ludwik sobolewski, warsaw stock exchange @ tmt.ventures'09 warsaw
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WARSAW STOCK EXCHANGE WARSAW STOCK EXCHANGE - ENTREPRENEUR-FRIENDLY PARTNER - ENTREPRENEUR-FRIENDLY PARTNER
FOR INNOVATIVE, FAST-GROWING FOR INNOVATIVE, FAST-GROWING CE BUSINESSES CE BUSINESSES
Dr. Ludwik Sobolewski, President & CEOTMT.Ventures’09 WarsawMarch 5, 2009
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SKYEUROPEWARIMPEXIMMOEAST
SILVANO OLYMPIC
BMP AG
MOL
AMRESTCINEMA CITYPLAZA CENTER
CEZPEGASNWR
ASSECO
ACE
ASTARTAKERNEL
CEDC
ASBIS
ORCO GROUP
REINHOLD
RONSON
UNICREDIT ITALIANO
ATLAS ESTATES
BELVEDERE
WSE – INTERNATIONAL MARKET
FOREIGN COMPANIES APPRECIATE WSE POTENTIALWSE – INTERNATIONAL MARKET
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MAINTAINING AND STRENGTHENING INTEREST OF FOREIGN INVESTORS AND INTERMEDIARIESSIGNIFICANT growth of trading activity by remote members:
CONCORDE SECURITIES LTD (Hungary) HQ Direct AB (Sweden) WOOD & COMPANY FINANCIAL SERVICES (Czech
Republic) RAIFFEISEN CENTROBANK AG (Austria) CREDIT SUISSE SECURITIES (EUROPE) LTD (UK) JP MORGAN SECURITIES LTD (UK) BAYERISCHE HYPO- UND VEREINSBANK AG
(Germany) UNICREDIT CAIB AG (Austria) SOCIETE GENERALE (France) HSBC Bank (UK) CASHLINE SECURITIES (Hungary) CYRRUS (Czech Republic)
NEONET SECURITIES (Sweden) AS HANSAPANK (Estonia) DEKABANK DEUTSCHE
GIROZENTRALE (Germany) FIO (Slovakia) Goldman Sachs International (UK)
WSE – INTERNATIONAL MARKET
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Altera Finance (Ukraine) Sokrat Capital (Ukraine) Millennium Capital (Ukraine) Aval-Brok (Ukraine) Concorde Capital (Ukraine) CJSC Fund of Industrial Development (Ukraine) Financial and Analytical Group Pro-Consulting Ltd (Ukraine) Financial Company UKRANET (Ukraine) Hansapank (Estonia and Baltic states) WOOD & Company Financial Services (Czech Republic) Cyrrus a.s. (Czech Republic) Uniter Investment Company (Belarus) Priorbank JSC (Belarus) INFIN Financial Services (Turkey) Renaissance Securities (Cyprus) US Finance Connect LLC (USA) Silicon Hill Ventures LLC (USA) Wedbush Morgan Securities (USA)
WIDE AND GROWING NETWORK OF BUSINESS PARTNERS
WSE – INTERNATIONAL MARKET
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INVESTOR STRUCTURE – WSE MAIN LIST EQUITY MARKET (1997-2008)
STRUCTURE IN 2002 - 2008
0
20
40
60
80
100
2002 2003 2004 2005 2006 2007 2008
foreign institutional individual
• In 1H 2008 share of both foreign and domestic institutional investors in trading on equity market reached 41%, and individuals amounted to 18%;
• In 2H 2008 foreign investors dominated (46%), followed by domestic institutions (37%) and phisical persons (17%);
2H 2008 STRUCTURE
institutional; 37%
individual 17%
foreign; 46%
• In 2008 foreign investors were behind 43% equity turnover, institutions 39%, and phisical persons had 18% share;
• phisical persons in 2008 generated the smallest share in equity turnover in the history of WSE survey
6
WSE AND NEW ISSUERS
9 16 2244 65 83
143
225 230 216 203230
255
9 7 6 22 21 18 13 9 5 1 5 7
371
221198
284351
33285762 81
3835366 252312
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number of listed companiesNumber of new listingsNumber of foreign companies (since 2003)
Source: WSE
IPO MARKET
7
231 127
4 159
9 321
6 980
18 200
13 168
34465
33
65
36
3538
81
913
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
2000 2001 2002 2003 2004 2005 2006 2007 2008
0
10
20
30
40
50
60
70
80
90
Value of Offerings (PLN m.) Number of debuts
WSE MAIN LIST NUMBER OF DEBUTING COMPANIES
AND OFFERINGS VALUES
IPO MARKET
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NUMBER OF LISTINGS
38
81
33
24
61
0
20
40
60
80
100
2006 2007 2008
Main market NewConnect
In 2007 the number of listings at WSE reached 105 (including WSE Main List and NewConnect market).
In 2008 - 94 new companies were listed.
Source: WSE
IPO MARKET
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IPO VALUE – NEWLY LISTED COMPANIES*
3 814
9320
2 4453700
18 23615 370
0
5 000
10 000
15 000
20 000
2006 2007 2008
The value of public offerings in 2007 amounted almost to PLN 18.2 billion (EUR 4.8 bn). This was the record value in the history of WSE.
M P
LN
Offer Value of Newly Listed Companies
including:Newly Issued Shares –
(capital increase)
Source: WSE
* Excluding NewConnect market
IPO MARKET
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INTERNATIONAL COMPARISON
WSE - one of the most active IPO markets in Europe in recent years
with high number and value of IPO
WSE no. 1 in terms of number IPOs
in 4Q 2008
No. Exchange No. of IPOs
Value of IPOs (EUR
m.)
1 London 99 8 884
2 Warsaw 94 2 502
3 NYSE-Euronext 65 2 501
4 OMX 26 208
5 Luxembourg 20 314
6 Oslo 13 63
7 Deutsche Boerse 12 330
8 Borsa Italiana 6 129
9 Switzerland 6 424
10 Madrid (BME) 1 292
11 Ireland (ISE) 1 -
12 Wiener Boerse - -
13 Athens - -
Source: PWC; 2008 data
IPOs ON STOCK EXCHANGES IN EUROPE IN 2008 (ALL MARKETS)
IPO MARKETIPO MARKET
11
WSE MAIN LIST(Regulated market)
Non-regulated market
WSE
WSE MARKETS
28
Innovative, dynamically developing small-cap
companies
Large companies with good track record
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NEWCONNECT IN 2008 TURNOVER ON EQUITIES AND ALLOTMENT
CERTIFICATES (PLN m.)
0
100
200
300
400
500
600
700
800
900
2007 2008 IH 2008
• in 2008 both the number of companies and the turnover rose;
• the average session equity turnover amounted to PLN 3.3 m.
• at the end of 2008 on NewConnect 83 companies were listed and 1 foreign one;
• the majority of companies on NewConnect are listed after private placement;
NUMBER OF COMPANIES
0
20
40
60
80
100
2007 2008 IH 2008
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INVESTOR STRUCTURE – NEWCONNECT STRUCTURE IN 2007 - 2008
0
20
40
60
80
100
2007 2008 IH 2008
foreign institutions individuals
• in 1H 2008 share of foreign investors amounted to 2%, domestic institutions 6%, and individuals 92%;
• in 2H 2008 domestic institutions generated 8% of turnover, foreign investors 1% only, and phisical persons 91%;
2H 2008 STRUCTURE
foreign1%
institutional 8%
individual 91%
• in 2008 individual investors generated 92% of turnover, domestic institutions 6%, and foreign 2%;
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WSE DEVELOPMENT STRATEGY - FROM LOCAL EMERGING MARKET TO A CEE
REGIONAL CENTRE
First foreign company
PROGRESSING INTERNATIONALISATION OF THE WSE • 25 foreign companies • 17 remote members • 18 WSE IPO Partners• wide base of foreign investors
Oct2003 July 2005
Nov2006 Aug 2007 Jul 2008 2009 ………….
First remote member
First IPO Partner
Launch of NewConnect WSE alternative marekt
WSE becomes the largest exchange in the CEE region
by market cap
Project concerning development of debt and commodities market
STRATEGIC GOAL to become a CEE regional centre
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Warsaw Stock Exchange4 Książęca Str. 00-498 Warsaw
tel. +48 22 628 32 32, fax +48 22 628 17 54e-mail: wse@wse.com.pl
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