Reporting concept

This Integrated Annual Report of the Giełda Papierów Wartościowych w Warszawie Group is the first integrated report prepared on the basis of the International Integrated Reporting Framework published by the International Integrated Reporting Council (IIRC) (the International Integrated Reporting Council – IIRC).

According to the IIRC Framework, an integrated report is a concise communication about how an organisation’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term.

The adoption of the integrated report concept under the IIRC Framework by the GPW Group serves the following aims:

improve the quality of information available to investors to enable a more efficient and productive allocation of capital,
promote a more cohesive and efficient approach to corporate reporting that draws on different reporting strands and communicates the full range of factors that materially affect the ability of an organisation to create value over time,
enhance accountability and stewardship for the broad base of capitals and promote understanding of their interdependencies,
support integrated thinking, decision-making and actions that focus on the creation of value over the short, medium and long term.

Objective of the report

The objective of the Integrated Annual Report of the GPW Group is to present a comprehensive picture of our organisation and its ability to create value for investors and other stakeholders. To address the global trends in corporate reporting, as the biggest exchange in Central and Eastern Europe, we decided to present our approach to comprehensive value creation on the capital market and the commodity market based on different forms of capital (financial, manufactured, intellectual, human, social and relationship capital).

We believe that by initiating the process of corporate reporting in accordance with the IIRC’s integrated approach we can offer a better presentation of our financial and non-financial achievements and better pursue our mission as catalyst of the development of the Polish economy. We do hope that our report will help diverse groups of recipients to better understand the operation of the Group, our activities and strategic initiatives, while supporting our efforts geared to creation of long-term value and pursuit of our social mission.

Just like any exchange, we generate value in three key dimensions:

for investors,
for listed companies,
for society.

We also maintain close relations with a broad group of external and internal stakeholders.

Structure of the report

The structure of this report, based on the concept of integrated thinking and reporting, reflects our understanding of the causal relationship in value creation:

The section “Our Report” includes all the key technical elements concerning the preparation of the report, such as the guiding principles, materiality and stakeholder relationships, responsibility of the Management for the report, and a glossary of terms relating to our business,
The section “Value Creation in the GPW Group” presents the structure of the group, the business model, the value creation process, the capitals as well as the key financial and non-financial results,
The section “Challenges to the Exchange Market”, introduced with a letter from the President of the Management Board, presents the Group’s external environment, identified opportunities and risks, as well as expectations for the nearest future (Outlook 2019+),
The section “Strategy GPW#2022” outlines our mission, financial targets, strategic initiatives, and progress in the implementation of the strategy,
The section “2018 Results” summarises our financial results, operating results, and GPW’s stock price on GPW,
The section “Corporate Governance”, introduced with a letter of the Chairman of the Supervisory Board, presents the authorities of the Group, its remuneration policy, compliance approach, audit rights and obligations,
The section “A Responsible Exchange” presents the Group’s CSR strategy, the activity of the GPW Foundation, our dialogue with the community and the employees, as well as our environmental impact.

Scope of reporting, timeframe, relations with other Group publications

This integrated report extends beyond traditional financial reporting and includes key non-financial information, such as a description of risks, opportunities and the outlook, which affect our ability to create value.

This report presents the Group’s key activities, results and strategic initiatives which will enhance shareholder value generation.

Unless stated otherwise, financial and non-financial information presented in the report relates to the period from 1 January to 31 December 2018.

This report in its key content is consistent with the following publications of the Group:

Consolidated Financial Statements of the GPW Group for the year ended 31 December 2018
Report of the Management Board on the activity of the Parent Entity and the Giełda Papierów Wartościowych w Warszawie Group in 2018;
the GPW Group Strategy and the GPW Group CSR Strategy.

Disclaimer: forward-looking information and estimates

This report, which was prepared according to the concept of integrated reporting, is forward-looking. Consequently, its content includes certain references to the Group’s future financial position, operating results and activities. However, readers should carefully consider the published terms and estimates in the context of uncertainties and risks of their materialisation. There are a range of potential factors affecting the published estimates which may cause actual results or development trends to differ substantially from our current assessments and expectations.