GPW stock price

The GPW stock price ranged in 2020 from PLN 29.95 (the year’s low on 12 March 2020) to PLN 49.55 (the year’s high on 14 October 2020). The stock price was PLN 45.70 at the end of 2020, compared to PLN 39.30 as at the end of 2019 and PLN 36.65 as at the end of 2018, gaining 16.3% during the year. Including the dividend of PLN 2.40 per share, the total shareholder return (TSR) in 2020 was +27.4%. In the same period, the GPW mid-cap index mWIG40 gained 1.8%, and the broad market index WIG lost 1.4%.

GPW stock price since new listing on GPW [PLN]

GPW stock price in 2020 v. mWIG40 and WIG [normalised: 1 January 2020 = 100 percent]

Selected statistics of GPW SA stock

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GPW Shareholders

As at 31 December 2020, GPW’s biggest shareholder and its only shareholder to hold more than 5% of the share capital was the State Treasury which held 14,688,470 shares representing 35.00% of all shares and 51.77% of the total vote.

GPW shareholders as at 31 December 2020

*Series A registered shares held by the State Treasury of the Republic of Poland and other entities which were shareholders of Giełda Papierów Wartościowych w Warszawie S.A. before its public offering (banks, brokers, issuers) are preferred in that each share confers two votes. As at 31 December 2020.

GPW shareholders as at 31 December 2020

Following the deletion of the company Miejski Dom Maklerski S.A. from the court register, the State Treasury acquired free of charge by force of law 7 thousand series A registered shares which are preferred in that each share confers two votes. Following that event, as at 26 February 2021, GPW’s biggest shareholder and its only shareholder to hold more than 5% of the share capital was the State Treasury which held 14,695,470 shares representing 35.01% of all shares and 51.80% of the total vote.

GPW shareholders as at 26 February 2021

*Series A registered shares held by the State Treasury of the Republic of Poland and other entities which were shareholders of Giełda Papierów Wartościowych w Warszawie S.A. before its public offering (banks, brokers, issuers) are preferred in that each share confers two votes. As at 26 February 2021.

According to estimates provided by GPW Investor Relations as at February 2021, the Company’s shareholders were as follows (excluding 14,695,470 shares held by the State Treasury):

• 7.6 million shares, i.e., approx. 18.1% of the Company’s share capital were held by domestic open-ended pension funds (OFE) managed by pension fund companies (PTE);
• 1.7 million shares, i.e., approx. 4.1% of the Company’s share capital were held by other domestic institutional investors (mainly FIO, SFIO, FIZ, PPK);
• 7.1 million shares, i.e., approx. 16.9% of the Company’s share capital were held by domestic individual investors;
• 10.8 million shares, i.e., approx. 25.7% of the Company’s share capital were held by foreign investors.

GPW free float as at February 2021

According to the table, foreign investors jointly hold 10.8 million GPW shares, i.e., 25.7% of the share capital. The biggest groups of foreign investors are established in:

• USA – jointly holding 5.22 million shares, i.e., 12.43% of the share capital,
• Canada – jointly holding 1.37 million shares, i.e., 3.28% of the share capital,
• Luxembourg – jointly holding 0.97 million shares, i.e., 2.32% of the share capital,
• United Kingdom – jointly holding 0.57 million shares, i.e., 1.35% of the share capital,
• Norway (mainly the Government of Norway) – jointly holding 0.53 million shares, i.e., 1.27% of the share capital.

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Dividend for GPW shareholders

According to the current strategy (communicated by the company in Current Report 4/2019), it is the intention of the GPW Management Board to recommend that the General Meeting pay dividend depending on the profitability and the financial capacity of GPW, above 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.

It is also the intention of the GPW Management Board to recommend that the General Meeting pay dividend:

• from the 2019 profit of at least PLN 2.4 per share,
• from the profits of 2020-2022 annually increasing by at least PLN 0.1 per share.

The dividend is to be paid annually upon the approval of the Company’s financial statements by the GPW General Meeting (“General Meeting”). To determine the final amount of dividend to be recommended to the General Meeting, the GPW Management Board will consider among others the following factors:

• capital and investment needs in the implementation of the strategy of the GPW Group;
• the dividend yield and the pay-out ratios used by peer companies;
• actions necessary to develop the Polish capital market infrastructure;
• liquidity requirements of the GPW Group depending on actual and expected market and regulatory conditions, liabilities incurred in current operations and debt service, and optimisation of the GPW Group’s financing structure.

Dividend paid in 2020

GPW has paid the owners a dividend for each year since the company went public. On 11 August 2020, the Company paid PLN 100.7 million in dividend. The dividend of PLN 2.40 per share was paid to GPW shareholders who held shares at 28 July 2020 (record date). The dividend yield in 2020 at the closing price on the record date was 75.5%.

GPW dividend from profits in 2010-2020

* Based on the consolidated profit attributable to the shareholders of the parent entity
** At the closing price as at the dividend record date
*** Annual General Meeting of the Company commenced on 26 June 2014, resumed on 15 July 2014 and adjourned on 25 July 2014
**** Annual General Meeting of the Company commenced on 26 June 2014, resumed on 15 July 2014 and adjourned on 25 July 2014
***** Based on the consolidated profit attributable to the shareholders of the parent entity adjusted for the share of profit of associates
****** dividend rate of 5.36% with the capitalization of the GPW on April 20, 2021.

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Dialogue with GPW Shareholders and investors

GPW aspires to comply with the highest standards of investor communications as it considers its presence on the capital market to be a part of a long-term growth strategy. Pursuant to the investor relations policy approved in January 2015, GPW develops long-term professional relations with all participants of the capital markets and ensures active communications and equal access to information for all investor groups. In 2020, GPW took a number of initiatives and applied a broad range of tools in its on-going communications with the shareholders, investors and analysts, including:

• presentations of the financial results after the end of each quarter within approximately one month except for the annual results presented within approximately three months after the end of the period at online meetings of the GPW Management Board with capital market analysts and investors;
• live broadcast of the Annual General Meeting on 22 June 2020;
• online participation in local and international financial conferences for global institutional investors;
• more than 50 one-on-one and group meetings and other contacts with representatives of domestic and international institutional investors.

In 2020, the GPW presented its milestones, key events and strategic plans for the second time in the online Integrated Annual Report. GPW engages individual investors in active dialogue. In addition to information published by the Company on its website, the activities in 2020 focused on proactive communication with investors, distribution of all necessary information, as well as direct contacts with the Company’s representatives, including:

• a chat for investors with GPW CEO Marek Dietl (31 March 2020), and a chat with GPW Board Member and Head of IR Izabela Olszewska (29 September 2020). The chat has been published on the company’s website: investor chat with Izabela Olszewska
• participation in the Wall Street conference dedicated to individual investors, organised by the Individual Investor Association (SII) in Karpacz.

According to the investor relations policy approved in January 2015, GPW voluntarily applies periods of limited communications with capital market participants preceding the publication of financial results. Consequently, the Company neither holds nor takes part in investor meetings two weeks before the publication of financial statements (periodic reports).

As an important part of the Company’s open communications, the Investor Relations section of the Company’s website regularly provides information relevant to shareholders and investors including the current financial results, investor presentations, dates of events, factsheets, video recordings of quarterly conferences and the General Meeting, news. GPW also provides an IR alert service in order to communicate current corporate news to subscribers.

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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 2019.

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 2015. 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 2019 from PLN 101.5 on 22 November 2019 to PLN 103.75 on 21-23 January 2019.

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 2020 from PLN 97.92 on 1 April 2020 to PLN 101.14 on 2 January 2020. The price of GPW’s series C bonds (ticker GPW1022) ranged in 2020 from PLN 98.83 on 30 March 2020 to PLN 106.49 on 18 November 2020.

Interest on GPW series D and E bonds

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