Dividend

Abstract

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 WSE Group’s consolidated net profit attributable to the shareholders of WSE.

The dividend from the 2012 profit was paid in July 2013. The WSE General Meeting of 21 June 2013 decided to pay PLN 32,738,160 of dividend from the 2012 profit to the shareholders. The dividend per share was PLN 0.78. The dividend record date was 12 July 2013 and the dividend payment date was 26 July 2013.

Dividend policy

The payment of the dividend from the 2012 profit in July 2013 was based on the WSE dividend policy as defined in the WSE prospectus in 2010. On 18 December 2013, the Exchange Management Board adopted a resolution amending the Company’s dividend policy; the new policy applies as of the distribution of the profit for the financial year 2013. The amendment was published on 18 December 2013 in Current Report 38/2013. The key amendment of the policy replaced the Company’s separate net profit with the WSE Group’s consolidated net profit attributable to the shareholders of WSE adjusted for the share of profit of associates as the basis of the dividend.

“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 WSE Group’s consolidated net profit attributable to the shareholders of WSE for the financial year adjusted for the share of profit of associates. 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 strategy of WSE and its Group,
  • the dividend yield and the pay-out ratios used by other listed exchanges,
  • liquidity requirements of the WSE Group depending on market conditions, liabilities incurred in current operations and debt service, and
  • optimization of the WSE Group’s financing structure.”

History of WSE dividend payments

The table below presents the history of the Company’s dividend payments (starting from its new listing on WSE). The dividend paid in a year is paid out from the profit of the previous financial year.

History of dividend payments

Payout yearDividend per share  (PLN)Dividend paid  (PLN’000)Dividend payout ratio1
2013 0.78 32 738 49.9%
2012 1.44 60 440 49.9%
2011 3.21 134 730 99.8%

Source: WSE
[1] Based on separate profit.