GPW as a Listed Company

GPW has been listed on the Warsaw Stock Exchange since 9 November 2010. The Company’s shares are listed in the continuous trading system on the GPW main market. The capitalisation of the company was PLN 1.54 billion as at the end of 2018, ranking #47 among all domestic stocks on GPW.

The Company is part of the mid-cap index mWIG40 since 19 March 2011 with a 1.74% share in the index portfolio at the end of 2018. GPW shares are also part of the broad market indices (WIG and WIG-Poland), as well as WIGdiv, the GPW regular dividend index. In addition, GPW shares participate in a number of small and mid-cap indices on the emerging markets, as well as indices which group securities exchanges, computed by global specialised, renowned index providers (including MSCI, FTSE Russell and SP Dow Jones). In December 2018, GPW was for the sixth time included in the RESPECT Index portfolio, which it first joined in 2013. Thus, GPW is one of 31 Polish companies which follow the highest environmental, social and governance standards.

Since December 2018, GPW calculates and publishes new dividend indices. GPW, which participates in mWIG40, contributes to the index mWIG40dvp, which tracks cumulative dividends paid by stocks participating in the underlying index. mWIG40dvp showed 138.83 points at 21 December 2018 (the day preceding the annual reset of the dividend index). The closing value of mWIG40 was 3,901.23 points at that date.

GPW SHAREHOLDERS

The State Treasury of the Republic of Poland was the biggest shareholder of GPW and the only shareholder with a stake greater than 5% of the share capital as at 31 December 2018: it holds 14,688,470 shares representing 35.00% of all shares and 51.76% of the total vote.

GPW shareholders as at the end of 2018

Dividend policy

It is the intention of the GPW Management Board to recommend to the General Meeting a dividend payment according to the profitability and financial capacity of GPW, at a level not lower than 60% of the consolidated net profit of the GPW Group for the financial year attributable to the shareholders of GPW, adjusted for the share of profit of associates. The dividend will be paid annually after the General Meeting approves the financial statements of the Company.

When deciding the amount of dividend to be recommended at each time to the General Meeting, the GPW Management Board will at each time take into account among others the following pertinent factors:

• investment needs resulting from the implementation of the GPW Group's strategy,
• the need to undertake actions for the development of capital market infrastructure in Poland,
• the dividend rate and payout ratios used by comparable companies,
• liquidity needs of the GPW Group, which will depend on current and expected market and regulatory conditions, the amount of liabilities due to ongoing operations and servicing of debt, and optimization of the financing structure of the GPW Group's operations.

At the same time, the intention of the GPW Management Board is to recommend to the General Meeting dividend payments:

• from the profit for 2019 in the amount not less than PLN 2.4 per share,
• increase of yearly dividend from profit for 2020-2022, not less than PLN 0.1 per share.

Dividend paid in 2018

GPW has paid the owners a dividend for each year since the company went public. On 2 August 2018, the Company paid PLN 92.3 million in dividend. The dividend of PLN 2.20 per share was paid to GPW shareholders who held shares at 19 July 2018 (record date). The dividend yield in 2018 at the closing price on 2 August 2018 was 5.8%.

GPW dividend from profits in 2010-2017

GPW stock price since IPO on GPW [PLN]

Source: gpw.pl

Selected statistics of GPW SA stock

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GPW BONDS ON THE EXCHANGE

GPW bonds of three series (C, D and E) in a total nominal amount of PLN 245 million were listed on the regulated market operated by GPW and in the alternative trading system operated by BondSpot as at 31 December 2018.

On 6 October 2015, GPW issued PLN 125 million seven-year series C bonds maturing on 6 October 2022. The bonds are unsecured. The bonds are listed in the alternative trading system operated by GPW and BondSpot since December 2015. The series C bonds have fixed interest at 3.19% p.a., interest is paid semi-annually. At the date of issue, the interest rate was the lowest of all corporate long-term fixed-coupon PLN bonds listed on Catalyst. The proceeds from the issue of series C bonds were used for partial redemption of series A and B bonds which were due for redemption on 2 January 2017 but were redeemed early in October 2017. As a result, GPW’s series A and B bonds in a total amount of PLN 124.5 million were redeemed by GPW at PLN 101.20 per bond. The price of GPW’s series C bond (ticker GPW1022) ranged in 2018 from PLN 101.35 on 15 June 2018 to PLN 102.98 on 3 January 2018.

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

Series D and E bonds in a nominal amount of PLN 120 million were issued by GPW in October 2016 and registered in January 2017. Those are five-year bearer bonds. The GPW Management Board decided to issue the bonds in connection with the redemption of the second part of series A and B bonds, maturing on 2 January 2017. Series D bonds were addressed to institutional investors and series E bonds to individual investors. The issue price of series D bonds was PLN 100 per bond. The issue price of series E bonds depended on the date of subscription as follows: PLN 99.88 for subscriptions submitted on 2 January 2017 and PLN 99.89 for subscriptions submitted on 3 January 2017. The total nominal value of the issue was PLN 120 million. Series D bonds were allocated on 29 December 2016 and series E bonds were allocated on 5 January 2017. The series D and E bonds were assimilated under a single ISIN code. The average cost of issue was PLN 0.60 per bond with a nominal amount of PLN 100. The bonds have a fixed interest rate at WIBOR 6M plus a margin of 0.95 percent p.a. Interest is paid semi-annually. The bonds are listed on the Catalyst regulated market operated by GPW and on the Catalyst regulated market operated by BondSpot.
The price of GPW’s series D and E bonds (ticker GPW0122) ranged in 2018 from PLN 100.10 on 10 January 2018 to PLN 100.98 on 3 January 2018 and from 24 August to 31 August 2018.