Development of the Group in 2012

In 2012, the Group’s operations were mainly driven by the following factors:

  • Economic slow-down in European Union countries and debt repayment problems of some euro zone countries, difficulties in reaching an agreement on the European Union’s 2014-2020 budget and issues in the US economy affected investor activity and sentiment. This curbed investor activity on stock markets and resulted in low market volatility.
  • According to preliminary data of the Central Statistical Office (GUS) at January 2013, GDP growth in Poland was 2% in 2012. Despite economic slow-down, Poland’s GDP growth rate remains one of the best in Europe. Positive economic trends and a relatively good debt position of Poland sparked interest in Polish Treasury bonds, which reported record-low yields at the end of the year;
  • Due to a strong and recognizable brand on the international market, WSE has become a first-choice market for companies from the CEE Region willing to raise capital for development through an issue of shares, and an attractive market for international investment firms and foreign investors (according to an investor survey carried out by WSE, the break-down of investors in 2012 remained similar to that in 2011; foreign investors generated 48% of session trading in shares on the WSE Main Market in 2012 v. 47% in 2011);
  • Solid base of local institutional investors was an important element supporting the development of the domestic capital market in 2012. At the year-end, total assets of investment and open-ended pension funds stood at PLN 417.2 billion, including open-ended pension fund assets at PLN 271.4 billion and investment fund assets at PLN 145.8 billion. Based on WSE research, open-ended pension funds had a share of ca. 6% in the Main Market equity turnover on WSE, while investment funds had a share of ca. 10% in 2012.
  • Following the acquisition of Polish Power Exchange, the WSE Group consolidated the national electricity market in February 2012. The Group developed the market in electricity and the market in certificates of origin in 2012 and opened an exchange market in natural gas at the end of the year. The addition of PolPX to the WSE Group is an important step in the diversification of the sources of revenue for the Group.

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