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- LOTOS Annual Report 2011 /
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- Achievements and forecasts /
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- Grupa LOTOS on the stock market
Grupa LOTOS on the stock market
As at the end of 2011, the market capitalization of Grupa LOTOS was PLN 3,026bn.
PAGE CONTENTS
Grupa LOTOS debuted on the Warsaw Stock Exchange (WSE) on June 9th 2005. Under the Issue Prospectus, 78,700,000 ordinary Series A shares with a par value of PLN 1 per share and 35,000,000 ordinary Series B shares with a par value of PLN 1 per share were introduced to public trading. Following the issue of Series B shares, on June 28th 2005, the increase in Grupa LOTOS's share capital to PLN 113,700,000 was registered.
The issue price was set at PLN 29, and after the trading started, the market price rose to PLN 32, that is by 10.34%.
Through the public offering, Grupa LOTOS raised proceeds of PLN 1,015,000 thousand. They were applied towards the acquisition of shares in Rafineria Czechowice S.A. (80.04% ownership interest), Rafineria Jasło S.A. (80.01%), Rafineria Nafty Glimar S.A. (91.54%) and Petrobaltic S.A. (69%), as well as for the execution of the Comprehensive Technological Development Programme of the Company's refinery in Gdańsk (later called the 10+ Programme).
On July 17th 2009, another increase in Grupa LOTOS's share capital was registered, effected by way of the issue of 16,173,362 ordinary Series C shares covered with a non-cash contribution in the form of shares in LOTOS Petrobaltic, LOTOS Jasło and LOTOS Czechowice.
The current total number of Company shares is 129,873,362.
Stock price performance and trading volume
Shares' relative performance vs. stock-exchange indices
2011 was the time of falling stock prices and turbulences on the stock exchange. In the wake of the economic deceleration and the sovereign debt crisis in the eurozone, share prices on Warsaw Stock Exchange slid. Over the entire year, the WIG index lost 20.8% and WIG-20 - 21.9%. The index of fuel companies, WIG-PALIWA, fell by 16.6% in 2011 relative to 2010.
During the first half of the year, the price of Grupa LOTOS shares followed an uptrend, yielding a positive rate of return in the range from 10% to 30% at the beginning of the period. At the beginning of the year, the Company's shares outperformed significantly the WIG, WIG-20 and WIG-PALIWA indices. On April 21st 2011, the price of Company shares reached its all-year high of PLN 49.50 per share.
In the second half of 2011, the trend reversed and the Company's shares followed the market. At session close on December 31st 2011, the price was PLN 23.30 per share. The rate of return for the year 2011 was -35.90%. The Company’s market capitalization as at the end of 2011 was PLN 3,026bn.
Grupa LOTOS price performance vs. market indices in 2011
All-year low and high closing prices of Grupa LOTOS shares and closing prices on the WSE
At year end | |||
---|---|---|---|
Year | Low (PLN) | High (PLN) | Closing price (PLN) |
2009 | 7.21 | 32.80 | 31.80 |
2010 | 25.05 | 37.85 | 36.35 |
2011 | 22.26 | 49.50 | 23.30 |
Source: In-house analysis based on WSE data.
By month – 2011 | |||
---|---|---|---|
Month | Low (PLN) | High (PLN) | Closing price (PLN) |
January | 35.01 | 42.69 | 41.25 |
February | 39.12 | 43.15 | 40.27 |
March | 40.09 | 44.30 | 44.15 |
April | 44.00 | 49.50 | 47.51 |
May | 43.10 | 48.00 | 46.70 |
June | 43.57 | 47.80 | 45.15 |
July | 37.00 | 46.43 | 38.23 |
August | 28.00 | 39.49 | 30.84 |
September | 23.70 | 31.00 | 25.24 |
October | 22.32 | 30.00 | 28.68 |
November | 22.89 | 29.24 | 25.00 |
December | 22.26 | 26.45 | 23.30 |
Source: In-house analysis based on WSE data.
Rate of return
At year end | |||
---|---|---|---|
Year | Rate of return at end of period (%) | Rate of return at beginning of period (%) | |
2009 | 166.11 | 166.11 | |
2010 | 14.31 | 14.31 | |
2011 | -35.90 | -35.90 |
Source: In-house analysis based on WSE data.
By month – 2011 | |||
---|---|---|---|
Month | Rate of return at end of period (%) | Rate of return at beginning of period (%) | |
January | 13.48 | 13.48 | |
February | -2.38 | 10.78 | |
March | 9.64 | 21.46 | |
April | 7.61 | 30.70 | |
May | -1.70 | 28.47 | |
June | -3.32 | 24.21 | |
July | -15.33 | 5.17 | |
August | -19.33 | -15.16 | |
September | -18.16 | -30.56 | |
October | 13.63 | -21.10 | |
November | -12.83 | -31.22 | |
December | -6.80 | -35.90 |
Source: In-house analysis based on WSE data.
According to data furnished by the WSE, the total value of trades on the Company shares, that is the aggregate value of all transactions on Grupa LOTOS securities concluded in 2011, was PLN 3,299.07m. 73.10% of Grupa LOTOS share were traded in 2011. The average daily trading volume was 377 thousand shares per session.
Company shares trading volume and value
At year end | ||||
---|---|---|---|---|
Year | Trading value (PLN m) | Share in trade on the WSE (%) | Turnover rate (%)* | Average trading volume per session |
2009 | 3642.56 | 1.11 | 173.00 | 381,938 |
2010 | 3684.33 | 0.88 | 53.40 | 234,464 |
2011 | 3299,.07 | 1.31 | 73,.10 | 377,048 |
* Turnover rate – the ratio of annualised trade for a current period to market capitalization at end of period.
Source: In-house analysis based on WSE data.
By month – 2011 | ||||
---|---|---|---|---|
Month | Trading value (PLN m) | Share in trade (%) | Turnover rate (%) | Average trading volume per session |
January | 272.12 | 1.33 | 5.50 | 350,709 |
February | 248.99 | 1.26 | 4.70 | 303,908 |
March | 305.68 | 1.28 | 5.60 | 313,718 |
April | 285.75 | 1.51 | 4.60 | 315,443 |
May | 445.54 | 1.94 | 7.50 | 464,260 |
June | 171.52 | 0.77 | 2.90 | 177,348 |
July | 230.24 | 1.19 | 4.40 | 274,450 |
August | 345.68 | 1.29 | 8.10 | 478,356 |
September | 258.08 | 1.18 | 7.50 | 442,567 |
October | 287.72 | 1.41 | 8.60 | 532,307 |
November | 209.86 | 1.06 | 6.00 | 391,731 |
December | 237.88 | 1.57 | 7.60 | 467,967 |
Source: In-house analysis based on WSE data.
Stock market ratios
End of year, December 31 | |||||||
---|---|---|---|---|---|---|---|
Year | Number of shares (million) | Weighted average number of shares (million) | Capitalisation at year end (PLN m) | Book value (PLN m) | Earnings per share (PLN) | P/E* | P/BV* |
2009 | 129.87 | 121.144 | 4,130 | 6,809.4 | 7.44 | 4.28 | 0.61 |
2010 | 129.87 | - | 4,721 | 7,498.8 | 5.23 | 7.00 | 0.63 |
2011 | 129.87 | - | 3,026 | 7,781.4 | 5.00 | 4.66 | 0.39 |
* Based on the year-end price.
Source: In-house analysis based on the Company and WSE data.