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Fact Book 2002 2001 Data 1 WARSAW STOCK EXCHANGE FACT BOOK 2002 2001 DATA 1 2001 Market indicators Equity market capitalisation 103.4 at year-end (billion zloty) Turnover value - cash market (billion zloty) 91.3 Turnover value - futures market (billion zloty) 98.6 Total turnover value per session, 760 all securities (million zloty) Average number of transactions, 12.5 equity market (thousand) Number of newly listed companies 9 Number of listed companies at year-end 230 WIG20 change in 2001 -33.46% MIDWIG change in 2001 1.57% WIG change in 2001 -21.99% TechWIG change in 2001 -59.48% NIF change in 2001 -1.32% WIRR change in 2001 -35.83% P/E ratio (at year-end, excluding NIF shares) 58.4 P/BV ratio (at year-end, excluding NIF shares) 1.31 Number of sessions in the year 250 Fact Book 2002 Warsaw Stock Exchange 1 WARSAW STOCK EXCHANGE FACT BOOK 2002 2001 Data Fact Book 2002 Warsaw Stock Exchange 2 Official publication of the Warsaw Stock Exchange © Copyright by Warsaw Stock Exchange, 2002 Książęca 4 00-498 Warsaw, Poland Internet: www.wse.com.pl; E-mail: [email protected] Cover design: Carte Blanche-2 DTP: Krzysztof Doliński - WSE Information and Marketing Department Print: Drukarnia LOTOS 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. Warsaw Stock Exchange Fact Book 2002 3 The Warsaw Stock Exchange Fact Book 2002 contains information about the organisation and operation of the Exchange, statistical data for the year 2001, and historical comparisons with previous years. A description of impor- tant events, information about listed companies and broke- rage 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 annual Fact Book aims to make tracking Polish capi- tal market developments easier and improve understanding of the WSE's role in the economy. Warsaw Stock Exchange Fact Book 2002 Warsaw Stock Exchange 4 Zloty exchange rates (average) 2001 2000 1999 1998 1997 1 USD 4.09 4.35 3.97 3.49 3.28 1 EUR 3.67 4.01 4.23 3.92 3.71 Source: National Bank of Poland Warsaw Stock Exchange Fact Book 2002 5 Contents The Warsaw Stock Exchange ........................................................................ 7 The Polish capital market ............................................................................. 11 Important events on the WSE in 2001 ........................................................ 15 The Exchange in 2001 .................................................................................. 17 Equities ......................................................................................................... 19 Bonds ............................................................................................................ 39 WSE indices .................................................................................................. 43 Derivatives market ....................................................................................... 61 Investors ....................................................................................................... 75 Issuers ........................................................................................................... 79 Exchange members ..................................................................................... 83 Organisation of trading ................................................................................ 89 Market information ....................................................................................... 97 History of the Warsaw Stock Exchange .................................................... 101 Organisational structure ............................................................................ 107 WSE international status ........................................................................... 111 Listed companies (end of 2001) ................................................................ 113 Important addresses .................................................................................. 121 WSE publications ....................................................................................... 125 Closure dates in 2002 ................................................................................ 125 Glossary ...................................................................................................... 127 Fact Book 2002 Warsaw Stock Exchange 7 The Warsaw Stock Exchange The WSE operates based on the Law on Public Trading in Securities of August 21, 1997 (as amended), under the supervision of the Polish Securities and Exchan- ge Commission. Capital market traditions in Poland go back to 1817, when the Warsaw Mercan- tile Exchange was established. The Warsaw Stock Exchange (WSE) began activity in its present form on April 16, 1991, starting from the very beginning with electro- nic paperless trading. The WSE is a joint-stock company created by the State Treasury. Its capital amounts to 42m zloty split into 60,000 registered shares. At the end of 2001, the WSE had 48 shareholders, including banks, brokerage houses and the State Tre- asury. The task of the WSE 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 based on 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 the execution of transactions takes place during trading sessions. To improve the liquidity of listed securities, brokera- ge houses may perform the function of a market maker or animator, placing - based on relevant agreement 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 l Providing investors and issuers with a transparent, effective and liquid mar- ket concentrating trading in Polish securities l Providing the highest quality service in the area of organisation of trading, exchange products and dissemination of information to meet investors' and issuers' needs. Strategic goals The strategic goal of the WSE 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. Fact Book 2002 Warsaw Stock Exchange 8 Exchange operations The following securities are traded on the WSE: equities, bonds, subscription rights, allotment certificates and investment certificates, as well as derivative in- struments: futures contracts, index participation units and warrants. Equities are the basic type of securities quoted on the WSE; they account for a substantial part of Exchange trading. Equities may be listed on three markets - main, parallel and free - depending on, among other things, the size and verified history of the company, and the value of its shares. Quotations are made in a continuous trading system or in a single-price sys- tem with two auctions. Additionally, for large blocks of securities, so-called block trades outside the public order book are possible. Transactions are executed elec- tronically, via the Exchange computer system. The National Depository for Securi- ties, which settles transactions, also performs operations on securities for exam- ple dividend payments, share splits and bond redemptions. Equity transactions are settled in a T+3 cycle, on the third day after the transaction on a delivery ver- sus payment (DVP) basis. SiTech - Segment for Innovative Technologies In March 2000, the WSE, following some other exchanges, began a new, sepa- rate listing for companies which operate in the innovative technologies sector. The criterion for qualifying a company to this segment is its field of activity: l IT l Telecom l Electronic media Companies included in the SiTech segment have separate presentation in qu- otation tables and a separate index - TechWIG, which is also an underlying instru- ment for futures contracts. Companies are qualified to SiTech irrespective of which market - main, parallel or free - they are quoted on. All SiTech companies are traded in the continuous trading system. Subscription rights are rights of shareholders in listed companies to purchase new shares in the given company. Subscription rights are quoted in the same tra- ding 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 allot- ment 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
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