Raport Roczny Annual Report 2010 - Tauron

TAURON Polska Energia | Raport Roczny | Annual Report 2010
Last year was full of events.
The key ones are presented below.
March 2010 – the first Ordinary General Meeting of TAU-
RON Polska Energia S.A. attended by retail shareholders. The
Ordinary General Meeting during which our shareholders
evaluated year 2009, granted approval of performance of
their duties for all members of the Supervisory Board and the
Management Board, and took a decision to allocate net profit
to the retained earnings account, took place in Katowice. The
meeting was attended by the company’s shareholders who
took over our shares as a result of the conversion of the shares
of our subsidiaries (Elektrownia Stalowa Wola, EnergiaPro,
Enion and Południowy Koncern Energetyczny) to the shares
of TAURON Polska Energia S.A.
April 2010 – Fitch rating agency granted us a long term “BBB”
rating in domestic and foreign currency with a stable outlook.
According to Fitch TAURON Group will maintain a solid capital
structure and leverage ratios until 2013 in spite of increased
debt due to the planned substantial financial outlays.
However, the IPO price was quickly surpassed in the subsequent
weeks.
July 2010 – our shares were included in the MSCI Poland
Standard Index. The composition of this index is similar to
the WIG20 index. This way we joined the group of the largest
companies on the Warsaw stock market that enjoyed a particular
interest among foreign investors. MSCI Poland Standard
Index constitutes a reference point for the portfolio compositions
and is a basis for investment decision making by many
foreign funds.
September 2010 – we were included in the mWIG40 index.
In terms of free float volume of shares we already fulfilled
the preconditions for the inclusion in the prestigious
index of 20 largest companies on the Warsaw stock market.
However, the volume of our shares trading was too low prior
to the September index revision.
May 2010 – Komisja Nadzoru Finansowego (Polish Financial
Supervision Authority) approved our issue prospectus. In a public
offering the State Treasury sold, for over PLN 4.2bn, more
than 821 million TAURON Polska Energia S.A. shares. The IPO
turned out to be a great success. Individual investors’ interest
surpassed the expectations of the Ministry of State Treasury. In
spite of increasing the number of shares allotted to this group
of investors from 20 to 25 percent of shares offered a reduction
of the number of shares allocated to each investor turned out to
be necessary. The shares sold by the State Treasury were bought
by 231.1 thousand individual investors and 121 institutions.
June 2010 – the debut of TAURON Polska Energia S.A.
on the Warsaw Stock Exchange (WSE). At the first session’s
opening bell our shares cost PLN 5.13, i.e. exactly the same
as the IPO price. TAURON made its debut on the stock market
in adverse market conditions which led to a minimal
decline of the share price at the first session’s closing bell.
October 2010 – we acquired the status of one of the first
participants of trading on the WSE Commodity Market.
December 2010 – our shares were included in the WIG20
index. We were eighth with the 4-percent share in the index
among the top 20 of the largest and most liquid companies on
the Warsaw stock market. The inclusion of our shares in the
most prestigious index on the WSE constitutes a confirmation
of the Group’s strong position on the Polish capital market.
December 2010 – we launched a five-year bond issue program
worth PLN 1.3bn with the primary objective to refinance
the debt of TAURON Group’s subsidiaries. On December 29
we issued the first tranche of bonds worth almost PLN 850m.
The proceeds from the issue were transferred to our subsidiaries
through an issue of intra-group bonds. The remaining
tranche, worth up to PLN 450m, will constitute a flexible
source of financing our needs.
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