Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW

Gielda Papierow Wartosciowych W Warszawie — Warsaw Stock Exchange Group (GPW) — Investor Presentation (December 2018)

67 slides from Gielda Papierow Wartosciowych W Warszawie's investor presentation, December 2018

  1. Slide 1: Warsaw Stock Exchange Group Investor Presentation

    Warsaw Stock Exchange Group Investor Presentation December 2018

  2. Slide 2: Agenda

    I. Executive Summary of GPW Group 3 II. Business activity in 3Q 2018 8 III. Market highlights and opportunities 13 IV. GPW Group financial results in 3Q 2018 34 V. Appendices 44

  3. Slide 3: Key milestones

    Key milestones FTSE Russel decision about promotion GPW aquires Poland to Developed Aquis Exchange Markets Implementation Launch of GPW of updated The first stock Launch of strategy exchange in NewConnect shares Launch of X-Stream derivatives Launch of UTP Warsaw opens (GPW alternative debut on Trad

  4. Slide 4: GPW share price

    GPW share price 55 PLN (closing price) 50 45 40 35 30 2012 2014 2016 2018 1000000 Volume 800000 600000 400000 200000 0 2012 2014 2016 2018 4 Source: Bloomberg

  5. Slide 5: Discount versus peers

    Discount versus peers Global exchanges – current P/E ratio 45,0 40,0 35,0 30,0 25,0 median 20,0 15,0 10,0 5,0 0,0 P/E 2018 P/E 2019 EV/EBITDA 2018 EV/EBITDA 2019 Dividend Yield 2019 Market Cap (USD mn) Median (24 21.4 19.5 14.0 12.2 3.4% 3687 global peers) GPW 8.6 11.7 6.2 6.5 5.5% 395 Discount (%)

  6. Slide 6: Discount to historical valuation

    Discount to historical valuation 17 GPW (forward P/E) Multiple Average (5 Years) 16 '+1 Standard Deviation from Multiple Average '-1 Standard Deviation from Multiple Average 15 14 13 12 11 10 9 2013 2014 2015 2016 2017 2018 Source: Bloomberg 6

  7. Slide 7: Agenda

    I. Executive summary of GPW Group 3 II. Business activity in 3Q 2018 8 III. Market highlights and opportunities 13 IV. GPW Group financial results in 3Q 2018 34 V. Appendices 44

  8. Slide 8: Solid financial results in demanding market environment

    Solid financial results in demanding market environment Sales revenue Net profit  Sales revenue Sales revenue up by 5.7% YoY and down by PLN mn PLN mn +22,7% -0,6% 1.0% QoQ to PLN 85.7 mn in Q3 2018 146,6 259,8 258,3  Net profit 119,4 Net profit at PLN 37.6 mn in Q3 2018, down -19,8% +5,7% by 19.8

  9. Slide 9: Increased activity of investors on the equity market despite lower valuations YoY

    Increased activity of investors on the equity market despite lower valuations YoY Volume of EOB trading on the Main Market EOB Trading PLN bn  Value of EOB trading in Q3 2018 up to PLN Turnover velocity (source: FESE) 80 39,8% 42,6% 45 ,0% 53.5 bn (+11.5% QoQ and +0.5% YoY) 36,8% 34,9% 33,3% 34,3%

  10. Slide 10: Higher YoY volumes of trading in derivatives

    Higher YoY volumes of trading in derivatives Volume of trading in derivatives  Total volume of trading in derivatives at 1.76 mn +5,2% mn contracts in Q3 2018, up by 5.2% QoQ and 2,18 2,24 down by 15.3% YoY. 1,98 2,08 1,87 1,67 1,73 1,76 1,76  Volume of trading in WIG20 futures in Q3 2018 up by 1.

  11. Slide 11: Commodity market in Q3 2018

    Commodity market in Q3 2018  Electricity market: Total volume of trading in Volume of spot and forward trading in electricity and gas electricity was 63.5 TWh in Q3 2018 (+130.3% YoY, Energy (TWh) +15.9% QoQ). The volume of spot transactions was Gas (TWh) 63,5 46,4 6.2 TWh (+10.6% YoY, -3.5% QoQ).

  12. Slide 12: Agenda

    I. Executive summary of GPW Group 3 II. Business activity in 3Q 2018 8 III. Market highlights and opportunities 13 III. GPW Group financial results in Q3 2018 34 IV. Appendices 44

  13. Slide 13: Our market highlights and opportunities

    Our market highlights and opportunities 1 Solid financial performance and attractive dividend 2 Diversified revenue structure 3 The largest CEE economy and growth leader in EU 4 Large and still growing client base 5 Potential for further growth in free float and liquidity in financial segment 6 Empl

  14. Slide 14: Sound financial performance

    1 Sound financial performance Solid top-line growth … … and high operating leverage Total revenue, PLN mn EBITDA, PLN mn EBITDA margin, % CAGR +7.4% 59.1% 60.3% 55.5% 352.0 51.8% 51.1% 50.7% 54.9% 317.6 327.9 47.1% 48.1% 310.9 268.8 273.8 283.8 225.6 212.2 199.5 180.2 183.7 149.3 161.1 142.0 144.9 1

  15. Slide 15: Attractive dividend policy

    1 Attractive dividend policy A very good track of attractive dividends Dividend per share1 (PLN) Dividend payout ratio2 (%) Dividend yield3 6.1% 3.8% 2.0% 3.2% 4.9% 6.7% 4.4% 5.8% 142.3% 89.9% 80.1% 70.7% 63.3% 45.2% 44.5% 3.20 31.0% 2.40 2.36 2.15 2.20 1.40 1.20 0.80 2010 2011 2012 2013 2014 2015 2

  16. Slide 16: Diversified revenue structure

    2 Diversified revenue structure GPW Group Trading Market Post-trading Listing including COR1 and data Equities & Commodities RGO2 Membership Derivatives Bonds other  Equities  Access and use  Equities  Futures:  Corporate  Electricity spot  Settlement  Real-time of GPW trading  Structured -

  17. Slide 17: Largest economy in the CEE region

    3 Largest economy in the CEE region… Largest economy in CEE region… And 8th largest economy in the EU 2017 GDP (EUR bn) 2017 nominal GDP (EUR bn) Population (m) Germany 3 263 Poland 466 38.4 United Kingdom 2326 Czech Rep. 192 10.6 France 2288 Romania 187 19.6 Italy 1716 Hungary 124 9.8 Spain 1164 Sl

  18. Slide 18: …and a growth leader in the EU

    3 …and a growth leader in the EU Poland has an excellent macro readings1 A2 A- A- outlook outlook outlook stable stable stable Macro readings for Poland :  Real GDP growth +4.6% in 2017  Real GDP growth +5.3% in 1Q 2018, +5.1% in 2Q 2018 and +5.1% in 3Q 2018 (+5.7% according to Eurostat seasonally

  19. Slide 19: Potential for retail investment growth

    4 Potential for retail investment growth Poles’ savings (%)1 Household assets 1 (PLN bn) 2 Deposits and cash Debt Shares 3 Investment Funds Other 4% 1 450 2% 11% Insurance 1 193 6% 999 1 042 919 850 15% Cash 752 792 688 62% 11% 607 614 59% 528 Deposits 432 369 382 2003 2004 2005 2006 2007 2008 2009

  20. Slide 20: Strong domestic institutional investor base

    4 Strong domestic institutional investor base Open Pension Funds Investment funds OPF’s share in GPW turnover Funds’ assets, PLN bn OPF’s share in GPW free float 43.1 43.1 43.0 43.0 43.0 Shares of domestic companies in portfolio (%) 41.8 321 38.8 296 294 36.1 32.5 33.3 243 27.6 210 23.3 22.8 21.7 21

  21. Slide 21: Strong and growing foreign investor base

    4 Strong and growing foreign investor base Share of investors in trade in shares on the Main Market (%) Share of investors in trade on the futures market (%) 37 34 31 32 33 37 30 38 38 38 36 37 13 16 12 15 13 12 50 51 46 47 46 47 51 53 53 56 47 49 17 18 15 18 19 16 2013 2014 2015 2016 2017 H1’18 201

  22. Slide 22: Addition of the commodity market and non-display products to information services

    4 Addition of the commodity market and non- display products to information services  New clients in different market Strong reach via number of distributors and subscribers segments attracted in Q3 2018: 327,3  1 delayed data vendor 285,0 288,1  1 GPW data non-display client 261,9 240,3 244,6 24

  23. Slide 23: Equity market: potential for further free float and liquidity growth

    5 Equity market: potential for further free float and liquidity growth Turnover velocity and volatility European markets equitisation and trading velocity Velocity ratio Average WIG20 volatility velocity ratio 50 40 Developed 30 256% CH 20 SE NL GB 128% Market Cap to GDP "Equitization" (2016) 10 DK

  24. Slide 24: Europe's No. 4 market by the number of listed companies

    5 Europe’s No. 4 market by the number of listed companies Issuer activity on GPW markets1 Flow of new companies to the market Equity market Main Market NewConnect Main Market Market cap: 421 domestic companies PLN 587 bn 49 foreign issuers PLN 611 bn 9.9% Equity market for SME NewConnect 438 450 471

  25. Slide 25: Strong position of NewConnect on the European SME scene

    5 Strong position of NewConnect on the European SME scene NewConnect is second amongst European SME markets in terms of the number of listings, just after AIM  NewConnect has the status of an organised market; it is operated by the WSE outside the regulated market as an alternative trading system.

  26. Slide 26: Opportunities for further debt market development

    5 Opportunities for further debt market development Number of non-Treasury issues on Catalyst Total debt securities by residence of issuer as % of GDP1 216%212% 206% 35.5% 566 539 496 525 123%118% 487 111% 408 95% 91% 325 63% 61% 59% 57% 208 52% 51% 48% 97 16% 16% 35 8% 7% 2009 2010 2011 2012 2013 2

  27. Slide 27: New capital inflows on the horizon

    6 New capital inflows on the horizon Employee Capital Plans (PKK) are a new system of private Employee Capital Plans (PPK) long-term pension savings, mandatory for employers but optional for employees, based on contributions of employees, Estimated capital market inflows per year (PLN bn) employers

  28. Slide 28: Commodity market perspectives

    7 Commodity market perspectives Commodity market growth drivers  Organised Trading Facility (OTF) - transformation of TGE’s forward commodity market into an organised trading facility (OTF) under MiFID II  Infrastructure Services Auction Platform - auction platform of infrastructure services for t

  29. Slide 29: Commodities trading in Europe – TGE's full product offer

    7 Commodities trading in Europe – TGE’s full product offer electricity electricity natural gas natural gas Exchange spot futures/forward spot futures/forward EEX Power Derivatives NO YES NO NO Epex Spot YES NO NO NO Powernext NO NO YES YES Nord Pool YES NO NO NO Nasdaq Commodities NO YES NO NO HUPX

  30. Slide 30: Strategy update #GPW2022 (strategic initiatives)

    Strategy update #GPW2022 8 (strategic initiatives) GPW Group Stock Market Information offer for Debt Market Derivatives Derivatives Market Commodity Commodity Market Information investors and New business lines Stock market Debt market market market products issuers Primary BondSpot Derivatives Infr

  31. Slide 31: Revenue structure

    8 Revenue structure Revenue GPW Group, 2017 Revenue GPW Group, 2022 2.6% 31.1% 31% 40.1% 3.4% 3.4% 69% 7.1% 12.2% Equity trading Listing Initiatives Information services Commodity market Present business Derivatives trading Bonds trading Other fees paid by market participants and other revenues 31 3

  32. Slide 32: #GPW2022 strategy update

    8 #GPW2022 strategy update Financial targets remain unchanged Reasons for the strategy update 2013 2017 2020  Capture the growth potential of the Polish economy Revenue 352 CAGR: 7% 284 (PLN mn)  Address competitive challenges EBITDA 212 144 EBITDA x2 (PLN mn) Cost/Income 0.59 0.47 <0.50  Create

  33. Slide 33: Poland's Promotion to Developed Markets: Success of Poland's Economy and Capital Market

    9 Poland’s Promotion to Developed Markets: Success of Poland’s Economy and Capital Market Aids classification of Poland amongst the 25 Highly appreciated Polish capital market… Developed Markets…  Well-developed and stable market infrastructure  Broad selection of listed stocks and high liquidity

  34. Slide 34: Agenda

    I. Executive summary of GPW Group 3 II. Business activity in 3Q 2018 8 II. Market highlights and opportunities 13 III. GPW Group financial results in Q3 2018 34 IV. Appendices 44

  35. Slide 35: Higher revenue, stable EBITDA margin

    Higher revenue, stable EBITDA margin Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn 91,2% PLN mn PLN mn 57,8% 42,7% 34,8% 43,9% 70,6% 62,7% 56,3% 51,2% 59,5% +5,7% 92,2 85,9 86,6 85,7 -19,8% 81,1 -11,0% 79,0 57,3 51,9 54,3 51,0 44,0 36,8 46,9 39,3 37,6 29,9 42,2 Q3’17 Q4’17

  36. Slide 36: Trading revenue on the financial market

    Trading revenue on the financial market Q3’18: 35,8% Trading revenue – financial market  Trading revenue on the financial market at PLN 30.7 mn PLN mn in Q3 2018 (-3.8 YoY and +1.9% QoQ)  Average EOB turnover in shares per session at PLN 836.4 mn in Q3 2018 vs. PLN 787.4 mn in Q2 2018 and PLN -3,8

  37. Slide 37: Lower listing revenue

    Lower listing revenue Q3’18: 6,3% Listing revenue PLN mn  Two IPOs on the Main Market and three IPOs on NewConnect worth PLN 35 mn in total in Q3 2018  Revenue from listing down modestly in Q3 2018 to PLN 5.0 mn, revenue from fees for introduction down to PLN 0.6 mn -14,2% 6,3 6,3  Free float at

  38. Slide 38: YoY increase of revenue from information services – financial market

    YoY increase of revenue from information services – financial market Q3’18: 12,9% Revenue from information services1 PLN mn  New clients in different market segments attracted in Q3 2018:  1 delayed data vendor  1 GPW data non-display client +3,7%  3 WIBOR data non-display clients (fees will be

  39. Slide 39: Continued increase of volumes on the electricity market

    Continued increase of volumes on the electricity market Q3’18: 23,7% Trading revenue – commodity market  Continued increase of revenue from trading in electricity to PLN 5.3 mn (+148.9% YoY and +22.4% QoQ) mainly PLN mn driven by record-high forward trading  Decrease of revenue from trading in gas

  40. Slide 40: More activity in the Register of Certificates of Origin

    More activity in the Register of Certificates of Origin Q3’18: 13,0% Revenue from clearing PLN mn  Revenue from clearing increased by 18.0% YoY and 5.7% QoQ in Q3 2018, mainly driven by rising +18,0% volumes on the electricity market 12,0 11,3 10,5 11,1 9,4 +5,7%  YoY increase of revenue from the

  41. Slide 41: Operating expenses impacted by PFSA fees

    Operating expenses impacted by PFSA fees  The Group’s operating expenses in Q3 2018 at PLN 43.0 mn (+32.4% YoY and +7.6% QoQ). Annual PFSA fees paid in 2018 was Operating expenses: +32.4% YoY and +7.6% QoQ PLN 12.5 mn vs. PLN 5.6 mn in 2017 PLN mn 49,0 48,4  Cost/income ratio (C/I)2 in Q3 2018 at

  42. Slide 42: Share of profit of associates

    Share of profit of associates Share of profit of associates PLN mn Aquis KDPW CG  Group’s share of profit of associates in Q3 4,47 3,61 0,00 2018 at PLN 3.4 mn (-5.5% YoY and -23.7% 3,41 QoQ). Incremental share of profits of 0,00 1,91 associates in 9M 2018 at PLN 9.4 mn vs. PLN 4,28 0,75 4,30 8.1 m

  43. Slide 43: Agenda

    I. Executive summary of GPW Group 3 II. Business activity in 3Q 2018 8 III. Market highlights and opportunities 13 IV. GPW Group financial results in 3Q 2018 34 V. Appendices 44

  44. Slide 44: GPW Group's Revenue Structure

    GPW Group’s Revenue Structure PLN 350,5 mn PLN 153,8 mn Other 0,1% 0,3% 12,8% Information services Clearing Commodity 8,7% Register of Certificates of Origin market: Trading - other 43,9% 3,2% 43,9% Trading - property rights 11,6% Trading - gas Trading - energy 3,0% 4,4% Information services 12,5% L

  45. Slide 45: Higher revenue, stable EBITDA margin

    Higher revenue, stable EBITDA margin Net profit and net profit margin Revenue EBITDA and EBITDA margin PLN mn 91,3% PLN mn PLN mn 57,9% 42,7% 33,2% 44,0% 64,0% 70,7% 56,4% 62,7% 59,6% +5,7% 49,5% 92,2 85,9 86,6 85,7 -19,8% 81,1 -11,0% 79,1 57,4 52,0 54,4 51,1 36,8 42,6 47,0 39,4 37,7 28,5 42,3 Q3’17

  46. Slide 46: Trading revenue on the financial market

    Trading revenue on the financial market Q3’18: 35,8% Trading revenue – financial market  Trading revenue on the financial market at PLN 30.7 mn PLN mn in Q3 2018 (-3.8 YoY and +1.9% QoQ)  Average EOB turnover in shares per session at PLN 836.4 mn in Q3 2018 vs. PLN 787.4 mn in Q2 2018 and PLN -3,8

  47. Slide 47: Lower listing revenue

    Lower listing revenue Q3’18: 6,3% Listing revenue PLN mn  Two IPOs on the Main Market and three IPOs on NewConnect worth PLN 35 mn in total in Q3 2018  Revenue from listing down modestly in Q3 2018 to -14,2% PLN 5.0 mn, revenue from fees for introduction down 6,3 6,3 to PLN 0.6 mn 5,9 5,8 5,4 -7,7

  48. Slide 48: YoY increase of revenue from information services – financial market

    YoY increase of revenue from information services – financial market Q3’18: 12,9% Revenue from information services1  New clients in different market segments attracted in PLN mn Q3 2018:  1 delayed data vendor  1 GPW data non-display client +3,7%  3 WIBOR data non-display clients (fees will be

  49. Slide 49: Continued increase of volumes on the electricity market

    Continued increase of volumes on the electricity market Q3’18: 23,7% Trading revenue – commodity market  Continued increase of revenue from trading in electricity to PLN 5.3 mn (+148.9% YoY and +22.4% QoQ) mainly PLN mn driven by record-high forward trading  Decrease of revenue from trading in gas

  50. Slide 50: More activity in the Register of Certificates of Origin

    More activity in the Register of Certificates of Origin Q3’18: 13,0% Revenue from clearing PLN mn  Revenue from clearing increased by 18.0% YoY and 5.7% QoQ in Q3 2018, mainly driven by rising +18,0% volumes on the electricity market 12,0 11,3 10,5 11,1 9,4 +5,7%  YoY increase of revenue from the

  51. Slide 51: Operating expenses impacted by PFSA fees

    Operating expenses impacted by PFSA fees  The Group’s operating expenses in Q3 2018 at PLN 43.0 mn (+32.4% YoY and +7.6% QoQ). Annual PFSA fees paid in 2018 was Operating expenses: +32.4% YoY and +7.6% QoQ PLN 12.5 mn vs. PLN 5.6 mn in 2017 PLN mn 49,0 48,4  Cost/income ratio (C/I)2 in Q3 2018 at

  52. Slide 52: Share of profit of associates

    Share of profit of associates Share of profit of associates PLN mn Aquis KDPW CG  Group’s share of profit of associates in Q3 4,47 3,61 0,00 2018 at PLN 3.4 mn (-5.5% YoY and -23.7% 3,41 QoQ). Incremental share of profits of 0,00 1,91 associates in 9M 2018 at PLN 9.4 mn vs. PLN 4,28 0,75 4,30 8.1 m

  53. Slide 53: GPW Group's Consolidated Balance Sheet

    GPW Group’s Consolidated Balance Sheet PLN mn 30.09.2017 30.06.2018 30.09.2018 Non-current assets, including among others 594,8 578,6 575,1  Decrease of total assets QoQ as at Property, plant and equipment 112,0 108,2 106,2 30 September 2018 mainly driven by a decrease of cash (following Intangible

  54. Slide 54: GPW Group's Consolidated Profit & Loss Account

    GPW Group’s Consolidated Profit & Loss Account PLN mn Q3'17 Q2'18 Q3'18 Revenue 81,1 86,6 85,7  Operating expenses increased YoY due Financial market 48,9 47,1 47,1 to higher fees and charges (increase of Trading 31,9 30,1 30,7 the PFSA fee), higher depreciation and Listing 6,3 5,8 5,4 amortisation

  55. Slide 55: GPW Group's Consolidated Cash Flows

    GPW Group’s Consolidated Cash Flows 9m ended on 30 September PLN mn 2018 2017 Cash flows from operating activities, including among others: 94,6 93,7  Positive cash flows from operating activities in the nine-month period Cash flows from operating activities 130,2 148,3 ended 30 September 2018 comp

  56. Slide 56: Financial Market: Trading in Equities

    Financial Market: Trading in Equities Value of trading in equities and number of transactions Average number of transacions per session (thou.) Value of trading in equities, EOB (PLN bn) 27.7%1 80,2 70,1 71,3 69,2 65,9 55,3 51,9 55,5 51,4 48,4 46,4 251 236 +0,5% 207 220 205 203 167 188 190 53 54 200

  57. Slide 57: Financial Market: Trading in Derivatives

    Financial Market: Trading in Derivatives Volume of trading in derivatives 3.1%2 Number of Open Interest (thou.) 184,8 168,1 165,0 169,0 147,8 132,8 137,2 138,1 140,1 131,0 104,2  Revenue drivers: 80,4 14,7 15,5  Volume of trading in futures 12,6 13,8 12,6 +5,2% 11,3 9,5 8,2 8,0 7,6  Number of ope

  58. Slide 58: Financial Market: Other Instruments and Fees Paid by Participants

    Financial Market: Other Instruments and Fees Paid by Participants Value of trading on Treasury BondSpot Poland, PLN bn Cash transactions 1.062 2.8%1 1.037 Repo transactions 307 845 450 767 2.1%2 347 599 327 535 260 413 -32,3% 196 324 731 612 255 143 135 498 439 47 101 339 338 97 188 158 28 96 69  R

  59. Slide 59: Financial Market: Listing

    Financial Market: Listing Capitalisation of domestic companies Market capitalisation/GDP (%) 6.3%1 Market capitalisation of domestic companies(PLN bn) -12,6% 36,8% 36,5% 34,8% 33,9%2 33,9% 30,7% 32,0% 27,9% 28,9% 30,0% 29,6%  Revenue drivers: 20,0% 671 672 593 591 587  Capitalisation at YE 421 543

  60. Slide 60: Financial and Commodity Market: Information Services

    Financial and Commodity Market: Information Services Number of data vendors Domestic Foreign 12.9%1 74 57 58 58 58 52 54 53 52 35 50 50 51 34 31 37 37 30 28 27 27 31 32 33  Revenue drivers: 39  Number of data vendors 19 18 19 20 21 24 27 24 25 25 24  Number of subscribers 2008 2009 2010 2011 2012

  61. Slide 61: Commodity Market: Trading in Electricity and Gas

    Commodity Market: Trading in Electricity and Gas Volume of trading in electricity (TWh)1 Spot Forward 186,7 186,7 9.9%2 176,6 22,3 23,7 25,1 139,4 130,8 126,7 21,3 111,7 +130,5% gaz 21,7 27,6 87,9 25,2  Revenue drivers: 13,4 154,3 163,0 161,6 63,4 118,1 6,2 109,1 99,0 27,5  Volume of trading in el

  62. Slide 62: Commodity Market: Trading in Property Rights

    Commodity Market: Trading in Property Rights Trading in property rights (TWh) Green Certificates 62,2 10.5%1 Cogeneration certificates 58,9 59,1 48,8 50,8 50,7 19,9 44,8 26,6 30,8 13,2 15,1 39,3 36,0 24,4 29,9 +8,9% 21,8  Revenue drivers: 42,4 35,6 35,7 32,1 35,2 32,3 12,4 13,5 26,2 28,3  Volume o

  63. Slide 63: Commodity Market: Register of Certificates of Origin

    Commodity Market: Register of Certificates of Origin Volume of issued certificates of origin (TWh) Green certificates 50,7 7.6%1 Cogeneration 48,5 47,3 41,1 42,2 36,6 37,2 23,4 18,9 24,5 31,9 15,3 10,8 10,7 29,5 21,6  Revenue drivers: 11,9 -24,2% 25,8 26,6 25,9 27,3 28,3 9,5  Volume of issued prop

  64. Slide 64: Glossary (1)

    Glossary (1) Cogeneration technological process where electricity and heat are generated simultaneously in a combined heat and power plant; thanks to lower consumption of fuel, cogeneration provides material economic benefits and environmental advantages over separate generation of heat in a traditi

  65. Slide 65: Glossary (2)

    Glossary (2) HVP High Volume Provider, a promotion programme addressed to legal entities whose core business is to invest on financial markets only on own account IPO Initial Public Offering, in this presentation, PwC IPOwatch Europe reports and FESE data, IPO means all offerings where a company fir

  66. Slide 66: Glossary (3)

    Glossary (3) RGO Register of Guarantees of Origin, register of instruments supporting renewable energy sources, which aim to provide disclosure for the end customer as to the amount of electricity generated in a renewable source and supplied to the power distribution or transmission network SPO Seco

  67. Slide 67: IR events, Disclaimer and Contact: GPW Investor Relations

    IR events Disclaimer This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its  4-7 December 2018 shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an

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