- Warsaw Stock Exchange (WSE) recorded year-on-year growth in consolidated revenues of 11.8% for the nine months to 30 September 2010, generating PLN 165.4 million (9M 2009: PLN 147.9 million).
- Consolidated operating profit for the nine months ended 30 September 2010 was PLN 74.9 million (9M 2009: PLN 63.1 million) representing a year-on-year increase of 18.7%.
- Market capitalization of companies with primary or secondary listings on the Main Market and NewConnect at 30 September 2010 exceeded PLN 800 billion (+16.5% y/y).
- WSE is increasingly the venue of choice for listings in CEE.
Consolidated revenues for the nine months ended 30 September 2010 compared to the corresponding period in 2009 rose mainly due to continued positive trajectory in trading revenues, which increased by 13.4%, to PLN 124.9 million (9M 2009: PLN 110.2 million), and an increase in listing revenues, up 37.7%, to PLN 14.7 million (9M 2009: PLN 10.7 million).
Total operating expenses for the nine months ended 30 September, 2010 increased by 8.7%, amounting to PLN 89.5 million when compared to the nine months ended 30 September, 2009 (PLN 82.4 million). This primarily reflected an increase in KNF's fees and also in external costs related to the IPO and WSE’s privatization strategy.
Consolidated operating profit for the nine months ended 30 September 2010 was PLN 74.9 million (9M 2009: PLN 63.1 million), an increase of PLN 11.8 million, or 18.7%, over the nine months ended 30 September 2009. EBITDA (operating profit and share of profit from associates adjusted for depreciation and amortization) for the period was PLN 98.5 million (9M 2009: PLN 85.0 million), an increase of PLN 13.5 million, or 15.9%, over the corresponding period in 2009. The operating margin (operating profit divided by revenues) increased to 45.2% (9M 2009: 42.7%) and the EBITDA margin (EBITDA divided by revenues) further improved to 59.5% (9M 2009: 57.4%).
Financial income for the nine months ended 30 September declined to PLN 7.7 million compared to the corresponding period in 2009 (9M 2009: PLN 24.7 million) due to the effect of the WSE’s payment of a cumulative dividend for prior years and the dividend for 2009.
As result of the above factors consolidated net profit decreased by 5.6%, to PLN 76.6 million (9M 2009: PLN 81.2 million).
“The Warsaw Stock Exchange results for the nine months to September 2010 are in line with its position as the largest securities market in Central & Eastern Europe,” said WSE CEO Ludwik Sobolewski, “and they confirm the steady growth in fundamental financial indicators. This shows that the Warsaw Stock Exchange’s growth is accompanied by an increase in the efficiency of our operations.”
Fifteen companies debuted on the Main Market of the WSE during the first three quarters of 2010 with a total value of offering of PLN 34.5 billion, up from seven offerings raising PLN 15 billion in the corresponding period of 2009. The NewConnect market proved highly attractive to issuers and there were 61 IPOs during the first three quarters this year, compared to 16 in the same period last year.
“WSE is an attractive market for issuers,” Sobolewski said, “as demonstrated not only by the public offerings that took place during the first three quarters of 2010, but also the number of companies signaling a desire to be listed on the exchange in the final months of this year. As a result of the strategy we are implementing, the WSE is reinforcing its position as the largest securities market in the region.”
As at 30 September 2010 there were a total of 548 companies listed on the two WSE markets, with a total value of over PLN 800 billion (including both primary and secondary listings). The capitalization of companies listed on the WSE Main Market was over PLN 796 billion, of which PLN 519 billion was attributable to domestic companies and PLN 277 billion to foreign companies. As at 30 September 2010 the capitalization of companies listed on the NewConnect market was PLN 4 billion.
English language results call details:
Ludwik Sobolewski will host a conference call in English to take questions on the results at 12.30 BST (13.30 CET) today, 26 October 2010. To access the call please dial:
and follow the instructions.
Conference PIN: 7381