EquitiesPoland
2012 Foreign Investors Guidebook to Top 140 Warsaw Stock Exchange companies
EquitiesPoland
ISSN 1643-4692
2012
EquitiesPoland
2012 Foreign Investors Guidebook to Top 140 Warsaw Stock Exchange companies
Publisher: BiznesPolska Media Sp.z o.o. ul. Długa 44/50, bud. D, lok 704, 00-241 Warszawa tel./fax: 022 831 7062 Research Director: Magdalena Adamczyk madamczyk@biznespolska.pl Marketing Executive: Wiktor Gliński wglinski@biznespolska.pl President: Thom Barnhardt barnhardt@biznespolska.pl
Graphic Design/DTP: Sławek Parfianowicz sparfianowicz.wordpress.com
Table of Contents WIG20
4
Asseco Poland ..................................... 4 Bank Handlowy w Warszawie SA ...... 4 Bank Polska Kasa Opieki SA .............. 4 Boryszew SA ....................................... 4 BRE Bank SA ....................................... 4 Globe Trade Centre SA ....................... 4 Grupa Lotos SA ................................... 4 Jastrzębska Spółka Węglowa SA ........ 5 Kernel Holding SA .............................. 5 KGHM Polska Miedź SA .................... 5 Lubelski Węgiel Bogdanka SA ........... 5 PGE Polska Grupa Energetyczna SA . 5 Polski Koncern Naftowy Orlen SA ..... 5 Polskie Górnictwo Naftowe i Gazownictwo SA ............................... 6 Powszechna Kasa Oszczędności Bank Polski SA .................................... 6 Powszechny Zakład Ubezpieczeń SA 6 Synthos SA .......................................... 6 Tauron Polska Energia SA .................. 6 Telekomunikacja Polska SA ............... 6 TVN SA ............................................... 6
WIG40
7
Agora SA ............................................. 7 AmRest Holdings SE .......................... 7 Astarta Holding NV ............................ 7 Bank Millennium SA .......................... 7 Bioton SA ............................................ 7 Budimex SA ........................................ 7 CD Projekt Red SA .............................. 8 Central European Distribution Corporation ......................................... 8 Ciech SA .............................................. 8 Cinema-City International NV .......... 8 Cyfrowy Polsat SA ............................... 8 Dom Maklerski IDM SA ..................... 8 Echo Investment SA ........................... 9 Emperia Holding SA ........................... 9 Enea SA ............................................... 9 Eurocash SA ........................................ 9 Get Bank SA ........................................ 9 Getin Holding SA ................................ 9 Giełda Papierów Wartościowych w Warszawie SA .................................. 9 Grupa Kęty SA .................................. 10 Hawe SA ............................................ 10 Impexmetal SA ................................. 10 ING Bank Śląski SA .......................... 10 Inter Cars SA ..................................... 10 KOPEX SA ......................................... 10 Kredyt Bank SA ................................ 10
Next Edition – in English – November 2012
Kulczyk Oil Ventures Inc. ................. 11 LPP SA ............................................... 11 Narodowy Fundusz Inwestycyjny Midas SA .................... 11 Netia SA ............................................. 11 NG2 SA .............................................. 11 Orbis SA ............................................ 11 PBG SA .............................................. 11 Petrolinvest SA .................................. 12 Polimex-Mostostal SA ...................... 12 PZ Cormay SA ................................... 12 Rovese SA .......................................... 12 Towarzystwo Ubezpieczeń Europa SA ......................................... 12 Zakłady Azotowe Puławy SA ........... 12 Zakłady Azotowe w TarnowieMościcach SA .................................... 13
WIG80
13
AB SA........................................................ 13 ABC Data SA ..................................... 13 Action SA .......................................... 13 Agroton Public Limited .................... 13 Alchemia SA ..................................... 13 Amica Wronki SA ............................. 13 Apator SA .......................................... 14 Asseco Business Solutions SA .......... 14 Asseco Central Europe a.s. ............... 14 ATM SA ............................................. 14 Bank BPH SA .................................... 14 Bank Gospodarki Żywnościowej SA 14 BBI Development Narodowy Fundusz Inwestycyjny SA ................ 15 Benefit Systems SA ........................... 15 Bomi SA ............................................ 15 Calatrava Capital SA ......................... 15 City Interactive SA ............................ 15 Coal Energy SA ................................. 15 Cognor SA ......................................... 15 Colian SA ........................................... 16 Comarch SA ...................................... 16 Comp SA ........................................... 16 Dom Development SA ...................... 16 Elektrobudowa SA ............................ 16 Europejski Fundusz Hipoteczny SA 16 Fabryka Farb i Lakierów Śnieżka SA 16 Fabryka Maszyn Famur SA .............. 17 Fabryki Mebli Forte SA .................... 17 Ferrum SA ......................................... 17 Firma Oponiarska Dębica SA .......... 17 Gant Development SA ...................... 17 Herkules SA ....................................... 17 Hydrobudowa Polska SA .................. 18
Ideon SA ............................................ 18 Integer.pl SA ...................................... 18 Inter Groclin Auto SA ....................... 18 Ipopema Securities SA ..................... 18 J.W. Construction Holding SA ......... 18 Koelner SA ........................................ 18 Kruk SA ............................................. 19 KSG Agro SA ..................................... 19 LC Corp SA ........................................ 19 Lubawa SA ......................................... 19 MCI Management SA ....................... 19 Mennica Polska SA ........................... 19 Milkiland NV .................................... 19 Mirbud SA ......................................... 19 MNI SA .............................................. 20 Mostostal Warszawa SA ................... 20 Mostostal Zabrze - Holding SA ........ 20 Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA ............. 20 Narodowy Fundusz Inwestycyjny Krezus SA .......................................... 20 Narodowy Fundusz Inwestycyjny Octava SA .......................................... 20 Open Finance SA .............................. 21 Orzeł Biały SA ................................... 21 Ovostar Union N.V. ........................... 21 Pelion SA ........................................... 21 Pfleiderer Grajewo SA ...................... 21 Polish Energy Partners SA ............... 21 Polnord SA ........................................ 21 Polski Koncern Mięsny Duda SA ..... 22 Radpol SA .......................................... 22 RAFAKO SA ...................................... 22 Rank Progress SA ............................. 22 Sadovaya Group SA .......................... 22 Sanockie Zakłady Przemysłu Gumowego Stomil Sanok SA ........... 22 SKOTAN SA ...................................... 22 Stalexport Autostrady SA ................. 23 Stalprodukt SA .................................. 23 Stalprofil SA ...................................... 23 Zakłady Chemiczne Police SA ......... 23 Zakłady Lentex SA ............................ 23 Zespół Elektrociepłowni Wrocławskich Kogeneracja SA ................................. 23
Następne Wydanie – po angielsku – listopad 2012
EquitiesPoland 2012
WIG20 Asseco Poland ASK [WIG20] www.asseco.pl Sector: Software/IT programming Shareholders: Aviva OFE (12.09%); Góral Adam (10.42%); OFE PZU Złota Jesień (6.44%) Strategy: Asseco Poland S.A. is the largest IT company listed on the Warsaw Stock Exchange and a major player in the European software production market. As an international IT integrator, the company became a major player in the European market of software producers. The Asseco Group was placed among the top ten in the “TOP100 European Software Vendors” ranking (published by Truffle Capital in 2010). Finance (2009 | 2010 |2011): Revenues (net)
6,551,215
2,716,157 2,411,735
2,899,414
-3,522,726
-974,939
8,864,167
-3,657,669
-8,222,361
2,603,030
-1,637,452
79,700
134,089,886
146,590,106
106,600
Total Assets
–
245,000
Number of Shares Outstanding
–
-89,600
Book Value per Share
–
–
159,600
–
–
9,483,800
–
2,430,900
–
77,566
Board: Dangel Paweł; Pavoni Enrico; Pawłowicz Leszek; Greene Oliver; Pawłowski Krzysztof; Piwowar Grzegorz; Ważyński Marian; Kopyrski Andrzej; Biondo Diego; Iannaccone Marco; Nicastro Roberto; Lovaglio Luigi; Kornasiewicz Alicja; Woźnicki Jerzy; Decio Alessandro Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Dariusz Choryło (22 524 55 27; dariusz.chorylo@pekao.com.pl) ul. Grzybowska 53/57, 00-950 Warszawa T: 22 656 00 00
– –
Board: Góral Adam; Borzestowski Przemysław; Marek Panek; Pomianek Zbigniew; Sęczkowski Przemysław; Smułkowski Robert; Duch Jacek; Dyrga Tadeusz; Serwiński Włodzimierz; Noga Adam; Brzeski Dariusz; Piwowar Paweł; Kucharski Artur; Woźniak Wojciech; Magdoń Antoni; Bojdo Renata Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Katarzyna Drewnowska (inwestor@ asseco.pl) Al. Armii Krajowej 80; 35-307 Rzeszów T: 17 875 54 00
Bank Handlowy w Warszawie SA BHW [WIG20] www.citibank.pl Sector: Banking Shareholders: Citibank Overseas Investment Corporation, USA (75.00%) Strategy: The second largest commercial bank in Poland, in terms of assets. Originally established in 1870. Majority-owned by Citigroup, the bank provides corporate and retail banking services, as well as asset management, leasing and investment banking. Finance (2009 | 2010 |2011):
-5,455,672 -422,082
262,331 69.71 zł
262,361
262,382
76.90 zł
81.07 zł
Boryszew SA BRS [WIG20] www.boryszew.com.pl Sector: semi-ferrous metals and chemicals Shareholders: Karkosik, Roman Krzysztof (56.05%); Boryszew SA (3.98%) Strategy: The firm was formed in 1911, and debuted on the WSE in 1996. Boryszew later launched a series of acquisitions, including Impexmetal Group. In 2010 the Group acquired Boryszew Maflow in the automotive industry. Main business lines are: semi-ferrous metals and their alloys, automotive cables for global automakers, bearings and chemicals. One of the largest industrial groups in Poland comprising dozens of companies, the firm employs over 6000 people. Finance (2009 | 2010 |2011): Revenues (net)
2,227,509
3,134,792
4,332,124
100,173
247,334
Operating Profit
137,958 Net Profit
Interest Income
2,098,938
1,973,413
1,927,390
Fee and Commission Income
660,011
747,091
752,733
504,399
754,811
736,413
Net Profit Net Cash Flow
525,861
-831,602
-2,257,607
-55,366
-1,442,267
CashFlow from Operations
913,234 CashFlow from Investing
–
-752,063 37,517,540
-769,303 42,278,198
Number of Shares Outstanding
130,660
130,660
130,660
49.69 zł
49.32 zł
Book Value per Share
47.45 zł
Board: Sikora Sławomir; Gryszka Mirosław; Sołtysiński Stanisław; Apte Shirish; Olechowski Andrzej; Zieliński Witold; Simcock Stephen; Chalupec Igor; Dudzińska Iwona; Volk Stephen; Verme Alberto; Massey, Robert Daniel; Mannion Frank; Opolski Krzysztof; Ur-Rahman-Shah, Misbah; Luet Marc; Mioduski Dariusz Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Katarzyna Otko-Dąbrowska (22 657 72 00; relacjeinwestorskie@citi.com) ul. Senatorska 16, 00-923 Warszawa T: 22 657 72 00
Bank Polska Kasa Opieki SA PEO [WIG20] www.pekao.com.pl Sector: Banking
5,149
141,254
56,170
116,345
6,642
-217,949
CashFlow from Investing
91,477 CashFlow from Financing
-30,837
105,832
2,211,367
2,718,675
1,220,918
1,516,778
Total Assets
2,007,340 Long-term Liabilities
Number of Shares Outstanding
Total Assets
37,633,063
263,497
1,111,666
–
CashFlow from Financing
-366,230
39,745 CashFlow from Operations
-371,216
62,687
1,594,968
-134,115
-187,372
737,505
-2,519,401
90,038,831
98,875,647
1,128,358
2,256,716
Board: Urbaniak Zygmunt; Krężel Arkadiusz; Iwanejko Małgorzata; Pietka Tadeusz; Bednarski Robert; Jarosz Dariusz; Kutnik Mirosław; Dobies Kamil; Miller Paweł Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Małgorzata Goczyńska (46 863 02 01; mgoczynska@boryszew.com.pl) ul. 15-go Sierpnia 106, 96-500 Sochaczew T: 46 863 02 01
BRE Bank SA BRE [WIG20] www.brebank.pl Sector: Banking Shareholders: Commerzbank AG (69.71%); ING OFE (5.44%) Strategy: BRE Bank Group is an integrated commercial bank, providing corporate and retail banking services, as well as investment banking, private banking, and asset management services. Majority-owned by CommerzBank. Finance (2009 | 2010 |2011):
42,087
42,103
164.17 zł
191.17 zł
Book Value per Share
138.77 zł 6,337,087
–
Number of Shares Outstanding
-1,641,347
Number of Shares Outstanding
CashFlow from Operations
–
Long-term Liabilities
1,134,972 -1,111,805
29,691
2,986,413
CashFlow from Financing
Total Assets
-670,750
Net Cash Flow
140,200
CashFlow from Financing
641,602 -1,037,957
CashFlow from Investing
Total Assets
2,525,234
1,279,172
CashFlow from Operations
2,934,055
–
–
128,928 -1,780,998
81,023,886
130,616,054
1,178,745
-983,417
2,796,293
Net Profit
3,871,231
Net Cash Flow
Fee and Commission Income
–
CashFlow from Investing
1,001,287
CashFlow from Financing
CashFlow from Investing
–
3,421,704
Net Profit
7,404,220
1,436,600
CashFlow from Operations
3,453,207
Fee and Commission Income
-126,831
6,747,925
–
Net Profit
Interest Income
Interest Income
– Operating Profit
4
Shareholders: UniCredit SpA (59.23%); Aberdeen Asset Managment PLC (5.02%) Strategy: Bank Pekao SA operates for 80 years and is now one of the largest banks in CEE in terms of market capitalization. It has the second largest network of branches (over 1000). Bank Pekao SA belongs to UniCredit Group which is present in 22 countries with over 160,000 employees, more than 40 million customers and a network of over 10,300 branches. Finance (2009 | 2010 |2011):
Board: Mokrysz Teresa; Szomburg Jan; Leśny Maciej; Mastalerz Jarosław; Stawski Waldemar; Wierzbowski Marek; Gdański Przemysław; Kemler, Hans-Dieter; Klaus Sascha; Thor Wiesław; Stypułkowski Cezary; Kanzler Thorsten; Carls Andre; Sieber Ulrich; Engels Stephan; Kocik Cezary; Hessenmüller Jörg Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Wojciech Chmielewski (22 829 00 00; Wojciech.Chmielewski@brebank.pl) ul. Senatorska 18, 00-950 Warszawa T: 22 829 00 00
Globe Trade Centre SA GTC [WIG20] www.gtc.com.pl Sector: Commercial real estate development and investment Shareholders: GTC Real Estate Holding BV (27.75%); ING OFE (10.91%); Aviva OFE (7.23%) Strategy: Globe Trade Centre S.A. is a leading real estate developer in CEE and SEE and currently operates in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, Slovakia, the Czech Republic, Russia and Ukraine. The group was established in 1994. The portfolio comprises mostly office buildings and office parks; retail and entertainment centres, and residential projects, as well as a land bank of undeveloped plots of land. Since its establishment, the Group has developed over one million square meters of net space and has successfully sold more than fifteen properties. Finance (2009 | 2010 |2011): Revenues (net)
676,625
675,119
633,110
-490,503
440,313
-1,023,633
-525,556
166,159
-1,173,864
Operating Profit Net Profit CashFlow from Operations
102,956
310,101
279,409
-207,285
-366,548
-82,519
-125,185
10,805,393
10,201,519
6,635,762
7,005,304
CashFlow from Investing
-1,212,295 CashFlow from Financing
1,072,978 Total Assets
10,774,077 Long-term Liabilities
6,621,795
Number of Shares Outstanding
219,373
219,373
219,373
Revenues (net)
Board: Kroenke Piotr; Boniel Erez; Harel Hagai; Grendowicz, Mariusz Cezary ; Slootweg Jan; Brush, David Michael; Grunfeld Yosef; Zatoński Witold; Kucharski Artur; Wachowicz Jacek; Carmi Yovav; Kozłowski Mariusz; Gerula Krzysztof; Shouky Oren; Ickovics Alain Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Małgorzata Czaplicka (22 606 07 00; ir@gtc.com.pl) ul. Wołowska 5, 02-675 Warszawa T: 22 606 07 00
Grupa Lotos SA LTS [WIG20] www.lotos.pl Sector: Vertically integrated oil company Shareholders: Skarb Państwa (53.18%) Strategy: LOTOS Group is a vertically integrated oil company, whose business encompasses exploration for and production of crude oil, processing of crude oil, as well as wholesale and retail sale of high-quality petroleum products. Grupa LOTOS is a major producer and supplier of such products as unleaded petrol, diesel oil and aviation fuel; as well as Poland’s leading producer and supplier of engine oils, modified bitumens and paraffins. Operates a nationwide chain of petrol stations under the LOTOS brand. Finance (2009 | 2010 |2011):
EquitiesPoland 2012 Revenues (net)
14,321,041
CashFlow from Investing
19,662,804
29,259,586
Operating Profit
-95,313
-125,649
-126,065
35,570
3,983
123,551
699,706
1,124,773
1,561,886
519,882
564,596
CashFlow from Financing
419,793
1,061,354
1,084,794
Net Profit
Total Assets
900,761
679,180
648,994
882,693
902,359
CashFlow from Operations
695,024
Long-term Liabilities
CashFlow from Investing
-3,333,619
Number of Shares Outstanding
-1,055,590
-846,943
CashFlow from Financing
458,688
-35,582
17,727,364
20,423,220
10,213,887
12,640,837
Total Assets Long-term Liabilities
8,379,807
68,741
73,191
Number of Shares Outstanding
129,873
129,873
129,873
Board: Olechnowicz Paweł; Sokołowski Marek; Machajewski Mariusz; Skwarko Wiesław; Hirszel Małgorzata; Szozda Maciej; Rumiński Michał; Pawłowski Oskar; Trzaskalska Agnieszka; Majeranowski Marcin Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@grupalotos.pl) ul. Elbląska 135, 80-718 Gdańsk T: 58 308 71 11
Jastrzębska Spółka Węglowa SA JSW [WIG20] www.jsw.pl Sector: coking coal and coke producer Shareholders: Skarb Państwa (57.03%) Strategy: The JSW Group is the largest producer of high quality type 35 (hard) coking coal and a significant coke producer in the European Union. Jastrzębska Spółka Węglowa S.A. was established on 1 April 1993 as one of the seven coal companies founded at that time. It consisted of seven independently functioning mining companies, which were transformed into a state company (a company wholly-owned by the State Treasury) Finance (2009 | 2010 |2011): Revenues (net)
4,470,100
Board: Verewski Andriej; Danilczuk Andrzej; Schurink Ton; Lytvynskyi Kostiantyn; Kovalchuk Yuriy Auditors: Investors’ Contact: (p.comrad@kernel.ua) Grande-Duchesse Charlotte 65 L-1331 Luxembourg Luxembourg T: 35 226 44 91
KGHM Polska Miedź SA KGH [WIG20] www.kghm.pl Sector: Copper and silver producer Shareholders: Skarb Państwa (31.79%) Strategy: KGHM Polska Miedź S.A. is the 9th-largest producer of copper and the 3rd-largest producer of silver in the world. The electrolytic copper of KGHM is registered by the London Metal Exchange (LME) as „Grade A”, while its silver – in the form of bars – are registered under the KGHM HG brand, and hold a „Good Delivery” certificate, issued by the London Bullion Market Association (in 1995) and by the Dubai Multi Commodities Centre (in 2006). Other products of KGHM include gold, lead, sulphuric acid and rock salt. Finance (2009 | 2010 |2011): 12,119,910
16,766,504
2,679,338
5,506,309
13,153,649
2,327,993
4,724,507
11,063,456
5,661,275
9,098,660
-3,070,123
3,048,579
Net Profit CashFlow from Operations
-716,500
1,946,900
2,732,600
CashFlow from Investing
-646,300
1,454,200
2,086,600
CashFlow from Financing
2,235,900
2,835,300
Total Assets
Net Profit CashFlow from Operations
-61,300 CashFlow from Investing
247,600
-797,900
-1,667,200
-371,200
-436,900
10,611,300
13,617,000
4,508,800
5,173,600
CashFlow from Financing
163,700 Total Assets Long-term Liabilities
4,334,800
Number of Shares Outstanding
10,885
10,885
119,208
Board: Zagórowski Jarosław; Czornik Grzegorz; Wojtków Artur; Tor Andrzej; Myrczek, Józef Jan; Malinowski Antoni; Wałach Adam; Adamusiński Marek; Karpiński Miłosz; Tomica Janusz; Kusio Tomasz; Rybaniec Adam; Baron Eugeniusz; Warych Mariusz; Nowak, Alojzy Zbigniew; Kluza Stanisław; Kozłowski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Paweł Warzecha (32 756 44 25; pwarzecha@jsw.pl) ul. Armii Krajowej 56, 44-330 Jastrzębie-Zdrój T: 32 756 41 13
Kernel Holding SA KER [WIG20] www.kernel.ua Sector: Producer of agricultural oils and grains Shareholders: Namsen Limited (37.59%); Comgest SA (5.96%) Strategy: Kernel Holding S.A. is a leading diversified agri-business company operating in Ukraine. With an extensive asset base spanning the production, processing, storage, transshipment and export of agricultural commodities, the company is a major supplier to the international market of grain, sunflower oil and meal produced in Ukraine and Russia; the largest supplier of bottled oil to the Ukrainian market; a key provider of grain silo services to the farmer;and provider of services for the transshipment and export of grain, oil and meal from Black Sea ports. Finance (2009 | 2010 |2011) [in USD]: 1,020,471
1,899,118
Operating Profit
166,648
167,484
277,268
Net Profit
135,548
152,005
226,272
84,796
56,147
CashFlow from Operations
129,289
2,720,749 -1,255,747 -2,317,750 14,890,420
-707,497
-2,978,408
21,240,729
30,553,874
6,318,606
7,171,517
Long-term Liabilities
4,315,081
Number of Shares Outstanding
200,000
200,000
200,000
Board: Tybura Maciej; Wirth Herbert; Kędzia Wojciech; Jaroń Lech; Łaganowski Maciej; Markowski Paweł; Kaczmarczyk Krzysztof; Magaczewska Aleksandra; Oliwa Robert; Poświata Jacek; Białek Paweł; Krawczyk Dariusz; Piecuch Ireneusz Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Leszek Mierzwa (76 747 82 00; ir@ kghm.pl) ul. Marii Skłodowskiej-Curie 48, 59-301 Lubin T: 76 747 82 00
Lubelski Węgiel Bogdanka SA LWB [WIG20] www.bogdanka.eu Sector: Coal mining Shareholders: Aviva OFE (14.74%); OFE PZU Złota Jesień (9.76%); ING OFE (9.63%); Amplico OFE (5.09%) Strategy: Lubelski Węgiel „Bogdanka” S.A. is one of the leading manufacturers of hard coal market in Poland. Coal sold by the company is used mainly for the generation of electric and thermal energy as well as for cement production. Customers are mainly industrial companies, first of all those in the power generation industry and located in east and northeast Poland. Finance (2009 | 2010 |2011): Revenues (net)
1,118,393
1,230,447
1,301,349
276,472
265,739
Operating Profit
226,710 Net Profit
191,472
229,811
220,921
368,235
313,802
-577,793
-726,489
–
43,406
CashFlow from Operations
365,586 CashFlow from Investing
-365,932 CashFlow from Financing
Revenues (net)
1,047,113
22,107,230
Operating Profit
9,376,800
Operating Profit
582,131 Total Assets
2,469,814
2,828,045
3,076,228
859,026
933,582
Long-term Liabilities
730,917
Number of Shares Outstanding
34,014
PGE Polska Grupa Energetyczna SA PGE [WIG20] www.pgesa.pl Sector: Power production, distribution and trade Shareholders: Skarb Państwa (61.88%) Strategy: PGE Polska Grupa Energetyczna S.A. is one of the largest power producers and suppliers in Poland and one of the biggest heat and power sector companies in Central and Eastern Europe. Due to a combination of its own fuel resources (lignite), power generation and final distribution networks, PGE provides power to over 5 million households, businesses and institutions. In 2011 the Group’s net power generation amounted to about 57 TWh. The PGE Group employs over 46,000 workers and has 13.1 GW of the installed generation capacities. New initiatives in wind sector via PGE EO subsidiary. Finance (2009 | 2010 |2011): Revenues (net)
21,623,350
20,471,430
28,111,354
5,344,729
4,149,236
4,144,480
3,370,712
2,990,269
4,936,095
6,610,960
6,942,012
-7,468,274
-3,326,656
Operating Profit Net Profit CashFlow from Operations
7,298,888 CashFlow from Investing
-3,628,590 CashFlow from Financing
Revenues (net)
7,288,900
9,133,600
73,674
Revenues (net)
2,181,465 15,225,952
342,243
Board: Taras Mirosław; Borkowska Krystyna; Bernaciak Waldemar; Stopa Zbigniew; Karski Eryk; Kawalec Stefan; Tor Lech; Daniłowicz Witold; Formela Dariusz; Mosiek Tomasz; Bednarski Robert; Eggink Raimondo Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (bogdanka@lw.com.pl) Bogdanka, 21-013 Puchaczów T: 81 462 51 00
34,014
34,014
1,898,319
-4,111,761
-2,311,313
53,879,991
58,762,631
16,325,326
17,589,371
Total Assets
54,447,798 Long-term Liabilities
15,598,046
Number of Shares Outstanding
1,730,090
1,869,784
1,869,784
Revenues (net)
Board: Szymanek Piotr; Zieliński Marcin; Bałtowski Maciej; Barylski Jacek; Dec Małgorzata; Prus Katarzyna; Szmuniewski Zbigniew; Żuk Krzysztof; Grzesiak Czesław; Krystek Grzegorz; Ostrowski Wojciech; Skowroński Paweł; Kilian Krzysztof; Matuszewska Bogusława Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Przemysław Wasilewski (22 340 10 00; Przemyslaw.Wasilewski@gkpge.pl) ul. Mysia 2, 00-496 Warszawa T: 22 340 10 00
Polski Koncern Naftowy Orlen SA PKN [WIG20] www.orlen.pl Sector: Producer and distributor of petroleum products and petrochemicals Shareholders: Skarb Państwa (27.52%); Aviva OFE (5.08%); ING OFE (5.01%) Strategy: PKN Orlen is the dominant producer and distributor of petroleum products and petrochemical products in Poland, involved with processing of oil products such as unleaded gasoline, diesel, heating oil, jet fuel, plastics and petrochemical products. Refineries belonging to the group of PKN Orlen include Plock and Trzebinia Jedlicze, which have about 70 percent of the Polish refinery capacity. The company has the largest network in central Europe, with petrol stations located in Poland, Germany, Czech Republic and Lithuania. PKN Orlen Group has more than 80 subsidiary companies. Finance (2009 | 2010 |2011): Revenues (net)
67,927,990
83,547,432
106,973,074
1,097,076
3,122,649
2,066,472
1,308,521
2,371,358
2,363,397
6,110,199
761,106
-2,920,060
1,497,021
-3,297,740
332,376
51,149,792
58,731,478
26,909,839
31,932,795
Operating Profit Net Profit CashFlow from Operations
5,161,793 CashFlow from Investing
-2,526,615 CashFlow from Financing
-1,034,966 Total Assets
49,088,070 Long-term Liabilities
27,380,859
Number of Shares Outstanding
427,709
427,709
427,709
Board: Pater Krystian; Mataczyński Maciej; Borowiec Grzegorz; Krawiec, Dariusz Jacek; Jędrzejczyk Sławomir; Sarota Angelina; Gabor Artur; Pawłowicz Leszek;
5
EquitiesPoland 2012 Gołębiowski Michał; Banasiński Cezary; Chełmiński Piotr; Podstawa Marek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Dariusz Grębosz (24 365 00 00; dariusz.grebosz@orlen.pl) ul. Chemików 7, 09-411 Płock T: 24 365 00 00
Polskie Górnictwo Naftowe i Gazownictwo SA PGN [WIG20] www.pgnig.pl Sector: Oil and gas production and distribution Shareholders: Skarb Państwa (72.41%) Strategy: Polskie Górnictwo Naftowe i Gazownictwo is the largest Polish oil and gas exploration and production company. It is a leader in natural gas segments in Poland that are trade, distribution, oil and gas exploration and production as well as gas storage and processing. The company is also the largest importer of natural gas to Poland. Finance (2009 | 2010 |2011): Revenues (net)
19,331,527
21,281,161
23,003,534
Operating Profit
PZU [WIG20] www.pzu.pl Sector: Insurance Shareholders: Skarb Państwa (35.18%); ING OFE (5.02%) Strategy: PZU Group is one of the oldest and largest insurance groups in Poland in terms of written premiums, according to the PFSA, with a broad range of insurance and financial products. Among Polish insurance companies, the PZU Group also has the most extensive network of sales and service outlets. According to data of January 2012, PZU Group had 433 outlets throughout Poland, including 313 shared outlets (PZU and PZU Zycie), 69 outlets of PZU Zycie and 51 outlets of PZU. As of December 31, 2011 PZU offered products in the following distribution channels: exclusive agents (over 6000), multiagencies (2200), insurance brokers (ca. 800), bancassurance, direct and PZU employees. Finance (2009 | 2010 |2011): 14,485,214
14,213,013
– !!!Przychody z lokat!!!
1,235,239
2,453,741
1,626,778
!!!!Zysk strata z działalności operacyjnej!!!
3,843,312
2,467,905
Net Profit
-3,558,839
-4,019,238
-107,871
1,682,218
2,554,924 -3,637,658 CashFlow from Financing
858,187 Total Assets
31,074,364
33,642,407
37,964,374
10,122,937
13,467,714
Long-term Liabilities
9,639,036
Number of Shares Outstanding
5,900,000
5,900,000
5,900,000
Revenues (net)
Board: Puławski Mieczysław; Moryń Marcin; Chmielarz Agnieszka; Siergiej Jolanta; Hinc Sławomir; Dudziński Radosław; Kawecki Mieczysław; Szkałuba Mirosław; Chmielewski Wojciech; Głowacki Józef; Pilitowski Janusz; Piotrowska-Oliwa Grażyna; Sibrecht-Ośka Ewa Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Aleksandra Dobosiewicz (22 589 45 55; aleksandra.dobosiewicz@pgnig.pl) ul. Marcina Kasprzaka 25, 01-224 Warszawa T: 22 589 45 55
Powszechna Kasa Oszczędności Bank Polski SA PKO [WIG20] www.pkobp.pl Sector: Banking Shareholders: Skarb Państwa (40.99%); Bank Gospodarstwa Krajowego (10.24%) Strategy: PKO Bank Polski is Poland’s largest bank and one of its oldest in continuous operation. Over recent years, PKO Bank has consolidated its market leadership, particularly in terms of new loan originations, while at the same time becoming the largest banking institution in CEE. Active in retail banking, commercial banking, asset management, leasing and investment banking. Finance (2009 | 2010 |2011): Interest Income
9,031,330
10,415,315
12,037,762
Fee and Commission Income
17.09 zł
18.26 zł
86,352
2,510,039
23,430,284
28,413,531
8,218,213
12,274,463
7,921,827 13,986,284
1,752,549
Telekomunikacja Polska SA TPS [WIG20] www.tp.pl Sector: Telecommunications Shareholders: France Telecom SA (49.78%); Capital Group International, Inc. (5.05%); Telekomunikacja Polska SA (1.55%) Strategy: TP Group is Poland’s largest telecommunication provider, operating in all segments of the Polish telecom market. As of 1Q 2011 TP Group had 14.4 million mobile customers, 6.2 million fixed voice customers, 2.3 million broadband users and 0.6 million TV subscribers. TP owns the largest technical infrastructure in Poland supporting its key operations. Controlled by France Telecom. Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)
16,560,000
15,715,000
14,922,000
908,000
2,217,000
Operating Profit
2,097,000 Net Profit
107,000
1,917,000
4,530,000
5,169,000
-2,015,000
-1,090,000
-2,286,000
-3,663,000
28,873,000
28,219,000
14,239,000
13,885,000
178,215
565,656
1,032,303
CashFlow from Investing
164,234
476,161
960,277
CashFlow from Financing
449,315
748,584
Total Assets
-253,486
-310,813
2,291
-95,534
-99,584
2,948,546
3,517,437
4,561,998
1,385,924
1,623,438
CashFlow from Operations
395,765 -190,267
5,541,000 -2,281,000 -2,680,000 29,365,000 Long-term Liabilities
12,812,000
Number of Shares Outstanding
1,335,649
Total Assets Long-term Liabilities
1,295,734
Number of Shares Outstanding
1,323,250
1,323,250
1,323,250
Board: Miroński Grzegorz; Oskard Robert; Waniołka Mariusz; Grodzki Jarosław; Kalwat Tomasz; Piec Tomasz; Warmuz Zbigniew; Lange Zbigniew; Kwapisz Krzysztof Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Tomasz Kosowski (33 844 18 21; ir@ synthosgroup.com) ul. Chemików 1, 32-600 Oświęcim T: 33 844 18 21
1,752,549
Board: Lubera Dariusz; Stolarczyk Dariusz; Zamasz Krzysztof; Zawadzki Krzysztof; Tajduś Antoni; Trzaskalska Agnieszka; Luty Włodzimierz; Ściążko Marek; Kuciński Jacek; Szyke Jacek; Schmid Joanna; Koziorowski Leszek; Wardziński Rafał Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Marcin Lauer (32 774 27 06; marcin. lauer@tauron-pe.pl) ul. Lwowska 23, 40-389 Katowice T: 32 774 27 00
1,281,000
Net Profit
190,748,037
16.34 zł
-5,689,534
-512,864
CashFlow from Operations
169,660,501
Board: Bossak Jan; Drabikowski Bartosz; Myjak Jarosław; Banasiński Cezary; Zganiacz Tomasz; Jagiełło Zbigniew; Papierski Jakub; Marczak Piotr; Alicki, Piotr Stanisław; Czekaj Mirosław; Kilian Krzysztof; Miklaszewska Ewa; Mroczkowski Marek; Wierzba Ryszard; Kołatkowski Andrzej; Obłękowski Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Lidia Wilk (22 521 71 92; lidia.wilk@ pkobp.pl) ul. Puławska 15, 02-515 Warszawa T: 22 521 71 92
-1,508,476
-1,354,024
5,440,709
1,057,418
1,250,000
2,213,651
3,860,697
2,600,952
1,073,418
1,250,000
2,520,345
CashFlow from Financing
Operating Profit
-3,630,127
1,250,000
1,220,011
1,963,199
Revenues (net)
-1,967,767
Book Value per Share
86,352
SNS [WIG20] www.synthosgroup.com Sector: manufacturers of chemical raw materials Shareholders: Sołowow Michał (64.44%); ING OFE (5.06%); Kalwat Tomasz (0.00%); Grodzki Jarosław (0.00%) Strategy: Synthos S.A. is one of the largest manufacturers of chemical raw materials in Poland, as well as being Europe’s No. 1 manufacturer of emulsion rubbers and third largest manufacturer of polystyrene for foaming applications. The company supplies advanced technological products. Synthos S.A. was established on the basis of Firma Chemiczna Dwory S.A. and Kaucuk a.s. Finance (2009 | 2010 |2011):
5,556,998
156,478,685
-186,946 52,129,282
Synthos SA
340,637
Number of Shares Outstanding
70,916 50,670,557
86,352
CashFlow from Financing
Total Assets
2,345,424
Board: Klesyk Andrzej; Jaworski Witold; Maj Waldemar; Piszczek Marzena; Ćwiąkalski Zbigniew; Dąbrowski Przemysław; Filar Dariusz; Tarkowski Tomasz; Daniluk Dariusz; Derdziuk Zbigniew; Skuza Bogusław; Trepczyński Ryszard; Dresler Krzysztof Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Piotr Wiśniewski (22 582 21 00; ir@ pzu.pl) Al. Jana Pawła II 24, 00-133 Warszawa T: 22 582 21 00
CashFlow from Investing
4,559,643
858,656
CashFlow from Investing
2,956,727
Number of Shares Outstanding
2,984,289
CashFlow from Financing
2,439,231
-166,405 53,176,209
-553,712
1,022,670
791,425 CashFlow from Operations
22,155,493
Total Assets
3,807,195
CashFlow from Investing
3,088,085
3,762,945
3,216,883
-4,860,163
1,611,489
Net Profit
Long-term Liabilities
Net Cash Flow
2,305,538 CashFlow from Operations
20,755,222
1,399,259
Number of Shares Outstanding
3,837,165
722,150
15,428,879
1,320,783
-543,464
–
4,601,751
3,880,863
Net Cash Flow
13,694,622 Operating Profit
Total Assets
–
3,335,347 Net Profit
Revenues (net)
–
1,685,526
CashFlow from Investing
14,890,528
!!!Wynik techniczny ubezpieczeń majątkowych i osobowych!!!!
2,886,689
CashFlow from Operations
Strategy: TAURON Polska Energia S.A. is the parent company of TAURON Polska Energia S.A. Capital Group. Major subsidiaries include: Południowy Koncern Węglowy S.A. dealing with coal mining, TAURON Wytwarzanie S.A. dealing with electricity generation from conventional sources and biomas co-firing, TAURON EKOENERGIA sp. z o.o. dealing with electricity generation from renewable sources, TAURON Dystrybucja S.A. dealing with electricity distribution, TAURON Sprzedaż sp. z o.o. dealing with electricity supply to retail customers, TAURON Obsługa Klienta sp. z o.o. dealing with customer service and TAURON Ciepło S.A., dealing with heat distribution. Finance (2009 | 2010 |2011):
!!!Składka na udziale własnym!!!
1,374,859 Net Profit
6
Powszechny Zakład Ubezpieczeń SA
1,335,649
1,335,649
Board: Champeaux Jacques; Boatman Timothy; Rajski Jerzy; Witucki Maciej; Rozłucki Wiesław; Gronicki Mirosław; Koźmiński, Andrzej K.; Muszyński Piotr; Lambert, Marie-Christine; Lobry Vincent; Bonhomme Thierry; de Galzain, Jacques; Kowalski Jacek; Ries Gérard; Louette Pierre; Scheen Benoit; Clere Nathalie; de Joux, Henri; Bochniarz Henryka; Lachowski Sławomir Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Jacek Kunicki (22 527 23 23; jacek. kunicki@telekomunikacja.pl) ul. Twarda 18, 00-105 Warszawa T: 22 527 23 23
TVN SA
Tauron Polska Energia SA TPE [WIG20] www.tauron-pe.pl Sector: Power generation and distribution Shareholders: Skarb Państwa (30.06%); KGHM Polska Miedź SA (10.39%); ING OFE (5.06%)
TVN [WIG20] www.tvn.pl Sector: Media Shareholders: ITI Holdings SA (54.02%); ING OFE (5.10%) Strategy: TVN is a leading integrated media group in
EquitiesPoland 2012 Poland, operating under three main business segments: broadcasting and television production, digital satellite TV and pay online. The group operates the following TV channels: TVN, TVN 7, TVN 24, TVN Meteo, TVN Turbo, and TVN Style. Created in October 2006 a new generation digital platform ‘n’ and recently agreed to sell its market-leading portal Onet.pl. Finance (2009 | 2010 |2011):
ed in 1993. Portfolio includes KFC, Pizza Hut, Burger King, Applebee’s and Starbucks based on franchise and joint venture partnerships. AmRest owns La Tagliatella brand which is being developed as a company-operated restaurants as well as franchised stores. AmRest also operates almost 700 Quick Service and Casual Dining restaurants. More than 22,000 employees. Finance (2009 | 2010 |2011):
Finance (2009 | 2010 |2011):
Revenues (net)
Revenues (net)
CashFlow from Operations
2,115,123
2,490,697
1,959,843
363,761
549,261
Operating Profit
2,000,490
2,033,816
2,624,171
79,824
68,662
103,015
38,232
40,598
48,485
168,149
216,359
-233,031
-808,927
84,071
150,164
486,763
1,151,095
1,368,959
2,630,856
622,929
1,703,065
Operating Profit
612,090 Net Profit
Net Profit
420,821
42,754
-317,365
504,060
435,232
-231,081
48,145
-174,391
-319,429
5,191,482
5,111,958
3,952,797
4,188,487
CashFlow from Operations
479,767
CashFlow from Operations
CashFlow from Investing
-562,270
CashFlow from Investing
CashFlow from Financing
273,037
134,394 -96,065 CashFlow from Financing
Total Assets
Total Assets
4,983,496 Long-term Liabilities
Long-term Liabilities
3,698,342
Number of Shares Outstanding
340,432
341,474
343,858
Board: Fanconi Romano; Gricuk Paweł; Bahlmann Arnold; Rybicki Andrzej; Wejchert Aldona; Rozłucki Wiesław; Kostrzewa Wojciech; Valsangiacomo Bruno; Wujek Gabriel; Tellenbach Markus; Walter Piotr; Broniatowski Michał; Driscoll John; Lorenz, Paul H.; Bednarski Robert Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (investor-relations@tvn.pl) ul. Wiertnicza 166 02-952 Warszawa T: 22 856 60 60
WIG40 Agora SA AGO [WIG40] www.agora.pl Sector: Media Shareholders: Agora-Holding Sp. z o.o. (11.17%); ING OFE (7.37%); Niemczycki Piotr (3.03%); Rapaczyńska Wanda (1.81%) Strategy: Agora was created in 1989 and is one of the largest media companies in Poland. Since 1999 the Company has been listed on the Warsaw Stock Exchange. Apart from print publishing and creating content for all digital media in the group, Agora is also engaged in printing and advertising brokerage services and licensing content for digital media. Owns daily Gazeta Wyborcza. Effectively controlled by its founding shareholders through super-voting rights. Finance (2009 | 2010 |2011): Revenues (net)
1,110,127
1,116,742
1,234,553
84,888
51,884
Operating Profit
52,865 Net Profit
38,330
71,894
42,171
171,554
152,241
-138,104
-115,549
-88,029
24,683
-93,545
1,538,236
1,805,476
1,803,720
568,924
540,403
CashFlow from Operations
152,655 CashFlow from Investing
-204,144 CashFlow from Financing Total Assets Long-term Liabilities
342,161
Number of Shares Outstanding
50,937
50,937
768,204
Number of Shares Outstanding
50,937
Revenues (net)
Board: Sielicki Tomasz; Sikora Sławomir; Szlęzak Andrzej; Bąk Zbigniew; Niemczycki Piotr; Kossakowski Grzegorz; Hejka Marcin; Rapaczynski Wanda; Turnau Stanisław; Jackiewicz Marek Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Nina Graboś (22 555 60 00; investor@ agora.pl) ul. Czerska 8/10, 00-732 Warszawa T: 22 555 60 00
AmRest Holdings SE EAT [WIG40] www.amrest.eu Sector: Restaurants Shareholders: WP Holdings VII BV (32.98%); ING OFE (17.12%); BZ WBK Asset Management SA (9.58%); McGovern Henry (6.98%); (6.65%) Strategy: AmRest Holdings SE is the largest independent restaurant operator in Central and Eastern Europe, found-
14,186
18,934
21,214
Board: Sykora Jan; McGovern Henry; Eggink Raimondo; Feuer Robert; Kseń Jacek; Landy, Joseph P.; Chandler Mark; O’Malley Drew; Breimyr, Per Steens; Mroczyński Wojciech Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Maciej Mausch (71 386 10 00; maciej. mausch@amrest.eu) pl. Grunwaldzki 25-27, 50-365 Wrocław T: 71 386 10 00
Astarta Holding NV AST [WIG40] www.astartaholding.com Sector: Sugar production Shareholders: Ivanchyk Viktor (36.98%); Korotkow Valeri (25.98%) Strategy: Astarta-Kyiv is an agri-industrial holding and one of the leaders in the Ukrainian sugar sector. Operations focused on production and sales of sugar from sugar beet, sugar by-products and related services. In 2011 production season assumed leading position as the biggest Ukrainian sugar producer with 16% share of domestic sugar production. Finance (2009 | 2010 |2011) : Revenues (net)
128,239
219,507
314,354
87,510
93,356
Operating Profit
40,692 Net Profit
29,460
80,053
87,557
25,205
6,927
-40,002
-90,837
15,112
85,987
CashFlow from Operations
14,087 CashFlow from Investing
-5,149 CashFlow from Financing
-7,849 Total Assets
231,414
352,639
570,225
143,585
263,412
Long-term Liabilities
112,906
Number of Shares Outstanding
25,000
25,000
25,000
Board: van Campen, Marc; Korotkow Valeri; Bartoszewski Władysław; Ivanchyk Viktor; Rybin Petro; Stakh Sergiy; Rylik Igor; Karas Boris; Yuriy Matsak; Kontiruk Sergiy; Kovalski, Mykola; Chiburovskiy Andriy; Bershadska Oksana Auditors: Investors’ Contact: (IR@astartakiev.com) Koningslaan 17, 1075AA Amsterdam Holland T: 31 020 673 1090
Bank Millennium SA MIL [WIG40] www.bankmillennium.pl Sector: Banking Shareholders: Banco Comercial Portugues SA (65.51%); ING OFE (5.00%) Strategy: Bank Millennium was established in 1989 as Bank Inicjatyw Gospodarczych. In 1997 it changed its name to BIG Bank GDAŃSKI and in 2003 to its present name. Bank Millennium is a nationwide universal bank, offering its services to all market segments through a network of branches, individual advisors and electronic banking. The Bank is the core of the Bank Millennium Group, which also comprises: Millennium Leasing, Millennium Dom Maklerski, Millennium Towarzystwo Funduszy Inwestycyjnych.
Interest Income
2,373,617
2,359,969
2,719,920
Fee and Commission Income
576,378
625,282
646,930
1,495
325,997
466,464
1,188,922
-869,559
383,951
-91,456
628,972
-980,657
1,457,243
202,554
-1,702,264
46,984,418
50,838,099
Net Profit Net Cash Flow
1,853,733 CashFlow from Investing
-335,986 CashFlow from Financing
-328,825 Total Assets
44,913,824
Number of Shares Outstanding
849,182
1,213,117
1,213,117
3.37 zł
3.78 zł
Book Value per Share
3.28 zł
Board: Kott Bogusław; Bednarkiewicz Maciej; Koźmiński, Andrzej K.; Rocki Marek; Haase Wojciech; Bicho Fernando; Boniuk-Gorzelańczyk Julianna; Rosati Dariusz; Lopes Fernandes, Vitor Manuel; Bessa Machado, Nelson Ricardo; Klimczak Artur; F.C. Pereira Coutinho, Luis Maria; Furtek Marek; Jorge, Joao Bras; Gliński Andrzej; Palma Ramalho, António Manuela; Campos, Maria Jose; de Campos Pereira de Braganca, Miguel; da Conceicao Mota Soares de Oliveira Calle Lucas, Maria; Kwiatkowski Krzysztof; Teixeira, Rui Manuel da Silva; da Silva Amado, Nuno Manuel; Pospieszyński Ryszard; dos Santos Ferreira, Carlos Jorge Ramalho Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Artur Kulesza (22 598 11 16; ir@ bankmillennium.pl) ul. Stanisława Żaryna 2 A, 02-593 Warszawa T: 22 598 11 10
Bioton SA BIO [WIG40] www.bioton.pl Sector: Pharmaceuticals Shareholders: Krauze Ryszard (19.45%); Troqueera Enterprises Ltd. (8.24%) Strategy: Grupa Bioton manufactures and distributes products and generic drugs (mainly antibiotics). It is a dynamically developing and produces clinically important modern drugs, including recombinant human insulin and its pharmaceutical forms, formulations of the antibiotic cephalosporin, aminoglycoside and macrolide. Finance (2009 | 2010 |2011): Revenues (net)
378,097
288,984
-576,908
216,846
90,064
-51,059
-567,545
117,180
-78,858
27,170
-22,200
Operating Profit Net Profit CashFlow from Operations
-79,516 CashFlow from Investing
-130,528
57,981
-97,065
-82,181
84,978
1,584,748
2,024,549
414,868
639,675
CashFlow from Financing
203,976 Total Assets
1,575,015 Long-term Liabilities
524,322
Number of Shares Outstanding
5,290,376
5,379,851
6,025,305
Board: Borowicz Piotr; Ratnicka-Kiczka, Barbara Halina; Walendziak Wiesław; Grelowski Maciej; Krauze Ryszard; Wilczęga Adam; Szymańska-Bulska Joanna; Buzuk Tomasz; Ziegert Sławomir; Solorz-Żak Zygmunt; Bushara Leon; Spark Andre; Dukaczewski Marcin; Błaszczyk Piotr; Dąbrowski Waldemar; Polonek Adam Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Jacek Zawadzki (22 72140 00; jzawadzki@egzogroup.pl) ul. Starościńska 5, 02-516 Warszawa T: 22 721 40 00
Budimex SA BDX [WIG40] www.budimex.pl Sector: Construction Shareholders: Grupo Ferrovial SA (59.06%); OFE PZU Złota Jesień (5.65%) Strategy: Budimex has been operating for over 40 years, and is amongst the largest construction companies in Poland, and focuses primarily on infrastructure. The company operates as a general contractor in the following sectors of infrastructure: road, railway, airports, residential, energy, industrial and environmental construction. The company is gradually increasing its involvement in the sector of facility management (real estate and infrastruc-
7
EquitiesPoland 2012 ture facilities) and waste management. Finance (2009 | 2010 |2011):
CashFlow from Financing
997,964
4,430,269
5,516,675
331,366
319,436
Operating Profit
200,511 Net Profit
173,658
267,409
260,874
1,191,133
351,404
CashFlow from Operations
964,451 CashFlow from Investing
-304,648
-5,184
-211,668
-454,785
-260,755
4,067,239
4,551,114
3,386,834
3,840,004
CashFlow from Financing
-253,630 Total Assets
3,339,623 Long-term Liabilities
2,753,443
Number of Shares Outstanding
25,530
25,530
25,530
Board: Hernandez, Javier Galindo; Węgłowski Marcin; Garrido-Lestache Rodriguez, Jose Carlos; Urbański Henryk; Daniewski Jacek; Chalupec Igor; Rodriguez, Ignacio Botella; Michałowski Marek; Blocher Dariusz; Weresa, Marzenna Anna; Kamiński Piotr; Stańczuk Maciej; Sielicki Tomasz; de la Joya Ruiz de Velasco, Alejandro Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Michał Parafiniuk (22 623 60 00; relacje.inwestorskie@budimex.pl) ul. Stawki 40, 01-040 Warszawa T: 22 623 60 00
CD Projekt Red SA CDR [WIG40] www.cdprojektred.com Sector: Computer games Shareholders: Kiciński Michał (17.00%); Iwiński Marcin (16.00%); PKO TFI SA (9.47%); Nielubowicz Piotr (5.99%); Kiciński Adam (2.99%) Strategy: CD Projekt RED exists for 17 years, as a group of companies engaged in the distribution of computer games and videos (CD Projekt Sp.), production of their own computer games (Witcher brand) and digital distribution of games to customers around the world (GOG Ltd). Finance (2009 | 2010 |2011): Revenues (net)
1,272
50,446
136,210
-2,150
-675
27,622
-2,325
-3,451
23,962
10,279
185
36
-6,239
16,161
5,265
263
35,227
167,514
185,726
89,849
61,917
Operating Profit Net Profit CashFlow from Operations
-4,489 CashFlow from Investing
-13,886 CashFlow from Financing Total Assets Long-term Liabilities
31,607
Number of Shares Outstanding
28,152
82,837
94,950
Board: Ziółek Katarzyna; Kujawski Grzegorz; Iwiński Marcin; Kiciński Adam; Nielubowicz Piotr; Świetlicki Adam; Majewski Maciej; Pągowski Piotr; Badowski Adam; Nowakowski Michał Auditors: Investors’ Contact: (gielda@cdprojekt.com) ul. Jagiellońska 74 03-301 Warszawa T: 22 375 77 00
Central European Distribution Corporation CDC [WIG40] www.cedc.com.pl Sector: Vodka production Shareholders: Roust Trading Ltd. (23.61%); Kaufman Mark (9.51%); ING OFE (5.66%); Blackrock Inc. (5.00%) Strategy: The world’s largest vodka producer. Leading positions in key markets of Poland, Russia and Hungary. Brand portfolio includes BOLS, Żubrówka, Absolwent and Soplica in Poland; Green Mark and Parliament in Russia; and Royal Vodka in Hungary. Each of these is a leader of their segment in those markets. Finance (2009 | 2010 |2011) [in USD]: 711,537
877,587
-23,592
-981,283
Operating Profit
184,465 Net Profit
78,329
-104,667
-1,291,816
CashFlow from Operations
89,752
-29,386
29,759
457,421
-56,854
CashFlow from Investing
-1,067,129
8
349,686
292,004
340,242
75,231
113,010
Long-term Liabilities
4,439,100
3,396,182
2,072,529
Long-term Liabilities
2,753,938 38,692
169,877
Number of Shares Outstanding
1,831,511
1,806,159
Number of Shares Outstanding
70,685
70,685
Board: Carey, William V.; Archbold James; Biedermann Chris; Evangelou Evangelos; Sieger Markus; Shanahan, William S.; Bailey David; Fine, N. Scott; Forysiak, Marek E.; Koch, Robert P.; Picchi Alessandro; Aragon Jose Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: () 3000 Atrium Way, Suite 265, 08054 Mt. Laurel New York, USA T: 856 273 6970
50,834
51,200
51,200
Board: Greidinger Moshe; Weltsch Amos; Greidinger Israel; Pierce, Arthur Frank; Twist Caroline; Weishut Peter; Shilhav Yair; Rosenblum Scott Auditors: Investors’ Contact: Joanna Kotłowska (22 566 69 60; j.kotlowska@cinema-city.pl) Weena 210-212 3012 N Rotterdam Holland T: 22 566 69 99
Cyfrowy Polsat SA
Ciech SA CIE [WIG40] www.ciech.com Sector: Chemicals production Shareholders: Skarb Państwa (44.00%); Pioneer Pekao Investment Management SA (9.99%); ING OFE (5.31%) Strategy: Ciech Chemical Group is one of the leaders in the European chemical market. It comprises more than 40 companies and counts itself among the 50 largest business organisations in Poland. The main products of the Group are: soda ash (the second largest producer in Europe) and TDI (number 1 on the Polish market), epoxy & polyester resins, plant protection chemicals and fertilizers, as well as other chemical products which are used in glass, furniture, chemical, food, agriculture and construction industries. Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)
3,684,225
3,960,316
4,174,486
128,242
146,853
118,715
-92,255
24,344
1,506
318,351
-19,338
CPS [WIG40] www.cyfrowypolsat.pl Sector: Cable TV and Internet access Shareholders: Pola Investments Ltd. (44.26%); Sensor Overseas Ltd. (7.27%) Strategy: A leading integrated multimedia group in Poland with the number one position in subscriber-based pay-TV through Cyfrowy Polsat, and a leading position in TV broadcasting through TV Polsat. As part of their multi-play offer, firm provides DTH, broadband Internet and mobile telephony services in MVNO model. Next to HSPA+ Internet, recently launched Internet access services with the latest LTE technology- the first provider to offer this technology in Poland. Finance (2009 | 2010 |2011): Revenues (net) Revenues (net)
1,266,137
2,365,925
276,050
325,754
560,300
230,319
258,447
160,190
Net Profit
Net Profit
CashFlow from Operations
CashFlow from Operations
393,616
1,482,463
Operating Profit
Operating Profit
183,442
-318,378
197,534
347,046
-77,419
-2,426,751
-191,769
2,327,429
1,015,195
5,325,168
587,257
3,429,125
CashFlow from Investing
CashFlow from Investing
-61,483
9,978
-63,660
-64,157
-174,755
19,301
4,017,749
3,929,016
4,066,505
Long-term Liabilities
3,078,546
2,758,415
Number of Shares Outstanding
CashFlow from Financing
CashFlow from Financing
-268,826 Total Assets
Total Assets
774,846
Long-term Liabilities
3,163,942
452,433
Number of Shares Outstanding
28,000
28,000
52,700
Board: Osuchowski Artur; Stelmasiak Sławomir; Sibrecht-Ośka Ewa; Grabalski Arkadiusz; Maj Waldemar; Cieszyński Przemysław; Obszyński Mariusz; Krawczyk Dariusz; Kwiatkowski Zygmunt Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Mariusz Babula (22 639 14 51; mariusz.babula@ciech.com) ul. Puławska 182, 02-670 Warszawa T: 22 639 14 51
Cinema-City International NV CCI [WIG40] www.cinemacity.nl Sector: Multiplex cinema operator Shareholders: IT International Theatres Ltd. (53.88%); Aviva OFE (9.77%); Aviva Investors Poland SA (5.85%); ING OFE (5.23%); BZ WBK Asset Management SA (5.19%) Strategy: Cinema City International is one of the largest entertainment groups in Europe and in Israel. The cinema chain of Cinema City International spans 7 countries: Poland, Israel, Hungary, Czech Republic, Bulgaria, Romania and Slovakia. The Company operates 97 multiplexes with 919 screens and 180,600 seats. In 9 multiplexes CCI also runs the 3D Imax theatres. In certain select locations, like Cinema Parks and Hokus Pokuses in Poland, the Company operates education and entertainment centres. The Company also runs film distribution and maintains a small-scale cinema-related real estate presence. Finance (2009 | 2010 |2011): Revenues (net)
188,533
262,500
262,500
Dom Maklerski IDM SA IDM [WIG40] www.idmsa.pl Sector: Brokerage and fund management Shareholders: Leszczyński Grzegorz (12.05%); Warsaw Equity Investments sp. z o.o. (9.99%); Abratański Rafał (6.76%); DM IDM SA (3.55%) Strategy: IDMSA Brokerage House is an independent leader in Polish financial services. IDM was the first stockbroker in Poland to have been listed on the Warsaw Stock Exchange (2005). IDMSA Group operates in the broad area of financial services beyond brokerage. Finance (2009 | 2010 |2011): Revenues (net)
138,331
123,216
125,740
49,948
58,282
-229,437
39,470
41,026
-264,150
23,119
-193,352
-94,695
14,209
Operating Profit Net Profit CashFlow from Operations
-30,168 CashFlow from Investing
18,282 CashFlow from Financing
267,459
30,219
36,349
24,729
Total Assets
24,426
30,410
20,925
Long-term Liabilities
54,764
41,592
Number of Shares Outstanding
12,236
-75,070
-79,594
32,953
Net Profit CashFlow from Operations
43,111 CashFlow from Investing
-38,499 CashFlow from Financing
5,440
348,353
Board: Jaskólska Aneta; Libicki Dominik; Działkowski Dariusz; Szeląg Tomasz; Solorz-Żak Zygmunt; Ruta Heronim; Papis Andrzej; Gwiazdowski Robert; Reksa Leszek Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Bartłomiej Drywa (22 356 60 00; bdrywa@cyfrowypolsat.pl) ul. Łubinowa 4a, 03-878 Warszawa T: 22 356 60 00
234,549
Operating Profit
Revenues (net)
689,414
10,091
Total Assets
Revenues (net)
3,289,866
Total Assets
-417,863
6,948
132,802
132,621
1,031,772
1,290,326
1,112,472
– 218,177
– 218,177
218,177
Board: Leszczyński Grzegorz; Abratański Rafał; Abratański Antoni; Leszczyński Henryk; Bogucki Władysław; Szumański Andrzej; Szyszka Adam; Maciejuk Dariusz; Karney Jerzy
EquitiesPoland 2012 Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Investors’ Contact: (biuro@idmsa.pl) Mały Rynek 7, 31-041 Kraków T: 12 397 06 00
Echo Investment SA ECH [WIG40] www.echo.com.pl Sector: Real estate development Shareholders: Sołowow Michał (44.23%); ING OFE (12.97%); Aviva OFE (8.73%); OFE PZU Złota Jesień (5.09%); Echo Investment SA (1.74%) Strategy: Echo Investment SA is among the largest real estate developers in Poland. The company targets four key sectors of the real estate market: residential, shopping centers, office buildings and hotels. Since 1996, the company has been quoted on the Warsaw Stock Exchange. The company has completed over 90 projects in several Polish cities, with a total area of ca. 800,000 sq m. The company also has investments in Romania, Hungary and Ukraine. Finance (2009 | 2010 |2011): Revenues (net)
Sector: electricity trading, generation and distribution Shareholders: Skarb Państwa (51.70%); Vattenfall AB (18.66%) Strategy: ENEA Capital Group’s operations are based on electricity trading, generation and distribution. Market share of about 16 per cent of the electricity consumed in Poland. Distribution network covers 20 per cent of the country, with focus on western and north-western Poland. Almost 8 per cent of domestically generated electricity comes from ENEA power plants. Finance (2009 | 2010 |2011): Revenues (net)
7,153,509
7,836,875
9,688,949
Operating Profit
505,605
711,964
844,224
513,589
639,262
793,292
1,275,667
1,410,051
-1,067,613
-855,937
-210,970
-235,380
12,836,705
13,699,894
2,960,234
3,220,132
Net Profit CashFlow from Operations
850,134 CashFlow from Investing
-2,332,519 CashFlow from Financing
-235,731
426,396
406,935
Total Assets
196,140
168,691
539,365
Long-term Liabilities
103,696
147,738
176,493
Number of Shares Outstanding
99,923
163,563
63,509
-157,371
63,275
52,604
163,760
4,272,284
4,490,959
5,367,318
2,615,443
3,303,164
Board: Pluciński Mieczysław; Wood Graham; Owczarek Maciej; Kowalewski Michał; Lisiewicz Paweł; Aniołek Małgorzata; Zborowski Krzysztof; Rozpędek Hubert; Chmielewski Wojciech; Dachowski Tadeusz; Mordasewicz Jeremi; Mańkowska Agnieszka; Brzeziński Sławomir; Bil Janusz Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Wojciech Iwaniuk (504 207 566;) ul. Nowowiejskiego 11, 60-967 Poznań T: 61 856 10 00
431,426 Operating Profit Net Profit CashFlow from Operations
185,026 CashFlow from Investing
-393,400 CashFlow from Financing Total Assets Long-term Liabilities
2,538,606
Number of Shares Outstanding
420,000
420,000
420,000
Board: Oskard Robert; Żbikowski Karol; Ciesielski Wojciech; Kalwat Tomasz; Majcher Andrzej; Gromniak Piotr; Langner Artur; Waniołka Mariusz Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Robert Król (ir@echo.com.pl) Al. Solidarności 36 25-323 Kielce T: 41 333 33 33
Emperia Holding SA EMP [WIG40] www.emperia.pl Sector: Retailing Shareholders: Aviva OFE (9.38%); Wawerski Jarosław (7.26%); Kawa Artur (6.64%); PZU Asset Management SA (5.01%); Emperia Holding SA (4.10%); Laskowski Piotr (2.55%); Wawerski Grzegorz (2.37%); Laskowski, Artur Jarosław (2.34%) Strategy: Grupa Handlowa Emperia (Emperia Trading Group) is one of the largest and most active trading groups in Poland. A Polish public company listed on the Warsaw Stock Exchange, Emperia Holding S.A. coordinates the operations of the Emperia Trading Group. The retail business of the Emperia Trading Group is run through a chain of supermarkets. The Emperia Trading Group jointly with Polish retailers develops chains of varied formats, best suited to meet the expectations and needs of the customers. Finance (2009 | 2010 |2011): Revenues (net)
1,601,037
94,199
115,137
45,351
15,708
20,703
69,862
12,341
626,375
275,891
125,208
-101,398
971,978
16,460
-165,275
-68,306
1,830,168
1,916,069
1,903,545
1,037,140
406,383
Operating Profit Net Profit CashFlow from Operations
101,346 CashFlow from Investing
-127,774 CashFlow from Financing Total Assets Long-term Liabilities
1,024,331
Number of Shares Outstanding
15,115
15,115
15,115
Board: Kawa Artur; Laskowski, Artur Jarosław; Długosz Piotr; Zięba Ireneusz; Laskowski Piotr; Krysztofiak Tomasz; Kalinowski Dariusz; Wawerski Grzegorz Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: (emperia@emperia.pl) ul. Mełgiewska 7-9 20-952 Lublin, T: 81 748 55 55
Enea SA ENA [WIG40] www.enea.pl
12,229,688 2,857,060 441,443
441,443
441,443
Eurocash SA EUR [WIG40] www.eurocash.com.pl Sector: Wholesale distribution Shareholders: Conceicao de Amaral, Luis Manuel (51.17%); FMR LLC (5.00%) Strategy: Eurocash Group is one of the largest groups in Poland in terms of the value of sales and the number of locations engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods - FMCG). Through a range of distribution formats, Eurocash Group focuses its business on the wholesale distribution of products to clients from all significant segments of the traditional wholesale market, in particular, to traditional retail stores throughout Poland and to the petrol station segment, as well as to restaurants and hotels. Finance (2009 | 2010 |2011): Revenues (net)
6,698,341
7,791,759
9,980,596
145,201
170,446
192,955
102,536
128,456
134,399
216,697
282,163
Operating Profit Net Profit CashFlow from Operations
198,040 CashFlow from Investing
-86,476
-410,821
-1,124,212
-98,260
248,172
919,363
1,392,252
2,402,981
4,578,579
1,945,876
4,030,085
CashFlow from Financing Total Assets Long-term Liabilities
1,025,442
Number of Shares Outstanding
134,705
136,352
136,983
Board: Conceicao de Amaral, Luis Manuel; Amaral Rui; Kopaczewska Katarzyna; Guerreiro Arnaldo; Martinho Pedro; Borges de Assuncao, Joao; Aguinaga de Moraes, Eduardo; Wojnowski Ryszard; Lisowski Janusz; Casanova, Antonio Jose Santos Silva; Saraiva, Carlos Henrique Levita Pedrosa; Owczarek Jacek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: (investor.relations@eurocash.com.pl) ul. Wiśniowa 11, 62-052 Komorniki T: 61 651 33 00
Get Bank SA GTB [WIG40] www.getbank.pl Sector: Banking Shareholders: LC Corp BV (42.13%); Czarnecki Leszek (10.94%); ING OFE (8.56%); Aviva OFE (5.28%) Strategy: Get Bank operates in the segment of retail banking, mortgage lending and loans, focused on Poland. Finance (2009 | 2010 |2011):
Interest Income
24,913
60,268
Fee and Commission Income
1,867
5,268
-126,161
-133,047
Net Profit Net Cash Flow
25,565
17,603
CashFlow from Operations
-57,669
-131,889
CashFlow from Investing
-71,763
-407
CashFlow from Financing
154,997
149,899
Total Assets
706,881
1,024,600
Number of Shares Outstanding
78
93
Book Value per Share
2,661.43 zł
2,419.55 zł
Board: Stefurak Radosław; Słoka Grzegorz; Dec Marcin; Karolkiewicz Karol; Radowski Radosław; Baliński Remigiusz; Czarnecki Leszek; Juszczak Rafał; Kowalczewski Michał; Kula Longin Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: () ul. Domaniewska 39, 02-672 Warszawa T: 22 288 80 10
Getin Holding SA GTN [WIG40] www.getinholding.pl Sector: Financial intermediary Shareholders: Czarnecki Leszek (55.00%); ING OFE (5.21%); Aviva OFE (5.16%) Strategy: GETIN Holding SA provides banking and other financial services (brokerage, consulting, leasing) in Poland and Russia. The Getin Holding SA includes, among others: Noble Bank SA, Getin Leasing, Inrofactor, and Open Finance. Finance (2009 | 2010 |2011): Interest Income
2,819,726
3,104,034
4,150,843
Fee and Commission Income
588,165
818,387
1,011,822
276,024
421,091
1,004,800
Net Profit Net Cash Flow
440,846
1,263,235
992,856
2,488,870
174,272
-7,489
-2,599
-1,218,146
821,183
46,854,411
61,803,513
CashFlow from Operations
2,448,116 CashFlow from Investing
-21,608 CashFlow from Financing
-1,985,662 Total Assets
35,559,331
Number of Shares Outstanding
712,416
712,416
731,994
6.22 zł
7.74 zł
Book Value per Share
5.37 zł
Board: Grzegorzewicz Marek; Baliński Remigiusz; Czarnecki Leszek; Beuch Katarzyna; Błażejewski Andrzej; Kula Longin; Boniecki Radosław; Juszczak Rafał; Działak Robert Auditors: Ernst & Young Audit sp. z o.o., Warszawa ul. Powstańców Śl. 2-4, 53-333 Wrocław T: 71 797 77 00
Giełda Papierów Wartościowych w Warszawie SA GPW [WIG40] www.gpw.pl Sector: Stock exchange Shareholders: Skarb Państwa (34.99%) Strategy: Warsaw Stock Exchange is the largest national stock exchange in the CEE and one of the fastest-growing exchanges in Europe. WSE Group offers a wide range of products and services within its trading markets of equity, derivative, fixed income and structured products; it also distributes market data. WSE is one of the most recognizable Polish financial institutions worldwide. Finance (2009 | 2010 |2011): Revenues (net)
199,498
225,629
268,797
79,515
91,750
133,656
100,762
94,692
133,742
90,042
129,986
130,191
18,528
Operating Profit Net Profit CashFlow from Operations
71,108 CashFlow from Investing
183,882 CashFlow from Financing
–
-596,800
34,971
1,055,551
558,526
732,907
Total Assets
9
EquitiesPoland 2012 Long-term Liabilities
533,743
33,800
208,415
Number of Shares Outstanding
41,972
41,972
41,972
Board: Sobolewski Ludwik; Adamska Lidia; Jarosz Beata; Maciejewski Adam; Pawłowicz Leszek; Wierzbowski Marek; Skuza Sebastian; Lewandowski Jacek; Graniewski Paweł; Krupa Sławomir; Jaszczołt Jacek Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Łucja Didkowska (ir@gpw.pl) ul. Książęca 4 00-498 Warszawa T: 22 628 32 32
Grupa Kęty SA KTY [WIG40] www.gk-kety.com.pl Sector: Aluminium Shareholders: ING OFE (17.76%); Aviva OFE (17.74%); OFE PZU Złota Jesień (5.10%) Strategy: Kęty Group is leader in the Polish aluminium industry. The corporate holding consists of 25 subsidiaries, with the total volume of nearly 45,000 tons of processed aluminium raw materials and product sales to several countries in Europe and worldwide. Finance (2009 | 2010 |2011): Revenues (net)
1,095,430
1,232,715
1,523,470
112,242
117,961
151,096
70,593
89,702
114,249
72,907
206,795
Operating Profit Net Profit CashFlow from Operations
212,842 CashFlow from Investing
-39,985
-107,533
-112,295
-27,631
-79,301
1,410,001
1,544,025
542,860
594,512
CashFlow from Financing
-111,633 Total Assets
1,303,346 Long-term Liabilities
491,150
Number of Shares Outstanding
9,226
9,226
9,226
Board: Mańko Dariusz; Piela Adam; Iwanowski Tadeusz; Surma Jerzy; Matusiak Maciej; Głogowski Krzysztof; Strublewski Szczepan Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Michał Malina (33 844 60 00; mmalina@grupakety.com) ul. Kościuszki 111, 32-650 Kęty T: 33 844 60 00
Hawe SA HWE [WIG40] www.hawesa.pl Sector: Telecoms and construction holdings Shareholders: Presto Sp. z o.o., Lubin (26.00%); Falenta Marek (9.57%); Petrenams Ltd. (9.09%); Generali OFE (6.52%); Idea TFI SA (5.01%); Hawe SA (3.50%); Rybka Krzysztof (1.10%) Strategy: HAWE S.A. is a publicly traded company whose shares have been listed on the Warsaw Stock Exchange since 2007. Since March 2012 its shares have been included in the mWIG40. It is the parent company of the HAWE Group, which conducts operations through its subsidiaries HAWE Telekom Ltd. and HAWE Budownictwo Ltd., which are 100% owned by HAWE S.A. The main areas of HAWE S.A.’s activity are managing the assets of its subsidiaries, obtaining capital and financing, and providing support in establishing the Group’s strategic directions of development. Finance (2009 | 2010 |2011): Revenues (net)
51,758
101,096
140,091
43,133
61,599
Operating Profit
4,254 Net Profit
6,154
37,232
51,612
-28,299
-18,716
-5,537
-14,756
35,915
37,663
52,236
296,386
384,089
505,047
138,349
219,947
CashFlow from Operations
-8,810 CashFlow from Investing
-23,943
ul. Franciszka Nullo 2, 00-486 Warszawa T: 22 501 55 00
Impexmetal SA IPX [WIG40] www.impexmetal.com.pl Sector: Non-ferrous metals Shareholders: Karkosik, Roman Krzysztof (54.00%); ING OFE (8.05%); Impexmetal SA (3.05%) Strategy: Focused on the non-ferrous metal sector, with over 50 years of experience in the foreign trade of non-ferrous metals, semi-finished products, and bearings. Traded on the London Metal Exchange (LME) since the mid-1970s. Impexmetal expanded into steel business in the late 1980s. Impexmetal SA shares have been listed on the Warsaw Stock Exchange since 24 June 1997. Finance (2009 | 2010 |2011): Revenues (net)
1,785,001
Long-term Liabilities
87,875
Number of Shares Outstanding
105,237
105,237
107,237
Board: Maciejuk Dariusz; Podkański Lesław; Falenta Waldemar; Karney Jerzy; Rybka Krzysztof; Tian Quing; Likus Wiesław; Misiak Tomasz; Jędrzejczyk Dariusz Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: (inwestorzy@hawesa.pl)
10
Revenues (net)
2,065,634
2,413,008
2,764,514
119,872
115,255
160,998
68,222
63,683
108,229
80,157
54,326
Operating Profit Net Profit CashFlow from Operations
109,793 CashFlow from Investing
-19,728
-21,213
-47,788
-87,623
-51,520
19,370
1,272,993
1,322,301
1,547,470
763,766
882,519
CashFlow from Financing Total Assets
2,417,583
2,806,117
73,284
105,544
142,022
Number of Shares Outstanding
25,630
76,786
104,581
110,656
137,818
23,859
-28,162
-121,831
-106,883
1,642,167
1,671,847
741,307
727,934
Board: Oleksowicz Maciej; Marczak Michał; Milewski Wojciech; Oliszewski Andrzej; Kraska Piotr; Soszyński Krzysztof; Klimczak Jacek; Płoszajski Piotr; Oleksowicz Krzysztof; Kierzek Robert Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Zenon Kosicki (22 714 19 16; Zenon. Kosicki@intercars.eu) ul. Powsińska 64, 02-903 Warszawa T: 22 714 19 16
Operating Profit Net Profit CashFlow from Operations
176,959 CashFlow from Investing
17,396 CashFlow from Financing
-212,555 Total Assets
1,670,305 Long-term Liabilities
741,287
Number of Shares Outstanding
213,512
200,000
200,000
Board: Krężel Arkadiusz; Szeliga Piotr; Iwanejko Małgorzata; Urbaniak Zygmunt; Zwierz Waldemar; Skoczeń Robert Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: (info@impexmetal.com.pl) ul. Łucka 7/9, 00-842 Warszawa T: 22 658 65 68
ING Bank Śląski SA BSK [WIG40] www.ing.pl Sector: Banking Shareholders: ING Bank NV (75.00%) Strategy: ING Bank Śląski is a nationwide, universal bank, offering its services to all market segments through an extensive branch network, private networks and electronic banking advisors. Finance (2009 | 2010 |2011): Interest Income
3,077,718
2,948,700
3,385,500
Fee and Commission Income
1,085,074
1,117,100
1,170,100
595,052
753,100
880,100
71,800
-762,900
Net Profit Net Cash Flow
-1,086,063 CashFlow from Operations
-1,362,946
-1,290,300
-1,914,500
1,362,100
1,346,800
–
–
-195,200
59,883,456
64,517,500
69,723,400
CashFlow from Investing
276,883 CashFlow from Financing Total Assets
Number of Shares Outstanding
13,010
13,010
130,100
434.34 zł
49.30 zł
Book Value per Share
375.43 zł
Board: Hamers Ralph; Kośmider Mirosław; Popiołek Wojciech; Boda Mirosław; Fornalczyk Anna; Swan, Oscar Edward; Jue, Nicolaas Cornelis; Kesler Justyna; Bolesławski Michał; Kołakowska Małgorzata; Bartkiewicz Brunon; Boekhout Roland; Vilar, Ignacio Juliá Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@ing.pl) ul. Sokolska 34 40-086 Katowice T: 32 357 70 00
CashFlow from Financing Total Assets
signed a merger agreement with JC Auto Company – a leader of spare parts distribution for Japanese and Korean cars in Poland. Since the merger, the position of Inter Cars SA on the European and Polish automotive aftermarket has increased substantially. Finance (2009 | 2010 |2011):
Inter Cars SA CAR [WIG40] www.intercars.com.pl Sector: Automotive spare parts and accessories Shareholders: Oleksowicz Krzysztof (33.04%); Oliszewski Andrzej (10.32%); Aviva OFE (9.19%); ING OFE (8.57%); Amplico OFE (6.37%) Strategy: Inter Cars S.A. is the largest automotive spare parts distributor for passenger cars, commercial vehicles and trucks in CEE. Since May 2004 the company is quoted on Warsaw Stock Exchange. In June 2007 the company
Long-term Liabilities
774,102 14,168
14,168
14,168
KOPEX SA KPX [WIG40] www.kopex.com.pl Sector: Mining equipment Shareholders: Jędrzejewski Krzysztof (59.05%); ING OFE (5.91%); Aviva OFE (5.09%) Strategy: The Kopex-Group offers complex solutions for underground and open-pit mining. It is an acknowledged manufacturer and supplier of high-quality machineries and equipment as well as modern mining technologies. Kopex Group combines several leading manufacturers of high quality machinery, equipment and modern technologies for mining. Finance (2009 | 2010 |2011): Revenues (net)
2,299,132
2,134,176
2,125,767
83,238
171,383
Operating Profit
120,481 Net Profit
67,264
23,717
147,740
220,778
90,233
-219,826
-183,030
21,529
64,595
3,364,036
3,786,448
1,005,489
1,300,241
CashFlow from Operations
28,488 CashFlow from Investing
-198,372 CashFlow from Financing
150,852 Total Assets
3,333,376 Long-term Liabilities
1,018,394
Number of Shares Outstanding
74,333
74,333
74,333
Board: Parzych Joanna; Wolski Józef; Kalkusiński Adam; Bobrowski Bogusław; Jędrzejewski Krzysztof; Rogatko Michał; Misiuna Marzena; Meder Andrzej; Kucharski Artur; Dzik Zofia Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (kopex@kopex.com.pl) ul. Grabowa 1 40-172 Katowice T: 32 604 70 00
Kredyt Bank SA KRB [WIG40] www.kredytbank.pl Sector: Banking Shareholders: KBC Bank NV (80.00%) Strategy: Kredyt Bank S.A. is commercial and retail bank, and one of the first on the market to offer bancassurance services - in collaboration with Grupa Ubezpieczeniowo Finansowa WARTA. Finance (2009 | 2010 |2011): Interest Income
2,290,209
2,204,572
2,386,873
Fee and Commission Income
433,717
426,889
403,791
34,559
185,936
327,244
1,210,302
-1,459,936
4,141,098
-281,957
Net Profit Net Cash Flow
229,888 CashFlow from Operations
1,592,689
EquitiesPoland 2012 CashFlow from Investing
-1,982,927
Long-term Liabilities
-1,333,245
1,127,371
CashFlow from Financing
620,126
-1,597,551
-2,305,350
Total Assets
39,076,598
43,374,246
42,003,084
Number of Shares Outstanding
271,659
271,659
271,659
Book Value per Share
9.53 zł
10.41 zł
11.29 zł
Board: Arts Umberto; Witkowski Andrzej; Bardan Maciej; Delchambre Ronny; Kudaś Zbigniew; Kawalec Stefan; Voljc Marco; Parkot Jarosław; Noga Adam; Sztrauch Piotr; Libot Guy; Śledziewski Jerzy; Kaczmarek Mariusz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@kredytbank.pl) ul. Kasprzaka 2/8, 01-211 Warszawa T: 22 634 54 00
Kulczyk Oil Ventures Inc. KOV [WIG40] www.kulczykoilventures.com Sector: International oil and gas upstream Shareholders: Kulczyk Investments SA (49.12%); Titirus (SPF) Aktiengesellschaft Societe Anomyme (4.39%); Elliott, Timothy M. (1.12%) Strategy: Kulczyk Oil Ventures is an international oil and gas upstream company. The company has a diversified asset base with exposure to development and appraisal prospects and significant exploration upside. KOV’s principal assets include five producing gas fields in Ukraine, licenses in onshore Brunei and a large onshore exploration block in Syria. The Company’s shares were listed for trading on the Warsaw Stock Exchange on May 25, 2010. Kulczyk Investments S.A., the largest shareholder, is an international investment house founded by Polish businessman Dr. Jan Kulczyk. Finance (2009 | 2010 |2011) [in USD]: Revenues (net)
–
7,469
28,337
-4,743
-8,776
4,492
-12,196
-18,621
-20,875
-9,376
1,155
Operating Profit Net Profit CashFlow from Operations
-9,702 CashFlow from Investing
-5,135
-82,463
-30,721
6,300
100,141
32,259
85,236
197,325
220,275
19,106
45,748
CashFlow from Financing Total Assets Long-term Liabilities
22,350
Number of Shares Outstanding
200,492
401,503
420,804
Board: Mioduski Dariusz; Madnani, Manoj N.; Akerfeldt, Stephen C.; Korczak Jakub; Rehill Trent; Holton, Norman W.; Graham, Jock M.; Beaman, Edwin A.; Rose, Paul H.; Elliott, Timothy M.; King, Gary R.; McVea, Michael A.; Langanger Helmut; Silenzi Alec; Kulczyk Jan Auditors: KPMG LPP, Kanada Investors’ Contact: Jakub Korczak (22 414 21 00; jkorczak@kulczykoil.com) Suite 1170, 700 - 4th Avenue S.W. T2P 3J Calgary, Canada T: 1 403 264 8877
LPP SA LPP [WIG40] www.lpp.com.pl Sector: Clothing retailer Shareholders: Monistor Ltd. (11.27%); Piechocki Marek (9.83%); Lubianiec Jerzy (9.83%); LPP SA (1.20%) Strategy: LPP S.A. is a Polish company whose field of activity concerns designing and distribution of clothing. It is listed on the Warsaw Stock Exchange since 2001. LPP S.A. currently owns 5 clothing brands, such as Reserved and Mohito. The company’s headquarters are located in Gdańsk, including designing resources for all its brands. Most production sourced in China. Finance (2009 | 2010 |2011): Revenues (net)
2,003,095
2,079,358
2,492,510
181,278
199,016
343,106
104,634
137,412
268,725
Operating Profit Net Profit CashFlow from Operations
318,099
197,462
254,039
-130,556
-39,608
-167,917
-193,936
1,426,369
1,613,868
CashFlow from Investing
-71,177 CashFlow from Financing
-139,271 Total Assets
1,361,603
676,014
692,474
704,674
Number of Shares Outstanding
1,750
1,750
1,762
Board: Piechocki Marek; Pachla Dariusz; Lubianiec Jerzy; Olejniczak Wojciech; Fąferek Krzysztof; Matusiak Maciej; Olszewski Krzysztof; Komorowski Hubert; Dyka Piotr; Kujawa Jacek Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: (lpp@lpp.com.pl) ul. Łąkowa 39-44, 80-769 Gdańsk T: 58 769 69 05
Narodowy Fundusz Inwestycyjny Midas SA MDS [WIG40] www.midasnfi.pl Sector: Financial holding Shareholders: Solorz-Żak Zygmunt (65.99%) Strategy: Grupa NFI Midas is focused on business in the TMT (technology, media, telecommunications) sectors, in particular: services and wholesale access to the Internet for telecommunications networks based on advanced standard HSPA + and LTE, building a modern telecommunications network through a nationwide network of base stations belonging to Aero2, provision of telecommunications services in the virtual operator model to business customers in the small and medium-sized local players, and providing internet access services to business customers in the small and medium-sized local players. Finance (2009 | 2010 |2011): Board: Żurek Jerzy; Chajec Andrzej; Kotlicki Maciej; Adaszewski Krzysztof; Majkowski Krzysztof; Solorz-Żak Zygmunt; Mikołajczyk Mirosław; Abramczuk Andrzej; Pytel Wojciech Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Wojciech Iwaniuk (504 207 566; wi@ innervalue.pl) ul. Łucka 7/9, 00-842 Warszawa T: 22 579 79 00
Netia SA NET [WIG40] www.netia.pl Sector: Telecommunications Shareholders: Third Avenue Management LLC (16.01%); ING OFE (12.57%); SISU Capital Ltd. (11.61%); Aviva OFE (5.30%) Strategy: Netia SA is a leading independent provider of fixed telephony in Poland. It works on the basis of its own backbone network, reaching the largest Polish cities and local access networks. Netia provides a wide range of telecommunications services including voice telephony, data and transmission services. Finance (2009 | 2010 |2011): Revenues (net)
1,505,871
1,569,296
1,618,803
14,268
285,755
302,698
88,697
263,895
248,786
289,483
418,827
-289,056
-1,072,710
-7,037
-7,932
635,822
2,341,569
2,568,569
3,549,184
271,023
1,048,811
Operating Profit Net Profit CashFlow from Operations
300,119 CashFlow from Investing
-303,317 CashFlow from Financing Total Assets Long-term Liabilities
315,392
Number of Shares Outstanding
389,277
389,459
391,602
Board: Eggink Raimondo; Eastick Jonathan; Ruhan Tom; Godlewski Mirosław; Radzimiński Tadeusz; Karaplis George; Duster Benjamin; de Vitry, Jerome; Abbeloos Stan; Maguin Nicolas; Pawluczuk Ewa; Suszek Mirosław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Andrzej Kondracki (22 352 20 61; andrzej_kondracki@netia.pl) ul. Taśmowa 7, 02-677 Warszawa T: 22 352 20 00
NG2 SA CCC [WIG40] www.ng2.com.pl Sector: Retailer Shareholders: Miłek Dariusz (40.00%); Gaczorek Leszek (7.83%); ING OFE (6.45%); PKO TFI SA (6.12%); Aviva OFE (6.00%) Strategy: NG2 Group is market leader in the Polish footwear retail market and one of its biggest producers. As of March, 2012, NG2’s sales network consisted of 705 outlets, which consisted of 301 showrooms in Poland, under brand
CCC, 54 CCC stores in the Czech Republic, 36 own Quazi boutiques and 198 Boti shops, 55 franchise stores CCC (including 5 CCC franchised stores in Russia and 1 CCC living in Latvia) and 60 franchise Boti shops. Finance (2009 | 2010 |2011): Revenues (net)
922,408
1,028,559
1,091,260
108,159
129,119
159,052
83,603
117,856
122,776
89,202
-13,360
Operating Profit Net Profit CashFlow from Operations
124,659 CashFlow from Investing
-44,838
-51,580
-96,180
-34,284
-15,452
61,401
551,125
678,222
965,613
255,374
470,528
CashFlow from Financing Total Assets Long-term Liabilities
210,916
Number of Shares Outstanding
38,400
38,400
38,400
Board: Miłek Dariusz; Kupiecka Martyna; Chojnacki Henryk; Gnych Mariusz; Nowjalis Piotr; Fenrich Wojciech; Nadolski Piotr; Szczepanik Adam Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Piotr Nowjalis (76 845 84 00; ir@ng2. pl) ul. Strefowa 6, 59-101 Polkowice T: 76 845 84 00
Orbis SA ORB [WIG40] www.orbis.pl Sector: Hotels Shareholders: ACCOR SA (52.68%); Aviva OFE (10.10%) Strategy: Orbis Hotel Group is the largest hotel network in Poland, managing nearly 60 hotels with 10,500 rooms under the Etap, Ibis, Mercure, Novotel, Sofitel and Orbis Hotels brands. The Orbis Hotel Group consist of Orbis SA and Hekon-Hotele Ekonomiczne SA, UAB Hekon and Orbis Kontrakty. They are operated under the well-known brands of Accor: Sofitel, Novotel, Mercure, Ibis i Etap, as well as under the own brand Orbis Hotels. The latter will be progressively upgraded and adapted to the standards of Accor brands. Finance (2009 | 2010 |2011): Revenues (net)
853,922
700,814
718,907
41,991
161,376
Operating Profit
65,199 Net Profit
-5,384
9,203
119,095
175,627
176,380
-54,768
224,417
-117,120
-247,561
2,217,014
2,140,627
407,166
211,874
CashFlow from Operations
211,853 CashFlow from Investing
-87,647 CashFlow from Financing
-128,514 Total Assets
2,355,477 Long-term Liabilities
554,698
Number of Shares Outstanding
46,077
46,077
46,077
Board: Węgłowski Ireneusz; Moscheni Claude; Szymański Jarosław; Gabor Artur; Karaoglanian Christian; Procajło Andrzej; Szewczykowski Marcin; Kseń Jacek; Boniel Erez; Caillere Yann; Vieilledent Marc; Przytuła Andrzej; Picheral Laurent Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Katarzyna Gronek (22 829 38 03; gronek.k@orbis.pl) ul. Bracka 16 00-028 Warszawa T: 22 829 39 39
PBG SA PBG [WIG40] www.pbg-sa.pl Sector: Construction and Engineering Shareholders: Wiśniewski Jerzy (27.15%); ING OFE (12.92%); Pioneer Pekao Investment Management SA (12.29%) Strategy: PBG provides comprehensive, specialist contracting services for natural gas, crude oil, and fuel facilities. It acts as a general contractor, consortium member, or sub-contractor with respect to engineering design work, construction, repairs, operation, and maintenance in the field of production of natural gas and crude oil, transmission of natural gas and crude oil, storage of natural gas and fuels (LNG, LPG, C5+, and CNG). In the fuel segment, PBG carries out projects involving both construction of new facilities and modernization of existing fuel terminals, together with auxiliary infrastructure.
11
EquitiesPoland 2012 Operating Profit
Finance (2009 | 2010 |2011):
264,935
Revenues (net)
2,572,509
136,332
Net Profit
3,670,739
284,316
285,380
269,312
CashFlow from Operations
209,094
186,074
160,883
CashFlow from Investing
433,582
-498,017
CashFlow from Financing
-529,951
-156,038
Total Assets
144,866
500,891
4,745,329
6,506,964
Number of Shares Outstanding
2,931,391
4,236,418
Board: Jaskóła Konrad; Jonek Aleksander; Artwik Zygmunt; Szkopek Grzegorz; Formela Dariusz; Krawczyk Dariusz; Bartos Andrzej; Woźniak Jan; Kseń Jacek; Jędrzejewski, Artur Piotr; Dłużniewski Paweł Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Marek Grabarek (22 829 72 24; marek. grabarek@polimex.pl) ul. Czackiego 15/17 00-950 Warszawa T: 22 829 71 00
156,402 544,396
Net Profit
-349,077
CashFlow from Operations
305,060
-53,183
CashFlow from Investing
-350,566
3,807,342
CashFlow from Financing
416,920 4,015,446
2,444,263 464,356
Long-term Liabilities
2,396,624
Number of Shares Outstanding
14,295
14,295
14,295
Board: Wiśniewski Jerzy; Szkudlarczyk Przemysław; Bednarkiewicz Maciej; Tomczak Tomasz; Łożyński Mariusz; Wiśniewska Małgorzata; Sarnowski Dariusz; Madej Andreas; Bień Piotr; Różacki Wiesław Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Michał Maćkowiak (61 665 17 00; michal.mackowiak@pbg-sa.pl ) Wysogotowo, ul. Skórzewska 35 62-081 Przeźmierowo T: 61 665 17 00
Petrolinvest SA OIL [WIG40] www.petrolinvest.pl Sector: Fuel imports Shareholders: Masashi Holdings Ltd. (29.27%); Krauze Ryszard (12.42%) Strategy: Formed in April 1991 as one of the first importers of fuels to Poland, at first focusing on wholesale of imported fuels: petrol and diesel oil. Now focused on trading in liquefied petroleum gas and crude oil. Firm has imported and sold more than a million tonnes of various oil products on the Polish market. Direct suppliers are refineries from Lithuania, Belarus, Russia, Germany, Czech Republic, Finland and Norway. Client base includes both major domestic refineries and a large number of smaller but equally important retail clients. Finance (2009 | 2010 |2011): Revenues (net)
38,451
159,660 52,297
181,550
85,387
997,587
1,184,959
1,515,640
641,115
743,063
Polimex-Mostostal SA PXM [WIG40] www.polimex-mostostal.pl Sector: Engineering and construction Shareholders: ING OFE (12.39%); Polimex-Mostostal SA (2.52%) Strategy: Polimex-Mostostal is an engineering and construction company that has been on the market since 1945. Wide range of services provided on general contractorship basis for the chemical as well as refinery and petrochemical industries, power engineering, environmental protection, industrial and general construction. Also operates in the field of road and railway construction as well as municipal infrastructure. Polimex-Mostostal is the largest manufacturer and exporter of steel products, including platform gratings, in Poland. Finance (2009 | 2010 |2011): Revenues (net)
4,396,778
4,160,901
4,826,795
2,990,115
3,237,268
1,671,896
1,629,672
7,946
Number of Shares Outstanding
21,862
144,256
24,862
30,562
Revenues (net)
Board: Tuora Tomasz; Tuora-Wysocka, Barbara; Jackowski Stefan; Jaworski Włodzimierz; Nowak, Paweł Edward; Błażejewski Ryszard; Wojtkowski Maciej Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: Bogna Sikorska (501 239 339; office@ cormay.pl) ul. Wiosenna 22 05-092 Łomianki T: 22 751 79 10
Rovese SA RSE [WIG40] www.rovese.com Sector: Ceramics Shareholders: Sołowow Michał (49.70%); ING OFE (10.25%); Aviva OFE (7.96%) Strategy: ROVESE S.A. is one of the leading manufacturing companies with Polish capital in the European market. The Group’s principal business involves the manufacturing and distribution of products used to finish and equip bathrooms (sanitary ceramic products, ceramic tiles, shower cubicles, acrylic bathtubs and shower trays, bathroom furniture and bathroom accessories). The main direction of foreign sales expansion is Eastern European markets (Russia, Ukraine) and EU Member State markets. Finance (2009 | 2010 |2011): 1,531,462
1,638,209
168,101
140,243
135,761
-8,130
94,966
87,698
207,196
104,358
Operating Profit Net Profit CashFlow from Operations
157,712
216,384
Towarzystwo Ubezpieczeń Europa SA ERP [WIG40] www.tueuropa.pl Sector: Insurance (property) Shareholders: Getin Holding SA (66.54%); ING OFE (9.98%) Strategy: The Europa Insurance Group is composed of TU Europa SA and TU na Życie Europa SA, and, from the beginning of 2012, Open Life Towarzystwo Ubezpieczeń Życie SA. Towarzystwo Ubezpieczeń Europa SA was founded in 1994 and received permission from the Minister of Finance to conduct both direct and indirect insurance and reinsurance activities within the field of non-life and personal insurance on the territory of Poland and abroad. On 8 June 1999, the company was listed on the Warsaw Stock Exchange. Finance (2009 | 2010 |2011): Net Profit
120,359
150,517
173,472
9,366
-21,349
15,307
4,730,286
6,866,961
5,339,106
Net Cash Flow
7,875
9,450
9,450
Board: Podoba Jacek; Baliński Remigiusz; Stefurak Radosław; Mędrala Krzysztof; Sztuba Piotr; Czarnecki Leszek; Boniecki Radosław; Lipińska Ewa; Juszczak Rafał Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Piotr Sztuba (71 334 17 77; inwestor@ tueuropa.pl) ul. Powstańców Śląskich 2-4 53-333 Wrocław T: 71 334 17 00
Zakłady Azotowe Puławy SA ZAP [WIG40] www.zapulawy.pl Sector: Fertilizers Shareholders: Skarb Państwa (50.67%); Kompania Węglowa SA, Katowice (9.90%); Jakubas Zbigniew (5.16%); ING OFE (5.01%) Strategy: Zaklady Azotowe “PULAWY” has been the leader of the Polish fertilizers sector for over forty years. Present on both the European Union markets and developing eastern markets. The company products are also constantly present in the American market. According to recent ratings the company is one of the Polish twenty biggest exporters; almost half of its production is exported. Finance (2009 | 2010 |2011): Revenues (net)
–
2,061,584
2,882,320
–
9,935
327,638
–
31,819
279,357
5,537
498,872
Operating Profit Net Profit CashFlow from Operations
– CashFlow from Investing
–
-43,775
-372,702
–
-156,386
-127,090
–
2,054,896
2,498,924
400,343
571,727
CashFlow from Financing Total Assets Long-term Liabilities
–
Number of Shares Outstanding
Revenues (net)
1,415,186
216,384
Board: Mrowiec Piotr; Miroński Grzegorz; Waniołka Mariusz; Kłoczko Artur; Oskard Robert; Kazimierski Ireneusz; Tucharz Jacek; Stankiewicz Wojciech; Romański Michał; Wólczyński Michał; Rejman Tomasz; Kuźnieców Jacek Auditors: Doradca Zespół Doradców Finansowo-Księgowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: Robert Król (41 363 17 65; ir@rovese. com) ul. Zagnańska 27, 25-528 Kielce T: 41 363 17 65
12,767
18,615
95,617
128,554
5,098
85,065
Long-term Liabilities
50,518
-18,783
Number of Shares Outstanding
50,754
-60,978
-3,221
1,559,211
90,027
38,687
-101,859
21,527
61,940
23,171
Total Assets
Board: Krauze Ryszard; Wilski, Krzysztof Jan; Grelowski Maciej; Buzuk Tomasz; Pietruszewski Marek; Spark Andre; Le Guern, Bertrand; Niewiadomski Roman; Krok Franciszek; Wantke Maciej; Dukaczewski Marcin; Osiadacz Andrzej; Chodak Donald Auditors: BDO sp. z o.o. Investors’ Contact: (relacje.inwestorskie@petrolinvest.pl) ul. Podolska 21 81-321 Gdynia T: 58 628 89 10
179,636
Total Assets
20,178
-15,378
Number of Shares Outstanding
521,154
-35,041
-59,697
748,440
2,965,496
520,918
-9,035
CashFlow from Financing
Long-term Liabilities
2,464,820
2,334
-142,479
Total Assets
4,511,465
13,711
-149,247
CashFlow from Financing
3,923,518
–
-415,193
2,625,367
-62,626
-9,747
CashFlow from Investing
-52,737
27,447
2,956 -1,582
-653,794
Number of Shares Outstanding
3,211
-68,993
CashFlow from Investing
-137,711
Long-term Liabilities
Net Profit
-90,732
-51,528
61,614 -99,982
Operating Profit
-205,241 CashFlow from Operations
37,238 -128,248
Revenues (net)
CashFlow from Operations
Net Profit
-67,370
Total Assets
CRM [WIG40] www.pzcormay.pl Sector: Biomedicals Shareholders: Tuora Tomasz (23.64%); Ipopema TFI SA (22.60%) Strategy: PZ Cormay SA is a manufacturer of diagnostic reagents and distributor of diagnostic equipment. The company manufactures and markets in vitro assays for clinical chemistry, electrophoresis, Hematology, Coagulation and blood grouping. The company also offers automated hematology analyzers and biochemistry. It also offers an automated system for the analysis of parasitological and a vacuum blood collection system. Finance (2009 | 2010 |2011):
105,735
Operating Profit
100,389
PZ Cormay SA
149,957
75,740
109,658
Long-term Liabilities
Total Assets
-119,137 CashFlow from Financing
2,739,166
Operating Profit
12
CashFlow from Investing
212,714
–
19,115
19,115
–
19,115
19,115
Revenues (net)
Board: Wójtowicz Jacek Józef; Kulik-Zawadzka Marta; Jarczewski, Paweł; Możeński, Cezary Jan; Pokojski Zenon; Kopeć Andrzej; Kozak Wojciech; Rybak Marian; Kapłucha Marek; Ożóg Irena; Bartuzi Andrzej; Kudela Jacek Auditors: Doradca Zespół Doradców Finansowo-Księ-
EquitiesPoland 2012 gowych sp. z o.o. Grupa Finans-Serwis, Lublin Investors’ Contact: (zapulawy@azoty.pulawy.pl) Al. Tysiąclecia Państwa Polskiego 13 24-110 Puławy T: 81 565 30 00
ab.pl) ul. Kościerzyńska 32 51-416 Wrocław T: 71 324 05 00
ABC Data SA Zakłady Azotowe w Tarnowie-Mościcach SA ATT [WIG40] www.azoty.tarnow.pl Sector: Chemicals and fertilizers Shareholders: Skarb Państwa (32.04%); ING OFE (12.92%); Aviva OFE (8.39%); PZU SA (5.37%); Generali OFE (5.06%) Strategy: Azoty Tarnów’s core activity is production, services and trade in the field of construction plastics, as well as the raw materials for their manufacturing and mineral fertilizers. Azoty Tarnów is an integrated manufacturer of polyamide 6, trading under the name Tarnamid, which is produced through the polymerization of manufactured caprolactam. The company is the country’s sole producer of polyacetal resin sold as Tarnoform. Finance (2009 | 2010 |2011):
ABC [WIG80] www.abcdata.com.pl Sector: Computer and electronics distribution Shareholders: MCI Management SA (62.54%); Arthur Holding GmbH (8.89%); OFE PZU Złota Jesień (7.53%) Strategy: Leader on IT distribution market in CEE, operating on Polish market for 21 years and expanded business to Czech Republic and Slovakia several years ago, to Lithuania in September 2010 and to Latvia and Estonia oin December 2011. Planning to enter Hungary, Bulgaria and Slovenia in 2012. Since December 2011, ABC Data owns 51% shares in Scop Computer – the leading Romanian IT distributor. The range of offer is the most extensive of all distributors, with over 30,000 products from 300 vendors. Finance (2009 | 2010 |2011): Revenues (net)
2,373,668
Revenues (net)
1,214,638
1,901,784
5,338,029
2,730,270
3,271,634
54,103
53,027
60,745
25,395
38,404
53,831
-102,667
42,905
Operating Profit
Operating Profit
-14,353
422,206
581,327
Net Profit
-4,249
390,953
461,527
CashFlow from Operations
115,161
-167,125
CashFlow from Investing
-63,996
-338,520
CashFlow from Financing
21,792
-16,393
462,189
1,581,318
3,246,701
4,946,229
Long-term Liabilities
1,296,599
1,793,562
Number of Shares Outstanding
Net Profit
102,177
CashFlow from Operations
-43,288
-1,522
CashFlow from Investing
222,648
-103,481
CashFlow from Financing
583,973 457,802
Long-term Liabilities
99,472
Number of Shares Outstanding
39,116
39,116
64,115
Revenues (net)
Board: Marciniak Jerzy; Szczypiński Witold; Skolmowski Andrzej; Obłękowski Jacek; Paprocki Zbigniew; Klikowicz Tomasz; Lis Ewa; Wais Jan; Kucharski Artur; Mroczkowski Marek; Trepczyński Ryszard; Jałosiński Krzysztof; Kacprzyk-Wojdyga, Monika; Kopeć Artur Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Joanna Barnaś (14 633 07 81; joanna. barnas@azoty.tarnow.pl) ul. Eugeniusza Kwiatkowskiego 8 33-101 Tarnów T: 14 633 07 81
WIG80 AB SA ABE [WIG80] www.ab.pl Sector: IT and consumer electronics distribution Shareholders: Przybyło Iwona (18.18%); ING OFE (14.15%); Aviva OFE (9.26%); Przybyło Andrzej (8.13%); Aviva Investors Poland TFI SA (7.91%); PKO BP Bankowy OFE (5.50%) Strategy: AB S.A. is one of the largest IT and consumer electronics distributors in the CEE region. According to industry rankings, such Computerworld TOP 200 in Poland and “Reseller Magazine” in the Czech Republic, AB S.A. is the largest distributor revenue-wise in the region of Poland, the Czech Republic and Slovakia. Finance (2009 | 2010 |2011): 2,882,109
3,562,156
76,509
58,276
61,411
26,920
35,127
52,695
2,497
-6,388
Operating Profit Net Profit CashFlow from Operations
148,929 CashFlow from Investing
-24,828
-7,195
-16,018
7,467
20,236
788,409
909,768
504,787
576,183
CashFlow from Financing
-130,519 Total Assets
673,012 Long-term Liabilities
409,117
Number of Shares Outstanding
15,950
909,333
981,872
706,505
700,758
121,757
121,849
Board: Kottmann Ulrich; Ständer, Hans Peter; Kemler, Hans-Dieter; Warzocha Ryszard; Rumiński Michał; Zatorski Tomasz; Wereszko Dobrosław; Sadowski Marek; Godlewski Mirosław; Sitnik Konrad; Łastowiecki Wojciech; Czechowicz Tomasz Auditors: Ernst & Young Audit sp. z o.o. Investors’ Contact: Karolina Gnaś (516 091 124; kg@ innervalue.pl) ul. Daniszewska 14 03-230 Warszawa T: 22 676 09 00
Action SA ACT [WIG80] www.action.pl Sector: IT distributor and computer hardware manufacturer Shareholders: Bieliński Piotr (25.77%); Matyka Olgierd (21.32%); Generali OFE (10.13%); Wietrzykowski Wojciech (8.53%) Strategy: ACTION S.A. is one of the largest IT distributors and computer hardware manufacturers in Poland. The Company was established in 1991 and has been listed at the Warsaw Stock Exchange since 2006. Finance (2009 | 2010 |2011): Revenues (net)
3,079,437
16,295
16,334
Board: Przybyło Andrzej; Mądry Zbigniew; Łapiński Jacek; Jażdrzyk Katarzyna; Bator Andrzej; Kiełbasiński Radosław; Ochędzan Grzegorz; Łapiński Jan; Przybyło Iwona; Kucharski Krzysztof Auditors: AVANTA Audit sp. z o.o. SK Investors’ Contact: Grzegorz Tkacz (71 324 05 72; ir@
Revenues (net)
76,095
97,100
Operating Profit
16,639
29,475
5,070
15,719
Net Profit CashFlow from Operations
6,688
-1,787
CashFlow from Investing
-769
-10,590
CashFlow from Financing
28,379
-7,325
126,044
144,299
Total Assets Long-term Liabilities
69,627
22,182
Number of Shares Outstanding
12,000
16,000
Board: Żurawłow Jurij; Supihanow Borys; Łapta Tamara; Olshanskiy Oleksandr; Kudryavtsev Volodymyr; Orlova Larisa Auditors: Investors’ Contact: Markian Senyk (38 0642 34 71 05 ; markian.senyk@agroton.lg.ua) Lampousas Street P.C. 1 Nikozja Cypr T: 38 0642 345 379
Alchemia SA ALC [WIG80] www.alchemiasa.pl Sector: Production of steel Shareholders: Karkosik, Roman Krzysztof (65.78%); Karkosik Grażyna (10.88%); Pioneer Pekao Investment Management SA (4.98%); Alchemia SA (1.79%) Strategy: Alchemia is a group of metallurgical firms. The objective of the management is building an environmentally-friendly steel conglomerate. Alchemia focuses on production of a wide range of pipes and other steel products. Group’s products are used in the petroleum, mining and gas industries, which set high requirements for the standards of strength and quality of products used. Finance (2009 | 2010 |2011): Revenues (net)
596,144
670,609
1,155,653
31,459
22,263
149,669
18,683
14,713
125,346
41,112
84,002
Operating Profit Net Profit CashFlow from Operations
82,936 CashFlow from Investing
-23,766
-59,977
25,810
-77,150
21,721
-100,482
764,148
829,400
956,444
307,407
320,964
CashFlow from Financing
2,105,901
2,804,768
38,050
34,551
57,326
Long-term Liabilities
23,326
26,288
42,409
Number of Shares Outstanding
-8,364
5,059
-1,334
-5,926
10,552
1,308
585,027
777,092
396,349
554,675
Operating Profit Net Profit CashFlow from Operations
165,362 CashFlow from Investing
Revenues (net)
2,839,738
11,070 -50,489
Total Assets
Total Assets
468,023
-16,168 118,927
Shareholders: IFG DIRECTORS LIMITED (51.03%); BNY (NOMINEES) LIMITED (18.45%); Templeton Asset Management Ltd. (12.62%); BPH TFI SA (5.21%); Generali OFE (5.02%) Strategy: Agroton is a diversified vertically integrated agricultural producer in Eastern Ukraine. The Group’s core business is crop production, comprising principally sunflower seeds and wheat, as well as the processing, storage and sale of such crops. In addition, the Group is engaged in livestock and food processing. Finance (2009 | 2010 |2011) [in USD]:
-28,324 CashFlow from Financing
-139,021 Total Assets
549,809 Long-term Liabilities
372,816
Number of Shares Outstanding
16,410
16,410
16,410
Board: Kosmala Piotr; Antczak Rafał; Bocianowska Iwona; Wojtysiak Edward; Bieliński Piotr; Jakubowski Marek; Pawłowski Łukasz; Harazin Sławomir Auditors: BDO sp. z o.o. Investors’ Contact: (ir@ab.pl) Zamienie, ul. Dawidowska 10 02-800 Warszawa T: 22 332 16 00
Agroton Public Limited AGT [WIG80] www.agroton.com.ua Sector: Agriculture - sunflower seeds and wheat
Total Assets
252,911 224,984
207,000
207,000
Board: Wściubiak Karina; Bentke Jakub; Zymek Wojciech; Karkosik, Roman Krzysztof; Kutnik Mirosław; Antosik Jarosław; Regulski Rafał; Misiakiewicz Marek Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: (22 658 64 52; sekretariat@alchemiasa.pl) ul. Łucka 7/9 00-842 Warszawa T: 22 658 64 52
Amica Wronki SA AMC [WIG80] www.amica.com.pl Sector: Manufacturer of household appliances Shareholders: Holding Wronki SA, Wronki (41.08%); Noble TFI SA (7.51%); ING OFE (7.15%); Querrcus TFI SA (6.92%); Amica Wronki SA (1.77%) Strategy: Amica Wronki is one of the largest manufacturers of household appliances in Poland. The company produces free-standing appliances and buildings. More than half of its products are exported - mainly to Scandinavia and Eastern Europe. The company owns the football club Lech Poznan.
13
EquitiesPoland 2012 Long-term Liabilities
Finance (2009 | 2010 |2011):
29,545
Revenues (net)
1,317,567
1,359,594
1,454,300
41,544
33,915
53,223
5,422
15,143
80,959
-2,420
52,768
191,180
-17,752
-65,596
-203,494
-38,645
940,423
780,154
796,893
475,392
436,059
CashFlow from Operations
145,892 CashFlow from Investing
-85,356 CashFlow from Financing Total Assets Long-term Liabilities
665,111
Number of Shares Outstanding
8,738
7,775
7,775
Board: Rynarzewski Tomasz; Rutkowski Jacek; Sawala Piotr; Sikorska, Bogna Katarzyna; Kochanek Wojciech; Golec Grzegorz; Antkowiak Wojciech; Kocikowski Wojciech; Bilik Marcin; Dudek Tomasz Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Aneta Banach (67 254 03 20; aneta. banach@amica.com.pl) ul. Mickiewicza 52, 64-510 Wronki T: 67 254 61 11
Apator SA APT [WIG80] www.apator.com.pl Sector: Electromechanical industry - metering and switching Shareholders: Apator-Mining sp. z o.o., Katowice (15.95%); Lewicki Mariusz (5.78%); Apator SA (5.69%); Sosgórnik Tadeusz (5.41%); Guzowska Danuta (4.33%); Jaworski Zbigniew (3.78%); Marzygliński Janusz (2.99%); Wojnowski Ryszard (2.72%); Niedźwiecki Janusz (1.24%) Strategy: Grupa Apator is a Polish capital group, currently including nine companies – seven Polish and two foreign. Grupa Apator focuses its activity in two segments of the electromechanical industry: metering and switchgear. Finance (2009 | 2010 |2011): Revenues (net)
366,925
409,222
537,019
Operating Profit
49,488
45,265
71,760
Net Profit
29,582
33,371
47,296
32,567
44,703
-23,288
-37,265
-2,663
-372
CashFlow from Operations
45,928 CashFlow from Investing
-32,493 CashFlow from Financing
-23,332 Total Assets
304,868
365,859
475,410
164,354
238,943
Long-term Liabilities
126,848
Number of Shares Outstanding
35,107
35,107
35,107
Board: Niedźwiecki Janusz; Guzowska Danuta; Marzygliński Janusz; Kwiatkowski Krzysztof; Habryka Tomasz; Kuś Jerzy; Wojnowski Ryszard; Lewicki Mariusz; Karski Eryk Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: (relacje.inwestorskie@grupa-apator. com.pl) ul. Żółkiewskiego 21/29, 87-100 Toruń T: 56 619 12 71
Asseco Business Solutions SA ABS [WIG80] www.assecobs.pl Sector: IT and programming Shareholders: Asseco Poland SA (46.46%); Amplico PTE SA (12.41%); Barczentewicz, Wojciech Juliusz (3.16%); Masłowski Piotr (2.94%); Rutkowski Romuald (1.27%) Strategy: Asseco Business Solutions offers dedicated IT solutions to companies involved in the manufacture of and trade in fast-moving consumer goods (FMCG). Finance (2009 | 2010 |2011): Revenues (net)
156,196
33,418
130,276
127,264
133,485
14,016
16,167
18,001
10,750
9,414
14,894
22,691
31,658
Operating Profit Net Profit CashFlow from Operations
10,903 CashFlow from Investing
-18,434
33,150
31,617
9,828
20,438
16,323
81,187
56,486
-29,805
-45,329
-25,203
-17,074
5,141
366,719
536,865
538,638
261,592
255,548
CashFlow from Operations
43,774 CashFlow from Investing
-16,592 CashFlow from Financing Total Assets
Number of Shares Outstanding
36,343
BPH [WIG80] www.bph.pl Sector: Banking Shareholders: GE Investments Poland sp. z o.o. (89.15%) Strategy: Bank BPH Group includes BPH PBK Zarządzanie Funduszami Sp. z o.o. (a 100% subsidiary of the Bank), which is the majority shareholder possessing 50.14% shares of BPH Towarzystwo Funduszy Inwestycyjnych (BPH TFI) – the asset management company. Finance (2009 | 2010 |2011): Interest Income
2,454,876
915,693
809,593
52,806
-135,209
218,157
2,795,822
42,297
5,590,321
387,816
-17,961
-75,232
-2,776,538
-270,287
37,290,850
37,087,476
-7,294
Net Cash Flow
144,027
155,569
175,619
56,195
68,662
51,308 21,360
21,360
21,360
Board: Góral Adam; Kosári Andrej; Sęczkowski, Przemysław Piotr; Marek Panek; Klein Jozef; Handlovský Ján; Morávek Martin; Navrátil Michał; Osusky Tomas; Řezniček Miroslav; Leviček Radek; Stoppani David; Štasnỳ Petr; Grác Marek Auditors: Investors’ Contact: Ivona Žitná (421 2 20 838 447;) Trenčianska 56, 821-09 Bratislava, Slovakia T: 421 2208 38 400
ATM SA ATM [WIG80] www.atm.com.pl Sector: telecommunications Shareholders: Czichon Tadeusz (16.39%); OFE Polsat (9.84%); ING OFE (9.47%); Szwed Roman (9.04%); Puteczny Piotr (5.12%) Strategy: Under the ATMAN brand, ATM S.A. provides for enterprises and other institutions telecommunications services based on its own fiber networks and data centers. Prime elements of ATM’s offer include: Internet access, broadband data transmission, colocation and hosting. The company provides telephony services and telecommunications outsourcing. Major consumers of the services are carriers, traditional media, Internet portals and enterprises from finance, manufacturing and retail market sectors. Finance (2009 | 2010 |2011): Revenues (net)
286,462
401,779
444,582
33,150
31,617
Operating Profit
16,878
2,130,267
942,445
-7,632
Number of Shares Outstanding
2,278,953
Fee and Commission Income
-11,309 Long-term Liabilities
36,343
Bank BPH SA
Net Profit
Total Assets
36,343
Board: Czichon Tadeusz; Tuchołka Tomasz; Kamiński Sławomir; Panek Mirosław; Domagała Grzegorz; Krzyżanowski Maciej Auditors: PKF Audyt sp. z o.o. Investors’ Contact: Maciej Klepacki (22 515 66 14; maciej. klepacki@atm.com.pl) ul. Grochowska 21A, 04-186 Warszawa T: 22 515 61 00
-4,573
33,940 CashFlow from Operations
413,343 CashFlow from Investing
-159,206 CashFlow from Financing
-220,197 Total Assets
35,214,893
Number of Shares Outstanding
76,668
76,668
76,668
55.47 zł
58.31 zł
Book Value per Share
57.25 zł
Board: Podedworna-Tarnowska Dorota; Słomka-Gołębiowska Agnieszka; Dąbrowski Grzegorz; Blazek Ales; Hall Denis; Kuzaj Lesław; Stamirowski Tomasz; Rozłucki Wiesław; Jurczyk Grzegorz; Nowaczewski Krzysztof; Utrata Grażyna; Di Pietro-Bayus, Maria Ann; Laxer, Richard Alan; Rybkowski, Rafał Piotr; Green, Robert Charles; Gaskin Richard; Seidel, Wilfried Mathias; Newcomb George; Kostera Mariusz Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Ewa Piwowar (22 531 86 02; ewa. piwowar@ge.com) Al. Pokoju 1, 31-548 Kraków T: 12 618 63 44
Bank Gospodarki Żywnościowej SA BGZ [WIG80] www.bgz.pl Sector: Banking Shareholders: Rabobank International Holding BV (59.35%); Skarb Państwa (25.51%) Strategy: Commercial bank with focus on agricultural sector. Finance (2009 | 2010 |2011): Interest Income
Net Profit
1,274,163
1,376,609
1,692,151
Fee and Commission Income
9,828
20,438
16,323
81,187
56,486
CashFlow from Operations
30,092
29,834
CashFlow from Financing
43,669
33,955
Total Assets
-38,729
2,346
-15,041
-25,935
-30,532
288,916
297,765
288,308
Total Assets
16,878
-16,593
CashFlow from Financing
22,427
CashFlow from Financing
14
Revenues (net)
CashFlow from Investing
-8,653
444,582
Net Profit
110,684
www.asseco-ce.com Sector: IT and programming Shareholders: Asseco Poland SA (40.07%); ING TFI SA (6.58%); Kosári Andrej (2.44%); Morávek Martin (1.40%); Klein Jozef (1.28%) Strategy: Asseco Central Europe is a part of one of the strongest software houses in Europe - Asseco Group. Company was established in July 2009 with the integration of Asseco Slovakia and Asseco Czech Republic, but has been gradually expanding further. Trade name Asseco Central Europe has been registered in both countries in spring 2010. The Company holds a stake in a number of companies with an IT and telecommunications focus. The entire Asseco Central Europe Group currently employs more than 1,600 people. Finance (2009 | 2010 |2011) [in EUR]:
34,940
CashFlow from Investing
33,418
ACS [WIG80]
35,778
38,881
33,418
Asseco Central Europe a.s.
26,758 CashFlow from Operations
401,779
Long-term Liabilities
158,125
Net Profit
286,462 Operating Profit
Board: Rutkowski Romuald; Pomianek Zbigniew; Adamski Jarosław; Barczentewicz, Wojciech Juliusz; Masłowski Piotr; Lizon Mariusz; Pawłowicz Adam; Góral Adam; Ogonowski Grzegorz Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@assecobs.pl) ul. Konrada Wallenroda 4c 20-607 Lublin T: 81 745 88 88
168,587
Operating Profit
24,151
Number of Shares Outstanding
Operating Profit Net Profit
Revenues (net)
33,366
43,774 -16,592 -25,203
281,884
305,736
310,857
100,643
112,341
128,097
56,851
-18,189
-11,551
-3,355,096
Net Profit Net Cash Flow
-29,805
-45,329
-297,558 CashFlow from Operations
-17,074
5,141
-763,216 CashFlow from Investing
366,719
536,865
538,638
261,592
255,548
Long-term Liabilities
110,684
Number of Shares Outstanding
36,343
-383,342
-427,473
-331,792
495,875
3,668,699
28,629,599
33,407,213
CashFlow from Financing
36,343
849,000 Total Assets
36,343
24,433,710
EquitiesPoland 2012 Number of Shares Outstanding
43,137
43,137
43,137
57.84 zł
61.15 zł
Book Value per Share
55.32 zł
Board: Bartkiewicz Jacek; Embrechts, Gerardus Cornelis (Geert); Okarma Witold; Sieradz Andrzej; Beuming, Johannes Gerardus (Geert-Jan); Odzioba Dariusz; Sass Wojciech; Pruijs, Jan Alexander; Zdebski Andrzej; Iwanicki Jarosław; de Roo, Harry; Maj Waldemar; Adams Hendrik; Nachyła Monika; Filar Dariusz; Legęć Magdalena; Dekker Roelof Auditors: Investors’ Contact: Tadeusz Pawlak (22 860 41 94; relacje. inwestorskie@bgz.pl) ul. Kasprzaka 10/16, 01-211 Warszawa T: 22 860 40 00
BBI Development Narodowy Fundusz Inwestycyjny SA BBD [WIG80] www.bbidevelopment.pl Sector: Financial Intermediary -real estate Shareholders: BB Investment SA, Poznań (20.01%); Pioneer Pekao Investment Management SA (10.02%); Quercus TFI SA (5.80%); Szymański Jakub (5.03%); Szczepański Rafał (2.75%); Tyszkiewicz Krzysztof (2.75%); Skotnicki Michał (1.40%) Strategy: BBI Development is focused on real estate development. Having merged with Juvenes Sp. z o.o. in May 2010, BBI Development is a developer capable of handling the entire scope of the investment process, from identifying and acquiring new properties and projects, arranging architectural designs, underwriting, project management and comprehensive legal services for the investment process, to the sale of the newly created premises and the management of real estate portfolios. Finance (2009 | 2010 |2011):
Board: Van Bergh, James; Gacek Przemysław; Marczuk, Marcin Paweł; Kuźnicka Mirosława; Sanderson Michael; Szpara Agnieszka Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Artur Małek (22 531 32 01; a.malek@ benefitsystems.pl) ul. Fredry 6, 00-097 Warszawa T: 22 531 30 00
Strategy: City Interactive is an international publisher, developer and distributor of interactive entertainment products with sales in more than 40 countries worldwide. It was established in 2002 and is listed on the Warsaw Stock Exchange. City Interactive has development and publishing offices throughout the world including Poland, United States, Germany, UK, Canada, and Romania. Finance (2009 | 2010 |2011):
Bomi SA
Operating Profit
BMI [WIG80] www.bomi.pl Sector: Retail food network Shareholders: Supernova IDM Fund SA (10.22%); Marteria Ltd. (6.73%); Pietkun Krzysztof (3.20%); Pyzik Jarosław (2.63%) Strategy: The company sells consumer goods through the retail chain stores such as delicatessens located in Gdynia, Gdansk, Warsaw, Legionowo, Legnica, Katowice, Slupsk, Malbork and Bydgoszcz. The company specializes in supplying a wide range of premium foods and economy foods. Finance (2009 | 2010 |2011): 1,492,718
1,426,800
1,418,914
58,739
-85,918
-61,237
40,109
-106,833
-85,761
-10,908
30,777
-26,803
-13,670
13,685
40,669
-20,780
1,087,179
1,127,149
1,111,491
505,337
563,922
Operating Profit Net Profit CashFlow from Operations
819 CashFlow from Investing
-19,104 CashFlow from Financing Total Assets Long-term Liabilities
363,595
69,916
69,639
Number of Shares Outstanding
-7,870
28,351
24,374
-9,060
11,962
15,817
-6,382
-37,962
Board: Zientara Maciej; Jesionowski, Witold Jerzy; Wiśniewski, Wiesław; Matczuk Tomasz; Cieszyński Przemysław; Kostura Marek; Grzybowski Wojciech; Kwaśniewski Piotr; Górczak Jarosław Auditors: PKF Audyt sp. z o.o. Investors’ Contact: Piotr Piotrowski (22 440 1 440; biurozarzadu@bomi.pl) ul. Gryfa Pomorskiego 71, 81-572 Gdynia T: 58 627 34 60
Operating Profit Net Profit CashFlow from Operations
-5,653 CashFlow from Investing
10,564
-5,712
9,412
84
5,960
38,527
426,872
470,214
494,936
225,710
233,814
CashFlow from Financing Total Assets Long-term Liabilities
218,818
Number of Shares Outstanding
460,309
523,078
523,078
Board: Zagajewski Ewaryst; Litwiński Piotr; Kurzyński Michał; Turno Paweł; Głowacki Włodzimierz; Nowacki Paweł; Skotnicki Michał; Lorek Rafał; Rościszewski, Jan Emeryk; Szczepański Rafał; Tyszkiewicz Krzysztof Auditors: PKF Audyt sp. z o.o. Investors’ Contact: (biuro@bbidevelopment.pl) ul. Emilii Plater 28, 00-688 Warszawa T: 22 630 33 88
38,862
39,459
BFT [WIG80]
Calatrava Capital SA CTC [WIG80] www.calatravacapital.pl Sector: Financial advisory Shareholders: Narkiewicz Paweł (30.76%); Postino Holdings Limited (10.14%); Idea TFI SA (4.79%); Calatrava Capital SA (3.90%) Strategy: CALATRAVA CAPITAL SA is an independent investment company, advising on mergers and takeovers, restructuring of companies and ventures characterized by non-standard investment risk. Finance (2009 | 2010 |2011): 42,481
41,611
24,012
-3,083
8,447
32,910
828
10,042
29,088
www.benefitsystems.pl Sector: Employee benefit systems Shareholders: Van Bergh, James (25.70%); Benefit Invest Ltd (24.69%); Kamola Marek (11.13%); ING OFE (10.81%); Alfa 1CEE Investments Sicav-Sif SA (5.13%) Strategy: Since 2004 Benefit Systems has specialized in providing employers with innovative fringe benefit system solutions, involving sports, leisure, cultural events and entertainment, as well as tailor-made flexible benefits schemes. Benefit Systems products are used by about 4,000 firms and nearly 330,000 people. Finance (2009 | 2010 |2011):
Operating Profit
Revenues (net)
Number of Shares Outstanding
94,482
39,487
Revenues (net)
Benefit Systems SA
165,044
Operating Profit
Net Profit CashFlow from Operations
-42
-3,280
19,200
-22,729
-34,358
252
24,978
14,691
75,770
163,342
208,607
CashFlow from Investing
-475 CashFlow from Financing Total Assets Long-term Liabilities
13,754 125,025
62,517 165,325
73,049 193,325
-6,727
Board: Narkiewicz Adam; Narkiewicz Henryka; Perlik Jarosław; Narkiewicz Paweł; Pańczyk Tomasz; Wróbel Tomasz Auditors: Investors’ Contact: (biuro_zarzadu@ibsystem.pl) Aleje Ujazdowskie 6A, 00-461 Warszawa T: 22 398 96 71
-2,000
-3,042
City Interactive SA
16,658
41,855
6,275
20,842
5,167
16,506
Net Profit CashFlow from Operations
2,615
24,723
CashFlow from Investing
-2,282 CashFlow from Financing Total Assets Long-term Liabilities
8,053
19,752
Number of Shares Outstanding
2,205
2,205
29,600
CIA [WIG80] www.city-interactive.com Sector: Producer of electronic games Shareholders: Tymiński Marek (51.19%); Aviva Investors Poland TFI SA (5.40%); Sokolski Michał (2.54%)
86,071
81,718
-15,933
34,188
21,120
-13,563
26,893
16,923
28,771
25,492
Net Profit CashFlow from Operations
3,416 CashFlow from Investing
-8,072
-11,493
-19,064
3,839
-2,888
-5,249
35,713
59,617
70,654
16,655
12,882
CashFlow from Financing Total Assets Long-term Liabilities
18,908
Number of Shares Outstanding
12,650
Revenues (net)
Revenues (net)
990
Revenues (net)
12,650
12,650
Board: Tymiński Marek; Sroczyński Krzysztof; Tymiński, Lech Zygmunt; Dworak Marek; Leszczyński Grzegorz; Litwiniuk Tomasz; Jaeger Andreas Auditors: CSWP Audyt Sp. z o.o. Investors’ Contact: (ir@city-interactive.com) ul. Żupnicza 17, 03-821 Warszawa T: 22 619 85 90
Coal Energy SA CLE [WIG80] www.coalenergy.com.ua Sector: Coal mining Shareholders: Lycaste Holdings Limited (75.00%); ING OFE (8.50%); Generali OFE (5.22%) Strategy: Coal Energy is the third-largest private coal producer in Ukraine in terms of reserves (as of the end of 2010) and the seventh-largest private coal producer in the country by output. The principal business of Coal Energy is mining, beneficiation and sale of thermal and coking coal. The Group mines and sells thermal coal grades, coking coals and dual-purpose coals. The Group works directly with majority of large Ukrainian power generation plants, coking plants and steel mills. Coal Energy is actively expanding its export operations, mainly through thermal coal sales to power generation plants in Moldova, Bulgaria, Slovakia and other countries. Board: Vyshnevetskyy Viktor; Zolotarov Mykhailo; Reznyk Oleksandr; Johnson, Arthur David; Cousin, Gwenaëlle Bernadette Andrée Dominique; Muddle Jacob; Ilchenko Oleksandr; Nikitenko Igor; Kopytko Yulia; Chausovskyy Oleksandr Auditors: Investors’ Contact: Elena Belousova (38 062 337 05 30; Ir@coalenergy.com.ua) avenue J. F. Kennedy 46A, L-1855 Luksemburg, Luksemburg T: 352 4271 711
Cognor SA COG [WIG80] www.cognor.eu Sector: Steelworks Shareholders: PS Holdco sp. z o.o. (64.42%); PZU Asset Management SA (5.01%) Strategy: Grupa COGNOR operates in two main areas: manufacturing division, represented by the company: Qualitative Steelworks SA based in Stalowa Wola and Ferrostal Łabędy Sp. of o.o. located in Gliwice, producing semi-finished steel and steel products, both long (plain bars, flat bars, profiles) and flat (and thin plates) and the raw material division, represented by the company Zlomrex Metal Sp. of o.o. based in Poraj leading buying, processing and sale of scrap steel and nonferrous metals manufacturing to entities of the Group and external customers. Finance (2009 | 2010 |2011): Revenues (net)
948,968
975,282
1,549,647
-109,631
-35,423
100,482
-35,361
-179,919
115,820
Operating Profit Net Profit CashFlow from Operations
37,799
37,846
-38,090
42,755
269,136
-74,311
-51,147
-141,413
621,702
1,436,178
979,617
CashFlow from Investing
28,868 CashFlow from Financing Total Assets
15
EquitiesPoland 2012 Long-term Liabilities
337,408
1,344,320
803,176
Number of Shares Outstanding
51,187
66,222
66,222
Board: Sztuczkowski Przemysław; Janiszewski, Hubert Andrzej; Kak, Jerzy Jan; Freyberg Piotr; Łapiński Zbigniew; Rocki Marek; Grzesiak, Przemysław Andrzej Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Przemysław Małoszyc (34 316 01 25; pmaloszyc@cognor.eu) ul. Zielona 26, 42-360 Poraj T: 58 341 92 20
Colian SA COL [WIG80] www.colian.pl Sector: Confectionery and spices Shareholders: Kolański, Jan i Barbara (62.63%); Aviva OFE (6.79%); Colian SA (3.26%) Strategy: Confectionery manufacturer operating under the brands Jutrzenka, Goplana, Kaliszanka and the firm Ziołopex, a manufacturer, exporter and importer of spices, tea, nuts, raisins and almonds. Company has achieved the position of one of the largest confectionery manufacturers on the Polish market (12%) and has a strong position on the spices market. Finance (2009 | 2010 |2011): Revenues (net)
580,413
T: 12 646 10 00
Comp SA CMP [WIG80] www.comp.com.pl Sector: Systems integrator Shareholders: Papaj Jacek (13.81%); Comp SA (12.06%); Amplico OFE (10.35%); Generali OFE (5.69%); OFE Aegon (5.64%); ING OFE (5.56%); Aviva Investors Poland SA (5.18%); Aviva OFE (4.10%); Wąsowski, Andrzej Olaf (1.57%) Strategy: Provides professional IT services, successfully integrating its own products with the solutions offered by hardware and software suppliers. The Company provides full scope of services: from developing a concept and designing a solution, to selecting optimum technologies, to implementing and adapting operation procedures, to service support and additional services such as consultancy and training. The company Comp S.A. is a leader in special security, electronic signatures, authorization and authentication solutions as well as one of the largest providers of support, infrastructure maintenance and IT training services. Finance (2009 | 2010 |2011): Revenues (net)
–
–
168,788
–
–
12,654
Operating Profit Net Profit
621,591
638,719
52,600
35,377
26,536
CashFlow from Operations
32,776
30,673
19,534
CashFlow from Investing
46,729
48,194
CashFlow from Financing
-8,552
-30,995
-42,381
-53,301
13,564
799,827
791,538
868,733
Number of Shares Outstanding
203,883
267,492
Board: Wąsowski, Andrzej Olaf; Papaj Jacek; Tomaszewski Robert; Hausner Włodzimierz; Bogutyn Tomasz; Morawski Krzysztof; Wawer Andrzej; Klimczak Jacek; Wierzbicki Marcin; Lachowski Sławomir; Bieliński Włodzimierz; Łatka Bogusław Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Rafał Garszczyński (22 570 38 00; info@comp.com.pl) ul. Jutrzenki 116, 02-230 Warszawa T: 22 570 38 00
Operating Profit Net Profit CashFlow from Operations
83,425 CashFlow from Investing
-18,847 CashFlow from Financing Total Assets Long-term Liabilities
243,961
Number of Shares Outstanding
143,359
143,359
143,359
Board: Mikołajczyk Jan; Kolański Jan; Matuszczak Marcin; Szuława Marcin; Sadlej Marcin; Łagowski Piotr; Dziekoński Jacek Auditors: PKF Audyt sp. z o.o. Investors’ Contact: Piotr Piotrowski (22 440 14 40; colian@ccgroup.com.pl) ul. Zdrojowa 1, 62-860 Opatówek T: 62 590 33 00
–
–
10,722
–
46,332
–
-9,607
–
–
-11,695
–
–
603,142
–
214,262
–
5,918
– – Total Assets Long-term Liabilities
– –
Dom Development SA Comarch SA CMR [WIG80] www.comarch.pl Sector: Software house and IT systems integrator Shareholders: Filipiak Janusz (32.54%); Filipiak Elżbieta (10.50%) Strategy: Comarch SA - Software house and IT systems integrator. Comarch SA specializes in the design, implementation and integration of advanced IT systems and infrastructure, as well as technology-based business solutions. The company distinguishes itself through its comprehensive range of solutions for Telecommunications, Financial Services, Large Enterprises, Public Administration and Small and Medium Companies. Finance (2009 | 2010 |2011): Revenues (net)
729,403
761,361
785,653
Operating Profit
Revenues (net)
704,363
10
13,330
968,105
1,022,474
383,916
412,623
Long-term Liabilities
340,790
Number of Shares Outstanding
7,961
8,052
8,052
Board: Filipiak Janusz; Prokop Paweł; Filipiak Elżbieta; Ławrynowicz Anna; Kucharzyk Wojciech; Piątasa Piotr; Syryjczyk Tadeusz; Brzeziński Maciej; Rymarczyk Zbigniew; Warwas Marcin; Reichert Piotr; Tarański Konrad; Drobniak Danuta Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Aleksandra Zaniewska (608 646 251; Aleksandra.Zaniewska@comarch.pl) Al. Jana Pawła II 39a, 31-864 Kraków
45,050
37,918
12,719
4,330
-56,833
14,954
-14,788
-16,414
-28,536
474,004
579,383
659,560
259,182
329,538
65,150 CashFlow from Investing
-27,137 CashFlow from Financing Total Assets Long-term Liabilities
184,825
Number of Shares Outstanding
4,748
EFH [WIG80] www.efh.com.pl Sector: Financial intermediary Shareholders: Waksmundzki Jacek (15.75%); Al Saad Alternative Capital Investments Ltd. (10.23%); Wierzbowski, Mirosław Jerzy (4.88%) Strategy: Europejski Fundusz Hipoteczny SA is a hotel operator. Company since December 2007 has been listed on the Warsaw Stock Exchange main market. EFH has four other high-class spa hotel facilities: Hotel King Kazimierz, Hotel Masuria near Ostróda, Hotel Millenium in Bochnia, and the Hotel Leba. The company also runs two other hotel investments in the three / four-star hotel in Malbork, and together with the built-star Sheraton hotel in Mikolajki. In the immediate vicinity of the company also will build luxury apartments. EFH is active in commercial real estate market - has Yona Warsaw office and office building in Warsaw’s Wilanow DLKF. The company has a land investment in Piaseczno near Warsaw. Finance (2009 | 2010 |2011): Revenues (net)
35,076
49,985
38,573
629
24,155
29,012
-22,554
8,948
14,623
17,257
-9,842
Operating Profit
-1,099
CashFlow from Financing
Net Profit CashFlow from Operations
6,801
-98,370
-1,443
-24,696
19,375
106,113
-12,091
252,907
395,694
391,796
183,920
165,284
3,057
-61,891
-12,913
1,578,299
1,623,749
1,916,100
Long-term Liabilities
850,369
1,081,031
Number of Shares Outstanding
Long-term Liabilities
829,635
Number of Shares Outstanding
24,560
24,560
24,560
Board: Szanajca Jarosław; Roydon Terry; Stolarczyk, Janusz Michał; Bogucki Włodzimierz; Cronk MIchael; Ślusarski, Jerzy Robert; Kiełpsz Grzegorz; Zalewski Janusz; Moczulski Marek; Grzyliński Krzysztof; Spiteri Mark; Dumas Markham Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: Magdalena Cumanis (22 351 68 49; magdalena.cumanis@domdevelopment.com.pl) Plac Piłsudskiego 3, 00-078 Warszawa T: 22 351 68 78
Elektrobudowa SA ELB [WIG80] www.elbudowa.com.pl
4,748
Europejski Fundusz Hipoteczny SA
-1,496
-489
4,748
Board: Faltynowicz Jacek; Bober Ariusz; Tomaszewski Jarosław; Mańko Dariusz; Rafalski Ryszard; Mosiek Tomasz; Żbikowski Karol; Klimowicz Arkadiusz; Jaźwiński Tomasz; Godlewska Agnieszka; Karski Eryk; Juszczyk Janusz; Tarnowski Paweł Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: (elbudowa@elbudowa.com.pl) ul. Porcelanowa 12, 40-246 Katowice T: 32 205 46 00
CashFlow from Investing
Total Assets
-26,138
54,527 CashFlow from Operations
-40,432
58,530
895,106
49,272
267,231
4,582
34,739
Total Assets
53,058
82,659
CashFlow from Financing
-82,283
68,952 Net Profit
40,415
36,257
-39,222
945,215
80,207 CashFlow from Operations
38,783
-73,425
786,748
103,181
43,717
CashFlow from Financing
700,948 Operating Profit
59,050
24,819
CashFlow from Investing
Revenues (net)
111,157
32,306 87,064
584,266
Net Profit
14,373 CashFlow from Operations
513,679
Operating Profit
CashFlow from Investing
Net Profit
16
DOM [WIG80] www.domdevelopment.pl Sector: Residential real estate developer Shareholders: Dom Development BV (61.63%); Szanajca Jarosław (6.21%); Aviva OFE (5.32%); Kiełpsz Grzegorz (5.19%); Zalewski Janusz (1.21%) Strategy: Established in 1996, Dom Development S.A. is one of Poland’s leading residential developers. Its shares have been listed on Warsaw Stock Market since 2006. Finance (2009 | 2010 |2011):
Sector: Construction and installation services for electricity and energy firms Shareholders: Aviva OFE (15.19%); ING OFE (9.95%); OFE PZU Złota Jesień (9.78%); Generali OFE (8.64%); AXA OFE (8.33%); Amplico OFE (5.65%) Strategy: ELEKTROBUDOWA SA provides a complete range of construction and installation service, executing projects for power sector, petrochemical industry or mining and also turnkey of public utility facilities. The company is also focused on manufacturing electric power equipment - medium and low voltage switchgear, power substations and systems. The firm has participated in the construction of nearly all Polish and many foreign power stations and heat and power plants. Finance (2009 | 2010 |2011):
Total Assets
190,291 25,273
146,600
146,600
Board: Bekkar Riad; Gałązka Izabela; Hosin Adam; Łukasiewicz Sławomir; Kachniewska Magdalena; Leszczyński Grzegorz; Nauman Aleksander; Dubiński Jarosław Auditors: BDO sp. z o.o. Investors’ Contact: (efh@efh.com.pl) ul. Wiertnicza 107, 02-952 Warszawa T: 22 651 63 34
Fabryka Farb i Lakierów Śnieżka SA SKA [WIG80] www.sniezka.pl Sector: Producer of paints Shareholders: Cymbor Stanisław (18.75%); Pater Jerzy
EquitiesPoland 2012 (18.75%); Amplico OFE (12.62%); Mikrut Rafał (9.25%); Mikrut Piotr (9.25%) Strategy: “Śnieżka” Paints and Varnishes Plant S.A. is currently number two in the industry in Poland, both in terms of quantity and value. Initially, nitro-products, thinners, polyesters, polyvinyl products were made and as time passed, the company range was gradually extended with further products such as: emulsion and phthalic goods, glues, and putties. Even then these high-quality products were popular on the local market.The Company started to operate under the name of “Chemal” S.c. Paints and Varnishes Plant in Brzeźnica in 1990. Firm has two further manufacturing subsidiaries: in Lubzina and in Pustków. Finance (2009 | 2010 |2011):
in Russia and Ukraine. Finance (2009 | 2010 |2011):
-134,499
501,839
468,888
527,208
38,844
48,354
Operating Profit
44,119 Net Profit
42,717
29,102
38,416
10,760
15,690
CashFlow from Operations
57,935 CashFlow from Investing
-8,310
-18,203
19,555
-29,515
-17,337
-20,874
447,748
467,372
473,797
159,586
159,549
CashFlow from Financing Total Assets
531,699
550,640
61,507
62,226
40,836
Number of Shares Outstanding
40,734
45,541
17,170
40,452
59,238
-25,734
-29,872
Board: Formanowicz Maciej; Sebastian Zbigniew; Frasyniuk Władysław; Krauz Stanisław; Rocki Marek; Domagalski Tomasz; Dahlem, Klaus Dieter; Coopmann Gert; Rogowski Robert Auditors: Forbiznes Audyt - Lipsz Kępka Zielińska - Biegli rewidenci spółka partnerska Investors’ Contact: (zarzad@forte.com.pl) ul. Biała 1, 07-300 Ostrów Mazowiecka T: 29 644 22 22
Long-term Liabilities
Operating Profit
144,675
Net Profit CashFlow from Operations
72,398 CashFlow from Investing
-23,320 CashFlow from Financing
-53,776
-5,153
-36,710
312,982
365,040
355,838
149,828
145,766
Total Assets Long-term Liabilities
121,451
Number of Shares Outstanding
13,554
13,551
13,551
Board: Mikrut Piotr; Łapiński Zbigniew; Waśko Witold; Pater Jerzy; Pater Anna; Wróbel-Lipa, Joanna; Orłowski Dariusz; Mikrut Stanisław; Cymbor Stanisław Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (sekretariat@sniezka.com) Lubzina 34A, 39-102 Lubzina T: 14 681 11 11
Fabryka Maszyn Famur SA FMF [WIG80] www.famur.com.pl Sector: Manufacturer of mining machinery and equipment Shareholders: Domogała Tomasz (76.96%); ING OFE (6.53%); Aviva OFE (5.60%) Strategy: Famur Group is a world renowned manufacturer of mining machinery and equipment, focusing on complete automation of longwall systems as well as on developing IT-based master systems for managing the coal extraction process from the face to the mine surface. The primary area of the FAMUR Group’s operations is manufacturing of automated longwall systems enabling the exploitation of coal seams even under the toughest geo-mining conditions. Finance (2009 | 2010 |2011): Revenues (net)
688,729
23,748
FER [WIG80] www.ferrum.com.pl Sector: Manufacture of pipes for transmission media Shareholders: HW Pietrzak Holding sp. z o.o., Boryszewo Nowe (32.99%); Bajor Sławomir (28.91%); Ferrum SA (5.26%) Strategy: Ferrum is a domestic leader in the manufacture of pipes for transmission media, specializing in the production of welded steel pipes and structural hollow section. They are used in gas industry (especially for the construction of transfer and distribution pipelines), district heating sector, water and sewages (for sewage, drinking water and soline water trans), engineering and construction industry. Finance (2009 | 2010 |2011): Revenues (net)
295,650
274,091
363,573
13,970
-13,598
12,369
8,845
-9,900
3,946
-28,981
4,048
-5,209
-5,069
10,088
33,351
30,207
303,207
339,122
446,813
178,220
284,699
Operating Profit Net Profit CashFlow from Operations
-7,291 CashFlow from Investing
-4,208 CashFlow from Financing
923,104
Total Assets
84,183
154,365
Long-term Liabilities
102,507 Net Profit
58,027
23,751
Ferrum SA
664,923
Operating Profit
23,748
136,852
80,024
119,184
Number of Shares Outstanding
263,336
156,667
-199,677
-261,012
-90,727
-14,795
28,574
1,053,161
1,277,677
1,213,595
473,917
570,977
Board: Pietrzak Sławomir; Szymczyk Grzegorz; Bilkiewicz Krzysztof; Marszałek Witold; Leśnodorski Bogusław; Stańczyk Przemysław; Chała Piotr; Zuzelski Jarosław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Investors’ Contact: Marek Królik (32 730 42 01; ferrum@ ferrum.com.pl) ul. Porcelanowa 11, 40-246 Katowice T: 32 255 58 42
CashFlow from Operations
47,500 CashFlow from Investing
-17,845 CashFlow from Financing Total Assets Long-term Liabilities
329,640
Number of Shares Outstanding
481,500
481,500
481,500
Board: Zawiszowska Beata; Domogała Jacek; Domogała Tomasz; Uhl Tadeusz; Bednarz Ryszard; Osowski Jacek; Łaski Waldemar; Kisiel Czesław; Tomecki, Ireneusz Wiesław; Wojciechowski Adam Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: (22 327 16 90; famur@genesispr.pl) ul. Armii Krajowej 51, 40-698 Katowice T: 32 359 63 00
Fabryki Mebli Forte SA FTE [WIG80] www.forte.com.pl Sector: Furniture producer Shareholders: MaForm Holding AG (29.53%); Amplico OFE (18.15%); ING OFE (9.91%); Eno Holding GmbH (6.15%); Vita Holding GmbH (5.61%); Revilo Holding GmbH (5.12%) Strategy: The company’s main business is production and wholesale and retail trade of furniture. A significant part of production is exported. The main foreign customers include: Germany, Holland, Belgium, Czech Republic, Slovakia, Ukraine. The company also has a retail company
24,543
24,543
24,543
Firma Oponiarska Dębica SA DBC [WIG80] www.debica.com.pl Sector: Tires Shareholders: Goodyear (66.05%); OFE PZU Złota Jesień (5.82%) Strategy: Dębica S.A. is the leading Polish maker of passenger and commercial tires. It also holds the leading position in the market of all-steel truck tires, off-road tires, for agricultural machinery and other products from the tire industry. Finance (2009 | 2010 |2011): Revenues (net)
1,422,559
1,793,351
2,321,586
102,930
110,320
134,994
72,029
81,686
90,795
102,409
163,595
-67,853
-98,240
Operating Profit Net Profit CashFlow from Operations
247,522 CashFlow from Investing
-68,973
-61,686
-53,570
1,377,530
1,454,724
609,238
636,494
Total Assets
Revenues (net)
Revenues (net)
526,224
CashFlow from Financing
1,141,820 Long-term Liabilities
393,101
Number of Shares Outstanding
13,803
13,803
13,803
Board: Cichocki Leszek; Pryczek Jacek; Rzonzef Michel; Mataczyński Maciej; Cieszkowski Stanisław; Ferenc, Aleksander Marcin; Wójcik Piotr; Degeer Philippe; Golsong Dominikus; Eggink Raimondo; Archer, Ronald Michael; Bółkowski Radosław Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Mateusz Perec (14 670 28 31; mateusz_perec@goodyear.com) ul. 1-go Maja 1, 39-200 Dębica T: 14 670 28 31
Gant Development SA GNT [WIG80] www.gant.pl Sector: Real estate development Shareholders: Ipopema TFI SA (13.00%); Bieliński Mirosław (13.15%); Antkowiak Karol (10.23%); Zaremba-Śmietański Paweł (5.58%); Gant Development SA (1.66%) Strategy: The company is a holding of several dozen SPVs in real estate development and building activity. The building activity is focused on constructing housing units and business premises as well as on selling and managing the built real estates. It is present in seven Polish cities: Warsaw, Wroclaw, Poznan, Gdansk, Krakow, Opole and Polanica Zdroj. Finance (2009 | 2010 |2011): Revenues (net)
342,921
156,610
279,335
79,385
26,587
49,767
53,749
7,774
30,630
-40,934
-16,461
-71,874
-11,535
Operating Profit Net Profit CashFlow from Operations
78,946 CashFlow from Investing
-37,684 CashFlow from Financing
-102,491
134,636
15,377
1,413,511
1,562,393
753,633
869,878
Total Assets
1,148,811 Long-term Liabilities
582,169
Number of Shares Outstanding
16,130
20,500
20,500
Board: Berg Luiza; Kain Sven-Torsten; Konopka Janusz; Dudek Tomasz; Sikorska Bogna; Brzeziński Krzysztof; Antkowiak Karol; Szornak Andrzej; Małaszkiewicz Dariusz; Kadłubowski Mirosław; Siemieniuk Adam; Michalski Adam; Jasiński Maciej Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: Andrzej Szornak (inwestor@gant.pl) ul. Rynek 28, 59-220 Legnica T: 76 856 50 27
Herkules SA HRS [WIG80] www.herkules-polska.pl Sector: Crane operation and leasing Shareholders: Kwieciński Tomasz (18.99%); Mieszało Wiesław (12.28%); Koprowski, Jan Maria (1.63%); Żółcik, Grzegorz Piotr (1.20%) Strategy: HERKULES, previously named GASTEL ŻURAWIE S.A., is a joint-stock company established as a result of a merger of EFH ŻURAWIE WIEŻOWE S.A. and GASTEL S.A. Company owns and operates cranes, and targets the commercial real estate sector, and select industry groups (such as wind turbines). Finance (2009 | 2010 |2011): Operating Profit
13,629
10,590
21,274
2,734
557
10,046
26,325
14,787
Net Profit CashFlow from Operations
18,123 CashFlow from Investing
-22,472
-374
-11,484
4,166
-25,995
-2,154
202,469
315,262
340,273
185,951
158,785
CashFlow from Financing Total Assets Long-term Liabilities
172,095
Number of Shares Outstanding
49,052
108,530
217,061
Board: Żółcik, Grzegorz Piotr; Wysocki Robert; Guzowski Piotr; Kwieciński Tomasz; Oleński Krzysztof; Kwiecińska Beata; Subczyński Mirosław; Koprowski, Jan Maria; Sołdaczuk Jan; Kwieciński Michał
17
EquitiesPoland 2012 Auditors: Kancelaria Rewidentów i Doradców KRD Investors’ Contact: (22 331 82 60;) ul. Annopol 5, 03-236 Warszawa T: 22 331 82 60
Hydrobudowa Polska SA HBP [WIG80] www.hbp-sa.pl Sector: Construction and engineering - water industry Shareholders: PBG SA (63.04%); ING OFE (11.03%) Strategy: HYDROBUDOWA POLSKA S.A. was established as a result of the merger between HYDROBUDOWA Włocławek and Hydrobudowa Śląsk. Finance (2009 | 2010 |2011): Revenues (net)
1,673,865
Revenues (net)
Revenues (net) Revenues (net)
CashFlow from Financing
135,874
202,379
248,960
23,493
28,438
12,333 10,406
CashFlow from Financing
77,076
-83,398
-92,712
-8,230
Long-term Liabilities
-10,533
17,925
91,036
Number of Shares Outstanding
1,456,080
1,425,946
1,676,397
985,957
1,223,797
1,068,336
Number of Shares Outstanding
210,558
210,558
210,558
Board: Zwierzchowski Andrzej; Wiśniewska Małgorzata; Wilczyński Andrzej; Szkudlarczyk Przemysław; Ciechanowski Jerzy; Krzyżaniak Jacek; Dusiło Jarosław; Damasiewicz Rafał; Hamrol Adam; Obrusiewicz Marek; Czarny-Kropiwnicki Radosław Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Krzysztof Woch (781 859 191; krzysztof.woch@hbp-sa.pl) ul. Skórzewska 35, Wysogotowo, 62-081 Przeźmierowo T: 61 664 19 50
Ideon SA IDE [WIG80] www.ideon.eu Sector: Electric energy, gas and biomass trading Shareholders: CMS SA (14.60%) Strategy: Ideon SA Capital Group consists of companies actively involved in business activities in the energy market, especially in the area of electric energy, gas and biomass trading. We are a legal successor of Centrozap SA, former state foreign trade company founded in 1951, which has executed a large number of commercial contracts in the world’s largest markets. Finance (2009 | 2010 |2011): Revenues (net)
99,472
236,261
560,590
-26,838
-32,888
-21,101
-35,775
-8,689
-21,752
-9,145
-57,836
Operating Profit Net Profit CashFlow from Operations
-17,599 CashFlow from Investing
-30,672
-14,812
-5,041
CashFlow from Financing
48,663
26,617
62,425
Total Assets
131,628
309,680
322,260
168,782
176,181
Long-term Liabilities
35,800
Number of Shares Outstanding
229,902
305,000
343,491
Board: Nawrocki Ireneusz; Kowalczyk Wiesław; Król Ireneusz; Szotowski Adam; Baraniewski Krzysztof; Konrad-Dziwisz Barbara; Skołożyński Mieczysław; Wysocki Adam; Chojna Jerzy; Jabłoński Mariusz; Dworzecki Zbigniew; Kus Damian Auditors: Revision-Katowice sp. z o.o. Investors’ Contact: (poczta@ideon.eu) ul. Paderewskiego 32 C 40-282 Katowice T: 32 782 97 71
Integer.pl SA ITG [WIG80] www.integer.pl Sector: Postal and promotional services Shareholders: Brzoska Rafał (41.06%); Generali OFE (10.19%); Kołpa Krzysztof (9.22%); Nordea OFE (5.30%) Strategy: Integer.pl is the leader in the door drops and addressed marketing materials distribution in Poland. We have 109 regional branches and a central warehouse in Piotrków Trybunalski. Their couriers distribute letters and
24,487
64,478
9,061
-10,525
5,304
-3,602
-7,487
-7,733
386,005
408,402
631,175
CashFlow from Investing
-6,164 Total Assets Long-term Liabilities
–
37,087 -53,490
-47,326
-46,003
24,919
24,939
13,022
144,265
199,909
282,849
127,020
186,566
Total Assets
87,895 5,938
5,938
5,938
Board: Brzoska Rafał; Kołpa Krzysztof; Izydorek-Brzoska Anna; Popielski Zbigniew; Abratański Rafał; Setkowicz Krzysztof; Olszewski Artur Auditors: AdAc sp. z o.o., Kraków Investors’ Contact: (biuro@integer.pl) ul. Malborska 130 30-624 Kraków T: 12 619 98 00
Inter Groclin Auto SA GCN [WIG80] www.groclin.com.pl Sector: Car parts, interiors and accessories Shareholders: Drzymała Zbigniew (26.81%); Drzymała Maria (26.81%) Strategy: Inter Groclin Auto produces car seat covers, complete seats for passenger cars, trucks and buses, headrests and armrests, side door panels and trimming elements. Inter Groclin’s products can be found in the passenger cars of each class, starting from small city cars, through large family cars and luxurious models of E and F segment. Finance (2009 | 2010 |2011): 141,218
180,791
3,885
6,593
Operating Profit
11,034 Net Profit
1,533
516
625
-3,758
-17,148
9,601
12,902
-33,862
-10,105
-1,348
283,877
277,606
288,241
93,437
97,262
CashFlow from Operations
15,614
28,929
29,342
29,555
J.W. Construction Holding SA JWC [WIG80] www.jwconstruction.com.pl Sector: Residential and commercial real estate development Shareholders: Wojciechowski Józef (62.84%); Pioneer Pekao Investment Management SA (9.99%); PKO TFI SA (6.00%) Strategy: J.W. Construction Holding S.A. debuted on WSE in June 2007. Primarily a residential real estate developer but also developing offices. Family houses finished by the company exceed 25,000 apartments and 350 houses. Finance (2009 | 2010 |2011): Revenues (net)
713,284
620,026
378,632
142,732
142,422
63,865
100,397
92,012
31,256
217,127
56,379
-132,236
-80,581
-43,980
-875
1,382,179
1,380,806
919,634
887,358
Operating Profit Net Profit CashFlow from Operations
108,900 CashFlow from Investing
-15,265 CashFlow from Financing
-103,159 Total Assets
1,522,963 Long-term Liabilities
Revenues (net)
171,015
–
Board: Lewandowski Jacek; Piskorski Mariusz; Borys Mirosław; Waczkowski Stanisław; Jonak Jacek; Miler Roman; Diemko Janusz; Kryca Bogdan; Sliwinski Wiktor Auditors: Investors’ Contact: (ipopema@ipopema.pl) ul. Waliców 11, 00-851 Warszawa T: 22 583 92 98
14,663
Long-term Liabilities
18,002
12,918
19,340
7,927
Total Assets
11,756 CashFlow from Operations
28,258
96,152
CashFlow from Financing
30,547
Number of Shares Outstanding
CashFlow from Investing
-16,296
26,381
22,971
45,506
CashFlow from Investing
15,144 Net Profit
16,344
47,917
35,813
112,338
CashFlow from Operations
113,486 CashFlow from Operations
100,451
Net Profit
1,809,532
Net Profit
70,503 Operating Profit
Operating Profit
1,581,632
Operating Profit
18
parcels in more than 500 towns and cities across Poland; distribute about 90m handbills and leaflets a month. Cooperates with the largest chain stores in Poland, such as Auchan, Elea, Leclerc, Lidl, or Real. Since October 2004, Integer.pl has been a company listed on the Warsaw Stock Exchange. The money collected in the public issue of shares was invested in the development and modernisation of the services offered by the company. Finance (2009 | 2010 |2011):
CashFlow from Investing
19,928 CashFlow from Financing Total Assets
1,151,448
Number of Shares Outstanding
54,698
54,073
54,073
Board: Rajchert Wojciech; Wojciechowski Józef; Podsiadło Andrzej; Król Jarosław; Panabażys Tomasz; Wójcik Robert; Oleksy Józef; Michnicki Marcin; Łopuszyńska Irmina; Malinowska, Bożena Regina; Starzyńska Magdalena Auditors: BDO sp. z o.o. Investors’ Contact: Małgorzata Szwarc-Sroka (22 771 77 77; relacje.inwestorskie@jwconstruction.com.pl) ul. Radzymińska 326, 05-091 Ząbki T: 22 771 77 77
Long-term Liabilities
101,985
Number of Shares Outstanding
5,500
5,500
5,500
Board: Drzymała Monika; Drzymała Zbigniew; Frąckowiak Waldemar; Jordan Krzysztof; Witkowski Wojciech; Brzeziński Janusz; Sikorska Barbara; Doliwa Mirosława Auditors: CGS Audytor sp. z o.o., Poznań Investors’ Contact: (61 443 63 66 ; e.nowak@groclin. com.pl) ul. Jeziorna 3, 64-200 Wolsztyn Karpicko T: 61 443 61 00
Ipopema Securities SA IPE [WIG80] www.ipopema.pl Sector: Financial intermediary Shareholders: Lewandowski Jacek (21.38%); Ipopema TFI SA (17.05%); Waczkowski Stanisław (10.63%); OFE PZU Złota Jesień (7.61%); Lewandowska Katarzyna (7.06%); TFI Allianz Polska SA (6.50%); Aviva OFE (5.28%); Borys Mirosław (3.26%); Piskorski Mariusz (2.35%); Kryca Bogdan (1.49%) Strategy: Ranking among Poland’s fastest developing financial institutions, IPOPEMA Securities S.A. specializes in investment banking services and brokerage services as well as company analyses. The IPOPEMA Group also includes the IPOPEMA Towarzystwo Funduszy Inwestycyjnych - fully owned by IPOPEMA Securities, IPOPEMA Asset Management, and IPOPEMA Business Consulting. Finance (2009 | 2010 |2011):
Koelner SA KLR [WIG80] www.koelner.pl Sector: Mechanical fasteners Shareholders: Amicus Poliniae sp. z o.o. (58.66%); ING OFE (8.72%); BZ WBK Asset Management SA (7.91%); OFE Polsat (5.01%); Koelner Radosław (1.67%) Strategy: Koelner Group is an international holding company, comprising manufacturing and distribution companies from 16 countries worldwide. Distribution range of products offered by the group comprises approximately of 50 countries on five continents. Koelner Group develops innovative solutions for fastening techniques, their design, production and distribution. The Group’s product portfolio includes high-quality mechanical fasteners, threaded products, chemical anchors, drills, circular saws , tools and power tools. Finance (2009 | 2010 |2011): Revenues (net)
529,715
559,632
662,165
18,216
50,544
Operating Profit
11,049 Net Profit
-9,325
-2,389
68,231
32,483
50,702
-9,308
-22,664
-17,955
-19,848
CashFlow from Operations
68,302 CashFlow from Investing
-9,592 CashFlow from Financing
-58,076
EquitiesPoland 2012 Total Assets
654,229
649,180
751,200
361,454
378,656
Long-term Liabilities
361,802
Number of Shares Outstanding
32,560
32,560
32,560
Board: Koelner Radosław; Pamuła Zbigniew; Szczypiński Zbigniew; Arkuszewski Wojciech; Kopydłowski Piotr; Koelner Przemysław; Koelner Krystyna; Mogilski Tomasz; Stabiszewski Zbigniew Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka komandytowa Investors’ Contact: Piotr Kopydłowski (71 326 01 00 w. 119; piotr.kopydlowski@koelner.pl) ul. Kwidyńska 6, 51-416 Wrocław T: 71 326 01 00
46A Avenue J-F. Kennedy, L-1855 Luksemburg, Luksemburg T: 352 427 1711
LC Corp SA LCC [WIG80] www.lcc.pl Sector: Real estate development Shareholders: Czarnecki Leszek (51.19%); Aviva OFE (8.22%); ING OFE (7.30%); OFE PZU Złota Jesień (5.38%) Strategy: LC Corp SA controls a group of developer companies, implementing residential and commercial investments in the largest cities in Poland, such as Warsaw, Wroclaw, Krakow, Lodz, and Gdansk. Since 29 June 2007 LC Corp SA has been listed on the Warsaw Stock Exchange. Finance (2009 | 2010 |2011): Revenues (net)
113,765
Kruk SA KRU [WIG80] www.kruksa.pl Sector: Debt collection Shareholders: Polish Enterprise Fund IV, LP (24.83%); Krupa Piotr (15.71%); Generali OFE (5.12%) Strategy: KRUK is a bulk debt collection company. Purchasing and collection of past due consumer debt portfolios (mainly banking receivables) is KRUK’s largest business segment (84% of revenues in 2011). The second key business segment is contingency debt collection where revenues are commission-based. KRUK is the owner of Rejestr Dłużników ERIF (ERIF Register of Debtors), one of three licensed credit information bureaus in Poland. Finance (2009 | 2010 |2011): Revenues (net)
128,575
42,636
23,411
36,078
Net Profit CashFlow from Operations
53,981
-46,690
CashFlow from Investing
-3,652
-47,354
65,943
100,640
-45,134
49,557
61,318
Operating Profit Net Profit CashFlow from Operations
4,171
51,927
-42,896
114,702
-2,738
-9,347
-86,871
77,127
1,301,785
1,278,942
1,467,371
307,521
433,941
CashFlow from Investing
-17,366 CashFlow from Financing Total Assets Long-term Liabilities
380,912
Number of Shares Outstanding
447,558
447,558
447,558
-6,226
CashFlow from Financing
-51,598
49,897
207,930
317,553
LBW [WIG80]
Long-term Liabilities
185,539
Number of Shares Outstanding
1,452
1,452
Board: Krupa Piotr; Janiak Rafał; Kułton Agnieszka; Okarma Urszula; Słomska Iwona; Zasępa Michał; Prończuk Dariusz; Kawalec Krzysztof; Stępniak Piotr; Małek Wojciech; Wancer Józef Auditors: KPMG Audyt Sp. z o.o. Sp.k. Investors’ Contact: Michał Zasępa (71 790 28 51; ir@ kruksa.pl) ul. Legnicka 56, 54-204 Wrocław T: 71 790 28 00
www.lubawa.com.pl Sector: Ballistic protection equipment Shareholders: Silver Hexarion Holdings Limited (26.57%); Litwin Stanisław (5.59%); Łukjanow Jacek (5.21%); Fijałkowski Krzysztof (4.99%) Strategy: Experts in the field of ballistic protection, technical and pneumatic tents as well as special coated fabrics. The experience of Lubawa has been confirmed by NATO certificates, quality management standards as well as special production and trade controlling systems. Substantial export sales. Finance (2009 | 2010 |2011): Revenues (net)
–
38,242
164,005
–
-2,288
9,597
–
-4,971
39,726
1,074
6,939
-1,286
-24,463
Operating Profit
KSG Agro SA KSG [WIG80] www.ksgagro.com Sector: Agriculture Shareholders: Kasianow Sergiy (65.65%); Generali OFE (10.00%); ING TFI SA (5.30%) Strategy: KSG Аgro is one of the largest vertically integrated agricultural groups in the Dnipropetrovsk region, which works almost in all segments of the agricultural market, including production, storage, processing, and sale of the agricultural products. Finance (2009 | 2010 |2011): Revenues (net)
18,036
32,547
Operating Profit
5,240
11,607
2,287
9,362
Net Profit CashFlow from Operations
1,306
10,027
CashFlow from Investing
-654 -873
-11,802
26,133
26,330
Total Assets Long-term Liabilities
21,135
14,668
Number of Shares Outstanding
3,100
Net Profit CashFlow from Operations
– CashFlow from Investing
– CashFlow from Financing
–
-465
14,075
–
62,637
306,631
13,520
114,680
Total Assets Long-term Liabilities
–
Number of Shares Outstanding
–
81,770
109,270
Board: Ostaszewski Piotr; Kois Paweł; Kubica Marcin; Politowski Zygmunt; Szkurłat Piotr; Litwin Łukasz; Szpak Jarosław Auditors: MW Rafin Marian Wcisło SK Investors’ Contact: (ri@lubawa.com.pl) ul. Staroprzygodzka 117, 64-400 Ostrów Wielkopolski T: 62 737 57 00
-759
CashFlow from Financing
3,100
Board: Kasianow Sergiy; Mazin Sergii; Draganchiuk Vladimir; Kozenko Irina; Palivoda Irina; Velichko Larisa; Wasiluk, Waldemar Cezary; Colett Konstancja; Galii Christophe Auditors: BDO LLC Investors’ Contact: Aleksandr Perov (aperov@ksgagro.com)
Mennica Polska SA MNC [WIG80] www.mennica.com.pl Sector: Mintage of coins and currency Shareholders: Jakubas Zbigniew (45.63%); Mennica Polska SA (12.35%); ING OFE (6.47%); Amplico OFE (6.19%); OFE PZU Złota Jesień (5.98%) Strategy: Since 1766, Mennica Polska S.A. has been a leading issuer of coins and collector items both in Poland and in Europe. Currently, Mennica Polska S.A. is the sole issuer of circulation and collector coins emitted by the National Bank of Poland. The designers and the minters complete orders for foreign emitters and numismatic firms as well. Finance (2009 | 2010 |2011): Revenues (net)
1,040,073
850,915
1,422,176
121,696
58,707
73,946
99,278
41,460
58,228
Operating Profit Net Profit CashFlow from Operations
96,557
58,050
31,491
43,094
-168,359
-31,366
-65,664
76,926
521,505
533,314
751,919
116,019
320,248
CashFlow from Investing
-44,768 CashFlow from Financing Total Assets
Lubawa SA
Total Assets
107,894
146,736
Board: Czarnecki Leszek; Niedośpiał Dariusz; Czarnecki Ludwik; Błażejewski Andrzej; Baliński Remigiusz; Jaskólska Joanna; Wróbel Tomasz; Kujawski Mirosław; Dorenda Zbigniew Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (gielda@lcc.pl) ul. Powstańców Śląskich 2-4, 53-333 Wrocław T: 71 798 80 10
164,281
Operating Profit
31,723
156,202
ture) and MCI Gandalf Aktywnej Alokacji SFIO (absolute return). The value of MCI’s AUM exceeds 800 million PLN. The MCI Group has so far closed over 50 investment projects, and over 20 full exits. Finance (2009 | 2010 |2011): Board: Czechowicz Tomasz; Siewierski Wojciech; Sitnik Konrad; Janiszewski, Hubert Andrzej; Janik Sylwester; Góra Marek; Pasecka Magdalena; Dąbrowski Jarosław; Adamiuk Dariusz Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: Barbara Kocot-Ilka (697 888 101; ilka@mci.eu) ul. Emili Plater 53, 00-113 Warszawa T: 22 540 73 80
MCI Management SA MCI [WIG80] www.mci.pl Sector: Private equity investments Shareholders: Czechowicz Tomasz (45.60%); Quercus TFI SA (5.28%); MCI Management SA (2.94%) Strategy: MCI is a private equity groups operating in CEE, managing a diversified portfolio of alternative assets. Currently MCI manages 7 funds: MCI.EuroVentures (expansion, buy-out), MCI.TechVentures (growth, expansion), MCI.BioVentures (growth, expansion), Helix Ventures Partners (seed, start-up), Internet Ventures (early stage, growth), MCI.ImmoVentures (real estate, infrastruc-
Long-term Liabilities
93,210
Number of Shares Outstanding
6,570
5,914
59,138
Board: Jakubas Zbigniew; Sissons Barbara; Kula Leszek; Felbur Marek; Sendecki Piotr; Brukszo Paweł; Panek Mirosław; Zambrzycki Grzegorz Auditors: Misters Audytor Adviser Sp. z o.o. Investors’ Contact: Mariusz Przybylski (22 656 40 00; mariusz_przybylski@mennica.com.pl) ul. Pereca 21, 00-958 Warszawa T: 22 656 40 00
Milkiland NV MLK [WIG80] www.milkiland.com Sector: Milk and cheese production Shareholders: 1 Inc. Cooperatief U.A. (72.79%); ING OFE (5.50%) Strategy: Milkiland is a diversified dairy producer operating in Russia and Ukraine, with a wide range of dairy products such as fresh dairy, cheese, and butter. Every day supplies over 500 tons of high quality fresh dairy, cheese and butter to more than 10,000 retail stores across Russia, Ukraine and other CIS countries - from the firm’s 11 factories. Finance (2009 | 2010 |2011) [in: EUR] Revenues (net)
200,008
258,495
Operating Profit
22,202
34,827
8,109
21,777
Net Profit CashFlow from Operations
8,724
14,553
CashFlow from Investing
-2,045
-13,807
CashFlow from Financing
-2,918
30,127
184,048
267,934
Total Assets Long-term Liabilities
133,838
144,956
Number of Shares Outstanding
25,000
31,250
Board: Yurkevych Anatoliy; Yurkevych Olga; Rekov Vyacheslav; Yokhym Pavlo; van Walt Meijer, Willem Auditors: BDO Audit & Assurance B.V. Investors’ Contact: Sergey Trifonov (380 44 369 5238; ir@ milkiland.com) Reinwardtstraat 232, 1093 H Amsterdam, Holland T: 380 443 69 5254
19
EquitiesPoland 2012 Revenues (net)
Mirbud SA MRB [WIG80] www.mirbud.com.pl Sector: General contractor and residential developer Shareholders: Mirgos Jerzy (42.52%); Pioneer Pekao Investment Management SA (8.23%) Strategy: The company acts mainly as a general contractor. The scope of construction and assembly services offered to clients includes such sectors as: Housing; Public utility buildings; Production, services, commercial facilities; Engineering and road construction works. Since 2006, Mirbud S.A. has entered residential development. Finance (2009 | 2010 |2011):
2,712,141
301,443
548,468
24,688
42,381
41,270
181,230
13,942
26,536
25,192
36,100
-32,966
-126,715
-9,659
31,693
93,390
48,873
281,158
433,334
610,878
242,985
343,248
CashFlow from Operations
-12,017 CashFlow from Investing
-16,472 CashFlow from Financing Total Assets Long-term Liabilities
205,037
Number of Shares Outstanding
45,000
75,000
75,000
Board: Mirgos, Halina Zofia; Zakrzewski Andrzej; Bujnowska, Agnieszka Maria; Jankowski Dariusz; Borzykowski Waldemar; Jóźwiak Agnieszka Auditors: Bggm Audyt sp.zo.o. Investors’ Contact: (sekretariat@mirbud.com.pl ) ul. Unii Europejskiej 18, 96-100 Skierniewice T: 46 833 98 28
MNI SA MNI [WIG80] www.mni.pl Sector: Telecommunications Shareholders: Piechocki Andrzej (34.01%); Aviva Investors Poland SA (7.43%); Piechocka Agata (5.26%); MNI SA (3.66%) Strategy: MNI S.A. is an investment company in telecommunications, media, mobile tech and tourism industries. Currently, MNI SA serves as a holding company, which is responsible for financial management of subsidiaries and strategic supervision over their development. It is also the largest shareholder in two other entities listed on the Warsaw Stock Exchange - MIT Mobile Internet Technology SA and through its subsidiary MNI Telecom SA in Hyperion SA Finance (2009 | 2010 |2011): Revenues (net)
252,593
289,392
357,619
39,035
69,853
62,821
33,133
52,439
31,386
63,663
44,594
Operating Profit Net Profit CashFlow from Operations
51,562 CashFlow from Investing
-40,246
-112,607
-8,534
-20,076
50,578
-32,059
454,572
691,846
793,967
295,949
344,969
CashFlow from Financing Total Assets Long-term Liabilities
193,097
Number of Shares Outstanding
90,286
98,946
98,946
Board: Malinowski Marek; Tomczak Michał; Piechocki Andrzej; Gwiazdowski Robert; Rywin Marcin; Gadkowski Krzysztof; Wojnicz Kajetan Auditors: Grant Thornton Frąckowiak Sp. z o.o., Poznań Investors’ Contact: (sekretariat@mni.pl) ul. Żurawia 8, 00-503 Warszawa T: 22 583 37 44
Mostostal Warszawa SA MSW [WIG80] www.mostostal.waw.pl Sector: General contractor Shareholders: Acciona SA, Hiszpania (50.09%); OFE PZU Złota Jesień (17.13%); Aviva OFE (5.09%) Strategy: The Mostostal Warszawa Group is active in all basic sectors of the construction market. It acts as a general contractor of investment projects and provides turnkey execution of construction assignments for local and foreign investors. Finance (2009 | 2010 |2011):
208,919
-61,520
84,333
-144,767
2,161,082
2,459,339
2,707,972
1,984,117
2,183,548
Long-term Liabilities
117,309
62,488
-124,530
127,356
-192,612
CashFlow from Operations
213,780 -69,467
-36,061
-8,973
-24,376
-60,416
42,681
1,504,919
1,627,475
1,939,793
1,039,814
1,493,210
CashFlow from Financing Total Assets Long-term Liabilities
948,775
Number of Shares Outstanding
20,000
20,000
20,000
Board: Balfour, Neil Roxburgh; Wysłocki Leszek; Gawryś Piotr; Solano, Miguel Vegas; Llorente, Fernando Minguez; Vazquez, Francisco Adalberto Claudio; Sitkiewicz Andrzej; Mateos, Jose Manuel Terceiro; Lopez, Jose Angel Andres; Szymanek Jacek Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: (info@mostostal.waw.pl) ul. Konstruktorska 11A, 02-673 Warszawa T: 22 548 56 00
Mostostal Zabrze - Holding SA MSZ [WIG80] www.mostostal.zabrze.pl Sector: General contractor Shareholders: Opach Zbigniew (31.55%); Jędrzejewski Krzysztof (23.13%); ING OFE (5.96%); Mostostal Zabrze Holding SA (3.16%); Farmus Eliza (1.70%) Strategy: Core business includes comprehensive contracting of various facilities and subcontracting of specialist work within the industrial sector, power engineering, environmental protection, public utility facilities and transport infrastructure sectors. Provides services within the scope of training, verification and extension of welders’ qualifications, transport and lifting equipment, e.g. cranes as well as fabrication of aluminium elements. Finance (2009 | 2010 |2011): 891,269
929,916
54,893
14,545
37,510
38,181
6,680
27,855
32,800
-99,881
Operating Profit Net Profit CashFlow from Operations
69,430 CashFlow from Investing
-27,208
-14,388
-13,923
-33,150
-2,775
28,703
624,392
724,860
660,955
478,598
397,639
CashFlow from Financing Total Assets Long-term Liabilities
361,869
Number of Shares Outstanding
149,131
149,131
149,131
Board: Opach Zbigniew; Panek Mirosław; Farmus Eliza; Balcer Aleksander; Kucharski Artur; Wieszołek Jarosław; Litwiński Maciej; Bobrowski Bogusław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Investors’ Contact: Anna Hadzik-Rozmus (32 373 43 39; Anna.Hadzik-Rozmus@mz.pl) ul. Wolności 191, 41-800 Zabrze T: 32 271 32 21
Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA EMF [WIG80] www.emf-group.eu Sector: Holding company - retailer Shareholders: Penta Investments Ltd. (33.41%); Empik Centrum Investments SA (31.35%); ING OFE (17.24%); ECI Holdings S.a.r.l. (9.58%) Strategy: Empik Media & Fashion Group (EM&F Group) is a leading distributor of products from the following categories: media, entertainment, clothing, shoes, children’s toys and accessories, and language courses and cosmetics. The Group is composed of operating and retail companies with NFI Empik Media & Fashion S.A. as a holding company. Finance (2009 | 2010 |2011): Revenues (net)
2,719,527
103,730
104,035
104,035
Board: Szumański Andrzej; Bagiński Jacek; Stolarczyk Dariusz; Drozd Maciej; Prokopowicz Zbigniew; Dyjas Maciej; Szymański Maciej; Kampa Fabian; Grom Michał; Janov Jozef; Modecki Marek; Haluza Radim; Szubert Filip Auditors: PricewaterhouseCoopers sp. z o.o., Warszawa Investors’ Contact: Katarzyna Perzak (22 461 08 51; katarzyna.perzak@emf-group.eu) ul. Żurawia 8, 00-503 Warszawa T: 22 583 37 71
Narodowy Fundusz Inwestycyjny Krezus SA KZS [WIG80] www.nfikrezus.pl Sector: Financial intermediary Shareholders: Karkosik, Roman Krzysztof (49.12%); Karkosik Grażyna (28.56%) Strategy: Initially the National Investment Fund Krezus S.A. has operated as restructuring fund controlling over 30 companies of different industry branches. At present it has focused on investments in trades and services sector. In 2007 by the resolution of the General Meeting the name of the Fund was changed: from Second National Investment Fund S.A. to National Investment Fund Krezus S.A. Finance (2009 | 2010 |2011): Revenues (net)
14,791
14,791
-11,727
4,537
4,537
-22,093
6,301
6,301
-18,096
384
-84
Operating Profit Net Profit CashFlow from Operations
384 CashFlow from Investing
–
–
CashFlow from Financing
-103
-103
73,203
73,203
54,656
1,833
1,383
54,703
54,703
Total Assets
Revenues (net)
983,991
1,667,792
Number of Shares Outstanding
CashFlow from Investing
Long-term Liabilities
1,833 Number of Shares Outstanding
54,703
Board: Zielińska-Dalasińska Agnieszka; Krohn Marlena; Jackowska Daria; Pakulski Damian; Urbaniak Agnieszka; Jakubowski Wiesław Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: (biuro@nfikrezus.pl) ul. M. Skłodowskiej-Curie 73 87-100 Toruń T: 22 656 26 62
Narodowy Fundusz Inwestycyjny Octava SA 08N [WIG80] www.octava.com.pl Sector: Financial intermediary Shareholders: Elliott International LP (37.44%); NFI Octava SA (25.11%); ING OFE (5.88%) Strategy: NFI OCTAVA S.A. is an investment fund listed on the Warsaw Stock Exchange since 1997. Initially a restructuring fund with controlling interests in over 30 companies from various sectors, in 2004 OCTAVA entered the real estate market as an active financial investor. Main investment targets are medium term, medium size real estate projects which allow for value creation through full scale development or redevelopment. Finance (2009 | 2010 |2011): Revenues (net)
-69,477
53,591
176,610
-78,855
45,159
160,816
-53,835
7,486
131,521
7,011
276,087
Operating Profit Net Profit CashFlow from Operations
58,782 CashFlow from Investing
–
–
CashFlow from Financing
150,203
-31,247
-183,184
1,083,459
507,075
575,900
20,033
Total Assets
1,129,080 Long-term Liabilities
2,908,217
3,224,493
83,391
141,581
66,264
Number of Shares Outstanding
50,598
74,779
32,971
Board: Wieczorkiewicz Andrzej; Kryca Bogdan; Rymaszewski Piotr; DeBenedetti, Charles David; Chojnacki Arkadiusz; Gunn Iain; Sliwinski Wiktor Auditors: Grand Thornton Frąckowiak Sp. z o.o. Spółka
Operating Profit Net Profit CashFlow from Operations
76,684
44,666
200,838
-163,806
-174,070
CashFlow from Investing
51,115
20
-66,709 Total Assets
Net Profit
Operating Profit Net Profit
3,396,338
Operating Profit
Revenues (net)
214,492
CashFlow from Financing
2,570,369
600,886 125,844
125,844
125,844
EquitiesPoland 2012 komandytowa Investors’ Contact: (fundusz@octava.com.pl) ul. Wspólna 47/49 00-684 Warszawa T: 22 356 18 90
Finance (2009 | 2010 |2011): 28,302
320,300
409,386
79,873
97,439
108,402
64,922
77,561
90,113
63,057
140,890
Operating Profit Net Profit CashFlow from Operations CashFlow from Investing
-6,013
-12,659
-188,192
-34,330
-59,954
75,137
112,214
135,474
599,194
47,410
341,402
CashFlow from Financing Total Assets Long-term Liabilities
46,711
Number of Shares Outstanding
500
50,000
54,250
Board: Spyra Krzysztof; Sokalski Krzysztof; Gradowski Wojciech; Baliński Remigiusz; Niedośpiał Dariusz; Augustyniak Jarosław; Kaczałko Marek; Tymoszyk Krzysztof Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (ir@open.pl) ul. Domaniewska 39 02-672 Warszawa T: 22 541 51 00 OBL [WIG80] www.orzel-bialy.com.pl Sector: recycling of used lead-acid batteries Shareholders: NEF Battery Holdings (60.67%); ING OFE (6.04%); OFE PZU Złota Jesień (5.41%) Strategy: Orzeł Biały specializes in the recycling of used lead-acid batteries and other lead-bearing materials. Its customers are mainly manufacturers of batteries. Finance (2009 | 2010 |2011): Revenues (net)
383,634
47,833
41,830
Operating Profit
18,829 14,545
38,542
-41,748
35,490
9,304
-4,035
-17,437
-1,467
-5,085
-10,134
242,196
286,726
329,805
74,389
65,845
CashFlow from Investing
-7,358 CashFlow from Financing Total Assets Long-term Liabilities
64,720
Number of Shares Outstanding
16,642
16,642
16,617
Board: Rybakiewicz Zbigniew; Lewicki Tomasz; Wolarek Józef; Błażejewska Agnieszka; Wojtaszek, Tomasz Jakub; Mellinger Pierre; Opawski Krzysztof; Waliszewski Leszek; Bogucki Marek Auditors: Mazars & Guerard Audyt sp. z o.o., Warszawa Investors’ Contact: Łukasz Wójcik (509 945 906; lwojcik@nbs.com.pl) ul. Siemianowicka 98 41-902 Bytom T: 32 281 34 81
Ovostar Union N.V. OVO [WIG80] www.ovostar.ua Sector: Agroindustrial Shareholders: Prime One Capital Ltd. (75.00%); Generali OFE (12.15%) Strategy: Ovostar Union is one of Ukraine’s leading agroindustrial companies, entering Top 3 Ukrainian egg producers. Vertically integrated business model.
1,369,489
5,250
Number of Shares Outstanding
5,152
1,872,896 1,355,583 49,624
CashFlow from Investing
-808
-687
CashFlow from Financing
-3,406
-4,656
41,806
40,804
Total Assets Long-term Liabilities
11,797
9,379
Number of Shares Outstanding
6,000
6,000
Board: Belikow Boris; Weresenko Witalij; van Campen, Marc; Bakumenko Oleksandr; Malowana Natalia; Woron Witalij; Doroszew Jurij; Własniuk Natalia; Czerniak Lilia; Procyszyn Wiaczesław; Ukraińskij Dymitro Auditors: Investors’ Contact: Ekaterina Pavlovskaya (38 044 354 29 60; e.pavlovskaya@invest.ovostar.ua) Koningslaan 17 1075 A Amsterdam Holland T: 312 067 31 090
Pelion SA PEL [WIG80] www.pelion.eu Sector: Pharmaceuticals distribution Shareholders: Szwajcowski Jacek (10.03%); Legg Mason Zarządzanie Aktywami SA (9.68%); ING OFE (8.98%); Aviva OFE (8.16%); Molenda Zbigniew (6.08%) Strategy: Pelion Healthcare Group, formerly Polska Grupa Farmaceutyczna S.A., has been present on the market for twenty-one years now. Today, the Pelion Healthcare Group is one of the largest groups operating on the healthcare markets in Poland, Lithuania, and the United Kingdom. Its services cover all market segments (wholesale, retail sale and sale to hospitals) and are targeted at individual patients, pharmacies, hospitals and manufacturers. Finance (2009 | 2010 |2011): 5,427,373
5,799,423
6,569,927
114,579
112,712
96,368
63,815
70,663
80,231
56,759
256,738
27,350
-46,676
-118,623
-146,096
2,339,196
2,474,487
1,873,119
1,934,211
Operating Profit Net Profit CashFlow from Operations
234,977 CashFlow from Investing
33,359 CashFlow from Financing
-204,211 2,191,370 1,779,090
36,161
1,935,970
1,356,297
Long-term Liabilities
Number of Shares Outstanding
CashFlow from Operations
1,852,471
9,731
Long-term Liabilities
Net Profit
-142,084
2,695
Total Assets
332,246
-103,517
Total Assets
Revenues (net)
Orzeł Biały SA
198,521
274,963
9,504
CashFlow from Operations
Revenues (net) Revenues (net)
-33,602
3,613 Net Profit
www.open.pl Sector: Financial intermediary Shareholders: Getin Noble Bank SA (48.84%); ING TFI SA (6.32%); Amplico OFE (5.92%); Czarnecki Leszek (5.53%) Strategy: The company operates in the field of financial advisory services, assisting consumers in finding the optimal financial solutions for them. The company does not offer its own financial products, but specializes in the “independent financial advice”. Finance (2009 | 2010 |2011):
-21,091
CashFlow from Financing
38,170
Operating Profit
OPF [WIG80]
60,554
-255,019
Revenues (net)
Open Finance SA
267,073
CashFlow from Investing
12,335
12,230
12,248
Board: Szwajcowski Jacek; Molenda Zbigniew; Leszczyński Jerzy; Kalinka, Jan Aleksander; Przystalski Ignacy; Janiszewski, Hubert Andrzej; Dauenhauer Jacek; Tucharz Jacek; Pyśkiewicz Sylwia; Biendara Anna Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (investor_relations@pelion.eu) ul. Zbąszyńska 3, 91-342 Łódź T: 42 613 34 44
Pfleiderer Grajewo SA GRJ [WIG80] www.pfleiderer.pl Sector: Producer of resins Shareholders: Pfleiderer Service GmbH (65.10%); Aviva OFE (9.93%); ING OFE (5.31%) Strategy: Pfleiderer Grajewo SA Group has been the central-European Business Centre of the Pfleiderer concern for almost six years. It consists of factories in Grajewo, Wieruszów, Veliky Novgorod (Russia), factory of adhesive resins and hardeners “Silekol” in Kędzierzyn Koźle and a shipping company Jura Polska. Finance (2009 | 2010 |2011): Revenues (net)
1,233,832
1,390,388
1,725,231
13,142
47,100
136,205
-40,218
-15,183
33,208
113,612
175,404
Operating Profit Net Profit CashFlow from Operations
-3,019
49,624
49,624
Board: Overdiek, Hans H.; Karcz Rafał; Tomaszewski Dariusz; Wolff Michael; Gątkiewicz Wojciech; Wierzbicki Radosław; Woźniak Jan; von Werder, Hans-Kurt; Schapka Jochen Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Katarzyna Sadowska (22 440 14 40; pfleiderer@ccgroup.com.pl) ul. Wiórowa 1, 19-203 Grajewo T: 86 272 96 00
Polish Energy Partners SA PEP [WIG80] www.pepsa.com.pl Sector: Energy distribution and production Shareholders: Generali OFE (18.04%); ING OFE (10.64%); Pioneer Pekao Investment Management SA (10.63%); Aviva OFE (10.10%); Aviva Investors Poland SA (5.03%) Strategy: PEP offers its services in two main segments of the energy market: outsourcing the production of energy in combination for industrial customers (in particular for the paper industry) and the generation and supply, renewable energy from biomass and wind. The Company estimates that it has more than 70% of industrial energy outsourcing market in Poland, and more than 5% of renewable energy is produced in sources managed by it. Finance (2009 | 2010 |2011): Revenues (net)
106,141
175,966
215,964
40,437
78,971
93,455
46,866
61,563
69,633
22,260
50,152
Operating Profit Net Profit CashFlow from Operations
35,456 CashFlow from Investing
-24,973
-87,238
-156,407
37,205
53,069
191,212
664,986
812,128
1,163,552
507,812
740,411
CashFlow from Financing Total Assets Long-term Liabilities
429,645
Number of Shares Outstanding
19,259
19,259
21,314
Board: Kwarcińska Anna; Kozłowski Michał; Prokopowicz Zbigniew; Sobolewski, Krzysztof Robert; Kaczmarczyk Krzysztof; Fijołek Robert; Gabryjelski Marek; Dzik Zofia; Krawczyk Dariusz Auditors: KPMG Audyt Sp. z o.o. Investors’ Contact: (info@pepsa.com.pl) ul. Wiernicza 169, 02-952 Warszawa T: 22 840 75 70
Polnord SA PND [WIG80] www.polnord.pl Sector: Construction and property development Shareholders: Prokom Investments SA (33.44%); Templeton Asset Management Ltd. (11.57%) Strategy: POLNORD SA is one of the most experienced in the construction and property development companies in Poland. It was founded in 1977 as an office building in exports of general contractor. Active in both residential and office development sectors. Finance (2009 | 2010 |2011): Revenues (net)
221,282
180,264
289,109
48,130
76,370
Operating Profit
104,907 Net Profit
63,634
51,562
70,859
-48,841
85,543
66,757
-4,513
-24,904
-80,397
2,140,775
2,221,231
981,268
938,658
CashFlow from Operations
-86,434 CashFlow from Investing
-37,581 CashFlow from Financing
151,985 Total Assets
2,022,481 Long-term Liabilities
895,811
Number of Shares Outstanding
22,178
22,218
22,394
Board: Ratnicka-Kiczka, Barbara Halina; Wesołowski Piotr; Walendziak Wiesław; Podgórski, Andrzej Tadeusz; Grelowski Maciej; Buzuk Tomasz; Świerczyński Michał;
21
EquitiesPoland 2012 Juszczak Rafał; Spark Andre; Puzdrowski Bartosz; Krauze Ryszard; Dukaczewski Marcin; Sęczkowski Przemysław Auditors: BDO sp. z o.o. Investors’ Contact: Anna Kreft (58 628 89 50; ir@polnord. pl) ul. Śląska 35/37, 81-310 Gdynia T: 58 628 89 50
Polski Koncern Mięsny Duda SA DUD [WIG80] www.pkmduda.pl Sector: Meat processing Shareholders: ING Bank Śląski SA (10.78%); Kredyt Bank SA (10.26%); Bank Handlowy SA (7.32%); BZ WBK Asset Management SA (4.99%); Duda-Jankowiak, Bogna Maria (1.79%) Strategy: Polski Koncern Mięsny DUDA is the largest company in Poland in the red meat slaughtering and packaging industry (pork, beef, game). The Company controls and is the most important part of the capital group now made up of about 30 companies operating in the agricultural and food sectors all over Poland. Finance (2009 | 2010 |2011): Revenues (net)
1,576,508
RFK [WIG80] www.rafako.com.pl Sector: Power generation equipment market Shareholders: PBG SA (66.00%); BZ WBK Asset Management SA (12.54%) Strategy: Established in 1949 and employing ca. 1900 people RAFAKO has been always tied to power generation industry offering design and manufacture of boilers and environment protection plants. Since 1993 RAFAKO S.A. is a joint stock company. RAFAKO is a leader on the Polish power generation equipment market and the biggest boiler producer in Europe. Ca. 80% of boilers operated by Polish utilities had been delivered by RAFAKO. The Company is also a leader within the field of flue gas desulfurization plants based on wet lime and semi-dry methods. Finance (2009 | 2010 |2011): Revenues (net)
960,345 53,425 37,749
48,030
58,439 227,485
148,175
-165,022
-16,696
-25,792
-39,514
792,447
948,245
1,386,076
548,504
920,461
56,818
54,407
CashFlow from Financing
-330,721
31,348
39,265
Total Assets
78,419
23,109
57,112
-19,370
13,912
11,523
-49,272
-21,485
-90,943
749,659
783,382
764,564
473,083
414,871
CashFlow from Financing Total Assets Long-term Liabilities
521,742
Number of Shares Outstanding
226,423
308,891
278,002
Revenues (net)
Board: Duda Maciej; Duda-Jankowiak, Bogna Maria; Miler Roman; Oleszak Rafał; Popiołek Michał; Cholewa Mariusz; Dybalski Marek; Tomczyk Jarosław; Piskorski Mariusz; Dubiński Jarosław; Kostrzewa Maksymilian; Formela Dariusz; Baranek Jacek; Janowski Filip Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (duda@pkmduda.pl) ul. Kłobucka 25, 02-699 Warszawa T: 65 547 70 00
Radpol SA RDL [WIG80] www.radpol.com.pl Sector: heat shrink producer Shareholders: Bielowicki Grzegorz (11.90%); GJB Assets Management Limited (11.90%); Wysocki Marcin (11.78%); BZ WBK Asset Management SA (9.11%); Aviva Investors Poland SA (8.88%); Aviva OFE (8.11%); PKO TFI SA (7.30%); ING OFE (7.05%); Pożarowszczyk Andrzej (3.38%); Sielski Andrzej (1.73%) Strategy: RADPOL S.A. has been in business for over 30 years and has a 50-70% share of the domestic market of the goods it manufactures. RADPOL is the only Polish heat shrink producer with its own complete technological line for heat shrink production as long as two accelerators for their radiation crosslinking. Finance (2009 | 2010 |2011): Revenues (net)
52,532
112,394
132,193
7,302
16,633
22,701
5,331
13,427
15,205
18,248
11,437
-22,186
-19,583
-3,333
3,983
11,363
81,801
143,580
165,959
59,415
71,374
Operating Profit Net Profit CashFlow from Operations
5,345 CashFlow from Investing
-3,931 CashFlow from Financing Total Assets Long-term Liabilities
22,036
Number of Shares Outstanding
23,952
25,190
25,720
Board: Sielski Andrzej; Bielowicki Grzegorz; Kurowski Krzysztof; Iwaniec Leszek; Pożarowszczyk Andrzej; Tomasik Jacek; Dombrowski Adam; Janas Zbigniew; Firczyk Tomasz; Rusiecki Marcin Auditors: Europejskie Centrum Audytu sp. z o.o., Kraków Investors’ Contact: Joanna Paczkowska-Tatomir (513 083 322; jp@innervalue.pl) ul. Batorego 14, 77-300 Człuchów T: 59 834 22 71
64,311
-14,819
11,641
-229,602
CashFlow from Investing
65,600
CashFlow from Operations CashFlow from Investing
CashFlow from Operations
1,118,499
Net Profit
1,669,969
Net Profit
1,143,081
Operating Profit
1,455,295
Operating Profit
22
RAFAKO SA
375
Long-term Liabilities
415,241
Number of Shares Outstanding
69,600
69,600
69,600
Board: Różacki Wiesław; Burek Krzysztof; Wysłocki Leszek; Wiśniewska Małgorzata; Rutkowski Piotr; Szkudlarczyk Przemysław; Wawrzynowicz Piotr; Kawałko Bożena; Dusiło Jarosław; Karwacki Dariusz; Wiśniewski Jerzy Auditors: Ernst & Young Audit sp. z o.o., Warszawa Investors’ Contact: (info@rafako.com.pl) ul. Łąkowa 33, 47-401 Racibórz T: 32 415 48 62
Rank Progress SA RNK [WIG80] www.rankprogress.pl Sector: Shopping centre developer Shareholders: MB Progress Capital Limited (23.71%); Bartnicki Andrzej (23.60%); Mroczka Jan (23.60%) Strategy: RANK PROGRESS SA is a property investment and development company. Actively involved in developing shopping centres in smaller, regional towns. Firm sold several shopping centres to US-based Blackstone in 2011. Finance (2009 | 2010 |2011): Revenues (net)
order to capitalise on its established positions on the Ukrainian coal market and its strong export potential. Finance (2009 | 2010 |2011) [in USD]: 32,314
–
Revenues (net)
13,322
–
Operating Profit
-7,296
–
-9,479
–
Net Profit CashFlow from Operations
864
–
CashFlow from Investing
-2,577
–
CashFlow from Financing
372
–
49,248
–
Total Assets Long-term Liabilities
22,983
–
Number of Shares Outstanding
32,314
–
Board: Tolstoukhov Olexandr; Stetsurin Sergiy; Guillet Pierre-Siffrein; Mestdagh Pierre Investors’ Contact: Alex Dubyna (380 9527 64 539; dubyna@sadovaya.com.ua) route d Esch 412F, L2086 Luxembourg , Luxembourg T: 380 6442 52 552
Sanockie Zakłady Przemysłu Gumowego Stomil Sanok SA SNK [WIG80] www.stomilsanok.com.pl Sector: Manufacturer of technical rubber products Shareholders: ING OFE (12.54%); Łęcki Marek (11.08%); OFE PZU Złota Jesień (10.01%); Aviva Investors Poland SA (5.35%); PKO BP Bankowy OFE (5.22%); Rudnicka Marta (4.83%) Strategy: Sanok Rubber Industry Plant STOMIL SANOK are among the leading domestic manufacturers of technical rubber products, rubber-metal, a combination of rubber with other materials. The production is designed for such industries as automotive, construction, agriculture, home appliances, and pharmaceuticals. The company is also designing the composition of rubber, machinery manufacturing, and research materials, rubber, prototypes. Finance (2009 | 2010 |2011): Revenues (net)
390,241
470,861
566,912
35,186
39,645
60,170
20,851
27,167
39,803
58,070
43,553
-29,788
-35,494
-51,613
-23,448
-8,065
348,484
368,410
433,553
134,977
172,772
Operating Profit Net Profit CashFlow from Operations
63,910 CashFlow from Investing
-14,347
52,873
168,584
CashFlow from Financing
98,428
95,178
156,491
Total Assets
73,762
90,971
151,687
Long-term Liabilities
4,187
-95,972
Number of Shares Outstanding
-50,044
166,880
62,984
70,724
-71,227
648,359
853,157
967,556
507,543
480,918
Board: Łęcki Marek; Rudnicka Marta; Suflida Michał; Gabrielczyk Jerzy; Stulgis Grzegorz; Młodecki Mariusz; Rysz Grzegorz; Gawryś Piotr; Kotar Grażyna; Saramak Marcin Auditors: PKF Audyt sp. z o.o. Investors’ Contact: (sekretariat@stomilsanok.com.pl) ul. Reymonta 19, 38-500 Sanok T: 13 465 44 44
145,612 Operating Profit Net Profit CashFlow from Operations
-7,404 CashFlow from Investing
-58,126 CashFlow from Financing Total Assets Long-term Liabilities
436,639
Number of Shares Outstanding
32,502
37,145
37,145
Board: Mroczka Jan; Domszy Dariusz; Kaczmarek Mariusz; Bartnicki Andrzej; Górski Jakub; Puterko Paweł; Kowalski Piotr; Kurdyś Łukasz Auditors: 4AUDYT Sp. z o.o. Investors’ Contact: Joanna Szuman (76 746 77 71; joannaszuman@rankprogress.pl) ul. Złotoryjska 63, 59-220 Legnica T: 76 746 77 71
Sadovaya Group SA SGR [WIG80] www.sadovayagroup.com Sector: Coal mining Shareholders: Connektico Ventures Limited (75.00%); BZ WBK TFI SA (5.05%) Strategy: Registered in the Grand Duchy of Luxembourg and headquartered in eastern Ukraine, Sadovaya Group S.A. is a leading private Ukrainian resources company whose operations are focused on coal mining activities, notably the extraction, recovery, enrichment, and trading of coal. Sadovaya Group is in the midst of a a dynamic development phase, targeting an active and responsible expansion in
131,961 26,309
26,309
26,309
SKOTAN SA SKT [WIG80] www.skotansa.pl Sector: Biofuels Shareholders: Karkosik, Roman Krzysztof (31.09%); Karkosik Grażyna (7.45%); NFI Krezus SA (5.04%) Strategy: The company operates in the fuel sector, which will seek to obtain and maintain leadership in the production and sale of biofuels in Poland. Finance (2009 | 2010 |2011): Revenues (net)
1,508
1,016
Operating Profit
3,127
-4,267
-4,306
-12,238
11,201
-31,425
-5,601
-3,529
Net Profit CashFlow from Operations
-3,044 CashFlow from Investing
2,233
5,832
3,804
-70
-28
-47
82,740
101,072
63,286
CashFlow from Financing Total Assets
EquitiesPoland 2012 Long-term Liabilities
8,092
15,223
8,838
Number of Shares Outstanding
54,000
54,000
54,000
Board: Wściubiak Karina; Pawełczak Marek; Kostrzewa Jacek; Sobczak Wojciech; Karkosik, Roman Krzysztof; Nadachewicz Jakub Auditors: 4AUDYT Sp. z o.o. Investors’ Contact: (biuro@skotansa.pl) ul. Uniwersytecka 13, 40-007 Katowice T: 32 603 06 30
Stalexport Autostrady SA STX [WIG80] www.stalexport-autostrady.pl Sector: Road construction Shareholders: Autostrade per l’Italia S.p.A. (58.26%); Kairos Investment Management Ltd. (5.01%) Strategy: Stalexport Autostrady S.A. is focusing its activity on the construction and exploitation of motorways. The presence and experience of the strategic investor, the company Atlantia S.p.A., allows the Company to offer the highest standard of services on the motorway market in Poland and in CEE. Finance (2009 | 2010 |2011): Revenues (net)
138,842
165,219
179,763
42,869
61,979
63,275
3,787
10,248
5,287
94,303
106,564
-226,719
-96,284
47,200
214,385
-81,406
1,077,854
1,382,758
1,368,002
1,202,676
1,188,412
Operating Profit Net Profit CashFlow from Operations
2,571 CashFlow from Investing
-33,563 CashFlow from Financing Total Assets Long-term Liabilities
905,400
Number of Shares Outstanding
247,262
247,262
247,262
Revenues (net)
Board: Wąsacz Emil; Skołożyński Mieczysław; Damasco Michelangelo; Ivoi Costantino; Galos Aleksander; Włudyka Tadeusz; Mengucci Roberto; Caffo Nicolo; Cusmai Stefano Auditors: Deloitte Audyt Sp. z o.o. Investors’ Contact: (info@stalexport-autostrady.pl ) ul. Mickiewicza 29, 40-085 Katowice T: 32 251 21 81
Stalprodukt SA STP [WIG80] www.stalprodukt.com.pl Sector: Manufacturer and exporter of steel products Shareholders: ArcelorMittal Poland SA, Katowice (33.76%); STP Investment SA, Bochnia (28.78%); Stalprodukt Profil SA, Bochnia (9.40%); Janeczek Piotr (1.70%); Stalprodukt SA (1.03%) Strategy: Stalprodukt S.A. is a leading manufacturer and exporter of highly processed steel products: grain oriented electrical steels, cold formed sections, road barriers and toroidal cores. The Company also possesses its own well-developed distribution network of metallurgical products. It consists of wholesale warehouses and offices in several cities in Poland. Stalprodukt’s warehouses managed by Stalprodukt-Centrostal Kraków sp. z o.o. Finance (2009 | 2010 |2011): Revenues (net)
1,657,848
1,732,272
2,002,895
347,959
178,863
146,918
286,759
147,459
121,640
129,949
96,786
-109,186
-57,138
Operating Profit Net Profit CashFlow from Operations
289,903 CashFlow from Investing
-182,773 CashFlow from Financing
-64,759
-66,865
-30,358
1,564,675
1,732,371
1,835,078
300,561
315,930
Total Assets Long-term Liabilities
220,169
Number of Shares Outstanding
6,725
6,725
6,725
Board: Bodek Janusz; Janeczek Piotr; Kochuparampil Augustine; Samaddar Sanjay; Noszkowski Antoni; Kurnik Stanisław; Sierpińska Maria; Szydłowski Kazimierz; Ryszka Józef; Plaskura Tomasz Auditors: Agencja Konsultingu i Audytingu Gospodarczego Accord’ab sp. z o.o., Wrocław Investors’ Contact: Robert Kożuch (14 615 11 02; robert. kozuch@stalprodukt.pl)
ul. Wygoda 69, 32-700 Bochnia T: 14 615 10 00
Stalprofil SA STF [WIG80] www.stalprofil.com.pl Sector: Steel distributors Shareholders: ArcelorMittal Poland SA, Katowice (31.47%); MZZ Pracowników ArcelorMittal Dąbrowa Górnicza (17.91%); Aviva OFE (9.84%); MOZ NSZZ Solidarność Mittal Steel Poland SA (7.54%) Strategy: Since its establishment in 1988 Stalprofil S.A. has been part of the national steel industry. Today, the company is one of the major steel distributors in Poland, selling steel products to domestic and foreign markets. Finance (2009 | 2010 |2011): Revenues (net)
464,521
ible PVC floor coverings designed for residential spaces and commercial as well as sports facilities; it also ranks among the leaders of the Polish market of nonwoven fabric production. Lentex SA is a company combining 100-year long traditions with modern approach which results in a well-known brand and established position of the company in Poland and abroad. Finance (2009 | 2010 |2011): Revenues (net)
167,518
173,137
325,334
5,432
2,550
44,828
5,232
3,240
37,269
10,342
43,784
Operating Profit Net Profit CashFlow from Operations
11,477 CashFlow from Investing
-1,264
-127,503
-13,084
506
1,659
69,428
206,843
213,211
477,237
30,843
178,106
CashFlow from Financing
630,751
795,254
17,774
42,771
59,684
Total Assets
11,964
29,715
37,101
Long-term Liabilities
11,457
47,480
Number of Shares Outstanding
-10,328
-40,820
62,794
25,033
-1,600
372,328
469,664
552,921
199,560
242,544
Operating Profit Net Profit CashFlow from Operations
32,245 CashFlow from Investing
-69,449 CashFlow from Financing Total Assets Long-term Liabilities
192,728
Number of Shares Outstanding
17,500
17,500
17,500
Revenues (net)
Board: Bernhard Jerzy; Mendelak Zdzisław; Orczykowski Henryk; Gamrot Marcin; Goinski Jerzy; Zub Jacek; Potocka-Lewicka, Sylwia; Ślęzak Tomasz; Kuna Jarosław; Stiers Gaetan; Dzienniak Stefan Auditors: Revision-Katowice sp. z o.o. Investors’ Contact: Leszek Jarząbek (32 261 60 07; biuro@ stalprofil.com.pl) ul. Roździeńskiego 11a, 41-308 Dąbrowa Górnicza T: 32 261 60 00
Zakłady Chemiczne Police SA PCE [WIG80] www.zchpolice.com Sector: Chemicals production Shareholders: Azoty Tarnów SA (66.00%); Agencja Rozwoju Przemysłu SA, Warszawa (8.81%); Skarb Państwa (7.07%) Strategy: Zakłady Chemiczne “POLICE” SA belongs to the largest chemical companies in Poland. The former state owned company was in 1995 transformed into a joint stock company, and since July 2005 Zakłady Chemiczne “POLICE” SA has been a public company quoted on the Stock Exchange. Finance (2009 | 2010 |2011): Revenues (net)
37,616 10,892
10,892
Zespół Elektrociepłowni Wrocławskich Kogeneracja SA KGN [WIG80] www.kogeneracja.com.pl Sector: Electricity generation and production Shareholders: EDF International S.A.S. (50.00%); OFE PZU Złota Jesień (9.39%); ING OFE (5.36%); Aviva OFE (5.08%) Strategy: Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. comprises three production plants: EC Wrocław, EC Czechnica and EC Zawidawie of the total electric capacity of 363 MW and thermal capacity of 1083,2 MWt, and that, in the group of commercial heat and power plants, permits it to take the leading position. KOGENERACJA S.A. is the producer of heat and electric power mainly in the process of cogeneration. Finance (2009 | 2010 |2011): Revenues (net)
992,755
991,734
1,041,606
225,885
184,695
182,656
163,970
137,494
122,661
Operating Profit Net Profit CashFlow from Operations
256,603
281,582
204,533
-187,880
-155,817
-650
-101,261
-128,359
1,810,166
1,853,252
1,881,610
817,717
783,785
2,022,636
2,765,561
CashFlow from Investing
-409,403
29,355
257,711
CashFlow from Financing
-422,873
27,434
311,900
Total Assets
-152,468
127,189
Long-term Liabilities
-25,970
-63,034
Number of Shares Outstanding
-78,354
166,845
-55,996
Revenues (net)
1,257,661
1,309,284
1,540,343
745,098
662,859
1,486,608 Operating Profit
-174,420
Net Profit CashFlow from Operations
45,589 CashFlow from Investing
-69,587 CashFlow from Financing Total Assets Long-term Liabilities
718,779
Number of Shares Outstanding
75,000
75,000
75,000
Board: Tarocińska Anna; Markwas Wiesław; Marciniak Ireneusz; Likierski Marcin; Motyliński Janusz; Naruć Wojciech; Jałosiński Krzysztof; Góra Jerzy; Marciniak Jerzy; Majchrzak Jerzy Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Jacek Umiastowski (91 317 24 36; jumiastowski@zchpolice.com) ul. Kuźnicka 1, 72-010 Police T: 91 317 17 17
59,461
Board: Synytsya Boris; Hoffmann Wojciech; Oleszczuk Paweł; Malarz Janusz; Markiewicz Halina; Mazur Marek; Mazur Marek; Muzioł Radosław Auditors: Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. Investors’ Contact: Mateusz Gorzelak (34 351 56 25; mgorzelak@lentex.com.pl) ul. Powstańców 54, 42-700 Lubliniec T: 34 351 56 00
861,102 14,900
14,900
14,900
Board: Augustyn Marian; Wrzesiński Krzysztof; Driesen Francois; Żeleźna Danuta; Fratzke-Weiss Birgit; Silvain Dominique; Eggink Raimondo; Castanet Philippe; Traczyk Roman; Gagneux Philippe; Cecota Roman; Nowak Roman; Szymanek Zbigniew; Zajas Henryk; Grodzki Mariusz; Guillermin Laurent Auditors: KPMG Audyt sp. z o.o., Warszawa Investors’ Contact: Jacek Wardaszko (71 323 81 11; jacek. wardaszko@kogeneracja.com.pl) ul. Łowiecka 24, 50-220 Wrocław T: 71 323 81 11
Zakłady Lentex SA LTX [WIG80] www.lentex.com.pl Sector: PVC floor coverings Shareholders: Sobik Leszek (23.40%); Moska Krzysztof (18.53%); Gerega Oleksandr (9.75%); EBOiR (5.63%); Lentex SA (1.43%) Strategy: Lentex SA is a renowned manufacturer of flex-
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