) 271 26 49, 271 50 47
e-mail: post@mz.pl
MPECWRO
[MPW]
Miejskie Przedsiębiorstwo
Energetyki Cieplnej Wrocław SA
ul. Walońska 3-5
50-413 Wrocław
ph. (48 71) 340 55 05, 340 55 55
fax (48 71) 343 04 34
e-mail: mpec@mpec.wroc.pl
MURAWSKI
[MRW]
MURAWSKI HOLDING SA
ul. Kolejowa 19
18-411 Śniadowo
ph. (48 86) 218 06 10
fax (48 86) 218 57 87
e-mail: murawski@murawski.com.pl
MUZA
„MUZA” SA
00-590 Warszawa
ph. (48 22) 621 17 75, 621 50 58
fax (48 22) 629 23 49
e-mail: muza@muza.com.pl
[MZA]
NAFTA
[NFT]
NAFTOBUDOWA SA
ul. Lubicz 25
31-503 Kraków
ph. (48 12) 422 13 80
fax (48 12) 421 03 28
e-mail: office@naftobudowa.com.pl
NETIA
„NETIA HOLDINGS” SA
ul. Poleczki 13
02-822 Warszawa
ph. (48 22) 648 45 00
fax (48 22) 648 44 90
e-mail: info@netia.pl
[NET]
Listed companies
NOMI
„NOMI” SA
ul. Witosa 76
25-561 Kielce
ph. (48 41) 363 54 01, 363 55 00
fax (48 41) 368 57 45
e-mail: biuro@nomi.com.pl
[NMI]
NOVITA
„NOVITA” SA
ul. Dekoracyjna 3
65-722 Zielona Góra
ph. (48 68) 327 00 18, 327 00 21
fax (48 68) 325 68 60
e-mail: novita@novita.com.pl
[NVT}
OBORNIKI
Wielkopolskie Fabryki Mebli SA
ul. Marsz. J. Piłsudskiego 62
64-600 Oborniki Wlkp.
ph. (48 61) 297 23 00
fax (48 61) 296 07 72, 297 23 75
e-mail: office@wfmsa.com.pl
[OBR]
OCEAN
„OCEAN COMPANY” SA
ul. Rydygiera 12
01-793 Warszawa
ph. (48 22) 663 47 97, 663 48 14
fax (48 22) 663 48 10
e-mail: ocean@ocean.pl
[OCN]
ODLEWNIE
„ODLEWNIE POLSKIE” SA
Aleja Wyzwolenia 70
27-200 Starachowice
ph. (48 41) 274 01 01, 274 53 76
fax (48 41) 274 00 08, 274 86 62
[ODL]
OKOCIM
„OKOCIMSKIE ZAKŁADY
PIWOWARSKIE” SA
ul. Browarna 14
32-800 Brzesko
ph. (48 14) 686 50 00
fax (48 14) 686 52 88
e-mail: web@okocim.com.pl
[OKM]
OLAWA
„Huta Oława” SA
ul. Gen Wł. Sikorskiego 7
55-200 Oława
ph. (48 71) 313 40 31
fax (48 71) 313 40 35
e-mail: info@olawa.pl
[OLW]
OPTIMUS
„OPTIMUS” SA
ul. Nawojowska 118
33-300 Nowy Sącz
ph. (0 18) 443 77 97, 444 05 00
fax (0 18) 443 71 85
e-mail: inwestor@wg.ns.onet.pl
[OPT]
111
ORBIS
[ORB]
„ORBIS” SA
ul. Bracka 16
00-028 Warszawa
ph. (48 22) 826 02 71...79, 827 72 61
fax (48 22) 827 33 01
ORFE
„ORFE” SA
ul. Chełmżyńska 249
04-458 Warszawa
ph. (48 22) 673 50 04...06
fax (48 22) 673 51 29
e-mail: bki@orfe.pl
[ORF]
PAGED
„Paged” SA
Plac Trzech Krzyży 18
00-950 Warszawa
ph. (48 22) 623 81 00, 623 81 14
fax (48 22) 628 13 96, 628 45 91
e-mail: paged@paged.com.pl
[PGD]
PAZUR
„Pażur” SA
ul. Domaniewska 49
02-672 Warszawa
ph. (48 22) 847 93 39, 847 99 77
fax (48 22) 847 93 68, 847 93 69
e-mail: pazur@pazur.pl
[PZR]
PBK
„Powszechny Bank Kredytowy SA
w Warszawie”
ul. Towarowa 25A
00-958 Warszawa
ph. (48 22) 531 87 00
fax (48 22) 531 87 05
e-mail: investor.relations@pbk.pl
[PBK]
PEKABEX
Poznańska Korporacja Budowlana
Pekabex SA
ul. Szarych Szeregów 23
60-462 Poznań
ph. (48 61) 822 12 73, 824 04 00
fax (48 61) 822 11 42
e-mail: pekabex@pekabex.com.pl
[PBX]
PEKAO
„Bank Polska Kasa Opieki” SA
ul. Grzybowska 53/57
00-950 Warszawa
ph. (48 22) 656 00 00
fax (48 22) 656 00 04
e-mail: info@pekao.com.pl
[PEO]
PEKPOL
„PEKPOL” SA
ul. Chocimska 28
00-791 Warszawa
ph. (48 22) 849 80 72, 849 83 74
fax (48 22) 849 83 38
e-mail: emitent@pekpol.com.pl
[PKL]
Fact Book 2001
112
Listed companies
PEMUG
[PMG]
Przedsiębiorstwo Montażu Konstrukcji
Stalowych i Urządzeń Górniczych
„Pemug” SA
ul. Wł. Reymonta 24
40-029 Katowice
ph. (48 32) 256 53 25
fax (48 32) 255 27 11, 256 46 81
e-mail: marketing@pemug.com.pl
PEPEES
Przedsiębiorstwo Przemysłu
Spożywczego „PEPEES” SA
ul. Poznańska 121
18-402 Łomża
ph. (48 86) 218 44 04
fax (48 86) 218 32 42
e-mail: pepees@pepees.pl
[PPS]
PERMEDIA
[PMD]
Zakłady Chemiczne „PERMEDIA” SA
ul. Grenadierów 9
20-331 Lublin
ph. (0 81) 744 12 71...73
fax (0 81) 744 03 74
e-mail: sekretariat@permedia.pl
POLIFARBC
POLIFARB CIESZYN-WROCŁAW SA
ul. Kwidzyńska 8
51-416 Wrocław
ph. (0 33) 327 37 00
fax (0 33) 327 37 02
e-mail: poczta@polifarb.pl
[PLC]
POLIGR
[PLG]
„POLIGRAFIA” SA
w Kielcach
ul. Zagnańska 61
25-528 Kielce
ph. (48 41) 331 65 77, 331 90 76
fax (48 41) 332 23 54 w. 206, 344 82 71
e-mail: Agata.Marjanska@poligrafia-sa.com.pl
POLLENAE
[PLE]
Fabryka Kosmetyków
„POLLENA-EWA” SA
ul. 6 Sierpnia 15/17
90-616 Łódź
ph. (0 42) 633 98 55
fax (0 42) 632 43 90
e-mail: pollena@pollenaewa.com.pl
POLNA
Zakłady Automatyki
„POLNA” SA
ul. Obozowa 23
37-700 Przemyśl
ph. (0 16) 678 37 38, 678 66 01
fax (0 16) 678 37 10, 678 65 24
e-mail: polna@pr.onet.pl
[PLA]
PGF
[PGF]
„Polska Grupa Farmaceutyczna” SA
ul. Zbąszyńska 3
91-342 Łódź
ph. (0 42) 640 79 57
fax (0 42) 640 71 43
e-mail: kontakt@pgf.com.pl
PIASECKI
„PIA PIASECKI” SA
ul. Pańska 84
25-811 Kielce
ph. (48 41) 363 71 30/31
fax (48 41) 363 71 32
e-mail: pia@piasecki.com.pl
POLNORD
„POLNORD” SA
ul. Na Piaskach 10
80-846 Gdańsk
ph. (48 58) 301 62 31
fax (48 58) 301 61 28
e-mail: polnord@polnord.pl
[PND]
[PSK]
PKNORLEN
[PKN]
Polski Koncern Naftowy
ORLEN SA
ul. Chemików 7
09-411 Płock
ph. (48 24) 365 28 95
fax (48 24) 365 40 40
e-mail: ppmedia@petro1.petrochemia.pl
PONARFEH
[PNF]
Fabryka Elementów Hydrauliki
„PONAR - WADOWICE” SA
ul. Wojska Polskiego 29
34-100 Wadowice
ph. (0 33) 823 39 43
fax (0 33) 823 38 40
e-mail: ponar@ponar-wadowice.pl
POLAR
„POLAR” SA
ul. Gen. T. Bora Komorowskiego 6
51-210 Wrocław
ph. (48 71) 324 33 00
fax (48 71) 324 32 22, 324 34 60
e-mail: polar@polar.com.pl
[PLR]
POZMEAT
[PZM]
Zakłady Mięsne „Pozmeat” SA
ul. Garbary 101/111
61-757 Poznań
ph. (48 61) 817 93 00...04, 855 25 11
fax (48 61) 852 43 68
e-mail: pozmeat@ikki.com.pl
POLFKUTNO
[PFK]
Kutnowskie Zakłady Farmaceutyczne
„POLFA” SA
ul. H. Sienkiewicza 25
99-300 Kutno
ph. (48 24) 254 23 74
fax (48 24) 254 28 15
e-mail: polfa@polfakutno.pl
PPWK
[PWK]
Polskie Przedsiębiorstwo
Wydawnictw Kartograficznych
im. E. Romera Warszawa-Wrocław SA
ul. Solec 18/20
00-410 Warszawa
ph. (48 22) 628 32 51
fax (48 22) 628 02 36
Fact Book 2001
Listed companies
PROCHEM
[PRM]
PROCHEM SA
ul. Ostrobramska 103
04-041 Warszawa
ph. (48 22) 810 00 81
fax (48 22) 810 29 18, 810 76 94
e-mail: prochem@mail.prochem.com.pl
PROCHNIK
„PRÓCHNIK” SA
ul. Kilińskiego 228
93-124 Łódź
ph. (0 42) 683 65 00
fax (0 42) 683 65 53
e-mail: prochnik@prochnik.com.pl
[PRC]
PROJPRZEM
[PJP]
„PROJPRZEM” SA
ul. Bernardyńska 13
85-029 Bydgoszcz
ph. (48 52) 322 90 01, 328 61 85
fax (48 52) 328 61 57, 345 60 17
e-mail: projprzem@projprzem.com.pl
PROKOM
„PROKOM Software” SA
Al. Jerozolimskie 65/79
00-697 Warszawa
ph. (48 22) 630 39 90...93
fax (48 22) 630 39 94
e-mail: lim@prokom.pl
[PKM]
PROSPER
„PROSPER” SA
ul. Grochowska 129
04-148 Warszawa
ph. (48 22) 631 15 34
fax (48 22) 631 12 32
e-mail: wa@mail.prosper.pl
[PSP]
PUE
Zakład Produkcji
Urządzeń Elektrycznych
B. Wypychewicz SA
ul. Jędrzejowska 79C
29-100 Włoszczowa
ph. (48 41) 394 28 14, 394 49 00
fax (48 41) 394 39 39, 394 49 00
e-mail: board@zpuesa.com.pl
[PUE]
RAFAKO
Fabryka Kotłów
RAFAKO SA
ul. Łąkowa 33
47-400 Racibórz
ph. (48 32) 410 10 00, 415 21 71
fax (48 32) 415 34 27
e-mail: info@rafako.com.pl
[RFK]
RELPOL
[RLP]
„RELPOL” SA
ul. 11 Listopada 37
68-200 Żary
ph. (48 68) 374 30 21...23, 374 92 07
fax (48 68) 374 38 66, 374 90 91
e-mail: relpol@relpol.com.pl
113
REMAK
[RMK]
Przedsiębiorstwo Modernizacji
Urządzeń Energetycznych „REMAK” SA
ul. Zielonogórska 3
45-955 Opole
ph. (48 77) 455 20 11...18, 455 78 09
fax (48 77) 455 98 50
e-mail: remak@remak.com.pl
ROLIMPEX
„ROLIMPEX” SA
Al. Jerozolimskie 146D
02-305 Warszawa
ph. (48 22) 30 28 47, 830 07 25
fax (48 22) 830 03 62, 830 07 65
e-mail: glks@rolimpex.waw.pl
[RMX]
ROPCZYCE
[RPC]
Zakłady Magnezytowe „ROPCZYCE” SA
ul. Przemysłowa 1
39-100 Ropczyce
ph. (0 17) 221 86 51, 221 86 53
fax (0 17) 221 85 93
e-mail: informatycy@ropczyce.com.pl
SANOK
[SNK]
Sanockie Zakłady
Przemysłu Gumowego „Stomil Sanok” SA
ul. Reymonta 19
38-500 Sanok
ph. (48 13) 463 05 43, 463 25 05
fax (48 13) 463 16 96
e-mail: sekretariat@stomilsanok.com.pl
SANWIL
Zakłady Wyrobów Powlekanych
„SANWIL” SA
ul. Lwowska 52
37-700 Przemyśl
ph. (0 16) 678 03 30, 678 08 21
fax (0 16) 678 02 44
[SNW]
SIMPLE
„SIMPLE” SA
ul. Bronisława Czecha 49/51
04-555 Warszawa
ph. (48 22) 812 58 98
fax (48 22) 815 49 83
e-mail: simple@simple.com.pl
[SME]
SKOTAN
Zakłady Garbarskie
„SKOTAN” SA
ul. Fabryczna 10
43-430 Skoczów
ph. (0 33) 853 33 41...46
fax (0 33) 852 54 60
e-mail: skotan@skotan.com.pl
[SKT]
SOFTBANK
„SOFTBANK” SA
ul. 17 Stycznia 72A
02-146 Warszawa
ph. (48 22) 846 54 71...76
fax (48 22) 846 14 57
e-mail: jsp@softbank.pl
[SFT]
Fact Book 2001
114
Listed companies
SOKOLOW
SOKOŁÓW SA
ul. Sielecka 22
00-738 Warszawa
ph. (48 22) 851 14 30
fax (48 22) 699 41 33
e-mail: sa@wsrp.siedlce.pl
[SKW]
SWARZEDZ
[SWZ]
„Swarzędz Meble” SA
ul. Poznańska 14
62-020 Swarzędz
ph. (48 61) 817 25 11
fax (48 61) 817 20 30
e-mail: office@www.swarzedz-sa.com.pl
STALEXP
[STX]
„STALEXPORT” SA
ul. Mickiewicza 29
40-085 Katowice
ph. (48 32) 251 22 11....19, 251 26 64
fax (48 32) 251 12 64
e-mail: stalex@stalexport.com.pl
SWIECIE
[FSC]
Frantschach Świecie SA
ul. Bydgoska 1
86-100 Świecie
ph. (48 52) 331 01 11, 21 308
fax (48 52) 331 27 88
e-mail: GP@Frantschach.Swiecie.pl
STALPROD
[STP]
Zakład Przetwórstwa Hutniczego
„STALPRODUKT” SA
ul. Wygoda 69
32-700 Bochnia
ph. (48 14) 611 60 65, 615 10 00
fax (48 14) 611 11 18
e-mail: trzepla@orion.stalprodukt.com.pl
SZEPTEL
[SPT]
Przedsiębiorstwo Telekomunikacyjne
„SZEPTEL” SA
ul. Sienkiewicza 52
18-210 Szepietowo
ph. (48 86) 476 00 70, 476 04 25
fax (48 86) 470 01 00
e-mail: szeptel@szepph.pl
STALPROFI
„STALPROFIL” SA
ul. Roździeńskiego 11A
41-308 Dąbrowa Górnicza
ph. (48 32) 792 83 22, 795 51 46
fax (48 32) 795 56 12
e-mail: biuro@stalprofil.com.pl
[STF]
STERPRO
„Ster-Projekt” SA
ul. Magazynowa 1
02-652 Warszawa
ph. (48 22) 607 72 00
fax (48 22) 607 71 97
e-mail: warszawa@spsa.com.pl
[STR]
STGROUP
„STGroup” SA
ul. Legnicka 42
53-674 Wrocław
ph. (48 71) 355 05 17
fax (48 71) 355 98 12
e-mail: info@stgroup.com.pl
[STG]
STOMIL
„STOMIL - OLSZTYN” SA
ul. Wł. Leonharda 9
10-454 Olsztyn
ph. (48 89) 539 42 46, 539 44 84
fax (48 89) 534 40 99
[STO]
STRZELEC
„Browary STRZELEC” SA
ul. Pachońska 5
31-223 Kraków
ph. (48 12) 415 87 73
fax (48 12) 415 89 61
[STC]
SUWARY
SUWARY SA
ul. Piotra Skargi 45/47
95-200 Pabianice
ph. (0 42) 215 43 53, 215 51 74
fax (0 42) 214 53 31
e-mail: office@suwary.com.pl
Fact Book 2001
[SUW]
TALEX
TALEX SA
ul. Pułtuska 10
61-052 Poznań
ph. (48 61) 879 29 01, 879 49 16
fax (48 61) 879 29 17
e-mail: talex@talex.com.pl
[TLX]
TIM
„TIM” SA
ul. Stargardzka 8A
54-156 Wrocław
ph. (48 71) 782 06 00
fax (48 71) 782 06 20
e-mail: zarzad@tim.pl
[TIM]
TONSIL
TONSIL SA
ul. Daszyńskiego 2/3
62-300 Września
ph. (48 61) 437 61 95
fax (48 61) 436 63 64
e-mail: sekretariat@tonsil.tpnet.pl
[TNL]
TPSA
„Telekomunikacja Polska” SA
ul. Nowy Świat 6/12
00-400 Warszawa
ph. (48 22) 827 56 30, 661 71 99
fax (48 22) 826 55 59
e-mail: emer@mailer.cst.tpsa.pl
[TPS]
TUEUROPA
[ERP]
Towarzystwo Ubezpieczeniowe
„EUROPA” SA
ul. Kamieńskiego 57
51-124 Wrocław
ph. (48 71) 324 09 20
fax (48 71) 324 09 45
e-mail: sekretariat@europa-tu.com.pl
Listed companies
TUP
„Trans Universal Poland” SA
ul. Worcella 1
01-250 Warszawa
ph. (48 22) 837 28 04
fax (48 22) 836 67 90, 837 28 04
e-mail: info@tup.com.pl
[TUP}
UNIMIL
UNIMIL SA
ul. Towarowa 8
32-410 Dobczyce
ph. (48 12) 421 11 56, 421 49 67
fax (48 12) 421 49 30
[UML}
WAFAPOMP
Warszawska Fabryka Pomp
i Armatury SA
ul. Odlewnicza 1
03-231 Warszawa
ph. (48 22) 811 14 31
fax (48 22) 811 31 46
e-mail: biuro@wafapomp.com.pl
[WFP]
WANDALEX
„WANDALEX” SA
ul. Marynarska 14
02-674 Warszawa
ph. (48 22) 843 57 42
fax (48 22) 843 01 95, 853 17 82
e-mail: office@wandalex.com.pl
[WDX]
WARTA
Towarzystwo Ubezpieczeń
i Reasekuracji „WARTA” SA
ul. Chmielna 85/87
00-805 Warszawa
ph. (48 22) 581 01 00, 581 09 00
fax (48 22) 581 13 74, 581 13 75
e-mail: edward.turski@warta.pl
[WAR]
WAWEL
Zakłady Przemysłu Cukierniczego
„Wawel” SA
ul. Masarska 6/8
31-534 Kraków
ph. (48 12) 421 14 33, 634 09 55
fax (48 12) 411 09 79, 421 37 28
e-mail: zpcmail@wawel.com.pl
[WWL]
WBK
WIELKOPOLSKI
BANK KREDYTOWY SA
Pl. Wolności 16
60-967 Poznań
ph. (48 61) 856 49 00
fax (48 61) 852 11 13
e-mail: info@wbk.com.pl
[WBK]
WILBO
Wilbo SA
ul. Skandynawska 7
84-120 Władysławowo
ph. (48 58) 674 00 20, 674 14 18
fax (48 58) 674 14 66
e-mail: wilbo@wilbo.pl
[WLB]
115
WISTIL
[WST]
Zakłady Przemysłu Jedwabniczego
„WISTIL” SA
ul. Majkowska 13
62-800 Kalisz
ph. (0 62) 767 73 61
fax (0 62) 757 65 73
e-mail: biuro@wistil.pl
WKSM
„WROCŁAWSKIE KOPALNIE
SUROWCÓW MINERALNYCH” SA
ul. Powstańców Śląskich 5
53-332 Wrocław
ph. (48 71) 667 28 10
fax (48 71) 667 28 10
e-mail: info@wksm.com.pl
[WKS]
WOLCZANKA
[WLC]
WÓLCZANKA SA
ul. Wólczańska 243
93-035 Łódż
ph. (0 42) 681 86 90
fax (0 42) 681 39 90
e-mail: zarzad@wolczanka.com.pl
VISCO
VISCOPLAST SA
ul. Kwidzyńska 6
51-416 Wrocław
ph. (48 71) 325 25 52
fax (48 71) 325 31 18
e-mail: poczta@viscoplast.com.pl
[VSC]
VISTULA
Zakłady Przemysłu Odzieżowego
„VISTULA” SA
ul. Nadwiślańska 13
30-527 Kraków
ph. (48 12) 423 66 88
fax (48 12) 656 50 98
e-mail: vistula@vistula.pl
[VST]
YAWAL
[YWL]
YAWAL SA
ul. Kopernika 17/19
42-200 Częstochowa
ph. (48 34) 365 14 29, 365 18 49
fax (48 34) 365 11 81
e-mail: yawal.cz_wa@yawal.com.pl
ZEG
[ZEG]
Zakład Elektroniki Górniczej „ZEG” SA
ul. Biskupa Burschego 3
43-100 Tychy
ph. (48 32) 227 10 81, 227 60 91
fax (48 32) 227 48 37
e-mail: zegtychy@zeg.pl
ZEW
Zakład Elektrod Węglowych SA
ul. Piastowska 29
47-400 Racibórz
ph. (48 32) 415 45 01
fax (48 32) 415 23 83
e-mail: zewik@zew.com.pl
Fact Book 2001
[ZEW]
116
Listed companies
ZREW
Zakłady Remontowe Energetyki
Warszawa SA
ul. Elektryczna 2A
00-346 Warszawa
ph. (48 22) 821 31 06, 826 35 22
fax (48 22) 826 43 86
e-mail: zrew@zrew.com.pl
[ZRW]
ZYWIEC
[ZWC]
„BROWARY ŻYWIEC” SA
ul. Browarna 88
34-300 Żywiec
ph. (0 33) 861 24 52, (48 22) 521 42 00
fax (0 33) 861 46 14, (48 22) 521 42 17
01NFI
[01N]
„Fund.1 Pierwszy Narodowy Fundusz
Inwestycyjny” SA
ul. Dworkowa 3
00-784 Warszawa
ph. (48 22) 646 85 46
fax (48 22) 646 85 36
e-mail: info@brepe.com.pl
09KWIAT
[09N]
„Narodowy Fundusz Inwestycyjny
im. Eugeniusza Kwiatkowskiego” SA
ul. Jagiellońska 15
03-719 Warszawa
ph. (48 22) 871 34 00
fax (48 22) 871 34 40
e-mail: pzunfi@pzunfi.pl
02NFI
[02N]
Drugi Narodowy Fundusz Inwestycyjny SA
ul. Jagielońska 15
03-717 Warszawa
ph. (48 22) 871 34 00
fax (48 22) 871 34 00
10FOKSAL
[10N]
„Foksal Narodowy Fundusz Inwestycyjny”
SA
ul. Krzywickiego 34
02-078 Warszawa
ph. (48 22) 625 44 53, 625 53 00
fax (48 22) 627 16 08
04PRO
Progress” SA
ul. Jagielońska 15
03-717 Warszawa
ph. (48 22) 618 88 29, 618 78 52
fax (48 22) 618 78 18
12PIAST
Narodowy Fundusz Inwestycyjny
„PIAST” SA
ul. Krakowskie Przedmieście 4/6
00-333 Warszawa
ph. (48 22) 826 84 73, 826 28 78
fax (48 22) 826 03 12
e-mail: piast@piast.com.pl
[12N]
13FORTUNA
FORTUNA” SA
ul. Dworkowa 3
00-784 Warszawa
ph. (48 22) 646 85 46
fax (48 22) 646 85 36
[13N]
[04N]
05VICT
[05N]
V Narodowy Fundusz Inwestycyjny
„Victoria” SA
ul. Dworkowa 3
00-784 Warszawa
ph. (48 22) 646 85 46
fax (48 22) 646 85 36
06MAGNA
Magna Polonia” SA
ul. Biała 3
00-895 Warszawa
ph. (48 22) 620 41 83
fax (48 22) 620 41 84
e-mail: aibfund@aib.pl
[06N]
14ZACH
[14N]
„Zachodni Fundusz Inwestycyjny NFI” SA
ul. Dworkowa 3
00-784 Warszawa
ph. (48 22) 646 85 46
fax (48 22) 646 85 36
07NFI
[07N]
„Siódmy Narodowy Fundusz Inwestycyjny
im. Kazimierza Wielkiego” SA
ul. Krzywickiego 34
02-078 Warszawa
ph. (48 22) 622 95 46, 625 41 93
fax (48 22) 662 42 53
15HETMAN
„HETMAN” SA
ul. Emilii Plater 53
00-113 Warszawa
ph. (48 22) 520 93 50
fax (48 22) 520 93 51
[15N]
08OCTAVA
[08N]
„Octava” SA
ul. Krakowskie Przedmieście 4/6
00-333 Warszawa
ph. (48 22) 826 28 78, 826 84 73
fax (48 22) 826 03 12
e-mail: fundusz@nfioctava.octava.com.pl
JUPITER
„Jupiter Narodowy Fundusz
Inwestycyjny” SA
ul. Nowogrodzka 47A
00-695 Warszawa
ph. (48 22) 525 99 00, 525 99 99
fax (48 22) 525 99 88
[JPR]
Fact Book 2001
117
L ist of Exchange members
(AS OF DECEMBER 2000)
Centralny Dom Maklerski Pekao SA
ul. Wołoska 18
02-675 Warszawa
ph. (48 22) 640 28 40/41, 640 26 40/41
fax (48 22) 640 28 00, 640 26 00
e-mail: webmaster@cdmpekao.com.pl
Kredyt Bank SA
ul. Kasprzaka 2/8
01-211 Warszawa
ph. (48 22) 632 59 24
fax (48 22) 634 53 30
e-mail: prezes@kredytbank.com.pl
Dom Maklerski BZ SA
ul. Strzegomska 6/10
50-986 Wrocław
ph. (48 71) 355 55 24, 370 30 01/50
fax (48 71) 370 32 59
e-mail: dmbz@dmbz.com.pl
Bank Gospodarki Żywnościowej SA
ul. Kasprzaka 10/16
01-211 Warszawa
ph. (48 22) 860 40 00
fax (48 22) 860 50 27
e-mail: info@bgz.pl
Staropolski Dom Maklerski SA
ul. Szkolna 1
61-832 Poznań
ph. (48 61) 854 45 80
fax (48 61) 852 02 04
e-mail: office@sdm.com.pl
Dom Maklerski BIG-BG SA
ul. Jana Pawła II 15, IV p.
00-828 Warszawa
ph. (48 22) 697 67 36, 697 67 86/87
fax (48 22) 697 67 67, 697 67 77
e-mail: dmbigbg@dmbigbg.com.pl
PKO BP SA
ul. Puławska 15
02-515 Warszawa
ph. (48 22) 521 86 41
fax (48 22) 521 86 42
e-mail: informacje@pkobp.pl
Bank Przemysłowo-Handlowy SA
Al. Pokoju 1
31-548 Kraków
ph. (48 12) 618 63 44/45
fax (48 12) 618 63 43
e-mail: bankbph@bph.pl
Dom Inwestycyjny BRE BANKU SA
ul. Wspólna 47/49
00-950 Warszawa
ph. (48 22) 697 47 03, 697 49 00/01
fax (48 22) 697 47 05, 697 49 44
e-mail: brebrokers@breinwest.com.pl
Dom Maklerski WBK SA
Pl. Wolności 16
60-967 Poznań
ph. (48 61) 856 48 80
fax (48 61) 856 47 70
e-mail: dm@wbk.com.pl
Dom Maklerski Polonia Net SA
ul. Floriańska 55
31-019 Kraków
ph. (48 12) 422 10 80, 422 31 00
fax (48 12) 411 08 00, 411 17 66
e-mail: rdm@polonia.com.pl
ul. Towarowa 25A
00-958 Warszawa
ph. (48 22) 531 91 00, 531 91 02
fax (48 22) 531 89 35
e-mail: bm@pbk.pl
Dom Maklerski Banku Śląskiego SA
w Katowicach
ul. 3 Maja 9
40-096 Katowice
ph. (48 32) 205 47 00, 258 88 65
fax (48 32) 258 46 51
e-mail: dmbsk@dmbsk.com.pl
CA IB Securities SA
Warszawskie Centrum Finansowe, XXIV p.
00-113 Warszawa
ph. (48 22) 520 99 99
fax (48 22) 520 99 98
e-mail: securities.pl@ca-ib.com
Bank Handlowy w Warszawie SA
00-950 Warszawa
ph. (48 22) 830 01 00
fax (48 22) 690 37 49
e-mail: listy@bh.com.pl
ABN AMRO SECURITIES (Polska) SA
Wiśniowy Business Park
ul. 1-go Sierpnia 8A
02-134 Warszawa
ph. (48 22) 573 07 00
fax (48 22) 573 07 01
e-mail: leszek.kramarski@pl.abnamro.com
Global Capital Partners Poland SA
ul. Solec 22, VIII p.
00-410 Warszawa
ph. (48 22) 657 43 01/02
fax (48 22) 657 43 20
e-mail: office@globalcapital.pl
Dom Maklerski Sur5.net SA
ul. Ks. I.J. Skorupki 4
00-546 Warszawa
ph. (48 22) 583 07 10, 622 17 31
fax (48 22) 583 07 15
e-mail: biuro@sur5.net
Fact Book 2001
118
List of Exchange members
Dom Maklerski ELIMAR SA
Al. Korfantego 79 A
40-161 Katowice
ph. (48 32) 203 38 76, 206 82 81
fax (48 32) 206 81 82
e-mail: biuro@elimar.com.pl
ING Baring Securities (Poland) SA
Pl. Trzech Krzyży 10/14
00-499 Warszawa
ph. (48 22) 820 50 18
fax (48 22) 820 50 93
e-mail: darek.chrzastowski@ing-barings.com
ul. Ostrobramska 101
04-041 Warszawa
ph. (48 22) 672 47 48, 672 47 69
fax (48 22) 672 48 30, 672 48 31
e-mail: abrok@amerbrokers.pl
Dom Inwestycyjny BWE SA
ul. A. Kordeckiego 56/58
04-355 Warszawa
ph. (48 22) 610 05 86, 610 10 05
fax (48 22) 610 45 22
e-mail: di@di-bwe.com.pl
Citibrokerage SA
ul. Senatorska 16
00-923 Warszawa
ph. (48 22) 657 78 70, 657 78 74
fax (48 22) 657 78 80, 657 78 88
e-mail: warsaw.citibrokerage@citicorp.com
Credit Suisse First Boston /Polska/ SA
FIM Tower XIII p.
Al. Jerozolimskie 81
02-001 Warszawa
ph. (48 22) 695 00 70, 695 00 72
fax (48 22) 695 00 55, 695 00 66
e-mail: grzegorz.kolodziejczyk@csfb.com
Fortis Securities Polska SA
ul. Wiejska 12
00-490 Warszawa
ph. (48 22) 629 07 16
fax (48 22) 629 78 73
e-mail: pdm@polbox.com.pl
Raiffeisen Capital & Investment Polska SA
00-175 Warszawa
ph. (48 22) 636 95 98/99, 636 57 37...42
fax (48 22) 635 22 21
e-mail: rcip@polbox.pl
Erste Securities Polska SA
Atrium Business Centre
00-854 Warszawa
ph. (48 22) 653 93 30, 653 93 33
fax (48 22) 653 93 34
e-mail: erste.securities@erste.ikp.pl
Dom Maklerski
Banku Ochrony Środowiska SA
ul. Marszałkowska 78/80
00-517 Warszawa
ph. (48 22) 622 66 22 wew. 102
fax (48 22) 629 71 50
e-mail: a.ciuchta@dmbos.com.pl
Dom Maklerski PENETRATOR SA
ul. Gołębia 6
31-007 Kraków
ph./fax (48 12) 421 73 15
fax (48 12) 421 73 12
e-mail: sekretariat@penetrator.com.pl
Robert Fleming (Polska) SA
Atrium Business Centre
00-854 Warszawa
ph. (48 22) 653 93 80
fax (48 22) 653 93 83
e-mail: flemings@pol.pl
Fact Book 2001
HSBC Securities Polska SA
Centrum Giełdowe, V p.
ul. Książęca 4
00-498 Warszawa
ph. (48 22) 537 78 00
fax (48 22) 537 78 68/70
e-mail: artur.pietrzak@hsbcib.com
Dom Maklerski BMT SA
ul. I. Paderewskiego 7
61-770 Poznań
ph. (48 61) 852 08 06
fax (48 61) 852 71 11
e-mail: officepn@bmt.com.pl
Societe Generale Securities Polska SA
Saski Point
00-102 Warszawa
ph. (48 22) 528 45 00
fax (48 22) 528 45 09
e-mail: sgsp.office@socgen.com
Wood & Company SA
Warszawskie Centrum Finansowe, X p
00-113 Warszawa
ph. (48 22) 588 16 00
fax (48 22) 588 16 16
e-mail: agata.zyra@wood.com
Bank Inicjatyw
Społeczno-Ekonomicznych SA
ul. Żeromskiego 75
26-600 Radom
ph. (0 48) 381 53 97
fax (0 48) 363 37 72
e-mail: bmbise@radom.top.pl
Beskidzki Dom Maklerski SA
ul. Stojałowskiego 27
43-300 Bielsko-Biała
ph. (0 33) 812 84 40
fax (0 33) 812 84 42
e-mail: sekretariat@bdm.com.pl
ProCapital SA
ul. Sienna 39
00-121 Warszawa
ph. (48 22) 526 67 00, 526 67 02
fax (48 22) 526 67 01
119
I mportant addresses
Komisja Papierów Wartościowych
i Giełd (KPWiG)
Polish Securities and Exchange Commission
Pl. Powstańców Warszawy 1
00-950 Warszawa
ph. (48 22) 826 10 31, 826 20 31
fax (48 22) 826 81 00, 826 94 35
e-mail: sekr@kpwig.gov.pl
Centrum Informacyjne KPWiG
Information Centre
ul. Mazowiecka 13
ph. (48 22) 827 60 44/45
fax (48 22) 826 84 01
Biblioteka KPWiG
Library
ul. Mazowiecka 13
ph. (48 22) 827 60 46
fax (48 22) 827 60 47
Ministerstwo Skarbu Państwa
Ministry of Treasury
ul. Krucza 36
00-522 Warszawa
ph. (48 22) 695 90 00, 695 80 00
fax. (48 22) 628 08 72, 621 33 61
e-mail: minister@mst.gov.pl
Ministerstwo Finansów
Ministry of Finance
ul. Świętokrzyska 12
00-916 Warszawa
ph. (48 22) 694 36 01, 694 56 01
fax (48 22) 826 63 52, 827 27 22
e-mail: info@mofnet.gov.pl
Narodowy Bank Polski
National Bank of Poland
ul. Świętokrzyska 11/21
00-916 Warszawa
ph. (48 22) 653 10 00
fax (48 22) 620 85 18, 826 83 18
e-mail: nbp@nbp.pl
Krajowy Depozyt Papierów
Wartościowych (KDPW)
National Depository for Securities
ul. Książęca 4
00-498 Warszawa
ph. (48 22) 537 93 43, 537 95 88
fax (48 22) 627 23 46, 627 31 11
e-mail: kdpw@kdpw.com.pl
Izba Domów Maklerskich
Chamber of Brokerage Houses
ul. Smolna 10A
00-375 Warszawa
ph. (48 22) 827 86 30, 828 14 02/03
fax (48 22) 827 85 54
e-mail: biuro@idm.com.pl
Związek Maklerów i Doradców
Polish Association of Brokers
and Investment Advisors
ul. Marszałkowska 68/70 m. 30
00-676 Warszawa
ph. (48 22) 628 37 43
fax (48 22) 628 37 43
e-mail: biuro@zmid.org.pl
Stowarzyszenie Emitentów Giełdowych
Issuers Association
ul. Nowy Świat 35/9
00-029 Warszawa
ph. (48 22) 826 31 93
fax (48 22) 826 31 93
e-mail: seg@pro.onet.pl
Związek Banków Polskich
Polish Bank Association
ul. Smolna 10A
00-375 Warszawa
ph. (48 22) 826 34 17
fax (48 22) 828 14 06
e-mail: kontakt@zbp.pl
Państwowa Agencja
Inwestycji Zagranicznych
Polish Agency for Foreign Investment
Al. Róż 2
00-559 Warszawa
ph. (48 22) 621 06 23
fax (48 22) 621 84 27
e-mail: info@paiz.gov.pl
Główny Urząd Statystyczny
Central Statistical Office
Al. Niepodległości 208
00-925 Warszawa
ph. (48 22) 608 30 00, 608 30 01
fax (48 22) 608 38 63
e-mail: m.lukaszewicz@stat.gov.pl
Fact Book 2001
120
Fact Book 2001
121
W SE publications
ENGLISH:
GIELDY WARSZAWSKIEJ - WSE
AVAILABLE IN
* CEDULA
OFFICIAL
(PUBLISHED AFTER EACH TRADING SESSION)
BULLETIN
* MONTHLY BULLETIN
* WARSAW STOCK EXCHANGE INDICES
* ANNUAL REPORT
* FACT BOOK
* WSE RULES AND REGULATIONS
* DETAILED EXCHANGE TRADING RULES
POLISH ONLY:
* PRZEGLĄD PRAWA GIEŁ DOWEGO
(STOCK EXCHANGE LEGAL REVIEW) - QUARTERLY
AVAILABLE IN
PLEASE
SEE:
WWW.WSE.COM.PL/DATA DISTRIBUTION/PUBLICATIONS
C losure dates in 2001
The Warsaw Stock Exchange in closed every Saturday, as well as on the
following dates in 2001:
January 1
Monday
April 13
Friday
April 16
Monday
May 1
Tuesday
May 3
Thursday
June 14
Thursday
August 15
Wednesday
November 1
Thursday
December 24
Monday
December 25
Tuesday
December 26
Wednesday
Fact Book 2001
122
Fact Book 2001
123
G lossary
Particular regulations concerning trading on the Warsaw Stock Exchange are contained
in the Exchange Rules and Regulations and the Detailed Exchange Trading Rules, as well as in
the Exchange Supervisory Board and Exchange Management Board resolutions published by
the Exchange in Cedula (official daily bulletin) and Przegląd Prawa Giełdowego (Stock Exchange Legal Review).
Admission to trading
Resolution by the Exchange Supervisory
Board, admitting securities to trading on the
Exchange.
Affiliate
Brokerage firm which is not a WSE member
and places orders through a WSE member
firm.
Allotment certificate
Financial instrument allowing investors who
have purchased shares of a new issue to
sell them prior to their introduction to trading
on the Exchange.
Assimilation
Fusion of shares registered in the Depository
under different codes.
Base index value
Initial, arbitrarily defined value of an index;
the base value for the WIG, WIG20,
MIDWIG, TechWIG and WIRR indices is
1,000; for the NIF, it is 160.
bd (Polish abbreviation for 'ex-dividend')
Information posted next to a stock quotation,
signifying that stocks without dividend rights
for the last financial year are being traded.
Bear market
Prolonged period of falling prices on the
market.
Block trade
Transaction concluded outside the order
book (off-session) on the Exchange, the
minimum size (block) of which is set forth
in the WSE Rules; a block trade in an Exchange-listed security may be executed
before it is introduced to trading on the
Exchange (pre-session block trade) or after
(off-session block trade).
Bond
Security issued in series, in which the issuer
states that it is in debt to the bond owner
(bondholder), and undertakes to perform a
specified service (to pay the bondholder a
specified sum of money, usually at specified
intervals, and to repay the principal of the
loan at maturity); a convertible bond gives
its owner the right to exchange it for other
securities of the issuing company at some
future date, under prescribed conditions.
bp (Polish abbreviation for 'ex-subscription
rights')
Information posted next to a stock quotation,
signifying that stocks without subscription
rights are being traded.
Broker's order
Order placed by a WSE member firm on the
basis of a customer's order:
- Price limit order—order with maximum
buy price or minimum sell price indicated.
- Must-be-filled order—order without price
limit, indicating willingness to buy/sell a
specified number of securities regardless of
price.
- Market-on-opening order—order without
price limit, which may be executed in full or
in part; placed for the opening (closing) or
market-balancing period in continuous
trading or in the single-price system; the
execution price equals the opening (closing)
price; the unfilled portion of the order becomes a price limit order with limit equal to
the opening price.
- Market order—order without price limit
which may be executed in full or in part; the
execution price will be equal to the price of
the best unfilled opposite order waiting in
the order book; the unfilled portion of the
order becomes a price limit order with limit
equal to the execution price.
- Hidden order—price limit order of which
only part of the volume is displayed to the
market.
- Fill-or-kill order—order with price limit
which may be executed only in full; when
this is not possible, the order is removed
from the order book.
- Minimum size order—order with price
limit; if the order cannot be executed in the
specified minimum size, it is removed from
the order book.
- Stop order—order with or without price
limit; appears in the order book only at the
moment when the market price exceeds the
level specified in the order.
- Fill-and-kill order—order may be placed in
any session phase; if it is executed only in
part, the unfilled portion becomes void.
Brokerage firm (brokerage house)
Entity authorised by the Polish Securities and
Exchange Commission to, among other
things, offer securities in public trading, buy
and sell securities on its own or its clients'
account, and offer portfolio management
and investment advice services to its clients.
Bull market
Prolonged period of rising prices on the
market, usually accompanied by intensified
buying of stocks.
Cedula
Official bulletin of the Warsaw Stock Ex-
Fact Book 2001
124
Glossary
change; Cedula lists quotations and provides
information on trading activities concerning
listed securities (available on the Internet).
Closing price
Price of the last transaction in a given security during a given session.
Continuous trading (quotation) system
Continuous trading; a system allowing transactions in a given security to be concluded
at different prices during one session.
Current and periodical reports
Information which an issuer of securities admitted for public trading is required to disclose to the public.
Depository receipt
Security documenting ownership rights to
shares in a foreign company.
Derivatives (derivative rights)
Instruments whose price depends on the
price or value of their underlying instrument.
Divergent market
Unbalanced market in which the highest
price limit on a buy order is lower than the
lowest price limit on a sell order, or a market
in which there are only buy or only sell orders; a market with no orders at all is also
considered a divergent market.
Dividend
Portion of a company's net profit to be paid
out per each share; determined by resolution
of the company's General Meeting of Shareholders.
Dividend yield
Ratio of the dividend paid out in the last
financial year to the average market value
of the company for the same period; stated
in percentage points.
DVP (delivery versus payment)
Principle governing settlement of Exchange
transactions; DVP is based on simultaneous
transfer of cash and securities.
dw (Polish abbreviation for 'before split')
Information posted next to a security quotation, signifying that the security will undergo a split in the near future.
EPS
Net profit for the last 4 quarters divided by
the number of shares outstanding.
of a given type or for a selected group
thereof.
Exchange Management Board
Exchange executive body consisting of five
members, including the President; the Board
manages the business and assets of the
WSE, and represents the Exchange in external contacts.
Exchange member
Entity operating a brokerage firm, which is
a shareholder in the Exchange and has been
approved by the Exchange Supervisory
Board to operate on the Exchange and, in
particular, to conclude transactions.
Exchange Supervisory Board
Supervisory board of the company operating
the Exchange; on the WSE, in addition to
performing duties regulated by the Commercial Companies Code, the Board also
approves securities for trading and admits
brokerage firms to operation on the Exchange.
Exchange trading session
Period of time during which transactions
may be concluded on the Exchange; on the
WSE, sessions are held from Monday to
Friday, between 9:00 a.m. and 4:10 p.m.
Exchange transaction
Transaction concluded on the Exchange in
accordance with Exchange rules and regulations, involving securities which have been
approved for Exchange trading, rights concerning these securities, and other financial
instruments.
Exercise price
Price at which the warrant (or option) issuer
undertakes to buy or sell the underlying
asset.
FESE
Federation of European Securities Exchanges, an organisation uniting exchanges of
EU countries; the WSE has been an associate member of FESE since June 4, 1999.
FIBV
Fédération Internationale des Bourses de Valeurs (the International Federation of Stock
Exchanges), an organisation that groups
together the world's largest and best-organised exchanges; WSE has been an FIBV
member since October 10, 1994.
Exchange Court
Permanent body established to act as an
arbitrator in conflicts between parties to
Exchange transactions, as well as between
the Exchange and its shareholders.
Free market
Segment of the WSE market where shares
admitted to public trading, but not meeting
listing requirements for WSE main or parallel
markets, may be traded.
Exchange data services
Market data services made available by the
Exchange in electronic form to data distributors.
Futures contract
Contract between two parties, one of which
undertakes to buy, the other to sell a specified quantity of a standardised underlying
instrument, or to carry out an equivalent
cash settlement, at a precisely-specified
Exchange index
Indicator of price changes for all securities
Fact Book 2001
Glossary
future date (expiry date) and at a price defined precisely at the moment the contract
is entered into.
General Meeting
Highest authority of a joint-stock company;
General Meetings are called at least once
a year.
Intervention
(in the single-price auction system)
Phase of the session before the single-price
auction during which market participants,
market-makers may modify orders they have
already placed.
Introduction of securities to trading
Decision in the form of an Exchange Management Board resolution which determines
the first quotation day, quotation system,
number of securities introduced, session
days, and method of the securities' introduction to trading.
Investment certificates
Securities issued by closed-end or mixed
investment funds, which confirm participation in the fund and make it possible to
determine the amount due a participant at
a given moment; listed on the Exchange.
Investment fund
Financially separate pooled fund of variable
value and constant economic objective,
managed by an investment fund corporation
for its participants.
IOSCO
International Organisation of Securities Commissions the—Polish Securities and Exchange Commission has been a member
since 1991; the WSE has been an affiliate
member since 1998.
Issue price
Price at which shares are sold on the primary
market.
Issuer
Entity issuing securities in its own name.
Issuer's market maker (animator)
Exchange member firm which, based on an
agreement with an issuer, undertakes to
maintain the liquidity of a given security.
Listed company
Joint-stock public company whose shares
from at least one issue are admitted for
trading on the Exchange.
Main market
Segment of the Exchange market meant for
securities with the highest liquidity; issuers
on the main market are generally characterised by a higher capitalisation level and
longer history.
Margin
Amount paid into an account by an investor
opening a position on the futures market,
constituting a percentage of the futures
125
contracts value, as determined by the National Depository for Securities.
Market capitalisation
Total value of all listed securities (or groups
of securities), based on their market prices.
Market maker (animator)
Exchange member firm which, based on an
agreement with the Exchange, undertakes
to sustain the liquidity of a given security.
Maturity
For bonds, the date on which the issuer is
required to pay the bondholder the bonds'
nominal value plus interest.
MIDWIG index
Price index covering 40 companies listed on
the main market which do not comprise the
WIG20; calculated since January 1998.
Mortgage bond
Debt instrument issued by a mortgage bank,
underlied by the mortgage bank's accounts
receivable, secured by mortgages or guarantees granted by specified institutions (including the State Treasury and the National
Bank of Poland); the issuer, a mortgage bank,
pledges to perform a specified monetary
service for the holder—payment of interest
and redemption of the bond in the manner
and on the dates specified in the terms of
issue.
National Depository for Securities
(Krajowy Depozyt Papierów Wartościowych)
Joint-stock company established by the
State Treasury and the Warsaw Stock Exchange, whose main tasks include: keeping
and registering publicly-traded securities;
servicing corporate actions, issuing depository receipts, organising transaction clearing and settlement.
National Investment Fund (NIF)
Joint-stock company established within the
framework of the National Investment Funds
Program (Mass Privatisation Program), holding shares in privatised companies brought
into the program by the State Treasury;
currently, 14 National Investment Funds are
in existence.
NIF index
National Investment Funds Index—a portfolio price index encompassing shares of the
National Investment Funds received upon
the conversion of one NIF certificate; calculated since June 1997.
Non-transactional price
Price of a given security, equal to an upper
or lower price variation limit.
Opening price
(in the continuous trading system)
Price of a security, determined on the basis
of orders accepted before the opening, with
relevant rules governing the single-price
auction system applied accordingly; if no
Fact Book 2001
126
Glossary
opening price can be determined, the price
of the first transaction becomes the opening
price.
Option
Contract between a writer and a buyer,
giving the buyer the right to buy (or sell) a
specified quantity of an underlying instrument (e.g. currency or stock) on a certain
date and at an exercise price; a warrant is
a specific type of option.
Order book
Orders submitted to the Exchange for
a given security, sorted by price.
Outstanding shares
Number of registered shares.
P/BV
Price/Book Value ratio; ratio of a listed company's market value to its book value.
P/E
Price/Earnings ratio; ratio of a listed company's market value to the sum of its profits
and losses for the last four quarters.
Parallel market
Segment of the Exchange market meant for
securities of lower liquidity; issuers on the
parallel market are generally characterised
by a lower capitalisation level and shorter
history than companies on the main market.
Post-auction trading
Phase of the session in the single-price
auction system, during which buy and sell
orders at a designated price (single price)
may be placed and executed.
Pre-opening
Phase of the session in the single-price
auction system and in continuous trading,
in which orders are accepted and collected
in an order book; an indicative opening price
is published, but no transactions are concluded.
Price variation limits (price brackets)
Maximum allowable price change relative
to the reference price, defined for each
quotation system and type of security.
Prospectus
Document providing detailed information on
an issuer's legal and financial status, as well
as on its securities—specifically, information concerning the process of their introduction to public trading.
Public company
Company whose shares from at least one
issue have been admitted for public trading
by the Polish Securities and Exchange
Commission.
pw (Polish abbreviation for 'after split')
Information posted next to a given security's
quotation signifying that the security has
undergone a split.
Fact Book 2001
Quotation market
Segment of the Exchange market having its
own listing requirements; the WSE has
three quotation markets: main, parallel and
free.
Rate of return
Change in value of an investment, including
dividends or interest and subscription rights,
stated as a percentage.
Rate of return on index
Percentage change in the closing index value
between the last session of the period
previous to a given period and the last session of the given period; the USD rate of
return is calculated by dividing the index
values by the USD exchange rates.
Rate of return on shares
Percentage change in share price between
the last session of the period previous to a
given period and the last session of the given
period; dividend is reinvested in the same
stock at the session following the dividend
record date (determination of right to dividend).
Rate of return on T-bonds
Percentage change in T-bond settlement
price between the last session of the period
previous to a given period and the last
session of the given period; interest is reinvested in the same bonds at the session
following the interest record date (determination of right to interest).
Securities and Exchange Commission
(Komisja Papierów Wartościowych i Giełd)
Government body which ensures the propriety of securities market activities and the
safety of investors, and oversees licensing
activities on the securities market.
Securities portfolio management
Services rendered by a brokerage firm—
making of investment decisions on behalf
of its customer; requires a permit from the
Polish Securities and Exchange Commission.
Settlement price
Value according to which exchange transactions are cleared and settled; the settlement price for a bond is equal to the bond's
quotation (in %) multiplied by its nominal
value (in zl), plus interest due (in zl); for
shares, it is equal to the market price (in zl).
Share
Type of security—document which certifies
that its owner (shareholder) holds a portion
of a joint-stock company's capital, as well
as confers the right to receive dividends and
attend General Meetings of Shareholders.
Share dispersion
One of the listing requirements—the minimum number of shareholders required by Exchange rules: 500 for the main market and
300 for the parallel market.
Glossary
Share split
Exchange of all of a given company's shares
for a proportionally larger amount of shares
with a proportionally lower nominal value.
Single price
Price determined on the basis of orders
collected, at which transactions for a given
security during a given session are concluded.
Single-price auction
Quotation system based on a single price;
also, a phase of continuous trading.
Single-price auction system
Transaction system in which all transactions
for a given security are concluded at the
same price (single price), as determined
via the single-price auction procedure.
SiTech
Segment for Innovative Technologies encompassing the 'new economy' companies.
Subscription right
Shareholder's priority rights to subscribe to
shares of a new issue (pre-emptive rights);
may be traded on the Exchange.
Suspension of quotation
Temporary suspension of trading in a given
security of a given issuer, for a specified time
period; suspension can take place at the
issuer's request, or in the best interests and
safety of market participants.
T+1
Time frame for settlement of futures transactions: the next business day.
T+2
Time frame for settlement of T-bond transactions: the transaction date plus two
business days.
T+3
Timeframe for settlement of stock transactions concluded on the Exchange; the
transaction date plus three business days.
Tandem
Central computer of the Exchange.
TechWIG
Price index covering companies qualified to
the Segment for Innovative Technologies
(SiTech).
Transaction settlement
Provision of securities to the buyer and
money to the seller, pursuant to a concluded
transaction.
Treasury bills
Short-term securities issued by the State
Treasury with maturity of 52 weeks or less;
not traded on the WSE.
Turnover ratio for shares
Turnover volume (single-counted) divided by
the number of shares listed.
127
Turnover value
Product of price and number of securities
bought and sold (i.e. double-counted).
Turnover volume
Total number of securities traded, calculated
for a given security or for a given market.
Unbalanced market
Situation in which a price which would meet
the conditions of a balanced market cannot
be determined.
Volatility
Standard deviation of natural logarithms of
the ratio of price (index value) to reference
price (index value) for each session of the
period, annualised assuming 250 trading
sessions in a year.
Warrant
Financial instrument whose price depends
on the price or value of the so-called underlying instrument; unconditional and irrevocable obligation undertaken by the warrant
issuer to pay out the settlement value to
entitled warrant holders.
WARSET
New trading system of the Warsaw Stock
Exchange.
WIG index
Warsaw Stock Exchange Index—a totalreturn index encompassing all shares listed
on the main market, calculated since April
16, 1991.
WIG sector sub-indices
Sub-indices of the WIG index which make
it possible to evaluate the return on investment in companies in various sectors of the
economy; the base date for the sub-indices
is December 31, 1998.
WIG20 index
Price index encompassing 20 of the largest
and most-traded companies on the main
market; calculated since April 16, 1994.
WIRR index
Parallel Market Index; a total-return index
encompassing shares listed on the parallel
market, calculated since December 31, 1994.
www.wse.com.pl
Address of the Exchange web site on the
Internet.
zd (Polish abbreviation for 'with dividend
right')
quotation, signifying that stocks carry dividend rights for the last financial year.
zp (Polish abbreviation for 'with subscription
rights')
quotation, signifying that the stocks are
traded with subscription rights.
Fact Book 2001
4
Warsaw Stock Exchange
Książęca 4
00-498 Warsaw, Poland
www. wse.com.pl
E-mail: gielda@wse.com.pl
Secretariat
ph. (48 22) 628 32 32
fax (48 22) 537 77 90
Information
and Marketing Department
ph. (48 22) 537 77 12
fax (48 22) 537 74 84
Fact Book 2001

FACT BOOK 2001

Transcription

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