Annual Review 2017

Building economy
SUPERVISORY BOARDMANAGEMENT BOARDCEO LETTER
CEO letter
Dear Shareholders and Investors,
It is with great pleasure that I present this Report of the GPW Management Board on the activity of the Giełda Papierów Wartościowych w Warszawie Group (GPW Group) and the separate and consolidated financial statements for 2017. There is no doubt that 2017 was a good year for GPW and the capital market and generated gains for investors and issuers alike. Particularly memorable are large IPOs and the rebound of exchange indices to the levels from before the financial crisis, hitting historical highs, which were once again beaten in January 2018 (the oldest GPW index WIG reached 67,933.05 points at the session on 23 January 2018, beating the previous record of 67,568.51 points set on 6 July 2007). According to Bloomberg, WIG20 generated one of the best returns among global exchanges at 55 percent in 2017. The turnover on the GPW stock market increased by 28 percent in 2017 (EUR 55.8 billion according to FESE), which ranks GPW first in Europe, ahead of the stock exchanges in Bucharest and Vienna, and ahead of Deutsche Boerse and Euronext as well.
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Management
Board
The Exchange Management Board consists of three to five members, including the President of the Management Board. The Exchange Management Board members are appointed for a joint four-year term. The President of the Management Board is appointed by the General Meeting. The other members of the Exchange Management Board are appointed and dismissed by the Exchange Supervisory Board according to the Articles of Association in a competition procedure conducted by the Exchange Supervisory Board to review and assess the qualifications of the candidates and to select the best candidate. The terms and conditions of the competition procedure are defined by the Exchange Supervisory Board. Exchange Management Board members can serve as board members in other business entities only with the approval of the Exchange Supervisory Board. The Exchange Management Board handles the Company’s affairs and assets, and represents it in its dealings with third parties. The Exchange Management Board exercises all powers that are not vested in the General Meeting or the Exchange Supervisory Board. Resolutions of the Exchange Management Board are adopted by an absolute majority of votes. Two Exchange Management Board members acting jointly or an Exchange Management Board member acting together with a commercial proxy are authorised to represent the Company. Changes to the composition of the Exchange Management Board require the consent of the Polish Financial Supervision Authority, which is granted at the request of the Exchange Supervisory Board.
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Supervisory
Board
The Exchange Supervisory Board consists of five to seven members appointed for a joint three-year term. Members of the Exchange Supervisory Board are elected and dismissed by the General Meeting. In the event of voting in groups under Article 385(3) of the Commercial Companies Code, the Exchange’s Supervisory Board is composed of seven members. The Exchange Supervisory Board elects the Chairman and the Deputy Chairman of the Exchange Supervisory Board from amongst its members. The Exchange Supervisory Board may elect the Secretary to the Exchange Supervisory Board from amongst its members. At least two members of the Exchange Supervisory Board need to meet the criteria for independence. Powers and composition of the supervisory board are laid down in the Articles of Association.
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Achievements

GPW provides exchange and clearing services which are competitive in terms of quality and price

GPW organize effective mechanisms of capital and commodity flows

GPW ensure highest standards and safety of trading based world-class technologies

GPW is managed by team of professionals, we conduct an integrated, effective business geared to growth

GPW address the needs and expectations of our clients: companies, investors, and brokers

Stock exchange supports economic growth and build an investment culture

Education Market relations and dialogue Responsible human resources policy Environmental impact reduction

Environmental impact reduction

1
single environmental policy implemeneted throught the GPW Group
1/3
of waste is recycled
Reduction
of paper consumption due to implementation of electronic document system

Responsible Human Resources Policy

193
Employees of GPW, 95 women, 98 men
5,26
average number of days of trainings per 1 employee
88%
of employees have higher education

Market relations and dialogue

Modification
of regulations concerning WIBID and WIBOR reference rates
“Ambassador GPW”
continuation of the programme as a result of market consultation with banks
Consulting
meetings with market participants on implementation of MIFID 2 regulation

Education

3400
participants of educational programs and 10 initiatives organized by The GPW Foundation in 2017
13
partners to Exchange school cooperating across Poland
89%
Rate of return from Respect index from the first publication of the index

Business segments

Financial market

The activities of the GPW Group on the financial market include: trading in financial instruments on the regulated market and in the alternative trading system, listing, including introduction to trading and listing of financial instruments, information services including data from the financial market

Commodity market

The activity of the GPW Group on the commodity market is concentrated in the Towarowa Giełda Energii Group which is comprised of TGE, its subsidiary Izba Rozliczeniowa Giełd Towarowych, as well as the OTC platform InfoEngine

Financial highlights

212mln PLN
EBITDA
183.9mln PLN
EBIT
~900
Number of issuers
156mln PLN
Net profit
352mln PLN
Revenues
2.15
Dividend per share
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