Special Issue:
Krynica Economic Forum 2010
September 2010 nr 6(12)
Poland on the world stage
September 2010 Table of Contents Politics _ 4
Divisions spoil Solidarity’s 30th Anniversary celebrations Central Europe Takes Charge of the EU
5
Krynica Forum _ 7 8 10
Poland on the world stage Warsaw Stock Exchange – battling for CEE regional dominance Economic briefs_ – Foreign investment reaches Eur 6.3 billion in the first half of 2010 – New GDP forecasts for Poland reach record levels – Vodafone to exit Poland – Poland First To Go?
11 12 13 13 14 15 16
Poland emerging as Europe’s shared services haven Shale gas’ potential to shift geopolitical and economic balance of power Buzek uses post of European Parliament Presidency to promote the Eastern Partnership Asseco software group bids for global presence Polish brands build foothold at home – now expanding abroad Global leader in the realm of Arabian horse breeding Polish brands: the success stories
Business News _ 17 20
New Companies in KRS Prime Minister Tusk to woo Indian business during state visit
Pravitization _ 18 18
Privatization up-date Privatizations: Jan.–Jun. 2010
Events _ 22
Calendar
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Divisions spoil Solidarity’s 30th Anniversary celebrations In the last days of August, while Gdansk and Gdynia feted with fireworks the agreement that lead to the formation of the Solidarity trade union in 1980, the fireworks between warring political factions marred the festivities.
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off the show that was broadcast live on television. A day earlier in Gdyni a, Walesa joined Prime Minist er Donald T usk t o la y f lowers at a monument for shipyard workers killed in clashes with the Communist r egime in 1970, and he and Tusk later attended a c ommemorative musical performance. Walesa refused to attend the official ceremonies – some cer emonies he boy cotted, others he was not in vited to - accusing the Solidarnosc leadership of bec oming too in-
Thousands gathered in Gd ansk to hear U.S. volved in Poland’s political power struggles. singer Macy Gray and the UK’s Marianne Fa- “Solidarity as a trade union is an obstacle in ithful, on a speci ally-designed stage in the many fields,” Wałęsa has said, sug gesting Gdansk shipyard, and to watch fireworks by that the union is best suited to play a social France’s famous Group F. Lech Walesa, Po- role in society. lish President Bronislaw Komorowski and And at a speci al event mark ing the 30th Senate speaker B ogdan Borusewicz kicked anniversary, delegates booed and whistled at T usk and K omorowski as each tr ied t o speak, in a partisan event in which the Solidarity union members soundly applauded politician Jaroslaw Kaczynski, head of the conservative PiS party. Tusk, reacting to the aggression, said “Genuine solidarity should exclude hatred.” One of the leaders of the shipyard strikes, Henryka Kzywonos-Strychowska, said that Jaroslaw K aczynski was t o be blamed, adding that K aczynski “ should not incit e people against each other.”
The 30th Anniversary events c ommemorated the two- week-long str ike at the L enin S hipyard in Gd ansk, which led to the signing by the communist regime of an a greement on A ugust 31, 1980 with strikers led by shipyard electrician Lech Wałęsa that paved the way for the creation of Solid arity (Solidarnosc), the first and only independent trade union in the entire Soviet bloc. The Solidarity movement gained world-wide attention, and was suppor ted by the Catholic Church. Wałęsa met with Pope John-Paul II at the Vatican in 1981 and a gain during the Pope’s visit to Poland in 1983. Solidarity went on t o ne gotiate in 1989 a peaceful end to communism in Poland and the subsequent election in 1990 of Lech Walesa to President of the Republic of Poland. “History must give the Poles the principal credit for bringing the Soviet bloc to its knees,” says Norman Davies in his book Europe, A History. The Solidarity movement “swelled into a nationwide social protest,” says Davies, whose work includes five books on P olish hist ory. Solidarity “ did not fight the Communists, it simply organized itself without them” to become “the only independent n organization in the Soviet bloc.”
Kaczynski in his speech – using the occasion for political opportunity - stressed the role that his late twin brother Lech and former President - killed in the plane crash in April - had in founding the Solidarnosc union. He said his brother at the time had fought for more rights for the striking shipyard workers, as opposed to those people - now close to the Tusk administration who were quick to agree to compromises with the then-communist rulers. The wounds are deep - L ech K aczynski had served as secur ity minister during Wałęsa’s presidency, but was fired by him and Jaroslaw Kaczynski lost to PO’s Komorowski in the r ecent July pr esidential elections – and suggest that solid arity among t oday’s politicians – with distinctly different views of the world and their r ole in its futur e - is as unlikely now as it was 30 years ago. n
September 2010
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Central Europe Takes Charge of the EU Once every thirteen years, each of the EU member states has the opportunity to take charge of the Presidency of the Council of the European Union, which is rotated between EU member states every six months. Next year, 2011, will be the year of Central Europe, as Hungary and then Poland take turns to do so, providing a unique “planetary alignment” of two Central European states, with much in common, to help shape the EU agenda. What in practice does this mean for business, and what are the issues that Hungary and Poland will try to push to the forefront of EU debate?
By Marek Matraszek Founding Partner, CEC Government Relations
The Council of the European Union is one of the two legislative bodies in the EU, the other being the European Parliament. The Council is composed of twenty-seven national ministers, one per member stat e, and the ex act membership depends upon the t opic being discussed. For example, when discussing agricultural policy the Council is f ormed by the twenty-seven national ministers whose portfolio includes this polic y area. The 2009 Lisbon Treaty, however, reduced the importance of the Presidency by ending the capacity of the head of state or gover nment of the member state holding the Presidency, to be also President of the Eur opean Council (a different body, being the EU heads of stat e or gover nment). That job, the President of the Eur opean Council, is now in the hands of Herman Van Rompuy, the f ormer Prime Minister of Belgium. The basic point is that following the ratification of the Lisbon Treaty, the picture of influence at any one time in the EU has shifted considerably, and it is only now in the coming months that we will be able t o see how these new institutions – not only European Council President Van Rompuy, but also the “High Representative of the Union for Foreign Affairs and Security Policy” (Baroness Catherine Ashton) – jockey for position with the Pr esident of the Eur opean Commission J osé Manuel
September 2010
Barroso, the President of the European Parliament (who is of c ourse former Polish Prime Minister Jerzy Buzek) and the c ountry holding the formal Presidency of the Council of the European Union. B y the time Hungar y and Poland take over, much of this will ha ve worked itself out , but it r emains inevitable that the influence wrought by most countries will be a function of that country’s size, its economic and geopolitical clout , the stability of its internal politics and above all the determination, vision and preparedness of its political class to seize the opportunities that its Presidency provides. Most of these factors work to Poland’s benefit, whilst Hungar y will have to work extremely hard to make its mark on the EU process. Poland is a ma jor player in Europe in general, and one where the political class is determined to make its Pr esidency a success, and not share the fate of the Czech Republic whose Pr esidency never got taken very seriously by anyone. One of the reasons was the internal instability in the Czech Republic, and this is perhaps the most obvious pitfall that Poland must avoid. The current electoral calendar makes it necessary for Poland to have a parliamentary election in the autumn of 2011 - unless Parliament takes a decision to end its t erm prematurely, allowing f or elections t o take plac e in spr ing 2011 and thus leaving a new government in place f or the Pr esidency. The most recent thinking in the office of PM Donald Tusk is that parliamentary elections should be held off until the last possible constitutional date, and a new government sworn in right at the end of 2011, thus lea ving the Pr esidency uninterrupted. That having been said, the prospect of Poland’s political class and government being absorbed by an election campaign in the middle of the Presidency does not bode well for coherence of policy.
But be fore P oland takes over the Pr esidency in July 2011, it will be Hungar y that first flies the flag of Central Europe in Br ussels. Having had elections in the late spring of 2010, and a ne w gover nment in plac e only since mid-year, the Hungarian political establishment faces the disadvanta ge that it has had only a relatively short time to prepare for the Presidency – unlike the government of Donald Tusk, which will ha ve had almost f our years of intense preparation by the same officials. Hungary is further handicapped by the fact of its parlous domestic economic situation, the r esult of eig ht years of disastr ous mismanagement by post -communist government earlier this decade. This economic weakness will make f oreign leaders sceptical of the ability of Hungary to achieve much, as well as provide them with substanti al economic and financial leverage over Hungary should it star t pr oposing positions that mainstream European countries might find disagreeable. On the other hand Pr ime Minister Viktor Orban is nothing if not determined and forceful on key areas of policy such as energy security, regional cooperation in the Danube basin, expansion of the EU t o Croatia, and arg uing for continued transfers to the Central European region on the nex t budget perspective. Above all, Orban is committed to establishing a strategic regional relationship with Poland. It was quite deliberate that he chose Poland as the first country he visit ed aft er bec oming Prime Minister, even before his visit to Brussels. O rban has tr emendous sentiment t owards P oland, ha ving visit ed the c ountry many times in his y outh, and believes that they two countries are joined by a c ommon geopolitical interest in key areas of policy. Poland is perhaps mor e circumspect in its attiContinued on page
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Central Europe Takes_ Charge of the EU _ Continued from page 5 tude t owards Hungar y, c oncerned that Orban’s robust defence of Hungarian nationality interests will destabilize the so- called Visegrad Gr oup – the inf ormal g rouping of Poland, Hungary, Czech Republic and Slovakia – by which P oland holds g reat store in terms of influencing Brussels. Thus far however, Poland has taken its preparations ser iously. To more closely coor dinate e fforts, the f ormerly independent European Integration Office has been inc orporated into the Ministr y of Foreign Affairs. Work has been split between the Department of Co-ordination of the EU Pr esidency (technical and organizational aspects) super vised by deputy foreign minister Mikolaj Dowgielewicz, and the Department of Economic Policy (policy aspect) supervised by deputy minister Piotr Serafin. There are five main policy areas where Polish pr iorities will be de fined: the new financial perspective 2014-2020; internal market; energy and climate; Eastern Partnership; and de fence and secur ity. Although Poland and Hungary are in two separate “trios” – the formula of three successive countries hol-
ding the Pr esidency work ing t ogether t o a common agenda – the two gover nment have been engaged in the last few months in an intense dialogue to bridge this slightly unnatural gap between the two . Ar eas wher e cooperation and a c ommon agenda is certa-
the prospect of Poland’s “ political class and government being absorbed by an election campaign in the middle of the Presidency does not bode well for coherence of policy
”
inly possible are in energy security and a common Eur opean energ y polic y; E astern Partnership; and the post 2013 EU budget structure. The Hungarian and Polish Presidencies provide for foreign investors in Central Europe a unique oppor tunity t o get their Eur opean agenda communicated to two successive governments with similar sensibilities and also a desire to work together. Ultimately howe-
ver, the ability of the Hungar ian and Polish Presidencies t o be a use ful platf orm on which companies can build their public affairs strategies will depend on the de gree of stability in those countries during the Presidency. In the case of Hungar y, that is assured thr ough the fact that Vik tor O rban’s Fidesz par ty won an over whelming twothirds parli amentary ma jority in this springs elections; and although Poland faces elections at the end of its Pr esidency, the election in July of Bronislaw Komorowski as Poland’s strongly pro-EU President will as sist the country in stabilising its appr oach on strategic EU issues. With stable internal politics, and a clear vision of the Europe they want to see, the two c ountries in tur n will look t o business and in vestors t o pr ovide their inputs as t o the polic y priorities they see as necessary to maintain growth and economic recovery. A new Hungary-Poland-Business “trio” therefore beckons as a unique opportunity to shape the European agenda, not just in 2011 but also f or a long time n beyond. Marek Matraszek is the Founding Partner of CEC Government Relations, www.cecgr.com, and can be contacted at mm@cecgr.com
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Poland on the world stage Looking back over the last 20 years, few prognosticators would have gotten it right in the case of Poland.
Mired in pover ty in 1990, and aft er more than 50 y ears without a functional market economy, Poland was more mis-developed than undeveloped. The yoke of the Soviets had been cast off, yet the futur e direction and development str ategy of the c ountry was open to debate. On one side wer e the free-market purists, like Leszek Balcerowicz, urging a rapid transformation and shock therapy to jolt the patient back t o life. On the other side wer e letharg ic vest ed int erests supporting a slower tr ansition – less “painful” and less disruptive. Generally speaking, the Balcerowicz camp won the day. Fast-forwarding to 2010, the P olish economy shows vigor, balance and dynamism that is the envy of most “eastern” European economies and many western European economies.
The Polish worker – often thought of as a common physical laborer – are now valued for their strong educational credentials, in fields such as IT and medicine and eng ineering. No longer are western Europeans recruiting Polish workers en masse t o work in agricultural fields, but rather as a source of highly-qualified software programmers, doctors or financial analysts. Polish models are recognized for their g race and beauty and often as top-earners in the fashion industry. Buzek and B alcerowicz are recognized and revered names in Brussels and Washington,
“Polish workers – often thought of as a common
physical laborer – are now valued for their strong educational credentials, in fields such as IT and medicine and engineering.” In this special edition of BizPoland Magazine prepared especially for the Krynica Economic Forum – itself c elebrating 20 years – we take a closer look at the individuals and companies that have come to personify the performance and transformation of Poland – and its g rowing influence on the world stage. Sectors that might earlier have been a source of stig ma or shame – such as pig far ming and v odka – ar e incr easingly highly-valued, a profitable source of export income – and even tr endy in certain consumer circles.
September 2010
and thought of as “ best-of-breed” in their respective fields. Technology has enabled the outsour cing of service labor from higher-cost countries to lower-cost, well-educated countries, and Poland is finding a big opportunity in the sector. Shared service centres and BPO and outsourcing services are producing tens of thousands of jobs that demand educat ed and innovative workers. Polish companies, pitched in battle a gainst each other over the last decades , have grown strong and resilient, and increasingly see opportunities to expand in western Eu-
rope, Russia, Asia and the Americas. Poland is often cited as one of the largest foreign investors in r egional economies. And P olish companies are making acquisitions – oft en large ones – in the United States, Scandinavia and Africa. Poland’s financial markets ar e buoyed by the twin pillars of a strong, well-regulated and innovative stock exchange and swelling pension funds that need t o invest in secur ities, underpinning the country’s equity markets. Private equity funds ar e doing deals outside of Poland, and foreign companies are listing their shares on the W arsaw Stock Exchange, drawn by its transparency and liquidity. Yet opportunities have been lost over the last 20 years – and perhaps lessons learned. Privatisation is a hot t opic in 2010, and although the current government admirably aims to finish the job, it’s a job that should have been largely completed 10 to 15 years ago. It has moved at a snail’s pace – so much so that this y ear’s privatization push is ac claimed as “ambitious”. The labor code remains an area of obfus cation, tax avoidance and outright fraud. Reforms and a lighter touch by the taxman will lead to higher revenue generation, through better economic growth and compliance by companies. Tourism in Poland – while far below the potential of southern European countries – suffers from rail stations that are shameful and road conditions that are deadly. More people died on P oland’s roads just in 2009 than all Allied combat deaths in Iran and Afghanistan in the last five years combined. Yet the nex t twenty years has the pot ential to put Poland in the main lea gue tables in Europe, and some say, equalize the per capita income gap. With enormous subsidies provided by the Eur opean Union, Poland’s infrastructure of roads and rail – as well as technology and human talent – ar e well on their way to being on a par with western Europe. The Euro 2012 f ootball championships are creating the necessary urgency and provide opportunities for the tourism sector. According to Mark Mobius of Templeton investment group, the Warsaw Stock Market has the potential to triple in the next decade. In the following pages, we profile some of the people and personalities who ha ve helped build Poland’s economy, and who ha ve established themselves as leaders and innovators behind Poland’s growing influence on n the world stage.
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Warsaw Stock Exchange – battling for CEE regional dominance Tightly-regulated and ambitious, the Warsaw Stock Exchange has grown into the largest stock market in central and eastern Europe, overtaking Vienna. The battle lines for regional dominance in CEE’s capital markets ar ena ha ve been drawn: P oland’s W arsaw S tock E xchange stands in direct competition to the Vienna Stock Exchange’s regional alliance which includes B udapest, Pr ague and a r eluctant Ljubljana. While the head-to-head competition has been clearly decided in favor of Warsaw (equity tr ading v olumes and market capitalization in Warsaw significantly exceed Vienna’s numbers), both pla yers are taking different tacks to improve their strategic position.
European Trading Statistics July 2010 Market Operator
Turnover (EURm)
Athens Exchange 2,155.1 BME (Spanish Exchanges) 98,032.5 Boerse Stuttgart 662.2 Bratislava Stock Exchange 1.9 Bucharest Stock Exchange 28.9 Bulgarian Stock Exchange 10.8 CEESEG - Budapest 1,408.3 CEESEG - Ljubljana 17.9 CEESEG - Prague 966.3 CEESEG - Vienna 2,593.8 Cyprus Stock Exchange 46.5 Deutsche Börse 92,187.5 Irish Stock Exchange 535.9 London Stock Exchange Group 162,975.5 Luxembourg Stock Exchange 11.1 Malta Stock Exchange 2.2 NASDAQ OMX Nordic 40,737.4 NYSE Euronext 121,565.0 Oslo Børs 12,062.2 SIX Swiss Exchange 47,241.2 Warsaw Stock Exchange 3,842.4 (source: Federation of European Securities Exchanges)
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Vienna has taken majority stakes in the stock exchanges in ad jacent countries of Hungary, Czech, and Slovenia, forming the regional alli ance C EE S tock E xchange Group – while Warsaw has continued alone under the wing of its 98%-shareholder, the Polish Treasury Ministry. While that cozy relationship is about to change in Q4 with the plan to sell 63% via an IPO of the Warsaw Stock Exchange on the W arsaw Stock Exchange, the shor t-term jocke ying f or strategic position will continue. In July 2010, the WSE announc ed a “strategic alli ance” with the g lobal ex change NYSE Euronext, which specifically involves the migration of the WSE’s system to the NYSE’s trading platform. Other specifics of that alliance have not been disclosed, and financi al t erms wer e also not disclosed. “The under taking we ar e now star ting with NYSE Euronext is, without any doubt, one of the most sig nificant moves aimed at developing the WSE further as an international market plac e, said Ludwik Sobolewski, C hief E xecutive O fficer. “I t is a direct consequence of the strategy adopted and implemented by the WSE B oard in recent years. We are at the very beginning as regards the strategic partnership, but this beginning comes at a very appropriate moment, complementing other, already much more advanced endeavours. ” The IPO will raise much-needed funds for the Treasury Ministr y, but the amount of new capital that will flow to the WSE as a direct result of the listing is not yet decided. The drive toward greater capital markets integration has squeezed smaller regional players and forced consolidation across Europe’s national ex changes. Regional stock exchange “ hubs” have formed - first ar ound the EURO NEXT market, which includes the west ern Eur opean markets of France, B elgium, N etherlands, P ortugal and Unit ed K ingdom. EURO NEXT is in turn owned by the NYSE which has rebranded it as NYSE EURO NEXT. Northern European markets of S tockholm, H elsinki and Copenhagen have clustered around the OMX group. And the battle is on between the Warsaw Stock Exchange, making strong inroads in building a C EE Market Hub, and the W ie-
List of Foreign Firms listed on the Warsaw Stock Exchange Automotive Components Europe S.A. ASBISc Enterprises PLC ASSECO Slovenia Astarta Holding NV Atals Estates BMP AG Cinema City CEDC CEZ Kernel Holding SA Kulczyk Oil Ventures MOL New World Resources Olympic Entertainment Group AS ORCO GROUP Pegas Nonwovens SA Plaza Centers Reinhold Ronson Development Silvano Group AS Sobieski UniCredit SpA WARIMPEX
ner Borse’s CEE Stock Exchange Group (led by Wiener Borse, and including ma jority controlling stakes in exchanges in Vienna, Budapest, Prague and Llubjana). “The Vienna bourse getting le ft behind is an undeniable fact”, said Treasury Minister Aleksander Grad. In the meantime, a number of fact ors are power ing the g rowth of the W arsaw Stock Exchange and impr oving its pot ential t o bec ome the “ lead do g” in the r egion’s capital markets. The Polish economy is per forming well, with expected GDP growth leading the r egion of 3% + in 2010, and a r ush to privatize firms is drawing foreign and domestic interest in new listings. The IPO listing of insurer PZU was the biggest in Europe this year and the listing of T auron energ y group drew strong interest from foreign institutional investors. Indeed, the WSE r eported a leap in tr ading by f oreign investors in the first half of 2010 to 47% of overall trading value, an 11-percentage-point gain on the same pe-
September 2010
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Wiesław Rozłucki, former president of WSE
Ludwik Sobolewski, president of WSE (far right)
riod last y ear. Domestic institutions ac counted for 33% of trading in Polish equities in the first six months of the year, with domestic individual investors responsible for the remaining 20%. UK investors contributed the largest proportion of foreign orders at the WSE , with 60%, followed by France with 13%. Austrian institutions are the dominant f oreign brokers in the options and futures markets, carrying out more trades at the WSE than on rival Austrian-based exchange W iener B oerse, according to the WSE. “The WSE has made good pr ogress in 2010, despite the continuing uncertain global economic environment, with increased foreign investor activity and a number of important new issues confirming our position as CEE’s leading capital market,” commented CEO Ludwik Sobolewski. The WSE has also taken the initiative to innovate, and its New Connect less-regulated market, launched in 2007, has made it easier for smaller firms to raise capital and subsequently list their shar es on the N ew Connect market . A lthough some market players in W arsaw dismiss the N ew Connect market as inc onsequential, others view it as an impor tant stepping-stone to the more formal listing on the main WSE exchange, which r emains an aspir ation of many Polish entrepreneurs.
September 2010
The WSE also r ecently intr oduced “naked short sales” on hig her volume shares, which satisfies a market demand. It also launched CATALYST, a market for bonds, which is drawing interest from corporates as well as incr easingly from cities and municipalities. In addition, thr ough its subsidiary, the Warsaw bourse r uns a platform for treasury bonds.
Poland’s pension funds have been a heavyweight par tner in the g rowth of the WSE , with investment outside of P oland largely restricted until recently. This has clearly boosted the market capitaliz ation of Warsaw, and has been a sig nificant factor in foreign firms seeking to list on the Warsaw Stock Exchange, in order to tap into the appetite of n Poland’s domestic pension funds.
Debuts in 2010 – Warsaw Stock Exchange Company
Eko Holding Fast Finance** Ferro Berling PZU Pragma Inkaso Dolnośląskie Surowce Szklane Kulczyk Oil Ventures LST Capital ABC Data Tauron Rank Progress TESGAS Harper Hygenics
Listing date (PLN)
Issue Price (PLN)
Value of offering
24.03.10 30.03.10 14.04.10 15.04.10 12.05.10 14.05.10 17.05.10 25.05.10 26.05.10 17.06.10 30.06.10 08.07.10 21.07.10 23.07.10
7,20 1,12 10,60 7,00 312,50 15,70 17,00 1,89 1,53 2,35 5,13 10,77 14,50 4,10
88 164 000 0 42 400 000 40 050 000 8 068 542 812 0 40 389 178 361 734 660 0 51 700 000 4 211 901 454 50 006 510 62 350 000 53 300 000
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Krynica Forum Economic briefs_
www.bizpoland.pl 2009 production statistics – Cars and Commercial Vehicles*
Foreign investment reaches Eur 6.3 billion in the first half of 2010 According to the Polish Information and Foreign Investment Agency (PAIiIZ), the preliminary data released by the N ational Bank of Poland show that the total foreign direct investment inflows (FDI) int o P oland in June 2010 wer e EUR 715 million. This means that the t otal volume of f oreign direct investment in Poland in the first half of 2010 was EUR 6.3 billion. The FDI numbers for the first six months of 2010 are 78% higher than the comparable period 2009. As much as 75% of the g reenfield investment in H1 2010 came fr om Europe, with most of the remaining part from America. The most important sectors of greenfield investment in the first half of 2010 were industry (29%), sales and marketing (19%), retail sales (13%), c onstruction (10%) and business services (9%).
New GDP forecasts for Poland reach record levels According to Gazeta Wyborcza and the r ecent forecast released by B ureau for Inves-
Country
Germany Spain France UK Czech Rep. Poland Italy Russia Belgium Slovakia Romania Slovenia Hungary Sweden Portugal Netherlands Austria Ukraine Finland Serbia Total
Commercial vehicles
Cars
4,964,523 1,812,688 1,819,462 999,460 967,760 819,000 661,100 595,839 524,595 461,340 279,320 202,570 180,500 128,738 101,680 50,620 56,620 65,646 10,907 8,720 47,952,995
245,334 357,390 228,196 90,679 6,809 65,133 182,139 126,592 12,510 0 17,178 10,179 2,040 27,600 24,335 25,981 15,714 3,649 64 1,355 13,761,694
% change
5,209,857 2,170,078 2,047,658 1,090,139 974,569 884,133 843,239 722,431 537,354 461,340 296,498 212,749 182,540 156,338 126,015 76,601 72,334 69,295 10,971 10,075 61,714,689
-13.80% -14.60% -20.30% -33.90% 3.00% -7.10% -17.60% -59.60% -25.80% -19.90% 20.90% 7.50% -47.30% -49.30% -28.10% -42.20% -52.20% -83.60% -38.70% -13.40% -13.50%
* Europe only
tments and Economic Cycles (BIEC) estimates that Polish GDP may reach 3.6% in 2010, making it the most optimistic forecast so far. According to the BIEC’s estimates, the Polish economy is also likely to expand faster than
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Gdaƒsk
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10
Total
predicted in the f ollowing years – 5.9% in 2011 and 6.5% in 2012. Analysts expect Poland’s future GDP growth to be driven by direct investments and strong domestic and foreign demand.
Vodafone to exit Poland – Poland First To Go? Domestic shar eholders in P olkomtel ha ve hired advisers for a possible sale of their stakes, which could begin as early as September, investment bankers famili ar with t elecoms said. “It would probably want to be part of a larger deal, with other shar eholders selling too,” a second telecoms banker said. Apart from Vodafone, state-controlled Polish companies together account for around 75 per cent of Polkomtel. Poland’s largest power g roup PGE hir ed ING to advise it on the options , and PGE’s chief executive said that Vodafone had also expressed an interest in selling. Oil refiner PKN is work ing with N omura and c opper miner KGHM is advised by KPMG. Bankers said that private equity firms including TPG, Blackstone, Apax, CVC and EQT would look at the business. When Danish telecoms group TDC sold its Polkomtel stake in 2008, the deal valued the c ompany at 3.7 billion eur os. “I don’t think the gover nment would want t o proceed with a sale for less than that valuation,” the second telecoms banker said. A lock -up per iod pr eventing V odafone from selling its stake recently ended and the value of the holding has more than doubled to ar ound $7 billion sinc e it boug ht the n stake.
September 2010
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Poland emerging as Europe’s shared services haven 2010 may go down as the year Poland finally “got it” – that the shared services and outsourcing services sector has tremendous opportunity for Poland, and looks set for continued rapid growth. While several key cities (such as Kraków and Wroclaw) have understood this already for some time, cities in Poland’s east, south, and northwest are keenly aware of the opportunities to expand their tax base, offer employment options for their young graduates, and modernize their city with new office buildings and state-of-the-art telecom services. And this is great news for large multinationals considering Poland as a shar ed ser vices or BPO destination. Increased competition within Poland means more options, better services, and contained costs for multinationals. By some estimates (PAIZ), the sector employs about 45,000 people, and is likely t o grow to 70,000 within two years. Those are “big headline” growth numbers, and means high demand f or modern office space, recruitment services, and legal and accounting work – to name just a few. At its very core, outsourcing is a labor arbitrage – a never-ending search for relatively low-cost, highly-skilled labor, versus an existing alternative. And P oland is well-plac ed for this trade. On the supply side, Poland has more than 2 million university -level students , and turns out about 400,000 g raduates each year (by far the dominant r anking in C EE). With major universities spread across many cities, the c ountry offers multina tionals choices of multiple locations, and relatively different sk ill sets and c ost-options. This army of young workers – reinforced and resupplied annually – is better educated than
September 2010
the EU average, and strong in European languages, technical and IT skills, and administration and accounting. The ecosystem of support for the outsourcing sector is also dynamic and improving rapidly. The stock of moder n C lass A office buildings has g rown substantially over the last five y ears, and cities tha t offered few choices – such as Szczecin, Gdansk, and Katowice – ha ve seen big incr eases in their stock of moder n office spa ce. C ity gov ernments offer administr ative and in vestor support, as well as pot ential for tax breaks for employment, grants of land, or other incentives. Financial incentives from the European Union ma y also be a vailable. And while broadband access in Poland’s countryside is poor, telecom quality and broadband access in the larger cities is often world-class. On the demand side, c ompanies wor ldwide ar e under pr essure t o cut c osts t o achieve profit targets, as revenue gains have been more difficult to achieve. Not only are there costs to wring out of rules-based, repetitive transaction tasks, but firms are increasingly a ware of labor -cost arbitr age f or higher value-added services, such as consulting, financial modeling, pharmaceutical research and advanced software programming. And sometimes it ’s not only about the costs – but the ability t o consolidate operations with better controls, or provide extra capacity for busy or over-loaded parts of the organization. In Poland, BPO and outsourcing service providers see fur ther potential in so- far
untapped areas. W hile most pr ovide services to clients that ar e ultimately based outside Poland, the domestic market holds potential as large P olish fir ms - such as banks, manufacturers and telecoms - seek cost reductions, operating efficiencies and higher financi al r eturns on their asset base. Poland’s public sect or, including minist ries, agencies, and citi es, is mostly unt ouched by outsour cing, and r epresents big potential – as is clear fr om the examples of the UK and western European governments. Another market, not to be dismissed, is the behemoth of the Eur opean Union, with its need for European language skills and cultural sensitivities. Ironically, the str ain on public finances and need f or budgetar y savings across Europe may ultimately benefit Poland’s outsourcing industry. As the sector passes its first stage of development, one can expect to see further differentiation and speci alization in P oland’s different r egions. O utsourcing mana gers are keenly a ware of the need t o move upmarket, providing more value-added ser vices t o sustain the shift of c ommoditized services to lower cost locations in India, “eastern” Europe, or lower-cost eastern Poland. As Poland’s smaller cities bite at the heels of the more established outsourcing locations, one can ex pect to see fur ther development and differentiation, and an altogether healthier and deeper outsourcing services sector n in Poland.
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Shale gas’ potential to shift geopolitical and economic balance of power While Poland’s coal mines continue to provide the bulk of the country’s electricity needs (91%) and to deliver huge export earnings, the potential of gas trapped in Poland’s ancient shale rock formations has excited the world’s major energy companies.
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American energy companies, who have the most ex perience with the c omplicated extraction techniques, are racing to establish strategic positions in P oland, in sear ch of huge reserves of shale gas. Although the amount of shale gas bur ied deep underground in Poland is unclear, geologists believe that the scale of discoveries could be significant. “Ever ything leads to a conclusion that in four or five years - and this is how much time we have to prepare for this – Poland will become a place with quite a lot of natur al gas”, said Macie j Wozniak, chie f adviser on energy security to Prime Minister Donald Tusk. While Poland consumes about 16 billion cubic metres of gas per year, mostly to heat homes, more than 50% has t o be impor ted from Russia. Geological studies suggest that Poland may have as much as 3 trillion cubic metres of shale gas, which if exploited would make Poland a net exporter of gas, even within the next 7-9 years. “The next 9 months are extremely critical for the pr ospects of shale gas in P oland”, said Piotr Spaczynski, a partner in law firm SSW, which has an energ y-focused division within the firm. “Dr illings have started already, and the results of the findings will be watched closely by energy companies.” The Ministry of En vironment has now granted hundr eds of ex ploration conces sions, generally lasting five years. The concessions c over specific territory, and ar e designed to provide enough time for testing the area for the availability of shale gas. The test drilling is more complicated than dr illing for conventional gas, since some of the shale-gas drillings are 4,000 metres deep. Entrenched energy companies in Poland largely dismissed the potential for economic
exploitation of shale gas sever al years a go, and made “ huge mistakes” by not secur ing more c oncession r ights, ac cording t o Spaczynski. “PKN Orlen may be an “accidental hero” by secur ing large tr acts of land twothree years a go before the cur rent exploration race began”, said Spaczynski. The Ministry is keen to grant concessions, unlike in Venezuela or Russia, since Poland is intent on diversif ying its supply of gas. Mineral rights in Poland are owned by the Ministry of Treasury, not by a city , municipality or local land owner. According t o Jerzy H adro, a c onsulting geologist at Petro-Konsult, shale stretches
The potential of shale gas “ may be one of the largest shifts we will see in our careers ” – Andy Inglis, head of Exploration at BP.
land. ConocoPhillips has an option to develop a huge swathe of land in the Silur ian shale under an exploration agreement with Warsaw-based Lane Energy.
National energy security plays big role Gas discoveries could enhance energy security for Poland and neig hboring countries such as the Czech Republic and Slovakia. Poland’s gas -distribution monopoly , P olskie Gornictwo Naftowe i Gazownictwo, cut sales to the nation’s largest r efiner, PKN Orlen, and the big gest f ertilizer maker , Z aklady Azotowe Pulawy, after last winter’s RussianUkrainian conflict left Poland with limited supplies. Nevertheless, PGNiG agreed in early 2010 a contract with Gazprom for almost threefourths of its gas until 2037. Polish shale gas is “ a long way off” from having a serious impact, Gazprom said in a statement.
Too optimistic? from Łeba in north Poland to the southeast area past Rzeszow. He said that about 20% of Poland has significant potential for shalegas. Hadro also advices Houston-based firm EurEnergy, which is ex ploring for shale gas in Poland at several of their concession areas. Hadro said that r eal results, in terms of gas flowing from shale, ar e at least thr eefour years in the future. Firms like Conoc oPhillips, Exxon Mobil and Marathon are among big pla yers (and there are plenty of independents : Aurelian, San Carlo, BNK, and 3 Legs) investing in Po-
PGNiG, which pr oduces about 4.1 billion cubic meters of gas a y ear in Poland, plans to drill in shale f ormations with Marathon and Calif ornia-based C hevron Cor p., said Piotr Gliniak, the company’s exploration director. But it may turn out that Polish shale formations ha ve t oo much wat er t o tap using techniques currently employed in the U.S., he said. “It seems to me that at the moment, the foreign companies are a bit t oo optimistic about what may be found in Poland,” Gliniak n said.
Baltic Depression
Operators Chevron
Mazury-Suwałki Uplift
Exxon/Mobil Indiana (BNK Petroleum) Lane (3Legs Resources) Marathon
Danish-Polish Marginal Trough
Oculis (San Leon) PGN i Gazownictwo SA Saponia
NE German-Polish Basin
Other
September 2010
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Buzek uses post of European Parliament Presidency to promote the Eastern Partnership Selected to the post of presidency of the European Parliament in July 2009, the career of Jerzy Buzek, a former Prime Minister of Poland, has been reignited. His rise to the top of the European Union has had positive political implications for Poland’s image in the hallowed halls of Brussels.
Buzek’s ascent has not been a str aight trajectory upwar ds. H e has zig ged and z agged along the way, using a combination of persistence and charm – backed up by a rigorous intellect steeped in chemical eng ineering – to grab the top political position in the EU. Back in 2001,his chances to succeed in Polish politics – much less on a European level – looked doomed. In lat e 2001, the B uzek-led minority government of Solid arity Electoral Action (AWS) went into elections less popular than any other government in Poland’s post1989 history – and, in a rare example of an extreme shift in v oting preferences, it failed t o gain a single seat in parliament. Few now remember that he started his political career by gaining just 1,488 votes in parliamentary elections in 1997 won by the AWS.
Back then, electoral law was such that even as low a tally as that was enough to secure Buzek a seat in the Sejm, Poland’s lower house. That made him little more than a side-show in the AWS, a loose affiliation of right-wing parties. But that changed when, in a shock move or chestrated by c oalition leader Mar ian Krzaklewski, he was catapult ed into the post of prime minister. Buzek served as prime minister from 1997 to 2001. B ut after three years into his term, almost 60% of voters were critical of the government’s achievements. To this day Buzek’s government is remembered for carrying out four immense and fundamental reforms – generally unpopular - that many other countries would only have implemented gradually and with the greatest of care. In January 1999, Po-
Asseco software group bids for global presence Starting as a small producer of software for cooperative banks founded in Rzeszow in southeastern Poland, Asseco Poland has become Europe’s fifth-largest software vendor by revenue and was responsible for 3% of combined sales by Europe’s top 100 software vendors. CEO Adam Goral, who has led the firm’s development and still owns mor e than 10%, has hopes that Polish firms can become lea-
September 2010
ders on a global or European scale. His firm is already well on its wa y to establishing a global footprint.
land adopted different healthcare, pensions and education systems, as well as a different administrative structure. Following the parli amentary elections in 2001, Buzek spent three years out of parli amentary politics, returning to his role as a professor of chemical eng ineering, but that period ended in 2004, when he became a member of the European Parliament. That break from politics proved time enough for Buzek’s image to undergo a dramatic change: from being the face of a failed and hugely unpopular government, he became an almost legendary figure of the right-wing. After all, he remains the only Polish prime minister to have served a full f our-year term. He was aided by the contrast he provided to the rest of the AWS: in a party characterised by fierce fighting between its factions, Buzek appeared a man of moderation and compromise. He managed to burnish that new image during his first term in the European Parliament, by finding a topic to champion: environmental regulations and how P olish industry – par ticularly steel and coal, the defining industries of his native region of Katowice – should respond to them. For instance, Buzek became a spokesman for one of the EU- sponsored carbon capture and storage (CCS) installations to be located in Poland. Buzek’s recent rise – and staying power at the helm of the Eur opean Union – bodes well for Poland as it c ontinues to build its image across Europe as a r eliable and repun table political and business partner.
Goral has built A sseco vi a ac quisitions, buying up more than 20 software firms throughout Europe in the last 5-7 y ears. With more than 8500 employees (half in Poland), Asseco’s subsidiaries have a strong presence in Europe, ranging from Sweden to Spain and the Balkans. And the firm is on the cusp of moving into the United States with the planned purchase of a N asdaq-listed technology firm – to be paid f or in cash. A sseco booked solid net profits of 365 million pln on 3.05 billion pln revenue in 2009 – and had cash balances of 510 million pln at 30 June. “The target firm is a bit smaller than we are, and will give us access to the US market and a platf orm for ex pansion there”, said Continued on page
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Polish brands build foothold at home – now expanding abroad Poland’s shoppers ’ fascination f or all things “foreign” has undergone a transformation in recent years. While many Polish entrepreneurs cr eated “ faux” f oreign brands to sell their products faster, the appeal abroad of home-grown Polish brands has g rown. L ong-established c onsumer brands, like W edel, ha ve been joined by newer brands – such as Ing lot cosmetics and Simple clothing – moving up the ranks in t erms of popular ity among western consumers. Inglot – an “overnight” success started 25 years a go by chemist W ojtek Ing lot – r ecently opened a flagship store in New York’s Times Square, and now has mor e than 250 outlets across the world, including in Abu Dhabi, Sydney, New Delhi and London. Simple r etail shops , with locations in Germany as well as nearly ever y ma jor shopping centre in Poland, was star ted in 1993 and taken over by Gino Rossi a f ew years ago. One of P oland’s oldest and best -known brands, Wedel chocolates, is soon t o be in the hands of a Japanese retail conglomerate Lotte Group. The brand already has good name-recognition in many parts of western Europe, and its new owners – with extensive And Poland’s crop of ever-younger and everretail distribution networks in Asia’s chicest more beautiful models g race the pa ges of cities – see potential in building Wedel into glossy magazines from Milan to New York and a truly global brand. Tokyo. While Anja Rubik may top the world’s
Asseco software group_ bids for global presence_ Continued from page 13
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Goral. “ We will c ontinue to look f or large companies overseas. W e ar e talk ing with companies fr om P ortugal, Spain, Switz erland and Scandinavia. And we are very interested in the Russi an market” , he said. Plans also include the establishment of A sseco Western Eur ope t o c over the Unit ed Kingdom, the Netherlands and Belgium. Asseco Poland SA is the largest I T company listed on Warsaw Stock Exchange. It is also a major player in the European software producers market , with r evenues c oming from proprietary software and services. The firm was ranked fifth of the „TOP100 European Software Vendors” (published by Truf-
fle Capital) for the year 2008. Its specialization in production and development of software allows it t o compete successfully with worldwide market leaders. I t is one of the
list of elegant fashion models, the list of Polish girls at the pinnacle of world fashion is long indeed – including J oanna Krupa, Anna J agon dzinska, and Anna Przybylska.
few Polish companies to develop and implement a c entralized and c omprehensive I T systems for the bank ing sector utilized by over half the banks in Poland. Following a merger with ABG S A in early January 2010 Asseco Poland entered a number of new markets, including the power and telecom sectors, health services, local administration, agriculture, uniformed services and int ernational organiz ations such as NATO and the EU. Drawing par allels between the development of Poland and A secco’s rapid growth, Goral said that “Poland is a completely different country now than just one gener ation ago”. And br idging the gap between P oland’s GDP per head and r esidents of western Europe - within another gener ation - is a goal n that Goral believes is within reach.
September 2010
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Global leader in the realm of Arabian horse breeding In August, top horse breeders converged on a little town in eastern Poland for one of the world’s most exclusive horse fairs. Buyers and breeders came from Kuwait, Saudi Arabia, Abu Dhabi, United States, Belgium and Germany. In terms of r esults and r elevance, there is only one g lobal leader in the r ealm of Arabian horse auctions – the “Pr ide of Poland”, held annually in J anow P odlaski, not far from the border with Belarus. From modest beginnings in the lat e 1960’s, the annual sale has evolved into the single most important auction for Arabian horses anywhere in the world and an accurate barometer of the economic climate of the industry. The sale of mare KW ESTURA f or Eur o 1.125 million in 2008 broke a new record. And a closer look at the pedig rees of the complete list of 2009 World Champion mare winners reveals the influence of Polish breeding to be monumental. With the exception of the straight Egyptian competitors, every single entry earning the title of W orld C hampion Top Ten owes a portion of their accomplishment to Polish ancestry. In an industry first, the awards presentation line-up at the Senior Mare Championship was comprised exclusively of mares from the Polish State Studs. Buyers in A ugust 2009 included S hirley Watts, the wif e of Rolling S tones’ drummer Charlie Watts, Sheikh Ammar bin Humaid A l Nuaimi, Cr own Pr ince of Ajman of Unit ed Arab Emirates, and Paul Gheysens, principal owner of developer Ghelamco. The 2010 auction – reflecting the economy – did not set ne w records. “The prices are a bit lower than last year,” said Krzysztof Poszepczynski, a private Polish breeder who offered four horses at the sale. “There are fewer investors and buyers than in 2008 and 2009, ” said spokesman for the fair Katarzyna Prochniewicz. Yet this year’s auction did not fail t o generate a buzz of emotion. The auction’s favorite horse, a 14- year-old grey mare named P ilar, sold for USD 318,700 t o Mohamed M A l-Sulaiti, representing Qatar’s Al-Shaqab Arabian stud farm. The horse’s buyer was r eady to pay more. “It’s like when a man chooses his woman and fights for her - she is my lady,” said Mohamed M Al-Sulaiti. “I think the price was actually low.
September 2010
PRIDE OF POLAND 2010 Results of Auctions (August) horse
I was ready to pay real money for her. For me, it’s not about the investment. I want to rebuild the best of the Arabian race in Arab states.” Other horses were bought by investors from the US, UK, Kuwait, Saudi Arabia, Belgium and Germany, among others. The horses are now en route to their new homes. (See adjacent list of full results of the auctions.) Rolling Stones drummer Charlie Watts visits the fair ever y year with his wif e, Shirley, who is a keen bu yer. “I’ve been c oming here for 20 y ears,” said S hirley Watts, who owns 250 horses. “I t’s a special obsession for a certain group of people. These horses are the best in the world. I’m ver y pleased with the ones I’ve bought here.” Janow’s appeal stems from its long tradition and preservation of blood lines f or centuries. The Janow stud’s history dates back to 1817, when the number of horses in Poland fell after the Napoleonic wars. Poland’s Russian occupiers rebuilt its army’s horseback regiment by creating a top breeding farm The effort was thwarted during the First World War and the Second World War when many of the horses perished. It took Janow more than two decades to reconstruct the st ock. It held its first auction in 1969. There are about 500 horses, both Arabian and Ang lo-Arabian, in J anow P odlaski. About half of the Arabians are sold abroad. “Polish horses are the smallest r isk,” said Christine Jamar, who runs a stud of 60 horses in B elgium. “ You’ve had only ex cellent horses here for several hundred years. I have found very good buys for my clients.” But not all of them are available, says stud director Marek Trela. “The very basic rule is: n Don’t sell the best that you have.” (Additional reporting from Reuters and Oasis Arabian Magazine.)
date of breeder/ birth /owner
country/ price buyer
Broodmares – 2010 AGUSTA 2005 Janów Podlaski Stud 40.000 ALTEA 2001 Janów Podlaski Stud 22.000 ARIADNE 2001 Janów Podlaski Stud 60.000 BAJGORA 1998 Janów Podlaski Stud 12.000 BATAWIA 2006 Janów Podlaski Stud CARUZA 2002 Białka Stud withdrawn CYROLKA 2002 Białka Stud DĘBOWA GÓRA 2000 Michałów Stud 22.000 DEMONA 1994 Michałów Stud EBLA 2004 Michałów Stud 35.000 EFUZJA 2001 Janów Podlaski Stud 17.000 EL HAZA 2001 Michałów Stud 12.000 EMETYNA 2002 Michałów Stud 30.000 EMIGRA 1996 Michałów Stud 12.000 ERMINA 2006 Samko PUH / Monika Luft 90.000 ERREUZA 2006 Michałów Stud 12.000 ETYKA 2005 Janów Podlaski Stud 40.000 GADNES 2008 Jan Głowacki 48.000 GALATEA 2002 Michałów Stud 27.000 HEKLA 1999 Janów Podlaski Stud 40.000 HERMIONA 2005 Białka Stud NATEA 2003 Białka Stud 23.000 PALMERA 2006 Janów Podlaski Stud PAMPA 2004 Michałów Stud 45.000 PAPAYA 2005 Janów Podlaski Stud 18.000 PELGRIMA 2003 Białka Stud PERCEPCJA 2001 Janów Podlaski Stud 10.000 PERITA 2004 Białka Stud 22.000 PETRARA 2006 Michałów Stud 10.000 PILAR 1996 Janów Podlaski Stud 240.000 PRIMADONNA 2003 Redestowicz/Tarczyński PUSTYNNA TĘCZA 2003 Michałów Stud 30.000 SOTIKA 2006 Falborek/Goździalski WILGA 1999 Michałów Stud 82.000 WISEŁKA 2002 Michałów Stud WYBORNA 1995 Michałów Stud 20.000
UK USA Qatar USA
F F undisclosed B PL USA undisclosed Kuwait F F Qatar UK Qatar UK F Poland France Kuwait Qatar F B PL
Broodmares ALENA 2001 Janów Podlaski Stud 6.500 DK BINT MOLETA 2004 Falborek/Goździalski Chaos Artemida 2006 Chrcynno-Palace Stud CYMINKA 2006 Białka Stud 6.000 PL EDIA 2000 Białka Stud/Wojciech Martyniuk EKA with filly 2001 Białka Stud/Łukasz Martyniuk 6.000 CH EKANTA (Celsjusz) 25.03.2010 EKLEMIRA 2004 Lech Błaszczyk EKSETA 2006 Lech Błaszczyk EMFORIA 2007 Leszek Jarmuż - Kębliny Stud 12.000 Qatar ENERYDA 2007 Michałów Stud 4.000 L EOLA 2004 Janów Podlaski Stud EQUITA 2002 Janów Podlaski Stud 4.500 PL ERYDIA 2005 Białka Stud 4.000 Qatar EUSKOMA 2005 Białka Stud 4.000 Qatar FABIRA 2004 Janów Podlaski Stud 4.000 PL FLOTYLKA 2000 Stanisław Redestowicz/Paweł Redestowicz FUMELIA 2004 Stanisław Redestowicz/Paweł Redestowicz GIOCONDA 2007 Michałów Stud 8.000 undisclosed MANRESA 2006 Michałów Stud 7.500 RSA NEGRA 2006 Homex Ltd./Chrcynno-Palace Stud NIMBA 2006 Janów Podlaski Stud 4.000 Kuwait NOC 1997 Białka Stud/Marek Kondrasiuk ORLANKA 2005 Kielnarowa Stud / Paweł Redestowicz PAPUA 2006 Janów Podlaski Stud 8.000 B PASJONATA 2006 Michałów Stud PASYWA 2000 Lech Błaszczyk withdrawn PELE 2004 Chrcynno-Palace Stud PENSACOLA 2006 Janów Podlaski Stud 4.000 PL PERNACJA 2003 Falborek/Goździalski 20.000 UK POMPOSA 2006 Michałów Stud 4.700 F SABINA 1998 Janów Podlaski Stud WIZYTACJA 1998 Kurozwęki Stud/Jan Martin Popiel ELEBI 1999 Janów Podlaski Stud / Krzysztof Falba Sires & stallions ABBAR 2006 Białka Stud 5.000 B EL EMADIK 2003 Falborek Arabians - Krzysztof Goździalski EMBERK 2004 Michałów Stud / Agnieszka Kozłowska EMIRRON 2006 Michałów Stud ERONISSIMO 2004 Redestowicz/Redestowicz WEMBLEY 2006 Michałów Stud 7.500 I ZADŻAL 2005 St. Roch Arabians (PL) EL AZEM 2004 Janów Podlaski Stud 30.000 F
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Polish brands: the success stories Anja Rubik Anja Rubik and her family left Poland in 1988 (she was bor n in June 1985) and lived in Greece, Canada, and South Africa. Rubik was introduced to modeling while attending a British high school in P aris. S he began her modeling career soon after graduating from high school. She has been featured on the covers of various magazines, including Vogue Deutsch, Vogue Paris, Numéro, Flair, Russh, Nylon and Elle. She has modeled for such designers as Givenchy, Chloé, Christian Dior, Hermès, Valentino, Guc ci, Missoni, V ersace, Dolc e & Gabbana, Prada, Oscar de la Renta , Chanel, Balenciaga, Calvin K lein, Louis Vuitton, and Ralph Lauren. She has also done haut e couture for Valentino, Chanel, and Elie Saab. She appeared in the 2009 Vict oria’s Secret Fashion Show. Vogue Paris declared her one of the top 30 models of the 2000s. S he is cur rently r anked 3r d on the T op 50 Models Women List and 23r d on the T op 25 Mone y Girls List, which ranks the highest earning high fashion models in the industry world-wide.
Simple SIMPLE is an upmarket fashion brand which was launched back in 1993. The brand was created by Lidia Kalita and Maja Palma – two talented Polish designers who are still responsible for all new collections. The brand’s core promise is to deliver beautiful clothes that represent unpretentious simplicity. SIMPLE is a br and target ed at modern and confident women who value high quality, uniqueness, and practicability. These are ambitious urban women of y oung spir it who want to catch up with current trends, but also differentiate in a subtle way. In 2006 Simple Cr eative Pr oducts was taken over by the Gino Rossi Capital Group which had a plan to gather Polish top fashion apparel and footwear brands. So far SIMPLE has developed a network of 42 ownbrand stores in top locations in the biggest Polish cities as well as in Germany. Recently SIMPLE teamed up with Swar ovski to launch a speci al collection of jewellery and blouses decorated with cr ystals and tagged: ”Made with CRYSTALLIZED™ – Swarovski Elements”
It star ted when Ger many-born K arol Ernest Wedel, having received his education in Paris, Berlin, and L ondon and completed several years’ apprenticeship at Karol Gronhert’s confectionery in Warsaw, opened his own confectionery at ul. Miodowa in Warsaw. Wedel’s considerable advantage over his competition was his specialisation in chocolate products, a precious rarity in 19th century Warsaw. In no more than a few years after the establishment of the confectionery, Wedel’s sweets gained wide popularity among Varsovians. Emil Wedel, Karol’s son, took the reins of the company from his father in 1862. Thanks to his decisions and investments the range of The multinational Lotte Group, with head- products, the network of company stores, and quarters in Tokyo, has annual sales of appro- the range of sales grew considerably. The proximately $40bn. F ounded in 1948 as a duction of Wedel tripled during his time. chewing gum company, it currently operates A milestone in the c ompany’s history was in a var iety of sect ors, including f ood and its transfer to the hands of Jan Wedel, the son confectionery, retail, travel and tourism, in- of Emil. It was his decision to build a new facdustrial chemicals and c onstruction, and fi- tory and move the establishment to the Praga nance. district of the city. In but a few years the comAs the original business, confectionery is at pany’s exporting policy and the interest in its the core of the Lotte Group’s operations and its products led Wedel chocolate to be regularly confectionery portfolio includes leading A sian sent by a speci ally desig nated plane t o the brands, such as Xylitol, Koala March and Ghana. company store in Paris, to stores in L ondon, It is the largest che wing gum manufacturer in North America, and Japan. Asia and third largest in the world. In 1946 the c ompany ceased to belong to With its ex tensive retail relationships and the Wedel family, becoming instead the prodistribution networks, Lotte is well-positio- perty of a series of new owners, including, for ned to significantly expand Wedel’s sales. several y ears, P epsiCo; in 1999, under the Wedel is the oldest choc olate brand in Po- marriage t o Br itain’s oldest choc olate c omland and at the same time one of the oldest pany, Wedel became Cadbur y Wedel, part of Polish brands. Its history began more than world’s largest confectionery company, Cadn 150 years ago. bury Schweppes.
Wedel
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The sale in summer 2010 of Wedel to Tokyobased Lotte Holdings is the r esult of a Eur opean Commission order for the sale of Wedel after Kraft took over Cadbury, which bought Wedel in 1999.
September 2010
www.bizpoland.pl 3Mpartner ul. Przełęcz 51, Poznań Jakub Michał Michałowski 50 udziałów/2.5 tys. zł; Paweł Makarewicz 75 udziałów/3.75 tys. zł; Dariusz Makowski 75 udziałów/3.75 tys. zł 4 Oceans ul. Przebendowskich 19/1, Gdynia Andrzej Stanisław Ziajko 200 udziałów/20 tys. zł; Monika Agnieszka Główczewska 100 udziałów/10 tys. zł; Adam Kielak 100 udziałów/10 tys. zł 4Invent ul. Klecińska 123, Wrocław Siconsulting Sp. Akcyjna 80 udziałów/4 tys. zł; Adam Jarosław Szyszka 20 udziałów/1 tys. zł Active - Holiday ul. Jeleniogórska 1/3m lok 1, Poznań Piotr Robert Skotarczak; Tomasz Józef Lemkowski po 5 udziałów/2.5 tys. zł Ad Connection ul. Żelazna 87, Warszawa Emerix sp. z o.o. 80 udziałów/8 tys. zł; Maciej Krzemiński 20 udziałów/2 tys. zł Agencja Wydawnicza Medsportpress ul. Dębicka 29/7, Warszawa Wiesław Edward Tomaszewski 60 udziałów/30 tys. zł; Michał Piotr Tomaszewski 40 udziałów/20 tys. zł AIP Business Link ul. Koszykowa 59/2, Warszawa AIP Group sp. z o.o. 100 udziałów/5 tys. zł AMAR Spares ul. Św. Wincentego 10, Poznań Jacek Rafał Cendrowski; Marek Marian Cendrowski po 50 udziałów/2.5 tys. zł; Amid ul. Opaczewska 69/18, Warszawa Walerij Mielnikow; Dmitrij Fomincew Wiktorowicz po 500 udziałów/50 tys. zł Anbo ul. Magdaleny Brzeskiej 9/47, Lublin Andrzej Zygmunt Piotrowski 50 udziałów/2.5 tys. zł; Bogumiła Danuta Piotrowska 50 udziałów/2.5 tys. zł Andervision ul. Oskara Kolberga 29/40, Sopot Mariusz Piotr Androsiuk 100 udziałów/5 tys. zł Anne ul. Skwer Ks. Kardynała Stefana Wyszyńskiego 5/61, Warszawa Sylwia Henryka Zacharska; Anna Małgorzata Kamińska po 50 udziałów/2.5 tys. zł AP Bioaktiv ul. Bierutowska 57/59 B.1a Lok045, Wrocław Anna Agnieszka Pikura; Jan Maria Borkowski po 25 udziałów/2.5 tys. zł Argos Translations ul. Mogilska 100, Kraków Kimon Fountoukidis 80 udziałów/4 tys. zł; Richard Lucas 20 udziałów/1 tys. zł Artlanders ul. Pankiewicza 2, Gdańsk Jakub Maliszewski 700 udziałów/70 tys. zł; Renata Maria Pawełek 300 udziałów/30 tys. zł Aura Distribution ul. Tołwińskiego 14/19, Warszawa Adam Syguła; Magdalena Aleksandra Bigaj; Damian Bieńkowski po 34 Udziały/1.7 tys. zł Autofutbol.pl ul. Politechniczna 9/8, Gdańsk Nina Bożena Lubińska; Danuta Elżbieta Mutkowska po 50 udziałów/2.5 tys zł Avistus Technology ul. Francuska 51/4, Katowice Andrzej Getler; Grzegorz Noworzyn; Mateusz Nowaczyński po 30 udziałów/30 tys. zł BI Architects ul. Puławska 257/4, Warszawa Paweł Tomasz Tymczyna; Tomasz Bogdan Kucharski po 50 udziałów/2.5 tys. zł Biuro Ochrony Gward ul. Aleja Roździeńskiego 86a/108, Katowice Adam Walor Barbara Chylińska po 5 udziałów/2.5 tys. zł Blue Activ ul. Ołowianka 3a, Gdańsk K.B. Service sp. z o.o. 95 udziałów/4.75 tys. zł; Morski Robotniczy Klub Sportowy Gdańsk 5 udziałów/250 zł BP Plus ul. Stryjeńskich 19/378, Warszawa Bożena Watrakiewicz Zagórska; Przemysław Zdzisław Kazana po 400 udziałów/20 tys. zł Calorizol ul. 27 Grudnia 7/19, Poznań Salvatore Morreale 1400 udziałów/140 tys. zł; Richard Jose Rabemananjara 400 udziałów/40 tys. zł; Barbara Jankowska 200 udziałów/20 tys. zł Cedeo ul. Robotnicza 72 E, Wrocław Adrian Adam Kornecki; Robert Paweł Klepak; Adam Grzegorz Międła; Mariusz Paweł Klepak; Mirosław Fechner; Grzegorz Łącki; Maciej Hausner; Dariusz Andrzej Drosik po 50 udziałów/5 tys. zł CEE On-Line Travel ul. Wołoska 9a, Warszawa Kearly Investments Limited 40 udziałów/2 tys. zł; Piotr Tadeusz Sikorski 60 udziałów/3 tys. zł CentroEkoEnergia ul. Aleja Mireckiego 22, Sosnowiec Centrozap Sp. Akcyjna
September 2010
New Companies in KRS Centrum Biotechnologii i Inżynierii Genetycznej w Rolnictwie ul. Wojska Polskiego 28, Poznań Uniwersytet Przyrodniczy W Poznaniu 500 udziałów/50 Zł; Skarb Państwa 250 udziałów/25 Zł Ceteco Leandre ul. Wróblewskiego 39/41, Łódź Nasser Mohamad Assi; Krzysztof Jan Ochlik po 25 udziałów/2.5 Zł Chłodna Immo ul. Chłodna 48/1, Warszawa Finimmoc S.A. 300 udziałów/15 tys. zł Citool ul. Storczyków 6, Gliwice Aleksander Małaszkiewicz Wojciech Gawlik po 50 udziałów/2.5 tys. zł Czerwony Młyn ul. Pereca 13/19 Lok 414, Warszawa Paweł Jerzy Bombrych; Ewa Rówienicz Morańska po 50 udziałów/2.5 tys. zł Datastream Software ul. Fabryczna 14d, Wrocław Hubert Zbigniew Wochyński; Michał Paweł Lisik po 50 udziałów/2.5 tys. zł Dbw Media ul. Mogilska 65, Kraków Andrzej Henryk Walus 33 Udziały/1.65 tys. zł; Sylwia Grażyna Derenda 33 Udziały/1.65 tys. zł; Marcin Kazimierz Buczkowski 34 Udziały/1.7 tys. zł Dendrom ul. Obwodowa 20, Reda Ireneusz Tadeusz Melcer 95 udziałów/4.75 tys. zł Dental Salon ul. Horbaczewskiego 53 A, Wrocław Radosław Ryszard Jadach Katarzyna Joanna Siwek Jadach po 50 udziałów/2.5 tys. zł Deviso Polska ul. Mochnackiego 13/7, Warszawa Alicja Jadwiga Tandecka 60 udziałów/3 tys. zł; Ewa Gąsiorek 30 udziałów/1.5 tys. zł; Marek Rafał Ciesielski 100 udziałów/500 Zł Die Hausengel Polska ul. Marszałka Józefa Piłsudskiego 13, Wrocław Simon Wenz 50 udziałów/5 tys. zł Digital Force ul. Świderska 113/24, Warszawa Gabriela Michalina Jordan 60 udziałów/3 tys. zł; Żaneta Le Duc Radzikowska 40 udziałów/2 tys. zł Digitalrepublic ul. Bukowińska 12/1412, Warszawa Interactive Solutions sp z o.o. 100 udziałów/5 tys. zł Domdata Re Service ul. Strzeszyńska 73/75, Poznań Domdatare sp. z o.o. 100 udziałów/50 tys. zł e-Wychowanie ul. Łowicka 19/6, Warszawa Piotr Krauze; Kamila Anna Wykrytowicz po 50 udziałów/2.5 tys. zł e-Farmacja ul. Promienista 83, Poznań Tomasz Michał Czapliński 10 udziałów/500 zł; Artur Wiśniewski 90 udziałów/4 tys. zł e-Kuchnia ul. Promienista 83, Poznań Agnieszka Sobiech 60 udziałów/3 tys. zł; Rafał Kasperowicz 40 udziałów/2 tys. zł e-Med-Orth ul. Więckowskiego 17a, Wrocław Especialidades Medico Ortopedicas S. 60 udziałów/3 tys. zł; Sławoj Kazimierz Nowak 40 udziałów/2 tys. zł E-Radar24.Com ul. Ciołkowskiego 28, Warszawa Paweł Grzegorz Czerniakowski; Michał Piotr Probulski po 5 udziałów/2.5 tys. zł Energeton ul. Al. Róż 1 A, Warszawa Tomasz Maciej Jaroń; Maciej Wiesław Dworniak po 50 udziałów/2.5 tys. zł Enilta Polska ul. Studzińskiego 55/17, Łódź Tomasz Antoni Jóźwiak; Roman Jaworski; Anna Izabela Gertner; Aleksandra Wolska po 50 udziałów/5 tys. zł ePrąd ul. Wł. Jagiełły 16/ 4, Szczecin Mariola Renata Wąsik 85 udziałów/4.25 tys. zł; Marcin Stanisław Kowalik 15 udziałów/750 Zł Exmet ul. Szpinakowa, Łódź Tomasz Konrad Kubiak; Małgorzata Jadwiga Wałowska po 25 udziałów/2.5 tys. zł Expent ul. Targowa (Pasaż Wileński) 66/37, Warszawa Łukasz Sędzik 102 Udziały/5.1 tys. zł Extra Invest ul. Wojska Polskiego 45, Szczecin Leszek Koperkiewicz; Wiesława Maria Koperkiewicz po 50 udziałów/2.5 tys. zł F.T.A. ul. Aleje Jerozolimskie 81 Lok 10.01, Warszawa Quality All Development Fundusz Kapitałowy SA 1 Udział/5 tys. zł; Tadeusz Adam Góralski 1 udział/2 tys. zł; Agnieszka Katarzyna Durka 1 udział/2 tys. zł Fair Fame International al. Jana Pawła Ii 26/1019, Warszawa Chaudhry Qaiser 500 udziałów/50 tys. zł
Fart Nieruchomości ul. Stanisława Łętowskiego 32/2, Katowice Izabela Bańka 5 udziałów/2.5 tys. zł; Piotr Bańka 5 udziałów/2.5 tys. zł FPP Net ul. Książkowa 9 G/327, Warszawa Jacek Antoni Pieśniewski 34 Udziały/1.7 tys. zł; Jacek Sławomir Frentzel 33 Udziały/1.65 tys. zł; Andrzej Ryszard Penkalla 33 Udziały/1.65 tys. zł Futuro Finance ul. Powstańców Śląskich 123/1 A, Wrocław Agata Monika Brucko Stępkowska 200 udziałów/10 tys. zł G.O. Reno ul. Brzozowa 37, Warszawa Marcel Tomasz Nowicki; Piotr Wojciech Reszke po 500 udziałów/25 tys. zł Galt Tax Gawiński ul. Literacka 17c/14, Warszawa Artur Bartosz Gawiński 901 udziałów/45.05 tys. zł Gaudeamus ul. Rejtana 16, Warszawa Jan Zdzisław Misiak 45 udziałów/2.25 tys. zł; Wanda Janina Misiak 15 udziałów/750 zł; Monika Beata Madej 40 udziałów/2 tys. zł Gdańska Sportowa Szkoła z Przedszkolem ul. Jednorożca 28, Gdańsk Sławomir Zygmunt Szymczak; Maria Jadwiga Skwarczyńska po 250 udziałów/25 tys. zł Gebo ul. Abrahama 1a, Gdańsk Altiplano sp. z o.o. 100 udziałów/5 tys. zł Globalincentive.Pl ul. Piątkowska 112 A, Poznań Grupa Tso sp. z o.o. 100 udziałów/5 tys. zł Godigi ul. Koźmińska 18/12, Warszawa Zygmunt Bartłomiej Danek 100 udziałów/5 tys. zł Goldenweb ul. Kiełczowska 135/30, Wrocław Krzysztof Hurko 490 udziałów/49 tys. zł Grupa Michaud ul. Pożaryskiego 28, Warszawa Elżbieta Janina Witkowska 100 udziałów/5 tys. zł Hadiqa Spa ul. Nowoursynowska 143 J/ 9, Warszawa Sylwia Barbara Leśniewskał; Katarzyna Anna Dorf po 5 udziałów/2.5 tys. zł Holsat ul. Orzeszkowej 7, Rzeszów Dariusz Kopacz; Anna Kopacz po 150 udziałów/7.5 tys. zł; Katarzyna Kopacz 300 udziałów/15 tys. zł Hongqiang ul. Ciołka 12/428, Warszawa Mingguan Wang 200 udziałów/100 tys. zł Infokan ul. Os. Piastowskie 93/36, Poznań Krzysztof Anczurowski 99 udziałów/4.95 tys. zł Interterapia ul. Koźmińska 18/12, Warszawa Katarzyna Aleksandra Żukowska 100 udziałów/5 tys. zł JPB ul. Mjr Henryka Sucharskiego 21, Wrocław Jerzy Dawid 95 udziałów/4.75 tys. zł Jtendo ul. Obrońców Tobruku 25/111, Warszawa Piotr Wacław Szymański 100 udziałów/5 tys. zł KPG ul. Rymarska 3, Kraków Brak Wpisów Krajowe Centrum Szkoleniowo-Dorad- CZE ul. Zapustna 11, Łódź Przemysław Jacek Omieczyński 95 udziałów/9.5 tys. zł KRC Polska ul. Sołtysowicka 21f, Wrocław Przedsiębiorstwo Produkcyjnohandlowe Marexim sp. z o.o.; Mehle Polska sp. z o.o. po 50 udziałów/2.5 tys. zł Kutpol ul. Chmielna 35/69, Warszawa Alsahli Abdullah M A; Fathallah Aziz po 50 udziałów/2.5 tys. zł Lucid ul. Laskowa 3/3, Warszawa Jakub Kosma Włoch 100 udziałów/5 tys. zł Łódzkie Centrum Filmowe ul. Łąkowa 29, Łódź Skarb Państwa Minister Skarbu Państwa 15.400 udziałów/770 tys. zł Mediporta ul. Wilczak 8, Poznań Agnieszka Sobiech 90 udziałów/4.5 tys. zł; Dariusz Mróz 10 udziałów/500 Zł Misiak ul. Niepokalanej Panny Marii 93, Kraków Krystyna Misiak Daria Agnieszka Misiak po 25 udziałów/2.5 tys. zł Na Yan ul. Wita Stwosza 28/104, Wrocław Yanqing Liu 60 udziałów/3 tys. zł; Yana Zhong 40 udziałów/2 tys. zł Nautilus Capt ul. Roentgena 46/10, Warszawa Maciej Paweł Dubicki; Bartosz Pastuszka po 50 udziałów/2.5 tys. zł
Continued on page
22 17
Privatizations: Jan.–Jun. 2010 Sale date
Company Name
City
Buyer
1st July 2010
Uzdrowisko Ustka Sp. z o.o.
Ustka
Hotel Lubicz Sp. z o.o.
92.78%
14,028,000
January 2010
Madro Białystok S.A.
Białystok
Anna Plewa
85.00%
6,283,960
January 2010
Przedsiębiorstwo Elektryfikacji i Robót Instalacyjnych Eltor Warszawa Sp. z o.o.
Wołomin
Bartosz Zawiślan
85.00%
2,170,050
January 2010
HUTMEN S.A.
Wrocław
Podmiot grupowy
0.38%
533,194
January 2010
Elektrobudowa S.A.
Katowice
Podmiot grupowy
3.50%
28,949,946
January 2010
Fabryka Obrabiarek RAFAMET S.A.
Kuźnia Raciborska
Podmiot grupowy
1.53%
1,156,231
January 2010
Zakład Techniki Próżnowej TEPRO S.A.
Koszalin
Arkadiusz Kaczmarski
19.24%
1,412,260
January 2010
KGHM Polska Miedź S.A.
Lubin
January 2010
Grupa Lotos S.A.
Gdańsk
Podmiot grupowy
10.78%
406,000,000
January 2010
IBIS LTD. - International Bakery Industries - SPOMASZ Sp. z o.o.
Szubin
MERCATOR Sp. z o.o.
38.55%
2,500,099
January 2010
Uzdrowisko Kraków Swoszowice Sp. z o.o.
Kraków
STP Inwestment S.A.
92.42%
18,090,920
UNIBEP S.A.
85.00%
5,100,000
January Przedsiębiorstwo Robót Drogowych i Bielsk Pod2010 Mostowych w Bielsku Podlaskim Sp. z o.o. laski
18
of the % sold Value transaction
Inwestorzy Kwalifikowani art. 8 ust. 1 10.00% ustawy o ofercie publicznej
2,060,000,000
February Pabianickie Zakłady Farmaceutyczne 2010 Polfa S.A.
Pabianice
Zakład Farmaceutyczny ADAMED PHARMA S.A.
5.04%
17,776,820
Jan-May 2010
Energoaparatura S.A.
Katowice
Podmiot grupowy
3.91%
1,301,356
February 2010
Enea S.A.
Poznań
Podmiot grupowy
16.00%
1,133,624,528
March 2010
Katowickie Przedsiębiorstwo Geologiczne Sp. z o.o.
Katowice
EC Grupa
85.00%
4,103,154
February 2010
Przedsiebiorstwo Robót Drogowo Mostowych Sp. z o.o. w Grajewie
Grajewo
Przedsiębiorstwo Robót DrogowoMostowych “UNIDRÓG” Sp. z o.o.
42.16%
1,388,624
February 2010
Krajowa Agencja Poszanowania Energii S.A.
Warszawa
Narodowy Fundusz Ochrony Środowiska i Gospodarki Wodnej
51.61%
1,440,000
February Przedsiębiorstwo Robót Inżynieryjno2010 Drogowych Sp. z o.o. w Miechowie
Miechów
Przedsiębiorstwo Robót Drogowych “Dromos” Sp. z o.o
17.38%
543,150
March 2010
Polbus-PKS Sp. z o.o.
Wrocław
individual persons
3.24%
707,901
March 2010
Zakłady Odzieżowe “Bytom” S.A.
Bytom
Podmiot grupowy
0.54%
204,424
February 2010
Zakłady Urządzeń Komputerowych Elzab S.A.
Zabrze
Podmiot grupowy
2.14%
857,878
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Rzeszowie S.A.
Rzeszów
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Kamiennej Górze Sp. z o.o.
Kamienna Góra
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Łosicach Sp. z o.o.
Łosice
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Bełchatowie Sp. z o.o.
Bełchatów
Free of charge - Powiatu Bełchatowskiego
100.00%
1,833,000 (nominal value)
March 2010
Lubelski Węgiel “Bogdanka” S.A.
Bogdanka
Podmiot grupowy
46.69%
1,119,681,000
March 2010
Mostostal Zabrze Holding S.A.
Zabrze
Podmiot grupowy
0.07%
472,133
March 2010
Prochem S.A.
Warszawa
Podmiot grupowy
0.13%
108,782
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Głubczycach sp. z o.o.
Głubczyce
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Kluczborku sp. z o.o.
Kluczbork
Free of charge - Powiatu Kluczborskiego
1,660,000 100.00% (nominal value)
March 2010
Przedsiębiorstwo Komunikacji Samochodowej w Szczecinku Sp. z o.o.
Szczecinek
Free of charge - Powiatu Szczecinińskiego
2,140,000 100.00% (nominal value)
Free of charge - Związku Gmin “Pod6,840,000 karpacka Komunikacja Samochodowa” 100.00% (nominal value) Sp. z o.o. Free of charge - Powiatu Kamiennogórskiego
2,500,000 100.00% (nominal value)
1,945,000 Free of charge - Powiatu Łosickiego 100.00% (nominal value)
Free of charge - Powiatu Głubczyck- 100.00% 1,400,000 iego (nominal value)
www.bizpoland.pl
Privatization up-date Poland’s urgent privatization drive is on schedule for 2010. The plan envisages raising 25 billion pln from sales this year, and recent data from the Ministry of Treasury is that, as of end of August, sales income from privatization is just shy of 13 billion pln. With a number of big sales planned in the fall, including a majority stake in the Warsaw Stock Exchange, the target looks ambitious but doable. Privatization revenues will help fill a bulging budget gap, estimated at about 45 billion pln in 2010, and keep the government’s debt levels below the 55%-of-GDP number, which if breeched would trigger automatic draconian cuts in the budget . Higher than expected GDP numbers are also helping. Plans by the Ministry include selling significant stakes in at least two of its largest state-controlled companies, though ministers have indicated that at least 25% will be kept in state hands. “The Finance Ministry would like pr ivatization revenues by the end of 2013 t o total around 50 billion pln,” a governmental source told PAP news agency in August, ahead of the government’s release of its four-year fiscal plan, which includes faster state asset sales , a hig her valueadded tax and limits on spending growth. “The bulk of this amount could come from the sale of stat e shares in insurer PZU and bank PKO BP.” Poland controls 41% of PKO BP and 45% of PZU. The government intends to hang on t o control of about 20 of the largest and most strategic companies, though the firms will be traded on the Warsaw Stock Exchange to provide transparency and good governance. This plan should minimize the scope for patronage of whichever party is in power, and lead to improved management. According to the FT , the government’s new management plan is based on the way that Norway organises its state sector. Supervisory board members will be chosen after being vetted by an independent committee. The Treasury would also set up a special body similar to a private sector fund mana ger to represent its interests. The plan also calls for the scrapping of limits on the earnings of senior managers, which has limited the talent pool of people willing to work for state companies.
Poland retains Polish, Czech bids for energy privatisation Poland’s treasury announced in late August that it had retained bids from Polish and Czech contenders seeking to buy state-owned power company Energa , while r ejecting a pit ch from French giant GDF Suez. The treasury said in a stat ement that it would be pursuing talk s with Poland’s PGE and the Cz ech Republic’s Energeticky a Pr umy-
September 2010
Privatizations: Jan.–Jun. 2010
www.bizpoland.pl slovy Holding, both of whom are eyeing Energa, which controls 17 percent of the nation’s power market. Besides GDF Suez, the treasury said it had also decided not to give further consideration to a bid from Poland’s Kulczyk Holding. In May, the treasury put up for sale 82.9 percent of Energa, which is currently wholly state-owned. Headquartered in the B altic port city of Gd ansk, Energa says it serves 2.8 million households and 300,000 ent erprises, mostly in northern and central Poland. Energa, which has 12,000 employees, owns a coal-fired electricity plant and 45 smaller hydro-electricity facilities. In 2008 it made a net profit of 435 million zloty (110.13 million euros, 143.8 million dollars) and had a turnover of more than eight billion zloty (2.03 billion euros, 2.64 billion dollars).
Privatisation of TP S.A. finalised The Ministry of Treasury said that as of A ugust, it has sold its final stake of 4.15% shares in Telekomunikacja Polska. Sales have been carried out via the Warsaw Stock Exchange throughout 2010.
LOT Airlines talks to investors from Americas, Turkey, and Thailand – but no takers yet According to Sebastian Mikosz, LOT has held talk s in August with several investors, including car riers belonging to the S tar Alliance (led by Lufthansa). “We’re looking for a good investor, preferably from the a viation industr y, but we also ha ve a positive r esponse from investment funds,” said Mikosz. “Potential investors have different expectations as to the company’s policy. Some would like it to enter the Warsaw Stock Exchange, other not,” said Mikosz. The Ministry has said that it wants to finalize the privatization of LOT in 2011. In 2009, LOT reported an operational loss of 335 million pln. Mikosz is putting a good spin on the privatisation of LOT, which has been undergoing a major restructuring, involving redundancies of more than 400 people. The company currently employs 2,300 people. “Our main goal for the next years is to modernize the fleet,” said Mikosz.
Ruch retailer finally to be sold, as US hedge fund bid accepted Newspaper-and-magazine retailer Ruch announced during the summer that it has r eceived a 630m zloty bu yout offer from Lurena, a subsidiary of US hedge fund Eton Park Capital. Lurena has offered a 23% premium to the six-month average per share, and said it has been in exclusive talks with Poland’s treasury, which is to selling its 56% stake in Ruch. The Treasury Ministry had rejected an offer in April by Mennica Polska, which has a 11% stake in Ruch, sa ying it was too low. The tender offer to public shareholders expires 10 Sepn tember.
Sale date
Company Name
City
Buyer
of the % sold Value transaction
March 2010
Przedsiębiorstwo Projektowania i Wyposażania Obiektów PROZEMAK S.A.
Warszawa
Tadeusz Zeżyk
10.00%
130,000
March 2010
Fabryka Konstrukcji Stalowych i Maszyn SPOMASZ S.A.
Żary
Fabryka Konstrukcji Stalowych i Maszyn SPOMASZ S.A.
10.21%
3,086,390
March 2010
Wągrowieckie Przedsiębiorstwo Robót Wągrowiec Mostowych Sp. z o.o.
ABM SOLID S.A.
85.00%
5,250,000
April 2010
Przedsiębiorstwo Hotelarskie “Kujawy Włocławek Zajazd Polski” Sp. z o.o.
Andrzej Leszek Rozbicki Przedsiębiorstwo Produkcyjno-Handlowe “Daniel”
75.72%
11,000,000
April 2010
“SPOMASZ” Bełżyce S.A.
Bełżyce
Podmiot Grupowy
5.00%
316,963
March 2010
“Agencja Rynku Energii” S.A.
Warszawa
Porozumienie Producentów Węgla Brunatnego S.A.
10.10%
510,005
April 2010
Zakład Ceramiki Budowlanej “Markowicze” S.A.
Cegielnia Markowicze
Leier Polska S.A.
85.00%
14,611,500
i Pedagogiczne April 2010 Wydawnictwa Szkolne S.A.
Warszawa
Podmiot Grupowy
0.30%
1,262,429
April 2010
Orbis S.A.
Warszawa
Podmiot Grupowy
0.04%
729,030
April 2010
Morska Stocznia Remontowa S.A.
Świnoujście
Agencja Rozwoju Przemysłu S.A.
73.00%
1,460,000 (nominal value)
April 2010
Stocznia Remontowa NAUTA S.A.
Gdynia
Agencja Rozwoju Przemysłu S.A.
93.15%
17,490,529 (nominal value)
April 2010
Agencja Rozwoju Lokalnego S.A.
Jaworzno
Agencja Rozwoju Przemysłu S.A.
19.13%
110,000 (nominal value)
April 2010
Kombinat “PZL - Hydral” S.A.
Wrocław
Agencja Rozwoju Przemysłu S.A.
1.88%
383,990 (nominal value)
Przedsiębiorstwo Robót DrogowoMay 2010 Mostowych w Wadowicach Sp. z o.o. May 2010
Fabryka Osłonek Białkowych “FABIOS” S.A.
Wadowice Białka
Katowickie Przedsiębiorstwo Budown- 85.00% ictwa Przemysłowego “BUDUS” S.A. Stalprodukt - Profil S.A.
85.00%
13,000,000 79,900,000
Komunikacji SamoApril 2010 Przedsiębiorstwo chodowej “WSCHÓD” w Lublinie S.A.
Lublin
Free of charge - Województwa Lubel- 100.00% 7,200,000 skiego (nominal value)
Komunikacji SamoMay 2010 Przedsiębiorstwo chodowej w Łukowie S.A.
Łuków
Free of charge - Powiatu Łukowskiego
2,620,000 100.00% (nominal value)
Komunikacji SamoMay 2010 Przedsiębiorstwo chodowej w Raciborzu Sp. z o.o.
Racibórz
Free of charge - Powiatu Raciborskiego
2,200,000 100.00% (nominal value)
May 2010 Przedsiębiorstwo Komunkiacji Samochodowej w Oławie S.A.
Oława
Free of charge - Powiatu Oławskiego 100.00%
6,400,000 (nominal value)
April 2010
Mennica Polska S.A.
Warszawa
Inwestorzy Kwalifikowani art. ust.1 ustawy o ofercie publicznej
31.64%
261,968,490
May 2010
Powszechny Zakład Ubezpieczeń Spółka Akcyjna
Warszawa
Podmiot Grupowy
5.00%
1,349,254,688
May 2010
Grupa “Silikaty” Sp. z o.o.
Grabowo k/Ostrołęki
Tadeusz Kłos
10.57%
5,787,860
Przedsiębiorstwo Konserwcji Urządzeń 34.01% Wodnych i Melioracyjnych Sp. z o.o.
317,240
Konserwcji Urządzeń May 2010 Przedsiębiorstwo Wodnych i Melioracyjnych Sp. z o.o.
Szczecin
Naprawczy Mechanizacji RolJune 2010 Zakład nictwa w Ostródzie Sp. z o.o.
Ostróda
Agencja Rozwoju Przemysłu S.A.
85.00%
935,000 (nominal value)
General government deficit and debt in years 2006–2009 and estimated 2010 (millions PLN)
2006 Gross Domestic Product (GDP) General government deficit/surplus (as % of GDP) General government debt (as % of GDP)
1,060,031 (38,476) -3,6 506,036 47,7
2007
2008
2009
1,176,737 (22,105) -1,9 529,370 45,0
1,272,838 (46,889) -3,7 600,829 47,2
1,342,612 (95,730) -7,1 684,365 51,0
2010 projected 1,385,576 (98,376) -6.9–7.3 750,000 54,0
19
September 2010
Privatizations: Jan.–Jun. 2010 Sale date
Company Name
Buyer
June 2010 Centrum Bankowo-Finansowe “Nowy Świat” S.A.
Warszawa
Agencja Rozwoju Przemysłu S.A.
90.00%
8,100,000 (nominal value)
June 2010
ADEXTRA S.A.
Piaseczno
Agencja Rozwoju Przemysłu S.A.
85.00%
12,750,000 (nominal value)
June 2010
Zakłady Przemysłu Owocowo-Warzywnego “PEKTOWIN” S.A.
Jasło
Agencja Rozwoju Przemysłu S.A.
36,291,000 100.00% (nominal value)
June 2010
Szczecińska Stocznia Remontowa GRYFIA S.A.
Szczecin
Agencja Rozwoju Przemysłu S.A.
85.00%
26,350,000 (nominal value)
June 2010
Miastoprojekt - Poznań Sp. z o.o.
Poznań
Agencja Rozwoju Przemysłu S.A.
85.00%
1,700,000 (nominal value)
June 2010
Zagencja Zarządu Nieruchomości i Rozwoju Regionalnego Sp. z o.o.
Radom
Agencja Rozwoju Przemysłu S.A.
3,651,300 100.00% (nominal value)
Bygdoszcz
PGE Polska Grupa Energetyczna S.A.
0.32%
959,013
Gorzów June 2010 PGE Elektrociepłownia Gorzów S.A. Wielkopolski PGE Polska Grupa Energetyczna S.A.
5.92%
10,585,157
85.00%
8,762,820
Elektrociepłowni BydJune 2010 PGE Zespół goszcz S.A.
June 2010
Nasycalnia Podkładów Sp. z o.o.
Czeremcha
Kolejowe Zakłady Nawierzchniowe “Bieżanów” Sp. z o.o.
Przedsiębiorstwo Komunikacji Samo- Strzelce Opol- nieodpłatne przekazanie na rzecz June 2010 chodowej w Strzelacach Opolskich S.A. skie Powiatu Strzeleckiego
3,320,000 100.00% (nominal value)
Komunikacji Samo- Stalowa Wola June 2010 Przedsiębiorstwo chodowej w Stalowej Woli S.A.
5,570,000 100.00% (nominal value)
June 2010 Stadnina Koni “Strzegom” Sp. z o.o.
nieodpłatne przekazanie na rzecz Województwa Podkarpackiego
Strzegom
Granlux Sp. z o.o.
100.00%
7,210,000
June 2010
“MARMUR” Sławniowice Sp. z o.o.
Sławniowice
Osoba fizyczna
85.00%
2,261,000
June 2010
Instytut Turystyki Sp. z o.o.
Warszawa
“Pańska Centrum” Sp. z o.o.
85.00%
4,675,000
June 2010
Przedsiębiorstwo Handlu Zagranicznego “BALTONA” S.A.
Warszawa
Culex Sp. z o.o.
26.83%
6,164,730
June 2010
Przedsiębiorstwo Komunikacji Samochodowej w Nysie Sp. z o.o.
Nysa
nieodpłatne przekazanie na rzecz Powiatu Nyskiego
2.580.000 100.00% (nominal value)
Komunikacji SamoJune 2010 Przedsiębiorstwo chodowej w Kutnie Sp. z o.o.
Kutno
nieodpłatne przekazanie na rzecz Powiatu Kutnowskiego
1,700,000 100.00% (nominal value)
Ciechanów
Mobilis Sp. z o.o.
85.00%
14,109,830
Przedsiębiorstwo Komunikacji Samo- Mińsk MaJune 2010 chodowej w Mińsku Mazowieckim S.A. zowiecki
Mobilis Sp. z o.o.
85.00%
7,554,976
Przedsiębiorstwo Komunikacji Samochodowej w Mławie S.A.
Mława
Mobilis Sp. z o.o.
85.00%
23,666,040
Komunikacji SamoJune 2010 Przedsiębiorstwo chodowej w Ostrołęce S.A.
Ostrołęka
Mobilis Sp. z o.o.
85.00%
14,026,386
Komunikacji SamoJune 2010 Przedsiębiorstwo chodowej w Płocku S.A.
Płock
Mobilis Sp. z o.o.
85.00%
9,859,728
Komunikacji SamoJune 2010 Przedsiębiorstwo chodowej w Przasnyszu S.A.
Przasnysz
Mobilis Sp. z o.o.
85.00%
7,971,300
June 2010
Stora Enso Poland S.A.
Ostrołęka
Stora Enso Poland S.A.
0.12%
1,203,157
June 2010
F.S.O. Remor S.A.
Rzecz
Jaroma S.A.
38.15%
2,253,207
June 2010
“Polmo Gniezno” Sp. z o.o.
Gniezno
“Polmo Gniezno” Sp. z o.o.
26.60%
850,132
June 2010
Inter-Vis Sp. z o.o.
Warszawa
Agencja Rozwoju Przemysłu S.A.
53.90%
1,886,500 (nominal value)
June 2010 Gdańskie Zakłady Elektroniczne “Unimor” S.A.
Gdańsk
Agencja Rozwoju Przemysłu S.A.
61.56%
905,346 (nominal value)
June 2010
Tauron Polska Energia S.A.
Katowice
Podmiot Grupowy
51.66%
3,984,728,013
Jan–June 2010
Telekomunikacja Polska S.A.
Warszawa
Podmiot Grupowy
2.95%
633,555,967
June 2010
June 2010
20
of the % sold Value transaction
City
Przedsiębiorstwo Komunikacji Samochodowej w Ciechanowie S.A.
www.bizpoland.pl
Prime Minister Tusk to woo Indian business during state visit Prime Minister Donald Tusk will woo Indian business during his three-day state visit to India that starts 6 September as the country ‘is a role model not only for Poland but for the European Union’, a former ambassador said. This will be the first official visit of a non-Communist Polish prime minister to India. Tusk will first go to Bangalore, where he will deliver a speech to Indian business leaders before continuing the same evening to New Delhi. Krzystof Mrozewicz, who was P olish ambassador to India from 1997 to 2001, said: ‘We are proud of our friendship with India. India has taught us many things in political as well as ec onomic spheres. In a sense India is a role model not only for Poland but for the European Union. The unity in diversity is a clear example of India which the EU is learning fast.’ The purpose of the business meeting, which is being organised by Polish Agency for Foreign Investment (PAIZ), is to encourage Indian investment in Poland. Since Poland joined the European Union in April 2004, it has received considerable attention from the Indian business community. Trade between the two countries has jumped to more than a billion dollars in 2009 from a paltry $200 million in 2004. Many Indian companies including W ipro, Tata Consultancy Services, Infosys and Zensar have set up their European headquarters in Poland. Laxmi Mittal owns 70 percent of steel production in Poland under the Arcor-Mittal group of companies. Cheap Polish technical manpower and the good c onnectivity of Poland to other European cities are the major factors for Indian exporters. J.J. Singh, president of the Indo-P olish Chamber of Commerce and Industry, said: ‘The business climate is ver y conducive for Indians to flourish in Poland. Indians are well regarded in Poland. Their hard work and their cultural background have appealed to the Poles tremendously.’ Bollywood films have carved a niche in Polish psyche and Shah Rukh Khan is an idol for youth, he said. ‘Indian food has become very popular throughout Poland. There are 32 Indi an restaurants in Warsaw. Indian samosas, kababs and biryani are well-known dishes f or the Poles who now ha ve a tast e for Indian spices,’ said Singh who helped establish a Sikh gurudwara in Warsaw, the only gurudwara in the whole of E astern Europe, including Russia. No Indian prime minister has visited Poland since July 1979 when Morarji Desai came on a stat e visit. However, Indian presidents have been on a state visit to Poland periodically. In May 2009, President Pratibha Patil had c ome on a stat e visit t o Poland. Boguslaw Zakrzewski, a f ormer ambassador and an Indophile, said: ‘It’s high time that there should be a direct air connection from Delhi to Warsaw...There is a siz eable Indian community in Poland and then there are 16,000 Poles who go to India for business or pleasure trips annually. If there is a direct connection tourists from both n countries will benefit.’
September 2010
Calendar September_ 8–11 September 20th Economic Forum – Krynica Krynica Zdrój: Nowa Pijalnia Zdrojowa, Stary Dom Zdrojowy, Nowy Dom Zdrojowy Fundacja Instytut Studiów Wschodnich http://www.forum-ekonomiczne.pl
13–15 September Golf Investment & Development Conference – CEE
www.bizpoland.pl 14 September
http://www.ccifp.pl
Retail 2020 – breakfast seminar on CEE’s retail sector Warsaw: Jones Lang Lasalle http://www.jll.eu
21–23 September LifeStyle Expo
15 September PRCH (Polish Council of Shopping Centres) Business Mixer Warsaw: Iguana Lounge, ul. Zajączkowska 11 Polska Rada Centrów Handlowych http://www.prch.org.pl TMT.Startups’10 Warsaw Warsaw: Giełda Papierów Wartościowych New Europe Events http://www.tmtevents.pl/
16 September Back to Business Investment Forum Warsaw: Pałac Sobańskich, Al. Ujazdowskie 13 Europaproperty http://www.europaproperty.com ABSL Outsourcing Forum Warsaw: Hotel Hilton Assocation of Business Service Leaders http://absl.pl/pl/czytaj/94/konferencja_16_w rzesnia_2010 International Oktoberfest Wrocław: Muzeum Miejskie Arsenale Polish-German Chamber of Commerce http://www.ihk.pl
21 September
22
Warsaw: Warszawskim Centrum Expo XXI Rada Rozwoju Handlu Hongkongu oraz ydział Handlu Zagranicznego i Współpracy Gospodarczej Prowincji Guangdong http://info.hktdc.com/lifestyleexpowarsaw/
22 September International Oktoberfest Warsaw: Forteca garden Polish-German Chamber of Commerce http://www.ihk.pl
22–23 September
Warsaw: Universe Properties Group http://www.golfpropertiesconference.com
Marketing and PR Club Warsaw: CCIFP, ul. Widok 8, Warszawa CCIFP French-Poland Chamber of Commerce
NAFTA I GAZ Warsaw: Pałac Kultury i Nauki Zarząd Targów Warszawskich S.A. http://www.naftaigaz.com.pl/
New Cos in KRS _ Continued from page 17
Pol-Digger ul. Stefana Batorego 9/3, Katowice Piotr Adam Misiewicz 100 udziałów/5 tys. zł Profuturity ul. Ratuszowa 11, Warszawa Dariusz Marcin Malesa 2 Udziały/2 tys. zł; Paweł Stanisław Hałas; Jarosław Hieronim Kozłowski Krzysztof Wojciech Przybysz po 1 udział/1 tys. zł Project Group Poland ul. Adama Ve Tulaniego 1a/210, Kraków Małgorzata Krystyna Matulska Kowalska 75 udziałów/37.5 tys. zł; Klaudia Kitowska 25 udziałów/12.5 tys. zł Project Production ul. Stefanowskiego 25, Łódź Michał Rogoża; Marek Jerzy Lewandowski po 25 udziałów/2.5 tys. zł Przedsiębiorstwo Handlowe Mgm - Trading Company Ltd ul. Mehoffera 103 B/51, Warszawa Jan Krzysztof Gagacki; Bogumiła Paszkowska po 50 udziałów/2.5 tys. zł R24 ul. Jana Brzechwy 26, Poznań Hanna Makles; Piotr Koch po 50 udziałów/2.5 tys. zł Razor Consulting ul. Fabryczna 14 D, Wrocław Hubert Zbigniew Wochyński; Michał Paweł Lisik po 50 udziałów/2.5 tys. zł Red Balls Productions ul. Al. 3-Go Maja 9, Kraków Piotr Bialikiewicz 26 udziałów/1.3 tys. zł; Mateusz Chmielak 11 udziałów/550 Zł; Paweł Grochulski 11 udziałów/550 Zł; Tomasz Świerszcz 26 udziałów/1.3 tys. zł; Artur Zaręba 26 udziałów/1.3 tys. zł Red Line ul. Powstańców Warszawy 7, Sopot Rafał Karol Biernacik; Suren Sargsyan po 50 udziałów/25 tys. zł Reminstal ul. Opolska 5, Gliwice Aneta Anna Stolarz 850 udziałów/850 tys zł; Marta Monika Stolarz 850 udziałów/850 tys zł, Mirosław Eugeniusz Stolarz 300 udziałów/300 tys zł
Resonance Polska ul. Solariego 4, Warszawa Paweł Szewczyk Michał Rafał po 100 udziałów/25 tys. zł Rokket Music Poland ul. Fabryczna 26/ 4, Warszawa Rokket Music Oy 100 udziałów/5 tys. zł Sentymetr ul. Pl. Axentowicza 3/4, Kraków Marcin Andrzej Pyla 80 udziałów/4 tys. zł; Jan Paweł Szumiec 160 udziałów/8 tys. zł; Bartłomiej Łukasz Rogóż 160 udziałów/8 tys. zł Serafiński - Studio ul. Solec 85/8, Warszawa Marek Jan Serafiński 192 udziały/9.6 tys. zł Singh Boutique ul. Komuny Paryskiej 32/33, Szczecin Karandeep Singh Kamboj; Raspal Kaur po 50 udziałów/2.5 tys. zł Smart Investment Technologies ul. Grochowska 357/338, Warszawa Krystian Damian Dylewski 110 udziałów/11 tys. zł; Tomasz Kamil Banyś 90 udziałów/9 tys. zł Smart Solutions ul. Chłodna 11/114, Warszawa Jacek Adam Kałużny; Bartosz Jacek Cisło po 50 udziałów/2.5 tys. zł Softclick ul. Nowogródzka 4a/25, Białystok Andrzej Murgrabia; Katarzyna Nosorowska po 50 udziałów/2.5 tys. zł Solergo ul. Krolowej Jadwigi 136, Kraków Vevco Investments Ltd 67 udziałów/3.35 tys. zł; Michał Adam Burkiewicz 33 Udziały/1.65 tys. zł Sowa & Przyjaciele ul. Grzybowska 2/108, Warszawa Robert Janusz Sowa Apartamenty Zielona Przystań Babińska i Janiszewska SJ po 50 udziałów/2.5 tys. zł Sprzedawcy.Pl ul. Komisji Edukacji Narodowej 47/96, Warszawa Wojciech Miśtura 100 udziałów/10 tys. zł Staire ul. Przemysłowa 30, Warszawa Staire Holdings Limited 99 udziałów/4.95 tys. zł
Net Zoom ul. Wiolinowa 3/27, Warszawa Paweł Sawicki - 99 udziałów/4.95 tys. zł Netigate Polska ul. Sienna 64, Warszawa Netigate Ab 10 udziałów/5 tys. zł NMG77 ul. Chorzowska 113, Gliwice Grzegorz Adam Mrozek 90 udziałów/4.5 tys. zł; Aneta Barbara Małażewska 10 udziałów/500 zł Nobel.Pro ul. Chałubińskiego 8, Warszawa Nobel sp. z o.o. 500 udziałów/25 tys. zł North Kerry Homes Poland ul. Polna 40, Warszawa David Collins; Orla Obrien po 50 udziałów/2.5 tys. zł Nowy Szpital Wojewódzki ul. Igielna 13, Wrocław Województwo Dolnośląskie 6.000 udziałów/6 mln. zł NRS ul. Zygmuntowska 9, Rzeszów Rafał Szulski 500 udziałów/50 tys. zł P.W. Anbud ul. Solskiego Nr Domu 3 Nr Lokalu 16, Kraków Andrzej Kazimierz Nowotny 5 udziałów/5 tys. zł P&P Renting ul. Pilchowicka 9/11, Warszawa Michał Krzysztof Pietrzyk 20 udziałów/2 tys. zł; Izabela Agnieszka Pietrzyk 30 udziałów/3 tys. zł Park Handlowy Chorzów ul. Górnych Wałów 42, Gliwice P.A. Nova SA 500 udziałów/50 tys. zł; PDF ul. Nowosądecka 7/20, Rzeszów Paweł Piotr Janik Wartość udziałów 5 tys. zł Platforma Rozwoju ul. Alternatywy 5/20, Warszawa Tomasz Andrzejewski
September 2010
Calendar
www.bizpoland.pl October_ 4–6 October Expo Real (Monachium)
6–7 October Congress/Expo on Renewable Energy Warsaw: Hotel Hilton Fundacja REO http://kongresgreenpower.pl/
7–8 October VII Kongres Nowego Przemysłu (New Industry) – Energy, Gas & Oil Warsaw: Hotel Sheraton Grupa PTWP, wydawca Miesięcznika Gospodarczego “Nowy Przemysł” oraz portalu wnp.pl http://www.wnp.pl/konferencje/1586.html
9 October 18th Annual British Ball – BPCC Warsaw: Hotel intercontinental British Polish Chamber of Commerce http://bpcc.org.pl/en/content/view/2456
18–19 October
13–14 October
19 October
4th Fair for Entrepreneurs and Business Development Szczecin:
4th annual Polish-Spanish Renewable Energy Forum Warsaw: hotel Sofitel Victoria, ul. Królewska 11 Polsko-Hiszpańska Izba Gospodarcza http://phig.pl
14 October
Cigar Club Porto Praga, Warsaw: http://www.cigarclub.pl/
Stimulo ul. Ignacego Paderewskiego 164, Rzeszów Jerzy Marek Skoczek 47 udziałów/4.7 tys. zł Studio Form ul. Dzieci Warszawy 21 A/10 C, Warszawa Łukasz Wiktor Jaroszek 700 udziałów/35 tys. zł; Izabella Sławomira Tur 300 udziałów/15 tys. zł Studio Miniatur Filmowych ul. Królewicza Jakuba 12a, Warszawa Skarb Państwa, Reprezentowany Przez Ministra Skarbu Państwa 8.2 Tys. udziałów/410 tys. zł Styropoz Logistyka ul. Szarych Szeregów 23, Poznań Styropoz sp. z o.o. 100 udziałów/5 tys. zł System Rezerwacji ul. Kalwaryjska 35/301, Kraków Tomasz Marcin Piwoński; Łukasz Stanisław Wilk po 48 udziałów/2.4 tys. zł Tax Complex ul. Mokotowska 15a/1b, Warszawa Krzysztof Staszyński; Mirosław Tomasz Walczyna po 25 udziałów/2.5 Zł Tax-Protektor ul. Homera 219, Poznań Paweł Hamerlik 99 udziałów/4.95 tys. zł Tea Partner ul. Hirszfelda 14/40, Warszawa Bogusław Witold Lisiecki 100 udziałów/5 tys. zł Telemedycyna Polska ul. Modelarska 12, Katowice Brak Wpisów Telewizja Mobilna ul. Bukszpanowa 5, Warszawa Grzegorz Podgórski Waldemar Ireneusz Ziomek po 50 udziałów/2.5 tys. zł The Noble Taste ul. Nowolipie 18, Warszawa Marcin Mazur 5.5 udziałów/50 tys. zł; Sławomir Gałązka 500 udziałów/50 tys. zł; Timberia ul. Oskara Kolberga 29/33, Sopot Tomasz Woźnowski 99 udziałów/4.95 tys. zł
Trade-Parks ul. Prymasa Tysiąclecia 83, Warszawa Teresa Josephine Mary Kosnowska 200 udziałów/10 tys. zł; Jarosław Tomasz Wydrych 100 udziałów/5 tys. zł Transfer Steel Service ul. Kraszewskiego 36, Kraków Transfer Handelsgesellschaft Mbh 3120 udziałów/156 tys. zł; Anna Alicja Lesiakowska Jarzyna 780 udziałów/39 tys. zł Transtext ul. Bagatela 12, Warszawa Agata Olejniczak; Magdalena Natalia Hilińska po 50 udziałów/2.5 tys. zł Trefle ul. Dąbrowskiego 13/1, Katowice Christian Martellacci 80 udziałów/4 tys. zł; Alex Martellacci 20 udziałów/1 tys. zł Trezor System ul. Bronowicka 27, Szczecin Bernarda Wiewiórska 99 udziałów/4.95 tys. zł Trinity Capital Investments ul. Ruska 11/12, Wrocław Brak Wpisów Tuus Invest ul. Wroniecka 21/3, Poznań Marek Waldemar Bobowski 1000 udziałów/50 tys. zł Umed ul. Plac Hallera 1/224, Łódź Uniwersytet Medyczny w Łodzi 1000 udziałów/50 tys. zł Unico Logistics Polska ul. Błażeja 70e, Poznań Unico Logistics B.V. 980 udziałów/49 tys. zł Vanako ul. Włodarzewska 55a/2, Warszawa Paweł Roman Rolecki 51 udziałów/83.64 tys. zł; Elżbieta Małgorzata Lawręc Mioduszewska 49 udziałów/80.36 tys. zł Vauche Polska ul. Al. Jerozolimskie 56c, Warszawa Groupe Environnemental Vauche Ges Sas 100 udziałów/100 tys. zł Vestiacom ul. Rosoła 22 B/4, Warszawa Tomasz Marek Zieliński; Marta Małgorzata Zielińska po 50 udziałów/5 tys. zł
September 2010
TWOJE PIENIĄDZE – Polish personal finance Forum Warsaw: Pałacu Kultury i Nauki Zarząd Targów Warszawskich S.A. http://www.twojepieniadze.ztw.pl/
Nowe Horyzonty – Nowe Perspektywy Warsaw: Hotel Marriott PRCH – Polish Shopping Centers Association http://www.prch.org.pl
Development of the Renewable Energy sector in Lower Silesia (Dolny Śląsk) Wrocław: Wrocławskie Centrum Transferu Technologii, Centrum Transferu Technologii Politechniki Wrocławskiej and BPCC
6 October
14–16 October
4th International Economic Congress Warsaw: Wyższa Szkoła Finansów i Zarządzania, ul. Pawia 55 Wyższa Szkoła Finansów i Zarządzania w Warszawie http://www.konferencje24h.pl
12–13 October
Munich: Reed MIDEM http://www.exporeal.net/
http://bpcc.org.pl CFO European Summit Warsaw: Hotel Radisson ACCA http://www.accaglobal.com CEE Real Estate 2010 – EastEuroLink Warsaw: EastEuroLink http://www.easteurolink.co.uk/cee-real-estate/
20 October CSR Fair – Best Practices Warsaw: Biblioteka Uniwesytecka BPCC http://bpcc.org.pl/pl/content/view/2303
Vipinfo ul. Głębocka 54b/65, Warszawa Piotr Pawlak; Ewa Wrzosek po 50 udziałów/2.5 tys. zł Vivendum It ul. Sulmierzycka 6/60, Warszawa Mariusz Artur Urbaniak 75 udziałów/3.75 tys. zł; Michał Daniel Kaźmierczyk 25 udziałów/1.25 tys. zł Voice Telecom ul. Trzy Lipy 3, Gdańsk Tomasz Mikołaj Nawotka 10 udziałów/1 tys. zł; Damian Daniel Bokkus 30 udziałów/3 tys. zł, Maciej Ryszar Jakubowski 10 udziałów/1 tys. zł Waw Inwestycje ul. Grzybowska 2/108, Warszawa Jarosław Jan Babińskił; Krzysztof Józef Janiszewski po 50 udziałów/2.5 tys. zł Web Premium ul. Solec 81b/A-51, Warszawa Jacek Nalewajko; Brid Ge20 Enterprises Limited; Jadhave Holdings Limited; Borgosia Investments Limited po 200 udziałów/10 tys. zł Webzz Online ul. Słowackiego 17/10, Poznań Michał Antoni Krzemiński Grzegorz Michał Kaźmierczak po 50 udziałów/2.5 tys. zł Wielkopolski Dom Wydawniczy ul. Aleja Solidarności 129/131, Warszawa Frutim SA 3.000 udziałów/300 tys. zł Wishbook ul. Mickiewicza 28/11, Poznań Tadeusz Nowaczyk 10 udziałów/5 tys. zł Wnf ul. Twardowskiego 4/23, Rzeszów Dobrawa Agnieszka Kijowska; Dariusz Narcyz Załoga po 150 udziałów/15 tys. zł Yoursoft ul. Krośnieńska 11/12, Rzeszów Tomasz Stanisław Wilk 90 udziałów/4.5 tys. zł; Renata Wilk 10 udziałów/500 zł
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Tokyo
Warsaw
Nagoya Osaka
Helsinki
Seoul Beijing Shanghai
Hong Kong
Bang kok
Delh i Phuket
Singapore
Announcing
SINGAPORE.
A new, faster and shorter route from Warsaw to Singapore will make our route network between Europe and Asia even stronger. Welcome aboard the youngest fleet in Europe – our fast connections and world-class quality guarantee that you travel smoothly with us. Singapore will strengthen Finnair’s commitment to Asia starting in spring 2011. www.finnair.com. Air passengers have chosen Finnair as the Best Airline in Northern Europe in the 2010 Skytrax survey. www.airlinequality. com
THE FAS T AIRLINE BET WEEN WARSAW AND ASIA