Organization of the WSE Group

As at December 31, 2012, the WSE Group was comprised of the Warsaw Stock Exchange (the parent entity) and its four subsidiaries. In addition, WSE held shares in two associates.

Subsidiaries and associates of Giełda Papierów Wartościowych w Warszawie S.A. as at December 31, 2012 and the share held by WSE in these companies’ share capital.

Organization of the WSE Group


The subsidiaries are fully consolidated from the date on which the control is taken over while the investment in associates is measured with the equity method.

Control of PolPX and its subsidiaries was taken over in February 2012 as a result of acquisition in two tranches of 80.33% and 7.67%, respectively, of the share capital of PolPX. Previously, the Company held 2.33% of PolPX share capital. In subsequent months, WSE gradually increased its stake in PolPX: it stood at 91.34% as at June 30, 2012; 98.17% as at September 30, 2012; and reached 100% in December 2012. As at the balance-sheet date of December 31, 2012 and as at the date of preparation of this Report, WSE is the sole shareholder of PolPX. WSE paid PLN 213,934,885 for 97.67% of PolPX shares acquired in 2012, which implies the company’s aggregate valuation of PLN 219,033,068.

In addition to the above mentioned subsidiaries and associates, as at December 31, 2012, the parent entity held shares also in other companies:

  • S.C. Sibex - Sibiu Stock Exchange S.A.

The stake of WSE in the share capital of the Ukrainian stock exchange INNEX changed in Q3 2012 and INNEX is no longer an associate of WSE. This resulted from an increase of the share capital of INNEX in which WSE did not participate. As at the date of preparation of this Report, WSE holds 9.99% of INNEX shares.

Since 2008, the Group has operated a Representative Office in Kiev (Ukraine), whose operations focus on promoting WSE amongst Ukrainian investors, issuers and financial intermediaries. The Representative Office has no separate legal personality and does not carry on any profit earning independent business operations. In all its activities, the Representative Office acts on behalf and for WSE to the extent stipulated in the Representative Office’s Statutes and powers of attorney granted by the WSE Management Board, always in compliance with the laws of Ukraine.

The Group does not hold any branches or plants.


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