Polish Market :: 10/2011
15 years PUBLISHED since 1996 No. 10 (182) 2011 :: www.polishmarket.com.pl
SME Ranking of 500 trading and service firms
Energy sector
Mining Upper Silesia Region 21st Economic Forum Krynica Zdrój
Józef wojciechowski Business Leader
J.W. Construction Holding S.A.
KGHM Polska Miedź S.A. is a world leader in electrolytic copper and silver. KGHM operates the largest independent deposit of copper ore in Europe, which was discovered in 1957 and stretches over an area of 470 sq. km. The company uses a fully integrated technological process in which the end product of one phase constitutes an intermediate product for the next phase.
Three mines extract copper ore: ”Lubin”, ”Rudna” and ”Polkowice-Sieroszowice”, ore processing is executed by Ore Enrichment Plants and electrolytic copper, silver and other products which include Cu are produced by smelter/refi neries in Głogów and Legnica as well as ”Cedynia” Wire Rod Plant in Orsk. Apart from the Units of basic technological line, the company also incorporates Units supporting basic operations. Tailings Division manag-
es mining and enrichment waste, Mine-Smelter Emergency Rescue provides help for production workers in emergency situations, threats and mining disasters; fi nally, COPI Division ensures high-tech communications of all company’s units. Copper cathodes and silver blocks or granulate are the two main products of the company’s main technological chain. KGHM, which has been listed on the Warsaw Stock Exchange since 1997, has over 18,500 employees.
59-301 Lubin, 48 M. Skłodowskiej-Curie St., tel. 48 76 74 78 200, fax 48 76 74 78 500
www.kghm.pl
Contents
10/2011
From The President’s Press Office # 6
From The Government Information Centre # 7
OUR GUESTS
Waldemar Pawlak Deputy Prime Minister, Minister of the Economy # 8
Cezary Tomasz Szyjko PhD: The development of logistics # 12
Paweł Poprawa, the Polish Geological Institute in Warsaw: The first tests are bringing a lot of optimism # 16
Jarosław Zagórowski President of JSW SA: JSW is a good investment opportunity # 18
Bogdan Sadecki; Upper Silesia # 22
Kajetan Berezowski Trybuna Górnicza: For the future safety at work # 26
sme energy & mining/upper silesia
Andrzej Arendarski Co-founder and president of the Polish Chamber of Commerce right from its inception: EU climate policy as a threat to the economy # 9
Cezary Tomasz Szyjko PhD: Poland’s energy security # 10
Magdalena Szwed: Condition of the SME sector # 29
Deloitte: Technological credit for SMEs # 40
economy and finance
Elżbieta Mączyńska PhD: Buy, borrow, dispose of it # 42
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Arcus S.A.
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Biura Handlowe Arcus S.A. Województwo mazowieckie Biuro Obsługi Klienta tel. 22 536 08 00, 22 536 08 29 e-mail: handlowy@arcus.pl
Województwo kujawsko-pomorskie i warmińsko-mazurskie Andrzej Szablewski, tel. 607 167 618 e-mail: a.szablewski@arcus.pl
Województwo podlaskie i lubelskie
Województwo wielkopolskie, lubuskie i zachodniopomorskie
Krzysztof Loranc, tel. 695 288 886, 22 536 08 16 e-mail: k.loranc@arcus.pl
Łukasz Bąk, tel. 695 288 884, 61 862 73 16 e-mail: l.bak@arcus.pl
Województwo łódzkie i świętokrzyskie Arcus S.A. Systemy Informatyczne tel. 42 203 14 12 e-mail: lodz@arcus.pl
Województwo dolnośląskie i opolskie Rafał Przyśliwski, tel. 603 089 239 e-mail: r.przysliwski@arcus.pl
Województwo śląskie i podkarpackie
Województwo małopolskie
Jacek Perz, tel. 605 160 120 e-mail: j.perz@arcus.pl
Michał Drechny, tel. 781 863 066 e-mail: m.drechny@arcus.pl
2 :: polish market :: 10/2011
Zarządzanie dokumentem Zarządzanie korespondencją Systemy teleinformatyczne Telematyka i telemetria
Contents
Eugeniusz Śmiłowski PhD: IPOs of state-owned companies # 44
Magdalena Szwed: Insurance market after the first quarter of 2011 # 47
powerful businesswomen
Jarosław Dąbrowski an expert in international banking, CEO of Dąbrowski Finance: Time for decision-making, time for acting # 50
The 3rd European Women’s Congress “Equal pay for equal work” # 88
Tiaras of Management, or a ranking of 50 outstanding women-managers # 89
Zygmunt Berdychowski a founder of the Institute for Eastern Studies, an originator and organiser of the Economic Forum in Krynica-Zdrój: Only after a thorough analysis, will I be able to say, “Yes, we did it!” # 52
invest in poland # 57
“Masuria, the Wonder of Nature “ – before the big finals # 94
Sandra Wierzbicka: Poland attractive for investments # 58
Jolanta Augustyniak General Director, OSG Polska Sp. z o.o.: The ability to cooperate is the most important # 91 Anna Rulkiewicz President of LUX MED Group: Responsibility and innovation # 92
opinion
Ranking of retail and service companies # 60
Prof. Małgorzata Zaleska: Stability of the banking sector # 93
profiles:
Jacek Janiszewski Doctor of Sociology, lecturer at the University of Economics in Bydgoszcz and at Cardinal Stefan Wyszyński University: Managers Looking to the future # 71
infrastructure & construction & green building
Patryk Mirecki: Polish roads at crossroads # 73
Michał Skaliński, Head of Asset Management, Cushman & Wakefield: Ecology in commercial properties # 72
Józef Wojciechowski the founder of J.W. Construction Holding S.A.: Business Leader # 77
cultural monitor
Cultural Monitor # 96
A feast of theatrical magic # 98
Wojciech Waglewski the leader of Voo Voo: Skills, desire of adventure and openness to the unknown # 100
Maciej Proliński: A theatre which is to radiate # 103
The power of culture The power of diversity # 104
events
15th Disabled Youth Song Festival “Artistic Impressions” Ciechocinek 2011 # 84
Polish Market :: 10/2011
15 YEARS PUBLISHED SINCE 1996 No. 10 (182) 2011 :: www.polishmarket.com.pl
SmE Ranking of 500 trading and service firms
Energy sector
mining Upper Silesia Region 21st Economic forum krynica Zdrój
Józef business leader
J.w. Construction Holding S.a.
4 :: polish market :: 10/2011
Publisher: Oficyna Wydawnicza RYNEK POLSKI Sp. z o.o. (RYNEK POLSKI Publishers Co. Ltd.) President: Krystyna Woźniak-Trzosek Vice-Presidents: Błażej Grabowski, Grażyna Jaskuła Managing Director: Jacek Szczęsny Address: ul. Elektoralna 13, 00-137 Warsaw, Poland Phone (+48 22) 620 31 42, 652 95 77 Fax (+48 22) 620 31 37 E-mail: info@polishmarket.com.pl Editor-in-Chief: Rita Schultz rita.schultz@polishmarket.com.pl Editorial board: Jerzy Bojanowicz, Ewelina Janczylik, Janusz Korzeń, Maciej Proliński, Jan Sosna, Magdalena Szwed, Janusz Turakiewicz, Sandra Wierzbicka, Elżbieta Wojnicka.
English Editor: Sylwia Wesołowska-Betkier Translators: Maciej Bańkowski, Grażyna Śleszyńska, Sylwia Wesołowska-Betkier, Sandra Wierzbicka Photographers: Jan Balana, Łukasz Giersz Polish Market Online Editor-in-Chief: Wiktoria Grabowska Sales: Phone (+48 22) 620 38 34, 654 95 77 Katarzyna Malinowska – Sales Director k.malinowska@polishmarket.com.pl Natalia Suhoveeva natalia.s@polishmarket.com.pl Ewelina Surma e.surma@polishmarket.com.pl PR: Joanna Fijałkowska j_fijalkowska@polishmarket.com.pl
Design and DTP: Foxrabbit Designers Printing: Zakłady Graficzne TAURUS – Stanisław Roszkowski, www.drukarniataurus.pl Basic circulation: 8,000 Oficyna Wydawnicza RYNEK POLSKI Sp. z o.o. Nr KRS 0000080385, Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Kapitał zakładowy 80.000,- zł. REGON 011915685, NIP 526-11-62-572 Published articles represent the authors’ personal views only. The Editor and Publisher disclaim any responsibility or liability for their contents. Unsolicited material will not be returned. The editors reserve the right to edit the material for length and content. The editors accept no responsibility whatsoever for the content of advertising material. Reproduction of any material from this magazine requires prior written permission from the Publisher.
Editorial
This year’s 21st Economic Forum in KrynicaZdrój has already ended. The Forum in Krynica is the biggest economic event in Central and Eastern Europe, regarding which one cannot remain indifferent. It is attended by the best known influential people in politics and economics. Among the most significant events of this year’s Forum was undoubtedly the conference of Ministers of Economy of the EU and the countries of Eastern Partnership, with the participation of Polish Deputy Prime Minister and Minister of the Economy, Waldemar Pawlak. He said: “Creating a common economic area of the EU and Eastern Partnership countries could be an impulse for dynamic development of the economies of the individual countries and Europe’s economic expansion on a global scale.”
In this edition of “Polish Market” I invite you to take interest in many attention-grabbing subjects, which we tackle. We bring you the ranking of the largest trade and service firms, among whom the leader is the owner of the largest retail network in Poland, Jeronimo Martins Dystrybucja. We also turn our attention to one of the crucial sectors in the Polish market, the small and medium enterprises sector. We also do not forget about the most important topics relating to energy and shale gas. The issue of Poland’s energy security and the opportunity to become independent owing to the deposits of shale gas particularly evoke emotions.
The Forum in Krynica tackles difficult subjects from Poland’s, and its partners’, point of view. One of these issues is definitely the weakening of the exchange rate of the Polish currency, the złoty. As underlined by the President of the National Bank of Poland, Marek Belka, the weakening of our currency exchange rate does not have its origins in Poland’s domestic economy and is not a threat to the country. “It is a spin-off of the international financial situation,” he said. An intervention on the currency market is needed.
“If we reach large-scale gas production, the high costs of gas extraction and production technologies will cause Poland to develop industry manufacturing equipment for gas exploitation. I think we should expect the development of Polish companies manufacturing oil rigs. I believe that the same will be with human resources. I think that Polish experts will be appreciated,” Paweł Poprawa of the Polish Geological Institute in Warsaw says in an interview.
Another important subject raised during the Forum was the issue of the excise duty on energy products. As the Undersecretary of State at the Ministry of Finance, Jacek Kapica argued, the excise duty is not the problem, but the price of energy is. In turn, this view was objected to by the representative of the “Bolesław” Mining and Metallurgy Plant, Bogusław Ochab, who said: “the price of energy in Poland hits particularly hard in the high energy consuming businesses. The excise tax on energy is the problem.” The discussion was joined by Prof. Dariusz Rosati. “The excise duty, primarily on electricity, but also on other energy carriers such as coke, gas and coal. This influence is particularly important in case of these companies, who use a lot of energy, or coal, coke or gas, in their production processes,” he stressed.
In this issue you will also find fragments of our Polish-language extra edition “Polish Market about Female Managers” with a ranking of the greatest women-managers in Poland, Tiaras of Management. I believe that after the September Congress of Women (from which a report can also be read in this issue) is it worth to study the list of ambitious, enterprising ladies, topped by such personalities as Solange Olszewska, President of Solaris, Anna Streżyńska, known as the greatest revolutionary in a state institution, Henryka Bochniarz, Head of Lewiatan. In the section Powerful Businesswomen, apart from the ranking, you will find two interesting interviews with managers - Anna Rulkiewicz, the head of the largest in Poland medical network Lux Med and Jolanta Augustyniak of OSG Polska. The latter emphasises: “A company in order to evolve constantly needs change and innovation, new investments, which translate into market success. But the most important, in my opinion, is the ability to cooperate. Complementing each other, combining forces and believing in others – we can do much more than separately. The success of a manger is good cooperation with his or her team.”
There was no end to discussion panels and debates on the Economic Forum. Each of the debates was conducted very to the point. It was attended by politicians and entrepreneurs, owing to which the subject was presented in every aspect. I encourage you to read the interview with Zygmunt Berdychowski, the founder of the Institute for Eastern Studies, the originator and organizer of the Economic Forum, which took place a few days after the end of the Economic Forum. The Economic Forum can undoubtedly be considered the most important economic event in our part of Europe. I am confident that the next year’s meeting will also be rich in many important discussions for both Poland and Central-Eastern Europe.
I wish this kind of success to our Readers. Rita Schultz Editor-in-Chief
Krystyna Woźniak-Trzosek President Rynek Polski Publishers Co. Ltd.
10 /2011 :: polish market :: 5
Meeting with the President of the European Council President Bronisław Komorowski and the President of the European Council Herman van Rompuy discussed in Brussels the situation of Ukraine and the Eastern Partnership Summit, which is to be held in Warsaw. Poland is a supporter of the integration of Ukraine with the European Union, but it also promotes freeing Ukraine from its difficult situation, also on account of the ongoing trial of the Prime Minister Yulia Tymoshenko. It is very important for Poland that the Eastern Partnership Summit, which is to be held in Warsaw, brings good results or even major successes, which is why the talks with the President of the European Council will be continued by the Prime Minister Donald Tusk. ::
Visit to Strasbourg
Concert dedicated to the victims of terrorist attacks of 11 September 2001 President Bronisław Komorowski was a guest of honour at the concert, which was held in the Warsaw Philharmonics, to commemorate the victims of terrorist attacks launched 10 years ago in the United States of America. “There are moments and events that shape the memory of nations and of people for a long time or even forever. Such a historical moment was that of 11 September 2001,” the President said. The President gave Lee Feinstein, the USA Ambassador to Poland, who took patronage of honour over the concert, his regards on behalf of the Polish nation to demonstrate our solidarity with America. During the concert, Wojciech Kilar’s “September Symphony,” the piece composed to commemorate the tragic events, was performed. ::
The President said that he did not see a necessity for conducting a referendum concerning adopting the euro. Bronisław Komorowski stated that the Polish people had already expressed their opinion on the subject at the time of joining the European Union. “Poland has actually already conducted this referendum, because it conducted a referendum on the membership of Poland in the European Union, which gave positive results; the society gave its mandate for the signing of the treaty, in which also the entering of Poland
into the euro zone was included,” Mr. Komorowski said. “Obviously, also another referendum may be considered, but there remains the question, how many referendums have to be conducted to make the opponents of Poland joining European Union, and especially the opponents of Poland entering the euro zone, satisfied? It seems to me that this is an unfeasible task.” The President also added that before making such a decision, a debate in society was necessary. ::
European Culture Congress On 8-11 September in Wrocław the European Culture Congress took place. The opening ceremony was attended by the President of the Republic of Poland, Bronisław Komorowski. “The debate on the role of culture in defining what is European will always continue, and this is a debate worth participating in, as are discussions on where Europe
begins and ends, what defines it, what limits it, and what provides new beautiful perspectives,” said Bronisław Komorowski. The President also stated that in order to speak of being fully European, the diversity of the EU countries should be taken into account, with respect to their culture, tradition and language. ::
The Presidents of Poland and Germany participated in the conference “The role of the Catholic Church in the process of European integration” The President of the Republic of Poland, Bronisław Komorowski, and the President of Germany, Christian Wulff, participated in the 11th International Conference “The role of the Catholic Church in the process of European integration.” The programme of the conference included speeches by Presidents Komorowski and Wulff. The participants
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discussed the ethical dimension of politics. President Komorowski said that ethical rules should be especially important for politicians because the level of dialogue, debate and developing public space depended on them. “Making efforts to act for the benefit of the whole nation must include various expectations and views existing in society,”
said President Komorowski. “Political struggle and aiming towards achieving or maintaining power or implementing one’s party programme, or one’s country project, cannot justify actions which are detrimental to society, understood as a historical and cultural community,” he stated. ::
The 72nd anniversary of the outbreak of World War II Prime Minister Donald Tusk participated in celebrations commemorating the 72nd anniversary of the outbreak of World War II at Westerplatte. He said that Poland would not remain helpless against an upcoming danger or threat any more. “Polish national pride cannot be built only on the remembrance of national heroes. It is the living who are responsible for the motherland and who we may expect to protect Poland from making the ultimate sacrifice. Never again do we intend to rely on the heroism of our soldiers, although we may always count on their bravery, as was the case in 1939, but we cannot abandon them.” ::
Help in the construction of the Józef Piłsudski Museum During this year’s celebrations of the victorious battle of 1920 in the Polish–Soviet War, and Polish Army Day, Prime Minister Donald Tusk announced his support for the construction of a museum complex commemorating Józef Piłsudski’s service to the country. On 6 September, the Council of Ministers passed a resolution to this effect. The cost of project implementation is estimated at about PLN169 million. The construction of the museum in Sulejówek started in 2008. The complex is to consist of the museum-educational building,
the “Milusin” villa - which is the Piłsudski family manor in which he lived with his wife Aleksandra - “Drewniak,” and “Willa Bzów,” as well as a park and a garden. In the museum, one will be able to see exhibits significant for the history of the Polish state at the beginning of the 20th century, political concepts promoted at that time, and the influence of the victory of 1920 upon the form of Central-Eastern Europe. There will be multimedia interactive exhibits here, since the whole establishment is intended to be modern. ::
Meeting of Prime Minister Donald Tusk and the President of the Council of Europe Donald Tusk met President Herman van Rompuy. The meeting was dedicated to, inter alia, the economic management of the European Union, preparations for the Eastern Partnership Summit, and the EU Accession Treaty of Croatia. Also the issue of preparation for the Eastern Partnership Summit, which is to be held in Warsaw on 29-30 September, was touched upon, as Bronisław Komorowski, the President of the Republic of Poland, had
indicated earlier. Another subject that was brought up was the activity aiming at making Bulgaria and Romania full members of the Schengen Area. “We are both determined not to let the economic crisis ruin our efforts for rapprochement between the Western Partnership countries and Europe and the conclusion of negotiations concerning the further integration and enlargement of the EU,” the Polish Prime Minister stated. ::
State visit to Lithuania Education issues constituted the main subject of the meeting of the Polish Prime Minister Donald Tusk and the head of the Lithuanian Government Andrius Kubilius. The visit was in reaction to the implementation of the Education Act discriminating against the Polish minority in Lithuania, specifically through extending teaching in the Lithuanian language to Polish schools and optimising Lithuanian schools by closing down the schools of national minorities. The Prime Minister’s visit coincides with the 20th anniversary of establishing diplomatic relations between Poland and Lithuania. The Prime Minister emphasised that in order to cultivate friendly relations, it was necessary to speak about the problems openly. The talks resulted in appointing a team of Polish and Lithuanian education experts, who are to address the explanation of the details and effects of the implemented Act. “We both expect that within several weeks there will be recommendations made which will help us find a solution to this problem,” Donald Tusk concluded. ::
Poland-Czech Republic natural gas contract Prime Ministers Donald Tusk on the Polish side, and Petr Nečas on the Czech side, took part in the opening ceremony for the natural-gas pipeline connecting Poland and Czech Republic. “It is yet another step towards a uniform European energy market,” the Polish Prime Minister said. The new gas interconnector may provide independence and energy security not only for our country, but also for the whole of Europe. There is a possibility that the newly-created pipeline will allow gas delivery from Norway, and it is conceivable that the interconnector will be used for shale gas exploitation. The pipe is 32 kilometres long. In the beginning, there will be 0.5 billion m3 of gas sent annually. As a target, the flow capacity of the gas pipe is to reach 2-3 billion m3. The construction works started in 2009. :: 10/2011 :: polish market :: 7
Our Guest
More funding for SMEs
Polish province. These centres will provide cost-free information on foreign investment markets and help enterpreneurs gather data on potential business partners. This will reduce the costs of entry onto new markets. These centres will work closely with our ministry’s 48 foreign missions in 43 countries. Regardless of their location, enterpreneurs will be able to contact any centre countrywide. Thirteen provinces have already agreed to house Investor and Exporter Service Centres.
Foreign investment – Poland draws world players
The Economy Ministry’s mission is to create the best-possible conditions for enterprise, hence one of its main activity areas is helping enterpreneurs – especially small and medium businesses – in accessing capital. Today it is the smallest businesses that have the biggest troubles in this respect. This is done with the help of national and regional operational programmes carried out under the current financial perspective. The Operational Programme Innovative Economy alone involves nearly 6,000 contracts to the tune of close to PLN 11 billion. A part of the aid granted to enterpreneurs comes from national sources. Currently the Polish Agency for Enterprise Development (PARP) is supervising two pilot schemes – Innovation Token and Grant Support. Innovation Token is designed to encourage firms to cooperate with R&D institutions. Under this scheme, enterpreneurs can receive PLN 15,000 in support for introducing new products and/or technologies. Between 2008 and 2010 over a thousand businesses received a total PLN 16 million under the programme. This year’s Innovation Token budget is around PLN 8.5 million. From June of this year enterpreneurs can also apply for aid under a
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Grant Support scheme which encourages SME operators to participate in international programmes. Here, enterpreneurs approved as coordinators or partners on international innovation projects will be able to ask PARP to cover their project costs. Coordinators can receive PLN 75,000, partners PLN 35,000. Technological crediting is another aid instrument for SMEs. Under this scheme, enterpreneurs may receive so-called technological bonuses in the form of refunds of up to 70% of their credit capital (and not, as to date, 70% of the whole loan). Also foreseen is support for unpatented technological known-how. Other financial instruments for SMEs are available through the Framework Programme for Competitiveness and Innovation (CIP). This programme is addressed to banks, venture capital funds, loan funds and guarantee funds to help them expand their products and services for SMEs. Two Polish banks, a leasing fund and a guarantee fund are already using CIP instruments. The Economy Ministry also strives to aid Polish enterpreneurs working abroad. Notable here is the planned opening of a network of Investor and Exporter Service Centres, one in each
Waldemar Pawlak, Deputy Prime Minister, Minister of the Economy
World rankings list Poland as a very attractive investment site. In 2010 Poland moved up from 22nd to 6th place on the AT Kearney FDI Confidence Index, with Germany being the only higherranking European country (5th). In the Ernst & Young 2011 European attractiveness survey Poland came 3rd in Europe in new jobs provided by foreign investors and 7th in new investment projects. In the World Competitiveness Yearbook 2010 ranking of 57 countries Poland moved up 12 places to 32nd and in Europe was preceded only by the Czech Republic (29th). The United Nations Conference on Trade and Development (UNCTAD) report ranks Poland as the 6th most attractive foreign direct investment site, second only to economic giants like China, the US, India, Brazil and Russia. US firms were the major foreign investors in Poland in 2010, creating more than 3.8 thousands new jobs. The most popular investment markets were radio and TV gear, household goods, motor industry and business services. The Polish Information and Foreign InvestmentAgency (PAIiIZ) is currently overseeing 172 investment projects countrywide. As before, the main investor is the US with 39 projects worth over EUR 1.2 billion and providing an estimated 9,000 jobs. Next comes Britain with 18 projects worth EUR 355.6 million and 6,158 jobs, third is China with 14 projects worth EUR 244.5 million and 3,031 jobs. Also high on the list are Germany (12 projects), South Korea (11) and Japan (10). Despite the global crisis, Poland has recorded a steady inflow of foreign direct investment, not least thanks to our low labour costs, and stable political and economic situation. And we still hope for more. ::
Energy & Mining
EU climate policy as a threat to the economy Andrzej Arendarski, PhD Early this July the European Parliament rejected a resolution to increase the EU CO2 reduction targets from 20% to 30% by 2020. Members of the European Parliament decided that achieving this goal could do harm to European industry. The voice of reason prevailed this time, but it is not by any means the end of the battle to reduce CO2 emissions, as new solutions to the problem appear every now and then. As an example we can take the document named “A Roadmap for moving to a competitive low carbon economy in 2050,” which was presented in March of this year by the European Commission. The fundamental objective formulated in this document is to achieve an 80% reduction in the emission of greenhouse gases by 2050. It aims at continuing and tightening the current EU climate policy expressed in the so-called Climate and Energy Package. According to current analyses, this policy constitutes a huge threat to the Polish economy and consumers. It may cause an increase in energy prices as well as a number of other negative effects, such as disruptions to the energy market, the suspension of investments in the
energy sector, a decrease in the value of Polish energy companies, and a threat to the competitiveness of Polish enterprises. The list of reservations against the abovementioned EC document is very long. It does not take into account changes in other areas which have taken place recently and that should be taken into consideration when designing EU climate and energy policy. Such events include the failure of EU climate policy at conferences in Copenhagen and Cancun, which ended with the lack of an international agreement on reducing the emission of greenhouse gases after 2013. Also, we cannot forget about the economic and financial crisis that changed the face of the global economy. Another crucial element that should also be taken into consideration is the disaster at the nuclear power plant in Fukushima and the resultant decision of the German government to abandon the use of nuclear energy in Germany. The document does not involve any reflection on the issue of the unequal distribution of renewable energy resources, fossil fuel resources and diversified fuel structures. It does not exhibit any traces of the EU’s energy mix concept, which is based on aiming at developing those
forms of producing energy which are most suitable for the conditions within individual states. We should not forget that energy production in Poland is over 90% based on coal. The plan presented by the EC also follows the scheme in which generally-accepted goals are subsequently, after approval by member states, transformed into specific legislative projects and detailed solutions. Previous experience shows that the interests of different states, including Poland, are not addressed sufficiently in preparing detailed solutions. The regulations within the EU trading system concerning the distribution of free emission allowances for the years 2013-2020, which are definitely unfavourable to Poland, may be given as an example. During the Presidency we are facing an exceptional opportunity to draw the attention of the EU to potential problems resulting from current trends in climate policy. Consequently, the Polish Chamber of Commerce has called on the government to strongly oppose subsequent attempts to make the objectives of reducing greenhouse gases stricter, especially if they are not grounded in international agreements involving all major producers of greenhouse gases. :: ADVERTISEMENT
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Energy & Mining
Poland’s energy security Faced by an increasing demand for energy, Poland must take strategic decisions as regards its procurement. Nuclear energy is an industry sector with unprecedented safety and quality standards, which is why it should be looked at through the prism of technical, scientific, and civilisational advancement and an increase in employment – especially an increase in highly-paid specialist jobs. Cezary Tomasz Szyjko, PhD J.D. lecturer at the Jan Kochanowski University of Humanities and Sciences in Kielce
The aim of the Polish nuclear programme is to launch the first nuclear plant as early as 2020. There are, however, many other problems which have to be solved as soon as possible. One of them is the creation of an intellectual base for the education and training of personnel of supervisory bodies and future nuclear plants. In May 2011, the Polish Parliament almost unanimously passed an amendment to the Atomic Energy Act, prepared by the Ministry of the Economy and the National Atomic Energy Agency. The aim of the amendment is to define the requirements for the safety of the construction and operation of nuclear facilities at the highest achievable level, in compliance with international requirements and guidelines. The Act provides for the absolute predominance of safety over all other aspects of the operation of nuclear plants, both at the stage of technology selection and in the entire process of implementation. The passing of the Polish Acts of the so-called nuclear package is essential to ensure the growth and safe operation of nuclear energy in Poland. The new Atomic Energy Act is meant to create a clear and stable legal framework covering the entirety of the investment process with regard to undertakings connected to constructing nuclear plants and other facilities for the purposes of nuclear energy, so as to allow the conducting of effective and safe operations in this field. By creating the appropriate regulations, it will be possible to reduce the significant investment risks, thus increasing the ability to prepare and implement such investments in an efficient way. Clear rules that are predictable in the long term will also allow the reducing of investment financing costs by financial institutions, most often connected with uncertainty and unpredictability of in various links in
10 :: polish market ::
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the investment process. As a consequence, achieving the projected goals will contribute to improving Poland’s reliability as a country with stable and transparent regulations favouring investments in this field, which will also translate into the increased confidence of potential investors and their partners in participating in construction nuclear plant projects and other facilities for the purposes of secure nuclear energy in Poland.
Shale gas An unconventional fuel, which is gas trapped in shale, so-called shale gas, is gaining more and more currency in Poland. Shale gas has made a hit in the Polish media, and is already changing the face of Europe’s energy sector. The extraction of shale gas from own resources is Poland’s duty and an opportunity to improve its energy security. It is a priority for Poland to extract shale gas without harm to the natural environment. In recent years shale gas has been a hope to improve the country’s energy balance and to make it independent of gas imports, or, at least to reduce them. Poland is currently one of the most attractive markets in searching for shale gas deposits in Europe. Shale gas is a great opportunity for Poland, but it is also a challenge, due to the complex deposit conditions which require state-ofthe-art technology, specialist knowledge and experience. The International Energy Agency (IEA) maintains that the use of unconventional gas would extend this period to 250 years. Shale gas resources in Poland are estimated by the U.S. Energy Information Administration to be 5.3 billion cubic metres. They could be worth even one trillion dollars. The optimism and enthusiasm which is accompanying the beginnings of the
search for shale gas in Poland is understandable. However, one should take into account the challenges and obstacles that can stand on the way of success. The most important challenges are technology transfer from the U.S. connected to the extension of the service base for drilling and making available the gas resources. Another problem is the limitations connected to the availability of drilling locations, with a much greater population density and presence of environmentally-sensitive areas than is the case in the U.S. The potential obstacles in the search arise from the protectionism of the domestic service companies market, the changeability and uncertainty of legal regulations, and the insufficient liberalisation of the market for gas. Last year 7 shale gas drills were made, with 120 planned in total, which will in prospect translate into the increased competitiveness of Poland’s economy and a better balance of payments. The first of the search drills ended in success, but they are not complete. The samples taken confirmed that the gas is there. This means that companies can launch the second phase of the search – horizontal drilling and fracking. The level of expenditure that has to be borne by companies looking for shale gas in Poland to fulfil their franchise obligations is high. Following the successful start of search operations, the time will come to quantify the resources. The assessment of the samples already taken by the first four companies from their own drilling will take several months. Further drills are necessary, at least a dozen or so, in order to more precisely define the possible size of shale gas resources in Poland.
Green energy The interest in the subject of using renewable energy in Poland is
Energy & Mining completely justifiable from the perspective of improving energy security. Among the sectors of renewable energy that have recently been the most popular, besides solar power, are wind power, water, biomass, fuel cells, and heat pumps. Each of them, in total, has a positive balance of gains for the population and the natural environment when replacing conventional energy, although it is usually not entirely fault-free and the economic profits are a matter of the distant future. Renewable energy comes from natural, inexhaustible sources using the energy of wind, the sun, geothermal energy, sea waves, currents and tides, rivers, biomass, landfill biogas, and also biogas created in the processes of wastewater discharge or treatment, as well as the decomposition of plant and animal remains. Fossil fuels, i.e. coal and oil, are different in that they are exhausted with time. The popularisation of using renewable energy sources is of extreme significance in reducing CO2 emissions which are harmful to the environment, and for improving energy security by using local resources. In domestic conditions renewable energy comprises energy from direct solar radiation (transformed into heat and electrical energy), wind, geothermal resources (from the inside of the Earth), water, solid biomass,
biogas, and liquid biofuels. Energy from these sources is, in comparison to traditional (fossil) sources, more environmentally-friendly. Using renewable energy significantly reduces the detrimental footprint of energy on the natural environment, mainly by limiting the emissions of noxious substances, especially greenhouse gases. Renewable energy, due to the obstacles it is facing in its development, needs support from the EU, and primarily domestic institutions, in the form of the respective market and legal instruments.
Conclusions for the future The incident at the Fukushima power plant proved that the nature of today’s threats is changing, and that society is facing the problem of not only natural, but also technological disasters. It is therefore necessary to develop an international security system towards creating comprehensive and integrated tools for crisis management, allowing the parallel use of military and civil components at every level of response, i.e. international, national, and regional, against as large a number of threats as possible. The development of energy infrastructure will not only allow the EU to provide for a properly-functioning internal energy market, but will also increase the security of supplies,
allowing the integration of renewable energy sources and increasing energy efficiency, and giving consumers benefits arising from the use of new technologies and smart energy consumption. Poland is not prepared to implement all the complex regulations of the EU’s 3rd Energy Package, which has been in force since 3 March 2011. To improve Europe’s energy safety, and to achieve energy goals, it is essential that there should be stronger support from the EU budget in the 2014-20 prospect. Economic growth, climate changes, the constantly-increasing demand for energy, and ensuring the security of its supply, are the main driving force behind the development of green energy. Unfavourable changes to the climate connected with the emission of carbon dioxide, and other pollutants originating from the combustion processes of fossil fuels, into the atmosphere, have recently been the greatest economic and environmental challenges. The only way to solve this problem is to reduce, and perhaps even discontinue, the use of fossil fuels to produce energy, depending on the local energy resources. That is why in order to ensure sustainable development and a better quality of life it is important to maximise the share of new non-carbon energy sources in Poland’s energy structure. ::
The development of logistics Competitive pressure on global markets, the introduction of products with short life cycles, the constant requirement to improve cost-efficiency and growing consumer expectations are forcing Polish companies to invest in logistics and focus on intelligent supply chain management. Cezary Tomasz Szyjko, PhD Logistics is one of the key elements affecting the overall development and high financial results of Polish companies. Free market and fierce competition force the need for systemic approach and the development of functions and tasks performed by logistics processes, which is reflected in the development and evolution of logistics in the direction of integrated
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supply chain management with the use of modern IT technologies. The energy sector, which is crucial for the competitiveness of the Polish economy, is in a period of unprecedented change. The necessity of energy in all economic processes and consumption, or in other words what makes it a “public good”, determines the fact that rationalization of its
production costs and physical delivery is a strategic challenge for the economy of any country. Improving the efficiency of the energy sector should result in a relative reduction in energy prices, while maintaining confidence and security in its deliveries. The experience of European countries (i.e. Italy, Germany, Norway), who are radically reforming their energy sectors,
Boiler Factory SEFAKO
– proved delivery of boilers!
Fabryka Kotłów SEFAKO SA in Sędziszów, located near Jędrzejów belongs to a group of 3 largest manufacturers of power boilers in Europe and is placed in the group of “Leaders of Polish Exports” for 2010 and 2011. Modern boilers – why not ! All European Union strategic targets of energy policies are directed to higher energy efficiency including production and consumption of heat and electricity. Boilers’ manufacturers like SEFAKO are focused on new designs, modern construction materials and innovative technologies for higher energy efficiency of the process. Our basic products are: • boilers for combustion and co-firing biomass • boilers for waste incineration • steam and water –tube boilers fired with various solid and gas fuels • recovery boilers (HRSG of different design) • high-pressure elements, gas-tight wall panels, evaporators, superheaters, economizers, tanks, pipelines. Clean Air for Europe (CAFE) policy! The Energy & Climate Package of 2008 (3x20%) has addressed to consumers and producers requirements for reduction of energy per GDP/unit. The results are achievable with new technologies of production and high quality standards. Based on the innovative technology we offer production of: • parts or elements of boilers with supercritical parameters of austenitic stainless steel • elements of boilers with new generation overlayed surface (Inconel Cladded), made during automation welding process with CNC control • original vibrating grate for biomass boilers.
SEFAKO provides its own modern and professional design, high quality production of parts & elements as well as European quality standards eg: ISO 9001, PED 97/23/EC, WUDT certificates and guarantees of American ASME stamp. From Waste to Energy (WTE) policy! SEFAKO offers “boiler islands” for: municipal waste incineration with recovery of energy (WTE), the implementation of “turnkey” and/or mechanical assembly of boilers, run of the boilers and boiler-islands • construction of boiler up to 300 t/h under license from Eckrohrkessel (ERK)- Germany • engineering supervision, warranty service and after-warranty service • modernization of boilers,diagnostics and modern equipment • high-pressure parts of boilers. IED (Industrial Emission Directive 2010/57/EU) standards available for new or modernized units or “boiler island” Our customers are expecting “the IED ready boilers” for their production needs fulfilling air protection standards after 2016. Using modern design systems like: AUTOCAD, SOLID WORKS, INVENTOR, PDMS and for flow calculation: SOLID WORKS FLOW, ANSYS CFD (FLUENT) we may offer new projects of boilers and its elements constructed by our own engineers and specialists placed at the factory and at highly developed industrial cities of Gliwice and Tarnowskie Góry at the Region of Upper Silesia. As a member of many Industrial Chambers in Poland we are ready to fulfill particular demand for new products for: • Biomass firing plants • Cogeneration power plants (CHP) • Industrial power plans • Incineration plants See info at our pages: w w w.se f ako.com.p l biuro_projektowe@sefako.com.pl marketing@sefako.com.pl
SEFAKO – a member of POLIMEX-MOSTOSTAL Group!
Energy & Mining shows that the most effective way enforcing improvement in efficiency is implementing modern technologies. The importance of logistics on the liberalizing European energy market stems not only from its special role in the growth of trade and the globalization of the economy, but also from the trends reflected in modern strategies of businesses targeted at managing entire supply chains and the primary role of time in modern energy management. The high quality of goods and their prices are often no longer enough to determine success in sales – time and the level of service decide. Therefore companies thinking about the future, envisage reducing the time of flow of goods and information, and what is involved with that is the reduction of costs, increasing process efficiency, and above all an improved customer service levels with the use of intelligent communications solutions. The number one issue on everyone’s lips throughout the power industry in Poland is Smart Metering. In Poland, the debate on the strategic role of information technology in enterprises is undergoing. It is a fact, that the progress in IT is one of the main factors of change in the energy sector. It would be hard to imagine the implementation of modern management methods or a revolution in metering without IT support. However, only such resources which are innovative can be considered as a source of sustainable competitive edge. Examples of this type of solutions are technologies supporting modern billing systems. In summary, it is worth noting that the mere fact of owning IT should be today seen by companies not as a source of competitive advantage but as a competitive necessity on the globalizing market.
Dynamics of the Polish energy sector Significant changes concerning the dynamics of generation and consumption of energy are underway in Polish companies. The reasons for these changes are different: EU directives (in particular the Directive on Energy End-Use Efficiency and Energy Services No 2006/32/WE), the pursuit of the objectives of the energy-climate package 3x20, the pressure of governments on increasing the reliability of energy networks in accordance with
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the requirements of the 21st-century economy, the transition to distributed generation, as well as increasing use of renewable energy sources like wind and sun. Not without significance is also the general increase of energy consumption due to air conditioning systems and many other devices, and the diversity of consumption depending on time of day. To meet these new challenges, companies are investing in modern technologies. A cursory analysis of the development trends shows that in the Polish power sector there are and will be rapid changes. The Polish energy sector is to soon undergo an enormous challenge – implementing smart metering and smart grids. In the last ten years, the amount of energy produced and delivered has significantly increased, but the increasing demand in high hours causes an increasing pressure of stakeholders and regulators for more efficient use of resources. As a result, electric power industry is one of the few industries in which unlimited growth of demand begins to be actively inhibited. One of the tools by which it is proposed to persuade users to a more conscious use of energy, is smart metering. This new technology is already used in factories and other places where a lot of energy is consumed. Currently, it is starting to reach smaller businesses and households. The Smart Metering Information Platform – the first in Poland website devoted to the implementation of Smart Metering in Poland, has been launched. A modern distribution network has to be equipped with bridging systems, and not only metres but also sensors. An energy company, particularly a distribution network and system operator, may use various tools and technologies to improve the overall quality of energy services through appropriate management of i.e. technical losses or distributed energy generation. Examples are information and communication tools which automate the control of energy flow and restoring the efficiency of the grid after a crash (resulting from i.e. overload, interrupted lines, transformer failures and disruptions caused by lightning) in a way minimizing power outages.
Prospects for the future The energy sector of the future will have an increasing impact on the
customer. Power is subservient to the entire economy, therefore changes in this sector will have an impact on the macroeconomic environment. Two specific issues which should be addressed in the nearest future are the approval and financing of specific innovative tasks. Alternative financial solutions to meet the investment needs are also needed. Smart technologies will become cheaper. Poland from the technological side is ready but billing systems are not integrated and now there is no such necessity. The effect should be felt at the time of mass implementation in households who consume 25% of energy in Poland. The demand factor will become increasingly important because energy prices will rise. Poland will probably manage to implement these technologies by 2016, but this is related to the implementation of broadband internet throughout Poland, which is a powerful tool supporting the construction of smart grids. Broadband internet access is nowadays equally important as road, railway and telecom infrastructure. It has a direct impact on the development of individual regions, but also translates into GDP. Theoretically, 28,000 kilometres of optic fibres should be constructed in Poland till 2015. Do the benefits of implementing smart grids outweigh the costs? The costs will be incurred by everyone, and who will be the beneficiary? It seems indisputable that the new meters will force benefits and customers will receive better quality. The most important success factor will be high customer awareness which needs to be built. The aim of the project is to increase awareness about the impact of pro-efficiency measures taken by the end-user. To provide the customer with information, implementing modern technical and IT tools (Smart metering) will have to be implemented. Only after they are launched it will be possible to actively manage and steer demand (Demand Side Management), and in the final stage influencing pro-environment behaviour among municipal customers within the so-called Smart Cities. To sum up, Polish companies have to realize that an integrated approach to goods flow within Smart frameworks always leads to significant cost savings and lower engagement of capital. ::
Oil and Gas Exploration Company Cracow Ltd. in the face of shale gas boom which are of great importance for the drilling projects are: reduced mobilization time of the drilling rig, considerably higher safety of work and optimization of costs of the drilling project. OGEC Cracow Ltd.’s experience, qualified workforce, impeccable reputation in regards to HSE standards, as well as its prospective opportunities connected with shale gas exploration works in Poland, provide an excellent base for the rapid growth of the company in the near future on both domestic and international markets. www.ogec.krakow.pl
Oil and Gas Exploration Company Cracow Ltd. (OGEC Cracow Ltd.) is a provider of diversified drilling services for the oil and gas industry. The company employs around 1200 people in total, domestically and abroad. OGEC Cracow Ltd. has its branches in Kazakhstan, Pakistan, Uganda, as well as two dependent entities: Oil-Tech International FZE registered in the United Arab Emirates and Poltava Services LLC with its main office in Ukraine. The rig fleet owned by OGEC Cracow Ltd. consists of 13 drilling rigs (with hook load capacity ranging from 105 to 725 t.), capable of performing vertical, directional and horizontal wells. As many as five rigs are equipped with top drive system which increases the efficiency of drilling operations. OGEC Cracow Ltd. offers to its clients services encompassing exploratory, extraction and production drilling as well as specialized services connected with the reconstruction of existing production wells and workover
activities. The Company also has at its disposal the Training and Qualification Development Centre for Oil and Gas Production.
OGEC Cracow Ltd. enhances its rig fleet by purchasing Drillmec 2000 HP Land Rig, ”tailored” to shale gas drilling requirements With the news about the potential existence of substantial shale gas deposits on the territory of Poland, the qualified team of specialists from OGEC Cracow Ltd. began their preparations for the intensified drilling works. One of the most significant steps taken by the company is the purchase of DRILLMEC, a high-tech 2000 HP drilling rig equipped with Walking System which will be available in the third quarter of this year. The new rig will also be equipped with Automated Catwalk, Top Drive system and Iron Roughneck. The most essential advantages of these functions and systems
Drillmec 2000HP Drilling Rig
Energy & Mining
The first tests are bringing a lot of optimism Paweł Poprawa of the Polish Geological Institute in Warsaw, talks to “Polish Market’s” Ewelina Janczylik
On 8 September Deputy Prime Minister Waldemar Pawlak told us that gas had been extracted from shale deposits in Western Pomerania. What should we think of this recent news? It was the first time a complete well test had been performed in Poland. A lot of work has been carried out to date that has allowed us to understand what we are dealing with. A well test enables us to determine the presence of a deposit and check its technical parameters, such as pressure, chemical composition, and the rate of gas inflow. It is generally known that such work is of a commercial and confidential nature. Companies are reluctant to share any information. However, from the very sight of the flare burning over the well installation we know that over the testing period gas was actually flowing. A number of important insights comes from this fact. Most importantly, it shows that the concept of gas presence in shale formation was not wrong. I believe that this test will also be performed in other wells. We have had this kind of information before, from
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other wells, where gas flowed by itself. Such observations have been made in a number of spots in Poland and, even though they are not as conclusive as the test, they can also be relied on. To date, the presence of gas has been recorded in eight wells, while in the first one a horizontal section of the opening was carried out and fracking was performed, achieving an inflow of gas. The entire process of identifying gas deposits can be divided into three stages. First, we check whether there is any gas present at all, then whether it is possible to be produced from technology point of view, and, finally, whether the extraction of shale gas is commercially viable. The deposit test gave us information on the second stage of the process, whether, from the technological standpoint, it is possible to extract gas. I think that we have no reason to lose our optimism after these first tests. Unfortunately, such tests apply only locally, which is why further wells in other parts of the country will be needed to mark out the areas attractive as shale-gas extraction sites. It is impossible for the entire searched area to have gas deposits. Such cases have never been described in the field of petroleum geology. W hen will gas start being produced and do we plan on exporting it? It is difficult to determine the timeframe. The first factor relates to formal and legal issues. Each company needs to obtain a separate production licence in the future. Each case should be approached individually. I am of the opinion that no gas will be extracted until the search licence expires, which is two to three years or more. Besides,
we have to take into account the fact that gas generation requires an infrastructure, which brings up the issue of gradually hooking up gas extracted from wells to the pipeline, which gives us several more years. It is to be expected that the first commercial delivery of gas to the consumer will not occur sooner than in 2-3 years. Production will gradually be extended and the target production infrastructure may be ready in about 15 years. As for exports, this question is also tough to answer. We do not know the actual size of the gas deposits, and media reports
Energy & Mining
in this respect should be approached with a lot of scepticism. To export gas, we would have to know how much of it is in our hands, and we do not know that. Specific information will be announced after new measurements are made. Archival data can have no pretence to reliability. W hat are the advantages of shale gas extraction? Certainly, the scenario in which Poland is an exporter of gas is imaginable, but that is far from being the only one. From my point of view, it is highly probable that Poland at least will stop importing gas. Also, we have made an interesting discovery in recent years. Some of the area studied, which was considered gas-bearing, shows the presence in shale of not gas, but oil. This probably entails a smaller gas-bearing area than initially marked out, but these deposits will be classified as oil, which is much more valuable than gas from the economic standpoint. I see a very high probability of the presence of shale oil. Unfortunately, it is much more technologically difficult to produce. Moreover, near Poznań an entirely different type of deposit has been found – a tight gas deposit. Production tests have already been performed there, and I believe that the initial results are very promising. In my opinion, the optimism in this case is also justified. It is also worth adding that if we reach a large scale of gas production, the high costs of extraction and production technology will create in Poland an industry producing the devices and equipment necessary to operate the wells. Companies producing drilling rigs may develop in
Poland. I believe this will also be the case with personnel. Polish specialists will definitely be recognised. I am convinced this will happen, because on a larger scale it is not economically viable to import staff and equipment from abroad. What is your take on the American people’s protests against shale gas extraction? How harmful to the environment may be the search for and extraction of shale gas? There are two countries which have experience with shale-gas extraction – the United States and Canada. Poland also has its own studies on the influence of shale gas extraction on the environment. There are no protests in geological regions with a history of gas production. Opposition comes from places where shale-gas extraction is still unknown. Administrative bans tend to be introduced in countries that have no experience with gas whatsoever. I can say that the production of gas from shale can hardly have considerable impact on drinking water or the environment.
Like all industrial activity, the production of gas from shale may to some extent affect the environment, but there is no question of the environment being degraded here. Most importantly, thanks to the search work being carried out in Poland, we can test all the allegations against this method. We evaluate the impact on the environment based on actual observations and research, not by watching such films as “Gasland.” I know that you are working on a joint report of the United States Geological Survey and the Polish Geological Institute – National Research Institute. What will be the outcomes and conclusions of this? The report is not yet completed, and until that time, unfortunately, we cannot disclose any information. In their practice, our American partners do not allow the publishing of any initial or estimated data. The report will be published after the work is completed, not any earlier. Still, we are nearing the end of this project now. :: 10 /2011 :: polish market :: 17
Energy & Mining
JSW is a good investment opportunity An Interview with Jarosław Zagórowski, President of JSW SA
W hat does Jastrzębska Spółka Węglowa offer to its commercial partners and why is the company attractive for investors? We remain the largest manufacturer of high-quality coking coal type 35 (hard) and a significant producer of coke in the European Union. Moreover, not only are we the biggest producer but also we take care over quality, giving our clients and commercial partners a guarantee that we can meet their requirements and are reliable and trustworthy. Some may say that these are just empty words but the
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feedback we receive from our customers gives us the basis for such statements. Customer satisfaction surveys we regularly conduct allow us to continually improve the quality of our services and this is the reason why our commercial partners value collaboration with JSW. Moreover, since the shares of JSW debuted on the stock exchange, various investors have been interested in us. It is reflected in the number of meetings with the Board, and the telephone calls and e-mails which our Investor Relations Department
receives every day. One can see that investors regard the mining business as stable and with good prospects, which makes JSW a good long-term investment opportunity. You manage Jastrzębska Spółka Węglowa, which consists of five coal mines. What is the philosophy for managing such a powerful company and human capital? Such a large economic organism as Jastrzębska Spółka Węglowa requires an orderly and constantly-perfected, integrated management system in
Energy & Mining
all key areas of our business, such as safety, quality and the environment. In recent weeks we have implemented the Code of the JSW Group, which is a kind of a “constitution”, providing solutions both in the management of various entities and the Group as a whole. Its implementation comprises of the further strengthening of the corporate governance rules that ensure the balancing of the majority and minority shareholders’ interests. It is also an element that guarantees even greater transparency for our activities. The Code introduced uniform procedures and organised the division of powers and responsibilities in strategic areas. At the very heart of the Code is the assumption that the interests of individual members of the JWS Group are identical with the interests of the entire Group, which will enable us to maintain and ensure consistency in management. How is the social responsibility of business applied? Our everyday goal is not only to build JSW value for our shareholders but also to increase the level of work safety and ensure the proper level of protection against various threats. In our business it is the workers who are the most valuable asset, so every day for many years we have been taking action to protect their health and increase their awareness of safe behaviour at work. We are modernising our production equipment, and we have introduced the system of threat monitoring and we provide our employees a wide range of preventive examinations. We are also the largest employer in the region, which means above all that we are concerned about maintaining existing jobs and creating new workplaces. We support local initiatives to stimulate economic activity in areas such as education, health, ecology, culture and sport, and we bring aid to the most needy. In our opinion an important sphere of social life is sport, which is why we support both top-class professional, as well as amateur, sport. Our brand is primarily promoted by the Jastrzębski Coal Sports Club and Jastrzębie GKS Hockey Club, which represents JSW and the country in all major competitions held in Poland and abroad.
Do you regard JSW’s debut on the Stock Exchange as a successful one? Our debut on the Warsaw Stock Exchange has opened a new chapter in our history. Since then, financial institutions, analysts, investors, and the public, have been looking more closely at our business activity. Personally, I am pleased that the first Silesian mining company is listed on the stock exchange and that it has blazed a trail for other companies. Also trade unionists, who so far have been loudly raising their objections to JSW’s going public, realised that they are responsible for our Company’s shareholders, who also comprise the staff. The actual day of our debut turned out not to be favourable for us, because bad news from the global economy caused damage to all companies listed on the WSE, including us. Nevertheless, the opening quotation was profitable, as it was in the black. The most important thing is that we are present on the stock exchange and that we are transparent, which our investors, contractors and clients can see for themselves. I am very pleased with this fact. JSW’s debut whetted investors’ appetite, including individual investors, who should remember that one not always makes profit on the stock market on a day-to-day basis. The stock exchange is a complex organism, which is dependent on many factors. For me it is important that we fulfil the expectations placed on us and that JSW shares are listed in the major indices – the MSCI and WIG20. Don’t you fear that the extraction of shale gas will decrease the importance of coal mining? Shale gas definitely does not pose a threat to JSW. Please note that our mines extract primarily high-quality coking coal, which is used in the production of coke, and this in turn is used in the production of steel. Therefore, shale gas is not an alternative to coking coal. Nevertheless, I think it is a good chance for Poland as far as energy security in our country is concerned – let’s hope that our ambitious plans will bear fruit. How do you take care of the environment?
Commitment to environmental protection is a major element in our strategy of sustainable development, in which in 2005 we implemented an Environmental Management System according to ISO 14001. Inevitably, being a mining company, we cannot avoid the harmful effects of our business activity. At the same time, we are aware of our responsibility for our negative environmental impact, so we take measures to minimalise it, and in many cases we make a major contribution to the reclamation and land management of post-mining areas. JSW is the biggest producer of coal in Poland and in Europe. What are you future plans? Our main strategic objectives are being implemented according to our plan. We work hard on many fields of the Group, whose goal is to improve the efficiency of our operations, and also to increase the extraction of coal and coke. We have many initiatives related to organic growth and acquisitions. There are works under way in the mines to increase the use of our resources. We have already initiated with the Ministry of Treasury an agreement to acquire 85% of the shares in the Victoria coking plant, which would not only enhance our coke segment but also allow the diversification of activities by entering into a new area, that of foundry coke. We already have Spółka Energetyczna Jastrzębie (Jastrzębie Energy Company), and we are currently finalising the purchase of Przedsiębiorstwo Energetyki Cieplnej (Heat Power Company) from the Ministry of Treasury which will allow us to achieve synergy effects. In this way we will manage a greater amount of methane and low-quality coals more effectively. In my opinion, small and medium-sized investments in this area also make sense and are economically justified. Therefore, we plan to build a fluidised bed boiler with a capacity of ca. 60 MW next to the Zofiówka mine, in which poorer coal and waste will be burned. Next to the Przyjaźń coking plant there will be a coke gas-fired block with a similar capacity. In the energy industry in Poland there will be also a place for players such as JSW. :: 10 /2011 :: polish market :: 19
Energy & Mining
In defense of energy-intensive businesses Politics appear to exert a rising influence on EU industry, ideology gradually replacing to-date values like honest competition, technical and technological logic and even energy security. Energy, climate and fiscal policies affect fuel and energy costs. These policies differ, having developed separately over years, in different conditions and for different purposes. After the creation of the common European market they decide about competitiveness levels in the EU countries. This is especially true in energy-consuming industry, for which fuel and energy prices are a crucial item. Without uniform tax regulations, clear and flexible regulations on renewable and cogenerated energy, there can be no talk of equal business conditions in the EU states. Also unavoidable is internal carbon leakage, in other words the transfer of production from highemission countries to low-emission economies like Sweden, France, Belgium or Spain. This is mainly a threat to Poland, whose economy runs on black and brown coal. Harmonizing the Polish tax system with those in other EU countries is a simple procedure which only requires political will. Speaking for this solution are both the fact that it is common practice in the EU, as well as the existence of sound legal foundations: Directive 2003/96/WE lifts excise from energy used for production in powerconsuming branches like electric, metal, mineral or chemical industry. The Directive also allows excise reductions in various user groups by means of differentiated rates, excise returns or exemption from excise. To date the Polish finance minister has not applied any of these options and excise on energy-consuming industry in Poland is the highest in the EU. Another reason why Polish energy-consuming industry has become less competitive is the national
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energy policy, which obliges everyone to purchase green, red, yellow and purple certificates in support of renewable energy and the cogeneration of electricity and heat. Despite the Economy Ministry’s declarations to reduce the related costs no practical steps in this area have yet been undertaken. A barrier here are public aid laws which require the EU states to notify the EC about all planned public aid. Upon its EU accession Poland ought to have listed its running public aid on a supplement to Annex IV of the Accession Treaty. Then, freeing Polish high-energy industry from the duty to co-finance renewable and cogenerated energy would have been classified as running public aid. As it is, Poland must notify the Commission about its public aid plans and the EC has the final word in the matter. Other EU countries do not
President of ZGH “Bolesław” S.A. Bogusław Ochab
burden their high-energy branches with such costs or try to reduce them to a minimum. These differences in fiscal and energy policy result in production cost differences among high-energy producers to the tune of as much as 5 percent. This difference will double after 2013, when installations under the EU Emission Trading Scheme (ETS) will be required to buy CO2 emission rights. This will double variable costs in industry, the rise directly caused by process emissions and indirectly by rising energy price hikes in effect of rising production costs in energy industry. The rise in indirect costs will vary from country to country depending on emission levels, and will be totally beyond the control of national industries. This will put Polish industry at a considerable disadvantage against other EU countries, which is why Poland must make use of the possibilities foreseen under Art. 10a Par. 6 of the EU’s ETS directive, which permits member states to reimburse branches whose market position would be completely ruined by the inclusion of emission costs in energy prices. The introduction of a similar reimbursement system in Poland is crucial if we want to avoid an exodus of domestic producers to other EU countries and beyond. ::
Katowice, capital of Poland’s industrial basin Upper Silesia, is today one of Poland’s fastest-growing cities. Conveniently situated, Katowice shares its modern infrastructure with sixteen neighbouring localities, together forming the two-million Katowice Urban Area. Traditionally associated with Silesia’s coal and steel industry, the city underwent deep changes in recent years and today modern services and hi-tech companies are gradually replacing coalpits and steel mills. Katowice is also one of the country’s major sites for culture, sport and business events, many of which take place in the uniquelystyled Spodek Hall. Following a PLN 90-million overhaul, Spodek Hall is today a modern-day arena offering highest world standards. Under construction next to Spodek Hall is a 50,000 m2 International Congress Centre, to be ready in 2013. The centre will be the most modern conference site in the country with a broad offer on conference and banqueting space including a multi-functional, 8040 m2 conference hall for up to 12,000 people. It will also have an underground connection with Spodek Hall, with which it will form a huge complex capable of housing as many as 15,000 people. The International Conference Centre will be connected not just with Spodek Hall but also, by way of a so-called “green valley” passage, with a Culture Zone built on the grounds of a former coalmine. Among others the Culture Zone will house the new seat of the National Polish Radio Symphony Orchestra and the New Silesian Museum currently in construction on the eastern side of Spodek Hall.
MCK main entrance
MCK Green Valley
In a bid to draw more business travellers Katowice has also opened a Convention Bureau which informs about the city’s offer for culture and business visitors. Alongside these major investments Katowice is also modernizing its central area. Reconstruction work is underway on the main railway terminal, already modernized is Mariacka Street, the city’s main pedestrian mall with clubs and restaurants open late into the night. Contemporary Katowice is far removed from the Silesian stereotype and certainly a place to visit – not least to see just how much it has changed.
MCK upper foyer
Energy & Mining/Upper Silesia
Silesia vies for leadership The rapidly-growing Upper Silesian region is evolving into a major market. Rich in raw-materials, Upper Silesia is Poland’s biggest industrial basin with a large supply of highly-skilled labour. The region’s visible development over recent years has made it an increasingly attractive place for investors. Bogdan Sadecki
ŚLĄSKIE
Katowice
Two areas in southern Poland were among the most investmentattractive sub-regions in an Investment Attractiveness in Polish Provinces and Sub-regions 2010 report (source: Gdańsk Institute for Market Economies, Konrad Adenauer Foundation). The first lies around Upper Silesia and western Małopolska, the second around Wrocław and Wałbrzych,
The largest urban area in Central and Eastern Europe, the Katowice metropolitan area draws rising numbers of investors, largely due to its proximity to the Czech Republic and Slovakia and convenient road, rail and air connections.
22 :: polish market ::
10 /2011
the main industrial centres of Lower Silesia. Śląskie province (Upper Silesia) was founded nearly thirteen years ago on January 1, 1999. Comprising Parts of the former provinces Katowickie, Bielsk ie and Częstochowskie, it lies in southern Poland and borders on the provinces Opolskie, Łódzkie, Świętokrzyskie and Małopolskie. Śląskie province covers an area of 12,294 km2, or 3.9% of Poland’s total area. In the south it borders on the Czech Republic and Slovakia. Within a 600-kilometre radius lie the European capitals Warsaw, Prague, Bratislava, Vienna, Budapest and Berlin. With
a population of 4,634,000 Silesia is the most densely-populated province in Poland (393 people/1 km2 at a countrywide average of 124 people/1 km2). Silesia owes its unique economic position to the fact that it is the most industrialized and urbanized region in Poland with 55 urban centres per 10,000 km2. The province has vast natural resources, including coal, zinc, lead, methane, natural gas, marls, limestone, natural aggregates and thermal, mineral and medicinal waters. The province is polycentric, there is no single city housing the region’s administration, finances, universities, etc. They are dispersed throughout the Katowice metropolitan area, with the cities of Katowice, Sosnowiec, Bytom, Gliwice, Zabrze and Chorzów. The Katowice metropolitan area lies in the province’s centre and comprises sixteen cities, other important centres are the sub-regional capitals Rybnik, Bielsko-Biała and Częstochowa. The largest urban area in Central and Eastern Europe, the Katowice metropolitan area draws rising
invest in katowice Special Economic Zone costs or 2 years of labour costs. The tax reliefs granted to KSEZ investors are in keeping with EU law.
The Katowice Special Economic Zone (KSEZ) provides unique conditions for industrial and BPO/R&D investors. Located in Poland’s most investment-attractive southern region Silesia, KSEZ off ers investors public aid in the form of CIT reliefs equaling 40-70% of investment
KSEZ is the leader among Poland’s 14 special economic zones with almost 200 investors on its territory. Jointly the zone’s operators have invested EUR 4 billion, providing around 45 thousand jobs. KSEZ will close this year with a very good result – twenty-fi ve new investment projects to
UJaZd
Sites offered to investors: • • • •
1,000 hectares of land Plots from 0.5 to 200 hectares Plots adaptable to investor needs Close to main national and European transport routes, convenient access; water, power and gas supply, as well as sewage disposal • Class A office building in Katowice
the tune of EUR 250 million, which will off er a thousand new jobs. KSEZ investors speak very highly of the zone. According to a KPMG report for 2010 95% of firms operating in the Katowice Special Economic Zone are pleased or very pleased with their location. Among the zone’s investors are Fiat GM Powertrain, GM Opel, Isuzu Motors, TRW Polska, Roca, Guardian, NGK Ceramics, Capgemini and Steria.
ZabRZE TUCZnawa
KSEZ also off ers a unique opportunity — plots exceeding 100 hectares: • Ujazd – 200 hectares on the border between the Śląskie and Opolskie provinces, adjacent to the A4 motorway. • Zabrze – 100 hectares, 6 kilometres from the A1 motorway and 13 kilometres from the A4. • Tucznawa – 100 hectares close to Dąbrowa Górnicza, 6 kilometres from the DK1 trunk road, 24 kilometres from the A4 motorway.
For more details: www.ksse.com.pl
katowice Special Economic Zone Co. Poland 40-026 Katowice, 42 Wojewódzka St. tel. +48 32 251 07 36 ksse@ksse.com.pl • www.ksse.com.pl
Energy & Mining/Upper Silesia
numbers of investors, largely due to its proximity to the Czech Republic and Slovakia and convenient road, rail and air connections. However, good transport links are not the only reason why more and more foreign firms want to invest in Silesia. The region is evolving into an ideal location for customer service centres, R&D, and financial & accounting operations. The province is one of Poland’s leading economies. Still not so long ago Europeans saw the region through its heavy industry. In recent years, however, Silesia has radically changed its image and today is among Poland’s fastest-growing regions. It is also Poland’s leading industrial basin with excellent links to international transport routes, including trans-European corridors 3 (BerlinWrocław-Katowice-Cracow-Lvov) and 6 (Gdańsk-Katowice-Žilina). The region also offers modern infrastructure and is known for its friendly treatment of investors.
Statistics The province generates 13% of Poland’s GDP, placing second in this respect. The region has 430,000 businesses, 96% of which are private enterprises. Fifty-one higher schools turn out about 200,000 specialist graduates annually. The region also boasts a rich network of enterprise-supporting and R&D institutions. At the end of December 2010 the province had 451,600 enterprises, 4.9% more than in the previous year (source: Katowice Statistical Office). The private enterprise sector boasted 435,100 companies (96.3% of the enterprise market), the public sector 16,600 (3.7%). Over 2010 the number of private and public enterprises rose by respectively 5% and 1.7%. Private enterprise was mainly concentrated around commerce, auto repairs (31.8% of all private companies), construction (12%), manufacturing (9.7%) and science and technology (8.2%). The public sector was dominated by real estate operators (50.1% of all public companies) and education centres (32.9%).
24 :: polish market ::
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Over 94% of all registered firms employed less than ten people, only 4.8% employed between 10 and 49 and 0.9% 50 and over. Over three-quarters of firms in the province were one-man businesses (342,900, 5.2% more than in the previous year). Legal persons and organisations without legal status amounted to 108,700, 3.9% more than in the previous year. 30.2% were companies and partnerships (32,800, 6.6% more than in the previous year). As many as 85.3% of these were limited companies, 14.7% were partnerships. Most companies and partnerships were founded on Polish private capital (29,100 firms, of which 83.7% were joint-stock companies and 16.3% partnerships). There were also 5,600 foreign-owned firms, of which 98% were joint-stock operations. At the end of 2010 Silesia housed 1,162 co-operatives (1,161 in 2009) and 19 state-owned companies (28 in 2009). In the same year 25,500 businesses closed, including 23,800 oneperson operations, 370 companies and partnerships, 12 co-operatives and 8 state firms. Most businesses were located in the sub-region Katowice (18.3%), the least in Tychy (8.2%). All sub-regions recorded a rise in new enterprise, which was highest in Tychy (5.6%) and lowest in Gliwice (4.4%). The province’s traditional image has changed considerably over recent years, the region’s fast growth being mainly driven by the consistent modernization of its traditional economy and introduction of new and innovative branches. The region’s well-developed academic and research infrastructure make it a suitable site for hi-tech industry, IT, auto industry, processing and advanced services. Local authorities strive to ensure that know-how and innovation remain the driving-force of the region’s growth. This policy also helps ensure new jobs. Associated mainly with the coal industry for years, Upper Silesia today is increasingly geared to modern development. Local authorities work with international experts to map out the best action plans, including a
Śląskie province: figures population (December 31, 2010) average gross wage in the corporate sector ( July 2011) unemployment (end-July 2011) home completion ( January-July 2011) businesses total ( August 31 2011) state-owned enterprises (August 31 2011) companies and partnerships (August 31 2011) one-person businesses (August 31 2011)
4,635,900 PLN3,965,32 9.6 % 4,836 444,364 15 33,925 333,997 Source: www.stat.gov.pl
smart city project in cooperation with the IBM Executive Service Corps programme. Katowice, with ambitions to become the region’s hub city, has launched an In the Centre of Change project involving complex reconstruction work in its downtown area. Besides modern infrastructure, another important asset are ample amounts of modern and inexpensive storage space. A Colliers International report places the province second in Poland in this respect in the 1st quarter of 2011, with more than 1.23 million m² of total floorage and new contracts for over 105,000 m². Class A storage prices per 1 m² belong to the lowest in this part of Europe. More and more developers are considering launching new projects here, which shows what an attractive place the province is for foreign enterprise. Upper Silesia is also favoured by producers and already houses four major car manufacturers: Fiat in Tychy, Opel in Gliwice, Hyundai near FrydekMistek and Kia near Žilina. ::
Most companies and partnerships were founded on Polish private capital (29,100 firms, of which 83.7% were joint-stock companies and 16. 3% partnerships). There were also 5,600 foreign-owned firms, of which 98% were joint-stock operations.
Sustainable development in Polish mining industry
– a challenge for the Central Mining Institute The Central Mining Institute’s (Główny Instytut Górnictwa, GIG) multidirectional engagement in promoting sustainable development involves the compilation of necessary documentation as well as a multitude of practical projects. In the case of mining industry these undertakings are mainly aimed at raising work efficiency and, in the long run, the living standards of mining employees and local communities, with full consideration for environmental demands. Among GIG’s biggest tasks is work connected with climate change and clean energy. Together with other domestic R&D centres we participate in projects designed to introduce CCS (Carbon Capture and Storage) technology, one of which involved a study on CCS applications in the Upper Silesian Metropolis. Also very important was the HUGE project on safe underground coal gasification methods, whose future introduction in Poland will allow us to better exploit our coal resources. Another project concerns the reduction of methane emissions in mines, which is of paramount importance with regard to workplace safety and environment protection, but also for energy industry as methane can be used commercially. GIG research teams are also inspecting the energy qualities of the geothermal water which is pumped up from mines. Special mention is due to the development of an innovative method of measuring the ecological effectiveness of sustainable development technologies, a project financed from the Operational Programme Innovative Economy. Important here is that the developed solutions are socially acceptable and, as official sustainable development technologies fit in with the EU’s Environmental Technologies Action Plan. The above are just some of our activities as it would be hardly possible to mention all that we do in a variety of other areas, like protecting the surface
Rotary quartz reactor
from mining effects, waste management, water management, air protection, noise protection, etc. Another area we are active in is Corporate Social Responsibility (CSR), which is a crucial element of the sustainable development strategy. In 2009 we adopted a Social Responsibility Strategy in which we laid down our declaration and value system in this sphere. The strategy is in line with GIG’s mission, which bases on three pillars: people, industry and environment. 10 /2011 :: polish market :: 25
Energy & Mining/Upper Silesia
For the future safety at work The equipment presented during the exhibition “Katowice 2011” will lay out the direction of development of mining in the world
Photo: Archive Kopex
Kajetan Berezowski, Trybuna Górnicza Poland leads the way in the field of modern technologies used in mining. This fact was emphasised by the Polish President, Bronisław Komorowski in his message to the participants of the “Katowice 2011” trade fair, read out by Olgierd Dziekoński, a minister in the Chancellery of the President of the Republic of Poland. “The production of machines and mining equipment has become one of our specialties and it constitutes proof of the strength of Polish mining. Polish mining machines receive very good reviews in numerous countries in the world, and the key companies operating in this industry export from 30 to 50% of their production. It is a great showcase for the Polish economy, innovative technology solutions, competence, and competitiveness on the global market,” the Polish President wrote. The speech of Zygmunt Łukaszczyk, Governor of Śląskie Province, had similar undertones. “The mining fair is our Silesian specialty. It is a great success for Katowice,
26 :: polish market ::
10 /2011
and the whole region,” he affirmed, indicating that after the European Economic Congress, the capital of Upper Silesia was again placed in the centre of European economic events. Piotr Uszok, Mayor of Katowice, also could not conceal his satisfaction, and he thanked the organisers of the event for the perfect preparation of such a huge enterprise.
The synergy of science and practice Maciej Kaliski, the Deputy Minister of the Economy, touched upon a very significant issue for the development of industry, namely the synergy of practice and science. “You do not become a champion only after winning one ring fight. In the case of the coal industry achieving championship involves the cooperation of scientific institutions and practitioners. As a result of such cooperation, the most innovative devices appear, some of which we may see during the exhibition,” Mr. Kaliski noted. Marek Brzenczek, the President of Polska Technika Górnicza and the main organiser of
the fair also spoke of the great range of items exhibited. “The technologies which could be seen at this year’s fair will be laying out the direction of the development of mining in the world for the next two years, and they will contribute to the improvement of efficiency and safety at work,” he stressed. As far as safety is concerned, it is worth mentioning that the biggest proportion of new solutions that exhibitors brought to Katowice involve improvement in security of mining works and eliminate the hazards of methane and coal dust explosion. That is why one of the biggest sensations was the stand for the training of floor and suspended railway operators. “A booth, a three-dimensional projector, a screen, and a perfectly-written programme – that’s all that is necessary. The course participants take their seat in the booth and there they are presented with the view of the underground pit as if it were real,” Leszek Żyrdek, Technical Director of Becker Warkop explained.
Energy & Mining/Upper Silesia The device is to be soon introduced onto the market. On Tuesday and Wednesday, crowds of visitors gathered around the severaldozen-tonne longwall system, exhibited by Kopex. It was equipped with an innovative steering system. “So far there has never been a device that would be semi-automatically steered. The mining of today requires comprehensiveness of delivery and safety of equipment at the same time. The automatics is intended to enable people to withdraw from hazardous areas, so that they do not risk their health and life any more, and it is to provide an improvement in efficiency of work,” Marian Kostempski, President of the board of Kopex stressed.
Newcomers and frequenters The managers of the German company RAG Mining Solutions are making attempts at arousing their contractors’ interest in specialist training. The company offers a number of educational programmes in the fields of ventilation technology, air-conditioning, and safety at work. The company is making its debut at the event in Katowice, and so does the British company MMD. “We offer double-roll crushers, which in Poland are used by KGHM. We aim at introducing our machines into hard coal mines,” Zbigniew Kurczewski, the producer’s representative, declared. Owners of Ferrit, from the area of Ostrava, enjoy a slightly better situation, since they specialise in locomotive production for floor and suspended railways. “Poland is one of our main trading partners. We regularly come to Katowice with our new offer to attract the attention of other users. It is not an easy task, since the industry has greater and greater expectations, but we keep with the times - it cannot be any other way,” Miroslav Heczko, the co-owner of the company commented. Also the exhibition of Carboautomatyka from Tychy, which has recently succeeded in finding new market outlets, among which there is exotic Vietnam, enjoyed quite a lot of popularity at the fair. “From my observations at the fair, I conclude that visitors intending to buy rather than sell prevail there. It is a very good sign. Our technical solutions are very popular worldwide and
28 :: polish market ::
10 /2011
we do benefit from that. However, Polish mines need to have their equipment replaced. This process has in fact already started, and we hope it will last a very long time, since it powers the economy,” Henryk Stabla, President of the company, noted. Joanna Strzelec-Łobodzińska summed up her visit to the International Fair of Mining, Power Industry and Metallurgy in the most interesting way: “Mining machines and the fair are so typical of Poland, Silesia, and Katowice, as perfumes are of France, which is the reason why it is worth being here. I examined mining equipment from the perspective of an investment in Kompania Węglowa. Each year my company allots PLN 1 billion to investment. It constitutes quite a substantial amount of money, but the safety of mining teams is of paramount importance to us.” ::
Photo: Archive Marat
Marek Brzenczek President of Polska Technika Górnicza I consider this year’s International Fair of Mining, Power Industry and Metallurgy “Katowice 2011” to be a great success, both for the organisers, Polska Technika Górnicza, and all entities that took part in the preparation of the event. The fair ran efficiently, according to plan, and without difficulties. There came numerous delegations from Russia, Ukraine, China, Vietnam, India, Indonesia, Finland, the Netherlands, Italy, Spain, Great Britain, Germany, the Czech Republic, and Slovakia. Also, the representatives of diplomatic corps attended, including the Ambassador of Iraq, and the representative of the Philippines Embassy in Poland. The signals that have reached us indicate that the participants in this year’s International Fair of Mining, Power Industry and Metallurgy are satisfied with the event. A lot of them signed letters of intent for cooperation, or even partnership, and agreements. The participants in the fair indicate also its great importance and the necessity to continue the exhibition in the future. However, these are not just declarations or exaggerated praise. The majority of exhibitors have already booked reservations for the next edition of the event in 2013. Four years ago, the places for the next edition in the auditorium floor in Spodek had been sold out after four months from the end of the event; two years ago it took only 2 months. This year, it was achieved in less than a week. This proves the great popularity the fair enjoys. As early as today, I am able to say that on 10-13 September 2013, we will have a strong Chinese representation that will exhibit its products on a thousand-metre square area in Spodek. I have no doubts that the next edition of the event will be even more attractive than this year’s, since mining is one of the most innovative branches in the contemporary economy and it is marked by very fast development. ::
Photo: Archive Kopex
SME
Condition of the SME sector According to data from the Central Statistical Office (GUS), the number of businesses operating in Poland more than doubled in the past 10 years. In 2010 there were 3.9 million firms registered in Poland, which represented an increase of 4.5% compared to 2009. The largest number of businesses operate in Mazowieckie, Śląskie, Wielkopolskie, Małopolskie and Dolnośląskie provinces. The number of stateowned enterprises was decreasing since 2005 but in 2010 the public sector saw a 1.2% rise in the number of enterprises to 121,000. Magdalena Szwed Small and medium enterprises (SME) account for 99.8% of all businesses operating in Poland, providing employment to more than 50% of all working people. In the past 10 years, the number of businesses operating in the country was growing steadily. More than 400,000 new businesses were registered in 2010 while the percentage of businesses taken off the official register was by 33.5% lower than in 2009. Almost 98.3% of self-employed entrepreneurs provide employment to less than 10 people. In 2010 the number of such businesses rose by 4.6% compared to a drop of 1.2% in 2009. Small and medium enterprises make up an important segment of the national economy and have a large share in GDP. They are a target for many banks, which are trying to outdistance each other in providing
new financial solutions intended for SMEs. Banks are eager to offer them loans, especially short-term ones, because in this case they are able to assess the condition of the enterprise better. However, businesses increasingly spend bank loan money to finance current operations and tend to use their own resources to finance larger projects.
Prospects for the SME sector Favourable projections usually correspond with optimistic expectations for the future voiced by businesses. Both smaller and larger firms have to adjust to changing market realities. The year 2010 started on a sceptical note for many businesses but general projections and expectations were not pessimistic. According to a Keralla Research report, 52% of businesses operating on the market expected
Commercial companies in 2000-2010
that their situation would improve in the next three months, 29% expected that it would not change and 11% expected that it would deteriorate. Small and medium enterprises encounter many barriers, which hamper their development. The greatest constraints are associated with taxes and
Number of state-owned firms and self-employed people in 2005- 2010 Year
State-owned firms
Self-employed people
2005
1029
2776459
2006
913
2765348
2007
572
2787650
2008
363
2845321
2009
289
2815617
246
2942965
2010
Source: prepared on the basis of GUS data
Businesses by sector Sector
Number of businesses 2009 2010
Year
Total number of companies
Companies employing up to 9 people
Companies employing 10-49 people
Companies emplopying 50 or more people
1073154
1100603
2000
159660
119622
28169
11869
Construction
444223
467145
2001
177085
130304
33213
13568
Manufacturing
343623
360090
2002
196681
142516
39566
14599
Professional, research and technical activity
311681
332231
2003
208753
151796
42194
14763
Transport and warehousing
262967
265203
2004
220162
161175
43878
15109
Health care and social assistance
173844
186008
2005
230588
170044
45184
15360
Financial and insurance activity
130622
131213
2006
243338
181439
46383
15516
Hotels and restaurants
118499
124214
2007
258299
194812
47760
15727
Education
109512
116132
2008
268942
202643
49570
16729
Information and communication
84188
95163
2009
283712
215836
50745
17131
Culture, entertainment and recreation
64767
67085
2010
303040
234306
51559
17175
Telecommunications
7287
8204
Source: prepared on the basis of GUS data
Trade, repair of motor vehicles
Source: prepared on the basis of GUS data
10 /2011 :: polish market :: 29
SME
other fees, competition and economic instability. Recently, the volatility of the Polish currency has also been a major problem. Despite that, in 2010 businesses were buoyed by growing demand and exports, and plans for investment projects. Some of them have now resumed projects previously suspended. Most new projects are in the area of advertising, staff training and the introduction of new technologies. According to data from the Ministry of the Economy, only 17% of businesses surveyed in mid-2010 – of which 40% were medium-sized firms - planned innovation activities in the next 12 months, around 42% were unable to say whether or not they would conduct such activities, and 40% did not plan any innovation activities. The costs involved are too high for small and medium enterprises. Additionally, innovation activity is always risky. In the same survey, 44% of businesses expected that exports of their products and services would remain at an unchanged level, 15% expected that they would increase and another 15% expected that they would decrease. Germany, the Czech Republic, Lithuania and Estonia were the main consumers of goods offered by Polish SMEs. The exporting activity of Polish businesses is becoming increasingly profitable. Businesses operating in the trade and manufacturing sectors implemented the highest price hikes, with 45% and 40% of them having raised their prices. Businesses operating in the construction (43% of them) and hotel (31% of them) sectors had to cut their prices.
New businesses registered, by province Provinces
Year 2009
2010
349656
402005
Mazowieckie
51916
66405
Śląskie
39646
46390
Wielkopolskie
33380
38182
Małopolskie
31388
36383
Dolnośląskie
29410
33382
Pomorskie
25099
27486
Łódzkie
22316
25165
Zachodnio- Pomorskie
19911
20824
Kujawsko-Pomorskie
18295
19482
Lubelskie
15006
17729
Podkarpackie
14203
15855
Warmińsko-Mazurskie
12763
13660
Lubuskie
Poland
10521
11779
Świętokrzyskie
9035
10548
Podlaskie
8946
10193
7821
8542
Opolskie
Source: prepared on the basis of GUS data
enterprises and 12% of small enterprises planned to employ new workers while 15% of medium enterprises and 9% of small enterprises planned lay-offs. In the second quarter of 2010, 16% of businesses planned pay rises. Businesses operating in the trade sector raised wages for the largest percentage of employees while those operating in construction reduced wages for the largest share of workers. In the second quarter of 2010 a similar percentage of people working in the private and public sector got pay rises. Local government businesses and foreign-controlled businesses raised wages for the largest percentage of their employees – respectively 38% and 23%.
sales not higher than EUR50 million. Despite the economic slowdown, many firms went on to expand their operations. The market also witnessed a gradual consolidation. A majority of the firms in the league table are based in the cities of Warsaw, Wrocław, Kraków and Poznań. Most of them posted a profit in 2010. Forty seven businesses generated revenues higher than PLN100 million, 187 businesses generated revenues of between PLN10 million and PLN100 million, and 164 firms generated revenues lower than PLN10 million. The top 10 firms – Waspol SA, P.A. Nova SA, Bakalland SA, Arcus SA, Enesta Sp. z o.o, Omega Pilzno ITiS Godawski & Godawski Sp. z o.o., Luvena SA, Autopart SA, Wilk Elektronik SA and Ceramika Nowa Gala SA - had revenues of over PLN177 million. The Wyszków-based Waspol SA company, a distributor of alcoholic beverages in Poland, ranked first in the table. In 2010 the company generated PLN222 million in revenue and employed 223 people. 2010 was a time of dynamic expansion for Waspol SA. The company debuted on the NewConnect market of the Warsaw Stock Exchange, opened new distribution centres and acquired some well-established businesses. Among its most important plans is the development of a franchise network. P.A. Nova SA, with PLN200 million in revenue for 2010 and a staff of 160, ranked second. The company was set up in 1987 and operates in the construction sector, providing complete construction services throughout Poland.
Employment and wages Wage and employment statistics differ depending on the sector. Employment was expected to increase in businesses operating in the manufacturing and construction sectors – by respectively 19% and 17%. In the first and second quarter of 2010, 68% of medium enterprises and 54% of small enterprises hired new staff. In the third and fourth quarter 17% of medium
30 :: polish market ::
10 /2011
Ranking of small and medium enterprises The league table comprises 400 firms with up to 250 workers and annual
Employment was expected to increase in businesses operating in the manufacturing and construction sectors – by respectively 19% and 17%.
Bakalland SA, a company which produces and sells nuts and dried fruit, ranked third. The group witnessed acquisitions and mergers among its affiliates. Bakalland SA also expanded its product range. The consolidated revenue earned by the group totalled PLN194 million and was higher by around PLN8 million than a year earlier. ::
SME
Ranking of small and medium enterprises (SME) Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
1 WASPOL SA
Paweł Wyszyński
Wyszków
222399
514
797
2125
223
2 P.A. NOVA SA
Ewa Bobkowska
Gliwice
200159
18530
22738
22129
160
3 BAKALLAND SA
Marian Bogdan Owerko
Warsaw
194468
9326
10126
13116
232
4 ARCUS SA
Michał Czeredys
Warsaw
193177
2255
2856
1347
104
5 ENESTA SP.Z O.O.
Tomasz Strusiński
Stalowa Wola
191741
919
1158
-615
124
6 OMEGA Pilzno ITiS Godawski & Godawski SP. Z O.O.
Mariusz Godawski, Adam Godawski
Pilzno
190712
10723
10723
12693
171 251
7 LUVENA SA
Kazimierz Zagozda
Luboń
187926
4592
5368
5452
8 AUTOPART SA
Monika Bąk
Mielec
182136
1972
2416
4231
70
9 WILK ELEKTRONIK SA
Wiesław Wilk
Łaziska Górne
181436
na
na
na
129
10 CERAMIKA NOWA GALA SA
Waldemar Piotrowski
Końskie
177158
5307
na
6753
na
11 POWH CENTROSTAL SA
Andrzej Bryk
Kielce
171401
1434
1577
1201
208
12 FERRO SA
Aneta Raczek
Skawina
165575
10208
12444
13035
116
13 ES-SYSTEM SA
Bogusław Pilszczek
Kraków
162303
10984
13911
13108
na
14 LC CORP
Dariusz Niedospiał
Wrocław
156202
50548
73271
65943
49 57
15 TELE-POLSKA HOLDING SA
Bernhard Friedl
Warsaw
152000
3500
4197
4103
16 MAKARONY POLSKIE SA GK
Paweł Nowakowski
Rzeszów
149969
-4971
3170
2628
na
17 B3SYSTEM SA
Mirosław Kaliński
Warsaw
148505
1542
1821
2512
na
18 MEXEM SP. Z O.O.
Jarosław Molak
Warsaw
147225
4321
5084
5193
243
19 MURAPOL SA
Michał Dziuda
Bielsko- Biała
142793
47815
47431
49225
na
20 IZOSTAL SA
Marek Mazurek
Zawadzkie
138329
7438
8538
11131
120
21 APREO LOGISTICS SA
Arkadiusz Glinka
Warsaw
133727
201
495
948
201
22 NETMEDIA SA
Andrzej Wierzba
Warsaw
131762
8412
10052
8044
98
23 GRODNO SA
Andrzej Jurczak
Michałów Grabina
130537
4114
5326
5977
na
24 BUDOPOL WROCŁAW
Mirosław Motyka
Wrocław
130065
5983
6328
3738
119
25 WIDOK ENERGIA SP. Z O.O.
Iwona Szmaja
Sopot
128741
-378114
-378114
-231610
na
26 CONSORTIA SP. Z O.O.
Artur Smółko
Warsaw
127264
757
1039
1789
100
27 ZWSE RZESZÓW SP. Z O.O.
Marcin Pasternak
Rzeszów
125569
1820
2286
3217
243
28 CHATA POLSKA SA
Adam Plackowski
Poznań
124216
3070
3760
3584
96
29 PCC INTERMODAL SA
Dariusz Stefański
Gdynia
118944
-8809
-8879
-9129
137
30 YAWAL SA
Edmund Mzyk
Herby
118725
2072
2798
3589
212
31 AGROBEX SP. Z O.O.
Krzysztof Kruszona
Poznań
117531
26219
32562
33726
64
32 ELEKTROTIM SA
Andrzej Diakun
Wrocław
116449
3837
5514
5417
na
33 DOLNOŚLĄSKIE SUROWCE SKALNE SA
Jan Łuczak
Warsaw
113507
-17988
-21783
-3584
224
34 ATM GRUPA SA
Tomasz Kurzewski
Bielany Wrocławskie
113357
3469
3469
4857
na
35 TELEFORCEONE SA GK
Sebastian Sawicki
Wrocław
113067
4310
4875
8515
na
36 ARTERIA SA
Wojciech Bieńkowski
Warsaw
111060
5709
7611
9808
na
37 S4E SA
Janusz Makowski
Kraków
110263
1935
2438
2410
26
38 CARGOFORTE SP. Z O.O.
Piotr Selmaj
Warsaw
109236
319
615
1426
195
39 NETLINE GROUP SP. Z O.O.
Jacek Wilczyński
Wrocław
107258
6096
7943
8448
170
40 TROPICANA SP. Z O.O.
Marek Winiarski
Krosno
106244
1455
1774
1774
114
41 TALEX SA
Janusz Gocałek
Poznań
105836
2244
2529
2529
na
42 INTERBUD-LUBLIN SA
Krzysztof Jaworski
Lublin
105630
10494
12957
na
101
43 LENA LIGHTING SA GK
Włodzimierz Lesiński
Środa Wielkopolska
104510
1241
1037
2911
124
44 ZREMB CHOJNICE SA GK
Krzysztof KosiorekSobolewski
Chojnice
102337
-8986
-10145
-9185
na
45 MIT SA
Leszek Kułak
Warsaw
101384
20187
25253
29005
na
46 HAWE SA GK
Robert Kwiatkowski
Warsaw
101096
37232
46095
43133
222
47 BSC DRUKARNIA OPAKOWAŃ SA
Janusz Schwark
Poznań
100130
14659
17506
18964
na
48 NOVITUS SA
Bogusław Łatka
Nowy Sącz
99386
10488
13110
13140
255
49 POZBUD T&R SA
Tadeusz Andrzejak
Luboń
96580
8004
9715
9604
na
50 TAMEX OBIEKTY SPORTOWE SA
Konrad Bogusław Sobecki
Warsaw
95851
5499
6782
7658
48
10 /2011 :: polish market :: 31
SME
Ranking of small and medium enterprises (SME) – cont. Company name
51 EKOPOL GÓRNOŚLĄSKI HOLDING SA
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Andrzej S. Piecuch
Piekary Śląskie
93789
1452
1583
1589
Employment
na
52 GC INVESTMENT SA
Michał Goli
Katowice
93375
8572
10841
18358
na
53 REDAN SA
Bogusz Kruszyński
Łódź
90941
2976
4674
-1278
88 223
54 EUROMARK POLSKA SA
James Kelly
Warsaw
89797
1502
1830
14526
55 RELPOL SA
Rafał Gulka
Żary
89198
-8002
-6550
-6565
na
56 ADVATECH SP. Z O.O.
Jacek Szubert
Wrocław
88443
2612
3108
3213
53
57 AMPLI SA
Waldemar Madura
Tarnów
88307
661
1172
1554
na
58 NOVITA SA
Henryk Kaczmarek
Zielona Góra
86556
5209
6420
6615
na
59 GASTEL ŻURAWIE SA
Grzegorz Piotr Żółcik
Warsaw
86249
1080
1675
10650
266
60 ANDRA SP.Z O.O.
Andrzej Sikorski
Warsaw
81678
5297
6590
6332
73
61 ATC CARGO SA
Artur Jadeszko
Gdynia
79058
1357
1810
1999
na
62 SAS INSTITUTE SP. Z O.O.
Alicja Wiecka
Warsaw
72435
na
na
na
188
63 PATENTUS SA
Józef Duda
Pszczyna
72240
5436
6699
5760
85
64 MISPOL SA
Mirosława Achinger
Białystok
72205
3702
4055
4476
117
65 BLACK POINT SA
Kamila Yamasaki
Kobierzyce/Bielany Wrocławskie
71485
5653
7225
7326
na
66 VARIANT SA
Wiesław Cholewa
Kraków
70580
1581
1636
2931
na
67 SOBET SA
Piotr Czajkowski
Brzeg
69562
76
340
3516
171 61
68 IPOPEMA SECURITIES SA
Jacek Lewandowski
Warsaw
69378
15431
19446
22364
69 BUMECH SA
Zygmunt Kosmała
Katowice
69019
6719
8428
11293
na
70 BCC SP. Z O.O.
Bartłomiej Buszczak
Suchy Las near Poznań
68600
na
na
na
189 105
71 INTAKUS SA
Jarosław Ślipek
Wrocław
63784
1488
2446
5389
72 STARDOM SA
Krzysztof Zięba
Częstochowa
63253
na
na
na
na
73 ONE-2-ONE SA GK
Piotr Majchrzak
Poznań
62520
-3333
3247
-3386
53
74 CALATRAVA CAPITAL SA GK
Paweł Narkiewicz
Warsaw
61047
12091
12804
8568
151
75 SAGE SP. Z O.O.
Elwira Sokołowska
Warsaw
60465
6834
na
na
250 154
76 OPTEAM SA GK
Janusz Bober
Tajęcina near Rzeszów
60099
2074
2355
2646
77 APLISENS SA
Adam Żurawski
Warsaw
59780
9682
12437
12035
48
78 ZETO-RZESZÓW SP. Z O.O.
Ryszard Rzym
Rzeszów
57717
1867
2263
1386
130
79 MAKRUM SA
Rafał Jerzy
Bydgoszcz
56965
-22895
-23274
-27254
252
80 SUWARY SA GK
Walter Tymon Kuskowski
Pabianice
56847
2654
3255
3458
257
81 POLCOLORIT SA
Barbara Urbaniak-Marconi
Piechowice
55774
-11786
-12280
-9885
216
82 INTERNITY SA
Piotr Grupiński
Warsaw
55555
1173
1460
1509
53
83 PROMET SA
Rafał Ziobrowski
Iława
55534
738
973
110
8
84 EPIGON SA
Sławomir Stochniałek
Słupsk
54042
2527
2972
3085
na
85 ERG SA
Dariusz Purgał
Dąbrowa Górnicza
52930
1425
1554
1994
na
86 PRIMA MODA
Dariusz Plesiak
Wrocław
52781
1122
1079
1014
226
87 ANTI SA
Arkadiusz Rzepa
Wrocław
52487
-5291
-4997
-4444
na
88 SZAR SA
Szymon Rurarz
Częstochowa
52051
1531
1787
2230
49
89 LOGON SA
Krzysztof Jurek
Bydgoszcz
50534
1378
1658
1587
44
90 RESBUD SA
Genowefa Łagowska
Rzeszów
50312
-324
-452
-564
151
91 HORTICO SA
Paweł Kolasa
Wrocław
48273
2000
2459
178
2
92 VOTUM SA GK
Dariusz Czyż
Wrocław
47523
5318
6598
5631
na
93 ZAKŁADY MIĘSNE HERMAN SA
Tadeusz Frączek
Tyczyn
47337
-1816
-1735
-1477
292
94 MO-BRUK SA
Józef Tadeusz Mokrzycki
Niecew/Korzenna
47012
6891
8072
8506
na
95 MILMEX SYSTEMY KOMPUTEROWE SP. Z O.O.
Zbigniew Krzyśko
Sosnowiec
46123
8066
8234
8529
71
96 PRZEDSIĘBIORSTWO CHEMII GOSPODARCZEJ POLLENA
Marek Witecki
Ostrzeszów
45532
3266
2926
2748
187
97 SANFARM SP. Z O.O.
Ryszard Latawiec
Nowa Dęba
45415
4656
4718
4102
233
98 KOMA NORD SP. Z O. O.
Zbigniew Szymkowiak, Wojciech Kotas
Gdynia
45156
963
1269
1252
36
99 ESKIMOS SA 100 SPEDYCJA MIĘDZYNARODOWA AGROLAND SP. Z O.O.
32 :: polish market ::
10 /2011
Stanisław Sulima
Konstancin- Jeziorna
45141
1004
1271
2181
133
Wojciech Miotke
Gdynia
45131
411
523
514
39
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
101 HYPERION SA
Andrzej Piechocki
Warsaw
44915
18346
19142
4804
na
102 KORPORACJA GOSPODARCZA EFEKT SA
Bogumił Adamek
Kraków
44261
-1527
-1083
3811
231
103 PROCAD SA GK
Jarosław Jarzyński
Gdańsk
43933
622
689
248
119
104 POLFROST INTERNATIONALE SPEDITION SP. Z O.O.
Jan Ryszard Grzebielucha
Warsaw
41171
940
1333
1387
52
105 IGLOOCAR
Wiesław Barłowski, Krystyna Jaskowska
Dębica
40858
280
424
2153
205
106 INTERFERIE SA
Adam Malinowski
Lubin
39432
3 148
4 039
3 778
na
107 LUBAWA SA
Piotr Ostaszewski
Grudziądz
38240
2401
3330
890
353
108 RANK PROGRESS SA
Jan Mroczka
Legnica
37614
5399
6717
-4495
na
109 HYGIENIKA SA
Kamil Gerard Kliniewski
Lubliniec
36424
-2707
-2707
-2169
106
110 PZ CORMAY SA
Tomasz Tuora
Łomianki
36194
3756
3655
3127
na
111 SONEL SA
Krzysztof Wieczorkowski
Świdnica
35954
4646
4961
4677
209
112 SCO-PAK SA
Grzegorz Pleskot
Warsaw
34612
-3158
-3886
-2138
152
113 ITELLIGENCE SP. Z O.O.
Arnold Nowak
Warsaw
34499
1 670
2 072
2 072
95
114 ONICO SA
Tomasz Turczyn
Warsaw
34288
373
507
684
na
115 DGA SP. Z O.O.
Andrzej Głowacki
Poznań
33943
-3189
4 506
- 3 383
46
116 ESBANK BANK SPOŁDZIELCZY
Jacek Zacharewicz
Radomsko
33933
na
na
na
na
117 IZOLACJA-JAROCIN SA GK
Piotr Widawski
Jarocin
33187
1020
1160
1496
na 45
118 MEGARON SA
Piotr Sikora
Szczecin
32993
1720
2150
2417
119 GWARANT AGENCJA OCHRONY SA
Edward Kuczer
Opole
31225
2899
3569
3611
na
120 VIDIS SA
Bartosz Palusko
Wrocław
30776
1236
1533
1853
na
121 K2 INTERNET SA
Janusz Żebrowski
Warsaw
29470
2712
3265
3023
51
122 BONAIR SA
Andrzej Wach
Warsaw
28385
650
1150
1180
123
123 BANK SPÓŁDZIELCZY w LIMANOWEJ
Adam Dudek
Limanowa
28358
3398
2682
na
167
124 GRUPA KONSULTINGOWOINŻYNIERYJNA KOMPLEKS SA
Janusz Wystemp
Wałbrzych
28081
1336
1665
1829
na
125 ZAKŁADY AUTOMATYKI POLNA SA
Miroslav Kozlovski
Przemyśl
28000
752
846
618
203
126 POZNAŃSKI BANK SPÓŁDZIELCZY
Stanisław Murawski
Poznań
27424
4023
5025
na
126
127 MINOX SA
Tomasz Olszewski
Warsaw
26861
462
594
889
na
128 ORZEŁ SA
Jacek Orzeł
Lublin
25855
-42
-113
-200
38
129 HARDSOFT TELEKOM
Jarosław Kaźmierczak
Poznań
25833
545
677
671
21
130 DOM MAKLERSKI WDM SA
Wojciech Gudaszewski
Wrocław
25165
17161
20181
19604
na
131 GRUPA IZNS SA
Paweł Sobków
Iława
24372
5866
7630
-1097
25
132 R&C UNION SA
Norbert Okowiak
Poznań
24329
-1931
-1931
-1463
na
133 TUP SA GK
Robert Jacek Moritz
Warsaw
24166
8471
16132
28298
na
134 EUROPEJSKIE CENTRUM ODSZKODOWAŃ SA
Krzysztof Lewandowski
Legnica
24018
6138
7741
7463
99
135 WIKANA SA
Sylwester Bogacki
Lublin
23825
14497
17282
7233
21
136 SIMPLE SA
Bogusław Mitura
Warsaw
23027
1900
2443
2735
131 68
137 MILKPOL SA
Wiesław Niedziałek
Czarnocin
22834
1194
1505
1518
138 TRANS POLONIA SA
Dariusz Cegielski
Tczew
22660
1146
1120
1353
12
139 ORGANIC FARMA ZDROWIA SA
Sławomir Chłoń
Warsaw
22645
-1822
-1822
-1826
126
140 TELESTRADA SA GK
Jacek Lichota
Warsaw
22618
3508
4228
4160
na
141 INVESTCON GROUP SA GK
Paweł Śliwiński
Poznań
22457
13239
na
17877
24
142 PPH WADEX SA
Zbigniew Piechociński
Wrocław
22387
3344
3897
3969
75
143 AGROMA SA
Piotr Staszewski
Warsaw
22348
-88
-9
450
na
144 MUZA SA
Marcin Garliński
Warsaw
21108
1070
1337
1580
na
145 M.W. TRADE
Rafał Wasilewski
Wrocław
21088
7035
9022
9027
20
146 INSERT SA
Jarosław Szawlis
Wrocław
20666
3333
4481
3829
151
147 FAST FINANCE SA
Jacek Longin Daroszewski
Wrocław
20449
6238
7715
11914
na
148 LSI SOFTWARE SA consolidated
Grzegorz Siewiera
Łódź
20394
1433
1561
1892
na
149 GOLEMBA SP. Z O.O.
Marek Gondzio
Warsaw
20146
2291
2802
2753
91
10 /2011 :: polish market :: 33
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
150 WERTH-HOLZ SA
Jarosław Gniadek
Poznań
20120
-1972
-2865
-1025
na
151 VEGANET SP. Z O.O.
Ryszard Kołacz
Wrocław
20095
1390
1724
1703
18
152 UNIMA 2000 SYSTEMY TELEINFORMATYCZNE SA GK
Krzysztof Kniszner
Kraków
19869
193
479
-60
60
153 BANK SPÓŁDZIELCZY w CZARNKOWIE
Władysław Dymek
Czarnków
19594
4495
5776
na
94
154 HYDRAPRES SA
Dobromir Niewiński
Solec Kujawski
19536
644
465
1150
78
155 DREWEX SA
Andrzej Krakówka
Kraków
19482
-3508
-3508
-828
187
156 SYNTEA SA
Piotr Fałek
Lublin
19400
1050
1350
1200
93
157 ELEKTROMONT SA
Jarosław Mazur
Jelenia Góra
19233
102
142
157
na
158 QUANTUM SOFTWARE SA GK
Tomasz Hatala
Kraków
18885
-1132
-1070
-1356
116
159 MAŁKOWSKI-MARTECH SA
Zenon Małkowski
Konarskie
18669
1042
1204
1891
na
160 APS SA
Bogusław Łącki
Białystok
18399
388
477
300
66
161 SOFTEX DATA SA
Wojciech Warski
Warsaw
18231
-528
-528
-501
62
162 SMT SOFTWARE SA
Sebastian Łękawa
Wrocław
18158
2674
3342
3338
45
163 VERBICOM SA
Bolesław Zając
164 MAZOWIECKI BANK SPÓŁDZIELCZY Halina Choroś w ŁOMIANKACH 165 CODEMEDIA SA
Sławomir Kornicki
Poznań
18109
524
683
732
na
Łomianki
17956
2066
1581
218098
96
Warsaw
17790
1486
1846
1882
na
166 LOGOS TRAVEL MAREK ŚLIWKA S. J. Marek Śliwka
Poznań
17684
2391
2846
2836
57
167 BANK SPÓŁDZIELCZY w TORUNIU
Jerzy Dąbrowski
Toruń
17562
2810
2231
222257
91
168 ZAKŁAD ELEKTRONICZNEJ TECHNIKI ODLEWNICZEJ SP. Z O.O.
Weronika KazimierowiczKobierska
Koszalin
17420
1768
2294
2073
75
169 BANK SPÓŁDZIELCZY w PLESZEWIE
Maria Górczyńska
Pleszew
17095
4781
3668
205361
91
170 DORADCY24 SA
Grzegorz Rojewski
Wrocław
16942
-645
-635
-550
25
171 TRAVELPLANET.PL
Bożena Garbińska
Wrocław
16850
-2838
-3317
-3192
141 na
172 CIAT SP. Z O.O.
Anna Saar
Konstantynów Łódzki
16808
262
277
1418
173 DOM MAKLERSKI TMS BROKERS SA
Mariusz Potaczała
Warsaw
16742
17114
21181
18156
na
174 IQ PARTNERS SA
Maciej Hazubski
Warsaw
16683
8700
8443
9246
na
175 PTI SA
Kamil Jankowski
Poznań
16680
5040
6078
5923
6
176 LSI SOFTWARE
Grzegorz Siewiera
Łódź
16584
769
769
1067
na
177 MICROTECH INTERNATIONAL SA
Mirosław Loch
Wrocław
16436
-540
-958
-889
41
178 HEFAL SERWIS SA
Aleksander Cieślar
Wodzisław Śląski
16265
204
322
573
na
179 BANK SPÓŁDZIELCZY w SOCHACZEWIE
Kazimierz Majewski
Sochaczew
16231
2519
2029
232014
102
180 KRYNICKI RECYKLING SA
Adam Krynicki
Olsztyn
15680
1108
1087
560
53
181 EGB INVESTMENTS
Krzysztof Matela
Bydgoszcz
15653
2375
2989
987
140
182 SECURITY SYSTEM INTEGRATION SA Waldemar Garwol
Bielany Wrocławskie
15606
738
734
858
na
183 GMP VINDEXUS SA
Jerzy Kulesza
Warsaw
15559
4077
5082
na
38
184 HURTIMEX SA
Jarosław Kopeć
Łódź
15343
208
120
463
na
185 PANI TERESA-MEDICA SA
Anna Sobkowiak
Gutowo Małe
15320
1904
2431
2782
103
186 MOTORICUS SA
Witold Gazda
Warsaw
15293
-780
-850
-321
42
187 HICRON SP. Z O.O.
Bartosz Fudala, Remigiusz Efinowicz, Michał Guzek, Ireneusz Czapski
Wrocław
15235
1591
1866
1660
70
188 MOJ SA
Andrzej Kosecki
Katowice
15163
729
931
-95
na
189 BANK SPÓŁDZIELCZY w STAROGARDZIE GDAŃSKIM
Zenon Błański
Starogard Gdański
15156
2256
1725
197590
95
190 PC GUARD consolidated
Dariusz Grześkowiak
Poznań
15151
1096
1451
1414
55
191 MERA SA
Adam Koneczny
Lewin Brzeski
14765
3964
5037
2105
82
192 BANK SPÓŁDZIELCZY w GRYFICACH
Krzysztof Michalczyk
Gryfice
14760
3920
3102
162361
81
193 BANK SPÓŁDZIELCZY LUDOWY w ZŁOTOWIE
Genowefa Goździejewska
Złotów
14678
2448
1934
206353
87
34 :: polish market ::
10 /2011
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
194 EUROPEJSKI FUNDUSZ HIPOTECZNY SA
Riad Bekkar
Warsaw
14623
8947
9304
Operating income for 2010 (in PLN thousands)
Employment
12059
10
195 GANT DEVELOPMENT
Karol Antkowiak
Wrocław
14493
33304
44028
-6783
na
196 BANK SPÓŁDZIELCZY MAZOWSZE w PŁOCKU
Bożenna Guzanek
Płock
14365
1100
895
170220
112
197 BANK SPÓŁDZIELCZY ZIEMI KALISKIEJ
Grzegorz Poniatowski
Koźminek
14286
2721
3445
na
81
198 ALKAL SA
Radosław Lipiec
Opatówek
14081
1733
2151
2465
na
199 SAKANA SA
Tomasz Romanik
Warsaw
14021
185
137
242
60
200 SYMBIO POLSKA SA
Sylwia Rybicka
Warsaw
13817
-1096
-1030
-878
15
201 SURFLAND SYSTEMY KOMPUTEROWE SA
Dariusz Kucharski
Wrocław
13700
276
na
na
23
202 BANK SPÓŁDZIELCZY w NADARZYNIE
Wiesława Radziak
Nadarzyn
13627
4854
3851
148194
27
203 ALTERCO SA
Zbigniew Zuzelski
Warsaw
13387
727
-1658
-728
5
204 INVEST REMEX SA
Zbigniew Borowski
Częstochowa
13351
377
770
857
30
205 MARKETEO.COM SA
Agnieszka BartoszewiczKsobiak
Bydgoszcz
13347
458
591
586
na
206 Q4NET QUALITY FOR NETWORKING
Robert Pernak
Wrocław
13324
437
567
568
15
207 BANK SPÓŁDZIELCZY w INOWROCŁAWIU
Helena Kłosowska
Inowrocław
13191
4273
3219
189708
36
208 BROAD GATE SA
Piotr Jeleniewski
Warsaw
13059
1002
1235
na
1
209 BANK SPÓŁDZIELCZY w DZIERŻONIOWIE
Elżbieta NowakowskaAkkermans
Dzierżoniów
13048
3472
2712
172016
52
210 SWISSMED PRYWATNY SERWIS MEDYCZNY SA
Roman Walasiński
Gdańsk
12951
655
830
829
27
211 BANK SPÓŁDZIELCZY w PROSZOWICACH
Józef Banach
Proszowice
12934
2575
2066
199988
87
212 BANK SPÓŁDZIELCZY w ŁOSICACH
Romuald Piotruk
Łosice
12334
2914
2109
152485
48
213 RUCH CHORZÓW SA
Katarzyna Sobstyl
Chorzów
12304
-1741
-1741
-1158
90
214 EMMERSON SA
Marek Krajewski
Warsaw
12223
574
262
-335
na
215 BANK SPÓŁDZIELCZY POJEZIERZA MIĘDZYCHODZKOSIERAKOWSKIEGO
Józef Kubanek
Sieraków
12081
2040
1529
149607
70
216 PREMIUM FOOD RESTAURANTS SA
Aleksandra Gawrylak
Warsaw
11554
-385
-416
-196
56
217 PBS FINANSE SA
Jerzy Biel
Sanok
11535
-944
-608
-1652
27
218 GRUPA FINANSOWA PREMIUM SA
Tomasz Boduszek
Katowice
11363
383
1098
2902
na
219 E-MUZYKA SA
Robert Knaź
Warsaw
11311
-2926
-2831
-2761
7
220 MEDIACAP SA
Jacek Olechowski
Warsaw
11144
-744
-897
-903
3
221 POLTRONIC SA
Piotr Chrobak
Wrocław
11130
-453
na
-140
na
222 PPH KOMPAP SA
Waldemar Lipka
Kwidzyn
10976
-1069
-1069
-1422
na
223 PLASMA SYSTEM SA
Sławomir Wawrzyniak
Siemianowice Śląskie
10922
1039
1184
1244
48
224 PRZEMYSŁOWY INSTYTUT MASZYN ROLNICZYCH
Tadeusz Pawłowski
Poznań
10916
1 473
1 490
1262
92
225 AQUA SA
Józef Andrzej Kozikowski
Poznań
10892
1830
2306
2341
na
226 EURO-TAX.PL SA
Adam Powiertowski
Poznań
10855
3098
4041
3933
58
227 DYWILAN SA
Piotr Jakubiak
Łódź
10781
-1019
-1024
343
na
228 STREAMSOFT S.J.
Dariusz Chojnacki, Zbigniew Jastrzębski, Cezary Miadziołko, Jacek Szaferski
Zielona Góra
10665
na
na
na
85
16
229 ADVACOM SP. Z O.O.
Paweł Krysztofiak
Poznań
10661
407
503
471
230 INTERACTIVE INTELLIGENCE
Marcin Grygielski
Warsaw
10555
na
na
na
3
231 BANK SPÓŁDZIELCZY w SKAWINIE
Kazimiera Stochel
Skawina
10144
1439
1095
na
74
232 INWESTYCJE.PL SA
Grzegorz Czapla
Wrocław
10129
595
674
685
na
233 AZTEC INTERNATIONAL SA
Marek Ciulis
Poznań
10128
336
418
na
na
234 BMM SP. Z O.O.
Bogdan Michałek
Rzeszów
10036
565
668
688
65
10 /2011 :: polish market :: 35
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
235 RODAN SYSTEMS SA
Witold Staniszkis
Warsaw
10002
465
465
634
na
236 POLMAN SA
Mariusz Nowak
Warsaw
9657
1004
1244
1290
65 90
237 CSY SA
Grzegorz Wrona
Iława
9618
-202
-32
-609
238 DOM LEKARSKI SA
Dariusz Piotrowski
Szczecin
9267
925
1154
1298
na
239 SUNTECH SA
Piotr Saczuk
Warsaw
9233
809
503
629
40 49
240 BIZTECH KONSULTING SP. Z O.O.
Sławomir Chabros
Warsaw
9093
na
na
na
241 TRO MEDIA SA
Marcin Misztal
Wrocław
9001
3866
4687
2081
bd
242 PGS SOFTWARE SA
Wojciech Gurgul
Wrocław
8817
1267
1586
1466
43 24
243 MINERAL MIDRANGE SA
Tomasz Lewicki
Warsaw
8735
606
782
809
244 DIVICOM SA
Wojciech Skiba
Poznań
8667
-125
-125
na
na
245 PRZEDSIĘBIORSTWO EUROAQUA SP Z O.O.
Radzisław Nowakowski
Poznań
8613
636
787
763
17
246 ALUMAST SA
Zbigniew Szkopek
Wodzisław Śląski
8612
-1261
-1307
-1191
56
247 POZNAŃSKA KORPORACJA BUDOWLANA PEKABEX S.A.
Robert Jędrzejowski
Poznań
8473
5437
6584
7259
1
248 PLATINUM PROPERTIES GROUP SA
Piotr Wiśniewski
Warsaw
8466
2311
1822
-537
4
249 PLATFORMA MEDIOWA POINT GROUP SA
Michał M. Lisiecki
Warsaw
8455
-20237
-19793
-6360
28
250 PRZEDSIĘBIORSTWO BUDOWLANE BUDOTEX SP. Z O.O.
Krzysztof Gołuchowski, Wojciech Libera
Wrocław
8447
610
790
1023
57
251 ROCCA SA
Bogusław Piłat
Słubice
8379
-3081
-3081
-3038
16
252 BANK SPÓŁDZIELCZY w GŁOGOWIE MAŁOPOLSKIM
Stanisław Pado
Głogów Małopolski
8303
1983
1632
na
55 24
253 COMPRESS SA
Bogdan Biniszewski
Warsaw
7931
221
258
na
254 ARTEFE SA
Leszek Ruchwa
Kielce
7880
250
279
452
na
255 COPERNICUS SECURITIES SA
Marcin Billewicz
Warsaw
7858
2217
2405
2370
61
256 MAKOLAB SA
Wojciech Zieliński
Łódź
7799
633
735
812
57
257 POSITIVE ADVISORY SA
Monika Reszka
Warsaw
7718
na
698
909
na
258 PHARMENA SA
Konrad Palka
Łódź
7704
123
189
-66
15
259 RSY S.A. (former IZRS SP. Z O.O.)
Szymon Klimaszyk
Iława
7659
-494
-520
-888
na
260 GALVO SA
Ryszard Szczepaniak
Łódź
7642
275
321
295
46
261 XPLUS SA
Karol Sudnik
Warsaw
7504
1426
1767
1756
na
262 BALTICON SA
Tomasz Szmid
Gdynia
7334
3
157
75
na 24
263 TRIMTAB SA
Sebastian Pielach
Warsaw
7332
2316
2225
2252
264 CASH FLOW SA
Grzegorz Gniady
Dąbrowa Górnicza
7306
4403
4115
598
31
265 POWER MEDIA
Wojciech Narczyński
Wrocław
7267
-317
-298
-408
80
266 DOMZDROWIA.PL SA
Jacek Denkowski
Zielonki near Kraków
7254
-227
-230
-184
na
267 BIOMAXIMA SA
Henryk Lewczuk
Lublin
7188
539
na
810
38 55
268 PC GUARD SA
Dariusz Grześkowiak
Poznań
7162
1096
1452
1414
269 PARTEX SA
Paweł Pajka
Warsaw
6940
326
415
484
na
270 EUROSNACK SA
Mariusz Spirkowicz
Chorzów
6820
-608
-610
-474
49
271 M2 NET SA
Marcin Piołun- Noyszewski
Warsaw
6629
612
719
811
6
272 TRITON DEVELOPMENT SA
Magdalena Szmagalska
Warsaw
6503
2014
2492
na
20
273 RUNICOM SA
Małgorzata UsakowskaBilska
Warsaw
6284
1010
1263
-633
7
274 DOMEX-BUD DEVELOPMENT SA
Tomasz Kowalski
Wrocław
6119
1001
1298
1059
na
275 BANK SPOŁDZIELCZY w DĄBROWIE TARNOWSKIEJ
Salomea Kozioł
Dąbrowa Tarnowska
6073
1797
1446
na
31
276 MPL VERBUM SA
Marcin Katański
Poznań
5926
622
773
788
na
277 VEDIA SA
Mirosław Włodarczyk
Warsaw
5849
152
152
-1067
na
278 AUXILIUM SA
Zofia Podhorecka
Kraków
5830
1106
1408
941
29
279 STOPKLATKA SA
Adam Bortnik
Szczecin
5211
204
230
196
49
280 IGROUP SA GK
Jan Ryszard Wojciechowski
Warsaw
5139
-112398
-112398
-1929
20
281 BIURO PROJEKTÓW I ZASTOSOWAŃ SYSTEMÓW INFORMATYCZNYCHMICROSYSTEM SP. Z O.O.
Georgis Bogdanis
Sopot
5069
158
196
211
25
36 :: polish market ::
10 /2011
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
282 SONETA SP. Z O.O.
Robert Czuła
Kraków
5000
na
na
na
283 AOW FAKTORING SP. Z O.O.
Michał Kinkel
Lubliniec
4964
1414
1831
3355
32 na
284 PÓŁNOC NIERUCHOMOŚCI SA
Piotr Sumara
Kraków
4813
517
553
433
10
285 MAGNIFICO SA
Karolina Siudyła - Koc
Warsaw
4793
433
476
482
13
286 RAJDY 4X4 SA
Maciej Chełmicki
Sulejówek
4706
72
72
57
na
287 BLACK PEARL CAPITAL SA
Jacek Woźniakowski
Warsaw
4701
2401
2962
910
na
288 EUROFAKTOR SA
Artur Rawski
Kraków
4661
-18416
-17805
-10920
19
289 POLSKI HOLDING REKRUTACYJNY SA
Bartosz Kaczmarczyk
Kraków
4611
320
335
181
na
290 TAXUS FUND SA
Piotr Jędrzejczak
Łódź
4589
103
547
-2047
na
291 SARE SA
Tomasz Pruszczyński
Rybnik
4429
463
597
580
11
292 ASTRO SA
Karolina Szymańska
Warsaw
4360
7144
8851
-3041
5
293 EFICOM SA
Anna Katarzyna Nietyksza
Warsaw
4360
20
73
-82
na
294 BANK SPÓŁDZIELCZY w KÓRNIKU
Katarzyna Zimniak
Kórnik
4326
517
687
na
49
295 POLSKIE JADŁO SA
Jan Kościuszko
Kraków
4244
-2246
-1373
-133
91
296 DIGITAL AVENUE SA
Piotr Wąsowski
Warsaw
4146
321
396
395
na
297 INSOFT SP. Z O.O.
Jacek Dutka
Kraków
4124
na
na
na
26
298 CALESCO SA
Krzysztof Dokowski
Szczecin
4104
159
195
216
na
299 PSI – PROJEKTOWANIE SYSTEMÓW INFORMATYCZNYCH – Bolesław Rudnik
Bolesław Rudnik
Wrocław
4036
577
577
648
34
300 GPPI SA
Krzysztof Nowak
Poznań
3928
303
2195
391
na
301 GENOMED SA
Marek Zagulski
Warsaw
3859
297
315
348
13 na
302 INBOOK SA
Mariusz Dąbrowski
Dąbrowa Górnicza
3824
-8097
577
5674
303 M4B SA
Maciej Szczytkowski
Warsaw
3702
138
138
134
na
304 INFOSYSTEMS SA
Mariusz Sosnowski
Warsaw
3640
1581
1713
1794
na
305 LIBERTY GROUP SA
Magdalena Lizurej-Gawron
Warsaw
3599
31
67
73
na
306 ANALIZY ONLINE SA
Tomasz Publicewicz
Warsaw
3577
36
64
66
20
307 CONSILEON POLSKA SP. Z O.O.
Marcin Kaczmarek, Piotr Roubo
Szczecin
3536
82
144
221
3
308 EASYCALL.PL SA
Michał Jakubowski
Warsaw
3499
152
181
192
na
309 POLSKI FUNDUSZ HIPOTECZNY SA
Mirosław Magda
Wrocław
3382
4419
5464
1854
na
310 COMP SOFT SP. Z O.O.
Stanisław Wanatowicz
Mielec
3269
384
490
470
40
311 MAXIPIZZA SA
Paweł Molenda
Kielce
3172
170
170
174
23
312 KORBANK SA
Tymoteusz Biłyk
Wrocław
3166
721
848
905
na
313 PROXYAD SA
Dawid Korczyński
Warsaw
3108
298
376
403
na
314 MABION SA
Maciej Wieczorek
Kutno
3084
471
506
376
14
315 IAI SA
Paweł Fornalski
Szczecin
3080
97
143
71
26
316 GOLAB SA
Bogdan Łuczyński
Żagań
3063
-91
na
na
na
317 INDEKS COPERNICUS SA
Mirosław Rek
Warsaw
3045
-1479
-1703
-1685
4
318 CENTRUM WSPIERANIA PROJEKTÓW EUROPEJSKICH SA
Rafał Czerkawski
Wrocław
3012
474
571
621
9
319 KOMFORT-KLIMA SA
Robert Kopeć
Wrocław
2996
-782
-714
-565
na
320 LAUREN PESO POLSKA SA
Kamil Kita
Chorzów
2971
459
542
611
12
321 DENT-A-MEDICAL SA
Mariusz Andrych
Wrocław
2850
-2920
-2920
-2621
na
322 TERRA SA
Andrzej Marciniak
Warsaw
2841
319
393
391
na
323 LST CAPITAL SA
Dariusz Janus
Warsaw
2829
2952
3453
172
9
324 GRYFITLAB SP. Z O.O.
Andrzej Szarycki
Łozienica/Goleniów
2817
633
633
958
na 24
325 FRESH24.PL SA
Tomasz Trojanowski
Warsaw
2753
-3646
-3646
-3492
326 CALL2ACTION SA
Szymon Pikula
Warsaw
2729
46
81
112
na
327 NANOTEL SA
Daniel Wojnarowicz
Wrocław
2521
61
9
48
21
328 BLUE TAX GROUP SA
Mirosław Stanisławski
Wrocław
2501
-794
-794
-575
na
329 TRION SA
Jarosław Żołędowski
Inowrocław
2343
na
-45544
-23430
21
330 ZAKUPY.COM SA
Jarosław Kownacki
Warsaw
2334
1140
1379
898
na
331 SMOKE SHOP SA
Maciej Król
Warsaw
2321
78
96
105
na
10 /2011 :: polish market :: 37
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
332 ABAK SA
Paweł Puterko
Olsztyn
2306
167
207
224
333 TELIANI VALLEY POLSKA SA
Adam Sworowski
Wrocław
2298
69
70
93
38 na
334 GDF IT CONSULTING SP. Z O.O.
Arnold Stypułkowski
Warsaw
2200
27
33
na
18
335 TELEMEDYCYNA POLSKA SA
Ireneusz Plaza
Katowice
2186
103
66
74
22
336 MAKORA KROŚNIEŃSKA HUTA SZKŁA SA
Bogdan Kasprzyk
Krosno
2109
110
152
194
na
337 MGA SP. Z O.O.
Marcin Orylski
Toruń
2032
188
239
244
8
338 IPO DORADZTWO STRATEGICZNE SA
Cezary Nowosad
Warsaw
1973
1026
1191
709
na
339 REMEDIS SA
Krzysztof Nowak
Poznań
1964
154
170
175
na
340 ACARTUS SA
Piotr Piekarski
Jastrzębie Zdrój
1867
45
58
119
33
341 WDB BROKERZY UBEZPIECZENIOWI SA
Krzysztof Cichecki
Wrocław
1818
121
167
173
14
342 WIERZYCIEL SA
Krzysztof Rzepka
Mikołów
1791
638
764
812
na
343 MARSOFT SA
Marek Pawluczuk
Świdnik
1725
-541
-594
-280
na
344 TELIANI VALLEY POLSKA SA
Adam Sworowski
Wrocław
1681
47
49
71
2
345 NOTORIA SERWIS SA
Paulina Sztajnert
Warsaw
1670
15
na
-43
13
346 RUBICON PARTNERS TFI SA
Grzegorz Golec
Warsaw
1660
13725
13725
na
na
347 ART. NEW MEDIA SA
Andrzej Wysocki
Warsaw
1561
26
27
11
na
348 FLUID DESK SP. Z O.O.
Roman Jędrzejewski
Szczecin
1465
21
54
81
na
349 GOADVISERS SA
Bartosz Zalewski
Katowice
1454
2420
2412
-240
8
350 EAST PICTURES SA
Tomasz Tokarski
Warsaw
1384
-38
-29
-29
2
351 ORION INVESTMENT SA
Tadeusz Marszalik
Sosnowiec
1377
257
300
586
5
352 TONSIL ACOUSTIC COMPANY SA
Marek Szkudlarek
Piotrków Trybunalski
1371
-380
-374
-381
na
353 INTELIWISE SA consolidated
Marcin Strzałkowski
Warsaw
1250
-1493
-1493
-1534
na 11
354 HOTBLOK SA
Jarosław Lenartowski
Sosnowiec
1221
-1547
-1536
-1490
355 HMSG SA consolidated
Bartłomiej M. Matusiak
Ciechanów
1171
8
8
12
na
356 ODL SP. Z O.O.
Patrick Flanagan
Warsaw
1137
406
474
487
20
357 SITE SA
Piotr Chumicki
Olsztyn
1130
134
173
184
6
358 GPF CAUSA SA
Piotr Szalbierz
Wrocław
1128
393
400
481
15
359 MONDAY DEVELOPMENT SA
Kurt Montgomery
Poznań
1115
272
314
417
na
360 STANUSCH TECHNOLOGIES SA
Maciej Stanusch
Ruda Śląska
1048
-265
-265
na
11 na
361 SERENITY SA
Piotr Nalepa
Gdańsk
1020
-444
-444
-446
362 APOLONIA MEDICAL SA
Piotr Trzaska
Sicienko
957
194
225
232
5
363 FON SA
Piotr Żołyński
Płock
909
4993
9617
-863
na 17
364 INNO-GENE SA
Michał Kaszuba
Poznań
896
-222
-222
-199
365 PUBLIC IMAGE ADVISORS SA
Przemysław Buszko
Warsaw
872
578
714
422
na
366 NEMEX SA
Grzegorz Pilich
Warsaw/Wesoła
869
21
34
-8
na na
367 BIO-MED INVESTORS SA
Andrzej Trznadel
Wrocław
829
3005
3757
-283
368 VIAGUARA SA
Robert Pydzik
Warsaw
794
-5038
-5038
-4940
7
369 IBIZA ICE CAFE SA
Jacek Jabłoński
Wrocław
782
-2446
-2452
-2190
na
370 AKCEPT FINANCE SA
Paweł Barański
Mysłowice
754
98
123
314
5
371 E-KIOSK SA
Piotr Kubiszewski
Wrocław
716
-217
-217
-218
na
372 T2 INVESTMENT SA
Tomasz Tyliński
Poznań
705
1753
2200
-1120
5
373 MAXIMUS SA
Grzegorz Lorek
Bielsko- Biała
685
111
137
147
1 na
374 DFP DORADZTWO FINANSOWE SA
Piotr Jędrzejczak
Łódź
657
1016
1111
-372
375 GEOINVENT SA
Jarosław Stanios
Warsaw
644
-195
-195
-230
na
376 ABS INVESTMENT SA
Robert Jaruga
Bielsko- Biała
637
425
510
377
na
377 JURAJSKI DOM BROKERSKI SA
Sebastian Bogus
Częstochowa
625
261
322
322
na
378 WEALTH BAY SA
Piotr Wiaderek
Łódź
622
216
272
92
na
379 EUROIMPLANT SA
Andrzej Kisieliński
Rybie/Raszyn
616
-2370
-2370
na
18
380 DR KENDY SA
Riad Bekkar
Warsaw
497
83
na
97
na
381 11 BIT STUDIOS SA
Grzegorz Miechowski
Warsaw
491
-271
-271
-270
na
382 STARK DEVELOPMENT SA
Jacek Koralewski
Chorzów
411
-188
-112
-520
3
383 DEPEND SA
Henryk Kluba
Warsaw
406
13
16
16
na
38 :: polish market ::
10 /2011
SME
Ranking of small and medium enterprises (SME) – cont. Company name
Head of company
Based in
Sales revenue for 2010 (in PLN thousands)
Net profit/loss for 2010 (in PLN thousands)
Gross profit/loss for 2010 (in PLN thousands)
Operating income for 2010 (in PLN thousands)
Employment
384 READ-GENE SA
Jan Lubiński
Szczecin
363
-399
-401
-433
385 BIOERG SA
Maciej Błasiak
Dąbrowa Górnicza
275
8
1
-32
11 2
386 VIRTUAL VISION SA
Richard Kunicki
Warsaw
245
19
19
28
na
387 FINHOUSE SA
Artur Luterek
Warsaw
202
39
47
50
na
388 ASSETUS SA GK
Piotr Wiaderek
Łódź
170
114
146
-115
na
389 NOVAINVEST SA
Andrzej Macenowicz
Warsaw
164
1053
1256
-718
1
390 FON ECOLOGY SA
Sylwia Szwed
Płock
130
6230
7783
-97
2
391 MOMO SA
Jacek Malec
Warsaw
128
-728
-728
-738
1
392 INVISTA SA
Cezary Nowosad
Warsaw
105
-1583
-1583
-225
2
393 WEST REAL ESTATE SA
Ewa Maj
Wrocław
90
705
867
-28
na
394 MORIZON SA
Bolesław Drapella
Gdynia
84
-111
-111
-102
na
395 FUTURIS SA
Janisław Muszyński
Wrocław
80
-206
-206
-221
na
396 ONERAY INVESTMENT SA
Bogusław Bartoń
Wrocław
76
-233
-233
-222
na
397 LOKATY BUDOWLANE SA
Marek Kwiatkowski
Warsaw
70
-781
-781
-770
4
398 AIR MARKET SA
Bartłomiej Herodecki
Warsaw
58
-197
-197
-180
na
399 GREEN TECHNOLOGY SA (former INFINITY SA)
Klaudiusz Wolny
Warsaw
40
-1320
-1323
-1299
na
400 VENO SA
Arkadiusz Kuich
Warszawa
10
-2298
-2162
-1854
3 Source: companies
ADVERTISEMENT
10 /2011 :: polish market :: 39
SME
Technological credit for SMEs Financing of small, mid-sized, and in particular micro enterprises is one of the most multifaceted issues of the current situation of the Polish economy. The SME sector is the most numerous segment of Polish businesses, however, it is the 7 largest companies that produce about 47% of Poland’s GDP. Therefore there are many attempts to stimulate the SMEs, in a way which would result in their greater participation in the financial, production and labour markets.
It seems logical, however, the situation becomes complicated when the attitudes of both banks and small entrepreneurs to credit are examined. The reluctance of banks to lend to small businesses, especially to start-ups is already legendary. And perhaps more legendary than real, as many banks have made efforts to liberalize their policy on investment loans to SMEs or propose other solutions to this sector. It is true that in practice what is available to everyone is not much beyond a business account which guarantees fee-free transfers to social security and tax office, but at least the trend is positive. The fact remains however that approximately 80% of micro-businesses finance themselves from their own pockets. A similar percentage applies to small and mid-sized enterprises (source: Tax Care). Polish micro businesses are usually one-man businesses. Running a business is often imposed by the employer, who “employs” the candidate, but only if he or she starts his or her own business and settles accounts with the social insurance and tax authorities on their own. Such “micro business” will not be looking for funds for development, because the person running it feels employed by the company for which he or she carries out orders, often spending at its headquarters the obligatory 40 hours per week.
It is true that in practice what is available to everyone is not much beyond a business account which guarantees fee-free transfers to social security and tax office, but at least the trend is positive. The fact remains however that approximately 80% of micro-businesses finance themselves from their own pockets.
40 :: polish market ::
10 /2011
A report of the Polish Agency for Enterprise Development (PARP) shows that entrepreneurs from the SME sector approach bank lending with certain distance. Almost half of businesspeople consider it to be a regular tool financing business operations, and a slightly smaller group declares that they would decide to borrow from a bank only in case of major financial problems. For many entrepreneurs, a credit is only for financing large investments, and micro-businesses fear that they would not have means to pay it back (source: Tax Care). The solution endorsed by Deloitte consulting firm seems interesting. Deloitte encourages to use the relatively little popular source of funding – technological credit available under measure 4.3 Operational Programme Innovative Economy. Its purpose is to support investments in new technologies. By definition, new technological investment means the entrepreneur starting production of a new or significantly improved product, process or service based on a new technology that is purchased and implemented with the money obtained from the technological credit. It is permissible to implement own new technology as an alternative to purchasing it from external suppliers. “Funding in the form of technological bonus amounts to 40-70% of eligible costs depending on the location of the investment and size of the firm (...) The entrepreneur applying for funding must be creditworthy. A success factor is providing an external opinion confirming the novelty of the technology on a global scale, used for no longer that
5 years,” Deloitte writes in the European Alert 11/2011. The reason why now in particular Polish small and mid-sized enterprises should take advantage of this new form of financing is that a new legislation facilitating the use of technological credit has entered into force. Deloitte underlines that technological credit is an instrument particularly attractive to industries rich in technological innovation: the pharmaceutical and automotive sectors. “As the ranking lists of the existing beneficiaries of the technological credit show, high-tech companies, among which undoubtedly are pharmaceutical, biotech and cosmetic companies, have not at all benefited from the possibility of financing the purchase of innovative technologies with the use of this instrument (...) Meanwhile, it is an attractive source of funding projects such as investments necessary to implement innovative results of research connected with the development of new products, recipes, medications and cosmetics,” Deloitte report comments. The situation of the automotive industry is described as follows: “Out of 102 projects recommended for support under the loan, only 6, including an implementation of innovative manufacturing technology and design of filters and an implementation of an environmental technology for cleaning vehicles, concerned the automotive industry. Due to many innovative solutions implemented each year in this industry, we believe that automotive companies should seriously consider using this instrument.” Technological credit is undoubtedly a new opportunity for certain sectors. However, the difference in the availability of financing for SMEs operating in different industries becomes more pronounced. The scales is increasingly tipping against humanities, arts and culture. ::
XVII POLSKIE FORUM FINANSOWE TWOJE PIENIĄDZE 2011 V PROGRAM EDUKACYJNY TWOJE PIENIĄDZE 2011
COIN EXPO 2011
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TARGI DLA INWESTORÓW I PASJONATÓW
Z£OTO I SREBRO INWESTYCYJNE POLSKIE I MIÊDZYNARODOWE MONETY KOLEKCJONERSKIE PRODUKTY O CHARAKTERZE LOKACYJNYM AKCESORIA KOLEKCJONERSKIE
WYCENA NUMIZMATÓW ! PUNKT WYMIANY MONET ! PROMOCJA POLSKIEJ MONETY ! WYSTAWA NARODOWEGO BANKU POLSKIEGO - "PORTRETY I MONETY" !
Economy and Finance
Buy, borrow, dispose of it “The world is drifting and becoming sick. We are dealing with global imbalances, also environmental. Changes in the global economic order (or rather disorder) are necessary. Although in the present turmoil it is difficult to give precise prescriptions, it is worth at least to take care about directional solutions. Even those impossible to implement right now are important. Hence economists point to the ‘three useful utopias.’ By Sandra Wierzbicka, based on a speech by Professor Elżbieta Mączyńska
PhD at the Warsaw School of Economics; Assistant Professor at the Institute of Economics, Polish Academy of Sciences, President of the Polish Economic Society
Although they cannot be fully realized, it is worth moving in their direction and taking the appropriate steps and efforts,” said Prof. Elżbieta Mączyńska, President of the Polish Economic Society (PTE) at the ACCA Presidential Debate. The first is a utopia that we will create global regulations, including those concerning environment protection. Second, that the world will go green. Third, that we will change our consumption patterns and life, and give up thoughtless consumerism, devoid of respect for the environment. So how can the issue of ecology in business be approached realistically? The main problem is the lack of longterm perspective. The terror of short gain dominates. Therefore ecology is discussed solely from the perspective of expenditures. And from this perspective, entrepreneurs see ecology as one more burden. The average taxpayer thinks in the categories: how much will I have to pay for this, what’s in it for me? Expenditures for ecology should be treated in the category of individual and social benefits. This requires a holistic account of not only direct expenditures, but a full balance of costs and externalities. It can show us that a company which incurs expenditure on ecology, derives profits from it. For example better new raw materials, like better water for beer production. The secret of the beautiful glass from Krosno, one of the most famous Polish export products, is the quality of water. The methods of calculating GDP are also problematic. GDP growth is often a deceptive concept. The more salt is
42 :: polish market ::
10 /2011
poured on the streets in winter, the higher the GDP; the more people get sick and use more medication, the more is manufactured, and the larger the GDP. But to be able to talk about progress, the growth of wealth should be accompanied by the improvement of the environment and the quality of life. Growth is not always progress. The most economically dangerous situation is when resource-rich countries grow lazy in other areas such as care for the environment. This is called the “Dutch disease,” i.e. economic decline caused by the discovery, availability and intensive exploitation of natural resources. Such an illness hit many countries in the past. Currently it can be easily diagnosed in Russia. Although it is rich, because it has natural resources – the quality of life is degrading. Other countries, which in terms of raw materials have nothing, like Singapore, become richer and develop quality owing to wisdom in managing resources other than raw materials, first of all human resources through intensifying expenditure on education, fighting unemployment, environment protection and smart, enforceable and enforced legal regulations. Hence it can be concluded that instead of the popular slogan “knowledge-based economy,” “wisdom-based economy” is better. It is necessary to change the existing mindset. I suggest starting from an institutional change in the system of making and enforcing law in Poland. An economic analysis of law and logistics-institutional analysis are necessary in terms of the efficiency and effectiveness of regulations. The priority should be a holistic economic analysis, which would
show the long-term consequences and full benefits. Education can be an example. It is often treated only as a cost. Especially in Poland, where during the entire transformation period the budget for education took distant positions, and in the case of expenditures on science, is was a leftover from the county’s expenses. However cuts on the level of secondary education return in the form of ignorant students and lower level of education. In this regard, economic analysis of law is clearly needed. It is also lacking on European level. It can be seen in excessive regulations like the rules forbidding the production and therefore purchase of hundred watt bulbs, because they are environmentally harmful. Such a bulb after ecological analysis of law should cost so much that the price reflected the cost of environmental degradation. It would be high enough that most buyers would resign from purchasing it. Instead, officials decide which bulb is to be produced, which resembles the solutions of the centrally planned economy era. Companies, especially the financial sector, are blamed for the crisis. Michael Porter and Mark Kramer have recently stood up in defence of business saying that the regulations are to blame. They proposed the concept of “creating shared value.” A look at business through a holistic system can contribute greatly to the companies becoming pro-environmental. ::
Selected Publications of The Polish Economic Society (PTE)
Ludwig Erhard Prosperity
for everyone (Dobrobyt dla wszystkich)
This book by Ludwig Erhard concerns the policy of developing a socio-economic establishment and its fundamental keystones, primarily including economic freedom and competition. We present this book to readers, convinced that it will contribute to the broadening of knowledge on the subject of the policy of developing the socio-economic establishment and the model of a social market economy adopted in the Constitution of the Republic of Poland. Note from the publisher
Gerald Allan Cohen
Why (not) socialism? (Dlaczego (nie) socjalizm?)
“Is socialism a desirable ideal? Is it possible to implement it in practice? In this book, one of the world’s leading political philosophers presents a convincing moral argument for socialism. He suggests that the obstacles on the way to its practical implementation are exaggerated. (...) But, as desirable as socialism may be, many claim that it is impossible to implement. However, Cohen states that the greatest barrier on the way to socialism is not, as it is often emphasised, uncontrollable human egoism, but the lack of well-designed mechanisms (…).” (an extract from the book)
John Kenneth Galbraith Through interesting times (Przez ciekawe czasy) “Conversations which make sense sometimes happen. They impart certain knowledge, that is, they are formed from valuable thoughts, uttered sentences that reveal something about reality. A chat about everything tends to be pleasant and beneficial, but only to its participants. It reduces the distance between them, but does not bring them closer to the world. We hope that our conversation is about something.” (an extract from the book) The book is a conversation between Prof. Paweł Kozłowski and Prof. Zdzisław Sadowski. It is a form of biography.
John Kenneth Galbraith
Money (Pieniądz)
“The studies of money are, to a greater extent than all the other fields of the economy, an area in which complexity is used to obfuscate or avoid the truth, rather than reveal it. The majority of things in life – for example cars, lovers, cancer – are only important to those, who have them. In contrast to that, money is equally important to those who have it and to those who do not. Both the former and the latter are interested in the understanding of its secrets. Both the former and the latter should be fully convinced that they can do it.” (an extract from the book)
A full offer of PTE publications is available in the Society’s on-line bookshop: w w w.k si a z k ie konom ic z ne .pl Books can be ordered by Internet, in scientific booksellers and in the Polish Economic Society’s headquarters at 49 Nowy Świat Str., 00-042 Warsaw, tel. (+48 22) 55 15 401, e-mail: zk@pte.pl
Economy & Finance
IPOs of state-owned companies Eugeniusz Śmiłowski, PhD
Eugeniusz Śmiłowski PhD, Member of the Statistical Council
Investment in shares offered in IPOs of state-owned companies attracted much public interest since the very beginning of the transition period in Poland. Polish people hoped that by buying stakes in privatised staterun firms they will gain an attractive source of additional income. Most people were aware that investing in shares is risky (81%) and that it is “a lottery,” in which one may lose a lot (73%). At the same time, there was also a high number of people convinced that “it is sometimes possible to gain a lot” by buying shares (73%) or even that “it is often possible to earn a lot” (61%). In 1990, before the establishment of the Warsaw Stock Exchange (WSE), 29% of adult Poles showed interest in buying shares and 9% were determined to buy shares if they were offered for sale. At no point in the next 20 years was public interest in buying shares so high. The first disappointment came in 1994 with the privatisation of Bank Śląski. The bank’s stock, snapped up by the public, generated impressive gains only to the lucky few who were able to sell their shares at the first trading session 1. Soon after that, the stock market slumped. Share prices dived and inexperienced investors incurred substantial losses. The bear market caused a major part of the public to revise their expectations and made them less inclined to invest on the stock exchange. Three large IPOs of state-owned companies – Bank Handlowy, Powszechny Bank Kredytowy and the copper conglomerate KGHM - conducted in 1997 were a successful attempt to revive public interest in the stock market. The information and advertising campaigns as well as incentives for the IPOs did work and almost 450,000 More than 800,000 people bought shares in Bank Śląski. At the first trading session, the stock price increased by 1,350%, with a very low volume as only 32,500 shares were traded. The reason was that only a small part of the stock was admitted to trading on the stock exchange.
retail investors were encouraged to buy the shares. In the next two years, the IPOs of state-owned companies – Bank Pekao, the national telecom company Telekomunikacja Polska and the fuel company PKN Orlen – lured slightly over 400,000 investors. Surveys conducted at that time2 showed that the shares were purchased by different types of investors.
Four types of investors The investors may be divided into the four categories: 1) risk-takers, 2) expert investors, 3) investors “waiting for opportunities promising sure gains,” and 4) investors “lured by a special offer.” Expert investors made up the largest group (28%). These were active investors, playing on the stock market using their own, cautious and well-thought-out strategy. They calculated and analysed the long-term profitability of investments. Prudent and sceptical, they did not tend to follow the herd instinct. Instead, they carefully observed developments on the wider market. They took decisions independently and preferred a smaller but sure gain. They used to sell after achieving an expected rate of return. However, they sometimes sustained heavy losses when they delayed the decision to close unprofitable positions. Risk-takers were the second largest group of investors (27%). Regular players, old stagers bitten by the gambling bug – for the risk-takers playing on the stock exchange was a habit and irresistible need. Paying no heed to the risk, they believed in their luck. They preferred a fast rotation of capital invested and were very active on stock market forums. They used bank loans and relied on leveraging to increase the potential return
1
44 :: polish market ::
10 /2011
The surveys were conducted by Pentor in the years 1997-1999 on investors in the public offerings of Bank Handlowy, Telekomunikacja Polska and Polski Koncern Naftowy (N=5,000). 2
on attractive companies debuting on the stock exchange. The third group were novices “lured by a special offer” (22%). Most of them were people attracted to the stock market by large IPOs of stateowned companies. They were the most responsive to media and advertising campaigns for IPOs. In taking decisions, they were guided both by opinions of specialists and suggestions of their family members. They were very sensitive to any kind of sales incentives, especially discounts for retail investors. They regarded investment in stocks as a long-term and more profitable saving scheme, and were convinced that IPOs of state-owned companies always generated gains, in contrast to IPOs of private-sector companies. They usually did not take part in the latter. The fourth group were investors “waiting for opportunities promising sure gains” (21%). They may be compared to big game hunters. They carefully observed the situation on the stock market but their activity was generally low. They used to join the game when they decided that an IPO was promising and worth investing a lot of money. In such a case, they did not shy away from leveraging as it enabled them to operate on a larger scale, with a guarantee of a sure gain. They treated investment on the stock market as an exceptional opportunity to achieve extraordinary income.
Changing situation The sale of the second tranche of PKN Orlen stock in 2000 marked the end of the period of increased interest from retail investors in the stock market and IPOs of privatized state companies. The percentage of people fearing that the situation on the stock market would deteriorate rose from 20% to 27% and the share of those convinced that “now is not a good time to invest in shares” went up from 31% to 48%. In contrast, the percentage of people saying they were interested
Economy & Finance
in buying shares dropped from 60% to 32% and the share of those ready to buy them on the primary market went down from 36% to 16%. Risktakers and expert investors gradually turned their backs on the primary market, each group for different reasons. Risk-takers were discouraged because of insufficient profitability and too much trouble involved in buying stock on the primary market. Expert investors gave preference to other financial instruments, especially futures contracts. Only investors “waiting for opportunities promising sure gains” and those “lured by a special offer” remained on the market. They were in fact dormant investors, mobilising themselves only in the case of profitable offerings, motivated by an atmosphere of unique opportunity. However, they had to wait until 2004 for another large IPO of a state-owned company – the PKO BP bank. The next year saw the floatation of two fuel companies Lotos and PGNiG. The public offering of PKO BP was a big success3. It made share-holding attractive again to ordinary people4, although it failed to change the unfavourable attitude of the public to privatisation5. There were also no problems with selling the stock of the fuel companies. After 2005 there were three years of stagnation in the privatisation process. Then, in 2009, the Ministry of the Treasury resumed the sale of “jewels in the crown of the Polish economy.” The coal company LW Bogdanka and the energy group PGE were privatised in 2009, the insurance company PZU, energy group Tauron PE and Warsaw Stock Exchange (WSE) in 2010, and the BGŻ bank and coal company JSW in 2011. In the wake of the public offerings in mid-2011, the Polish capital market recorded the highest number of See: E. Śmiłowski, PKO Bank Państwowy – społeczne aspekty największej oferty publi cznej na polskim rynku kapitałowym in: “Raport o przekształceniach własnościowych w 2004 roku.” Ministerstwo Skarbu Państwa. Warszawa 2005. 3
Commentary by H. Bińczak, “Rzeczpospolita”, Oct. 16, 2004.
4
expert investors 28%
risk-takers 27%
Types of retail investors taking part in IPOs of state companies in 1997-2000 Source: Pentor
other 2% investors waiting for opportunities promising sure gains 21%
investors lured by a special offer 22%
retail investors since its inception 20 years before. According to data from the National Depository for Securities, at the end of June 2011 banks and brokerage houses maintained a total of 1,527,526 investment accounts. The number of accounts increased by over 48,500 in the first half of 2011 and by 345,000 in the year 2010. IPOs of large stateowned companies privatised by the Ministry of the Treasury still provide the biggest boost to retail investment activity on the stock market. They draw public attention, stimulate interest in the equity market and attract scores of new investors. This year’s large IPOs of state-owned companies – JSW and BGŻ – pushed the number of investment accounts up by around 37,000 (JSW – 26,900; BGŻ – over 9,000). Thanks to large IPOs last year, the number of accounts went up by almost 320,000 (PZU – 140,000; Tauron PE – 82,000 and WSE – 98,500)6. Significant increases in newly opened accounts had also been noted in the past thanks to large IPOs of state companies. In 2004, for example, the IPO of PKO BP contributed to a rise in the number of accounts by 81,000.
Tens of thousands subscribe to shares The best proof of the real interest in IPOs of state-owned companies are statistics on the number of people eager to buy the shares and the number of applications filed. Bank Śląski, sold in 1993 in one of the first public offerings of state companies, ranks first in terms of the number of applications. Its IPO lured over 800,000 retail investors, each of whom received three shares worth a total of PLN150. However, this offering was not conducted in a very professional way and is a classic example of how IPOs should not be handled. For this reason, it is usually omitted in analyses of Poland’s largest privatisation schemes. If Bank Śląski is excluded, then the largest deal in terms of the number of applications for shares was last year’s IPO of the Warsaw Stock Exchange, with 323,000 applications, ahead of two other IPOs conducted in the same year – PZU (251,000) and Tauron PE (231,000). The top three are followed by the IPOs of PKO BP floated in 2004 (206,000 applications7), KGHM (1997; A large share of the new accounts was probably opened by the family members and friends of existing investors owing to the relatively small subscription quotas.
188,800), PKN Orlen (1999; 176,200), JSW (2011; 168,900), Bank Handlowy (1997; 139,900), Telekomunikacja Polska (1998; 132,300) and Bank Pekao (1998;105,000)8.
Offerings and reductions The largest tranches in terms of value earmarked for retail investors were those offered in the IPOs of PKO BP (PLN3.2 billion), PZU (PLN2.2 billion) and Tauron PE (PLN1.1 billion). The IPO of PKO BP drew the biggest response from retail investors. The value of shares they applied for was PLN20.6 billion. The IPO of PKN Orlen also attracted huge interest, with investors applying for PLN13 billion worth of shares. In the case of other IPOs of state companies, the value of the shares investors applied for was many times higher than the value of stock offered for sale. This is well illustrated by the high reduction rates. The reduction rate for the retail tranche in the IPO of PKN Orlen, privatised in 1999, exceeded 95%. The reduction rates for the successive large IPOs of state companies remained at the same high level. The reduction rates for the IPOs of companies privatised earlier had been lower: Bank Handlowy (35%), Telekomunikacja Polska (56%) and KGHM (62%). The reason was that there was a downward trend on the Warsaw floor at that time. The high rates of return pushed up demand for shares on the primary market, something which financial institutions exploited by
6
P. Jabłoński, a journalist for the “Rzecz pospolita” daily, aptly commented on this: “Although they are very critical of privatisation, Polish people are eager to take part in it,” “Rzeczpospolita”, Oct. 12, 2004. 5
Combined value including privatisation deposits (141,600 if privatisation deposits are excluded).
7
The league table excludes the IPO of Powszechny Bank Kredytowy, which no longer exists. It was floated in 1997, with 115,800 retail investors subscribing to its shares.
8
10 /2011 :: polish market :: 45
Economy & Finance Name of company Date of debut
Issue price (PLN)
Total value of IPO (PLN millions)
Share of Value of the tranche the tranche for retail for retail investors (PLN investors in total value of millions) offering (%)
Number of applications for shares from retail investors
Average value Average value of shares of order placed allotted to by retail investor (PLN) retail investor (PLN)
Rate of reduction (%)
Rate of Rate of return on the day of return after a year (%) debut (%)
Bank Handlowy
30.06.1997
35.00
1 309.0
659.8
50.4
139 753
7 263
4 721
36.0
8.29
91.43
KGHM
10.07.1997
19.00
1 538.4
304.0
19.8
188 806
4 272
1 623
62.0
23.68
- 26.32
Pekao
30.06.1998
42.80
916.1
486.0
53.1
105 000
40 640
4 795
88.2
28.50
6.07
Telekomunikacja Polska
18.11.1998
14.50
3 140.0
710.5
22.6
132 300
11 563
5 088
56.0
16.55
61.37
PKN Orlen
26.11.1999
19.50
2 213.3
780.0
35.2
176 151
63 874
2 236
96.5
13.85
5.13
PKO BP
10.11.2004
19.70
7 600.8
3 152.0
41.5
141 603
145 743
7 579
94.8
17.77
46.19
PGNiG
23.09.2005
PGE
6.11.2009
2.98
2 682.0
864.2
32.2
63 475
187 790
6 948
96.3
34.23
5.70
23.00
5 968.8
895.3
15.0
86 833
294 789
14 970
96.5
12.83
– 4.96
PZU Tauron PE
12.05.2010
312.50
8 068.5
2 205.8
27.34
251 292
8 778
8 778
0
11.68
23.2
30.06.2010
5.13
4 211.9
1 053.0
25.0
231 052
7 054
4 557
37.73
0
28.26
WSE
9.11.2010
43.00
1 208.1
345.5
30.0
JSW
6.07.2011
136.00
5 371.5
1 443.7
26.88
323 289
na
1 070
75.0
18.0
–
168 892
8 514
8 514
0
3.31
–
Table 1 Largest IPOs of state companies Source: Based on the DM BOŚ report “Największe polskie prywatyzacje” and WSE data.
launching special loans for the purchase of shares. As a result of large reductions, rates of return on investment were low – below 10%. The programme promoting share ownership by the general public made it easier for retail investors to take part in public offerings of state companies and eliminated the practice of leveraging. Earlier, stock market debuts of privatised state companies had not actually differed from IPOs of private companies. Retail investors subscribed to the privatised companies’ stocks at brokerage houses, with no upper caps put on the number of shares they could apply for. As a result, large reductions were inevitable.
Encouraging stock ownership by the general public In 2010 the Ministry of the Treasury launched a long-term programme promoting stock ownership by the general public. The programme defined the rules to be applied in conducting public offerings9. The programme, which was to enable the participation of the largest possible number of people in privatisation, was initiated with the stock market debuts of PZU and Tauron PE and developed during the privatisation of WSE. Caps were put on the number of shares retail investors could apply for so as to protect them against large-scale reductions. The number and value of shares one could subscribe to ranged respectively from three to 15 and from PLN937.5 to PLN9,375 for PZU; from 1,350 to 13,500 and from PLN769.5 to PLN7,695 for Tauron PE; and from 10 to 100 and from PLN430 to PLN4,300 for WSE. Thanks to the new rules, reductions were not necessary at all in the case of PZU10 and were much lower than in previous IPOs in the case of Tauron PE (37.73%) and WSE (75%). The programme is based on the following pillars: 1) universality – the percentage of shares to be allocated to retail investors in IPOs of state companies is set at 20-30%; 2) availability – putting a cap on the number of shares a retail investor may apply for; 3) payment – all shares are to be made available on a market basis. See: www.akcjonariatobywatelski.pl. 9
10
The same was the case with the IPO of JSW this year.
46 :: polish market ::
10 /2011
Average value of orders The average value of shares retail investors applied for varied significantly, ranging from several thousand zlotys (Bank Handlowy and KGHM) to well over PLN100,000 (PKO BP)11. The average value depended to a large extent on the expected rate of reduction. Meanwhile, there were smaller differences in the average value of shares allocated to investors, ranging from PLN1,600 for KGHM to PLN8,800 for PZU. The average value of one order was close to the maximum allowed value in the case of PZU (PLN8,778 versus PLN9,375), Tauron PE (PLN7,054 versus PLN7,695) and JSW (PLN8,514 versus PLN10,200). It was much lower in the case of WSE (PLN1,070 versus PLN4,300).
Rates of return on shares Almost all of the largest state companies sold through IPOs offered investors high rates of return at the first trading session. According to analysts of the BOŚ bank 12, the rate of return at the first trading session on shares in the 12 largest companies, excluding Bank Śląski, was 15.8% and was much higher than the change in the WIG index in the same period. Owners of PGNiG, Pekao and KGHM shares gained the most at the first trading session – respectively 34.23%, 28.50% and 23.68%. For the The highest average values, however, were for the IPOs of PGE in 2009 (PLN294,800) and Lotos in 2005 (PLN236,100). 11
“Największe polskie prywatyzacje,” Report of DM BOŚ. October 2010. 12
remaining companies, the rates of return were lower, ranging from 8.3% (Bank Handlowy) to 17.8% (PKO BP). Owners of Tauron PE and JSW stock gained nothing at the first trading session – the opening price was equal to the price on the primary market. If it had not been for the ministry’s programme they would probably have relied on leveraging and suffered losses at the first session. Shares in most of the privatised state companies also offered high rates of return a year after the first trading session. Shares in Bank Handlowy, Telekomunika cja Polska and PKO BP increased in price the most – by 91.4%, 61.4% and 46.2% respectively. The share price of KGHM stock dropped significantly - by 26.3% - while the rates of return on Pekao, PKN Olen and PGNiG stock were lower than the average rate of return on the WIG stock in this period. Successive ministers responsible for privatisation and the heads of the Securities Commission and the Warsaw Stock Exchange have so far failed to achieve their dream of the mass participation of Polish people in privatisation – an IPO of a state-owned company attracting more than 1 million individual investors. The dream will most probably never be achieved but the programme adopted by the ministry offers a chance of popularising investment in shares and a more active participation of Poles in privatisation schemes. The great interest in the IPOs of PZU, Tauron PE and especially WSE proves that this may be the case. ::
Economy and Finance
Insurance market after the first quarter of 2011 The Polish insurance market is dominated by foreign-owned companies. According to data from the Polish Financial Supervision Authority (KNF), at the end of 2010 there were 65 insurance companies operating in Poland. Most of them – 34 companies – offered non-life insurance. Magdalena Szwed In 2008 the Polish insurance market ranked 11th in Europe in terms of earned premium, which totalled EUR16.9 billion. In 2010 gross written premium totalled PLN54.1 billion. Life insurers had the highest share in the premium. They recorded an increase of 3.7% to PLN31.4 billion. In 2010 life and non-life insurance companies paid a total of PLN36.7 billion in gross claims and benefits, or by around 8.7% less than in 2009. Despite the fact that the life sector noted a drop in the number of claims paid compared to the previous year, their value was higher than the value of claims paid by the non-life sector. The value of claims paid by the latter sector increased because of the growing costs of damage caused by fire and natural forces and motor insurance claims.
Life insurance In recent years until 2009 the life insurance sector in Poland recorded a consistent rise in gross written premium. In 2008 insurance companies earned PLN38.9 billion in gross premium, up by 52.8% compared to a year earlier. The upward trend reversed in 2009 when the gross premium dropped by 22.3%. Last year, however, the premium increased by 3.7%. The year 2008 was a record year in terms of gross benefits paid. They totalled PLN19.3 billion, up by 85.6% compared to a year earlier. A favourable phenomenon last year was a drop in the total value of claims paid. It decreased by 18.4% to PLN22.5 billion. The Polish insurance industry is still dominated by a few largest players, although the remaining insurers play an increasingly important role. The life insurers which had the largest shares in the market in the first quarter of 2011 were PZU Życie SA (around 26.9%), TUnŻ Europa SA (around 10.2%), ING TUnŻ SA (2.9%), Warta TUnŻ SA (6.8%) and Aviva – Życie SA (6.2%). In this period, life insurance companies generated a net profit of PLN755 million. The profit was lower by 22.7% compared to a year earlier. According to data from the Polish
Chamber of Insurance (PIU), in the first quarter of 2011 life insurers earned PLN7.6 billion in gross premium and paid PLN5.8 billion in claims, or around 16% less than a year earlier.
Non-life insurance The year 2010 did not see any impressive changes on the non-life insurance market. The insurers which had been market leaders for years still topped the league table. The positions of the three leading insurance groups, PZU SA, STU Ergo Hestia SA and TUiR Warta SA, did not change. Their share in the nonlife insurance market was respectively 35.3%, 9.2% and 8.8%. Looking at the situation on the non-life insurance market, one should note a continued upward trend, with gross premium going up by 11.4% in 2008 and 3.7% in 2009. There is also an upward trend in gross claims paid. Their value increases steadily every year. In 2010 gross premium totalled PLN22.7 billion. Its increase was mainly due to a 10.3% rise in premiums for insurance against fire and natural forces and a 7.6% rise in premiums for motor own damage insurance. Their combined value was respectively PLN2.4 billion and PL5.2 billion. Last year gross premium was influenced by changes in premium systems as insurers had to adjust them to changed market conditions. As a result, third-party insurance premium increased slightly by 5.5% to reach PLN7.5 billion at the end of the year. In the first quarter of 2011 non-life companies generated a net profit of PLN313.6 million. Third-party and motor own damage claims totalled respectively PLN1.4 billion and PLN1 billion.
Ranking of insurance companies In the league table of insurance companies, insurers are ranked by gross written premium for the first quarter of 2011. The table is composed of 61 companies, of which 33 offer non-life insurance and the remaining 28 specialise in life insurance. In the first quarter 50
companies recorded increases in their written premiums year on year while 11 companies, including seven life insurers, recorded drops. The five companies which recorded the highest growth in gross written premiums are TUiR Partner SA, BZ WBK – Aviva TUiŻ SA, HDI-Gerling Życie TU SA, Axa TUiR SA, and Benefia TUnŻ SA Vienna Insurance Group. The five companies which recorded the sharpest decreases in gross written premiums are TUnŻ Europa SA, Uniqa TUnŻ SA, TU Allianz Życie Polska SA, Nordea Polska TUnŻ SA and Signal Iduna Polska TU SA. Among the top 10 insurance companies are six life insurers, of which three recorded decreases in gross written premiums, and four non-life insurers, of which one recorded a drop in gross written premium. Their combined gross premiums totalled PLN8.5 billion while gross claims and benefits paid totalled PLN6.1 billion. The life insurer TUnŻ Europa SA registered the highest growth in claims paid – 75.9% year on year. The sharpest decreases in claims paid were noted by ING TUnŻ SA (down by 57.9%), PZU Życie SA (down by 50.6%) and TUnŻ Warta SA (42.9%). PZU Życie SA and PZU SA – members of PZU Group – have for years topped the league table. The two companies have a dominant position on the insurance market. In the first quarter of 2011 PZU Życie SA generated around PLN2 billion in gross premium written, which represented a rise of 11.3% compared to a year earlier. The other company generated PLN2.2 billion in gross premium written, which represented a drop of 0.5%. The group’s consolidated net profit totalled PLN791.2 million, mainly thanks to higher profitability of life insurance products, a reduction in administrative expenses and the implementation of the main guidelines and targets. According to the quarterly report, by the end of the year the two companies will cut employment to over 1,000 people. TUnŻ Europa SA, the life insurance arm of Europa Group, ranks third in the table. The first quarter of 2011 was the first time that the life insurance company had a higher share in consolidated net profit that the non-life company. The consolidated net profit of the group was PLN150.5 million. In the first quarter the life insurance company recorded a 48% drop in gross premium to PLN778.1 million. The insurer paid over PLN1 billion in gross claims and benefits. :: 10 /2011 :: polish market :: 47
Economy and Finance
Ranking of insurance companies by gross written premium for Q1 2011 Gross written premium (in PLN thousands) No. Name of company
Change (in %)
Gross claims and benefits paid (in PLN thousands)
Change (in %)
Q1 2011
Primary capital (in PLN thousands)
Head of company
Based in
Q1 2011
1 PZU SA
Andrzej Klesyk
Warsaw
2 256 909
-0.50
1 268 678
-6.24
Q1 2011 86 352
2 PZU ŻYCIE SA
Dariusz Krzewina
Warsaw
2 045 222
11.35
1 368 960
-50.67
295 000
3 TU na Życie EUROPA SA
Jacek Podoba
Wrocław
778 132
-48.25
1 001 134
75.97
307 200
4 STU ERGO HESTIA SA
Piotr Maria Śliwicki
Sopot
587 376
2.49
331 503
-5.07
185 981
5 TUiR WARTA SA
Jarosław Parkot
Warsaw
562 549
12,83
320 933
-6.45
109 477
6 ING TUnŻ SA
Tomasz Bławat
Warsaw
526 545
2,40
306 873
-57.99
41 000 109 209
7 TUnŻ WARTA SA
Jarosław Parkot
Warsaw
516 665
-6.91
443 773
-42.90
8 AVIVA TUnŻ SA
Maciej Jankowski
Warsaw
477 863
9.47
346 796
17.82
82 500
9 TUiR ALLIANZ POLSKA SA
Paweł Dangel
Warsaw
440 592
5.94
273 950
18.39
377 240
10 TU ALLIANZ ŻYCIE POLSKA SA
Paweł Dangel
Warsaw
403 322
-29.68
442 197
21.69
118 630
11 NORDEA POLSKA TUnŻ SA
Sławomir Łopalewski
Warsaw
366 089
-15.63
460 955
34.38
192 529
12 PAPTUnŻiR AMPLICO LIFE SA
Łukasz Kalinowski
Warsaw
331 350
5.12
199 547
21.89
11 000
13 INTERRISK TU SA Vienna Insurance Group Jan Bogutyn
Warsaw
294 746
18.23
145 364
39.28
118 440
14 UNIQA TU SA
Andrzej Jarczyk
Łódź
282 217
29.28
161 732
8.96
220 308
15 HDI ASEKURACJA TU SA
Zbigniew J. Staszak
Warsaw
267 838
31.20
145 395
5.68
180 700
16 BENEFIA TUnŻ SA Vienna Insurance Group
Tomasz Telejko
Warsaw
264 738
136.11
91 049
103.88
216 764
17 GENERALI TU SA
Artur Olech
Warsaw
251 965
24.47
123 950
15.77
190 310
18 AXA ŻYCIE TU SA
Jarosław Bartkiewicz
Warsaw
249 622
45.98
73 429
22.21
299 640
19 COMPENSA TU SA Vienna Insurance Group
Franz Fuchs
Warsaw
238 078
28.04
129 103
10.23
266 639
20 GENERALI ŻYCIE TU SA
Artur Olech
Warsaw
230 765
6.36
152 595
-10.67
61 000
21 AEGON TU na ŻYCIE SA
Michał Biedzki
Warsaw
199 369
13.51
185 825
21.22
333 000
22 BZ WBK- AVIVA TUnŻ SA
Krzysztof Charchuła
Poznań
196 781
790.86
132 392
6088.56
21 750
23 STUnŻ ERGO HESTIA SA
Piotr Maria Śliwicki
Sopot
195 184
11.07
36 109
13.43
64 000
24 HDI-GERLING ŻYCIE TU SA
Zbigniew J. Staszak
Warsaw
189 867
262.21
62 291
111.23
42 852 42 775
25 UNIQA TU na ŻYCIE SA
Andrzej Jarczyk
Łódź
151 746
-37.47
214 500
-10.26
26 MTU Moje Towarzystwo Ubezpieczeń SA
Tadeusz Spanily
Sopot
130 294
18.31
99 372
25.70
94 250
27 COMPENSA TUnŻ SA Vienna Insurance Group
Franz Fuchs
Warsaw
118 075
115.39
55 931
-3.75
195 208 37 800
28 TU EUROPA SA
Jacek Podoba
Wrocław
116 018
9,97
3 023
4,10
29 PTU SA
Olgierd Jatelnicki
Warsaw
106 755
-2.21
78 611
11.38
66 059
30 SKANDIA ŻYCIE TU SA
Paweł Ziemba
Warsaw
104 698
6.19
62 480
4.82
46 000
31 TUW TUW
Ewa Stachura-Kruszewska
Warsaw
92 311
27.73
40 320
11.54
23 864
32 PTR SA
Marek Czerski
Warsaw
83 674
25,59
41 082
37,66
122 180
33 AVIVA TU OGÓLNYCH SA
Maciej Jankowski
Warsaw
76 160
32.29
43 629
55.19
51 500
34 METLIFE TUnŻ SA
Łukasz Kalinowski
Warsaw
72 042
117.01
146 331
100.51
50 000
35 TU EULER HERMES SA
Krzysztof Chechłacz
Warsaw
70 822
4.82
32 822
-60.70
17 400
36 LINK4 TU SA
Zofia Dzik
Warsaw
70 704
32.59
39 882
8.59
111 354
37 TUnŻ CARDIF POLSKA SA
Jan Emeryk Rościszewski
Warsaw
67 478
1.81
11 135
-38.03
30 000
38 BENEFIA TU SA Vienna Insurance Group
Paweł Bisek
Warsaw
64 750
6.66
32 747
2.11
61 500
39 TUW SKOK
Grzegorz Buczkowski
Sopot
64 666
47.18
3 505
133.72
16 800
40 PZM TU SA Vienna Insurance Group
Klaus Eberhart
Warsaw
48 523
8.79
34 116
-20.67
106 000
41 CONCORDIA POLSKA TUW
Piotr Narloch
Poznań
47 015
52.76
15 602
2.73
57 286
42 AXA TUiR SA
Maciej Szwarc
Warsaw
44 385
259.85
13 011
238.21
64 282
43 PRAMERICA ŻYCIE TUiR SA
Beata Andruszkiewicz
Warsaw
36 625
-9.90
11 009
23.12
60 000
44 BRE UBEZPIECZENIA TUiR SA
Paweł Zylm
Warsaw
30 273
18.83
8 962
26.26
12 941
45 TUnŻ POLISA-ŻYCIE SA
Leszek Szwedo
Warsaw
29 490
54.59
18 285
59.26
57 313
48 :: polish market ::
10 /2011
Economy and Finance
Ranking of insurance companies by gross written premium for Q1 2011 – cont. Gross written premium (in PLN thousands) No. Name of company
Head of company
Based in
Change (in %)
Gross claims and benefits paid (in PLN thousands)
Q1 2011
Change (in %)
Primary capital (in PLN thousands)
Q1 2011
Q1 2011
46 BZ WBK- AVIVA TU OGÓLNYCH SA
Krzysztof Charchuła
Poznań
28 074
36.27
2 354
30.79
27 000
47 TU SKOK ŻYCIE SA
Grzegorz Buczkowski
Sopot
27 023
16.91
5 677
9.35
21 030
48 TUW TUZ
Tomasz Majchrzak
Warsaw
26 238
61.37
8 777
103.24
11 389
49 TUW- CUPRUM
Renata Głuszczuk
Lubin
25 716
20.89
4 049
72.67
10 127
50 TU INTER POLSKA SA
Janusz Szulik
Warsaw
23 925
19.01
9 079
18.40
141 200
51 SIGNAL IDUNA POLSKA TU SA
Adam H. Pustelnik
Warsaw
16 985
-13.18
10 905
-14.25
37 310 79 776
52 KUKE SA
Zygmunt Kostkiewicz
Warsaw
12 341
-3.44
6 631
124.35
53 T.U.W. POCZTOWE
Bogdan Koczorowski
Warsaw
9 395
55.26
6 444
10.82
18 500
54 SIGNAL IDUNA ŻYCIE POLSKA TU SA
Adam H. Pustelnik
Warsaw
9 336
80.47
4 607
77.43
27 840
55 WTUŻiR CONCORDIA CAPITAL SA
Piotr Narloch
Poznań
8 184
-2.20
2 837
23.24
27 000
56 D.A.S. TU OCHRONY PRAWNEJ SA
Mariusz Olszewski
Warsaw
4 428
13.02
1 024
7.79
10 500
57 TUW REJENT-LIFE
Maria Kuchlewska
Poznań
3 003
3.62
1 064
23.15
4 054
58 MACIF ŻYCIE TUW
Philippe Saffray
Warsaw
1 891
37,83
764
32,87
32 600
59 MEDICA POLSKA UBEZPIECZENIA ZDROWOTNE TU SA
Xenia Kruszewska
Gdynia
1 288
(-)
63
(-)
12 800
60 TU INTER-ŻYCIE POLSKA SA
Janusz Szulik
Warsaw
583
37.18
247
-36.34
41 200
61 TUiR PARTNER SA
Tomasz Majchrzak
Warsaw
135
9820.47
19
-58.15
30 500 Source: KNF, companies
Section I (life insurance)
Section II (non-life insurance) Q1 2011 (in PLN thousands)
1 333 126
1 229 750
-7,75
1 406 322
1 518 566
7,98
1 055
813
-22,94
Technical result
-342
131
-
1 210 286
928 158
-23,31
Gross profit/loss
-34
394 695
-
978 656
755 357
-22,82
Net profit/loss
-32 611
313 654
Operating expenses Technical result Gross profit/loss Net profit/loss
% change year on year
Source:PIU
Life insurance companies with the highest share in the market in Q1 2011 No.
Name of company
1 PZU ŻYCIE SA 2 EUROPA ŻYCIE SA 3 ING SA
Q1 2010 (in PLN thousands)
Q1 2010 (in PLN thousands)
Operating expenses
Q1 2011 (in PLN thousands)
% change year on year
-
Data do not include results of Link4 Life
Source:PIU
Non-life insurance companies with the highest share in the market in Q1 2011
Market share (in %) 26.9 10.24 6.93
4 WARTA TUnŻ SA
6.8
5 AVIVA - ŻYCIE SA
No.
Name of company
1 PZU SA
Market share (in %) 35.39
2 ERGO HESTIA SA
9.21
3 WARTA SA
8.82
4 ALLIANZ POLSKA SA
6.91
6.29
5 INTERRISK SA
4.62
6 ALLIANZ ŻYCIE POLSKA SA
5.31
6 UNIQA SA
4.43
7 NORDEA TUnŻ SA
4.82
7 HDI-ASEKURACJA SA
8 AMPLICO LIFE SA
4.36
8 GENERALI SA
3.95
9 BENEFIA NA ŻYCIE SA
3.48
9 COMPENSA SA
3.73
10 AXA ŻYCIE SA
3.28 Source: Prepared on the basis of PIU data
10 MTU SA
4.2
2.04 Source: Prepared on the basis of PIU data
10 /2011 :: polish market :: 49
Economy & Finance
Time for decision-making, time for acting Interview with Jarosław Dąbrowski, an expert in international banking, CEO of Dąbrowski Finance
W here is the Polish financial sector after more than two years of the crisis? After over two and a half years since the first strike of the crisis, it can be said that the Polish economy, banking sector and businesses have generally made it through strengthened. However, businesses are not helped by the lack of economic stability nor the uncertain situation in the global financial system. Some 80% of assets in Polish banks are managed from headquarters located outside of Poland. This is nothing wrong in a
50 :: polish market ::
10 /2011
situation of smoothly functioning financial markets, it may even be a plus. Before the crisis many of these institutions were well-capitalised, had high ratings and Polish banks had benefited from the transfer of technology, know-how, inexpensive funding, as well as opportunities to distribute Polish assets abroad. However, many of these companies have larger trouble at home than in Poland. And unfortunately, it affects also the situation in Poland. A well functioning, yet peripheral market, is not the most important in the management strategy
of an institution. It has rather a secondary meaning. This fact becomes even more important in the present situation, which might transform into the second wave of the global crisis. Therefore, today’s challenge is increasing the number of strong financial institutions managed from Poland and perceiving Polish and the surrounding markets as the primary area of expansion. Yet, we can proudly say that Poland stands strong not only with banks. The Polish financial sector has not only banks, but also the stock market, including the very important NewConnect market and the growing bond market, Catalyst. This multiplicity of institutions is particularly important in a fluent provision of capital to businesses, unhampered by external conditions. NewConnect and Catalyst, until recently, had been growing rapidly. At the moment, there are 273 companies listed on the NewConnect market. There have been nearly 90 floatations since the beginning of the year, which brought almost EUR58.7 million for the companies. However, this is very little. This is an equivalent of a large bank loan. Therefore, it is not a tool that can ensure a spectacular growth of small and medium-sized enterprises. The situation on the main floor and the Catalyst market looks similar. Thus the capital for financing growth has to be sought, first of all, in banks, because it is them that mainly finance the development of companies. Different sources of raising capital include: stock market, private equity funds, venture capital, EU funds. All of them are important yet only complementary to the role of banks. Banks, in the current unstable and changing situation on global bourses, which is also reflected on the Warsaw Stock Exchange, must have an even more important role than hitherto. Unfortunately, corporate loans are
Economy & Finance
in stagnation, and are even decreasing in certain segments of the market. In the past two years - 2008-09 – corporate credit fell by PLN9.7 billion. This is very worrying. In order for the Polish economy to grow at an above-average pace, businesses need to obtain more financing from banks. Do you think that the low level of lending activity results from a mutual lack of trust between banks and entrepreneurs? It is true that trust is born over time. Especially in such a difficult time it should be carefully built. As someone who has been managing several Polish banks catering to a vast spectrum of businesses – from SMEs to the largest firms - in the last 15 years, I always underline that it is important to be with your bank on a daily basis. This means to maintain a relationship not only on the occasion of a new loan or its renewal, especially in a situation of uncertainty. It is worth to regularly meet, discuss results, business strategy, together consider various arising opportunities. This is a good business practice, which has to bring a result for both sides. W hat do you think companies should now acquire financing for? The interest rates are at one of their historical lows. The prices which one has to pay for assets are also one of the lowest. Therefore I recommend setting on takeovers as a method of developing one’s business both in Poland and abroad. Businesspeople should analyze costs and how to properly perform post-acquisition integration. Then they are able to develop a profitable company on new markets, in a regional, or even global, network. They should turn to a bank for financing such an operation, and in the future perhaps re-finance this with an issue of bonds or shares when trust returns to the markets and prices will reflect the value of a company. I believe that despite the current situation on the stock exchanges and numerous threats stemming from the macroeconomic instability surrounding Poland, paradoxically it is a good moment to analyze the market and be active in looking for targets to takeover and keep on discussing this with
befriended financial institutions. Fundamentally strong, well managed Polish companies should look at the current time in terms of opportunities and chances, not as a scourge. A nd how should banks operate? They should not rest on their laurels. Is Poland wealthy enough to lie down and rest? I don’t think so. It is very good that we have a growth of 3-4%, but we can afford more. We have succumbed a little to an illusory hope that everything is alright. While it is not quite so. Sweden’s GDP grew 6.5% q-o-q in the first quarter; Germany’s – 4.8%; and Poland’s – 4.4%. So, there are others, who are already richer than us, and they are getting ahead of us. Poland is still quite a poor country compared to other EU countries. We have a great potential for development. The crisis is a business, management and intellectual challenge, forcing us to rethink many views, to take risks, to freely look for development opportunities. This is exactly owing to the chance offered by the crisis, that Polish companies have a unique situation, in which they can, thanks to coherent business activities, expand, not only in Europe, but also on the global scene. The same applies to banks owned by institutions which perceive our country as a key market. A lot may be achieved by adhering to the principles of prudent management, yet one open to growth. Especially that many banks, financial institutions and businesses are withdrawing from Poland either because they are pressured by losses or because they are changing their business strategy. This opportunity will not last forever. In conclusion, I believe that now is the moment, despite high uncertainty on the markets, when everyone, who wants to become even bigger than they already are and have the resources, can achieve it. Polish banks and other financial institutions are not big enough to slip into apathy and passively wait for the end of the crisis. The current situation on the financial market does not encourage optimism. Is there anything to worry about in Poland? Poland, it has to be admitted, has reasonable macroeconomic
foundations. The madness on stock markets has obviously a negative impact on other elements of the financial system. Indirectly it may also contribute to reducing confidence among entrepreneurs and households concerning the potential for further development. Therefore, well thought out, yet consistent actions should be taken. Banks, which operate in Poland, are well managed, and our supervision and prudential approach to building the financial market in Poland have allowed us to develop a secure and stable financial sector. The crisis will one day be over. Emotions will subside. Therefore, in the medium term, I believe that Poland will gain from the crisis and should become one of the key countries deciding about the economic face of Europe. Certainly Polish banks, companies and other institutions should strive to become leaders in Central and Eastern Europe. There is a chance for that. However, the Polish economy should be reformed in a more decisive way. The deficit should be reduced, growth stimulated, Polish banks and financial institutions operating from Warsaw and first of all in Europe should be reinforced or even created. Having experience in taking over and developing banks, I know that this is not a simple process. Yet, taking into consideration the role of banks in creating growth for the country, it is an important challenge. Let us look, for example, at Sweden and Austria. These are good models. We should decide on such actions now, before we are beaten to it by. Asian investors. Development is not only a matter of the quality of businesses, a good financial market, dynamics and quality of firms, but the entire macroeconomic infrastructure. It is a closed system. And so, budget deficit reduction will lower burdens, which the state is taking upon itself in connection with debt service. This can be used for faster GDP growth through various activities stimulating the development of the Polish banking system, institutions supporting lending to SMEs, innovative projects and new technologies. This is a place to shine. I think that now just might be a very good time for Poland, but nothing will happen without activity and effective actions. :: 10 /2011 :: polish market :: 51
Economy & Finance
The Economic Forum in Krynica-Zdrój
Only after a thorough analysis, will I be able to say, “Yes, we did it!” Zygmunt Berdychowski, a founder of the Institute for Eastern Studies, originator and organiser of the Economic Forum in Krynica-Zdrój, talks to Ewelina Janczylik.
Zygmunt Berdychowski
The motto of the 21st Forum in Krynica-Zdrój was “European dilemma: Partnership or Rivalry?” What are the conclusions? The first and the most important conclusion is that regardless of the circumstances and global challenges, it is especially Europeans who are aware that concerted cooperation and solidarity give an opportunity for success achieved with less effort and smaller losses than in the case of single-handed activity and single-handed response to what the
52 :: polish market ::
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world holds. Partnership is definitely the answer. The Forum in Krynica-Zdrój also facilitates meetings of politicians with entrepreneurs. Could you tell me whether politicians and businesspeople engaged in a dialogue on partnership terms? Is it true that both parties are eager to listen to one another and aim at mutual understanding? The best answer to this question would probably be given by those involved themselves. I, as an intermediary, would prefer to avoid answering such questions. However, it seems to me, that if both parties come to Krynica-Zdrój, and there are more and more of them each year, it means that they find something unusual in this event that makes them come back here, and that, from their point of view, provides an opportunity to make the best use of these days. Therefore, if there were no partnership, if there were no dialogue, but rather distance, probably at least one of the parties would not consider coming back to Krynica-Zdrój. The organisation of the Economic Forum has been changed in such a way that we try to make sure that plenary sessions gather the most influential politicians and entrepreneurs, as it was the case this year. Debates with representatives of various occupational groups are marked by greater dynamics, as well as providing greater opportunity to demonstrate the differences in the assessment of this or that problem. Hence this format for the meeting, however unusual. Our meetings may be definitely regarded as special in this respect. What would you say about comparing the Economic Forum in Krynica-Zdrój to Davos. Is Krynica often referred to as “the Polish Davos”? It might be true to say that some of the terms used in relation to the
Forum are a bit over the top. Only the people who have never been to Davos may draw such a comparison between these two completely different events. We aim at creating an event which takes Central-Eastern Europe as a point of reference, one which enables us to feel the pulse of Eastern Europe and to get to know what happens in our neighbours’ countries. We have no ambitions whatsoever of placing ourselves among the organisations dealing with the future of the world and with global problems. Therefore, comparing us to Davos does not indicate the true character of our activity. P resident of Georgia Mikheil Saakashvili said that “Poland is a driving force behind European integration”. Is it a good statement to be made several days before an Eastern Partnership summit? Yes, I think it is. In contemporary Europe you need to be very bold to say that the European Union needs another enlargement, which will bring benefit not only for member states, but also for those which will join the European Union in the future. As Poles, we remember perfectly well that our aspirations to join the EU were accompanied with a lot of doubts from our partners. By no means were those doubts expressed in an ill-intentioned nature. That is why, every time doubts arise, especially those concerning Ukraine and Georgia, what has happened to Poland and the European Union since 2004 is worth mentioning. For a very long time Poland was very critically judged as a candidate to join the Union; however since that date it was Poland and the Poles that to a great extent contributed to high rates of economic growth in such countries as Great Britain, Germany and France. On the other hand, due to huge infrastructural projects in Poland, large corporations have generated decent
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Economy & Finance The President of Georgia, Mikheil Saakashvili and Prime Minister of Moldova, Vladimir Filat
revenues through functioning on the Polish market. It was all about mutual interest. Our European partners should remember that the accession of the Central European countries may not only induce cultural and economic success for the joining countries, but also the other member states, in countries where Poles, Slovaks and Czechs worked for half the normal wage paid on the market. That is why it is worth repeating that it may be a situation benefiting all member states, including Poland. But the European Union’s primary aim at the moment is to fight against the crisis. Firstly, the situation within the EU needs to be settled, no matter how many members it has. There will never be the right moment for enlargement and the decision to be open to new members. It happens due to the fact that the world and the global economy is generating a growing number of new
problems which are harder and harder to deal with. These new problems appear just as the old ones are solved. The EU will never stop struggling with difficulties. Enlargement should be treated as one of the stages in dealing with the crisis. Both parties benefit from it. This is worth remembering.
Prime Minister Donald Tusk
The Forum of Young Leaders generates huge interest among young people in Poland and other countries. It is a good sign and prognosis - the young generation wants to have their impact on creating a future world. The Forum of Young Leaders is an organisation that cooperates closely with the Economic Forum, but is completely independent from us. It was formed by Tomasz Różniak, who is president of the Nowy Staw Foundation, the organiser of the Forum of Young Leaders. When entering into cooperation, we assumed that our partners would have total autonomy. We do not try to influence this venture. It is important for us that we have managed to jointly create this sort of initiative through the Economic Forum in Krynica-Zdrój. What, in your opinion, are the best conditions for the development of innovation and what impedes this development? The representative of the Israeli government spoke clearly about the development of innovation at the Innovation Forum in Rzeszów. If we compare the actions taken by the central and local governments, for example in Israel and Poland, we get the impression that we are comparing two different worlds. Our world must change with regard to it. In the case of Israel, we can see complete systems of actions initiated by the central and local governments while in our country we have independent initiatives pursued single-handedly by individual ministries or government agencies. However, we have to admit that in this world, there are not many such innovative economies as the one
Invest in Poland Panel: Innovative administration for an innovative economy within the programme path “Invest in Poland” under the patronage of the Ministry of the Economy. Left to right: Andrzej Jacaszek – Managing Director / Publisher of the Harvard Business Review Polska Waldemar Pawlak – Deputy Prime Minister, Minister of the Economy, Ministry of the Economy, Poland, Bożena Lublińska-Kasprzak – President, Polish Agency for Enterprise Development (PAPR), Poland Zoltán Cséfalvay - Minister of State, Ministry of National Economy, Hungary, Günter Verheugen – Honorary Professor, European University Viadrina, Germany, Martin Kocourek Minister, Ministry of the Economy, Czech Republic
54 :: polish market ::
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Economy & Finance Plenary session: “Does the European Union need one government?” Left to right: Eduardo Cabrita – Chairman of the Committee on Budget, Finance and Public Administration of the Portuguese Parliament; Guenter Verheugen – former Commissioner for enlargement of the EU; Ene Ergma – President of the Estonian Riigikogu and Victor Yushchenko, former President of Ukraine.
6-8 September. We want to organise 130 panel discussions of different kinds. We want to change the form of organisation, too. By that, I understand the connection of some events and the preparation of a greater number of reports that will introduce individual topics to the participants. We intend to present many more leaders in their respective fields, who have influenced their disciplines and deserve to be called experts.
in Israel. That is why we should learn from the best. Did you expect such a great success? Can we already say that the Forum was successful? At this moment, we are in the process of summing up. For the organisers, the success has a threefold meaning. Firstly, we can talk about success, if the undertaking is running well, without any trouble or failures. From a subject-matter point of view, it is a success when competent and prominent professionals take part in the debates. Thirdly, the undertaking is successful when we have a positive financial result. Only after summing up the run of the debates at the Forum can we estimate it. At the moment it is too difficult, because we do not have any data on the attendance during panel discussions or plenary sessions. There are so many elements that we must examine precisely. Only after carrying out a deep analysis can we say: yes, we did it.
The 21st Economic Forum has just finished - are you thinking about the next one? As I have said, we are at the stage of summing up the latest Forum. However, we have already worked out the vital elements of our plans for next year. The Forum will take place on
The Economic Forum means not only meetings of businesspeople and politicians, but cultural events, too: exhibitions, movies, concerts. Will that part be continued? It will be not only continued, but also developed. It is obvious to me that people should meet each other when they want to listen to someone, talk about an interesting writer or see an exhibition. We want this Forum to give not only the possibility to talk about business, but also to meet each other and have a conversation on the cultural programme. :: photos : Archive of ISW
2020 EU Agenda Plenary session: ”2020 EU Agenda: A way to strengthen Central-Eastern Europe? Between reality and dreams,” whose partner was the Małopolska Agency for Regional Development. From left: Constantin Gurdgiev – Editor, Professor of Finance, Trinity College, Dublin, Ireland, Ferdinando Beccalli-Falco – President, General Director for Europe and North Asia, GE, Belgium, Zoltán Cséfalvay - Minister of State, Ministry of National Economy, Hungary, Stephen Gomersall – Director for Europe, Hitachi Europe Ltd., UK, Johannes Hahn – Commissioner for Regional Development, European Commission, Austria, Pedro Pereira da Silva – Director General of Jerónimo Martins Group, Country Manager JM Polska,
10 /2011 :: polish market :: 55
Economy & Finance
The Zamość evening
during the Economic Forum in Krynica-Zdrój During the Economic Forum in KrynicaZdrój, as well as meetings and debates devoted to politics and the economics, one could also enjoy artistic performances. The city of Zamość was presented in a very original way. Several members of the Zamość Brotherhood of Knights, together with the
Mayor, Marcin Zamoyski, promoted a special “Zamość” evening. This project was part of the promotional strategies for the city which are being implemented as an ongoing task in the project entitled “The Zamość Zone – the economic development of the city based on the capital from external investors.” ::
Krynica-Zdrój, the Old Spa House during the 21st Economic Forum
From the left: Piotr Rogalski, Head of the Investor Assistance Office of the Zamość Economic Subzone, Tomasz Kossowski, Vice-Mayor of Zamość, Mariusz Zarzycki, Head of the Advertising Department of the Gazeta Prawna Daily, Marcin Zamoyski, Mayor of Zamość, the Old Spa House during the 21st Economic Forum
Key to the buffet lunch, Krynica-Zdrój, the Old Spa House during the 21st Economic Forum
European Economic Forum – ŁÓdzkie 2011 Date & Venue: November 9–10, 2011, Łódz, Poland, EU European Economic Forum–Łódzkie is organised by local authorities of the Łódz Region for the fourth time. This socio-economic event is one of the most significant in Poland. The forum is a platform of know-how and experience exchange between investors, science, representatives of local authorities, entrepreneurs and students. One of the highlights of this year’s Forum will be signing a letter of intent in order to create a Consortium of Bioregions from Central-Eastern Europe. Aim: :: Development of innovation and new technologies in the regions :: Regions development as an element of international cooperation in the field of bio and nanotechnology :: Colaboration of the regions of Central-Eastern Europe :: Regions promotion Form: :: Plenary session :: Panel debates
:: Branch salons dedicated to strategic sectors of economy: – Bio and nanotechnology – Innovative textile industry – Power engineering and passive architecture – Eco-agriculture – Food processing – Infrastructure and transport – Innovation and innovators – IT :: Accompanying events – Seminars – Lectures – Presentations by student organizations – B2B meetings – Exibition stands
More information about EEF–Łódzkie 2011: w w w. f o r u m . l o d z k i e . p l
McBraida in Euro-Park Mielec McBraida Polska is to invest more than PLN15.5 million and employ at least 20 people. McBraida Polska is a company created by McBraida PLC (England) for the implementation of a new project in the Euro-Park Mielec. The British company has been delivering precision components for RollsRoyce engines which are used in the Airbus, Boeing, Gulfstream aircraft and AgustaWestland helicopters since 1954. The company will construct its production facility in the Podkarpackie Science and Technology Park Aeropolis which forms part of the Mielec Special Economic Zone (Subzone Trzebownisko). The project implementation will make it possible to manufacture technologically advanced components for aircraft engines and other components for the aerospace industry. The project is to be finished in 2014.
Lotte in Świdnica Lotte Group and the company E.Wedel have announced their decision regarding the location of their new plants. The investor has bought a plot of 20 hectares in Świdnica, in Wałbrzych Special Economic Zone. In September 2010 Lotte Group bought the oldest Polish chocolate brand - E.Wedel company. The Japanese investor always declared its intention to expand in the whole European market and that Poland with E.Wedel will be a foothold for Lotte development in Europe. “We are very glad that the negotiations were calm and friendly and our Japan partners got to know Poles as professionals concerned with their work who can present themselves from the best side. This is the perfect flagship of Poland and bodes well for the future,” said Paweł Szcześniak, Managing Director of E.Wedel. At the moment the company works on formalization of the land purchase and on the profile of production and the directions of distribution of new plants’ products. Lotte Group is an international company engaged in such diverse industries as candy manufacturing, hotels, chemicals, construction and financial services. In the most powerful world companies from the candy industry Lotte is in the 6th position. The company is the largest chewing gum manufacturer in Asia and 3rd biggest in the world.
New firms in the Kraków SEZ Two more companies - FoodCare and Dortech II received permissions to invest in the Kraków SEZ. FoodCare LLC, a food producing company, plans to invest over PLN 21 million and to employ at least 15 persons. The project will be implemented in Niepołomice. This is already the second investment permission for FoodCare issued by the Kraków SEZ. Dortech II is a company that manufactures high temperature resistant sealings, based on glass fibre. Although still not widely used,
this technology is lately gaining a substantial significance. The investor declared to invest over PLN550,000 and to employ at least 2 persons. The project will be realized in the Tarnów Industrial Cluster. Since the beginning of 2011 171 persons were employed in the Krakow SEZ while the investment outlays reached PLN 74.5 million.
Wijas constructs a new factory in Morawice Wijas was granted a business activity permission in August 2011. The company plans to start production of electric water heaters as well as metal and plastic components. The new plant will be constructed at Morawice subzone. Wijas will invest at least PLN1.5 million and will increase employment from 23 to 26 people. The project is expected to be finalised by 30 June 2016. This year the Starachowice SEZ has issued 11 business activity permits which will jointly generate investment projects worth over PLN130.5 million and will create at least 134 jobs.
NSK in Wałbrzych develops its factory NSK Steering Systems Europe, producer of passenger car steering systems, is going to develop its factory in Wałbrzych subzone. NSK Steering Systems Europe Polska will expand the production complex plant at the Wałbrzych Special Economic Zone. The value of the project is PLN545,000. The new plant will be constructed on a 1.4 hectare lot. It will include 3 warehouses of 5,000 sq m area and paved areas of 9,000 sq m. The investor will hire 10 people.
Fast trains are closer PKP Intercity has ensured financial support for the realization of the high-speed rail project. Trains will run on the routes between Warsaw and Gdańsk/Gdynia, Warsaw- Kraków and Warsaw - Katowice. On 17 August PKP Intercity signed an agreement with the Centre for EU Transport Projects (CEUTP) to co-finance the project from the EU funds. Due to the contract the company would obtain the first tranche of the money for the purchase of the modern trains. Worth EUR430 million, the contract for the delivery of 20 highspeed trains and the construction of the technical base was signed with the consortium Alstom on 30 May. For the first 10 years the new trains would run on the routes: Warszawa-Gdańsk-Gdynia, Warszawa-Kraków and Warszawa-Katowice The passengers would also see the difference as the travel time will considerably shorten. From Warsaw to Gdansk the trip would take only 2.5 hours and from Warsaw to Katowice and Krakow – just a bit more than 2 hours. Trains on these routes would departure every hour. :: 10/2011 :: polish market :: 57
Invest in Poland
Poland attractive for investments Poland is, at the moment, one of the most attractive places in the world to locate investments. Sandra Wierzbicka
Table 1 Value of FDI inflow to the new EU Central and Eastern Europe member states (USD billion) Source: World Investment Report 2010, PAIiIZ List of Major Investors
supply, - 19.3%, in other services – 12.2% and in mining – 10.2%. The most companies carried out activities connected with trade; car repair (28.0%), industrial processing (21.7%), construction (9.5%) and real estate market service (9.2%)” GUS writes in its report. The most foreign direct investments in 2009 were attracted by Mazowieckie Province (36.7%), Lower Silesia (10%) and Silesia (9.0%). As compared with the previous year the largest increase in the number of entities was recorded in Małopolskie Province (10.4%), Świętokrzyskie (7.9%) and Mazowieckie (6.7%) (GUS data).
According to the UNCTAD’s World Investment Report 2011 from 26 July 2011, Poland is the 6th most attractive location for foreign investments. This means that the country has moved up 5 places as compared with 2010, beating China and the United States. Already since the enlargement of the European Union in 2005 Poland lured foreign investors. In total, in the years 2005-09 Poland attracted USD75.1 billion, Romania - USD47.3 billion, Czech Republic – USD40.2 billion, Bulgaria – USD33.5 billion. (tab. 1) In 2009, there were 22.176 entities with foreign capital in Poland, which represents a 5.1% growth on 2008 (against 13.9% a year earlier). According to data of the Central Statistical office (GUS), 1,172 new entities with foreign capital were established in 2009 as compared to 1,588 in 2008. “Among the entities established in 2009, there were 984 greenfield projects (by 25.5% less than in 2008); 188 entities were created as a result of transformation (by 29.9% less than in 2008). New entities made for 4.4% of all entities with foreign capital (6.3% a year earlier). Their highest share was observed in electricity, gas and water generation and
The basic capital of entities with foreign capital increased from PLN170997.1 million in the end of 2008 to PLN179877.8 million in the end of 2009 (5.2% growth). The highest share of foreign capital (39.3%) was involved in entities operating in the field of industrial processing. At the end of 2009, entities with foreign capital employed 1460.7 thousand persons, which represents a decrease of 4.6% as compared to 2008. The largest decline in employment
2005
2006
2007
2008
2009
10.4
19.2
17.6
16.5
11.4
Romania
6.5
11.4
9.8
13.3
6.3
Bulgaria
3.9
7.5
8.4
9.2
4.5
Poland
Czech Republic
11.7
6
9.1
10.7
2.7
2.9
1.7
2.5
2
1.7
1
1.8
1.9
1.8
0.4
Slovakia
2.1
4.2
3.3
3.4
0
Latvia
0.7
1.7
2.2
1.4
0
Slovenia
0.6
0.6
1.4
1.8
0
Estonia Lithuania
58 :: polish market ::
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was recorded in large firms, where the number of employees exceeded 249 people (by 6.2%). They were the workplace for 70.2% of all employed (71.4% a year earlier). The most employees in companies with foreign capital worked in the industrial processing sector (47.2%). Foreign capital located in Poland by the end of 2009 originated from 109 countries. Germany traditionally remained the largest foreign investor in Poland, investing nearly USD3 billion. The following places were taken by France (USD1.916.5 million) and the Economic Union of Belgium and Luxembourg (USD1.892.6 million). In 2009, the United States were the 5th largest foreign investor in Poland. From the far Eastern countries, Japan and Hong Kong invested the most in Poland (tab. 2). As for the profitability of direct investments in Poland, it was by far the most worthwhile for European countries. The Netherlands earned the most (USD3.900.7 million), Germany (USD2.478.8 million) and France (USD2.331 million). From non-European countries USA reached the most substantial profits (USD1.028.2 million), and South Korea was the biggest gainer among Asian countries (USD156.2 million). (tab. 3) In 2011, the number and value of FDIs continues to grow in Poland. “Only in the two summer months, the Polish Information and Foreign Direct Investments Agency (PAIiIZ) was able to convince nine companies to locate their investments in Poland, the total value of the projects is nearly PLN130 million and they are to generate 1,667 jobs in the next few years” writes PAIiIZ. ::
Invest in Poland Country
Germany France
Net Equity Capital 966,5
Net Reinvested profits 1 059.3
Other capital transactions Assets
Total capital inflows
Liabilities
240
685,5
Net 925,5
Assets
Liabilities
Net
240
2 711.3
2 951.3
547,9
762,7
-30
635,9
605,9
-30
1 946.5
1 916.5
BLEU
1 205.8
880,9
-263,2
69,1
-194,1
-263,2
2 155.8
1 892.6
Luxembourg
1 067.0
743,2
-225,6
185
-40,6
-225,6
1 995.2
1 769.6
504,6
538,6
90,2
226,2
316,4
90,2
1 269.4
1 359.6
USA Sweden Niderlandy
541,6
121,2
60,3
592,3
652,6
60,3
1 255.1
1 315.4
-1228,8
1 135.4
-149,1
915,4
766,3
-149,1
822
672,9
Austria
285,4
299,5
94
-7,6
86,4
94
577,3
671,3
Włochy
222,6
874,2
-554,4
122,3
-432,1
-554,4
1 219.1
664,7
Japonia
-1,5
45,7
-12,1
234,6
222,4
-12,1
278,7
266,6
7,1
-1,1
-350,2
529,1
178,9
-350,2
535,1
184,9
Hong Kong
Income on Equity Country
Dividends
Reinvested profits
Total
Income on debt interest
Total direct investment income
Netherlands
2 534.8
1 135.6
3 670.4
230,3
3 900.7
Germany
1 270.9
1 058.9
2 329.8
149
2 478.8
France
1 167.1
762,4
1 929.5
401,5
2 331.0
BLEU
414,1
880,3
1 294.4
167
1 461.4 1 153.4
Luxembourg
310,6
742,8
1 053.4
100
Italy
225,1
874,2
1 099.3
8,4
1 107.7
United States
297,8
538,3
836,1
192,1
1 028.2
273
299,5
572,5
54,1
626,6
1,6
154,4
156
0,2
156,2
Austria South Korea
Table 2 Foreign Direct Investments inflow to Poland in 2009, broken down by countires, in USD million Source: National Bank of Poland
Table 3 Income from direct investments in Poland, broken down by coutries, 2009, in USD million Source: National Bank of Poland
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10 /2011 :: polish market :: 59
Ranking 500 Document management www.arcus.pl
Ranking of retail and service companies Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
Operating income (in PLN thousands)
Employment
Name of company
Head of company
Based in
1
JERONIMO MARTINS DYSTRYBUCJA SA
Tomasz Suchański
Kostrzyn
20 217 012
na
na
na
na
na
na
na
31 364
2
METRO GROUP
Eckhard Cordes
Warsaw
17 140 000
na
na
na
na
na
na
na
23 976
3
TELEKOMUNIKACJA SA GK
Maciej Witucki
Warsaw
15 715 000
3 729 000
108 000
1 89 000
na
2 36 000
908 000
367 000
na
4
PZU SA GK
Andrzej Klesyk
Warsaw
14 343 604
3 976 884
2 439 229
791 235
3 029 431
961 856
3 088 085
962 152
15 703
5
PKO BANK POLSKI SA
Zbigniew Jagiełło
Warsaw
14 296 178
3 631 900
3 216 883
871 016
4 079 236
1 084 997
4 080 051
1 088 335
na
6
BP POLSKA
Bogdan Kucharski
Kraków
10 771 485
na
145 066
na
117 786
na
na
na
2 420
7
TESCO POLSKA Sp. z o.o.
Ryszard Tomaszewski
Kraków
10 713 729
na
na
na
na
na
na
na
27 650
8
BANK PEKAO
Luigi Lovaglio
Warsaw
9 347 508
2 374 528
2 525 234
648 307
3 101 512
800 784
na
934 166
na
9
CARREFOUR POLSKA Sp. z o.o.
Jean Anthoine
Warsaw
9 100 000
na
na
na
na
na
na
na
na
10
ENEA SA GK
Maciej Owczarek
Poznań
8 087 940
2 472 230
639 381
247 362
813 216
311 846
711 964
282 795
10 233
11
EUROCASH POLSKA SA GK
Luis Amaral
Komorniki
7 791 759
2 079 371
128 446
8 781
145 337
9 710
170 445
14 556
6 529
12
POLKOMTEL SA
Jarosław Bauc
Warsaw
7 672 481
1 761 500
1 151 910
419 400
1 431 544
513 000
1 537 010
548 500
3 666
13
POLSKA TELEFONIA CYFROWA Sp. z o.o. (now T-mobile)
Miroslav Rakowski
Warsaw
7 345 000
na
na
na
na
na
na
na
5 282
14
LEWIATAN HOLDING SA
Wojciech Kruszewski
Włocławek
6 818 000
na
na
na
na
na
na
na
20 960
15
ORLEN PETROCENTRUM Sp. z o.o.
Andrzej Niedbalski
Płock
6 545 996
na
8 981
na
11 315
na
na
na
109
16
POCZTA POLSKA SA
Jerzy Jan Jóźkowiak
Warsaw
6 545 000
na
na
na
na
na
na
na
98 089
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
17
PZU ŻYCIE SA
Dariusz Krzewina
Warsaw
6 512 541
na
2 130 255
na
na
na
2 581 675
na
na
18
AUCHAN POLSKA Sp. z o.o.
Marek Szeib
Piaseczno
6 250 000
na
na
na
na
na
na
na
na
19
NEUCA SA
Piotr Sucharski
Toruń
6 131 679
1 769 774
37 563
15 339
45 792
19 416
63 542
25 233
338
20
POLSKA GRUPA FARMACEUTYCZNA SA GK
Jacek Szwajcowski
Łódź
5 802 405
1 679 024
70 618
17 036
84 757
23 593
110 727
30 289
7 130
21
BANK ZACHODNI WBK SA GK
Mateusz Morawiecki
Wrocław
4 685 559
1 180 621
1 040 569
284 929
1 357 181
353 465
1 352 729
350 294
9 250
22
PKP CARGO SA
Wojciech Balczun
Warsaw
4 636 375
na
61 917
na
68 959
na
na
na
26 744
23
BRE BANK SA GK
Cezary Stypułkowski
Warsaw
4 600 449
1 198 155
641 602
229 708
872 511
308 981
872 511
308 981
7 023
24
STATOIL POLSKA SA GK
Andrzej Magryś
Warsaw
4 464 935
na
na
na
na
na
na
na
2 998
25
GRUPA BUDIMEX
Dariusz Blocher
Warsaw
4 430 269
797 818
267 409
46 652
331 752
57 769
331 366
57 879
na
26
POLIMEX-MOSTOSTAL SA GK
Konrad Jaskóła
Warsaw
4 160 901
879 709
119 301
12 755
155 203
20 335
212 714
na
na
27
SHELL POLSKA Sp. z o.o.
Piotr Dziwok
Warsaw
4 126 318
na
na
na
na
na
na
na
1 651
28
GETIN NOBLE BANK SA
Krzysztof Sławomir Rosiński
Warsaw
4 109 366
1 135 207
450 096
102 454
467 021
128 243
467 728
128 243
na
29
ING BANK ŚLĄSKI SA GK
Małgorzata Kołakowska
Katowice
4 065 843
1 058 422
753 139
212 543
934 149
267 124
na
na
8 472
30
STRABAG Sp. z o.o.
Hans Peter Haselsteiner Pruszków
4 019 330
na
194 408
na
246 457
na
na
na
4 000
31
GETIN HOLDING SA
Radosław Boniecki
3 898 108
1 120 568
421 091
88 719
485 188
143 972
454 689
143 972
na
32
SKANSKA SA GK
Krzysztof Andrulewicz Warsaw
3 774 000
na
211 600
na
264 100
na
na
na
6 795
Wrocław
33
PKP POLSKIE LINIE KOLEJOWE SA
Zbigniew Szafrański
Warsaw
3 759 549
na
-429 629
na
-492 629
na
na
na
39 820
34
GRUPA MUSZKIETERÓW SA
Jean-Pierre Meunier
Poznań
3 610 000
na
na
na
na
na
na
na
10 000
35
RUCH SA
Wojciech Heydel
Warsaw
3 603 894
893 847
na
-10 198
na
-9 877
na
-10 663
3 230
36
SPECJAŁ SA GK
Krzysztof Tokarz
Rzeszów
3 588 046
na
3 376
na
4 002
na
na
na
3 323
37
KOLPORTER SA GK
Krzysztof Klicki
Kielce
3 400 000
889 600
29 000
11 600
38 400
14 700
47 400
16 800
1 163
38
ROSSMANN SUPERMARKETY DROGERYJNE POLSKA Sp. z .o.o.
Marek Maruszak
Łódź
3 319 898
na
na
na
na
na
na
na
7 747
39
ASSECO POLAND SA GK
Adam Góral
Rzeszów
3 237 733
1 196 900
562 091
146 400
1 076 749
na
568 963
181 600
13 638
40
BANK BPH SA GK
Richard Gaskin
Kraków
3 194 646
745 399
-122 123
47 444
-132 007
65 603
na
na
6 869
41
SELGROS Sp. z o.o.
Alexander Orlowski
Poznań
3 157 764
na
113 877
na
142 762
na
na
na
3 863
42
BORYSZEW SA
Małgorzata Iwanejko
Warsaw
3 145 555
1 023 418
126 371
32 741
147 351
40 138
188 066
48 079
5 657
43
BANK MILLENNIUM
Bogusław Kott
Warsaw
2 985 251
777 631
325 997
101 172
407 802
129 410
407 802
129 410
6 135
60 :: polish market ::
10 /2011
CORRESPONDENCE MANAGEMENT www.arcus.pl Ranking 500
Ranking of retail and service companies Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Name of company
Head of company
Based in
44
POLOMARKET Sp. z o.o.
Marek Wojnowski
Pakość
2 971 000
na
na
na
na
na
na
na
10 000
45
PLL LOT SA
Marcin Piróg
Warsaw
2 962 994
na
-52 072
na
-55 662
na
na
na
2 328
46
EMPIK MEDIA & FASHION SA
Maciej Szymański
Warsaw
2 908 217
na
81 990
na
100 196
na
na
na
7 150
47
AB SA GK
Andrzej Przybyło
Wrocław
2 882 109
853 448
35 160
7 567
45 393
9 321
58 276
8 279
na
48
KGHM METRACO SA
Jacek Rawecki
Legnica
2 783 246
917 216
8 478
2 856
10 501
3 547
10 137
3 099
70
49
PBG SA GK
Jerzy Wiśniewski
Wysogotowo near Poznań
2 740 311
477 635
218 559
24 261
267 610
30 348
272 710
33 472
na
50
ABC DATA SA
Michał Rumiński
Warsaw
2 730 270
716 289
39 359
14 704
48 572
17 535
53 027
12 968
304
51
BANK HANDLOWY SA GK
Sławomir S. Sikora
Warsaw
2 719 136
647 527
754 811
181 183
942 578
222 367
na
222 159
6 039
52
TOTALIZATOR SPORTOWY Sp. z o.o.
Sławomir Dudziński
Warsaw
2 692 500
na
159 250
na
196 132
na
na
na
887
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
53
KREDYT BANK SA GK
Maciej Bardan
Warsaw
2 631 461
660 163
185 936
134 024
234 707
177 364
231 483
176 543
4 834
54
TUnŻ WARTA SA
Jarosław Parkot
Warsaw
2 517 901
516 665
28 342
na
35 294
na
na
na
na
55
E.LECLERC POLSKA
Jean Philippe Magré
Warsaw
2 517 000
na
na
na
na
na
na
na
na
56
TVN SA GK
Markus Tellenbach
Warsaw
2 490 697
582 399
42 754
-40 459
118 277
-25 863
363 761
52 653
3 218
57
IMPEXMETAL SA
Piotr Szeliga
Warsaw
2 417 585
719 445
73 218
29 414
96 055
37 584
10 752
37 161
1 910
58
INTER CARS
Robert Kierzek
Warsaw
2 413 008
590 871
63 683
22 465
77 494
29 527
115 255
36 820
2 105
59
ŻABKA POLSKA SA
Jacek Roszyk
Poznań
2 339 441
na
na
na
na
na
na
na
450
60
ORLEN PETROTANK Sp. z o.o.
Andrzej Niedbalski
Widełka
2 319 786
na
6 439
na
8 602
na
6 867
na
83
61
PHU ENERGOKRAK Sp. z o.o.
Adam Bocheński
Kraków
2 227 017
na
2 128
na
2 685
na
na
na
61 745
62
ACTION SA GK
Piotr Bieliński
Piaseczno
2 105 901
540 095
26 288
8 505
30 420
10 214
34 551
11 260
63
LPP SA
Marek Piechocki
Gdańsk
2 079 358
500 522
139 083
14 136
182 489
19 065
200 687
10 840
na
64
NETTO Sp. z o.o.
Kent Petersen
Montaniec
2 058 307
na
na
na
na
na
na
na
2 980
65
AMREST
Piotr Boliński
Wrocław
2 011 448
519 202
40 598
13 456
50 959
16 441
176 505
19 501
17 464
66
GRUPA P4
Jorgen Bang-Jensen
Warsaw
2 005 000
na
na
na
na
na
na
na
1 054
67
TUiR WARTA SA
Jarosław Parkot
Warsaw
1 995 486
562 549
1 240
na
-3 926
na
na
na
na
68
LUKAS BANK SA GK
Romuald Szeliga
Wrocław
1 965 050
na
42 674
na
49 767
na
49 767
na
6 053
69
MOSTOSTAL Warsaw SA GK
Jarosław Popiołek
Warsaw
1 805 672
381 303
44 364
-3 374
58 560
-3 929
47 125
-5 733
na
70
EMPERIA HOLDING SA
Artur Kawa
Lublin
1 782 059
440 990
98 485
11 270
33 726
1 568
38 009
2 188
13 904
71
TUiR ALLIANZ POLSKA SA
Paweł Dangel
Warsaw
1 730 000
440 592
na
-40 092
na
-47 062
na
na
na
72
BANK BGŻ SA GK
Jacek Bartkiewicz
Warsaw
1 682 345
739 856
112 341
33 829
126 865
39 632
125 191
38 707
5 051
73
RAIFFEISEN BANK POLSKA
Piotr Czarnecki
Warsaw
1 678 818
na
267 120
na
356 107
na
356 107
na
3 100
74
TELEWIZJA POLSKA SA
Juliusz Braun
Warsaw
1 616 226
na
na
na
5 957
na
na
na
4 012
75
IKEA RETAIL Sp. z o.o.
Walter Kadnar
Janki
1 599 766
na
na
na
na
na
na
na
2 185
76
BAUER MEDIA GK
Witold Woźniak
Warsaw
1 595 287
na
433 450
na
470 678
na
na
na
2 162
77
TECH DATA POLSKA Sp. z o.o.
Ireneusz Dąbrowski, Marek Jankowski
Warsaw
1 588 300
na
na
na
na
na
na
na
205
78
HYDROBUDOWA POLSKA SA GK
Jerzy Ciechanowski
Wysogotowo near Poznań
1 581 632
277 245
36 557
8 756
43 849
10 121
50 220
8 278
na
79
OGP GAZ-SYSTEM SA
Jan Chadam
Warsaw
1 580 161
na
449 290
na
558 987
na
na
na
2 063
80
NETIA SA GK
Mirosław Godlewski
Warsaw
1 569 296
401 189
263 895
-23 045
288 769
29 110
285 755
26 050
1 441
81
BGK SA
Dariusz Daniluk
Warsaw
1 547 021
na
414 456
na
451 218
na
451 218
na
na
82
BARTER SA
Bernard Jacek Cichocki Białystok
1 515 723
na
35 915
na
43 412
na
na
na
530
83
CYFROWY POLSAT SA GK
Dominik Libicki
Warsaw
1 482 463
402 779
258 470
76 398
321 282
93 632
325 754
95 999
864
84
TU ALLIANZ ŻYCIE POLSKA SA
Paweł Dangel
Warsaw
1 470 000
403 322
na
8 975
na
11 187
na
na
na
85
BRENNTAG POLSKA Sp. z o.o.
Zenon Maślona
Kędzierzyn-Koźle
1 443 469
394 330
39 001
5 232
49 238
7 211
64 120
15 301
476
86
BOMI SA GK
Marek Romanowski
Gdynia
1 430 474
371 464
-102 958
622
-102 718
3 109
-82 043
7 175
4 465
87
ZPR SA
Tomasz Szakiel
Warsaw
1 341 523
na
13 964
na
18 972
na
na
na
1 126
10 /2011 :: polish market :: 61
Ranking 500 ICT SYSTEMS www.arcus.pl
Ranking of retail and service companies Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
2010
2 010
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Name of company
Head of company
Based in
88
WARBUD SA
Włodzimierz Włodarczyk
Warsaw
1 330 040
221 511
64 869
12 087
81 883
15 088
68 707
10 353
1 085
89
CANAL + CYFROWY Sp. z o.o.
Emmanuel Florent
Warsaw
1 314 089
na
115 822
na
143 686
na
na
na
300
90
POL-AQUA SA GK
Piotr Chełkowski
Piaseczno
1 309 677
150 918
-284 639
4 372
-290 681
2 503
-282 831
3 687
na
91
AMPLICO LIFE SA
Łukasz Kalinowski
Warsaw
1 306 832
331 350
417 031
61 074
492 971
75 829
na
na
na
92
ORLEN GAZ Sp. z o.o.
Marek Balawejder
Płock
1 305 869
342 119
6 124
2 059
8 447
3 323
14 025
2 342
163
93
RABEN GROUP
Ewald Raben
Gądki near Poznań
1 255 000
na
na
na
na
na
na
na
3 500
94
EKO HOLDING SA GK
Krzysztof Gradecki
Wrocław
1 254 159
334 778
20 819
5 722
27 007
6 724
31 153
7 845
2 964
95
ALMA MARKET SA
Jerzy Mazgaj
Kraków
1 245 066
344 398
11 747
655
12 815
1 191
26 502
4 672
2 727
96
COGNOR SA GK
Przemysław Sztuczkowski
1 122 009
na
-92 008
na
-93 256
na
-82 774
na
na
Q1 2011
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
97
MIX ELECTRONICS SA
Andrzej Henryk Sala
Skawina
1 121 813
na
na
na
na
na
na
na
na
98
AGORA SA GK
Piotr Niemczycki
Warsaw
1 116 742
295 800
71 869
7 100
87 875
9 500
84 888
na
3 470
99
BNP PARIBAS BANK POLSKA SA GK (former FORTIS BANK POLSKA SA GK)**
Frederic Amoudru
Warsaw
1 112 881
265 827
41 574
8 968
57 463
11 286
na
na
2 832
100 IMPEL SA GK
Grzegorz Dzik
Wrocław
1 110 671
288 876
53 306
7 804
62 189
9 686
64 834
10 329
14 425
101 TELEWIZJA POLSAT SA GK
Mirosław Błaszczyk
Warsaw
1 099 836
na
224 524
na
287 114
na
na
na
1 007
102 ORLEN ASFALT Sp. z o.o.
Krzysztof Suszek
Płock
1 094 162
na
na
na
na
na
na
na
150
103 POLSKA GRUPA SUPERMARKETÓW Sp. z o.o.
Barbara WagnerKołodziejczak
Warsaw
1 070 000
na
na
na
na
na
na
na
3 500
104 NG2 SA
Dariusz Miłek
Polkowice
1 028 559
184 925
117 856
-6 234
122 609
-3 674
129 119
-1 907
5 912
105 POLSKA GRUPA DEALERÓW Sp. z o.o.
Wojciech Kordalewski
Kraków
1 026 636
na
4 835
na
6 053
na
na
na
758
106 PETROLOT Sp. z o.o.
Ireneusz Wesołowski
Warsaw
1 024 910
na
23 948
na
29 472
na
na
na
229
107 GASPOL SA GK
Sylwester Śmigiel
Warsaw
998 894
na
15 691
na
21 097
na
na
na
437
108 JYSK Sp. z o.o.
Piotr Padalak
Gdańsk
995 625
na
na
na
na
na
na
na
1 590
109 UPC POLSKA Sp. z o.o.
Simon Boyd
Warsaw
950 000
na
na
na
na
na
na
na
1 199
110 BAĆ POL SA GK
Leszek Bać
Rzeszów
926 481
na
6 994
na
9 293
na
13 057
na
1 040
111 NOWA ITAKA Sp. z o.o.
Mariusz Jańczuk
Opole
914 035
na
5 876
na
7 346
na
na
na
190
112 ERBUD SA GK
Dariusz Grzeszczak
Warsaw
906 460
276 017
30 004
-14 373
37 237
na
35 352
-14 477
na
113 MOSTOSTAL ZABRZE HOLDING SA
Leszek Juchniewicz
Zabrze
903 941
187 491
20 669
16 380
27 429
19 263
29 862
19 157
na
114 HOCHTIEF POLSKA Sp. z o.o.
Henryk J. Liszka
Warsaw
894 135
na
34 445
na
44 700
na
na
na
805
115 NORDEA BANK POLSKA
Włodzimierz Kiciński
Gdynia
890 065
248 511
259 337
56 937
326 910
74 018
na
84 101
2 219
116 AXA ŻYCIE TU SA
Jarosław Bartkiewicz
Warsaw
887 040
249 622
na
-9 752
na
-12 152
na
na
na
117 SELENA FM
Krzysztof Domarecki
Wrocław
878 906
170 205
25 107
-3 647
28 339
-10 777
32 589
-10 102
na
118 KOMPUTRONIK SA
Wojciech Buczkowski
Poznań
878 186
214 537
6 794
-6 324
8 650
-6 262
13 051
241
633
119 EUROVIA POLSKA SA
Jonas Hogberg
Bielany Wrocławskie
842 058
na
10 070
na
13 020
na
na
na
1 290
120 PRAKTIKER POLSKA Sp. z.o.o.
Norbert Brandt
Warsaw
820 900
na
na
na
na
na
na
na
na
121 BANK OCHRONY ŚRODOWISKA SA GK
Mariusz Klimczak
Warsaw
798 929
221 350
63 182
14 965
73 369
17 384
na
17 384
1 763
122 ELEKTROBUDOWA SA GK
Jacek Faltynowicz
Katowice
786 748
145 077
45 080
3 426
54 854
3 847
53 058
4 291
na
123 PRZEWOZY REGIONALNE Sp. z o.o.
Małgorzata Kuczewska-Łaska
Warsaw
777 040
na
na
na
na
na
na
na
13 720
124 ELMAR Sp. z o.o.
Marian Glita
Jędrzejów
770 000
na
14 000
na
14 000
na
na
na
610
125 COMARCH SA
Janusz Filipiak
Kraków
761 361
147 466
43 717
-862
24 979
-5 882
24 819
-7 429
3 462
126 TRADE TRANS Sp. z o.o.
Zbigniew Janicki
Warsaw
739 709
na
7 044
na
9 298
na
na
na
383
127 BANK BPS SA
Mirosław Potulski
Warsaw
733 043
na
86 244
na
93 149
na
93 149
na
1 259
128 GRUPA MAR-OL
Maciej Koralewski
Poznań
732 248
na
10 767
na
13 235
na
na
na
1 095
129 SCHOLZ POLSKA Sp. z o.o.
Janusz Grabowski
Będzin
702 937
na
1 584
na
1 584
na
na
na
324
130 MZA Sp. z o.o.
Jan Kuźmiński
Warsaw
686 200
na
34 374
na
46 571
na
na
na
4 720
131 GLOBE TRADE CENTRE SA
Piotr Kroenke
Warsaw
675 119
137 153
166 159
41 214
181 251
59 518
440 313
117 004
165
62 :: polish market ::
10 /2011
TELEMATIC AND TELEMETRY SOLUTIONS www.arcus.pl Ranking 500
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
132 ONNINEN Sp. z o.o.
Tomasz Boruc
Warsaw
673 870
na
4 641
na
5 875
na
na
na
678
133 ANTALIS POLAND Sp. z o.o.
Joanna Smolińska
Warsaw
650 048
na
-464
na
-318
na
na
na
342
134 KIRCHHOFF POLSKA Sp. z o.o.
Janusz Soboń
Mielec
643 060
na
49 138
na
49 138
na
na
na
1 155
135 LIBERTY POLAND SA
Wiesław Wiśniewski
Bytom
639 542
na
4 712
na
5 888
na
na
na
236
136 UNIBEP SA GK
Jan Mikołuszko
Bielsk Podlaski
638 779
139 906
22 685
2 154
29 439
2 936
29 757
3 589
718
137 J.W. CONSTRUCTION HOLDING SA
Tomasz Panabażys
Ząbki
620 025
125 614
92 011
19 291
113 400
23 570
142 421
31 568
na
138 PP PORTY LOTNICZE
Michał Marzec
Warsaw
619 699
na
117 930
na
162 928
na
na
na
2 170
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
139 FM LOGISTIC POLSKA
Piotr Sukiennik
Mszczonów
617 446
na
na
na
na
na
na
na
2 636
140 LUX MED SA GK
Anna Rulkiewicz
Warsaw
610 511
na
na
na
na
na
na
na
7 925
141 PIOTR I PAWEŁ SA
Piotr Woś
Poznań
601 166
na
11 002
na
14 024
na
na
na
279
142 MEDIACOM Warsaw Sp. z o.o.
Agnieszka Kosik
Warsaw
597 042
na
8 987
na
11 548
na
na
na
140
143 CENTROZŁOM WROCŁAW SA
Ireneusz Nalewajko
Wrocław
597 033
na
18 876
na
23 341
na
na
na
450
144 STENA RECYCLING Sp. z o.o.
Anders Jansson
Warsaw
596 453
na
na
na
na
na
na
na
542
145 HANDLOPEX SA
Tadeusz Wiesław Ptaszek
Rzeszów
596 381
na
17 729
na
22 006
na
na
na
370
146 NOMI SA
Bogusław Bartczak
Kielce
591 893
na
3 885
na
4 326
na
na
na
1 759
147 DEICHMANN-OBUWIE Sp. z o.o.
Johannes Obersteiner
Wrocław
591 000
na
na
na
na
na
na
na
1 700
148 ORACLE POLSKA Sp. z o.o.
Andrzej Dopierała
Warsaw
590 000
na
na
na
na
na
na
na
330
149 TU EUROPA SA GK
Jacek Podoba
Wrocław
579 545
154 786
150 517
44 012
186 469
54 755
na
na
na
150 FM POLSKA Sp. z o.o.
Piotr Sukiennik
Mszczonów
578 446
na
11 480
na
14 801
na
18 308
na
2 636
151 INTRA Sp. z o.o.
Stanisław Bogdański
Warsaw
576 634
na
4 793
na
5 130
na
na
na
307
152 ADVADIS SA
Adam Brodowski
Kraków
568 733
79 728
-48 794
172
-46 882
172
-44 468
291
na
153 MULTIMEDIA POLSKA SA
Andrzej Rogowski
Gdynia
567 216
148 658
81 518
20 411
93 837
25 837
134 529
35 665
1 704
154 KOELNER SA
Radosław Koelner
Wrocław
559 633
150 572
837
3 031
3 868
3 995
18 968
8 310
na
155 DPD POLSKA SA GK
Rafał Nawłoka
Warsaw
540 218
na
na
na
na
na
na
na
1 500
156 DIALOG SA GK
Arkadiusz Miszuk
Wrocław
528 755
131 107
80 155
9 930
46 049
12 712
50 299
13 402
1 339
157 KOLEJE MAZOWIECKIE KM Sp. z o.o.
Artur Radwan
Warsaw
527 704
158 SYGNITY SA GK
Norbert Biedrzycki
Warsaw
524 018
111 987
-42 640
-1 178
-43 787
-944
-34 296
1 367
na
159 AMBRA SA GK
Robert Ogór
Warsaw
521 965
101 873
23 211
3 085
na
4 633
38 282
6 581
669
160 KONSALNET SA GK
Adam Pawłowicz
Warsaw
517 335
na
na
na
na
na
na
na
na
10 480
8 754
2 586
161 BIAZET SA
Adam Morawski
Białystok
515 050
na
6 703
na
9 290
na
na
na
955
162 DOM DEVELOPMENT
Jarosław Szanajca
Warsaw
513 679
20 175
40 480
-12 252
51 089
-15 041
59 050
-14 780
na
163 NOVA TRADING SA
Tomasz Pająk
Toruń
513 160
na
19 000
na
23 205
na
na
na
222
164 EXATEL SA
Zdzisław Nowak
Warsaw
510 200
na
40 200
na
na
na
na
na
na
165 HAND-PROD Sp. z o.o.
Bolesław Kukolewski
Warsaw
507 803
na
12 090
na
15 477
na
na
na
225
166 TRIADA SA GK
Piotr Zawistowski
Warsaw
507 425
na
na
na
na
na
na
na
355
167 DELKO SA
Andrzej Worsztynowicz Śrem
500 701
145 604
4 739
1 206
7 504
2 102
8 859
2 583
na
168 WORK SERVICE SA GK
Tomasz Hanczarek
Wrocław
499 069
na
16 035
na
16 638
na
na
na
330
169 NICROMET
Edward Michał Wyciślok
Bestwinka
497 480
na
na
na
na
na
na
na
225
170 TRAKCJA POLSKA SA GK (now TRAKCJATILTRA SA GK)*
Maciej Radziwiłł
Warsaw
491 163
78 112
32 604
-446
40 804
-365
44 109
-946
1 038
171 PRZEDSIĘBIORSTWO BUDOWY KOPALŃ PeBeKa SA
Ryszard Janeczek
Lubin
486 167
109 368
7 801
5 637
8 981
7 292
7 441
6 521
1 595
172 MERCURIA ENERGY TRADING Sp. z o.o.
Zbigniew Kędzierski
Warsaw
485 442
na
2 891
na
3 581
na
na
na
na
173 BLUE MEDIA SA GK
Andrzej Antoń, Konrad Sopot Kucharski
482 523
na
731
na
1 069
na
937
na
72
174 BANK DNB NORD POLSKA SA
Bartosz Chytła
477 987
na
51 215
na
68 719
na
68 719
na
na
Warsaw
10 /2011 :: polish market :: 63
Ranking 500 Document management www.arcus.pl
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
175 CINEMA CITY POLSKA
Moshe J. (Mooky) Greidinger
Warsaw
476 556
na
na
na
na
na
na
na
1 300
176 ABM SOLID SA
Marek Pawlik
Tarnów
469 650
95 576
6 258
-9 860
7 760
-11 947
14 097
-8 974
815
177 SANDO BUDOWNICTWO POLSKA Sp. z o.o.
Esther Manzano Sanchez
Warsaw
459 709
na
21 725
na
35 163
na
na
na
66
178 SUPER-PHARM POLSKA Sp. z o.o.
Artur Dżagarow
Warsaw
454 479
na
na
na
na
na
na
na
803
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
179 ASSECO SOUTH EASTERN EUROPE SA GK
Piotr Jeleński
Rzeszów
450 336
97 976
43 647
12 077
51 796
13 394
51 068
11 119
1 194
180 POL-MIEDŹ TRANS Sp. z o.o.
Karol Wołkowiński
Lubin
442 872
na
na
na
na
na
na
na
1 144
181 EIFFAGE BUDOWNICTWO MITEX SA
Zbigniew Zajączkowski Warsaw
442 150
na
11 767
na
15 210
na
na
na
375
182 POLSKAPRESSE
Dorota Stanek
Warsaw
438 146
na
na
na
na
na
na
na
1 737
183 POLBITA Sp. z o.o.
Wojciech Filipczyk
Warsaw
431 821
na
na
na
na
na
na
na
1 630
184 ECHO INVESTMENT SA
Piotr Gromniak
Kielce
426 396
86 045
147 738
55 243
137 332
69 383
168 691
127 129
na
185 PEKAES SA
Jacek Machocki
Błonie
415 895
211 324
-44 763
52 558
-44 763
52 863
20
52 006
701
186 ODRATRANS SA GK
Piotr Chajderowski
Szczecin
408 217
na
11 593
na
19 363
na
na
na
600
187 GEFCO Polska Sp. z o. o.
Olivier Large
Warsaw
407 072
na
8 323
na
10 596
na
14 044
na
303
188 ROHLIG SUUS LOGISTICS
Tadeusz Chmielewski
Piaseczno
403 288
na
na
na
na
na
9 215
na
705
189 ATM SA GK
Roman Szwed
Warsaw
401 779
89 579
20 439
7 030
25 941
8 177
33 150
4 369
450
190 ADAMED Sp. z o.o.
Maciej Adamkiewicz
Pieńków
396 596
na
na
na
na
na
na
na
755
191 LINDE GAZ POLSKA Sp. z o.o.
Mirosław Cześnik
Kraków
395 730
na
43 496
na
55 997
na
na
na
570
192 POLMAX POLSKA SA
Piotr Gwizd
Świebodzin
394 920
na
2 277
na
2 444
na
na
na
250
193 SAMBUD-2 SA GK
Krzysztof Stępak
Kraków
392 637
na
7 285
na
7 611
na
na
na
181
194 ZUE SA
Wiesław Nowak
Kraków
392 353
45 964
17 168
-2 678
21 149
-3 607
25 616
-3 340
721
195 GRUPA SBS Sp. z o.o.
Sławomir Maciejewski
Łódź
392 250
na
2 400
na
3 145
na
na
na
na
196 ENERGOMONTAŻ PÓŁNOC SA GK
Konrad Jaskóła
Warsaw
391 949
68 672
33 757
2 026
39 915
2 919
33 338
2 449
na
197 PHU TOPAZ Sp. z o.o.
Zbigniew Paczóski
Sokołów Podlaski
391 661
na
19 415
na
24 371
na
na
na
1 537
198 PH ALFA ELEKTRO Sp. z o.o.
Wiesław Romańczuk
Katowice
381 653
na
na
na
na
na
na
na
440
199 CARSERVIS SA GK
Janusz Paczewski
Warsaw
380 348
na
3 748
na
4 940
na
na
na
547
200 VISTULA GROUP SA
Grzegorz Pilch
Kraków
353 921
79 013
1 663
-1 942
1 558
-2 501
23 265
3 354
2 300
201 JAS-FBG SA
Jarosław Domin
Katowice
347 095
92 152
6 388
1 903
8 113
2 362
9 183
2 800
790
202 GBW SA
Paweł Pawłowski
Poznań
346 057
na
27 646
na
34 288
na
na
na
na
203 MARVIPOL SA GK
Andrzej Nizio
Warsaw
344 898
71 980
29 541
408
35 967
1 950
42 844
5 989
na
204 FHU MERKURY Sp. z o.o.
Jan Papierz
Krosno
343 287
na
na
na
na
na
na
na
na
205 KUEHNE+NAGEL Sp. z o.o.
Tobias Jerschke
Gądki
342 454
na
na
na
na
na
na
na
1 315
206 ORCO PROPERTY GROUP SA
Jean-François Ott
Warsaw
340 618
39 146
233 411
-4 373
230 819
-1 140
50 967
5 411
na 260
207 KARMAR SA
Włodzimierz Bogiel
Warsaw
339 500
na
5 760
na
5 457
na
na
na
208 ENERGOMONTAŻ POŁUDNIE SA GK
Krzysztof Jan Diduch
Katowice
338 115
75 760
-4 915
1 389
-3 384
865
-17 190
2 679
na
209 TRASKO-INWEST Sp. z o.o.
Leszek Faltyniak
Ostrzeszów
336 740
na
8 505
na
8 505
na
na
na
445
210 POLSKI GAZ Sp. z o.o.
Paweł Bielski
Warsaw
334 265
na
3 320
na
1 163
na
na
na
185
211 TIM SA
Krzysztof Folta
Siechnice
332 317
76 272
10 139
1 697
12 892
2 297
10 632
1 858
na
212 BANK POCZTOWY SA GK
Tomasz Bogus
Bydgoszcz
332 165
na
14 412
na
17 529
na
17 529
na
na
213 QUMAK - SEKOM SA
Paweł Jaguś
Warsaw
329 045
74 408
13 249
2 838
16 594
3 568
14 856
2 998
na
214 REDAN SA GK
Bogusz Kruszyński
Łódź
323 941
76 610
5 358
-2 099
7 935
-2 337
9 753
-2 760
na
215 AQUANET SA
Paweł Chudziński
Poznań
320 695
na
9 996
na
12 886
na
na
na
935
216 RAINBOW TOURS SA GK
Grzegorz Baszczyński
Łódź
318 786
53 529
3 409
376
4 807
666
4 244
684
na
217 DELTA TRANS
Adam Rams, Jan Orlikowski
Świętochłowice
313 460
na
11 380
na
14 395
na
na
na
966
218 TELL SA
Rafał Stempniewicz
Poznań
307 370
79 061
7 117
2 620
9 684
3 249
12 337
3 385
na
219 DHL GLOBAL FORWARDING Sp. z o.o.
Piotr Iwaniuk
Warsaw
301 835
na
17 566
na
20 367
na
na
na
240
220 MIRBUD SA GK
Halina Mirgos
Skierniewice
301 443
44 283
24 553
4 976
34 303
6 100
42 381
7 587
na
64 :: polish market ::
10 /2011
CORRESPONDENCE MANAGEMENT www.arcus.pl Ranking 500
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
2010
2 010
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
221 WASKO SA GK
Wojciech Wajda
Gliwice
294 417
46 682
7 505
3 562
9 985
4 506
8 645
3 798
709
222 INSTAL KRAKÓW SA GK
Piotr Juszczyk
Kraków
286 171
65 276
17 353
2 682
21 586
3 181
20 534
3 181
na
223 INTERHANDLER Sp. z o.o.
Ryszard Lamczyk
Toruń
272 507
na
na
na
na
na
na
na
191
224 COMP SA
Jacek Papaj
Warsaw
258 681
53 827
25 580
5 411
26 975
7 554
23 576
4 594
718
225 BIURO INFORMATYCZNO-WDROŻENIOWE “Koncept” Sp. z o.o.
Andrzej Wójtowicz
Skawina
257 468
27 612
1 659
282
2 062
351
2 145
364
58
226 PRAXIS SA
Sławomir Piotrowski
Warsaw
242 789
62 510
2 297
15
2 973
31
2 098
135
85
227 FH JAGO SA
Sylwester Wojtaczka
Krzeszowice
241 151
25 909
-35 434
-6 676
-44 699
-7 007
-36 575
-4 557
608
228 INFOVIDE-MATRIX SA GK
Jan Maciejewicz
Warsaw
227 040
36 578
7 077
129
9 794
517
12 847
na
528
229 WASPOL SA
Paweł Wyszyński
Wyszków
222 399
na
514
na
797
na
2 125
na
223
230 ULMA CONSSA
Andrzej Kozłowski
Warsaw
215 351
48 971
10 231
711
13 460
787
27 329
3 939
na
231 BRESSE POL Sp. z o.o.
Irena Szczęsna
Toruń
207 012
na
na
na
na
na
na
na
na
Q1 2011
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
232 RAIFFEISEN-LEASING POLSKA SA
Arkadiusz Etryk
Warsaw
204 149
56 683
35 716
15 562
61 761
20 799
na
na
386
233 SIÓDEMKA SA
Jarosław Śliwa
Warsaw
203 374
na
16 579
na
21 309
na
20 642
na
926
234 INTEGER.PL SA
Rafał Brzoska
Kraków
202 379
57 463
16 519
4 831
20 280
6 214
23 493
52 325
802
235 ARCUS SA
Michał Czeredys
Warsaw
193 177
na
2 255
na
2 856
na
1 347
na
104
236 ENESTA Sp. z o.o.
Tomasz Strusiński
Stalowa Wola
191 741
56 811
919
1 969
1 158
2 345
-615
2 214
124
237 OMEGA Pilzno ITiS Godawski & Godawski Sp. z o.o.
Mariusz Godawski, Adam Godawski
Pilzno
190 712
na
10 723
na
10 723
na
12 693
na
171
238 AUTOPART SA
Monika Bąk
Mielec
182 136
na
1 972
na
2 416
na
4 231
na
70
239 WILK ELEKTRONIK SA
Wiesław Wilk
Łaziska Górne
181 436
na
na
na
na
na
na
na
129
240 POLNORD SA GK
Bartosz Puzdrowski
Gdynia
180 264
21 456
51 562
15 729
73 077
20 714
48 130
18 425
na
241 TESGAS SA
Włodzimierz Kocik
Dopiewo
174 336
50 007
14 360
1 631
19 369
2 049
17 975
1 477
na
242 ASSECO BUSINESS SOLUTIONS SA
Romuald Rutkowski
Warsaw
168 587
42 492
30 092
9 588
37 641
11 886
35 778
11 235
660
243 KRUK SA
Piotr Krupa
Wrocław
164 281
53 162
36 078
14 070
35 605
14 204
42 636
18 066
na
244 GANT DEVELOPMENT SA GK
Karol Antkowiak
Legnica
156 610
20 928
12 890
19 575
14 641
27 968
22 713
31 125
na
245 LC CORP
Dariusz Niedospiał
Wrocław
156 202
53 122
50 548
13 420
73 271
16 707
65 943
na
49
246 ERICPOL TELECOM Sp. z o.o.
Paweł Szczerkowski
Łódź
155 873
na
31 065
na
37 534
na
34 265
na
860
247 TELE-POLSKA HOLDING SA
Bernhard Friedl
Warsaw
152 000
39 506
3 500
1 933
4 197
1 933
4 103
2 118
na
248 SFINKS POLSKA SA GK
Sylwester Cacek
Łódź
151 563
41 017
-36 930
-2 621
-36 894
-2 621
-27 998
-818
na
249 B3SYSTEM SA
Mirosław Kaliński
Warsaw
148 505
17 231
1 542
-478
1 821
-494
2 512
-390
na
250 MEXEM Sp. z o.o.
Jarosław Molak
Warsaw
147 225
na
4 321
na
5 084
na
5 193
na
243
251 P.A. NOVA SA GK
Ewa Bobkowska
Gliwice
146 486
34 998
20 176
4 337
24 546
5 017
25 739
5 895
na
252 OPONEO.PL SA
Dariusz Topolewski
Bydgoszcz
144 127
na
na
na
na
na
na
na
80
253 MURAPOL SA
Michał Dziuda
Bielsko-Biała
142 793
na
47 815
na
47 431
na
49 225
na
na
254 MOSTOSTAL PŁOCK SA GK
Wiktor Guzek
Płock
141 268
25 031
2 632
3 747
8 227
4 878
9 507
2 765
na
255 APREO LOGISTICS SA
Arkadiusz Glinka
Warsaw
133 727
na
201
na
495
na
948
na
201
256 NETMEDIA SA
Andrzej Wierzba
Warsaw
131 762
31 265
8 412
2 146
10 052
2 146
8 044
1 312
98
257 GRODNO SA
Andrzej Jurczak
Michałów Grabina
130 537
37 931
4 114
494
5 326
621
5 977
834
na
258 BUDOPOL WROCŁAW SA GK
Mirosław Motyka
Wrocław
130 065
34 103
5 983
6 818
6 328
7 111
3 738
6 108
119
259 WOJAS SA
Tadeusz Wiesław Wojas
Nowy Targ
129 050
na
4 648
na
5 925
na
6 069
na
1 061
260 WIDOK ENERGIA Sp. z o.o.
Iwona Szmaja
Sopot
128 741
na
-378 114
na
-378 114
na
-231 610
na
na
261 DZ BANK POLSKA SA GK
Rainer Fuhrmann
Warsaw
128 061
na
18 826
na
25 138
na
na
na
207
262 ENERGOPOL-POŁUDNIE SA
Jacek Taźbirek
Sosnowiec
127 763
10 623
5 673
460
7 024
459
4 599
-324
186
263 CONSORTIA Sp. z o.o.
Artur Smółko
Warsaw
127 264
na
757
na
1 039
na
1 789
na
100
264 EMC INSTYTUT MEDYCZNY
Piotr Gerber
Wrocław
126 802
35 311
840
-2 161
1 142
-2 535
3 144
-1 682
624
265 KRAKOWSKI BANK SPÓŁDZIELCZY
Zbigniew Bodzioch
Kraków
126 252
na
8 647
na
11 802
na
na
na
609
266 ZWSE RZESZÓW Sp. z o.o.
Marcin Pasternak
Rzeszów
125 569
na
1 820
na
2 286
na
3 217
na
243
10 /2011 :: polish market :: 65
Ranking 500 ICT SYSTEMS www.arcus.pl
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
267 CHATA POLSKA SA
Adam Plackowski
Poznań
124 216
na
3 070
na
3 760
na
3 584
na
96
268 DM IDMSA
Grzegorz Leszczyński
Kraków
123 216
31 015
42 616
18 015
53 921
29 992
58 282
29 992
260
269 MELBUD SA
Andrzej Pawłowski
Grudziądz
120 274
na
na
na
na
na
na
na
na
270 PODKARPACKI BANK SPÓŁDZIELCZY w SANOKU
Lesław Wojtas
Sanok
119 432
na
12 087
na
15 663
na
na
na
599
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
271 PROCHEM SA GK
Jarosław Stępniewski
Warsaw
119 041
24 333
4 945
598
4 825
764
5 161
-1 041
na
272 PCC INTERMODAL SA
Dariusz Stefański
Gdynia
118 944
36 733
-8 809
433
-8 879
394
-9 129
607
137
273 AGROBEX Sp. z o.o.
Krzysztof Kruszona
Poznań
117 531
na
26 219
na
32 562
na
33 726
na
64
274 TRITON DEVELOPMENT SA
Magdalena Szmagalska Warsaw
116 652
28 598
1 015
908
1 131
948
9 963
3 236
na
275 ELEKTROTIM SA
Andrzej Diakun
Wrocław
116 449
26 160
3 837
-839
5 514
-813
5 417
-1 073
na
276 DOLNOŚLĄSKIE SUROWCE SKALNE SA
Jan Łuczak
Warsaw
113 507
76 328
-17 988
1 646
-21 783
2 035
-3 584
6 432
224
277 TELFORCEONE SA GK
Sebastian Sawicki
Wrocław
113 067
24 938
4 310
673
4 875
723
8 515
1 532
na
278 PROJPRZEM SA GK
Henryk Chyliński
Bydgoszcz
112 541
36 513
-11 306
-1 411
-14 196
-1 564
-13 797
-1 503
577
279 LINK Sp. z o.o.
Ryszard Ellert
Wiązowna
111 614
na
218
na
554
na
1 408
na
322
280 ARTERIA SA
Wojciech Bieńkowski
Warsaw
111 060
25 694
5 709
1 228
7 611
1 639
9 808
2 126
na
281 S&T SERVICES POLSKA Sp. z o.o.
Maciej Wiśniewski
Warsaw
111 000
na
na
na
na
na
na
na
302
282 S4E SA
Janusz Makowski
Kraków
110 263
10 277
1 935
6
2 438
16
2 410
-86
26
283 CARGOFORTE Sp. z o.o.
Piotr Selmaj
Warsaw
109 236
na
319
na
615
na
1 426
na
195
284 NETLINE GROUP Sp. z o.o.
Jacek Wilczyński
Wrocław
107 258
na
6 096
na
7 943
na
8 448
na
170
285 TROPICANA Sp. z o.o.
Wojciech Guzik
Krosno
106 244
26 750
1 455
477
1 774
553
1 774
592
114
286 TALEX SA
Janusz Gocałek
Poznań
105 836
14 725
2 244
-2 271
2 529
-2 211
2 529
-2 350
na
287 INTERBUD LUBLIN SA
Krzysztof Jaworski
Lublin
105 629
17 326
10 494
1 133
12 956
1 398
13 955
2 215
101
288 DM BZ WBK SA
Mariusz Sadłocha
Poznań
103 121
na
46 787
na
59 359
na
18 813
na
311
289 MIT SA
Leszek Kułak
Warsaw
101 384
18 713
20 187
3 673
25 253
4 809
29 005
5 184
na
290 HAWE SA GK
Jerzy Karney
Warsaw
101 096
21 972
37 232
10 424
46 095
11 956
43 133
11 895
222
291 AXA TUiR SA
Maciej Szwarc
Warsaw
100 980
44 385
na
-5 373
na
-6 122
na
na
na
292 TAMEX OBIEKTY SPORTOWE SA
Konrad Bogusław Sobecki
Warsaw
95 851
na
5 499
na
6 782
na
7 658
na
48
293 BALTIC WOOD SA
Edward Nitka
Jasło
95 200
na
na
na
na
na
na
na
311
294 GC INVESTMENT SA
Michał Goli
Katowice
93 375
na
8 572
na
10 841
na
18 358
na
na
295 BUDOSTAL-5 SA
Marek Leśniak
Kraków
91 124
na
2 435
na
3 152
na
6 276
na
6 276
296 ALTERCO SA GK
Zbigniew Zuzelski
Warsaw
90 129
31 210
14 720
2 863
12 401
4 278
19 590
4 820
5
297 NASK
Michał Chrzanowski
Warsaw
89 521
na
4 976
na
8 203
na
7 912
na
355
298 ADVATECH Sp. z o.o.
Jacek Szubert
Wrocław
88 443
na
2 612
na
3 108
na
3 213
na
53
299 AMPLI SA
Waldemar Madura
Tarnów
88 307
na
955
na
1 172
na
1 554
na
na
300 GASTEL ŻURAWIE SA
Grzegorz Piotr Żółcik
Warsaw
86 200
23 689
557
1 597
1 611
1 926
10 590
3 701
na
301 TUnŻ POLISA-ŻYCIE SA
Leszek Szwedo
Warsaw
85 806
29 490
4 206
na
5 184
na
na
na
na
302 ANDRA Sp. z o.o.
Andrzej Sikorski
Warsaw
81 678
na
5 297
na
6 590
na
6 332
na
73
303 ATC CARGO SA
Artur Jadeszko
Gdynia
79 058
na
1 357
na
1 810
na
1 999
na
na
304 ENVIROTECH Sp. z o.o.
Janusz Tomaszkiewicz
Poznań
77 237
13 177
2 051
-361
2 573
-361
4 532
-249
55
305 SAS INSTITUTE Sp. z o.o.
Alicja Wiecka
Warsaw
72 435
na
na
na
na
na
na
na
188
306 BLACK POINT SA
Kamila Yamasaki
Kobierzyce Bielany Wrocławskie
71 485
18 028
5 653
1 082
7 225
1 474
7 326
1 589
na
307 SOBET SA
Piotr Czajkowski
Brzeg
69 562
13 475
76
718
340
1 153
3 516
1 573
171
308 IPOPEMA SECURITIES SA
Jacek Lewandowski
Warsaw
69 378
na
15 431
na
19 446
na
22 364
na
61
309 BCC Sp. z o.o.
Bartłomiej Buszczak
Suchy Las near Poznań
68 600
na
na
na
na
na
na
na
189
310 ELZAB SA GK
Krzysztof Urbanowicz
Zabrze
64 297
20 561
1 039
2 458
1 655
3 012
2 829
3 029
269
311 INTAKUS SA
Jarosław Ślipek
Wrocław
63 784
13 324
1 488
-509
2 446
190
5 389
1 069
105
66 :: polish market ::
10 /2011
TELEMATIC AND TELEMETRY SOLUTIONS www.arcus.pl Ranking 500
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
2010
2 010
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
312 ONE-2-ONE SA GK
Piotr Majchrzak
Poznań
62 520
8 184
-3 333
539
3 247
738
-3 386
912
313 CALATRAVA CAPITAL SA GK
Paweł Narkiewicz
Warsaw
61 047
48 097
12 091
10 384
12 804
10 399
8 568
11 267
na
314 SAGE Sp. z o.o.
Elwira Sokołowska
Warsaw
60 465
na
6 834
na
na
na
na
na
250
315 OPTEAM SA GK
Janusz Bober
Tajęcina near Rzeszów
60 099
12 051
2 074
283
2 355
342
2 646
407
154
316 ZETO-RZESZÓW Sp. z o.o.
Ryszard Rzym
Rzeszów
57 717
na
1 867
na
2 263
na
1 386
na
130
317 MOSTOSTAL EXPORT SA GK
Agnieszka Jankowska
Warsaw
57 217
16 884
-12 312
-2 550
-12 515
-2 617
-13 250
-2 684
196
318 TRANSITION TECHNOLOGIES SA
Konrad Świrski
Warsaw
54 704
na
5 444
na
6 213
na
6 305
na
295
Q1 2011
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010 na
319 ERG SA
Marcin Agacki
Dąbrowa Górnicza
52 930
15 992
1 425
183
1 554
183
1 994
227
na
320 MACROLOGIC SA
Krzysztof Szczypa
Warsaw
52 631
13 833
4 161
2 114
5 993
2 634
6 123
2 661
347
321 ANTI SA
Arkadiusz Rzepa
Wrocław
52 487
4 481
-5 291
-618
-4 997
-584
-4 444
-451
na
322 LOGON SA
Krzysztof Jurek
Bydgoszcz
50 534
na
1 378
na
1 658
na
1 587
na
44
323 CD Projekt RED SA
Michał Adam Kiciński
Warsaw
50 446
15 764
-3 451
4 131
-978
4 521
-675
4 676
na
324 RESBUD SA GK
Przemysław Federowicz
Rzeszów
50 317
10 434
-324
-843
452
-625
-564
-700
151
325 HORTICO SA
Paweł Kolasa
Wrocław
48 273
10 663
2 000
1 453
2 459
1 504
178
1 458
na
326 VOTUM SA GK
Dariusz Czyż
Wrocław
47 523
11 414
5 318
1 440
6 598
1 735
5 631
1 696
na
327 MO-BRUK SA
Józef Tadeusz Mokrzycki
Niecew near Nowy Sącz
47 349
na
6 863
na
8 019
na
8 446
na
na
328 ZAKŁADY MIĘSNE HERMAN SA
Tadeusz Frączek
Tyczyn
47 337
na
-1 816
na
-1 735
na
-1 477
na
na
329 DK NOTUS SA
Robert Pepłoński
Warsaw
46 188
na
na
na
na
na
na
na
na
330 MILMEX SYSTEMY KOMPUTEROWE Sp. z o.o.
Zbigniew Krzyśko
Sosnowiec
46 123
na
8 066
na
8 234
na
8 529
na
71
Nowa Dęba
331 SANFARM Sp. z o.o.
Ryszard Latawiec
45 415
na
4 656
na
4 718
na
4 102
na
233
332 KOMA NORD Sp. z o.o.
Zbigniew Szymkowiak, Gdynia Wojciech Kotas
45 156
na
963
na
1 269
na
1 252
na
36
333 SPEDYCJA MIĘDZYNARODOWA AGROLAND Sp. z o.o.
Wojciech Miotke
Gdynia
45 131
na
411
na
523
na
514
na
39
334 HYPERION SA
Andrzej Piechocki
Warsaw
44 915
na
18 346
na
19 142
na
4 804
na
na
335 KORPORACJA GOSPODARCZA EFEKT SA
Bogumił Adamek
Kraków
44 261
9 041
-1 527
-2 032
-1 083
-2 030
3 811
-797
231
336 PROCAD SA GK
Jarosław Jarzyński
Gdańsk
43 933
11 557
622
196
689
279
248
182
119
337 POLFROST INTERNATIONALE SPEDITION Sp. z o.o.
Jan Ryszard Grzebielucha
Warsaw
41 171
na
940
na
1 333
na
1 387
na
52
338 KCI SA
Kazimierz Mochol
Kraków
41 156
2 305
-9 601
-823
-4 574
-821
1 130
-142
107
339 IGLOOCAR
Wiesław Barłowski, Krystyna Jaskowska
Dębica
40 858
na
280
na
424
na
2 153
na
205
340 INTERFERIE SA
Adam Malinowski
Lubin
39 432
8 245
3 148
-229
4 039
-231
3 778
25
na
341 BIPROMET SA GK
Tadeusz Baj
Katowice
38 104
7 626
2 288
42
3 373
150
3 648
190
210
342 RANK PROGRESS SA GK
Jan Mroczka
Legnica
37 614
14 537
5 399
34 613
6 717
39 591
-4 495
43 793
na
343 SCO-PAK SA
Grzegorz Pleskot
Warsaw
34 612
na
-3 158
na
-3 886
na
-2 138
na
152
344 ITELLIGENCE Sp. z o.o.
Arnold Nowak
Warsaw
34 499
na
1 670
na
2 072
na
2 072
na
95
345 ESBANK BANK SPÓŁDZIELCZY
Jacek Zacharewicz
Radomsko
33 933
na
na
na
na
na
na
na
na
346 MEGARON SA
Piotr Sikora
Szczecin
32 993
na
1 720
na
2 150
na
2 417
na
45
347 VIDIS SA
Bartosz Palusko
Wrocław
30 776
6 956
1 236
216
1 533
275
1 853
309
na
348 BONAIR SA
Andrzej Wach
Warsaw
28 385
na
650
na
1 150
na
1 180
na
123
349 BANK SPÓŁDZIELCZY w LIMANOWEJ
Adam Dudek
Limanowa
28 358
na
3 398
na
2 682
na
na
na
167
350 GRUPA KONSULTINGOWO-INŻYNIERYJNA KOMPLEKS SA
Janusz Wystemp
Wałbrzych
28 081
na
1 336
na
1 665
na
1 829
na
na
351 ZAKŁADY AUTOMATYKI POLNA SA
Miroslav Kozlovski
Przemyśl
28 000
na
752
na
846
na
618
na
203
352 MINOX SA
Tomasz Olszewski
Warsaw
26 861
na
462
na
594
na
889
na
na
353 HARDSOFT TELEKOM
Jarosław Kaźmierczak
Poznań
25 833
na
545
na
677
na
671
na
21
354 DOM MAKLERSKI WDM SA
Wojciech Gudaszewski Wrocław
25 165
na
17 161
na
20 181
na
19 604
na
na
10 /2011 :: polish market :: 67
Ranking 500 Document management www.arcus.pl
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
355 R&C UNION SA
Norbert Okowiak
Poznań
24 329
na
-1 931
na
-1 931
na
-1 463
na
na
356 KORPORACJA UBEZPIECZEŃ KREDYTÓW EKSPORTOWYCH SA
Zygmunt Kostkiewicz
Warsaw
24 323
9 084
11 355
16 151
11 894
16 694
-2 359
-8 165
169
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
357 TUP SA GK
Robert Jacek Moritz
Warsaw
24 166
na
8 471
na
16 132
na
28 298
na
na
358 EUROPEJSKIE CENTRUM ODSZKODOWAŃ
Krzysztof Lewandowski
Legnica
24 018
7 319
6 138
1 926
7 741
2 435
7 463
2 327
99
359 SIMPLE SA
Bogusław Mitura
Warsaw
23 027
6 097
1 900
81
2 443
157
2 735
226
na
360 TRANS POLONIA SA
Dariusz Cegielski
Tczew
22 660
na
1 146
na
1 120
na
1 353
na
12
361 TELESTRADA SA GK
Jacek Lichota
Warsaw
22 618
na
3 508
na
4 228
na
4 160
na
na
362 INVESTCON GROUP SA GK
Paweł Śliwiński
Poznań
22 457
na
13 239
na
na
na
17 877
na
24
363 PPH WADEX SA
Zbigniew Piechociński
Wrocław
22 387
na
3 344
na
3 897
na
3 969
na
na
364 M.W. TRADE
Rafał Wasilewski
Wrocław
21 088
na
7 035
na
9 022
na
9 027
na
20
365 INSERT SA
Jarosław Szawlis
Wrocław
20 666
na
3 333
na
4 481
na
3 829
na
151
366 FAST FINANCE SA
Jacek Daroszewski
Wrocław
20 449
6 263
6 238
1 780
7 715
2 237
11 914
3 472
na
367 LSI SOFTWARE SA (consolidated)
Grzegorz Siewiera
Łódź
20 394
4 943
1 433
351
1 561
354
1 892
433
na
368 GOLEMBA Sp. z o.o.
Marek Gondzio
Warsaw
20 146
na
2 291
na
2 802
na
2 753
na
91
369 WERTH-HOLZ SA
Jarosław Gniadek
Poznań
20 120
na
-1 972
na
-2 865
na
-1 025
na
na
370 VEGANET Sp. z o.o.
Ryszard Kołacz
Wrocław
20 095
na
1 390
na
1 724
na
1 703
na
18
371 UNIMA 2 000 SYSTEMY TELEINFORMATYCZNE SA
Krzysztof Kniszner
Kraków
19 869
4 242
193
9
479
34
-60
-108
60
372 EGB INVESTMENTS SA
Krzysztof Matela
Bydgoszcz
19 621
na
na
na
na
na
na
na
135
373 HYDRAPRES SA
Dobromir Niewiński
Solec Kujawski
19 536
na
644
na
465
na
1 150
na
78
374 DREWEX SA
Andrzej Krakówka
Kraków
19 483
na
-3 508
na
-3 508
na
-2 983
na
173
375 SYNTEA SA
Piotr Fałek
Lublin
19 400
na
1 050
na
1 350
na
1 200
na
93
376 ELEKTROMONT SA
Marek Błażków
Jelenia Góra
19 233
6 452
102
9
142
11
157
18
na
377 QUANTUM SOFTWARE SA
Tomasz Hatala
Kraków
18 885
5 220
-1 132
111
-1 070
71
-1 356
37
116
378 MAŁKOWSKI-MARTECH SA
Zenon Małkowski
Konarskie
18 669
na
1 042
na
1 204
na
1 891
na
na
379 SOFTEX DATA SA
Wojciech Warski
Warsaw
18 231
na
-528
na
-528
na
-501
na
62
380 SMT SOFTWARE SA
Sebastian Łękawa
Wrocław
18 158
na
2 674
na
3 342
na
3 338
na
45
381 CODEMEDIA SA
Sławomir Kornicki
Warsaw
17 790
na
1 486
na
1 846
na
1 882
na
na
382 LOGOS TRAVEL MAREK ŚLIWKA S. J.
Marek Śliwka
Poznań
17 684
na
2 391
na
2 846
na
2 836
na
57
383 BANK SPÓŁDZIELCZY w TORUNIU
Jerzy Dąbrowski
Toruń
17 562
na
2 810
na
2 231
na
222 257
na
91
384 ZAKŁAD ELEKTRONICZNEJ TECHNIKI ODLEWNICZEJ Sp. z o.o.
Weronika KazimierowiczKobierska
Koszalin
17 420
na
1 768
na
2 294
na
2 073
na
75
385 DORADCY24 SA
Grzegorz Rojewski
Wrocław
16 932
4 271
-584
6
-584
6
-512
21
na
386 TRAVELPLANET.PL
Bożena Garbińska
Wrocław
16 850
3 508
-2 838
-783
-3 317
-788
-3 192
-793
na
387 CIAT Sp. z o.o.
Anna Saar
Konstantynów Łódzki
16 808
na
262
na
277
na
1 418
na
na
388 DOM MAKLERSKI TMS BROKERS SA
Mariusz Potaczała
Warsaw
16 742
na
17 114
na
21 181
na
18 156
na
na
389 IQ PARTNERS SA
Maciej Hazubski
Warsaw
16 683
na
8 700
na
8 443
na
9 246
na
na
390 PTI SA
Kamil Jankowski
Poznań
16 680
na
5 040
na
6 078
na
5 923
na
6
391 MICROTECH INTERNATIONAL SA
Mirosław Loch
Wrocław
16 436
na
-540
na
-958
na
-889
na
na
392 HEFAL SERWIS SA
Aleksander Cieślar
Wodzisław Śląski
16 265
na
204
na
322
na
573
na
na
393 BANK SPÓŁDZIELCZY w SOCHACZEWIE
Kazimierz Majewski
Sochaczew
16 231
na
2 519
na
2 029
na
232 014
na
102
394 KRYNICKI RECYKLING SA
Adam Krynicki
Olsztyn
15 680
na
1 108
na
1 087
na
560
na
53
395 EGB INVESTMENTS
Krzysztof Matela
Bydgoszcz
15 653
na
2 375
na
2 989
na
987
na
140
396 SECURITY SYSTEM INTEGRATION SA
Waldemar Garwol
Bielany Wrocławskie
15 606
na
738
na
734
na
858
na
na
397 GMP VINDEXUS SA
Jerzy Kulesza
Warsaw
15 559
na
4 077
na
5 082
na
na
na
38
398 HURTIMEX SA
Jarosław Kopeć
Łódź
15 343
na
208
na
120
na
463
na
na
68 :: polish market ::
10 /2011
CORRESPONDENCE MANAGEMENT www.arcus.pl Ranking 500
Ranking of retail and service companies Name of company
Head of company
Based in
399 MOTORICUS SA
Witold Gazda
Warsaw
400 HICRON Sp. z o.o.
Sales revenue (PLN thousands) 2010
Net profit/loss (in PLN thousands)
Q1 2011
2 010
Gross profit/loss (in PLN thousands)
Q1 2011
2010
cont.
Operating income (in PLN thousands)
Q1 2011
2010
Employment
Q1 2011
2010
15 293
na
-780
na
-850
na
-321
na
42
Bartosz Fudala, Wrocław Remigiusz Efinowicz, Michał Guzek, Ireneusz Czapski
15 235
na
1 591
na
1 866
na
1 660
na
70
401 MOJ SA
Andrzej Kosecki
Katowice
15 163
na
729
na
931
na
-95
na
na
402 BANK SPÓŁDZIELCZY w STAROGARDZIE GDAŃSKIM
Zenon Błański
Starogard Gdański
15 156
na
2 256
na
1 725
na
197 590
na
95
403 PC GUARD (consolidated)
Dariusz Grześkowiak
Poznań
15 151
na
1 096
162
1 451
201
1 414
271
na
404 EUROPEJSKI FUNDUSZ HIPOTECZNY SA
Riad Bekkar
Warsaw
14 623
na
8 947
na
9 304
na
12 059
na
10
405 GANT DEVELOPMENT
Karol Antkowiak
Wrocław
14 493
na
33 304
na
44 028
na
-6 783
na
na
406 BANK SPÓŁDZIELCZY MAZOWSZE w PŁOCKU
Bożenna Guzanek
Płock
14 365
na
1 100
na
895
na
170 220
na
112
407 BANK SPÓŁDZIELCZY ZIEMI KALISKIEJ
Grzegorz Poniatowski
Koźminek
14 286
na
2 721
na
3 445
na
na
na
81
408 ALKAL SA
Radosław Lipiec
Opatówek
14 081
na
1 733
na
2 151
na
2 465
na
na
409 SAKANA SA
Tomasz Romanik
Warsaw
14 021
na
185
na
137
na
242
na
60
410 SYMBIO POLSKA SA
Sylwia Rybicka
Warsaw
13 817
na
-1 096
na
-1 030
na
-878
na
15
411 SURFLAND SYSTEMY KOMPUTEROWE SA
Dariusz Kucharski
Wrocław
13 700
na
276
na
na
na
na
na
23
412 INVEST REMEX SA
Zbigniew Borowski
Częstochowa
13 351
na
377
na
770
na
857
na
30
413 MARKETEO.COM SA
Agnieszka Bartoszewicz-Ksobiak
Bydgoszcz
13 347
na
458
na
591
na
586
na
na
414 Q4NET QUALITY FOR NETWORKING
Robert Pernak
Wrocław
13 324
na
437
na
567
na
568
na
15
415 EMMERSON SA
Marek Krajewski
Warsaw
12 223
na
574
na
262
na
-335
na
na
416 PREMIUM FOOD RESTAURANTS SA
Aleksandra Gawrylak
Warsaw
11 554
na
-385
na
-416
na
-196
na
56
417 GRUPA FINANSOWA PREMIUM SA
Tomasz Boduszek
Katowice
11 363
na
383
na
1 098
na
2 902
na
na
418 E-MUZYKA SA
Robert Knaź
Warsaw
11 311
na
-2 926
na
-2 831
na
-2 761
na
7
419 MEDIACAP SA
Jacek Olechowski
Warsaw
11 144
na
-744
na
-897
na
-903
na
3
420 AQUA SA
Józef Andrzej Kozikowski
Poznań
10 892
na
1 830
na
2 306
na
2 341
na
na 58
421 EURO-TAX.PL SA
Adam Powiertowski
Poznań
10 855
na
3 098
na
4 041
na
3 933
na
422 DYWILAN SA
Piotr Jakubiak
Łódź
10 781
na
-1 019
na
-1 024
na
343
na
na
423 STREAMSOFT S.J.
Dariusz Chojnacki, Zbigniew Jastrzębski, Cezary Miadziołko, Jacek Szaferski
Zielona Góra
10 665
na
na
na
na
na
na
na
85
424 ADVACOM Sp. z o.o.
Paweł Krysztofiak
Poznań
10 661
na
407
na
503
na
471
na
16
425 INTERACTIVE INTELLIGENCE
Marcin Grygielski
Warsaw
10 555
na
na
na
na
na
na
na
3
426 BANK SPÓŁDZIELCZY w SKAWINIE
Kazimiera Stochel
Skawina
10 144
na
1 439
na
1 095
na
na
na
74
427 INWESTYCJE.PL SA
Grzegorz Czapla
Wrocław
10 129
na
595
na
674
na
685
na
na
428 BMM Sp. z o.o.
Bogdan Michałek
Rzeszów
10 036
na
565
na
668
na
688
na
65
na
465
na
634
na
na
B
na
B
na
49
429 RODAN SYSTEMS SA
Witold Staniszkis
Warsaw
10 002
na
465
430 BIZTECH KONSULTING Sp. z o.o.
Sławomir Chabros
Warsaw
9 093
na
B
431 TRO MEDIA SA
Marcin Misztal
Wrocław
9 001
na
3 866
na
4 687
na
2 081
na
na
432 PGS SOFTWARE SA
Wojciech Gurgul
Wrocław
8 817
na
1 267
na
1 586
na
1 466
na
43
Warsaw
433 MINERAL MIDRANGE SA
Tomasz M. Lewicki
8 735
na
606
na
782
na
na
na
na
434 PRZEDSIĘBIORSTWO EUROAQUA Sp. z o.o.
Radzisław Nowakowski Poznań
8 613
na
636
na
787
na
763
na
17
435 PLATINUM PROPERTIES GROUP SA
Piotr Wiśniewski
8 466
na
2 311
na
1 822
na
-537
na
4
436 PRZEDSIĘBIORSTWO BUDOWLANE BUDOTEX Sp. z o.o.
Krzysztof Gołuchowski, Wrocław Wojciech Libera
8 447
na
610
na
790
na
1 023
na
57
437 BANK SPÓŁDZIELCZY w GŁOGOWIE MAŁOPOLSKIM
Stanisław Pado
Głogów Małopolski
8 303
na
1 983
na
1 632
na
na
na
55
438 ARTEFE SA
Leszek Ruchwa
Kielce
7 880
na
250
na
279
na
452
na
na
439 COPERNICUS SECURITIES SA
Marcin Billewicz
Warsaw
7 858
na
2 217
na
2 405
na
2 370
na
61
440 MAKOLAB SA
Wojciech Zieliński
Łódź
7 799
na
633
na
735
na
812
na
na
441 POSITIVE ADVISORY SA
Monika Reszka
Warsaw
7 718
na
na
na
698
na
909
na
na
Warsaw
10 /2011 :: polish market :: 69
Ranking 500 ICT SYSTEMS www.arcus.pl
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Employment
Head of company
Based in
442 XPLUS SPÓŁKA AKCYJNA
Karol Sudnik
Warsaw
7 504
na
1 426
na
1 767
na
1 756
na
na
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
2010
443 TRIMTAB SA
Sebastian Pielach
Warsaw
7 332
na
2 316
na
2 225
na
2 252
na
24
444 POWER MEDIA SA
Wojciech Narczyński
Wrocław
7 267
na
-317
na
-298
na
-408
na
80
445 DOMZDROWIA.PL SA
Jacek Denkowski
Zielonki near Kraków
7 254
2 102
-227
-8
-230
-8
-184
3
na
446 EUROSNACK SA
Mariusz Spirkowicz
Chorzów
6 820
na
-608
na
-610
na
-474
na
49
447 M2 NET SA
Marcin PiołunNoyszewski
Warsaw
6 629
na
612
na
719
na
811
na
6
448 DOMEX-BUD DEVELOPMENT SA
Tomasz Kowalski
Wrocław
6 119
na
1 001
na
1 298
na
1 059
na
na
449 BANK SPÓŁDZIELCZY w DĄBROWIE TARNOWSKIEJ
Salomea Kozioł
Dąbrowa Tarnowska
6 073
na
1 797
na
1 446
na
na
na
31
450 AUXILIUM SA
Zofia Podhorecka
Kraków
5 830
1 626
1 106
308
1 408
363
941
344
29
451 STOPKLATKA SA
Adam Bortnik
Szczecin
5 211
na
204
na
230
na
196
na
49
452 IGROUP SA GK
Jan Ryszard Wojciechowski
Warsaw
5 139
na
-112 398
na
-112 398
na
-1 929
na
20
453 BIURO PROJEKTÓW I ZASTOSOWAŃ SYSTEMÓW INFORMATYCZNYCHMICROSYSTEM Sp. z o.o.
Georgis Bogdanis
Sopot
5 069
na
158
na
196
na
211
na
25
454 SONETA Sp. z o.o.
Robert Czuła
Kraków
5 000
na
na
na
na
na
na
na
32
455 PÓŁNOC NIERUCHOMOŚCI
Piotr Sumara
Kraków
4 813
1 235
517
5
553
19
433
16
10
456 MAGNIFICO SA
Karolina Siudyła-Koc
Warsaw
4 793
na
433
na
476
na
482
na
13
457 RAJDY 4X4 SA
Maciej Chełmicki
Sulejówek
4 706
na
72
na
72
na
57
na
na
458 BLACK PEARL CAPITAL SA
Jacek Woźniakowski
Warsaw
4 701
na
2 401
na
2 962
na
910
na
na
459 EUROFAKTOR SA
Artur Rawski
Kraków
4 661
na
-18 416
na
-17 805
na
-10 920
na
19
460 POLSKI HOLDING REKRUTACYJNY SA
Bartosz Kaczmarczyk
Kraków
4 611
na
320
na
335
na
181
na
na
461 SARE SA
Tomasz Pruszczyński
Rybnik
4 429
na
463
na
597
na
580
na
11
462 ASTRO SA
Karolina Szymańska
Warsaw
4 360
na
7 144
na
8 851
na
-3 041
na
5
463 EFICOM SA
Anna Katarzyna Nietyksza
Warsaw
4 360
na
20
na
73
na
-82
na
na
464 POLSKIE JADŁO SA
Jan Kościuszko
Kraków
4 244
na
-2 246
na
-1 373
na
-133
na
na
465 DIGITAL AVENUE SA
Piotr Wąsowski
Warsaw
4 146
na
321
na
396
na
395
na
na
466 INSOFT Sp. z o.o.
Jacek Dutka
Kraków
4 124
na
b
na
b
na
na
na
26
467 CALESCO SA
Krzysztof Dokowski
Szczecin
4 104
na
159
na
195
na
216
na
na
468 PSI - PROJEKTOWANIE SYSTEMÓW INFORMATYCZNYCH– Bolesław Rudnik
Bolesław Rudnik
Wrocław
4 036
na
577
na
577
na
648
na
34
469 INBOOK SA
Mariusz Dąbrowski
Dąbrowa Górnicza
3 824
na
-8 097
na
577
na
5 674
na
na
470 M4B SA
Maciej Szczytkowski
Warsaw
3 702
na
138
na
138
na
134
na
na
471 INFOSYSTEMS SA
Mariusz Sosnowski
Warsaw
3 640
na
1 581
na
1 713
na
1 794
na
na
472 ANALIZY ONLINE SA
Tomasz Publicewicz
Warsaw
3 577
na
36
na
64
na
66
na
20
473 CONSILEON POLSKA Sp. z o.o.
Marcin Kaczmarek, Piotr Roubo
Szczecin
3 536
na
82
na
144
na
221
na
3 na
474 EASYCALL.PL SA
Michał Jakubowski
Warsaw
3 499
na
152
na
181
192
na
475 POLSKI FUNDUSZ HIPOTECZNY SA
Mirosław Magda
Wrocław
3 382
na
4 419
na
5 464
na
1 854
na
na
476 COMP SOFT Sp. z o.o.
Stanisław Wanatowicz Mielec
3 269
na
384
na
490
na
470
na
40
477 KORBANK SA
Tymoteusz Biłyk
Wrocław
3 166
na
721
na
848
na
905
na
na
478 IAI SA
Paweł Fornalski
Szczecin
3 080
na
97
na
143
na
71
na
26
479 GOLAB SA
Bogdan Łuczyński
Żagań
3 063
na
-91
na
b
na
b
na
b
480 INDEKS COPERNICUS SA
Mirosław Rek
Warsaw
3 045
na
-1 479
na
-1 703
na
-1 685
na
4
481 CENTRUM WSPIERANIA PROJEKTÓW EUROPEJSKICH SA
Rafał Czerkawski
Wrocław
3 012
na
474
na
571
na
621
na
9
482 KOMFORT-KLIMA SA
Robert Kopeć
Wrocław
2 996
na
-782
na
-714
na
-565
na
na
483 DENT-A-MEDICAL SA
Mariusz Andrych
Wrocław
2 850
na
-2 920
na
-2 920
na
-2 621
na
na
484 NANOTEL SA
Daniel Wojnarowicz
Wrocław
2 521
na
61
na
9
na
48
na
na
485 BLUE TAX GROUP SA
Mirosław Stanisławski Wrocław
2 501
na
-794
na
-794
na
-575
na
na
70 :: polish market ::
10 /2011
TELEMATIC AND TELEMETRY SOLUTIONS www.arcus.pl Ranking 500
Ranking of retail and service companies Name of company
Sales revenue (PLN thousands)
Net profit/loss (in PLN thousands)
Gross profit/loss (in PLN thousands)
cont.
Operating income (in PLN thousands)
Head of company
Based in
486 SMOKE SHOP SA
Maciej Król
Warsaw
2 321
na
78
na
96
na
105
na
2010
Q1 2011
2 010
Q1 2011
2010
Q1 2011
2010
Q1 2011
Employment 2010 na
487 TELIANI VALLEY POLSKA SA
Adam Sworowski
Wrocław
2 298
na
69
na
70
na
93
na
na
488 GDF IT CONSULTING Sp. z o.o.
Arnold Stypułkowski
Warsaw
2 200
na
27
na
33
na
na
na
18
489 MGA Sp. z o.o.
Marcin Orylski
Toruń
2 032
na
188
na
239
na
244
na
8
490 MPM PRODUCTIVITY MANAGEMENT Sp. z o.o.
Agata Buszczak-Męcina
1 899
428
113
-8
142
-8
140
-11
6
491 WDB BROKERZY UBEZPIECZENIOWI SA
Krzysztof Cichecki
1 818
na
121
na
167
na
173
na
na
492 HMSG SA (consolidated)
Bartłomiej M. Matusiak Ciechanów
Wrocław
1 171
na
8
na
8
na
12
na
na
493 GRUPA PRAWNO FINANSOWA CAUSA SA
Piotr Szalbierz
Wrocław
1 128
na
409
na
412
na
509
na
na
494 STANUSCH TECHNOLOGIES SA
Maciej Stanusch
Ruda Śląska
830
na
-182
na
-182
na
-169
na
na
495 BIO-MED INVESTORS SA
Andrzej Trznadel
Wrocław
829
na
3 005
na
3 757
na
-283
na
na
496 IBIZA ICE CAFE SA
Jacek Jabłoński
Wrocław
782
na
-2 446
na
-2 452
na
-2 190
na
na
497 E-KIOSK SA
Piotr Kubiszewski
Wrocław
716
na
-217
na
-217
na
-218
na
na
498 11 BIT STUDIOS SA
Grzegorz Miechowski
Warsaw
491
na
-271
na
-271
na
-270
na
na
499 ONERAY INVESTMENT SA
Bogusław Bartoń
Wrocław
76
na
-233
na
-233
na
-222
na
na
500 VENTURE INCUBATOR SA
Maciej Jarzębowski
Wrocław
27
na
1 035
na
1 294
na
-297
na
na
PROFILES
Managers looking to the future Jacek Janiszewski, Doctor of Sociology, lecturer at the University of Economics in Byd goszcz and at Cardinal Stefan Wyszyński University, founder and chairman of the Integration and Cooperation Association Programme Committee. The association was founded in 2000 in Toruń. Its purpose is to organise business conferences, initiated by the Poland-West Forum Association , which in the years 1996–2000 were held in Międzyzdroje. Since 2001, these meetings of people from the worlds of economics, politics, science and culture have been organised in Ciechocinek. The goals set by the participants in the Economic Forum are supported by the organiser of this event. He is a proponent of the exchange of political, economic and scientific opinions during the meetings, attracting new investors through the creation of favourable conditions for investment in the region, which he
wants to achieve together with the Marshal of the Kujawsko-Pomorskie Province and the Mayor of Toruń. Additionally, the organisation of the Economic Forum implements the goals of the Association related to promoting the European integration process and overcoming social exclusion. For his promotion of the Province, in 2009 Jacek Janiszewski received an award from the Marshal of the Kujawsko-Pomorskie Province. In 2011 he was awarded the Knight’s Cross of the Polonia Restitute Order by the President of Poland for his contribution to socio-economic transformations in Poland after 1989. As the founder of the association and Chairman of the Programme Committee, he created the campaign “Safe and Environmentally-Friendly Holidays” and the tennis tournament “SzkrzatCup.” The campaign “Safe and Environmentally-Friendly Holidays” promotes spending
one’s free time in a prudent and safe way and the integration of young people from different towns. The tournament “Skrzat Cup” promotes a healthy lifestyle and searches for young gifted tennis players. Jacek Janiszewski, as founder and Chairman of the Programme Committee, is great at managing new projects. A good confirmation of this statement is his organisation of the Economic Forum, which brings together many politicians, such as Jerzy Buzek, Marek Belka and Danuta Hübner. Currently, he is an independent candidate for the Senate. In his electoral programme he describes his achievements so far and which he wants to continue and expand. These include promoting a healthy lifestyle, fighting against addictions, financing scholarships for students and organising free holidays for children and young people from poor families. :: 10 /2011 :: polish market :: 71
Infrastructure & Construction & Green Building
Ecology in commercial properties Sustainable development has become increasingly important in commercial property management in recent years. It is now an essential factor for a growing number of commercial property owners, investors, developers, tenants and property managers in Poland who are beginning to realize that sustainable development is not only a fad but a must.
Michał Skaliński, Head of Asset Management, Cushman & Wakefield
Table 1. Respondents’ attitudes to sustainable building, Cushman & Wakefield’s “Sustainability Briefing”, October 2010.
A “green” or environmentally sustainable building consumes less electricity, water and construction materials than buildings constructed using traditional technologies. Appropriate technologies and materials used in line with the principles of green construction make green buildings cheaper to maintain, environmentally friendly and healthier for their users. A building to be called green needs to be properly designed and constructed using environmentally friendly and, wherever possible, recyclable materials. Ecological solutions include energy-efficient installations and equipment in commercial properties to cut down on electricity and water consumption, which in turn makes it possible to reduce carbon dioxide emissions into the environment. In 2012 modern office space stock in Poland will reach around 6,124,600 sqm and its electricity consumption will total 123 GWh/month. The average price of 1 MWh is PLN 290 and, consequently, the cost of electricity consumed on 6,124,600 sqm of office space will be around PLN 35,780,000 per month. By lowering costs andreducing the monthly electricity Total 2008
2010
Currently own or occupy a green building
15.00%
21.00%
Do not occupy a green building, but would like to do so
45.00%
47.00%
Do not occupy a green building and not interested in doing so
32.00%
28.00%
7.00%
4.00%
Don't know
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consumption by 10% it will be possible to pay around PLN 3,578,000 less each month. As part of ecological measures, building owners also apply for green certificates for their properties. Although such certificates are not required by law and the application process entails considerable cost and is time-consuming, applying for them is worth the effort. The green certificate means that state of the art technologies and high quality construction materials have been used in a building, which makes the value of such property much higher. Tenants are more willing to lease such buildings due to lower maintenance costs. The green certificate can also considerably raise the building’s prestige. The current modern office space stock of around 5,488,260 sqm also includes office space delivered onto the market several years ago. This space should also be covered by the policy of sustainable development. It is more difficult to obtain a green building certificate for such properties, but it is worth investing in them to make them ecological and cheaper to maintain. This is so because it is less expensive to design an energy-efficient building with a reduced negative impact on the environment than to adapt an existing building to obtain a certificate. This is where professional managers can step in and propose green solutions which will not be too heavy a financial burden on the property owner and will considerably drive maintenance costs down. According to the surveys conducted by Cushman & Wakefield
among representatives of managers responsible for the selection of locations for 500 largest European companies, sustainable development issues are definitely becoming more and more important. Over twothirds, or 69%, of the respondents found the sustainable development concept to be important, very important or fundamental to their business. In Europe as a whole, over twothirds of companies included in the survey currently own, lease or would like to occupy a green building. The United Kingdom ranks among the leaders of the pack as 75% of British companies responded affirmatively. Italy reported the highest percentage of companies which do not occupy space in green buildings and are not interested in relocation to such properties (45%). The development of eco construction in Poland is gaining momentum with the involvement of developers, investors and commercial property managers. As the cost of electricity required for property heating and cooling may account for up to 35% of the total building maintenance costs, property managers in an effort to reduce these costs can apply three solutions. The first one involves modernization of electrical equipment and replacing it with less energy-intensive equipment. The second solution is process optimization to reduce electricity consumption by using it when electricity rates are lower. The third solution consists in financial and commercial optimization based on differences between offers and pricing strategies of electricity suppliers.
Infrastructure & Construction & Green Building Poland sees a strongly rising ecological awareness and respect for the natural environment, as well as an understanding of the need to take various ecological measures such as obtaining green certificates. A growing number of people involved in the process of sustainable construction, including urban planners, architects, contractors, developers and property managers, are taking steps to reduce the production of greenhouse gases and keep building maintenance costs at a reasonable level.
Total Not Important
8%
Limited Importance
22%
Important
28%
Very Important
27%
Fundamental to our business
14%
Table 2. Respondents’ plans for occupying a green building.
However, despite the growing ecological awareness, green solutions for architecture and construction are not yet widely taken account of in designing new buildings in Poland. The competition on the commercial
property market, future users’ expectations and building maintenance costs will strongly affect the development of ecological buildings. The number of buildings designed in accordance with the principle of sustainable development will rise steadily and it will not be long before building with ecology and savings in mind becomes a necessity as was the case with the introduction of the intelligent building concept and the integrated building management system (BMS). ::
Polish roads at crossroads Building roads and motorways is one of the priority areas, not only in the construction sector but also in the entire Polish economy. Unfortunately, Polish roads are still a synonym for poor-quality transport routes. To reverse this situation, multibillion outlays need to be incurred over at least the nearest decade. There is no shortage of road companies in our country. According to experts, what we are currently missing is an efficient system for road construction management. Patryk Mirecki In Poland, as in other countries, motorways, expressways and other major (national) roads are built by the largest general construction companies (mostly owned by foreign companies, such as Budimex, Skanska, Polimex Mostostal, Strabag, Mostostal Warszawa, Pol-Aqua and Warbud), and international corporations (Bilfinger Berger, Eurovia, Mota Engil and Heilit+Woerner), as well as larger and smaller companies operating at the national or local level, specialising in road and bridge construction. The latter are usually the successors of former state enterprises dealing with building roads and bridges. Considering the scope of specific road contracts (where the price for building top-quality roads is calculated in millions), they are usually implemented by multi-company consortia. Practically speaking, a given investment project is divided into several projects which are carried out by specialized sub-contractors. Therefore,
different entities are responsible for constructing bridges, flyovers, ring roads, tunnels, so-called rest-and-service areas (RSA), and the like.
Wrocław’s motorway ring road Wrocław’s motorway ring-road (WMRR), built in 2008–2011, constitutes an example of a large investment project, completed at the end of August 2011. The WMRR connects the A4 motorway to the airport in the capital of Lower Silesia, to the local stadium, and to the S8 expressway (WrocławWarsaw). It is made up of three sections: :: The Kobierzyce-Airport Intercharge – approx. 14 km :: The motorway bridge over the Odra River, including access flyovers – approx. 1.742 km :: The Airport-Długołęka Intercharge – approx. 20 km The motorway bridge itself has Poland’s largest (122-metres-high) column, and
is the fourth-highest concrete bridge in the world, with an area exceeding 70,000 square metres. It contains 160 shrouds (steel cables) with a total length of approx. 25 km. Along with the bridge, the WMRR construction comprises seven intercharges (the Kobierzyce Intercharge, the Southern Intercharge, the Western Intercharge, the Airport Intercharge, the Stadium Intercharge, the Northern Intercharge, and the Psie Pole Intercharge), 42 bridging structures (including the Ekoduct – a passage for large animals) and approx. 27 km of noise barriers. The total length of the WMRR exceeds 35 km, and the investment value is over PLN4 billion. The project was financed from the state budget. Several thousand people were involved in the WMRR construction, with the General Directorate for National Roads and Motorways, Wrocław Branch, acting as the investor. The major contractors on the project include the Magnice-Airport Intercharge section – Budimex SA; the WMRR including the access flyovers – Mostostal Warszawa/Acciona Infraestructuras; the Airport-Długołęka Intercharge section – a consortium led by Strabag.
The largest road companies According to the 2010 ranking of road companies, developed by Arcata Partners at the request of the Polish Chamber of the Construction Industry, the top ten domestic companies 10 /2011 :: polish market :: 73
Infrastructure & Construction & Green Building
© Autostrada-a2.pl
their future prospects in a fairly optimistic way. For instance, Polimex Mostostal indicates three reasons for its optimism: :: increased outlays on road infrastructure, due to the launch of regional development funds, and the projected increase in central budget resources (e.g. the National Road Fund); :: positive influence of foreign direct investments on the development of local road infrastructure; :: continuation of the programme for constructing and modernising expressways, motorways and ring roads. A2 Nowy Tomyśl – Konin
© Autostrada-a2.pl
Toll point on the A2
are 1) Budimex, 2) Skanska, 3) Polimex Mostostal, 4) Strabag, 5) Mostostal Warszawa, 6) Pol-Aqua, 7) Warbud, 8) Bilfinger Berger Budownictwo, 9) Eurovia Polska and 10) Mota Engil CE. The following five elements were assessed in this ranking: sales revenue, the volume of own sales, i.e. revenue from the sales of services provided within the company’s own means (excluding revenue from work performed by sub-contractors), assets, the company’s own capital, and employment. The ranking is based on the analyses performed as part of the 9th Road Companies Report, published annually by Arcata Partners. Unfortunately, only a few of the top ten companies publish their financial data for the 1st half of a given year. In consequence, the order of road companies in our rating was based on the volume of net sales revenue achieved in the previous year, in comparison with
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2009. The top three would, therefore, include Polimex-Mostostal (the only company in the entire top ten with no leading foreign shareholder), Strabag sp. z o.o. and Skanska SA. Their net sales revenue in the previous year reached approx. PLN4billion. Strabag and Skanska increased their sales volumes by approx. PLN0.8-0.9 billion, whereas the revenue of Polimex Mostostal declined by PLN0.7 billion. The highest net profit (PLN226.2 million) among the top ten companies was generated by Budimex, rated fourth (by volume of revenue). This company would also be the leader in the ranking based on the revenue achieved in the 1st half of the year, its value amounting to PLN2.25 billion.
Prospects Despite the uncertain situation on the financial markets and stock exchanges, road-construction companies assess
Przemysław Szkudlarczyk, Vice-President of PBG SA, additionally claims that the prospects for the road construction sector are still highly positive. “The draft budget for 2012 provides for nearly PLN3 billion for road construction in Poland (…). It contains a list of priority investment projects. It is projected that nearly 810 km of motorways, 690 km of expressways, and 26 ring roads with a total length of approx. 200 km, will be completed by the end of 2013. It is further planned that certain sections of national roads will be rebuilt to improve traffic safety and the surface condition, though the construction of motorways and expressways will be assigned top priority until 2015,” says Szkudlarczyk. However, the strongest emotions are still evoked by the pace of progress on the largest projects, i.e. motorways and expressways. As has been recently announced by the Ministry of Infrastructure, in the entire term of office of the current coalition government, 220 km of motorways and 430 km of expressways have been constructed in Poland, which corresponds to approx. 6 and 2/3 km of the former and 13 km of the latter, in monthly terms. Such a poor pace of work has to raise some anxiety, to say the least. “It turns out that building one kilometre of motorway or expressway on flat land in Poland is much more expensive than building an identical section on mountainous land, which involves digging through a mountain, in Switzerland,” noted Andrzej Sadowski, Vice-President of the A. Smith Centre, in one of his press interviews. In Sadowski’s opinion, this shows that the entire implementation system of the governmental motorway
Infrastructure & Construction & Green Building COMPANY (majority shareholder)
revenue from Net revenue from Net sales sales for 2009 for 2010 (in billion PLN) (in billion PLN)
Net profit for 2010 (in million PLN)
Net profit for 2009 (in million PLN)
Net revenue from sales for H1 2011 (in billion PLN)
Net revenue from sales for H1 2010 (in billion PLN)
Net profit for H1 2011 (in million PLN)
Net profit for H1 2010 (in million PLN)
POLIMEX MOSTOSTAL (broadly-held majority stake + approx. 27% held by two Open Pension Funds: AVIVA – BZ WBK and ING, and TFI PEKAO PIONEER)
4.16
4.85
123.7
173.5
2.1
1.8
26.0
43.0
STRABAG sp. z o. o. (Germany)
4.02
3.14
194.4
188.2
n/a
n/a
n/a
n/a
SKANSKA SA (Sweden)
3.77
3.01
211.6
121.2
n/a
n/a
n/a
n/a
BUDIMEX (Ferrovial – Spain)
3.75
3.29
226.2
173.7
2.25
1.72
119.8
126.56
MOSTOSTAL WARSZAWA (Acciona – Spain)
2.57
2.27
62.5
123.3
1.0
0.78
3.14
31.32
WARBUD (Vinci – France)
1.33
1.54
64.9
70.2
n/a
n/a
n/a
n/a
POL-AQUA (66% Dragados – Spain)
1.32
1.41
-288.5
14.2
0.34
0.63
27.02*
-147.5
BILFINGER BERGER (Germany)
0.85
0.68
27.1
25.5
n/a
n/a
n/a
n/a
EUROVIA POLSKA (Eurovia International – France)
0.84
0.68
10.1
11.5
n/a
n/a
n/a
n/a
MOTA ENGIL CE (Portugal)
0.69
0.63
8.5
10.8
n/a
n/a
n/a
n/a
construction programme is “extremely prone to corruption, which considerably raises the costs of building one kilometre of road, and also significantly protracts the entire process.” Sadowski is also right to note that Polish companies have already constructed many motorway sections in Europe. “This means that, in terms of road construction skills, we are hardly behind other nations. The same applies to the availability of construction materials – there is no need to import them from the other end of the globe as we have the sufficient supplies right here,” concludes Sadowski. Given that the number of passenger cars registered in Poland alone has grown by several times in the last two decades (in 2009 there were approx. 16.5 million passenger cars), the pace of constructing good-quality roads in Poland has lately become an urgent issue. If we add millions of cars driven by foreigners, Polish and foreign trucks and coaches, we may expect to be facing gigantic traffic jams very soon. Unfortunately, according to data cited by Urszula Nelken, Spokesperson for the General Directorate for National Roads and Motorways, out of 406,000 km of public roads countrywide (including 273,000 km of hard-surface roads), as few as 878 km are motorways and 702 km expressways.
Too little, too late A pessimistic forecast for the future of Polish roads has been formulated by Wojciech Malusi, President of the Polish Chamber of the Construction Industry. When asked about the road construction scenario in Poland, during his June interview for Murator Plus, he said “less
76 :: polish market ::
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than a half the entire programme will prove feasible. Once again, the same programme recently announced has been factitiously postponed from the years 2009-2013 to 2011-2015, merely to hide the fact that it is actually not feasible. Let me remind you that, for the current programme, the Chamber has officially refused to provide any consultancy, claiming that there is nothing to be consulted on, as the programme is once again unsuitable for our capacities. Apart from that, a new government will come in, and different people will be in power… And even if the old ones remain, they are likely to declare that some minor modernisation will suffice to keep the programme up-to-date. Its postponement by five or seven years will probably be viewed as a minor issue. If we do the things planned for 2010 no earlier than in 2017, then what kind of programme is it? Road construction will be totally marginalised and there will be no money for it.” Sharing Sadowski’s standpoint, President Malusi, and the Polish Chamber of the Construction Industry itself, point to significant drawbacks in the current system of motorways and national road construction, arising especially from public procurement law. Essentially, the latter provides the basis for constructing most of the major roads. Such construction projects are funded by the General Directorate for National Roads and Motorways, which is accountable to the Ministry of Infrastructure. For several months, the Polish Chamber of the Construction Industry has repeatedly been indicating the need to include non-price assessment criteria in public contracts. This became a crucial issue
Table. A list of road-construction companies according to net sales revenue in 2010 source: company websites; Top 500, published by “Polityka” for 2009 and 2010 * Net profit available to the shareholders of the majority unit
after the recent scandal with Covec, the Chinese company which had initially won the tender procedure for constructing two sections of the A2 motorway near Warsaw, proposing a very low price, which considerably differed from the prices of other bidders, and then withdrew from the contract, having insufficient funds to pay its Polish sub-contractors. During the round-table discussion on the functioning of the public procurement system, which took place in July 2011 in the Prime Minister’s office, Krystyna Łazarz, President of the Polish Chamber of the Construction Industry, proposed, among other things, introducing a ban on announcing tender procedures for non-fully prepared infrastructure projects (i.e. failure to purchase the whole of the land, the lack of complete technical documentation, the lack of environmental permits, and the like). The Chamber claims that better functioning of the public procurement system can be achieved through effective elimination of those companies which do not satisfy the conditions stipulated by the awarding entity regarding their economic and financial situation, experience, or the possession of the real capacity to implement the contact awarded. According to the Chamber, an amendment should also be introduced into public procurement law requiring the awarding entity to immediately reject any bid(s) which is(are) 20% or more lower that the second lowest bid(s). This principle should also apply to extremely highpriced bids. As Prime Minister Tusk has affirmed, the discussion on public-procurement issues is to be continued. ::
Infrastructure & Construction & Green Building what worked abroad, adjusting it to Polish habits and budget. An example could be the fact that J.W. Construction was the first developer in Poland to offer turnkey apartments in three standards and apartments for rent with the possibility to purchase them. Intuition and experience are not everything. The success achieved by J.W. Construction would not have been possible without the people who have been by my side in business for many years. The company is created by dedicated, loyal and enthusiastic staff. The atmosphere of hard work can be felt in every corridor of our office building. Does this hard work translate into results? Yes. In 2010 J.W. Construction Holding S.A. achieved the best results among Polish developers. With PLN620 million in revenue we had net earnings of PLN92 million. Skilful conduct of business also brings results in the form of high gross margins on sales. We can offer not only flats in a good price, but also quality, and in addition we know how to generate a decent profit. For what does the company earmark the earned money? We continuously develop and reinvest the generated profit. We purchase lots for our residential and commercial projects. Not only in Warsaw, but throughout the country.
Business Leader Interview with Józef Wojciechowski, the founder of J.W. Construction Holding S.A.
According to the Housing Brand of the Year 2011 ranking, J.W. Construction Holding S.A. is the most popular developer on the Warsaw market. J.W. Construction is also one of the leaders in the housing market in Poland. You are the man behind the firm’s development strategy. Do your ideas originate
from intuition or more from your experience? In fact, knowledge and the ability to select co-workers count in every sector. I have been involved in the housing development market for 40 years. I started from foreign markets including Sweden and the United States. I took to Poland,
How do you assess the current situation on the housing construction market? After a time of economic slowdown, customers are returning to sales offices wanting to buy apartments. Declared demand, and therefore the potential market in Poland is enormous. Creditworthiness remains a problem, as obviously purchases for cash are out of the question. In the recent years developers were very significantly aided by the government subsidy programme “Rodzina na swoim,” which has just been changed. On the one hand, the changes open the way to their homes for people running a one-person household, on the other though they have significantly reduced the limit price per square meter, which qualifies the flat for government subsidies. This sharp cut by 10 /2011 :: polish market :: 77
Infrastructure & Construction & Green Building Józef Wojciechowski The founder of J.W. Construction Holding S.A., is one of those people in Polish business, who know how to win. Not only in business, but also in sport, football. Chairman of the Supervisory Board Wojciechowski introduces innovative practices in the construction sector. He is the first to implement solutions, which his competition mimics in a more or less successful manner. He makes decisions quickly, but after consultations with the most trusted employees and advisers. He is a pioneer on the market in the field of 10/90 sales (make a 10% downpayment, and the rest following the completion of the flat). Another of J. Wojciechowski’s ideas is to rent flats to people starting their careers. After a few years they can buy the flat paying a price reduced by the rent paid. At the moment he is motivating his employees to increase the number of ready flats, so the customers have the chance to see their dream apartment. He says it is the future of the housing market. “Let’s forget about the hole in the ground. Projects in the initial phase of development should not go into general sale,” says J. Wojciechowski. He adds that the quality and aesthetics of the buildings are his priority. Lending his initials to the company, he gave it his character traits. Perseverance, diligence, and the ability to unite people around him. ::
tens of percent will not influence the situation in Warsaw, where our offer is very broad. However, paradoxically, in Warsaw’s satellite towns there is no longer a chance to receive the subsidy. It has not been taken into account that the costs of construction in towns, whose residents commute everyday to work to Warsaw is insignificantly lower. This hits particularly in this group of Poles who counted on additional savings due to lower living costs in the suburbs. I think it is necessary to reconsider the price limits. You mentioned the limited creditworthiness of Poles. Is it a problem for developers? In a historical perspective, only the boom period was a kind of paradise for borrowers and at the same time for the house construction market. Earlier, it had been difficult, to
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get external financing, and yet the market developed. Therefore there is no such situation in which we could not cope, if by creating our own sales programmes which partially transfer the role of a lender onto the developer. However, this is not the right way. A lot is said in the sector about further recommendations, which are obstacles in the way for customers seeking opportunities to finance the purchase of an apartment. The S recommendation will come into effect in January. As a consequence customer’s creditworthiness will drop by another PLN30–40,000 in case or loans denominated in Polish currency. The approach to evaluating creditworthiness for loans with the period of payback longer than 25 years is changing. The bank assessing the financial capacity of a customer, who seeks a loan for 30 or 40
Centrum II housing estate, Łódź, developer: J.W. Construction Holding S.A.
years, will check whether the borrower would cope with the repayment assuming that the loan would be granted for 25 years. I think we are ahead of certain changes, like the development of houses for rent. Also government programmes similar to “Rodzina na swoim” are needed. J.W. Construction started from housing estates for mass clients, then decided to build more expensive apartments only to return to the mass clients. Is this a deliberate strategy resulting from the above mentioned conditions or an accident? Indeed, we have always tried to build flats for as wide as possible range of customers. Polish reality is that this group are people with a limited budget. Using a metaphor – over the 18 years on the market, we have developed a town with 60,000 residents. Of course it is a business and as a company quoted on the stock exchange, our main goal is to multiply the assets of shareholders, however, the awareness that many Polish families have found their dream apartment makes us really happy. It was possible owing to our ability to construct decent and aesthetic housing estates with flats at attractive prices. The construction of more expensive apartments is easier, so if we own suitable lots and the market is conducive to such kind of building, we decide to do it. An example could by the
Infrastructure & Construction & Green Building Oxygen, Warsaw, general contractor: J.W. Construction S.A.
Hansa Tower, Szczecin, developer: J.W. Construction Holding S.A.
Ludwinowska Aleja or prestigious estate Willa Park the currently underway. Accidents are rare in business. A n important advantage of J.W. Construction is the extremely high brand recognition in comparison with other construction development companies, however the majority of projects are focused on the Warsaw residential market. Are other regions in Poland equally attractive businesswise? This is an effect of the absorbency of particular local markets. For many years capital was mainly in Warsaw. But this is changing, though most new apartments will be always built in Warsaw. It is the largest academic centre. Many students migrate to Warsaw looking for a job. We do appreciate other cities as well. We are entering Poznań, Katowice, Gdynia and Łódź. Individual regions of Poland are growing increasingly intensively, they are fighting for their position on the business and academic map of the country. This is followed by investments, in the housing market. Are these only residential projects? Not only. Commercial real estate has a growing importance for us. We started from Warsaw, but more cities interest us. We are now completing the development of the hotel-conference
centre and a SPA-Wellness centre in Krynica Zdrój, with 193 rooms, 44 suites, 2 restaurants, a night club, 6 bars and 9 conference rooms. Another inspiring example is Szczecin and the office and shopping Hanza Tower centre now under construction. This will be the tallest – 125-metre-high – building on the Berlin-Gdynia line. The entire Zachodniopomorskie region is an increasingly attractive area for investments and the local authorities are effectively fighting for the implementation of further investments there. It would be hard not to take advantage of this climate. What are you plans for the development of the Holding? As I have already mentioned, we are diversifying the sources of income. On the one hand, we want the residential sector to become stronger. That is why we are going beyond the Warsaw market. On the other hand, we are developing the commercial building sector. We plan to offer over 6,000 new flats within two years. 20% of them will be outside of Warsaw. Seven commercial projects are already under construction or in preparation. It is important that we are not interested in selling the entire commercial space. We will leave some for rent, which will bring us stable income in the following years. :: 10 /2011 :: polish market :: 79
Poland
is a well-developed market Waldemar Preussner, Chairman of the Administrative Board of PCC SE and Dariusz Stefański, CEO PCC Intermodal SA, talk to Sandra Wierzbicka.
Since when has PCC been present on the Polish market? Why did you decide to enter Poland? Waldermar Preussner: Since the very beginning, meaning since 1994. In fact, we were already active in Poland before starting PCC as a company. Poland is a relatively big and well-developed market. Above all, we had and still have a great sentimental attachment and firm conviction that it is a dynamic and very promising market. Beginning in the 1990s it was a good time to make strategic decisions to invest in Poland. PCC Intermodal SA is growing very rapidly in Poland. What do you owe your success to? Dariusz Stefański: PCC Intermodal SA is a young company, which carries out step by step its long-term business
Your strategy has very ambitious goals – the construction and launch of a network of modern terminals, as well as the launch and optimization of the network of regular container trains in international transport corridors? At what stage are you currently with the implementation of these goals? DS: According to the promise made to the investors in December 2009 during the IPO, we have built the first facility: Kutno Terminal, but we have already started preparatory work for subsequent projects. Currently, the company carries out regular daily service from the Polish ports of Gdańsk/Gdynia and the German ports of Hamburg/Bremenhaven and offers four departures per week from Rotterdam, connecting the land terminals in Kutno, Gliwice, Sławków, Brzeg Dolny and Frankfurt/Order, which means more than 60 scheduled trains per week. For over six years of our intermodal activity on the transport market we have built up a basic network of intermodal connections and offer, in spite of many infrastructure barriers, services of decent European standards. The modern and efficient Kutno Terminal will enable us to expand operations to the east and south of Europe. Currently, we are discussing and arranging issues with our partners. We hope to start a regular intermodal service to Moscow. We are working to launch a regular train in
Waldemar Preussner, Chairman of the Administrative Board of PCC SE
80 :: polish market ::
goals, in spite of obstacles and barriers. We are not afraid of making plans for the future. We meet the needs of our customers and complete as soon as possible the tasks that are planned to be done. The quality and comprehensiveness of our services is what distinguishes us in the market and what constitutes our strength and value. The success of PCC Intermodal SA results from the consistent implementation of development strategies and being a member of the PCC SE Group, whose guiding motto is ‚synergies at work’. If we know that to grow you have to act in the field of investment, then we invest. Do not wait until it’s too late for the reactions. Short and efficient ‚decision-making channels’ within the group is without a doubt one of the key elements to effective action. It should be clear that while taking any decision we have in mind the well-understood interest of our shareholders aimed at increasing the market value of the company, which for two years has been successfully listed on the Warsaw Stock Exchange.
10 /2011
the north-south transport corridor (the Baltic-Adriatic Landbridge). We expect that within the next few weeks we will organize our first train in the direction of Sopron/Hungary. W hat are your other investments in Poland and what is their total value? WP: Apart from intermodal transport, especially investment in the modern container terminal in Kutno, we are investing heavily in Poland’s chemical sector. On this market we are the only producer of polyether polyols for the furniture and automotive industries, and of surfactants for the washing agents and detergents industries, to name but a few. At our largest Polish subsidiary PCC Rokita SA alone, we invested nearly EUR50 million over the last two business years into the extension and upgrade of production facilities, such as the second ethoxylation plant, a membrane electrolysis plant, a fourth polyols production line, and a production line for iPol a speciality polyol. Apart from polyols and surfactants, PCC Rokita also manufactures chlorine as well as phosphorus and naphthalene derivatives. This year, we have budgeted for another EUR25 million in investments into this segment. Additionally, PCC SE invested roughly EUR15 million in Poland over the last 18 months into the expansion of its portfolio of shareholdings in niche segments and the establishment of new subsidiaries. These investments include the acquisition of / capital injections for the match factory at Czechowice, PCC Prodex, PCC Silicium, 3SF, and PCC Consumer Products. What are the problems and what is easier in Poland as compared to other countries where you operate? WP: In general, there are no substantial problems. At the moment, the main issue is the very high energy prices. In Poland there are no advantages for the energy-intensive industry like in other EU countries. New investments in that sector do not have any sense. Additionally, the volatility of the Polish currency, the zloty, does not help to operate and invest in Poland either. What is good about Poland is its quite strong and stable market with very energetic and well-educated people - open to new solutions, ready and willing to work. How would you describe the development of logistics and intermodal transport in Poland? What are the prospects? DS: Intermodal transport industry will continue to grow rapidly, and its growth will be even more spectacular than ever before. Favourable conditions, the growing number of containers transported by our country both with domestic loads as well as in transit - and the improving, though still far from perfect!, rail and road infrastructure enable us to make very optimistic projections. Intermodal transport, to develop efficiently, needs many more changes and understanding on the part of both: the ministry and the infrastructure manager, but looking at
Dariusz Stefański, CEO PCC Intermodal SA
good European examples of functioning and development of the industry, I am convinced that many more successes are still ahead. W ho are your services intended for? DS: Intermodal transport involves transporting a cargo unit (e.g. container) from the place of origin to the destination by using at least two means of transport. PCC Intermodal SA combines the advantages of rail transport at long distances, and transport by trucks from inland terminals directly to customers’ doors, being a strong and stable link in the supply chain. Regular intermodal trains organized at constant schedules (like passenger trains) enable the efficient dispatch of cargo and its timely delivery to the customers’ warehouses, at distances of hundreds or even thousands of kilometres. Would you recommend other intermodal transport operators to enter the Polish market? DS: It’s a tough question. On the one hand, competition is always good for the market and its development. On the other hand, I realize how difficult the intermodal industry is, how much needs to be done and how big the obstacles and costs of starting and maintaining a high level of service are. I wish those who plan to enter the Polish intermodal great determination, consistency and perseverance. W hat are your plans for the future? WP: We plan to continue and further develop our today’s investments in the chemical, energy and logistics sectors. We want to expand with this activities internationally. In addition, we do believe and are interested in new technologies and therefore we plan to concentrate some of our investments into this sector. :: 10 /2011 :: polish market :: 81
Marbet designs interiors In the art of interior design it is important to adjust the style to the function and character of the place so that people feel comfortable in it. Marbet delivers original and functional products with timeless designs, perfect for stylish and fashionable décors.
Marbet Style for beautiful interiors Since 1994 Marbet has produced furniture for a Swedish furniture concern. Its self-developed state-of-the-art technologies and machinery stock make it possible to achieve forms which are unavailable in traditional production. This cutting-edge and rapidly-developing company is an active trendsetter in the furniture industry. For several years, as Marbet Style, it has been cooperating with a number of young designers. The first furniture collection is by Joachim Lesiak, an interior and furniture designer. In 2010 Marbet Style also launched a fruitful collaboration with the celebrated designer Natasha Pavluchenko. The winner of “Oskar Mody” (Fashion Oscar) in 2005 designed two original bar stools inspired by tailor’s dummies. The designer bar stools are being promoted in the fashion world along with her other collections. The Only, Noble, Lobo, and Cubby furniture collections, featuring timeless forms and interesting colours, have been created with ambitious projects in mind and can be easily adjusted to the personalised decor of various types of interior. The broad choice of upholstery materials, such as leather and eco leather in unorthodox colours, provides great flexibility in matching the colour of furniture and the decor. The harmonious and soft shapes of our furniture pieces look as good in red as they do in mellow beige.
Luxurious wall and ceiling decorations Another of the company’s brands is Marbet Decor, with a wide array of products to decorate ceilings, walls, and floors. Most of Marbet Decor products are made of expanded
polystyrene – ceiling mouldings, wall-ceiling mouldings, and corners. The range of products also includes rosettes, niches, corbels, and pilasters. All products are made of topquality materials, giving the decor a beauty and durability that lasts for years. Decorative elements in the form of ceiling and wall-ceiling mouldings perfectly complement the aesthetics of this luxurious decor. An interesting result may be achieved by assembling mouldings on the walls into symmetrical, repeating figures connected with the corners. An interior may also be embellished by framing mirrors, paintings and photographs with wall-ceiling mouldings. Marbet Decor is a collection of spectacular elements for wall and ceiling decoration. Ceiling and wall-ceiling mouldings in various forms and
corners with delicate motifs will complement the decor of any room. The elegant finishing touches to the ceiling and compositions on the walls will give additional flair to fashionable interiors.
Stylish commercial interiors Marbet product collections are envisaged for modern public premises, where high-quality interior decor is expected, such as hotels, SPAs, cinemas, theatres and exhibition halls. The originality of design and extraordinary precision are the fruit of cooperation with young designers. Remarkable forms are a perfect match for interiors of which more is expected than just utility. These are beautiful products that fit well into original design ideas.
w w w.marbetst yle.eu w w w.marbetdecor.com
Events
15th Disabled Youth Song Festival This year, from 14 to 31 July, the 15th Disabled Youth Song Festival “Artistic Impressions” 2011 was held in Ciechocinek. First Lady Anna Komorowska was the patron of the Festival, but she could not personally attend the performances. This year’s competition was attended by 50 young singers, who first participated in vocal workshops and then in rehearsals with the orchestra, in order to be well prepared for the final performance. Like every year, the young performers presented very high standards. The instructors Katarzyna Piasecka, Klaudyna Jackiewicz, Aleksandra Stano, Michał Borkowski and Paweł Staszczyszyn would have contributed much to this. One should not underestimate the contribution of the Johann Strauss Orchestra, conducted by Marek Czekała, which accompanied the performers, and Marek Czekała himself was the composer of many arrangements presented at the festival. The orchestra could have not performed without the pianist and composer, Piotr Salaber. A great attraction of the festival was the concert by the violinist Joanna Kaczorowska, with the accompaniment of Piotr Salaber – the duet performed Vittorio Conti’s Czardas. The members of the Festival Jury were Krystyna Woźniak-Trzosek, President of Polish Market Publishing, Joanna Kaczorowska, New York State University professor, violinist and teacher, Ludmiła Zamojska and Andrzej Frajndt from the vocal group “Partita”, Jacek Perkowski from Polish Recordings, Jerzy Skonieczny from the State Fund for Rehabilitation of Disabled Persons, and Sławek Małecki, musician, pedagogue, and team leader of “Zdrowa Woda” (“Healthy Water”). The Jury singled out 14 young performers, and awarded the Grand Prix and prizes in the age categories up to 14 and over14.
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Szymon Borkowski – GRAND PRIX Zuzanna Osuchowska – 2nd place in the over 14 years category
Agata Zakrzewska – 1st place in the over 14 years category Aleksandra Liske – 1st place in the up to 14 years category
Kamil Czeszel – 1st place in the over 14 years category Karol Tomasiak – 2nd place in the up to 14 years category
Karolina Kruza – the Special Award of the Jury and Polish Recordings
Events
“Artistic Impressions” Ciechocinek 2011 Kinga Jamroza
Renata Galik Hanna Turowska
Michał Wiśniewski Sandra Chorąży
Izabela Kopeć lyric mezzo-soprano. Special Guest of the Festival
all photos: M. Szczurek
Dariusz Buczek
Milena Wiśniewska
10/2011 :: polish market :: 85
Events Szymon Borkowski, Krystyna Woźniak-Trzosek and Mirosław Satora, President the Pro Omnibus Foundation
Marek Czekała and the Johann Strauss Orchestra Jury
Joanna Kaczorowska, violinist and member of the Festival Jury
After stormy deliberations, the jury announced the following verdict: GRAND PRIX :: Szymon Borkowski – “If I were a rich man” The Special Award of the Jury and Polish Recordings went to :: Karolina Kruza – “I feel good”
THE OVER 14 YEARS CATEGORY: 1st PLACE joint winners: :: Agata Zakrzewska – “There is one lonely house” :: Kamil Czeszel – “I can’t give you much” 2nd PLACE: :: Zuzanna Osuchowska - “Run my heart” AWARDS: 1. Renata Galik 2. Kinga Jamroza 3. Michał Wiśniewski 4. Hanna Turowska 5. Sandra Chorąży 6. Dariusz Buczek 7. Milena Wiśniewska The festival attracted much media attention. The Gala Concert was broadcast by Polish public television. The organisers of the festival were the Pro Omnibus Foundation and the Marshal of the Kujawsko-Pomorskie province.
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Krystyna Woźniak-Trzosek and Mirosław Satora
Ludmiła Zamojska, Andrzej Frajndt “Partita” members of the Festival Jury and Krystyna Woźniak-Trzosek Chairman of the Festival Jury
all photos: M. Szczurek
THE UP TO 14 YEARS CATEGORY: 1st PLACE: :: Aleksandra Liske – “Be ready for the road” 2nd PLACE: :: Karol Tomasiak – “When children dance”
ranking
gold
silver
partners:
media
Powerful Businesswomen
The 3rd European Women’s Congress
“Equal pay for equal work” The 3 rd European Women’s Congress was held in the Congress Hall of the Palace of Culture and Science in Warsaw on 16-17 September. The event was attended by nearly 6,000 women. The motto of the Congress was “Equal pay for equal work.” Male participants were also present at the Women’s Congress. The President of the European Parliament, Prof. Jerzy Buzek, took part in the inauguration. “It is thanks to this Congress that the message of equality has reached everyone in Poland,” he addressed the audience. “We cannot afford the situation in which half of society cannot realise their potential. Women must have absolute freedom of choice. Ladies who decide to undertake household duties deserve respect and recognition for their work, also with regard to pension schemes,” he added. The wife of the President of Poland, Anna Komorowska, was also present at the opening ceremony. Mothers were also taken into consideration, as the or-
ganisers had prepared a Kids’ Area, where parents could leave their children under professional care. The laureate of the 3rd Women’s Congress Award was Olga Krzyżanowska. During the awarding ceremony, a special guest, Prime Minister Donald Tusk, was present. “I have stage fright, as it is a debut for me in this role. As you know very well, men act all tough but are not always able to stand up to the challenge,” he said. “Your activities have shown very clearly that seeking balance is wise, well-considered and noble, unlike extreme ideologies. These words referred mainly to the greatest achievement of the Congress, that is the Act on Quotas: thanks to your pressure, persistence and patience; your actions have raised the question of balance between the sexes and the respect of one sex for the other from the closed circle of ideological discourse.” The two-day Congress brought many panel discussion between women about women,
Anna Podniesińska photo: Magda Galek
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and the legal, social and economic status of women. A very interesting debate was devoted to women who occupy high positions in managing organisations. As Grażyna PiotrowskaOliwa pointed out, “Here we find their important role. But 90% of the Supervisory Board candidates are men. Women must stop feeling uncomfortable about pursuing their careers.” Also this year the Congress concluded with an announcement of several postulates. There are, obviously, a large number of these, but the priorities are equality, solidarity and freedom. ::
Anna Komorowska, First Lady photo: Basia Pawlik
From left Małgorzata Surdek, Iwona Kossmann, Anna Podniesińska, Dorota Warakomska photo: Magda Galek
Jerzy Buzek, President of the European Parliament photo: Basia Pawlik Grażyna Piotrowska-Oliwa and Sandrine Devillard photo: Magda Galek
Powerful Businesswomen
Tiaras of Management, or a ranking of 50 outstanding women-managers
Much is said about the support of women by women, about them reinforcing their ambitions, realizing their dreams, boldly pursuing their goals. Therefore it is worth showcasing these ladies, who have succeeded, and it is even more worthwhile to draw attention to the fact that men – managers, scientists, experts and businessmen - appreciate them. Rita Schultz But, of course, it is not only about applause and appreciation from the gentlemen. First of all, the special and important place occupied by Polish female managers should be emphasised. Women are ambitious, well-educated and entrepreneurial, they can build, develop and promote their companies. Krystyna Koelner, Stanisława Missala and Teresa Mokrysz have built strong brands and, what is important, they have brought up worthy successors. Businesses led by them acquire prestige and recognition. It is thanks to amber elements that Batycki bags underline Polish character worldwide. It is Solange Olszewska who proves that Polish-made buses can be not only modern and earn the President’s Economic Prize, but also conquer the Asian market. Women, for years have proved themselves as clerks in various ministries, now there is an increasing number of resourceful and competent women among the heads of various departments. It is enough to mention Anna Streżyńska, Bożena Lublińska – Kasprzak, Małgorzata KrasnodębskaTomkiel, Beata Stelmach, Elżbieta Wanat – Połeć and Alicja Adamczak. There are more and more women in finances – heads of investment and retirement funds, banks. An increasing number of female managers can be found in sectors so far considered male – construction, fuel and production. Krystyna Koelner is a pioneer who, it
can be safely said, blazed the trail for women managers deciding to take up challenges in traditionally male sectors. Krystyna Borkow ska, Joanna Strzelec-Łobodzińska, Grażyna Piotrowska-Oliwa and Karina Wściubiak-Hankó are doing great with the challenges, employees and colleagues on the board.
The best of the best We have asked men to identify the most outstanding, in their opinion, female managers. They could select a maximum of 10 ladies. As a result of their indications, we created a list of one hundred most prominent top women managers. We chose 50 women who received the highest scores.
The top 5 includes: Solange Olszewska – since October 2008 she has been the President of Solaris Bus & Coach S.A. Prior to that she acted as Vice-President for Customer Service. She graduated from the Medical University in Warsaw, in 1986-94 she worked as a research worker at Freie Universität in Berlin. Since February 2005 she has comanaged the family business Solaris. Anna Streżyńska, President of the Office of Electronic Communications (UKE) since 8 May 2006. She graduated from the University of Warsaw (1994), she is a lawyer specialised in national and European telecommunication and media law, as well as
European law on competition and consumer rights protection. In 1995– 1997 she worked as deputy director of a department at the Office for Competition and Consumer Protection. Later, she worked as a lawyer in law firms. In the years 1998–2001 she was an advisor the three subsequent Post and Telecommunications Ministers, and in 2000–2001 a department director in the Ministry of Post and Telecommunications. Henryka Bochniarz holds a PhD degree in economics and is a certified management counsellor. She graduated from the Faculty of Foreign Trade at the Warsaw School of Economics. At the end of 1998 she founded the Polish Confederation of Private Employers Lewiatan and has been its President since January 1999. She is Vice-President of the Tripartite Social-Economic Commission. Since 2000, she has chaired the Polish-Japanese Economic Committee. Since 2006 she has been Vice-President of Boeing International for Central and Eastern Europe. Irena Eris graduated from the Medical University in Warsaw. She defended her doctoral thesis at the Berlin Humboldt University. She is an c0-owner of Dr Irena Eris Cosmetics Laboratory, where she is director for research and development and of the chain of Dr Irena Eris SPA Hotels. Since the company’s inception she has been 10 /2011 :: polish market :: 89
Powerful Businesswomen
Methodology The ranking Tiaras of Management features ladies who have received the highest number of votes from managers, experts and observers of the Polish economy. Each of the voters could indicate up to 10 managers. ::
Tiaras of Management
Name
dealing with the development of new products and has managed the process of their development. Anna Rulkiewicz has graduated from the Nicolaus Copernicus University in Toruń (parallel studies at the University of Hamburg), a postgraduate course at the Polish-French Insurance Institute and completed a series of training courses in management, sales, communication and marketing organised within the LIMRA Marketing Strategies for Executive Advancement certified programme for the insurance industry. She has been involved with LUX MED since 2002, when she was a member of the board and later sales and marketing director. In 2007 became President of LUX MED Sp. z o.o.
Company/Institution
Post
1 Solange Olszewska
SOLARIS
President
2 Anna Streżyńska
Office of electronic
President
communications 3 Henryka Bochniarz
Lewiatan
President
4 Irena Eris
Dr Irena Eris
Member of the Board
5 Anna Rulkiewicz
Lux med
President
6 Jolanta Augustyniak
OSG
President
7 Lidia Mikołajczyk-Gmur
Grupa Velux
President
8 Krystyna Koelner
Koelner
Head of the supervisory
9 Teresa Mokrysz
Grupa Mokate
President
10 Bożena Lublińska-Kasprzak
PARP
President
11 Grażyna Piotrowska-Oliwa
Orlen
Member of the Board
12 Joanna Strzelec-Łobodzińska
Kompania Węglowa
President
Board
13 Bożena Batycka
Batycki
President
14 Beata Stelmach
MInistry of foreign affairs
Deputy Minister
15 Ewa Małyszko
TFI KGHM
Vice-President
16 Alicja Adamczak
polish patent office
President
17 Karina Wściubiak-Hankó
Alchemia
President
18 Helene Zaleski
Alior Bank
Head of the supervisory
19 Agnieszka Nogajczyk-Simeonow
PTE ALLIANZ
President
20 Małgorzata Kołakowska
Bank ING
President
21 Nina Terentiew
POLSAT
Member of the Board
Board
22 Ewa Minge
EVA Minge
Owner
23 Katarzyna Niezgoda
Deni Cler
President
24 Małgorzata Krasnodębska-Tomkiel
office of competition and
President
consumer protection 25 Magdalena Piasecka-Ludwin
Tumski Hotel ,
President
Kliczków castle
The best female managers were selected by: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: :: ::
Edward Bieszczad (SURET), Arkadiusz Bińczyk (AM ART. Media), Jarosław Chałas (Chałas i Wspólnicy), Jarosław Chrobociński (Le Regal), Paweł Dangel (Allianz), Jarosław Dąbrowski (Dąbrowski Finance), Tomasz Drzał (Warsaw Consultants), Błażej Grabowski (Polish Market), Dariusz Jarosz (Martis Consulting), Krzysztof Kalicki, PhD (Deutsche Bank Polska), Jacek Kliszcz (PWS Konstanta), Grzegorz Komosa (MARSH), Arkadiusz Krężel (Boryszew), Tadeusz Kuczborski (Polski Bank Przedsiębiorczości), Daniel Lewczuk (Executive Network), Jerzy Lisiecki, PhD (IRCA), Michał Machlejd (SPEC), Krzysztof Przybył (Teraz Polska), Tomasz Sańpruch (Capital24.tv), Tomasz Soliński, PhD (WSIiZ), Piotr Szeliga (Impexmetal), Eugeniusz Śmiłowski, PhD Paweł Trochimiuk (Partner of Promotion), Edward Trzosek (Grupa Inwestycyjna BEL), Prof. Andrzej Wiszniewski.
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26 Grażyna Kulczyk
Fortis Nowy Stary Browar
27 Anna Horsecka
PTE Polsat
Owner President
28 Alicja Wiecka
SAS Institute
President
29 Monika Wittchen
Wittchen
Vice-President
30 Małgorzata Zaleska
NBP
Member of the Board
31 Iwona Sroka
KDPW
President
32 Dominika Kraśko-Białek
Grupa AVIVA
Vice-President
33 Elżbieta Mączyńska
PTE
President
34 Bogna Duda Jankowiak
PKM Duda
Vice-President
35 Dorota Soszyńska
Oceanic
President
36 Krystyna Borkowska
Bosh
President
37 Stanisława Missala
Perfumerie Quality
President
38 Beata Andruszkiewicz
Pramerica Życie TU
President
39 Joanna Szyman
Scanmed Multimedis
President
40 Magdalena Malicka
G&J Polska
President
41 Joanna Smolińska
Antalis
President
42 Halina Zawadzka
Hexeline
President
43 Anna Sieńko
IBM
President
44 Olga Grygier
PWC
Managing Director
45 Agnieszka Mosurek-Zava
Douglas Polska
President
46 Elżbieta Wanat-Połeć
UFG
President
47 Marzena Tarkowska
Xerox Polska
President
48 Ilona Weiss
Sygnity
Vice-President
49 Joanna Stec-Gamracy
BlackRock Investment
Country Head
Management 50 Xenia Kruszewska
Medica Polska
President
Powerful Businesswomen
The ability to cooperate is the most important Rita Schultz talks to Jolanta Augustyniak, General Director, OSG Polska Sp. z o.o.
You were chosen an outstanding manager (in the top 10) and it was a selection made by men. Was it difficult to earn such a high opinion among men? The worlds of business and politics are still dominated by men. Trying to break through in this environment – women compete mainly with men and it is their opinion which counts the most. However, one should not generalize. For instance, “Polish Market’s” ranking shows that patriarchy times are long gone and women are doing awesome in business, and which is the most important, they are appreciated by the environment in which they work. What makes you a great manager – experience, knowledge, persistence? All these three qualities make for a good manager. Experience and knowledge are our know-how, they are our base – without which it is impossible to manage a company. However, without persistence, patience and ambition the world would stand still – these qualities are the driving force behind every activity. A company in order to evolve constantly needs change and innovation, new investments, which translate into market success. But the most important, in my opinion, is the ability to cooperate. Complementing each other, combining forces and believing in others – we can do much more than separately. The success of a manger is good cooperation with his or her team.
Do you think that Polish women-managers find themselves well in high positions and can easily compete with men? The world of business remains primarily the domain of men, or at least male features – we often identify success with power, money, firmness etc. The men’s world has plenty of space for women, but those who know what they want. Competition is never easy, whether with women or men, yet our gender has its strong advantages. I mean, first of all, communication skills, ease in establishing relationships and willingness to cooperate – this is extremely important in managing people. Men first of all want to compete, while women, it could be said, “soften the manners.” Really, more can be achieved by cooperating than competing. What is, in your opinion, the most important in effective, good management? The ability to work with people and motivate them properly are the most important. The success of a manager is, first of all, a wellfunctioning team. Do you think there is a feminine management style? It certainly exists. Femininity is our strength! However, I do not intend to go to the extremes and cry out slogans like “League rules, league advises, league never betrays!” Talking about femininity I have in mind a
Jolanta Augustyniak For over 9 years, she has been General Director at OSG Polska – a company belonging to the international group OSG Records Management – the leader in the global document management market. Since 2007 she has been Director for Central and Eastern Europe. She has been successfully promoting the fashion for smart archiving of paper and electronic records. During her term in office, the firm has won numerous awards and distinctions, including for innovative services. She implemented the gained experience and knowledge in the Chinese and Indian markets. She started her professional career as a sales manager in the sector of private medical services, and later in the security industry. She graduated from the Faculty of History at the University of Warsaw (UW) and is a doctoral student of Economics and the Faculty of Management at UW. ::
certain set of features like: patience, sensitivity, the ability to remain calm, empathy and intuition, which distinguish us from men and are our strong points. All these advantages make female management style extremely necessary in the world of business. What would you advise the women who are just standing on the brink of their careers to achieve success? There are many roads to success and everyone should find their own way. First of all, you need to know what you want, set your goals. Another important step is to decide on a career choice. Of course, long gone are the days when women dealt only with cooking, washing and improving man’s life. Still, the decision to launch a serious professional career is extremely difficult – especially if you are already a mother. This does not mean that career and motherhood are exclusive – I’m the best example they are not. Nevertheless, the combination of the role of a mother and a manager is difficult. To succeed we must realize that sometimes it may be hard (business trips, working at night) and sometimes you will have to bite the bullet and move on. But it is the hardest in the very beginning. In this case the most critical is good organization of work – both when it comes to household responsibilities, as well as those professional. Being a mother teaches time management – you never have too much of time, so you need to use it well. How do you assess the potential for business cooperation with Asian countries, where OSG is already operating? OSG Records Management has been developing its business operations in CentralEastern and Southern Europe, as well as Asia since 2003. These regions have great potential for development. For example, the market value of managing and storing records in Russia (where we are the clear leader) is estimated at approximately USD1 billion. Western Europe has its years of development behind it. Now the most is happening in Asia and Central-Eastern Europe. These countries reach an extremely high rate of growth – here new investments are born. :: 10 /2011 :: polish market :: 91
Powerful Businesswomen
Responsibility and innovation Rita Schultz talks to Anna Rulkiewicz, President of LUX MED Group
of them was dominant. In managing such a large organism it is crucial to chose right people for the key positions and give them freedom to act. A medical doctor is a free profession requiring great knowledge, self-confidence, assertiveness and faith in own knowledge and experience. W hat are your criteria in selecting a team? The primary criterion for selecting doctors is their competences. Appropriate communication with the patient is also very important. We have adopted certain standards of non-medical care and we expect our staff to meet them. We want our doctors to be friendly and receptive to the patients.
You manage the largest medical network on the market, the LUX MED Group has absorbed many other smaller chains. Is it difficult to manage such an extensive organism? Was it easy to connect all the different structures into one piece? The integration of brands within the LUX MED Group was a huge challenge for us. From the beginning we had included many people in building the strategy and schedule of the necessary activities. Proper communication was the key here, as we wanted people to feel a part of the whole project. It was necessary to select the appropriate staff from four different brands, in a way that none
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What incentive programmes have you introduced in your company? What would you advise other CEOs when it comes to managing a team? Due to the fact that we work in such a large organization it is very important to create a good atmosphere and a supportive work environment. I realize the importance of financial motivators and I try – as much as possible – to reach from them, yet in relation to performance results. It is not without significance that as a large Group we can offer our employees of different specialties extensive career development opportunities and internal promotions. We want our employees to constantly develop, therefore we create conditions conducive to raising qualifications. Examples of such activities can be cyclical research councils and LUX MED Group Academies directed to doctors, nurses and midwives. In short, we reach for a whole range of incentives. I also think that my co-workers appreciate the openness in communication and dynamism, as well as
large independence combined with responsibility. W hat tasks do you still pose for yourself? Organizational culture in a company as large as LUX MED is formed over years and this process has not yet been completed. I also an idea, to what kind of organization model we are headed, but I am also aware of the enormity of work before us. I want the LUX MED Group to be primarily focused on patient needs, innovative, dynamic and based on the involvement of people, who create it. What features should a good manager have? A good manager should have a strong character and be a true leader. Such a person has to delegate a large part of tasks to his or her employees and give them freedom in their performance. At the same time a good manager has to inspire and motivate, as well as have the courage to admit his or her mistakes and errors, because no one is infallible. Do you have time to rest? How do you spend your free time? Managing the LUX MED Group goes hand in hand with a limited amount of leisure time. My children are my greatest treasure, therefore I try to spend as much time with my sons as it is possible. The combination of motherhood and a professional career is not easy however. Yet I do think that I can well organize my time, to be as often as possible with my children and take care of their development. ::
Opinion
Stability of the banking sector The stability of the Polish banking sector, despite successive escalations of the on-going financial and economic crisis, is a fact worth stressing. The Polish banking sector is still recording positive and increasingly strong results, and is increasing its capital base and security indicators. Prof. Małgorzata Zaleska
The author is a Member of the Board of the National Bank of Poland, a professor at the Department of Banking of the Warsaw School of Economics, and a Member of the Presidium of the Committee on Financial Science of the Polish Academy of Sciences.
It is especially worth noting that Polish banks’ own funds grew significantly during the crisis, although the banks received no support from the Polish government. In the period from the end of 2008 to mid-2011 the funds grew by PLN27 billion, or 35%. A major improvement in Polish banks’ results – by around 44% year on year - was also recorded in the first half of 2011. The profit generated by banks in the first six months of this year came to 69% of their total profit for 2010. The main factor behind the improvement in banks’ results was a rise in their net interest income due to a faster growth in interest rates on loans than on deposits in response to central bank interest rate increases. Considering the above, one may say that banks operating in Poland have passed real stress tests. It is also worth noting that PKO BP, the only Polish bank among the 91 institutions examined directly in the latest stress tests conducted in the European Union, has scored among the best. One may even say that some banks operating in the Polish banking sector have benefited from the crisis. One example are cooperative banks and Bank Gospodarstwa Krajowego (BGK). Their role has recently increased. However, one should not ignore the presence of crisis splinters in Poland or the impact of developments on international markets on the country’s situation. The global economy of today is like a set of communicating vessels – there are no “islands” isolated from the crisis. The developments reflecting the impact of the external crisis on the Polish banking sector include high exchange rate volatility as well as
ownership and structural changes in the sector. Ownership changes planned or already made at BZ WBK SA, MR Bank SA, Kredyt Bank SA, Bank Millennium SA and Polbank can serve as an example. In discussions about searching for new bank owners, commentators automatically point to foreign capital. It seems that Polish capital is still underestimated in this context and serious talks on this topic are not undertaken. At the same time, it may be that Polish capital is equated too often with state ownership. It should also be emphasised that if the financial crisis had not broken out the Polish banking sector could have eventually ended up in the same position as foreign banks. Excessive lending activity and insufficient caution in risk management would have been quite likely on their part. The swift implementation of the capital requirements directive (CRD) and related regulations is one of the factors which contributed to reducing the risk in the Polish banking sector. As regards the widely discussed risk associated with mortgage, home and consumer loans, it is worth pointing to Recommendations T and S, and the decision to raise the risk weight for home loans denominated in foreign currencies from 75% to 100%. It is also worth noting in this context that, in response to the crisis, the importance of prudential regulations will be growing if only because work on implementing the Basel III and CRD IV/CRR provisions has already begun. These regulations strengthen capital requirements, and introduce additional capital buffers - a capital
conservation buffer and a countercyclical buffer – and new regulatory requirements on bank liquidity and bank leverage. All these measures are designed to raise the level of security in the global banking system. They will also result in an increase in banks’ operating costs and will especially mean the need for them to raise their capital reserves. The European Commission has calculated that the implementation of CRD IV/CRR will require a rise in EU banks’ own funds by as much as EUR460 billion by 2019. But the costs to be incurred will be even higher as a package of EU crisis management instruments is now under discussion and there are plans to introduce a special bank tax. After the crisis, it will certainly be advisable to compare the costs incurred to increase security in the banking sector with the achieved results. To sum up, Poland’s economic fundamentals, supported by a wise economic policy, still ensure stability for the financial sector, including the banking sector. Let us hope that the Polish banking sector will remain stable and will be expanding wisely. ::
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Events
“Masuria,
the Wonder of Nature” – before the big finals Masuria still has a great chance to promote Poland across the world. This region is the only Polish candidate in the competition held by Swiss foundation New7Wonders for the 7 New Wonders of Nature.
Apart from Masuria, 27 other regions of the world have been included in the finale of the competition, i.a. the Vesuvius volcano and Grand Canyon Colorado. The contest will be concluded on 11 November 2011. Everyone can contribute to the global popularisation of the land of a thousand lakes! Let’s vote – send a text message “Mazury” to 7155 or via the Internet at: www.new7wonders.com/vote-2. According to the latest report of the Polish Tourist Organisation, which was drawn up within research concluding the activities to date of the “Beautiful East” campaign, Masuria
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is the most popular region in Eastern Poland among Poles – 69% out of 1000 respondents appreciate this region the most. “For nearly 3 years we have conducted the ‘Masuria, the Wonder of Nature’ campaign. The action was initially focussed mainly on collecting votes in the 7 New Wonders of Nature contest, but it transformed into a leading activity promoting our region in Poland and on the international scale,” says Jacek Protas, Chairman of Warmińsko-Mazurskie Province and Chairman of the Official Committee supporting the Masurian lakes
in the contest. “Qualifying for the finals is a great opportunity for promotion for every participant, as well as for the respective countries. Building the proper image of Poland is a process composed of many elements and aspects, and tourism is one of its areas of exceptional importance due to the positive associations aroused by travelling. Therefore, it is vital to use participation in the contest to the advantage of Polish tourism,” adds Rafał Szmytke, President of the Polish Tourist Organisation. Jacek Pałkiewicz, the discoverer of the source of the Amazon River, who explores the remotest places on Earth, is the Honorary Ambassador of Masuria. “During my numerous journeys abroad I asked foreigners about Poland and they replied ‘John Paul II’. To my question concerning the location of Poland they lukewarmly responded
Events
citizens to cast their votes for Masuria: “Every year millions of Poles visit the Masurian forests, sail on the lakes and blaze the tourist trails. Let’s show our treasure to others! Let the region where the wealth of nature harmonically merges with cultural and historic heritage represent Poland abroad. Together we can contribute to Poland’s winning the contest for the 7 New Wonders of Nature. I call upon the whole of Poland and everybody in the world to support Masuria in the contest for the title of Wonder of nature.”
Masurian landscape
that it lies somewhere near Russia. The question about the capital remained unanswered. We have an exceptional opportunity to present ourselves, to make our country recognisable, and at the same time to attract visitors: Come and see what beautiful places we have in our country,” underlines Jacek Pałkiewicz. “I believe that when Poles understand the importance of such a wonder as Masuria, as far as it can be to our advantage, this final, providing the voting will attract large attention, is surely within our grasp,” he adds. The President of the Republic of Poland, Bronisław Komorowski, expressed his support for Masuria; during the official opening of the eco-marina in Giżycko, he voted for Masuria. The President also appealed to all Polish
Bronisław Komorowski and Jacek Pałkiewicz
The Masurian campaign in the contest is also supported by the Prime Minister, Donald Tusk, former Presidents Aleksander Kwaśniewski and Lech Wałęsa, the President of the National Bank of Poland, Marek Belka and Cardinal Stanisław Dziwisz and others. ::
Masurian landscape
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Cultural Monitor
Musical madness with titans La Folle Journée de Varsovie “Les Titans” will run from 29 September till 2 October. Four festival days will be filled by 70 concerts featuring over 400 prominent artists from around the world. The events are scheduled to take place in four concert halls in Teatr Wielki – Opera Narodowa and in a concert tent in Teatralny Square in Warsaw. The idea of the festival is to popularize classical music by bringing it to as broad an audience as possible, inspiring the not-yet fans of classical music to get more interested in it. The Music Days Madness is a festival organized since 1995, created and directed by René Martin, initiator of many festivals and organizer of numerous classical music concerts worldwide, the founder of Centre de Réalisations et d’Études Artistiques à Nantes (CREA). In Poland, the event under this brand will take place for the second time and its focus will be true titans of classical music: Szymanowski, Brahms, Mahler and Liszt. ::
Compiled by Maciej Proliński
Fringe theatre, political theatre Many spectacular events can be expected at the 36th Kraków Theatrical Reminiscences. This year the festival is to take place extraordinarily in October (6–12), as it has become part of the cultural programme of the Polish Presidency in the EU. Despite being one of the oldest theatre reviews in Poland, it still seeks the freshest art. This year’s edition is accompanied by – the first ever in Poland – meetings of the International Network for Contemporary Performing Arts (IETM), which brings together over 400 performing arts organizations from 45 countries. Theatre fans will see the achievements of Polish theatre, as well as performances from countries of the Eastern Partnership, Russia, Great Britain and the Worth
Rhine-Westphalia region. This year, the audience can also expect dramatic theatre and dance theatre performances, as well as special projects. The must-see of the festival is “Dwóch w twoim domu / Two in your house” from the Russian group Teatr.doc. This exquisite performance depicts the story of Uadimir Niaklajeu – Belarusian presidential candidate who was detained and severely beaten by the KGB. The performance shows the situation of the politician under house arrest, who for several months was kept by two agents in his apartment. The performance is an international co-production (one of its producers is the Kraków Theatrical Reminiscences Festival), and its world premiere will take place on October 7 in Teatr Nowy in Kraków. :: “America” directed by Jan Klata, photo Thomas Aurin
Photo trip Regional House of Culture in Rzeszów invites photographers to participate in the 14th International Photo Competition Foto Odlot taking place between October 8 and 30. The theme of the competition, open to everyone is free, but novelty and ingenuity are preferred. The competition open to everyone is one of the largest events of this kind enjoying the highest reputation among photography artists from Poland and abroad. It is addressed to artists discovering unusual dimensions of reality and trying to find a visual reflection of their artistic vision through any unconventional interpretation of the theme “departure.” ::
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Reportage promo The 8th edition of the International Festival of Reportage Art Camera Obscura will be held on 18–22 October in Bydgoszcz. The festival was created as the first all-European event devoted to the promotion of reportage as independent art and the increasingly popular audiovisual art form at the interface of journalism and documentary film. The highlights of the festival are the competitions, in which the authors of the best
reportages compete for the Ryszard Kapuściński Grand Prix and honorary distinctions in the categories: investigative journalism, social documentary and radio reportage. In addition to screenings of reportages from the entire world, documentary and feature films and presentations of art radio forms, an important place is taken by the accompanying events: meetings with artists, workshops and concerts. The role of the Festival Centre is played by Teatr Polski in Bydgoszcz. ::
Cultural Monitor
Design and change The 5th International Łódź Design Festival is to be held on 13-30 October. The fundamental premise of the festival is to present the newest international design trends coupled with Polish design. The peculiarity of each edition is set by its motto. This year it is “Change!” This choice is to reflect and draw attention to the ongoing changes in design perception. In Poland they prove the maturing and development of the market in
which the designer and his or her product functions. In a broader perspective it accentuates evolving social needs, and with them expectations towards design and designers. This year’s motto has also an additional symbolic significance. The festival will be for the first time held outside the organizer’s headquarters – the Łódź Art Centre. The new venue for Łódź Design 2011 is a former weaving mill built in the 1930s by Boris and Naum Eitingon. ::
Intriguing exhibitions from the world Until 6 November Zachęta National Art Gallery in Warsaw presents the artworks of a young generation of artists of Indian origin, living and working in India, as well as in America and Europe at an exhibition “The Generation in Transition”. It is the first extensive showcase of contemporary art from this region presented in Central Europe in recent years.
Sonny Rollins, photo John Abbottt
Jazz November Jazztopad is currently one of the largest jazz events in Wrocław, and its 4th edition is to be held as part of the Polish Presidency in the EU Council on 6–27 November. The festival will be inaugurated by an exceptional concert from Sonny Rollins – undeniable classic of the genre, a master and an inspiration for many jazzmen. Other performers will include Fred Hersch – nominated to three Grammy Awards, “a poet among pianists” and Bobo Stenson – a Scandinavian considered to be one of the most interesting representatives of contemporary piano music. A series of accompanying events including a Polish-German jazz marathon and master classes are planned.. ::
The title of the exhibition is borrowed from a series of photos by Anay Mann, who has portrayed his generation – representatives of an urban generation trying the redefine themselves and find a place between attachment to family tradition and the increasingly globalized reality. The works are divided in several themes including tradition, portrait, city, policy, Polish-Indian cultural ties. “Jack Freak Pictures” exhibition by two controversial British artists Gilbert & George is on display till 10 November in the Łaźnia Centre for Contemporary Art in Gdańsk. This is the first exhibition from these artists in Poland and the finale of their European tournée. Some consider them to be insightful philosophers, some philosophically remain silent about their radical projects… The event, however, is advertised as a pretext to take up a debate on national identity and national symbols, as well as the newest trends in contemporary art. A discussion panel with the participation of British artists, British and Polish historians of art and art critics is planned for 12 November! ::
Nandini Valli Muthiah, “Iconic Poet and Father”, 2008, photo courtesy of Zachęta National Gallery of Art
Italian crossroads Rozdroże / Crossroads interdisciplinary festival presents the works of artists working at the interface of: theatre, modern dance and visual arts. Works of the invited foreign artists are confronted with the achievements of Warsaw artists working in the same field. Two leading Italian modern dance groups Compagnia Virgilio Sieni from Florence and Motus Theatre from Rimini were invited
to participate in the 28th edition of Rozdroża Festival held in Warsaw on 24 October-13 November. The festival will also feature performances by independent artists from Warsaw: Fall(ing) Ceil(ing) by Anna Piotrowska and her modern dance group mufmi and an experimental show-installation Uknown # 4 by Renata Piotrowska and Towarzystwo PrzeTwórcze art collective.. ::
Do not miss the Edward Żebrowski DVD collection The latest box from the Kino Polska TV Publishing released in the “Masterpieces of Polish Cinema” series contains three movies directed by Edward Żebrowski shot at the turn of 1970s and 1980s: “Ocalenie / Salvation,” “Szpital Przemienienia / Transfiguration Hospital,” “W biały dzień / In broad daylight.” “Edward Żebrowski made only three feature length films, but each of them has permanently inscribed itself in
Polish cinematography,” wrote Adam Uryniak following Żebrowski’s film retrospective at the Era Nowe Horyzonty Festival in Cieszyn in 2005. “Regardless of the circumstances in which the characters in Żebrowski’s movies find themselves, the field of their most important and dramatic struggles is inside of them,” adds Uryniak. It is something to know, because today there is a shortage of this kind of omnidirectional, national cinema! :: 10/2011 :: polish market :: 97
Cultural Monitor
A feast of theatrical magic Maciej Proliński Staged by opera houses worldwide, Pyotr Tchaikovsky’s “The Nutcracker” is one of the composer’s best-known works. On November 25, 2011 this beautiful two-act ballet adapted from a children’s story by E.T.A. Hoffmann will open in a new staging at Warsaw’s National Opera House as part of the cultural programme accompanying Poland’s ongoing EU presidency. “The Nutcracker” was a must in the repertoire of the Polish National Ballet. This typically family ballet is strongly rooted in the European and American Christmas traditions and will be shown in Warsaw in a particularly spectacular staging employing the Warsaw Opera’s complex technical possibilities. The choreographers are two outstanding artists, Toer van Schayk from Holland, who was recently awarded with a Benois de la Danse life award in Moscow, and Canadian Wayne Eagling, artistic director of the English National Ballet. Toer van Schayk also authored the scenography, as he did for our earlier stagings of Cinderella choreographed by Frederick Ashton. This time “The Nutcracker” will be set in the Warsaw of E.T.A. Hoffmann’s times. The ballet will be performed by the Polish National Ballet and National Opera Orchestra”, says National Opera Director Waldemar Dąbrowski. The renowned German Romantic author Ernst Theodor Amadeus Hoffmann spent a considerable part of his life in Poland, where he married, worked and wrote. It is said that Warsaw was where he began the novelette “The Nutcracker and the Mouse King.” Years later Alexandre Dumas will call it the most beautiful story of all and produce a French adaptation, winning it European renown. The French version came into the hands of choreographer Marius Petipa and Pyotr Tchaikovsky in St. Petersburg, who in 1892 wrote the libretto and score to the now-famous ballet. “The Nutcracker” won worldwide acclaim as an
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Photo: Angela Sterling
unequalled account of the most mysterious evening of the year – Christmas Eve. Tchaikovsky’s Nutcracker score is beautiful and understandable to all – young, old, music-lovers and the musically less refined. Its secret, however, probably lies in its ambiguous, not to say somewhat subcutaneous character. The music is cheerful and melodious, at times even carefree, and excellently depicts the world of childhood dreams and the magic of Christmas Eve. However, introspective listeners will hear a deep underlying sorrow, a reflection on the period in Tchaikovsky’s life in which he wrote the ballet. Despite his enormous success in his native Russia, Europe and America, the composer appeared increasingly dejected: he
had found no personal happiness, his loved ones were abandoning him, and the was harassed by illness. Tchaikovsky was unable to fend off his mounting sadness, which was also present in his work, to mention only the opera The Queen of Spades or the Sixth Symphony, both written at about the same time as The Nutcracker. I doubt whether this article will resolve one of the big artistic questions – whether great, universal art needs to originate from sorrow – but I can assure that if you come to the Warsaw Opera around Christmas time, you will have the opportunity to experience a colourful spectacle with enticing music. And last but not least – the difficult art of ballet performed by the best Polish artists. ::
Cultural Monitor
Wojciech Waglewski at Męskie Granie, photo: Tomek Sikora
Skills, desire of adventure and openness to the unknown A talk with Wojciech Waglewski, the leader of Voo Voo, artistic director of the summer nationwide concert tour “Męskie Granie.” “Polish Market” is a patron of the “Męskie Granie 2011” project. Maciej Proliński 100 :: polish market ::
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“Męskie Granie” (Men Making Music) is a project associated with major music personalities in Poland. Looking at what has happened for the second time during the tour, not without satisfaction, I have to say that you made it once again. This is not a sport! I consider the “Męskie Granie” project to be very successful. This year we performed in seven towns: Żywiec, Warsaw, Kraków, Lublin, Gdańsk, Wrocław and Poznań. And this year I managed to persuade artists representing very different styles to cooperate and play in a certain discipline – the concerts lasted for many hours, yet each of the artists performed their set for no more than 30 minutes. In addition, the tour, as in the past year, had an interdisciplinary character. The audience could also see animations by Mariusz “Wilk” Wilczyński, and stage setting by Jarek Koziara. This year also saw the appearance of new artists on the stage: Fisz Emade as Tworzywo, Lech Janerka, Leszek Możdżer, Spięty, and groups: Myslovitz, Raz Dwa Trzy, and Pink Freud. When it comes to the artistic message – its magical nature and emotionality – I wanted nothing to be changed. But organizationally and commercially, I won’t conceal, that the event is growing year by year. And in the way I wanted it to. On the one hand it is a continuation, in terms of a proven team of people with Koziara and Wilk, while on the other – we are more and more clearly going towards switching, various fabulous interactions. And all artists this year were “ready to play pranks”… From three music CDs, which are to appear at the turn of October and November, the third will be the record of only such interactions! And all 3 CDs will feature over 30 artists! The album released last year by Polish Radio featuring performers from the first series of “Męskie Granie” has quickly reached the platinum status. This year the album won a Fryderyk – an award granted by the Polish music industry in the category “musical alternative.” What do you think makes for the success of this tour? The success of this project lies in the fact that it is a show of the strength of Polish talents. This is somewhat helping out the state and media in their missionary activity. So many artists
Cultural Monitor from the top shelf, yet not present in the media, have never before been gathered on a stage. Never before has Polish art been shown in this way. It is wonderful that a private patron took it on so heroically. T his year’s edition of “Męskie Granie” began with the single “Kobiety nam wybaczą” (Women will forgive us), with your music and lyrics written by you and all others participating in the recording: Fisz (vocal), Lech Janerka (vocal) and Spięty (vocal). How do you remember this recording session? My colleagues represent a different way of making music, but at the same time they are open and can be flexible enough to safely meet such a challenge. Skills, desire for adventure and openness to the unknown are indeed the main criterion for matching teams for the project called “Męskie Granie”. I think that, “Męskie Granie,” is very much in line with what you do every day in Voo Voo... What I do with Voo Voo fits into the overall landscape of contemporary music, which is eclectic. Our songs, because Voo Voo mostly records songs, are treated by us as a starting point, somewhat as jazz standards, in meetings with other musicians, and in the studio, especially at concerts. It is an “open structure”, because Voo Voo remains an open structure, it is a natural opportunity to invite the audience to such concerts as this memorable one, which lasted all night in a quarry in Kazimierz Dolny on the Vistula River in 1995.
as a colourful, magical phenomenon that cannot be completely explained. To what extent Osjan – the legend of Polish world music – has influenced you? Once I settled for good in Osjan, we started to simply deal with telling about the world in a completely improvised manner using all available means of communication. We used elements of Slavic, American, African and Japanese music. This evolved in different directions. With time the “music of the flying fish” as Osjan’s music was referred to, became, I hope, a certain clue, a hint for listeners, that we want to break away from any music labels. This “flying fish” has undoubtedly “marked” my entire further music activity, including the philosophy of making art in Voo Voo. Without passing judgements, this is what I try to maintain in everything I do today. This independent thinking about music, also in the categories, say, of multiculturalism, has remained within me until today. Besides, I treat practising music as overcoming obstacles and opening still new chapters. Has anything else shaped you musically apart from Osjan? I started from the big beat. I wanted to be a rock musician, I had long hair and torn jeans. I was quite curiously suspended in terms of generations – I was too young to be a hippie, and too old to be a punk. And so, when I started
maturing to making music, the hippie era was coming to an end, and the most important stories were picked up by jazz. Later it was time for polishing my skills. Therefore I recorded a lot with very many, often even, singers. In the mid-1970s there was also a niche for experimenting with music – namely the Polish Film Chronicle. It ordered countless amounts of music, from the top of one’s head. Little is said about it now, but then various groups were formed ad hoc and recorded millions of minutes of instrumental music. This was a good excuse to experiment. From the fascinations which influenced me throughout the 1970s I still have three names: Hendrix, Miles and Coltrane. The recent years saw an incredible acceleration in Voo Voo. A lot is going on – concerts, publishings. And all sorts of stories next to your main music stream. From the moment of releasing our newest album “Wszyscy muzycy to wojownicy” – I much more focus on the band. But it is a fact – I have a lot of work. Sometimes I am forced to say no to some artists. I pretend I am not home, or that my computer is broken... You quite often repeat that this profession is a way of making money... There are things which require money. And there are things which do not require such expenditure. There are things that stem from passion, this kind of desire “I’ve just got to do it.” And there
“Męskie Granie”, photo: Anna Liminowicz
How did your childhood spent in Nowy Sącz influence your music? In the time when I grew up there, Nowy Sącz was a magnet for gypsy caravans, virtually the entire town was surrounded by caravans. With my elder brother, after we first read Mark Twain’s “Adventures of Huckleberry Finn,” we often sneacked out into the Gypsy world to peek and listen. This was a very exotic and mysterious world for us. I remember that at that time Nowy Sącz had a large Jewish community as well. If you add to this the colour associated with the highlander’s local culture of Beskid Sądecki – you will get a very multicultural location. All this probably caused that since being a child life appeared to me 10 /2011 :: polish market :: 101
Cultural Monitor are things, which I know are worth doing but they require money. Not only because I have to support myself and my family, but to be able to do so with certain measures. Unfortunately, artists are most often perceived as people who earn “too much.” But this is a hard job. It is well paid, when you are noticed or “rewarded” for your persistence.
Position, financial security, calmness – are these not traps for an artist? It seems to me that I have received a lot from life and I do not particularly need to have more. Exactly – talking about the material aspect is quite illusory. I lived through a time when having possessions was shameful. The entire 1970s – the philosophy of wandering, the hippie years. Sometimes it did get miserable. For example when my first son was born and I was in the army, and the second one was born during the martial law. However, luckily this quest for material things has never been something I had lost sleep over. The present “calmness” is not, I trust, drowsy. Not at this
Wojciech Waglewski, photo: Jacek Poremba
Wojciech Waglewski, founder and leader of the Voo Voo band, guitarist, composer, writer and producer. His Voo Voo has been existing for a quarter of century. This is one of the most vital and hard-working brands in the history of Polish music. Echoes of different worlds, now classic, but above all the very intimate worlds of Voo Voo can be heard in their music. Because the most outstanding, yet written in plain language – works of this group remain an inspiration for the creative exploration of contemporary music. The achievements of the group include 40 albums and almost 100 concerts per year! They record and perform in duos: Wojciech Waglewski & Mateusz Pospieszalski, in the core lineup (Wojciech Waglewski, Mateusz Pospieszalski, Karim Martusewicz, Michał Bryndal) and with exceptional guests. On the newest albums [(“Samo Voo Voo” (2008), “Wszyscy muzycy to wojownicy” (2010)] the guests cannot be heard. The following artists took part in the previous ones: Małgorzata Walewska, Urszula Dudziak, Kasia Nosowska, Tomasz Stańko, Joszko Broda, Luis Ribeiro, and Mamadou Diouf. In 1995, Waglewski was awarded with “the Paszport Polityki award” for “combining the music of different cultures.” In the years: 1994, 2008, 2009 he won a Fryderyk –the most important award in Polish music (category: Composer of the Year). He is the co-author of the name “Great Orchestra of Christmas Charity” and the author of its hymn. ::
age... I have set out so many challenges for myself, I have reached a position – speaking immodestly, that many people approach me to write something or produce something. That is cool, because I pick the offers. I choose the ones that give me a chance to try something new. And not necessarily for financial reasons. This “position” is therefore a greater opportunity to fulfil ideas. Let’s talk about how you work? It seems you go through your work in studio very quickly? For me it is so, that in the moment I tell myself “enough is enough” my life suddenly starts accelerating. Then I occupy myself with the given project only. As it comes to the work in the studio – I think that emotions are the most important. And “better is the enemy of good.” Improving one’s ideas is nonsense. You waste time and energy. From all of my recordings I prefer “the truth of the first version” than any of its beautifications. Are you already planning “Męskie Granie 2012”? As for “Męskie Granie” it is not mine decision to make. But I think that whoever would sign it with their name, has to continue it. Because it is an original project promoting Polish art. When it comes to Voo Voo, our new proposal will be the concert “Voo Voo przy lampce”. During it the audience will have the chance to hear both acoustic versions of our iron canon and less known instrumental pieces – from the movie, from the stages. Such concerts, where home-like atmosphere fosters musical statements – with lamps which will shine, with glasses in which there will be wine for the audience – are going to be many in the near future. We are also working with Voo Voo on something spectacular, yet surreal, crazy, but I will be able to reveal the details only in the end of the year. Already at the turn of September and October my fans will be able to hear me on the album of Kumka Olik. A little later on the “Tomek Beksiński” album – an homage which is to recall one of the best known Polish music journalists. My music will also soon resound in female voices. But this is yet another surprise which I cannot spoil. Thank you for the interview.
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Cultural Monitor
A theatre which is to radiate Teatr Polski in Warsaw is entering its second season under the management of Andrzej Seweryn, who is an eminent Polish theatre and film actor of international acclaim. Season 2011/2012 will be inaugurated with the premiere of “Shakespeare Forever!” a monodrama performed by Andrzej Seweryn. Further plans include dramas by Molière and Słowacki, an anniversary concert, poetry salons, and panel discussions. The new management wishes to attract theatre enthusiasts with an interesting and varied repertoire. Maciej Proliński “It is easy to make a good play, but to establish a venue that will radiate and attract – that is difficult. The titles I’m going to give to you can be proof of our consistent actions. We are only in our first year as management and we are still ‘learning’ this place. We make mistakes, but victories are there as well. We are learning not only about the audience and the functioning of the theatre, but also about our relations with the authorities,” says Andrzej Seweryn. The premiere of “Shakespeare Forever!” took place on 10 September. The play has been inspired by “Wyobraźcie sobie...” (“Just imagine...”), under the direction of Jerzy Klesyk in the Juliusz Słowacki Theatre in Kraków. It features excerpts from “Hamlet,” “Macbeth,” “Romeo and Juliet,” “Henry V,” “The Tempest,” and “Richard III.” “These combined fragments make a story about various experiences and emotional states of a human being. It is also an attempt at a dialogue with the audience. I’m ready for such a conversation and so, I hope, is the audience. And why such a title? Young people told me the title had to be ‘sexy’... And that’s exactly how we made it,” Seweryn announces, on a slightly playful note. “The next premiere is going to be a classic – ‘The School of Wives’ by Molière, directed by Jacques Lassalle. Lassalle ranks among the greatest contemporary directors, with over 140 plays staged. As an excellent expert on Molière, he knows more about him than we know about Mickiewicz. The premiere of ‘The School of Wives’ is on 15 October.” “What’s more, artists from Eastern Europe will once again be invited to cooperate with us, in the next phase of the opening up of our theatre’s repertoire to artists from that region - specifically, from Ukraine, Belarus, Lithuania,
Latvia, and Estonia. This will include texts by authors from those countries, visits by their directors, and our own theatre tours there. We are planning the premiere of a play that focuses on contemporary Russia - ‘Niepokorni.ru’ (‘Disobiedent.ru’). This performance presents the Russia of today through the eyes of dissidents. It shows histories of life and revolt, as described in the words of modern Russian bards, such as Bulat Okudzhava and Vladimir Vysotsky. The first of 2012’s premieres will be ‘The Annunciation of Marie’ by Paul Claudel, directed by an Estonian, Lembit Peterson. The last premiere of the 2011/2012 season will be ‘Sny/Pokolenie Jeans’ (‘Dreams/ The Jeans Generation’) by Nikolai Khalezin and Natalya Kolada, directed by the authors, which is planned for 2 June 2012. It is a play about contemporary young Belarusians, who have to fight for freedom in their own country – freedom of thought, action, and self-expression. Teatr Polski will also make reference to ancient times with Euripides’s ‘Hekabe’, directed by Karolina Labakhua, due to premiere on 10 December. By staging this play, we show our willingness to refer back to the origins, to reflect, thanks to Euripides and the Greeks, upon the matter of whether we should forgive... I’ve heard recently that some people don’t feel like asking for forgiveness for the murder of several hundred Jews in Jedwabne. If they come to our performance, that’s another victory for the Theatre!” stresses Andrzej Seweryn. On 31 March 2012, on the stage of Teatr Polski, another premiere will take place – Juliusz Słowacki’s “Mazepa,” directed by Piotr Tomaszuk, the director of the famous Wierszalin Theatre Company from Supraśl. The leading roles will be played by Katarzyna Zawadzka as Amelia and Daniel Olbrychski as the Voivod. “The
Teatr Polski in Warsaw was founded in 1913, on the initiative of Arnold Szyfman, being his private undertaking; it should be mentioned that it was the first stage with so much grandeur. In its early years, Teatr Polski was called the Comédie-Française of Warsaw. The analogies were still noticeable many years later. To name but one, while Comédie-Française was the “House of Molière,” the Warsaw stage located at 2 Karasia Street was hailed the “House of Fredro.” The post-war, already nationalised, theatre was led by such personalities as Leon Schiller, Kazimierz Dejmek, Andrzej Łapicki, and Jarosław Kilian.
appearance of ‘Mazepa’ in the playbill of Teatr Polski is a step towards coming back to the tradition of creating a grand, classic repertoire on this stage. As for Tomaszuk and Olbrychski working together – what a treat!” says Seweryn. :: 10 /2011 :: polish market :: 103
Cultural Monitor
The power of culture, the power of diversity One of the main projects of the National Culture Programme of the Polish Presidency - the European Culture Congress - was held in Wrocław on 8–11 September. Debates on most recent problems of contemporary culture were accompanied by interdisciplinary artistic projects. “We made a journey whose starting point was reflection upon culture as the main fragment of contemporary Europe’s wealth, a base on which we can create opportunities for the future, a starting point for changes in society, business, and the economy,” said Bogdan Zdrojewski, the Minister of Culture and National Heritage, during the official closing of the event. Maciej Proliński The idea of the meetings was to create an opportunity for discussions concerning the changing definition of culture and the scenarios of its development. The intellectual work of the Congress was set in a book prepared especially for this occasion, “Liquid Modernity and Cultural Analysis” by a special guest, Prof. Zygmunt Bauman, the doyen of Polish philosophy, and an intent observer of social changes. He gave an inaugural lecture, in which he placed culture in the centre of all challenges of the present times. “One of the key challenges Europe faces is the crisis of European ideas, and, in fact, Europe without ideas and visions is no longer Europe,” Prof. Bauman claims. “It is high time we refreshed the collective memory, in that the coexistence of various cultures as not only peaceful, but also mutually beneficial, was the standard for a long time, and that it survived almost until the present times in the region east of the River Elbe,” he said. The Congress’s Programme was based on four pillars: meeting of EU member countries’ Ministers of Culture, meetings and discussions of the leading European intellectuals, debates within “A Soul for Europe” initiative, and artistic events. All these events were held under the telling banner “Art for Social Change”. “This is the attitude that every participant and culture creator could assume, namely, they could see the potential for social change. Creative activity
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and perceiving yourself and your own activity in a wider context, allow culture and art to be treated as powerful values, that are rooted in the real world and that enter into discussion with that world,” Michał Merczyński, Director of the National Audiovisual Institute organising the Congress, said. Altogether, 13 debates and over 100 interdisciplinary projects were held within the framework of the Congress, the artistic Programme of which was created jointly by 550 curators and artists. According to preliminary data of the Department of Culture, nearly 200,000 people took part in all events. Especially for this
occasion, Brian Eno prepared the multimedia project, “Future Perfect,” which was presented on the Wrocław Fountain, while Mirosław Bałka created the installation artwork entitled “Wege zur Behandlung von Schmerzen.” At the European Culture Congress, three beautiful compositions by Krzysztof Penderecki from the 1960s were performed, namely “ Threnody to the Victims of Hiroshima,” “Canon,” and “Polymorphia.” The last one was composed 50 years ago, but it still constitutes an important source of inspiration for rock and electronic musicians. During a concert played with Penderecki, Jonny Greenwood from Radiohead, and a techno guru, Aphex Twin, performed pieces inspired by compositions by one of the most influential modern music composers. It was an absolutely unprecedented event. The projects within the Congress will also be continued both in public space and on the Internet, in the form of recordings. The recordings of the debates, as well as the opening and closing celebrations, were broadcast on www.culturecongress.eu and www.nina.gov.pl and they will remain available for viewers. It is worth coming back to the Congress, even if it is only via the Internet. That is because the numerous questions concerning the importance of culture in a contemporary European’s life are to be answered on an individual, as well as on an institutional, level, on a daily basis. ::