Issuer’s major investments and organizational and equity links to other entities

WSE has organizational and equity links to the Group subsidiaries and associates. The description of the Group and associates is to be found in the sections: Business operation of WSE Group companies and Business operation of WSE associates.

In 2012, WSE did not make or divest any equity investments in any entities other than associates.

Within the Group, WSE acquired 97.67% of the share capital of PolPX for PLN 213.9 million in 2012.

On December 27, 2012, the WSE Management Board decided to discontinue organising trading in exchange commodities on the poee WSE Energy Market after the end of Q1 2013. The decision was driven by the WSE Group strategy which provides for concentration of trading in commodities on the markets organized by the Polish Power Exchange. As a consequence, the Company’s Management Board decided in February 2013 to recognize as at December 31, 2012 an impairment write-down of goodwill from the acquisition of an organized part of the enterprise of poee amounted to PLN 7.9 million.

The WSE Management Board decided to recognise an impairment write-down of the shares held in SIBEX at PLN 1.0 million as at December 31, 2012. The decision was based on a financial loss of the SIBEX in 2011 and in three quarters of 2012 as well as a decrease of the share price in 2010-2012 on the stock exchange.

Equity links of WSE to the companies from outside the Group as at December 31, 2012 are the foreign investments in S.C. Sibex - Sibiu Stock Exchange S.A. and INNEX PJSC.

In addition to the stake in the above mentioned companies, as well as in the Group subsidiaries and associates, WSE’s major domestic investments as at December 31, 2012 comprise:

  • long-term Treasury bonds,
  • bank deposits.

Except for the investment in the Romanian stock exchange S.C. Sibex - Sibiu Stock Exchange S.A. and INNEX PJSC, the Company has no other foreign investments. All the above investments except investment in TGE were financed with own funds of the Company.

Details of the parent entity’s investments were disclosed in the Separate Financial Statements of the Warsaw Stock Exchange for the years ended December 31, 2012 and December 31, 2011.

Transactions of the Group with related parties are described in the Consolidated Financial Statements of the Warsaw Stock Exchange Group for the years ended December 31, 2012 and December 31, 2011. Transactions of the parent entity with associates and subsidiaries are described in the Separate Financial Statements of the Warsaw Stock Exchange for the years ended December 31, 2012 and December 31, 2011.

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