The IPOPEMA Group - an introduction

Size: px
Start display at page:

Download "The IPOPEMA Group - an introduction"

Transcription

1 1 September 2014

2 2 The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI IPOPEMA AM IPOPEMA BC Sales & Trading Investment Banking Funds Asset Management Business Advisory WSE equities Public offerings (IPO, SPO) Closed-end funds Asset management Strategic advisory BSE equities M&A deals Mutual funds IT advisory PSE equities Bonds Bond issues Financial restructuring Active management funds Equity research Private equity financing IPOPEMA Securities is one of the leading providers of brokerage services to institutional clients on the Warsaw, Budapest and Prague Stock Exchanges. Since June 2014 IPOPEMA has been a member of the Bucharest Stock Exchange. IPOPEMA Securities boasts one of the largest and most active teams of Investment Bankers in Poland. The IPOPEMA Brokerage Department carries out between 8-10% of daily volume on the WSE The Equity Research Department analyses 60 companies listed on the WSE and BSE, including most of the blue-chip stocks included in the WIG30 index. IPOPEMA TFI, managing more than 90 funds, is amongst the most active closed-end fund management companies in Poland. IPOPEMA TFI manages more than PLN 25 bn in assets, and is one of the largest fund management companies in Poland. The IPOPEMA Business Consulting team comprises more than 40 professionals.

3 3 IPOPEMA - a leader on the Polish Capital Market IPOPEMA Capital Markets Department Professional team involved in: IPO s and secondary offerings, Vice-chairman of IPOPEMA Securities S.A. M&A advisory, bonds offerings, financial restructuring, Track record of more than 80 transactions (total value over PLN 30bn). Mariusz Piskorski Heads the Capital Markets Department Previously worked for BRE Corporate Finance The best equity house in Poland Best privatisation IPO Polish Equity House of the Year 2012 Best Capital Markets team The largest value of IPO in 2012 The largest number of IPOs in UniCredit PKO BP Citi Handlowy Societe Generale JP Morgan Goldman Sachs BZ WBK Best Capital Markets teams (ranking 2011*) * Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) 1290 JP Morgan Morgan Stanley Barclays Millenium PKO BP ** Ranking prepared by Parkiet and Rzeczpospolita by volume of IPOs conducted (PLN m) PKO BP JP Morgan UniCredit Credit Suisse - involved in most of the leading Polish Capital Markets deals of Trigon BESI Best Capital Markets teams (ranking 2012**) ING UBS Citi Best Capital Markets teams (ranking 2012***) *** Ranking prepared by Dealogic by volume of transactions conducted (PLN m)

4 4 IPOPEMA - a leader in Equity Sales and Trading Equity Sales Department DM BH Citi 13,07% Vice - Chairman of IPOPEMA Securities S.A. Others 35,00% PKO BP 8,96% Best Brokerage House 2012 Best Brokerage House 2011 Best Brokerage House Stanisław Waczkowski Heads the Ipopema Sales-Trading Department Previously : - Board Member and Director of Institutional Clients at Citi - Head of Sales at ABN Amro Top Ranking Sales Team and Traders ING 3,35% KBC 3,40% Deutsche Bank 4,19% mbank 4,38% Wood&Co 5,19% BZ WBK 6,66% 8,14% Credit Suisse 7,67% IPOPEMA market share in WSE trading (since ) Arkadiusz Łabuńko Best broker Arkadiusz joined IPOPEMA in August 2012 has over 15 years of experience, being among the top brokers in Poland for several years prior to joining IPOPEMA, he worked for Citibank Voted no 2 Best broker in Poland by Forbes in and 2011, no 3 in Best broker 2011 Best broker Forbes Polish Institutional Broker Survey Institution Overall Ranking - Profess ionalism Service quality Analysis quality Overall Ranking PKO BP Erste UniCredit CAIB ING mbank DM BH Citi Wood&Co Espirito Santo Trigon DM

5 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 5 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 IPOPEMA - significant market shares in Warsaw and Budapest 60 IPOPEMA s market share of equity volume on the WSE ( ) between 6 and 11% IPOPEMA s market share of equity volume on the WSE ( ) between 8-10% 12% 50 10% 40 8% 30 6% 20 4% 10 2% 0 0% WSE trading (PLNbn) IPOPEMA's market share IPOPEMA s market share of equity volume on the BSE ( ) between 3 and 12% % 12% 10% 8% 6% 4% 2% 0% Source: WSE, IPOPEMA BSE trading (EURbn) IPOPEMA's market share

6 6 Highly ranked Equity Research Department Equity Research Department covers more than 60 companies Consistently the best Equity Research Department Sector Financial Construction Metals & Mining Chemicals Agriculture Real Estate Selected Companies Alior, BZ WBK, Getin Noble Bank, Handlowy, ING BSK, mbank, Millennium, Pekao, PKO BP, Kruk, Open Finance Budimex, Elektrobudowa, Erbud, Polimex-Mostostal, Trakcja, ZPUE LW Bogdanka, KGHM Ciech, Synthos Astarta, Kernel, IMC, KSG Agro, Ovostar Echo Investment, JWC, GTC, Polnord Industrial ACE, Gedeon Richter, Mennica Polska, PKP Cargo, Roverse, Ambra, Amica, Aplisens, Boryszew, Delicacies, Famur, Krynicki Recykling, Libet, Orzeł Biały, Stalexport Autostrady, Stomil Sanok, Śnieżka Most accurate Recommendations Highest quality of Analysis and Recommendations 2012 Highest quality of Analysis and Recommendations 2011 Highest quality of Analysis and Recommendations 2010 Retail & Distribution Oil & Gas Energy CCC, Emperia, Eurocash, Gino Rossi, Inter Cars, Jeronimo Martins, LPP, Monnari Trade, Wawel Lotos, PKN Orlen, PGNiG Enea, Energa, PGE, Tauron, ZE PAK Piotr Zielonka i Iza Rokicka the best Equity Analysts in Poland Piotr Zielonka, CFA Since September, Head of Equity Research Consistently ranked as the best equity analyst in Poland in ranking prepared by the Forbes magazine and Parkiet daily With over a decade of experience in the Capital Markets, Piotr previously worked for Citi Handlowy and PZU Asset Management Best analyst in 2014 Forbes i Parkiet Best analyst in Forbes i Parkiet Best analyst in 2012 Forbes i Parkiet Best construction sector analyst Best retail and distribution sector analyst Best energy sector analyst Equity Research ranking - Bank 2012 DM BZ WBK 1 4 mbank 3 3 Espirito Santo 4 11 PKO BP 5 6 Equity Research ranking 2012 Bank Overall ranking (2012) Offer complexity Professiona lism Report quality Report usefulness Since February 2014, Deputy Head of Equity Research mbank DM BH Citi Iza Rokicka Associated with Polish Capital Market for many years. Iza previously worked as an Analyst for UniCredit and DI BRE. Iza specializes in the analysis of companies from financial sector. Recent years voted leading analyst in that sector by Parkiet daily. Best financial sector analyst Best financial sector analyst 2012 The best Market Strategy The best Market Strategy 2012 PKO BP BZ WBK ING UniCredit Wood&Co IDM DM Trigon

7 IPOPEMA TFI and IPOPEMA Asset Management IPOPEMA Investment Fund Consistently among the best investment funds in Poland IPOPEMA Asset Management One of the fastest growing asset management funds IPOPEMA TFI focuses mainly on the closed investment funds (FIZ), dedicated to affluent consumers (High Net Worth Individuals). It currently manages 95 funds with PLN 25,4 bn of assets under management (31/08/2014). The leading asset management team in the equity, fixed-income and real estate groups. Service of active management through the funds (IPOPEMA Opportunity FIZ, IPOPEMA Global Macro FIZ, IPOPEMA Global Macro EUR FIZ, Total FIZ). Offer of the open-end investment funds: IPOPEMA SFIO, m-indeks FIO. IPOPEMA fund performance Valuation on 29/08/2014 Fund change 3M change 12M IPOPEMA Gotówkowy 0,80% 3,70% IPOPEMA Obligacji 0,30% 5,40% IPOPEMA Asset Management provides investment management services dedicated to wealthy clients, who require specialized financial advisory support in managing their finances. The minimum contribution necessary to be eligible for Asset Management services is PLN 4m. Among the company s clients are institutions such as insurance companies, mutual funds, non-profit organizations and also individual investors. A broad range of investment strategies: both active and passive based on an unique concept of investing across the business cycle. The value of assets managed by IPOPEMA AM is PLN 1,8 bn (31/08/2014). IPOPEMA Makro Alokacji -2,50% -0,50% IPOPEMA Mały ch i Średnich Spółek -6,10% -3,50% IPOPEMA Agresy wny -2,60% -5,20% IPOPEMA Short Equity -0,92% -6,64% IPOPEMA m-indeks FIO -1,70% 10,40% Fund managing team Krzysztof Cesarz, CFA Michał Rabiej, CFA, CIIA Łukasz Jakubowski, CFA Bogusław Stefaniak 7

8 8 IPOPEMA - strong in Investment Banking The largest Capital Markets transactions ( )

9 9 IPOPEMA - strong in Investment Banking Selected Capital Markets transactions

10 IPOPEMA - strong in Investment Banking Selected Debt transactions Private offering of bonds Issue agent and depository of bonds 57,000,000 PLN April 2010 Selected Private Equity, M&A and other transactions 10

11 11 IPOPEMA Securities on the Warsaw Stock Exchange IPOPEMA Securities share price May 2009 August IPO price = 5 PLN 2 0 IPO on WSE on 26th May 2009 Private placement dedicated to institutional investors free float 38,7% Entities related to IPOPEMA 45,6% Current market cap amounts to PLN mn Source: WSE, IPOPEMA Quercus TFI 5,9% OFE PZU 9,9% IPOPEMA Securities Shareholders

12 12 IPOPEMA Business Consulting Strategy, Organisation and Managment Mergers and Acquisitions Shared Services and Outsourcing Supply Chain Optimisation Procurement Optimisation IT Management and Technologies SAP Applications Business strategy, new operating models Optimisation of business processes and organisational structures Cost reduction and employment optimisation Cash flow improvement Business plans and feasibility studies Market research Integration strategies Synergy assessment and development of integration programmes Process and organisational transformation Programme Management (PMO) Back office reorganisation strategy Efficiency assessment and optimisation of back office functions based on benchmarking analysis Comprehensive implementation of shared services centres Preparation for outsourcing Interim management Logistics and operational audits, the SCM maturity profiles Optimisation of business processes in the area of logistics, production, procurement and sales, improvement of efficiency and productivity Integrated operational planning S&OP Design and implementation of advanced planning systems APS Procurement audits (to check if the procedures in place are effective) Sourcing (cost optimisation) Procurement organisation (centralisation and implementation of IT tools) Process optimisation Development of market specific procurement strategies IT strategy and organisation IT optimisation, support and development Management of IT projects Solutions for management of processes and electronic document circulation (scanning, OCR, workflow) Business Intelligence Defining requirements and support in bidding processes Implementation of SAP applications Sector specific solutions Post implementation audits Optimisation and improvement of implemented SAP solutions

13 13 IPOPEMA s Foreign Partners in the Merger Alliance IPOPEMA Securities is the exclusive Polish partner of Mergers Alliance, an international network of corporate finance and investment banking firms. Partner firms of Mergers Alliance specialise in mid-sized M&A deals. Mergers Alliance is an organisation with professionals based in 48 locations.

14 Disclaimer IPOPEMA Securities S.A. Ul. Próżna 9, Warsaw, Poland Tel. /+48 22/ , fax /+48 22/ IPOPEMA Securities S.A. (the Company, IPOPEMA ) with registered office in Warsaw, is a licensed brokerage house operating on the basis of the license issued by the Polish Securities and Exchange Commission (presently the Polish Financial Supervision Authority) dated 30 June The Company is entered in the National Court Register maintained by the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register, under number KRS NIP (tax identification number): Share capital: PLN ,60 paid up in full. The Company is supervised by the Polish Financial Supervision Authority. This presentation ( Presentation ) has been prepared solely for use by its customers and shareholders or analysts. The information and data contained herein may not constitute the basis for an investment decision. They should not be treated as an offer to purchase securities, an offer, invitation or solicitation of an offer to purchase, invest or make any transactions involving such securities or recommendation to conclude any transaction, in particular in respect of securities of the Company or form of investment advice, as well as offer to conclude an agreement within the meaning of the Civil Code. The Company declares that it makes every effort to ensure that this Presentation has been prepared with due care. All information contained herein are derived from the Company's own sources or external sources deemed by the Company to be reliable, but there is no guarantee that they are complete and fully reflect the facts. The Company cannot guarantee the correctness and completeness of the information contained herein and accepts no responsibility for damages resulting from its use for any other purpose. The Company shall not be liable for the consequences of decisions taken on the basis of the Presentation and opinion contained herein. All opinions and assessments contained in this Presentation are an expression of our best knowledge, supported by market information from competent sources, applicable at the time of its preparation. In no event may the content of this Presentation be construed as any type of explicit or implicit representation or warranty made by the Company or its representatives. The information contained in this Presentation has not been independently verified and may be subject to change at any time without prior notice. Publishing by IPOPEMA of data contained in this Presentation does not constitute an infringement of the laws applicable to companies whose shares are traded on a regulated market, in particular on the regulated market operated by the Warsaw Stock Exchange S.A. Information contained herein has been communicated to the public by IPOPEMA within current or periodic reports, or complement them, not giving the basis to pass them as a part of fulfilling by IPOPEMA disclosure obligations of a public company. The only source of reliable data describing IPOPEMA s financial results, forecasts, events or indicators are current or periodic reports submitted by IPOPEMA in satisfaction of its disclosure obligation under Polish law. This Presentation is not for release, directly or indirectly, in or into the United States, Australia, Canada or Japan

The IPOPEMA Group - an introduction

The IPOPEMA Group - an introduction 1 March 2014 2 The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI IPOPEMA AM IPOPEMA BC Sales & Trading Investment Banking Funds Asset Management Business Advisory WSE equities Public offerings

More information

The IPOPEMA Group - an introduction

The IPOPEMA Group - an introduction 1 January 2014 2 The IPOPEMA Group - an introduction IPOPEMA Securities IPOPEMA TFI IPOPEMA AM IPOPEMA BC Sales & Trading Investment Banking Funds Asset Management Business Advisory WSE equities Public

More information

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. This press release is an advertisement and not a prospectus

More information

www.idmsa.pl Information Call Centre: 801 900 201 Effective partner on the capital market

www.idmsa.pl Information Call Centre: 801 900 201 Effective partner on the capital market www.idmsa.pl Information Call Centre: 801 900 201 Effective partner on the capital market Company profile IDMSA Brokerage House is an independent company on the Polish financial services market. The roots

More information

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006

Integration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006 Integration of Bank Pekao SA and Bank BPH SA Warsaw, 16 November 2006 AGENDA 1 Integration summary 2 Spin off Plan 3 New Pekao the clear market leader 4 New BPH platform for growth 5 Next steps 1 PREPARATION

More information

mbank Group s IR monthly

mbank Group s IR monthly Note: Due to rebranding process, the Bank s ticker on the WSE changed to MBK. Share price performance summary In November mbank s share price increased by 9.22%, while the WIG Banks index increased by

More information

GETIN NOBLE BANK GROUP

GETIN NOBLE BANK GROUP GROUP FINANCIAL RESULTS FOR THE FIRST HALF OF 2012 Presentation of audited financial results for investors and analysts Warsaw, August 10 th, 2012 INTRODUCTION We are consistently pursuing our strategic

More information

MCI is one of the leading private equity groups in the CEE region.

MCI is one of the leading private equity groups in the CEE region. MCI is one of the leading private equity groups in the CEE region. We focus our investments on the following private equity areas: venture capital buy-out & expansion real estate & infrastructure MCI Management

More information

Leasing Industry in Poland Leasing Life European Conference Warsaw 2014. Mieczysław Woźniak Vice Chairman of the Polish Leasing Association

Leasing Industry in Poland Leasing Life European Conference Warsaw 2014. Mieczysław Woźniak Vice Chairman of the Polish Leasing Association Leasing Industry in Poland Leasing Life European Conference Warsaw 2014 Mieczysław Woźniak Vice Chairman of the Polish Leasing Association Polish leasing market 1995 2013 milestones Leasing defined in

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

Introducing the mbank Polish Corporate Bond Index (mbank PCBI) Rules and Methodology

Introducing the mbank Polish Corporate Bond Index (mbank PCBI) Rules and Methodology Introducing the mbank Polish Corporate Bond Index (mbank PCBI) Rules and Methodology Release date: 17 th October 2013 Overview The mbank Polish Corporate Bond Index has been designed to track the performance

More information

mbank Group s IR monthly

mbank Group s IR monthly Share price performance summary In March mbank s share price decreased by 1.10%, while the WIG Banks index decreased by 1.89%. The EURO STOXX Banks Index increased by 0.65% in the same period.. 170 160

More information

NewEuroMTS Overview. October 2005

NewEuroMTS Overview. October 2005 NewEuroMTS Overview October 2005 1 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates

More information

ALIOR BANK S.A. Results presentation 1H 2013. Sustainable development in challenging environment

ALIOR BANK S.A. Results presentation 1H 2013. Sustainable development in challenging environment ALIOR BANK S.A. Results presentation 1H 2013 Sustainable development in challenging environment August 8th, 2013 Q2 2013 HIGHLIGHTS Without one-off insurance periodization Q2 net result 105 M PLN (+14

More information

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector.

The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. The Polish economy and banking sector perspectives as seen from Q IV 2011 Bank financing and the Polish energy sector. Warsaw, 29 th November 2011 Emilii Plater 53 Table of contents Polish economy...........

More information

MCI is one of the leading private equity groups in the CEE region.

MCI is one of the leading private equity groups in the CEE region. MCI is one of the leading private equity groups in the CEE region. We focus our investments on the following private equity areas: venture capital buy-out & expansion real estate & infrastructure MCI Management

More information

Chambers Europe 2015. Legal 500 EMEA 2015

Chambers Europe 2015. Legal 500 EMEA 2015 1 FKA Furtek Komosa Aleksandrowicz was established in 2001 as a commercial law firm providing complex legal services. We are known for our open business culture, independent view and FKA s values which

More information

BANK PEKAO S.A. GENERAL PICTURE

BANK PEKAO S.A. GENERAL PICTURE BANK PEKAO S.A. GENERAL PICTURE Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts.

More information

expansion & buy-out venture capital (start-up & growth) infrastructure & real estate

expansion & buy-out venture capital (start-up & growth) infrastructure & real estate 3 MCI is one of the leading PE groups in CEE region, managing a diversified portfolio of private equity investments in expansion and buyout, venture capital and infrastructure and real-estate. expansion

More information

Mergers & Acquisitions / Private Equity / Capital Markets

Mergers & Acquisitions / Private Equity / Capital Markets Mergers & Acquisitions / Private Equity / Capital Markets Our profile For many years we have been involved with top international law firms, advising domestic and international banks and other financial

More information

MCI is one of the leading private equity groups in the CEE region.

MCI is one of the leading private equity groups in the CEE region. MCI is one of the leading private equity groups in the CEE region. We focus our investments on the following private equity areas: venture capital buy-out & expansion real estate & infrastructure MCI Management

More information

Presentation of Results for Q3 2012 Azoty Tarnów Group

Presentation of Results for Q3 2012 Azoty Tarnów Group Presentation of Results for Q3 2012 Azoty Tarnów Group Azoty Tarnów Group Q3 2012 in numbers Grupa Kapitałowa w roku Revenue 5 511.8 million PLN Net profit 292.8 million PLN Equity 3 454.8 million PLN

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Software Creators. Company s Profile

Software Creators. Company s Profile Software Creators Company s Profile 2 COMPANY S PROFILE FABRITY ensures complex support in the framework of software development for business, advising services and IT projects. The company is an experienced

More information

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

MCI is one of the leading private equity groups in the CEE region.

MCI is one of the leading private equity groups in the CEE region. MCI is one of the leading private equity groups in the CEE region. We manage following private equity funds: venture capital buy-out & expansion real estate & infrastructure MCI Management SA MCI (since

More information

Management Board s Report

Management Board s Report Management Board s Report on the operations of the ipopema Group in 2009 Contents 1. General Information...3 2. Financial Highlights and Overview of the Financial Standing of the Ipopema Securities Group...4

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

L2: Alternative Asset Management and Performance Evaluation

L2: Alternative Asset Management and Performance Evaluation L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management

More information

Management Board Report on the Activities of Giełda Papierów Wartościowych w Warszawie S.A. for the year 2010

Management Board Report on the Activities of Giełda Papierów Wartościowych w Warszawie S.A. for the year 2010 on the Activities of Giełda Papierów Wartościowych w Warszawie S.A. for the year 2010 Warsaw, March 2011 1. GENERAL INFORMATION ON THE WSE 3 1.1. Key indicators for WSE markets 5 1.2. Selected financial

More information

BANK PEKAO S.A. GENERAL PICTURE

BANK PEKAO S.A. GENERAL PICTURE BANK PEKAO S.A. GENERAL PICTURE Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts.

More information

Mr Andrzej Tadeusz Podgórski

Mr Andrzej Tadeusz Podgórski Mr Andrzej Tadeusz Podgórski He is a graduate of the Chemistry Department at the University of Warsaw, Doctor of Chemical Science. In 1991 he passed an examination for Supervisory Board Members. He completed

More information

BANK PEKAO S.A. GENERAL PICTURE

BANK PEKAO S.A. GENERAL PICTURE BANK PEKAO S.A. GENERAL PICTURE Disclaimer This presentation (the Presentation ) has been prepared by Bank Polska Kasa Opieki Spółka Akcyjna ( Bank ) for the clients, shareholders and financial analysts.

More information

OPEN FINANCE 2015 GROUP RESULTS. Presentation of financial results for investors and analysts

OPEN FINANCE 2015 GROUP RESULTS. Presentation of financial results for investors and analysts OPEN FINANCE 2015 GROUP RESULTS Presentation of financial results for investors and analysts Warsaw, March 17, 2016 BASIC FINANCIAL INFORMATION - OPEN FINANCE GROUP CHANGE DATA AT THE END OF 4TH QUARTER

More information

OPINION OF AN INDEPENDENT AUDITOR ON THE EXAMINATION OF SPIN-OFF PLAN concerning Bank BPH Spółka Akcyjna in Cracow

OPINION OF AN INDEPENDENT AUDITOR ON THE EXAMINATION OF SPIN-OFF PLAN concerning Bank BPH Spółka Akcyjna in Cracow Cracow, 8 th January 2007 Janina Niedośpiał ul. Słomiana 13/60 30-316 Cracow Chartered auditor 2729/2068 Court-appointed auditor Regional Court For Cracow Śródmieście in Cracow XIth Business Department

More information

TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015

TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015 TVN GROUP RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2015 WARSAW, AUGUST 4 TH, 2015 Disclaimer This presentation (the Presentation ) has been prepared by TVN S.A. (the Company ) solely for use by

More information

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010

Good year. Bank Zachodni WBK Group performance for 2009. Warszawa, 2 nd March 2010 Good year Bank Zachodni WBK Group performance for 2009 Warszawa, 2 nd March 2010 Disclaimer This presentation as regards the forward looking statements is exclusively informational in nature and cannot

More information

Europejski Fundusz Leasingowy SA. Company profile

Europejski Fundusz Leasingowy SA. Company profile Europejski Fundusz Leasingowy SA Company profile August 2011 Crédit Agricole Group The leader of retail banking in France One of the largest universal retail banks in Europe The leader on the factoring

More information

M&A Index Poland 1Q 2015. Prepared by Navigator Capital & Fordata

M&A Index Poland 1Q 2015. Prepared by Navigator Capital & Fordata M&A Index Poland 1Q 2015 Prepared by Navigator Capital & Fordata th Experts comments to the 15 edition of the report can be found on the website: blog.fordata.pl www.en.navigatorcapital.pl www.fordata.pl/en

More information

Monthly Report: June 2016

Monthly Report: June 2016 Complete research is available only to clients of Dom Maklerski mbanku To access our premium research, log in or open an account at www.mdm.pl Friday, June 03, 2016 periodic report Monthly Report: June

More information

2015 Settlement Calendar for ASX Cash Market Products ¹ Published by ASX Settlement Pty Limited A.B.N 49 008 504 532

2015 Settlement Calendar for ASX Cash Market Products ¹ Published by ASX Settlement Pty Limited A.B.N 49 008 504 532 2015 Calendar for ASX Cash Market Products ¹ Published by ASX Pty Limited A.B.N 49 008 504 532 Calendar for ASX Cash Market Products¹ ASX Pty Limited (ASX ) operates a trade date plus three Business (T+3)

More information

Polish Covered Bond Market

Polish Covered Bond Market Polish Covered Bond Market Prospects for future growth 16 th October 2014 Warsaw Mortgage banks in Poland Key financial data Total assets (in PLN M) 4706,6 Loans and advances to customers 4117,0 CAR 15,00%

More information

Disclosure of 1Q15 Results

Disclosure of 1Q15 Results Disclosure of 1Q15 Results Investor Relations Presentation: José Rubens de la Rosa CEO José Antonio Valiati CFO & Investor Relations Officer Thiago Deiro Finance & Investor Relations Manager Caxias do

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Weighting companies by their one-year forecast dividend yield as opposed to market capitalisation

Weighting companies by their one-year forecast dividend yield as opposed to market capitalisation Weighting companies by their one-year forecast dividend yield as opposed to market capitalisation MARKET DATA Indices Dividend Plus www.jse.co.za Johannesburg Stock Exchange Ingeniously slotted within

More information

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results

Bank Handlowy w Warszawie S.A. after 2Q 06. - expansion and better results Bank Handlowy w Warszawie S.A. after 2Q 06 - expansion and better results Strong mid year results 400 300 MM PLN 318 8% 343 107 200 180 100 139 236 0 1H05 1H06 2 Source: Bank s Financial Disclosures Increase

More information

Cyfrowy Polsat IR Newsletter. 07 12 January 2014

Cyfrowy Polsat IR Newsletter. 07 12 January 2014 Cyfrowy Polsat IR Newsletter 07 12 January 2014 Rzeczpospolita: Hold TVN and Cyfrowy Polsat Analysts at DM PKO BP reduced the target for Cyfrowy Polsat shares to PLN 19.9 from PLN 20.4. They consistently

More information

CyfrowyPolsatIR Newsletter. 5 11August2013

CyfrowyPolsatIR Newsletter. 5 11August2013 CyfrowyPolsatIR Newsletter 5 11August2013 The press about us Date The press about TMT market in Poland Parkiet: WSE is waiting for its Warren Buffet - Among well-known investors, we appreciate Zygmunt

More information

Analyst and investor briefing Q4 13

Analyst and investor briefing Q4 13 Analyst and investor briefing Q4 13 Further growth of Polsat Group revenue in Q4 13 by 7% to PLN 805m, mainly thanks to: - organic growth of the retail business segment, which achieved a 5% YoY revenue

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010 The Norwegian High Yield Bond Market Marine Finance Forum New York, Nov 9, 2010 Highlights The international high yield bond markets are active with record issuance volumes and decreasing yields The traditional

More information

Report on the compliance of AB S.A. with the corporate governance rules

Report on the compliance of AB S.A. with the corporate governance rules Report on the compliance of AB S.A. with the corporate governance rules Contents 1. Indication of corporate governance rules applicable to AB S.A.... 3 2. Indication of corporate governance rules which

More information

BRE Bank Group Total Assets. GDP, consumption and investment dynamics

BRE Bank Group Total Assets. GDP, consumption and investment dynamics 100 90 80 BRE Bank Group Total Assets PLN B 82.6 81.0 90.0 98.9 70 60 55.9 50 40 30 20 10 0 0.0 0.0 0.3 0.5 0.5 0.7 0.9 1.4 2.6 4.1 6.2 14.4 16.2 11.0 30.5 30.5 32.7 27.4 24.8 42.3 1987 1988 1989 1990

More information

PKO Bank Polski Company profile and strategic update

PKO Bank Polski Company profile and strategic update PKO Bank Polski Company profile and strategic update July 2014 PKO Bank Polski - the leading bank in Poland Universal Polish bank established in 1919, since 1950 operated as the PKO State-owned bank, in

More information

64 HOURS OF AN EFFICIENT TRAINING RUN ENTIRELY IN ENGLISH 6 TOP-CLASS EXPERTS OVER 500 CHALLENGING EXERCISES SPECIALLY PREPARED MATERIALS AND A MOCK

64 HOURS OF AN EFFICIENT TRAINING RUN ENTIRELY IN ENGLISH 6 TOP-CLASS EXPERTS OVER 500 CHALLENGING EXERCISES SPECIALLY PREPARED MATERIALS AND A MOCK 64 HOURS OF AN EFFICIENT TRAINING RUN ENTIRELY IN ENGLISH 6 TOP-CLASS EXPERTS OVER 500 CHALLENGING EXERCISES SPECIALLY PREPARED MATERIALS AND A MOCK EXAM ICIPATION COST: 2390 (NET.) 4CFA.COM PERK.COM.PL

More information

Stock Market Development: Role of Securities Firms and New Products

Stock Market Development: Role of Securities Firms and New Products Stock Market Development: Role of Securities Firms and New Products Professor Reena Aggarwal McDonough School of Business Georgetown University Washington, D.C. 20057 Tel. (202) 687-3784 Fax (202) 687-4031

More information

Stock Market Indicators: Historical Monthly & Annual Returns

Stock Market Indicators: Historical Monthly & Annual Returns Stock Market Indicators: Historical Monthly & Annual Returns July 31, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table

More information

Dirty Profits II. A research paper prepared for Facing Finance

Dirty Profits II. A research paper prepared for Facing Finance Dirty Profits II A research paper prepared for Facing Finance Dirty Profits II A research paper prepared for Facing Finance Barbara Kuepper Marcela Umaña Hassel Kroes Jan Willem van Gelder 27 September

More information

Providing Trading Opportunities in a Sound Marketplace

Providing Trading Opportunities in a Sound Marketplace Providing Trading Opportunities in a Sound Marketplace Dec/2013 Classification of the Information Public USD Billion Million Active Market with Liquid Products Equities Market Market Cap of USD 1 trillion

More information

Financial results of 2013 Outlook 2014+ 12 March 2014

Financial results of 2013 Outlook 2014+ 12 March 2014 Financial results of 2013 Outlook 2014+ 12 March 2014 DUON benefits from liberalisation of electric energy and gas markets: summary of 2013 +56% increase of revenues to almost PLN 400 m +54% increase of

More information

STATEMENT ON THE APPLICATION OF CORPORATE

STATEMENT ON THE APPLICATION OF CORPORATE Directors Report for 2014 Chapter V 1 STATEMENT ON THE APPLICATION OF CORPORATE GOVERNANCE 1. RULES OF CORPORATE GOVERNANCE BY WHICH THE COMPANY IS BOUND AND THE LOCATION WHERE THE TEXT OF THE SET OF RULES

More information

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, 2015 Sun Life Templeton Global Bond Fund Sun Life Templeton Global Bond Fund This

More information

Polish Strategy On the right course and with tailwinds

Polish Strategy On the right course and with tailwinds EQUITY MARKETS July 2010 Polish Strategy On the right course and with tailwinds Polish Strategy July 2010 Andrzej Knigawka Warsaw +48 22 820 5015 andrzej.knigawka@pl.ing.com Tomasz Czyz Warsaw +48 22 820

More information

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING

More information

REPORT OF THE MANAGEMENT BOARD. of Dom Maklerski mbanku S.A. with its registered seat in Warsaw. justifying the division of. Dom Maklerski mbanku S.A.

REPORT OF THE MANAGEMENT BOARD. of Dom Maklerski mbanku S.A. with its registered seat in Warsaw. justifying the division of. Dom Maklerski mbanku S.A. 15 December 2015 REPORT OF THE MANAGEMENT BOARD of Dom Maklerski mbanku S.A. with its registered seat in Warsaw justifying the division of Dom Maklerski mbanku S.A. On 15 December 2015, the management

More information

MCI is one of the leading private equity groups in the CEE region.

MCI is one of the leading private equity groups in the CEE region. MCI is one of the leading private equity groups in the CEE region. We focus our investments on the following private equity areas: venture capital buy-out & expansion real estate & infrastructure MCI Management

More information

2Q - converging to BZ WBK?

2Q - converging to BZ WBK? BRE Bank Securities ANALYTICAL REPORT Banks ISSN 1508-308X Warsaw, 10.09.03 2Q - converging to BZ WBK? 27500 PLN 10000 untis '000 We asked the question, how does the sector look like following 2Q results.

More information

BOŚ S.A. Group 1H 2013

BOŚ S.A. Group 1H 2013 BOŚ S.A. Group 1H 2013 BOŚ S.A. Group key information Slajd 2 z 31 Slajd 2 z 31 Key financial data of BOŚ S.A. Group quarterly data (thou PLN) 1Q 2012 2Q 2012 1Q 2013 2Q 2013 Change q/q (2Q 2013 vs. 1Q

More information

Presentation of The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Presentation of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Presentation of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Financial Highlights Apr. 1996 : The Bank of Tokyo-Mitsubishi, Ltd ( BTM ) was established from the merger of Mitsubishi Bank and Bank of Tokyo. Oct.

More information

Cyfrowy Polsat IR Newsletter. June 8 14, 2015

Cyfrowy Polsat IR Newsletter. June 8 14, 2015 Cyfrowy Polsat IR Newsletter June 8 14, 2015 Press review Media about us Date Media about the TMT market in Poland 08.06 Parkiet: Telecommunication by ziu The sum of the highest bids in the frequency auction

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

Presentation of Results for Q4 2011 and 2011 of Azoty Tarnów Group

Presentation of Results for Q4 2011 and 2011 of Azoty Tarnów Group Presentation of Results for Q4 and of Azoty Tarnów Group The Management Board of Azoty Tarnów Andrzej Skolmowski Vice-Chairman Krzysztof Jałosiński Vice-Chairman Jerzy Marciniak Chairman of the Board Witold

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information

Roadshow Presentation

Roadshow Presentation Roadshow Presentation 1 November 2012 IPO overview Overview Issuer Alior Bank S.A. ( Alior Bank, the Bank or the Company ) Offering Structure Public offering in Poland to institutional investors, retail

More information

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015 Fearnley Securities New Issuance through the Norwegian Bond Market 28 th Annual Marine Money Week June 215 IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley

More information

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given

More information

Banks Poland. Compromising accelerating momentum and more demanding valuations. Sector Report

Banks Poland. Compromising accelerating momentum and more demanding valuations. Sector Report Banks Poland Sector Report Compromising accelerating momentum and more demanding valuations Ticker Price* 12m TP Upside Rating Adj. P/E Adj. P/BV (PLN) (PLN) (%) 2006 2007E 2008E 2006 2007E 2008E PKO BP

More information

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017 From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days

More information

Getin Holding Group s Financial Results for the first 9 months of 2011

Getin Holding Group s Financial Results for the first 9 months of 2011 Getin Holding Group s Financial Results for the first 9 months of 2011 a presentation of unaudited financial results for investors and analysts Warsaw, 10 November 2011 Disclaimer This presentation ( Presentation

More information

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING THE OPINION ON THE AUDIT

More information

Matsui Securities Co., Ltd.

Matsui Securities Co., Ltd. Matsui Securities Co., Ltd. (First Section of TSE: 8628) Annual Results for FY213 April 214 Table of Contents Section 1 Financial Summary 5 Section 2 Results of Operation 14 Section 3 Recent Developments

More information

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail Results from PwC s Global Data & Analytics Survey 2014 retail Showrooming and mobile search.

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

Investment Decisions and Corporate Social Responsibility Survey Report

Investment Decisions and Corporate Social Responsibility Survey Report Investment Decisions and Corporate Social Responsibility Survey Report 2 Contents Introduction 4 Respondents 5 Corporate Social Responsibility v. Financial Performance 6 Risks and Investment Attractiveness

More information

XING Q1 2012 results presentation. May 14, 2012

XING Q1 2012 results presentation. May 14, 2012 XING Q1 2012 results presentation May 14, 2012 Disclaimer This presentation was produced in April 2012 by XING AG (the "Company") solely for use as an information source for potential business partners

More information

The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system

The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system The assessment of Getin Noble Bank S.A. situation including the assessment of the internal control system and the risk management system essential for the Company made by the Supervisory Board of Getin

More information

The Warsaw Stock Exchange - product offer for investors. February 2011 1 111

The Warsaw Stock Exchange - product offer for investors. February 2011 1 111 The Warsaw Stock Exchange - product offer for investors February 2011 1 111 STRUCTURE OF THE POLISH CAPITAL MARKET National Depository for Securities (KDPW) Polish Financial Supervision Authority (KNF)

More information

Polimex-Mostostal Group results 1-3Q 2012

Polimex-Mostostal Group results 1-3Q 2012 Polimex-Mostostal Group results 1-3Q 2012 In accordance with reviewed condensed consolidated financial statement for the 3rd quarter 2012 Stipulation The following presentation ("Presentation") has been

More information

Morning Comments. Monday, November 03, 2014 daily publication. Equity Market, Poland Research Department: Company & Sector News.

Morning Comments. Monday, November 03, 2014 daily publication. Equity Market, Poland Research Department: Company & Sector News. Monday, November 03, 2014 daily publication Morning Comments Equity Market, Poland Research Department: Michał Marczak +48 22 438 24 01 Kamil Kliszcz +48 22 438 24 02 Michał Konarski +48 22 438 24 05 Paweł

More information

Wspólny Rynek. The best foreign exchange rate for corporates

Wspólny Rynek. The best foreign exchange rate for corporates Wspólny Rynek The best foreign exchange rate for corporates Agenda Who we are Interbank foreign exchange market Common foreign exchange market Our solutions The best foreign exchange rate for corporates

More information

2001 Financial Results. Warsaw, 14 February 2002

2001 Financial Results. Warsaw, 14 February 2002 21 Financial Results Warsaw, 14 February 22 executive summary macroeconomic situation integration progress financial results for 21 action plan for 22 conclusions 2 Executive summary: BPH PBK SA - the

More information

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna MERGER PLAN of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna and Nordea Bank Polska Spółka Akcyjna MERGER PLAN This merger plan (the Merger Plan ) was prepared on May 14, 2014 by the Management

More information

Glencore funding factsheet

Glencore funding factsheet Baar, Switzerland 6 October, 2015 Glencore funding factsheet Introduction Set out below is a summary of Glencore s financing arrangements. This largely consists of information already announced, mostly

More information

Merger of BZ WBK and Kredyt Bank February 2012

Merger of BZ WBK and Kredyt Bank February 2012 1 Merger of BZ WBK and Kredyt Bank February 2012 Disclaimer 2 This Investor Presentation contains forward-looking statements. These forward looking statements are found in various places throughout this

More information

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL DATE 19/01/2012 TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL Research Seminar THE BEHAVIOR OF CARBON PRICES HEC Energy & Finance Chair and CDC Climat Paris, 27 January 2012 Carine Hemery (33)

More information

SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S. Investor and analyst briefing, 10 November 2014

SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S. Investor and analyst briefing, 10 November 2014 SPAR NORD ANNOUNCES CONDITIONAL PUBLIC OFFER FOR SHARES IN NØRRESUNDBY BANK A/S Investor and analyst briefing, 0 November 204 DISCLAIMER The information contained in this presentation shall not constitute

More information

REPORT OF THE MANAGEMENT BOARD. with its registered seat in Warsaw. justifying the division of. mwealth Management S.A.

REPORT OF THE MANAGEMENT BOARD. with its registered seat in Warsaw. justifying the division of. mwealth Management S.A. 15 December 2015 REPORT OF THE MANAGEMENT BOARD of mbank S.A. with its registered seat in Warsaw justifying the division of mwealth Management S.A. On 15 December 2015, the management boards of mwealth

More information