The dividend from the 2011 profit was paid in July 2012. The WSE General Meeting of June 27, 2012 decided to pay PLN 60,439,680.00 of dividend from the 2011 profit to the shareholders. The dividend per share was PLN 1.44. The dividend record date was July 6, 2012 and the dividend payment date was July 20, 2012.

Dividend policy

It is the intention of the Management Board to recommend that the General Meeting pay dividend depending on the profitability and the financial capacity of the Company, between 30% and 50% of the Company’s separate net profit for the financial year. The dividend is to be paid annually upon the approval of the Company’s financial statements by the General Meeting.

To determine the amount of dividend to be recommended to the General Meeting for each financial year, the Management Board will consider among others the following factors: investment needs in the implementation of the Group strategy, the dividend yield and the pay-out ratios used by other listed exchanges, liquidity requirements of the Group depending on market conditions, liabilities incurred in current operations and debt service, and optimization of the Group’s financing structure.

History of WSE dividend payments

The table below presents the history of WSE dividend payments. The dividend paid in a year is paid out from the profit of the previous financial year.

History of dividend payments
  Dividend per share  (PLN) Dividend paid (PLN’000) Dividend payout ratio
2012 1.44 60,440 49.9%
2011 3.21 134,730 99.8%
2010 2.16 90,660 99,6%
2010(1) 12.06 506,182 -
(1) A dividend of PLN 506.2 million was paid in January 2010 from previously retained profits generated by the end of 2008. A dividend of PLN 90.7 million was paid in July 2010 from the Company’s profit of 2009.

Until October 2009, under Polish law (Act on Trading in Financial Instruments), WSE shares did not give the right to dividend; hence, the Company paid no dividend prior to 2010. In 2009, the amended Act on Trading in Financial Instruments allowed the Company to pay a dividend. Consequently, the Company paid a dividend in January and July 2010 at PLN 506.2 million and PLN 90.7 million, respectively.


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