Any indicator, index or figure made publicly available or published, periodically or regularly calculated using a formula or on the basis of the value of one or more assets or underlying prices, including estimated prices, actual or estimated interest rates or other values, or data from surveys, in reference to which the amount of payment for a financial instrument or the value of a financial instrument is set.

Best Available Technique (BAT)

Best Available Technique as defined in Directive 96/61/EC is the most effective and advanced stage in the development of activities and their methods of operation which indicate the practical suitability of particular techniques for providing in principle the basis for emission limit values designed to prevent and, where that is not practicable, generally to reduce emissions and the impact on the environment as a whole.

Carbon footprint

The overall emission of greenhouse gases directly or indirectly caused by a person, organisation, event or product. It is a type of ecological footprint. Carbon footprint covers the emission of CO2, methane, nitrous oxide and other greenhouse gases, expressed in CO2 equivalent. Carbon footprint is measured in tCO2e - tonnes of CO2 equivalent.

Code of Best Practice for WSE listed companies

The Code of Best Practice is a "soft" law. This means that companies should comply with its provisions (it is assumed that they accept and commit to this duty when they are listed on the stock exchange) but at the same time the WSE does not impose any sanctions for non-compliance or partial compliance. In accordance with the "comply or explain" principle, even though the companies may not apply certain Best Practices, but if they choose not to apply any of the principles (permanently or temporarily), the company is obligated to inform the market about this fact. A current report (transmitted using the EBI system) should contain not only information about the non-compliance with a principle but also describe the circumstances and the reasons why the principle is not applied and additionally how the issuer intends to remedy the effects of non-compliance and any steps that could reduce the risk of non-compliance with corporate governance principles in the future. Even though non-compliance with the principles is not subject to any sanction (a penalty may be imposed against the issuer only in the case of non-performance or improper performance of its corporate governance reporting obligations), the market may punish the company that fails to comply with corporate governance principles by reducing its valuation.


Technological process involving a simultaneous production of electricity and heat in a CHP (combined heat and power) plant. Cogeneration offers significant savings and environmental benefits due to a lower consumption of fuel used to produce energy. 


Fuel produced in the coking process, which involves baking a mixture of special coal types in an airless furnace in the temperature of about 1000°C. The coking process removes volatile parts from coal in the form of gases and the material that remains is pure coke – high-calorie, slow-burning product with a high carbon content. The JSW Group produces the following types of coke:

  • blast-furnace coke – used in the blast furnace process in steel mills,
  • foundry coke – used in foundries and in the production of mineral wool,
  • industrial coke – used in other production processes, e.g. in lime kilns, in carbide production, sinter plants and sugar refineries,  
  • metallurgical coke – coke with slightly different parameters than blast furnace coke, used in non-ferrous smelting and chemical industry,
  • fuel coke – used as fuel by the municipal sector and by individual consumers.

The choice of coke type depends mainly on the requirements of the technological process and the associated requirements regarding its parameters: granulation, mechanical strength, abrasion resistance and ballast (moisture and ash) content. In the case of blast furnace coke, major parameters of key importance for the buyers are: reactivity (CRI) and strength after reaction (CSR).

Coke-oven gas

Gas obtained during the coal coking process, after removal of liquid products (tar and benzol), sulfur and ammonia. Used in coking plants to fire coking chambers. Excess gas is used as fuel gas in heating stations and combined heat and power plants. It may also be used as raw material for generation of hydrogen or for chemical syntheses.

Coke-oven tar

Liquid product of the coal coking process, separated from raw coke-oven gas through condensation. Coke-oven tar is used mostly for further processing through distillation. Other potential applications include: as a reducing agent in metallurgy, as a coal charge wetting agent in coke production, and as fuel for industrial energy sources (individually or in a mixture with other oils).

Coking coal

Coal with specific quality parameters and characteristics, used for industrial production of coke.


Transformation of a state-owned company into a company wholly owned by the State Treasury (limited liability company or joint-stock company), performed by the State Treasury Minister acting on behalf of the State Treasury. The term is defined in the Commercialization and Privatization Act of 30 August 1996.

Company Bargaining Agreement (ZUZP)

Normative agreement regulated in the Labor Code concluded by the employer and trade unions. ZUZP may contain a broader and more advantageous definition of employee rights regulated in the labor code or in other regulations, but it cannot contain any regulations that would be less advantageous for the employee than the the labor law. 

Corporate Governance

This term should be considered in three different but closely related aspects.

  • In the main sense, corporate governance is a set of principles and standards relating to broadly defined management of an organization.
  • Corporate governance can also be defined as recent initiatives, studies and implementations of best practices in private and public organizations, especially in public companies.
  • In its third meaning, corporate governance refers to a specific organization (especially a corporation) and covers its individual principles of management and oversight and relations between its founders (including shareholders) in connection with their membership (interest) in the organization (corporation).

Corporate Social Responsibility (CSR)

Is an approach to the pursuit of business objectives which improves the quality of life of the stakeholders through provision of safe and high quality products and services and does not contribute to the increase of the company's negative impact on its surroundings. It is a management concept, which takes into account the company's responsibility for the effect it has on employees, customers, shareholders, local community and the environment. It is a part that the business contributes to the implementation of the policy of sustainable economic growth. It is a philosophy of running business in line with the sustainable growth principles.


An enterprise risk management standard in the form of a six-sided dice. It describes elements such as: external environment, setting targets, identifying events, evaluating risk, responding to risk, control, information and communication, monitoring.

Current liquidity ratio

Current assets / current liabilities excluding current provisions.


Capitalization at the end of the reporting period / equity.


Capitalization at the end of the reporting period / net profit of the shareholders of the parent company.

Debt ratio

Total liabilities / total equity and liabilities.

Debt to equity

Total liabilities / equity.


Natural accumulation of minerals in the Earth's crust or on its surface, in the form and in the area that allow for its economic utilization, now or in the future.

Dividend per share (DPS)

Dividends from the profit in the previous year / number of shares.

Earnings per share (EPS)

EU emission allowance trading scheme. This is a system of trade caps introducing a limit on the total emissions of certain greenhouse gases emitted by installations covered by the scheme. This is the world's first and largest market for CO2 emission allowances.

EBIT margin

Operating result x 100 / Sales revenues.


For every calculation period, the sum of the operating result, depreciation and amortization.

EBITDA margin

EBITDA x 100 / revenue from sales.

Equity ratio

(Equity – Intangible assets) / Total assets.


(Enterprise Risk Management) - Enterprise risk management - is one of the management tools supporting the effectiveness of the implementation of strategic and operational goals, as well as providing information on the Company's risks and the effectiveness of their management.


EU emission allowance trading scheme. This is a system of trade caps introducing a limit on the total emissions of certain greenhouse gases emitted by installations covered by the scheme. This is the world's first and largest market for CO2 emission allowances.

EV/Adjusted EBITDA

Sum total of capitalization and net debt / EBITDA adjusted for non-recurring events.


A standard developed by the Federation of European Risk Management Associations. It introduces risk identification methods, with risk understood as both an opportunity (positive effect) and a threat (negative effect).

GDP (Gross Domestic Product )

Gross Domestic Product - the stream of new products in a given time period (usually a year). The level of GDP can be counted in three ways: as expenditures on the goods and services of economic entities (households, companies, countries and foreigners), as the size of production in various branches of economy and as total income understood as the overall pay and profit of entities producing GDP.


Greenhouse gas.

Industry 4.0

A general concept alluding to the term "industrial revolution" in connection with the contemporary intertwined use of automation, processing, data exchange and manufacturing techniques. This is a collective term defining techniques and rules for the organisational functioning of the value chain that combine or use cyberphysical systems, the Internet of Things and cloud computing.

International Financing Reporting Standards (IFRS)

Standards, together with interpretations, that have been approved by the International Accounting Standards Board.

International Integrated Reporting Council (IIRC)

Founded in 2010, consists of accountants, companies, institutions, investors and NGOs.

ISO 31000

A family of risk management standards developed by the International Organization for Standardization (ISO).

Mining Area

Area in which a business is authorized to extract minerals covered by the concession.

Open hearth furnace

A batch furnace for steelmaking, with recovery of heat from outgoing waste gases. Used for melting steel from pig iron and iron scrap.

PCI (Pulverized Coal Injection)

Technology for injecting pulverized coal into blast furnaces.


Capitalization at the end of the reporting period / net profit of shareholders of the parent company.

Recoverable reserves

(1) the portion of measured/industrial resources located in longwall workings, which also includes interlayers up to 5 cm thick; this category is specific to the Polish reserve classification system; (2) Industrial resources multiplied by the industrial resources utilization ratio, considering the sum of possible losses in the mining process; reserves equal to theoretical extraction;


Renewable energy sources.


The quantity of minerals in a deposit; there are several types of reserves with different level of economic feasibility, precision of exploration and available extraction technology.

Respect Index (RI)

Includes socially responsible companies listed on the WSE Main List. Corporate social responsibility is defined as a management strategy and a business approach, which involves building good and lasting relationships based on the mutual understanding of and respect for the wider business environment.

Return on equity

Net financial result x 100 / equity.

Share price/Book value

Capitalization at the end of the reporting period / equity.

Short-term debt ratio

Current liabilities / Total liabilities and equity.


A person or entity, which has interest in the company's business and carries any risks associated with its operation and any persons or entities, which may be affected by the company through its operation. In contrast to shareholders, who are primarily interested in profit earned from the company's operations, stakeholders are a much broader group, which includes, among others, its employees, customers, suppliers, public administration, local community and the environment. The term "stakeholder" was first introduced by the Stanford Research Institute in 1963.

Steam Coal

Natural material used for electricity and heat generation; a semi-finished product of the coking coal enrichment process; because of its purpose it is also called thermal coal; used mainly by commercial power plants and CHP plants; its usual calorific value is approx. 21 MJ/kg.

Warsaw Stock Exchange (WSE)

Public institution established to ensure the capacity to trade securities (such as shares, bonds, pre-emptive rights etc.) and financial instruments other than securities (options, futures) admitted into trading on the stock exchange.

Warsaw Stock Market Index (WIG)

the first stock exchange index, calculated since 16 April 1991. The initial value of the WIG index was 1000 points. At present WIG includes all the companies listed on the WSE Main List that meet base eligibility criteria. WIG follows the diversification principle, which is aimed at limiting the share of a single company and a single exchange sector. It is an income-based index and thus when it is calculated it accounts for both prices of underlying shares and income from dividend and pre-emptive rights.

White certificates

Certificates confirming that a specified amount of energy was saved as a result of a modernisation project intended to improve energy efficiency.


An index based on the value of the portfolio of 20 largest and most liquid companies on the WSE Main List.


An index based on the value of the portfolio of 30 largest and most liquid companies on the WSE Main List.


Index published since 3 September 2019 on the basis of the value of a portfolio of companies that are considered as socially responsible, i.e. observing corporate social responsibility rules , especially in environmental, social, economic and corporate governance issues.


A sectoral index that includes companies being part of the WIG index and assigned to the "mining" sector.

WIG-Poland (formerly WIG-PL)

The first national index calculated by WSE since 22 December 2003. The index includes only domestic companies listed on WSE's Main Market that meet the base criteria for participating in indexes.

Ammonium Sulfate

Product obtained by removing ammonia from raw coke-oven gas. Used mostly in agriculture as a fertilizer.


Products obtained in the coking process; their production levels are closely correlated with the coke production level. Hydrocarbons include coke-oven gas, coke-oven tar and benzol. Other hydrocarbons include ammonium sulfate and liquid sulfur.

JSW Group (Group)

The Capital Group of Jastrzębska Spółka Węglowa.

Liquid Sulfur

Product of sulfur removal from the coke-oven gas through oxidation of hydrogen sulfide. Liquid sulfur is used as raw material by the chemical and rubber industries.

Long-term debt ratio

Non-current liabilities / Total liabilities and equity.

Net sales margin

Net financial result x 100 / revenue from sales.

Non-current assets to equity

(Equity + non-current liabilities excluding non-current provisions) / non-current assets.

Quick liquidity ratio

(Current assets - inventory) / current assets excluding current provisions.

Type 34 Coal

Coal with worse coking parameters than type 35 coking coal; it is used for the production of metallurgical coke and fuel coke.

Type 35 Coal

Coal with excellent coking parameters, adequate as the main raw material for the production of top quality metallurgical coke with low CO2 reactivity levels and high mechanical strength; it is also used to produce high quality foundry coke.