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

WSE has organisational and equity links to the Group subsidiaries and associates. The description of the Group and associates is to be found in section 2.1 of this Report.

In 2013, WSE did not make or divest any equity investments in any entities other than associates with the exception of the acquisition of shares of Aquis Exchange Ltd.

WSE increased the share capital of WSEInfoEngine S.A. in July and October 2013 by PLN 1.0 million at each time. The share capital of WSEInfoEngine S.A. was increased by another PLN 0.6 million in January 2014. The share capital of IRK WSE Research S.A. was increased in April 2013 (by PLN 0.6 million), and the share capital of WSE Commodities was increased in August 2013 (by PLN 0.1 million).

WSE signed an agreement concerning acquisition of new issue shares of Aquis Exchange Ltd. with its registered office in the UK for GBP 5.0 million on 19 August 2013. WSE plans to control shares representing 30% of votes. Aquis Exchange organises a pan-European equities exchange: a multi-trading facility (MTF). The goal of the investment is to increase the diversification of the WSE Group’s revenue sources and to strengthen WSE’s brand and role on the international financial markets. WSE acquired the first tranche of Aquis Exchange Limited shares for PLN 10,105 thousand (GBP 2.0 million) in Q3 2013. The acquisition was financed with WSE’s own funds.

WSE acquired 100% of shares in the share capital of WSE Commodities on 28 August 2013. The purchase price of the shares was PLN 13,450. WSE decided to increase the share capital of WSE Commodities in order to pay for 1,900 newly issued shares on 28 August 2013. The amount of the capital increase was PLN 95,000. The share capital of WSE Commodities is now PLN 100,000.

WSE acquired another 0.49% of the share capital of the subsidiary BondSpot S.A. for PLN 0.2 million in December 2013.

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

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 31 December 2013 comprise:

  • long-term Treasury bonds,
  • bank deposits.

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

Details of the parent entity’s investments were disclosed in the Separate Financial Statements of Giełda Papierów Wartościowych w Warszawie S.A. for the years ended 31 December 2013 and 31 December 2012.

Transactions of the Group with related parties are described in the Consolidated Financial Statements of Giełda Papierów Wartościowych w Warszawie S.A. for the years ended 31 December 2013 and 31 December 2012. Transactions of the parent entity with associates and subsidiaries are described in the Separate Financial Statements of Giełda Papierów Wartościowych w Warszawie S.A. for the years ended 31 December 2013 and 31 December 2012.