Beata Kacprzyk, Warsaw Stock Exchange @ TMT.Ventures'08 Zagreb

1,449 views

Published on

Beata Kacprzyk, Warsaw Stock Exchange presentation from TMT.Ventures'08 Zagreb (http://tmtevents.eu by New Europe Events)

Published in: Economy & Finance, Business
2 Comments
0 Likes
Statistics
Notes
  • I agree with most of the thoughts on:The American Stock Exchange Faces Closure about stock exchange but must admit I find your idea a little challenging as I have been visiting this since last Sunday and am not sure whether I agree with your thoughts... : )
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • I respectfully disagree with a couple of the ideas on The American Stock Exchange Faces Closure especially as it has to do with stock exchange but will research this further externally on Wednesday to see how I feel about this.
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

No Downloads
Views
Total views
1,449
On SlideShare
0
From Embeds
0
Number of Embeds
8
Actions
Shares
0
Downloads
21
Comments
2
Likes
0
Embeds 0
No embeds

No notes for slide
  • Beata Kacprzyk, Warsaw Stock Exchange @ TMT.Ventures'08 Zagreb

    1. 1. WARSAW STOCK EXCHANGE: CREATING ECOSYSTEMS SUPPORTING ENTREPRENEURSHIP, FUNDRAISING AND GROWTH OPPORTUNITIES FOR THE CENTRAL EUROPEAN FAST-GROWING COMPANIES October, 2008
    2. 2. POLISH MARKET A GOOD PLACE TO SURVIVE CRISIS <ul><li>good macroeconomic prospects (GDP growth 5.5% in 2008, 4.8% in 2009 *) </li></ul><ul><li>healthy financial sector (not directly involved in ‘subprime’) </li></ul><ul><li>access to capital easier than in Western European countries </li></ul><ul><li>strong consumer demand </li></ul><ul><li>good financial situation of Polish companies </li></ul><ul><li>weaker Polish zloty – an advantage for exporters </li></ul><ul><li>financial support from EU funding </li></ul><ul><li>stable real estate market </li></ul><ul><li>fundamentally cheap Polish stocks </li></ul><ul><ul><li>average P/E ratio (as of October 10, 2008 ): 9.1 (domestic companies), 6.5 (foreign companies) </li></ul></ul><ul><li>planned improvement of capital market legislation (e.g. stocks lending, short selling) </li></ul>* Ministry of Economy forecast
    3. 3. WSE MAIN LIST (Regulated market) Non-regulated market GPW WSE WSE MARKETS
    4. 4. PUBLIC OFFER PROSPECTUS MEMORANDUM <ul><li>Financial requirements </li></ul><ul><li>F inancial statements together with auditor’s opinions for at least past three consecutive financial years required </li></ul><ul><li>6-9 months lasting procedure </li></ul>PRIVATE PLACEMENT INFORMATION DOCUMENT ACCESS TO THE WARSAW STOCK EXCHANGE <ul><li>No financial requirements </li></ul><ul><li>Market accessible for start-ups </li></ul><ul><li>App. 3 months lasting procedure </li></ul>
    5. 5. LISTING IN WARSAW – STEP BY STEP <ul><li>Company owners’ decision regarding listing on the WSE </li></ul><ul><li>Transformation into joint-stock company (if needed) </li></ul><ul><li>GA resolution regarding intention of introduction of shares to Exchange trading (and new issue of shares – if applicable) </li></ul><ul><li>Possible restructuring </li></ul><ul><li>Selection of a brokerage house and advisors </li></ul><ul><li>Preparation of prospectus </li></ul><ul><li>Approval of prospectus by one of the EU competent authorities (market regulators) – in Poland Polish Financial Supervision Authority (PFSA) </li></ul><ul><li>Registration of shares in the National Depository for Securities </li></ul><ul><li>Admission of shares to Exchange trading </li></ul><ul><li>First quotation </li></ul>
    6. 6. WIG - MARKET HISTORY July 6, 2007 – all-time high 67 568.51
    7. 7. WSE - BASIC CHARACTERISTICS <ul><li>45 member firms, including 19 remote members </li></ul><ul><li>3 68 listed companies , including 25 foreign </li></ul><ul><li>equity market capitalisation E uro 90 bn domestic companies Euro 70 bn foreign companies </li></ul><ul><li>58 bond issues (mainly T-bonds) </li></ul><ul><li>derivatives market (index, currency and stock futures, index and stock options , T - bond futures , index participation units ) </li></ul><ul><li>equity market - 2006 value traded - Euro 91 bn </li></ul><ul><ul><li>- 2007 value traded - Euro 129 bn </li></ul></ul><ul><ul><li> - Jan-Sep value traded – Euro 76 bn </li></ul></ul><ul><li>derivatives market - 2006 value traded - Euro 98 bn </li></ul><ul><ul><li> - 2007 value traded - Euro 178 bn </li></ul></ul><ul><li>- Jan-Sep value traded – Euro 144 bn </li></ul>
    8. 8. SKYEUROPE WARIMPEX IMMOEAST SILVANO OLYMPIC BMP AG MOL AMREST CINEMA CITY PLAZA CENTER CEZ PEGAS NWR ASSECO ACE ASTARTAKERNEL C E D C ASBIS ORCO GROUP REINHOLD RONSON UNICREDIT ITALIANO ATLAS ESTATES BELVEDERE WSE – INTERNATIONAL MARKET
    9. 9. COMPONENTS OF INTELLECTUAL CAPITAL (IC) HUMAN CAPITAL ORGANIZATIONAL CAPITAL RELATIONSHIP CAPITAL INTELLECTUAL CAPITAL
    10. 10. INTELLECTUAL CAPITAL AND COMPANY EVALUATION <ul><li>IC – difference between market value and book value </li></ul><ul><li>IC – company’s future success factors, which do not appear in a traditional balance sheet P. Hofman-Bang, H. Margtin </li></ul><ul><li>ASSETS EQUITY AND LIABILITIES </li></ul><ul><li>INTANGIBLE ASSETS INTELLECTUAL CAPITAL </li></ul>Intangible assets ballance Traditional ballance 80%:20% - share of intangilble and tangible assets in market value of S&P 500 index companies (2005) Source: Ned Davis Research
    11. 11. IC AND INNOVATIONS – AN INFLUENCE OF INTANGIBLE ASSETS ON FORMS OF INNOVATIONS INNOVATION New product /service New use of existing product New way of process management New way of product positioning
    12. 12. WSE SUPPORTS THE IDEA OF INNOVATION
    13. 13. PROGRAM ‘INNOVATION ECONOMY’ ON THE WSE
    14. 14. NEW CONNECT ALL THE PEOPLE (1/2) <ul><li>Community that gathers investors, entrepreneurs, advisers, market animators, representatives of WSE and all interested in New Connect </li></ul><ul><li>The aim of the community is to gather at one place people connected with New Connect market and to gather information about the market </li></ul>
    15. 15. NEWCONNECT ALL THE PEOPLE (2/2) <ul><li>Society portal created under patronage of the WSE by WEB2 company </li></ul><ul><li>http://www.newconnect.allthepeople.pl </li></ul><ul><li>Main elements of portal NewConnect All the People: </li></ul><ul><li>Discussion Forum </li></ul><ul><li>NewConnect Events calendar (trainings, conferences, meetings) </li></ul><ul><li>Video report (transmissions by WSE INFO ENGINE SA) </li></ul><ul><li>Newsletter – automated, weekly distributed via email to members of NewConnect All the People Group </li></ul><ul><li>Contests with awards – on regular basis </li></ul>
    16. 16. WSE BEING PROFESSIONAL IN EXPLORATION AND NEW/CONNECTIONS <ul><li>WSE promotes pioneer ideas connected not only with capital markets </li></ul><ul><li>The Amazon Source Recognition – press conference </li></ul><ul><li>Colca Condor Expedition 2008 </li></ul>
    17. 17. NCG INDICATOR <ul><li>WSE intends to m easure historical growth in value of NewConnect listed companies in the long term </li></ul><ul><li>Taking into account of the companies specificity and growth stage </li></ul><ul><li>The indicator is based on company fundamentals corresponding to changes in the companies selected financial indictors including: </li></ul><ul><ul><li>Sales income </li></ul></ul><ul><ul><li>Profit on sales </li></ul></ul><ul><ul><li>EBITDA </li></ul></ul><ul><ul><li>Own capital </li></ul></ul>
    18. 18. POLISH INNOVATIVE COMPANIES <ul><li>Optopol Group – listed on WSE </li></ul><ul><li>The producer of innovative technologies used to build modern diagnostics equipment in ophthalmology. </li></ul><ul><li>Read-Gene </li></ul><ul><li>The company of innovative technologies, which aim is to commercialize methods of detection, prevention and treatment of the most common types of malignant tumours. </li></ul><ul><li>mPay </li></ul><ul><li>Proprietary, innovative technology that enables to authorize, process and arrange settlement of transactions initiated with any kind of mobile headset. </li></ul>
    19. 19. WSE – ATTRACTIVE PLACE FOR INNOVATIVE COMPANIES LOCATED IN TECHNOLOGY PARKS <ul><li>New Connect – solution for small and medium fast-growing companies looking for fund-raising </li></ul><ul><li>WSE supports with its knowledge and experience ideas connected with technology parks, clusters and seed funds </li></ul><ul><li>Cooperation with Warsaw’s Technoport </li></ul>
    20. 20. WWW.WSE.COM.PL
    21. 21. WWW.WSEINFOSPACE.PL
    22. 22. WWW.WSEINTERNATIONAL.EU
    23. 23. Warsaw Stock Exchange 4 Książęca Str., 00-498 Warsaw tel. +48 22 537 72 35 , fax . +48 22 537 71 95 e-mail: gielda@ wse . com. pl

    ×