Since its new listing, GPW has annually paid a dividend to the shareholders. The total dividend paid has been PLN 9.03 per share. The pay-out ratio was close to 90% of the consolidated profit in the last year.

 

According to the current strategy of the GPW Management Board to recommend that the General Meeting pay dividend depending on the profitability and the financial capacity of GPW, above 60% of the GPW Group’s consolidated net profit 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. Furthermore, when approving the dividend policy, the GPW Management Board announced its intention to recommend that the General Meeting pay dividend for 2015 at PLN 2.60 per share gross; at the share price at the end of 2015, the dividend yield would be 7.2%. To determine the final amount of dividend to be recommended to the General Meeting, the GPW Management Board will consider among others the following factors:

  • investment needs in the implementation of the strategy of the GPW Group;
  • the dividend yield and the pay-out ratios used by peer companies;
  • liquidity requirements of the GPW Group depending on actual and expected market and regulatory conditions, liabilities incurred in current operations and debt service, and optimisation of the GPW Group’s financing structure.

Dividend paid in 2015

GPW has paid the owners a dividend for each year since the company went public. On 4 August 2015, the Company paid PLN 100.7 million of dividend, including PLN 52.9 million from the 2014 profit and PLN 47.8 million from the capital reserve. The dividend of PLN 2.4 per share was paid to GPW shareholders who held shares at 15 July 2015 (record date). The dividend yield at the closing price on the record date was 4.93%.

GPW dividend from profits in 2010-2014

Year for which dividend was paidDividend paid (PLN’000)Dividend per share (PLN)Dividend pay-out ratio1 Dividend yield2Dividend record dateDividend payment date
2014 100 733 2.40 89.88% 4.93% 15.07.2015 04.08.2015
2013 50 366 1.20 44.45% 3.31% 07.08.2014 26.08.2014
2012 32 738 0.78 30.95% 2.03% 12.07.2013 26.07.2013
2011 60 440 1.44 45.19% 3.84% 06.07.2012 20.07.2012
2010 134 730 3.21 142.28% 6.05% 12.07.2011 27.07.2011
[1] Based on the consolidated profit attributable to the shareholders of the parent entity
[2] At the share price as at the dividend record date
 

GPW is one of the leading exchanges as measured by the dividend yield for 2015.

GPW dividend yields in 2015 r. v. other exchanges3 (%)

GPW dividend yields in 2015 r. v. other exchanges (%)

Source: Bloomberg
[3] Dividend yield as the sum of gross dividend paid in 2015 to the share price as at 31 December 2015