September 2010nr 6(12)

Special Issue: Krynica Economic Forum 2010

Poland on theworld stage

POLISH INVESTFORUM 2010 • 4-6 November, Gdansk

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Politics _

4 Divisions spoil Solidarity’s 30th Anniversary celebrations

5 Central Europe Takes Charge of the EU

Krynica Forum _

7 Poland on the world stage8 Warsaw Stock Exchange – battling for CEE regional dominance10 Economic briefs_

– Foreign investment reaches Eur 6.3 billion in the first half of 2010– New GDP forecasts for Poland reach record levels– Vodafone to exit Poland – Poland First To Go?

11 Poland emerging as Europe’s shared services haven12 Shale gas’ potential to shift geopolitical and economic balance of power13 Buzek uses post of European Parliament Presidency to promote the Eastern Partnership13 Asseco software group bids for global presence14 Polish brands build foothold at home – now expanding abroad15 Global leader in the realm of Arabian horse breeding16 Polish brands: the success stories

September 2010 Table of Contents

Business News _

17 New Companies in KRS20 Prime Minister Tusk to woo Indian business during state visit

Pravitization _

18 Privatization up-date18 Privatizations: Jan.–Jun. 2010

Events _

22 Calendar

4

Politics www.bizpoland.pl

September 2010

In the last days of August,while Gdansk and Gdyniafeted with fireworks theagreement that lead to theformation of the Solidaritytrade union in 1980, thefireworks between warringpolitical factions marred thefestivities.

Thousands gathered in Gd ansk to hear U.S.singer Macy Gray and the UK’s Marianne Fa-ithful, on a speci ally-designed stage in theGdansk shipyard, and to watch fireworks byFrance’s famous Group F. Lech Walesa, Po-lish President Bronislaw Komorowski andSenate speaker B ogdan Borusewicz kicked

off the show that was broadcast live on tele-vision.

A day earlier in Gdyni a, Walesa joinedPrime Minist er Donald T usk t o la y f lo-wers at a monument for shipyard workerskilled in clashes with the Communist r e-gime in 1970, and he and Tusk later atten-ded a c ommemorative musicalperformance.

Walesa refused to attend the official cere-monies – some cer emonies he boy cotted,others he was not in vited to - accusing theSolidarnosc leadership of bec oming too in-

volved in Poland’s political power struggles.“Solidarity as a trade union is an obstacle inmany fields,” Wałęsa has said, sug gestingthat the union is best suited to play a socialrole in society.  

And at a speci al event mark ing the 30thanniversary, delegates booed and whistledat Tusk and K omorowski as each tr ied tospeak, in a partisan event in which the Soli-darity union members soundly applaudedpolitician Jaroslaw Kaczynski, head of theconservative PiS party.

Tusk, reacting to the aggression, said “Ge-nuine solidarity should exclude hatred.”

One of the leaders of the shipyard strikes,Henryka Kzywonos-Strychowska, said thatJaroslaw K aczynski was t o be blamed, ad-ding that K aczynski “ should not incit epeople against each other.”

Kaczynski in his speech – using the occasionfor political opportunity - stressed the role thathis late twin brother Lech and former President- killed in the plane crash in April - had in foun-ding the Solidarnosc union. He said his brotherat the time had fought for more rights for thestriking shipyard workers, as opposed to thosepeople - now close to the Tusk administration -who were quick to agree to compromises withthe then-communist rulers.

The wounds are deep - L ech K aczynskihad served as secur ity minister during Wa-łęsa’s presidency, but was fired by him andJaroslaw Kaczynski lost to PO’s Komorowskiin the r ecent July pr esidential elections –and suggest that solid arity among t oday’spoliticians – with distinctly different viewsof the world and their r ole in its futur e - isas unlikely now as it was 30 years ago. n

Divisions spoil Solidarity’s 30th Anniversary celebrations

The 30th Anniversary events c omme-morated the two- week-long str ike atthe Lenin Shipyard in Gd ansk, whichled to the signing by the communist re-gime of an a greement on A ugust 31,1980 with strikers led by shipyard elec-trician Lech Wałęsa that paved the wayfor the creation of Solid arity (Solidar-nosc), the first and only independenttrade union in the entire Soviet bloc.

The Solidarity movement gainedworld-wide attention, and was suppor -ted by the Catholic Church. Wałęsa metwith Pope John-Paul II at the Vatican in1981 and a gain during the Pope’s visitto Poland in 1983.  

Solidarity went on t o ne gotiate in1989 a peaceful end to communism inPoland and the subsequent election in1990 of Lech Walesa to President of theRepublic of Poland.

“History must give the Poles the prin-cipal credit for bringing the Soviet blocto its knees,” says Norman Davies in hisbook Europe, A History. The Solidaritymovement “swelled into a nationwidesocial protest,” says Davies, whose workincludes five books on P olish hist ory.Solidarity “ did not fight the Commu-nists, it simply organized itself withoutthem” to become “the only independentorganization in the Soviet bloc.” n

5

www.bizpoland.pl Politics

September 2010

By Marek MatraszekFounding Partner, CEC Government Relations

The Council of the European Union is one ofthe two legislative bodies in the EU, the otherbeing the European Parliament. The Councilis composed of twenty-seven national minis-ters, one per member stat e, and the ex actmembership depends upon the t opic beingdiscussed. For example, when discussing agri-cultural policy the Council is f ormed by thetwenty-seven national ministers whose port-folio includes this polic y area. The 2009 Lis-bon Treaty, however, reduced the importanceof the Presidency by ending the capacity of thehead of state or government of the memberstate holding the Presidency, to be also Presi-dent of the Eur opean Council (a differentbody, being the EU heads of stat e or gover -nment). That job, the President of the Eur o-pean Council, is now in the hands of HermanVan Rompuy, the former Prime Minister ofBelgium.

The basic point is that following the ratifi-cation of the Lisbon Treaty, the picture of in-fluence at any one time in the EU has shiftedconsiderably, and it is only now in the comingmonths that we will be able t o see how thesenew institutions – not only European CouncilPresident Van Rompuy, but also the “High Re-presentative of the Union for Foreign Affairsand Security Policy” (Baroness Catherine Ash-ton) – jockey for position with the Pr esidentof the Eur opean Commission J osé Manuel

Barroso, the President of the European Parlia-ment (who is of c ourse former Polish PrimeMinister Jerzy Buzek) and the c ountry hol-ding the formal Presidency of the Council ofthe European Union. B y the time Hungar yand Poland take over, much of this will ha veworked itself out , but it r emains inevitablethat the influence wrought by most countrieswill be a function of that country’s size, its eco-nomic and geopolitical clout , the stability ofits internal politics and above all the determi-nation, vision and preparedness of its politicalclass to seize the opportunities that its Presi-dency provides.

Most of these factors work to Poland’s be-nefit, whilst Hungar y will have to work ex-tremely hard to make its mark on the EUprocess. Poland is a ma jor player in Europein general, and one where the political classis determined to make its Presidency a suc-cess, and not share the fate of the Czech Re-public whose Pr esidency never got takenvery seriously by anyone. One of the reasonswas the internal instability in the Czech Re-public, and this is perhaps the most obviouspitfall that Poland must avoid. The currentelectoral calendar makes it necessary for Po-land to have a parliamentary election in theautumn of 2011 - unless Parliament takes adecision to end its t erm prematurely, allo-wing f or elections t o take plac e in spr ing2011 and thus leaving a new government inplace for the Pr esidency. The most recentthinking in the office of PM Donald Tusk isthat parliamentary elections should be heldoff until the last possible constitutional date,and a new government sworn in right at theend of 2011, thus lea ving the Pr esidencyuninterrupted. That having been said, theprospect of Poland’s political class and gover-nment being absorbed by an election campa-ign in the middle of the Presidency does notbode well for coherence of policy.

But be fore P oland takes over the Pr esi-dency in July 2011, it will be Hungar y thatfirst flies the flag of Central Europe in Brus-sels. Having had elections in the late spring of2010, and a ne w government in plac e onlysince mid-year, the Hungarian political estab-lishment faces the disadvanta ge that it hashad only a relatively short time to prepare forthe Presidency – unlike the government of Do-nald Tusk, which will ha ve had almost f ouryears of intense preparation by the same offi-cials. Hungary is further handicapped by thefact of its parlous domestic economic situa-tion, the r esult of eig ht years of disastr ousmismanagement by post -communist gover-nment earlier this decade. This economicweakness will make f oreign leaders scepticalof the ability of Hungary to achieve much, aswell as provide them with substanti al econo-mic and financial leverage over Hungary sho-uld it star t pr oposing positions thatmainstream European countries might find di-sagreeable.

On the other hand Pr ime Minister ViktorOrban is nothing if not determined and force-ful on key areas of policy such as energy secu-rity, regional cooperation in the Danube basin,expansion of the EU t o Croatia, and arguingfor continued transfers to the Central Euro-pean region on the nex t budget perspective.Above all, Orban is committed to establishinga strategic regional relationship with Poland.It was quite deliberate that he chose Poland asthe first country he visit ed after becomingPrime Minister, even before his visit to Brus-sels. O rban has tr emendous sentiment t o-wards P oland, ha ving visit ed the c ountrymany times in his y outh, and believes thatthey two countries are joined by a c ommongeopolitical interest in key areas of policy. Po-land is perhaps mor e circumspect in its atti-

Central Europe Takes Charge of the EUOnce every thirteen years, each of the EU member stateshas the opportunity to take charge of the Presidency of theCouncil of the European Union, which is rotated between EUmember states every six months. Next year, 2011, will be theyear of Central Europe, as Hungary and then Poland taketurns to do so, providing a unique “planetary alignment” oftwo Central European states, with much in common, to helpshape the EU agenda. What in practice does this mean forbusiness, and what are the issues that Hungary and Polandwill try to push to the forefront of EU debate?

Continued on page 6

tude t owards Hungar y, c oncerned thatOrban’s robust defence of Hungarian nationa-lity interests will destabilize the so- called Vi-segrad Gr oup – the inf ormal g rouping ofPoland, Hungary, Czech Republic and Slovakia– by which Poland holds great store in termsof influencing Brussels.

Thus far however, Poland has taken its pre-parations ser iously. To more closely coor di-nate e fforts, the f ormerly independentEuropean Integration Office has been inc or-porated into the Ministr y of Foreign Affairs.Work has been split between the Departmentof Co-ordination of the EU Pr esidency (tech-nical and organizational aspects) super visedby deputy foreign minister Mikolaj Dowgiele-wicz, and the Department of Economic Policy(policy aspect) supervised by deputy ministerPiotr Serafin. There are five main policy areaswhere Polish pr iorities will be de fined: thenew financial perspective 2014-2020; internalmarket; energy and climate; Eastern Partner-ship; and defence and secur ity. Although Po-land and Hungary are in two separate “trios”– the formula of three successive countries hol-

ding the Pr esidency work ing t ogether t o acommon agenda – the two gover nment havebeen engaged in the last few months in an in-tense dialogue to bridge this slightly unnatu-ral gap between the two . Ar eas wher ecooperation and a c ommon agenda is certa-

inly possible are in energy security and a com-mon Eur opean energ y polic y; E asternPartnership; and the post 2013 EU budgetstructure.

The Hungarian and Polish Presidencies pro-vide for foreign investors in Central Europe aunique oppor tunity t o get their Eur opeanagenda communicated to two successive go-vernments with similar sensibilities and alsoa desire to work together. Ultimately howe-

ver, the ability of the Hungarian and PolishPresidencies t o be a use ful platf orm onwhich companies can build their public affa-irs strategies will depend on the de gree ofstability in those countries during the Presi-dency. In the case of Hungar y, that is assu-red thr ough the fact that Vik tor O rban’sFidesz par ty won an over whelming two-thirds parli amentary ma jority in thissprings elections; and although Poland faceselections at the end of its Pr esidency, theelection in July of Bronislaw Komorowski asPoland’s strongly pro-EU President will as -sist the country in stabilising its appr oachon strategic EU issues. With stable internalpolitics, and a clear vision of the Europe theywant to see, the two c ountries in tur n willlook to business and in vestors to providetheir inputs as t o the polic y priorities theysee as necessary to maintain growth and eco-nomic recovery. A new Hungary-Poland-Bu-siness “trio” therefore beckons as a uniqueopportunity to shape the European agenda,not just in 2011 but also f or a long timebeyond. n

Marek Matraszek is the Founding Partner ofCEC Government Relations, www.cecgr.com,

and can be contacted at mm@cecgr.com

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September 16th, Sobański Palace, Warsaw, Aleje Ujazdowskie 13

“the prospect of Poland’s

political class and government

being absorbed by an election

campaign in the middle of the

Presidency does not bode well

for coherence of policy”

Central Europe Takes_Charge of the EU_

Continued from page 5

7

www.bizpoland.pl Krynica Forum

September 2010

Looking back over the last 20 years, few prognosticators would have gotten it right in the case of Poland.

Mired in pover ty in 1990, and aft er morethan 50 years without a functional marketeconomy, Poland was more mis-developedthan undeveloped. The yoke of the Sovietshad been cast off, yet the futur e directionand development str ategy of the c ountrywas open to debate. On one side wer e thefree-market purists, like Leszek Balcerowicz,urging a rapid transformation and shock the-rapy to jolt the patient back t o life. On theother side wer e letharg ic vest ed int erestssupporting a slower tr ansition – less “pain-ful” and less disruptive.

Generally speaking, the Balcerowicz campwon the day.

Fast-forwarding to 2010, the P olish eco-nomy shows vigor, balance and dynamismthat is the envy of most “eastern” Europeaneconomies and many western European eco-nomies.

In this special edition of BizPoland Maga-zine prepared especially for the Krynica Eco-nomic Forum – itself celebrating 20 years –we take a closer look at the individuals andcompanies that have come to personify theperformance and transformation of Poland– and its g rowing influence on the worldstage.

Sectors that might earlier have been a so-urce of stig ma or shame – such as pig far -ming and v odka – ar e incr easinglyhighly-valued, a profitable source of exportincome – and even tr endy in certain consu-mer circles.

The Polish worker – often thought of as acommon physical laborer – are now valuedfor their strong educational credentials, infields such as IT and medicine and eng inee-ring. No longer are western Europeans rec-ruiting Polish workers en masse t o work inagricultural fields, but rather as a source ofhighly-qualified software programmers, doc-tors or financial analysts. Polish models arerecognized for their g race and beauty andoften as top-earners in the fashion industry.Buzek and B alcerowicz are recognized andrevered names in Brussels and Washington,

and thought of as “ best-of-breed” in theirrespective fields.

Technology has enabled the outsour cingof service labor from higher-cost countriesto lower-cost, well-educated countries, andPoland is finding a big opportunity in thesector. Shared service centres and BPO andoutsourcing services are producing tens ofthousands of jobs that demand educat edand innovative workers.

Polish companies, pitched in battle a ga-inst each other over the last decades , havegrown strong and resilient, and increasinglysee opportunities to expand in western Eu-

rope, Russia, Asia and the Americas. Polandis often cited as one of the largest foreign in-vestors in r egional economies. And P olishcompanies are making acquisitions – oftenlarge ones – in the United States, Scandina-via and Africa.

Poland’s financial markets ar e buoyed bythe twin pillars of a strong, well-regulated andinnovative stock exchange and swelling pen-sion funds that need t o invest in secur ities,underpinning the country’s equity markets.Private equity funds ar e doing deals outsideof Poland, and foreign companies are listingtheir shares on the Warsaw Stock Exchange,drawn by its transparency and liquidity.

Yet opportunities have been lost over thelast 20 years – and perhaps lessons learned.

Privatisation is a hot t opic in 2010, andalthough the current government admirablyaims to finish the job, it’s a job that shouldhave been largely completed 10 to 15 yearsago. It has moved at a snail’s pace – so muchso that this y ear’s privatization push is ac -claimed as “ambitious”.

The labor code remains an area of obfus -cation, tax avoidance and outright fraud. Re-forms and a lighter touch by the taxman willlead to higher revenue generation, throughbetter economic growth and compliance bycompanies.

Tourism in Poland – while far below thepotential of southern European countries –suffers from rail stations that are shamefuland road conditions that are deadly. Morepeople died on P oland’s roads just in 2009than all Allied combat deaths in Iran and Af-ghanistan in the last five years combined.

Yet the nex t twenty years has the pot en-tial to put Poland in the main lea gue tablesin Europe, and some say, equalize the per ca-pita income gap. With enormous subsidiesprovided by the Eur opean Union, Poland’sinfrastructure of roads and rail – as well astechnology and human talent – ar e well ontheir way to being on a par with western Eu-rope. The Euro 2012 f ootball champion-ships are creating the necessary urgency andprovide opportunities for the tourism sector.According to Mark Mobius of Templeton in-vestment group, the Warsaw Stock Markethas the potential to triple in the next decade.

In the following pages, we profile some ofthe people and personalities who ha ve hel-ped build Poland’s economy, and who ha veestablished themselves as leaders and inno-vators behind Poland’s growing influence onthe world stage. n

Poland on the world stage

“Polish workers – often thought of as a common

physical laborer – are now valued for their strong

educational credentials, in fields such as IT and

medicine and engineering.”

8

Krynica Forum www.bizpoland.pl

September 2010

Tightly-regulated andambitious, the Warsaw StockExchange has grown into thelargest stock market incentral and eastern Europe,overtaking Vienna.

The battle lines for regional dominance inCEE’s capital markets ar ena ha ve beendrawn: P oland’s W arsaw S tock E xchangestands in direct competition to the ViennaStock Exchange’s regional alliance which in-cludes B udapest, Pr ague and a r eluctantLjubljana. While the head-to-head competi-tion has been clearly decided in favor of War-saw (equity tr ading v olumes and marketcapitalization in Warsaw significantly exceedVienna’s numbers), both pla yers are takingdifferent tacks to improve their strategic po-sition.

Vienna has taken majority stakes in thestock exchanges in ad jacent countries ofHungary, Czech, and Slovenia, forming theregional alli ance C EE S tock E xchangeGroup – while Warsaw has continued aloneunder the wing of its 98%-shareholder, thePolish Treasury Ministry. While that cozyrelationship is about to change in Q4 withthe plan to sell 63% via an IPO of the War-saw Stock Exchange on the W arsaw StockExchange, the shor t-term jocke ying f orstrategic position will continue.

In July 2010, the WSE announc ed a“strategic alli ance” with the g lobal ex -change NYSE Euronext, which specificallyinvolves the migration of the WSE’s systemto the NYSE’s trading platform. Other spe-cifics of that alliance have not been disclo-sed, and financi al t erms wer e also notdisclosed.

“The under taking we ar e now star tingwith NYSE Euronext is, without any doubt,one of the most sig nificant moves aimedat developing the WSE further as an inter-national market plac e, said Ludwik Sobo-lewski, C hief E xecutive O fficer. “I t is adirect consequence of the strategy adoptedand implemented by the WSE B oard in re-cent years. We are at the very beginning asregards the strategic partnership, but thisbeginning comes at a very appropriate mo-ment, complementing other, already muchmore advanced endeavours. ”

The IPO will raise much-needed funds forthe Treasury Ministr y, but the amount ofnew capital that will flow to the WSE as a di-rect result of the listing is not yet decided.

The drive toward greater capital marketsintegration has squeezed smaller regionalplayers and forced consolidation across Eu-rope’s national ex changes. Regional stockexchange “ hubs” have formed - first ar o-und the EURO NEXT market, which inclu-des the west ern Eur opean markets ofFrance, B elgium, N etherlands, P ortugaland Unit ed K ingdom. EURO NEXT is inturn owned by the NYSE which has rebran-ded it as NYSE EURO NEXT. Northern Eu-ropean markets of S tockholm, H elsinkiand Copenhagen have clustered around theOMX group.

And the battle is on between the WarsawStock Exchange, making strong inroads inbuilding a C EE Market Hub, and the W ie-

ner Borse’s CEE Stock Exchange Group (ledby Wiener Borse, and including ma joritycontrolling stakes in exchanges in Vienna,Budapest, Prague and Llubjana).

“The Vienna bourse getting le ft behindis an undeniable fact”, said Treasury Minis-ter Aleksander Grad.

In the meantime, a number of fact orsare power ing the g rowth of the W arsawStock Exchange and improving its poten-tial t o bec ome the “ lead do g” in the r e-gion’s capital markets.

The Polish economy is per forming well,with expected GDP growth leading the re-gion of 3% + in 2010, and a r ush to priva-tize firms is drawing foreign and domesticinterest in new listings. The IPO listing ofinsurer PZU was the biggest in Europe thisyear and the listing of T auron energ ygroup drew strong interest from foreign in-stitutional investors.

Indeed, the WSE r eported a leap in tr a-ding by foreign investors in the first halfof 2010 to 47% of overall trading value, an11-percentage-point gain on the same pe-

European Trading StatisticsJuly 2010Market Operator Turnover (EURm)

Athens Exchange 2,155.1BME (Spanish Exchanges) 98,032.5Boerse Stuttgart 662.2Bratislava Stock Exchange 1.9Bucharest Stock Exchange 28.9Bulgarian Stock Exchange 10.8CEESEG - Budapest 1,408.3CEESEG - Ljubljana 17.9CEESEG - Prague 966.3CEESEG - Vienna 2,593.8Cyprus Stock Exchange 46.5Deutsche Börse 92,187.5Irish Stock Exchange 535.9London Stock Exchange Group 162,975.5Luxembourg Stock Exchange 11.1Malta Stock Exchange 2.2NASDAQ OMX Nordic 40,737.4NYSE Euronext 121,565.0Oslo Børs 12,062.2SIX Swiss Exchange 47,241.2Warsaw Stock Exchange 3,842.4

(source: Federation of European Securities Exchanges)

List of Foreign Firms listed onthe Warsaw Stock ExchangeAutomotive Components Europe S.A.ASBISc Enterprises PLCASSECO SloveniaAstarta Holding NVAtals EstatesBMP AGCinema City CEDCCEZKernel Holding SAKulczyk Oil VenturesMOLNew World Resources Olympic Entertainment Group ASORCO GROUPPegas Nonwovens SAPlaza CentersReinhold Ronson DevelopmentSilvano Group ASSobieskiUniCredit SpAWARIMPEX

Warsaw Stock Exchange – battlingfor CEE regional dominance

riod last y ear. Domestic institutions ac co-unted for 33% of trading in Polish equitiesin the first six months of the year, with do-mestic individual investors responsible forthe remaining 20%.

UK investors contributed the largest pro-portion of foreign orders at the WSE , with60%, followed by France with 13%. Austrianinstitutions are the dominant f oreign bro-kers in the options and futures markets, car-rying out more trades at the WSE than onrival Austrian-based exchange W iener B o-erse, according to the WSE.

“The WSE has made good pr ogress in2010, despite the continuing uncertain glo-bal economic environment, with increasedforeign investor activity and a number ofimportant new issues confirming our posi-tion as CEE’s leading capital market,” com-mented CEO Ludwik Sobolewski.

The WSE has also taken the initiative toinnovate, and its New Connect less-regula-ted market, launched in 2007, has made iteasier for smaller firms to raise capital andsubsequently list their shar es on the N ewConnect market . A lthough some marketplayers in W arsaw dismiss the N ew Con-nect market as inc onsequential, othersview it as an impor tant stepping-stone tothe more formal listing on the main WSEexchange, which remains an aspiration ofmany Polish entrepreneurs.

The WSE also r ecently intr oduced“naked short sales” on higher volume sha-res, which satisfies a market demand.

It also launched CATALYST, a market forbonds, which is drawing interest from cor-porates as well as incr easingly from citiesand municipalities. In addition, thr oughits subsidiary, the Warsaw bourse r uns aplatform for treasury bonds.

Poland’s pension funds have been a heavy-weight partner in the g rowth of the WSE ,with investment outside of P oland largelyrestricted until recently. This has clearly bo-osted the market capitaliz ation of Warsaw,and has been a sig nificant factor in foreignfirms seeking to list on the Warsaw Stock Ex-change, in order to tap into the appetite ofPoland’s domestic pension funds. n

9

www.bizpoland.pl Krynica Forum

September 2010

Debuts in 2010 – Warsaw Stock Exchange Listing Issue Value date Price of Company (PLN) (PLN) offering

Eko Holding 24.03.10 7,20 88 164 000Fast Finance** 30.03.10 1,12 0Ferro 14.04.10 10,60 42 400 000Berling 15.04.10 7,00 40 050 000PZU 12.05.10 312,50 8 068 542 812Pragma Inkaso 14.05.10 15,70 0Dolnośląskie Surowce Szklane 17.05.10 17,00 40 389 178Kulczyk Oil Ventures 25.05.10 1,89 361 734 660LST Capital 26.05.10 1,53 0ABC Data 17.06.10 2,35 51 700 000Tauron 30.06.10 5,13 4 211 901 454Rank Progress 08.07.10 10,77 50 006 510TESGAS 21.07.10 14,50 62 350 000Harper Hygenics 23.07.10 4,10 53 300 000

Wiesław Rozłucki, former president of WSE

Ludwik Sobolewski, president of WSE(far right)

10

Krynica Forum www.bizpoland.pl

September 2010

Economic briefs_

Foreign investment reaches Eur 6.3billion in the first half of 2010According to the Polish Information and Fo-reign Investment Agency (PAIiIZ), the preli-minary data released by the N ational Bankof Poland show that the total foreign directinvestment inflows (FDI) int o P oland inJune 2010 wer e EUR 715 million. Thismeans that the t otal volume of foreign di-rect investment in Poland in the first half of2010 was EUR 6.3 billion.

The FDI numbers for the first six monthsof 2010 are 78% higher than the comparableperiod 2009.

As much as 75% of the g reenfield inves-tment in H1 2010 came fr om Europe, withmost of the remaining part from America.

The most important sectors of greenfieldinvestment in the first half of 2010 were in-dustry (29%), sales and marketing (19%), re-tail sales (13%), c onstruction (10%) andbusiness services (9%).

New GDP forecasts for Poland reachrecord levelsAccording to Gazeta Wyborcza and the r e-cent forecast released by Bureau for Inves-

tments and Economic Cycles (BIEC) estima-tes that Polish GDP may reach 3.6% in 2010,making it the most optimistic forecast so far.According to the BIEC’s estimates, the Polisheconomy is also likely to expand faster than

predicted in the f ollowing years – 5.9% in2011 and 6.5% in 2012. Analysts expect Po-land’s future GDP growth to be driven by di-rect investments and strong domestic andforeign demand.

Vodafone to exit Poland – PolandFirst To Go?Domestic shar eholders in P olkomtel ha vehired advisers for a possible sale of their sta-kes, which could begin as early as September,investment bankers famili ar with telecomssaid.

“It would probably want to be part of a lar-ger deal, with other shar eholders sellingtoo,” a second telecoms banker said.

Apart from Vodafone, state-controlled Po-lish companies together account for around75 per cent of Polkomtel.

Poland’s largest power g roup PGE hiredING to advise it on the options , and PGE’schief executive said that Vodafone had alsoexpressed an interest in selling. Oil refinerPKN is work ing with N omura and c opperminer KGHM is advised by KPMG. Bankerssaid that private equity firms including TPG,Blackstone, Apax, CVC and EQT would lookat the business.

When Danish telecoms group TDC soldits Polkomtel stake in 2008, the deal valuedthe company at 3.7 billion eur os. “I don’tthink the gover nment would want t o pro-ceed with a sale for less than that valuation,”the second telecoms banker said.

A lock -up per iod pr eventing V odafonefrom selling its stake recently ended and thevalue of the holding has more than doubledto ar ound $7 billion sinc e it boug ht thestake. n

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5th edition

2009 production statistics – Cars and Commercial Vehicles* Commercial % Country Cars vehicles Total change

Germany 4,964,523 245,334 5,209,857 -13.80%Spain 1,812,688 357,390 2,170,078 -14.60%France 1,819,462 228,196 2,047,658 -20.30%UK 999,460 90,679 1,090,139 -33.90%Czech Rep. 967,760 6,809 974,569 3.00%Poland 819,000 65,133 884,133 -7.10%Italy 661,100 182,139 843,239 -17.60%Russia 595,839 126,592 722,431 -59.60%Belgium 524,595 12,510 537,354 -25.80%Slovakia 461,340 0 461,340 -19.90%Romania 279,320 17,178 296,498 20.90%Slovenia 202,570 10,179 212,749 7.50%Hungary 180,500 2,040 182,540 -47.30%Sweden 128,738 27,600 156,338 -49.30%Portugal 101,680 24,335 126,015 -28.10%Netherlands 50,620 25,981 76,601 -42.20%Austria 56,620 15,714 72,334 -52.20%Ukraine 65,646 3,649 69,295 -83.60%Finland 10,907 64 10,971 -38.70%Serbia 8,720 1,355 10,075 -13.40%Total 47,952,995 13,761,694 61,714,689 -13.50%* Europe only

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www.bizpoland.pl Krynica Forum

September 2010

2010 may go down as the yearPoland finally “got it” – thatthe shared services andoutsourcing services sectorhas tremendous opportunityfor Poland, and looks set forcontinued rapid growth.While several key cities (suchas Kraków and Wroclaw) haveunderstood this already forsome time, cities in Poland’seast, south, and northwestare keenly aware of theopportunities to expand theirtax base, offer employmentoptions for their younggraduates, and modernizetheir city with new officebuildings and state-of-the-arttelecom services.

And this is great news for large multinationalsconsidering Poland as a shar ed ser vices orBPO destination. Increased competition wit-hin Poland means more options, better servi-ces, and contained costs for multinationals.

By some estimates (PAIZ), the sector em-ploys about 45,000 people, and is likely t ogrow to 70,000 within two years. Those are“big headline” growth numbers, and meanshigh demand f or modern office space, rec-ruitment services, and legal and accountingwork – to name just a few.

At its very core, outsourcing is a labor ar-bitrage – a never-ending search for relativelylow-cost, highly-skilled labor, versus an exis-ting alternative. And P oland is well-placedfor this trade.

On the supply side, Poland has more than2 million university -level students , andturns out about 400,000 g raduates eachyear (by far the dominant r anking in C EE).With major universities spread across manycities, the c ountry offers multina tionalschoices of multiple locations, and relativelydifferent sk ill sets and c ost-options. Thisarmy of young workers – reinforced and re-supplied annually – is better educated than

the EU average, and strong in European lan-guages, technical and IT skills, and administ-ration and accounting.

The ecosystem of support for the outsour-cing sector is also dynamic and improving ra-pidly. The stock of moder n C lass A officebuildings has g rown substantially over thelast five years, and cities tha t offered fewchoices – such as Szczecin, Gdansk, and Ka-towice – ha ve seen big incr eases in theirstock of moder n office spa ce. C ity gov er-nments offer administr ative and in vestorsupport, as well as pot ential for tax breaksfor employment, grants of land, or other in-centives. Financial incentives from the Eu-ropean Union ma y also be a vailable. Andwhile broadband access in Poland’s country-side is poor, telecom quality and broadbandaccess in the larger cities is often world-class.

On the demand side, c ompanies wor -ldwide ar e under pr essure t o cut c osts t oachieve profit targets, as revenue gains havebeen more difficult to achieve. Not only arethere costs to wring out of rules-based, repe-titive transaction tasks, but firms are increa-singly a ware of labor -cost arbitr age f orhigher value-added services, such as consul-ting, financial modeling, pharmaceutical re-search and advanced software programming.

And sometimes it ’s not only about thecosts – but the ability t o consolidate opera-tions with better controls, or provide extracapacity for busy or over-loaded parts of theorganization.

In Poland, BPO and outsourcing serviceproviders see fur ther potential in so- far

untapped areas. W hile most pr ovide ser-vices to clients that ar e ultimately basedoutside Poland, the domestic market holdspotential as large P olish fir ms - such asbanks, manufacturers and telecoms - seekcost reductions, operating efficiencies andhigher financi al r eturns on their assetbase.

Poland’s public sect or, including minist -ries, agencies, and citi es, is mostly unt ou-ched by outsour cing, and r epresents bigpotential – as is clear fr om the examples ofthe UK and western European governments.Another market, not to be dismissed, is thebehemoth of the Eur opean Union, with itsneed for European language skills and cultu-ral sensitivities.

Ironically, the str ain on public financesand need for budgetary savings across Eu-rope may ultimately benefit Poland’s outso-urcing industry.

As the sector passes its first stage of deve-lopment, one can expect to see further diffe-rentiation and speci alization in P oland’sdifferent r egions. O utsourcing mana gersare keenly a ware of the need t o move up-market, providing more value-added ser vi-ces t o sustain the shift of c ommoditizedservices to lower cost locations in India, “ea-stern” Europe, or lower-cost eastern Poland.As Poland’s smaller cities bite at the heels ofthe more established outsourcing locations,one can ex pect to see fur ther developmentand differentiation, and an altogether healt-hier and deeper outsourcing services sectorin Poland. n

Poland emerging as Europe’s shared services haven

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Krynica Forum www.bizpoland.pl

September 2010

While Poland’s coal minescontinue to provide the bulkof the country’s electricityneeds (91%) and to deliverhuge export earnings, thepotential of gas trapped inPoland’s ancient shale rockformations has excited theworld’s major energycompanies.

American energy companies, who have themost ex perience with the c omplicated ex-traction techniques, are racing to establishstrategic positions in P oland, in sear ch ofhuge reserves of shale gas.

Although the amount of shale gas bur ieddeep underground in Poland is unclear, geolo-gists believe that the scale of discoveries couldbe significant. “Ever ything leads to a conclu-sion that in four or five years - and this is howmuch time we have to prepare for this – Polandwill become a place with quite a lot of natur algas”, said Macie j Wozniak, chie f adviser onenergy security to Prime Minister Donald Tusk.

While Poland consumes about 16 billioncubic metres of gas per year, mostly to heathomes, more than 50% has t o be impor tedfrom Russia. Geological studies suggest thatPoland may have as much as 3 trillion cubicmetres of shale gas, which if exploited wouldmake Poland a net exporter of gas, even wit-hin the next 7-9 years.

“The next 9 months are extremely criticalfor the pr ospects of shale gas in P oland”,said Piotr Spaczynski, a partner in law firmSSW, which has an energ y-focused divisionwithin the firm. “Dr illings have started al-ready, and the results of the findings will bewatched closely by energy companies.”

The Ministry of En vironment has nowgranted hundr eds of ex ploration conces -sions, generally lasting five years. The con-cessions c over specific territory, and ar edesigned to provide enough time for testingthe area for the availability of shale gas. Thetest drilling is more complicated than dr il-ling for conventional gas, since some of theshale-gas drillings are 4,000 metres deep.

Entrenched energy companies in Polandlargely dismissed the potential for economic

exploitation of shale gas sever al years ago,and made “ huge mistakes” by not secur ingmore c oncession r ights, ac cording t o Spa-czynski. “PKN Orlen may be an “accidentalhero” by secur ing large tr acts of land two-three years a go before the cur rent explora-tion race began”, said Spaczynski.

The Ministry is keen to grant concessions,unlike in Venezuela or Russia, since Polandis intent on diversif ying its supply of gas.Mineral rights in Poland are owned by theMinistry of Treasury, not by a city , munici-pality or local land owner.

According to Jerzy Hadro, a c onsultinggeologist at Petro-Konsult, shale stretches

from Łeba in north Poland to the southeastarea past Rzeszow. He said that about 20%of Poland has significant potential for shale-gas. Hadro also advices Houston-based firmEurEnergy, which is ex ploring for shale gasin Poland at several of their concession areas.

Hadro said that r eal results, in terms ofgas flowing from shale, ar e at least thr ee-four years in the future.

Firms like Conoc oPhillips, Exxon Mobiland Marathon are among big pla yers (andthere are plenty of independents : Aurelian,San Carlo, BNK, and 3 Legs) investing in Po-

land.  ConocoPhillips has an option to deve-lop a huge swathe of land in the Silur ianshale under an exploration agreement withWarsaw-based Lane Energy.

National energy security plays big roleGas discoveries could enhance energy secu-rity for Poland and neig hboring countriessuch as the Czech Republic and Slovakia. Po-land’s gas -distribution monopoly , P olskieGornictwo Naftowe i Gazownictwo, cut salesto the nation’s largest r efiner, PKN Orlen,and the big gest f ertilizer maker , Z akladyAzotowe Pulawy, after last winter’s Russian-Ukrainian conflict left Poland with limitedsupplies.

Nevertheless, PGNiG agreed in early 2010a contract with Gazprom for almost three-fourths of its gas until 2037.

Polish shale gas is “ a long way off” fromhaving a serious impact, Gazprom said in astatement.

Too optimistic? PGNiG, which pr oduces about 4.1 billioncubic meters of gas a y ear in Poland, plansto drill in shale f ormations with Marathonand Calif ornia-based C hevron Cor p., saidPiotr Gliniak, the company’s exploration di-rector. But it may turn out that Polish shaleformations ha ve t oo much wat er t o tapusing techniques currently employed in theU.S., he said.

“It seems to me that at the moment, theforeign companies are a bit t oo optimisticabout what may be found in Poland,” Gliniaksaid. n

Shale gas’ potential to shift geopoliticaland economic balance of power

“The potential of shale gasmay be one of the largest shifts

we will see in our careers”– Andy Inglis, head of Exploration at BP.

NE German-Polish Basin

Danish-Polish Marginal Trough

Mazury-Suwałki Uplift

Baltic Depression

Chevron

Exxon/Mobil

Indiana (BNK Petroleum)

Lane (3Legs Resources)

Marathon

Oculis (San Leon)

PGN i Gazownictwo SA

Saponia

Other

Operators

13

www.bizpoland.pl Krynica Forum

September 2010

Selected to the post ofpresidency of the EuropeanParliament in July 2009, thecareer of Jerzy Buzek, aformer Prime Minister ofPoland, has been reignited.His rise to the top of theEuropean Union has hadpositive political implicationsfor Poland’s image in thehallowed halls of Brussels.

Buzek’s ascent has not been a str aight trajec-tory upwar ds. H e has zig ged and z aggedalong the way, using a combination of persis-tence and charm – backed up by a rigorous in-tellect steeped in chemical eng ineering – tograb the top political position in the EU.

Back in 2001,his chances to succeed in Po-lish politics – much less on a European level –looked doomed. In lat e 2001, the B uzek-ledminority government of Solidarity ElectoralAction (AWS) went into elections less popularthan any other government in Poland’s post-1989 history – and, in a rare example of an ex-treme shift in v oting preferences, it failed t ogain a single seat in parliament.

Few now remember that he started his po-litical career by gaining just 1,488 votes in par-liamentary elections in 1997 won by the AWS.

Back then, electoral law was such that even aslow a tally as that was enough to secure Buzeka seat in the Sejm, Poland’s lower house. Thatmade him little more than a side-show in theAWS, a loose affiliation of right-wing parties.But that changed when, in a shock move or -chestrated by c oalition leader Mar ian Krza-klewski, he was catapult ed into the post ofprime minister.

Buzek served as prime minister from 1997to 2001. B ut after three years into his term,almost 60% of voters were critical of the go-vernment’s achievements. To this day Buzek’sgovernment is remembered for carrying outfour immense and fundamental reforms – ge-nerally unpopular - that many other countrieswould only have implemented gradually andwith the greatest of care. In January 1999, Po-

land adopted different healthcare, pensionsand education systems, as well as a differentadministrative structure.

Following the parli amentary elections in2001, Buzek spent three years out of parli a-mentary politics, returning to his role as a pro-fessor of chemical eng ineering, but thatperiod ended in 2004, when he became amember of the European Parliament.

That break from politics proved time eno-ugh for Buzek’s image to undergo a dramaticchange: from being the face of a failed and hu-gely unpopular government, he became an al-most legendary figure of the right-wing. Afterall, he remains the only Polish prime ministerto have served a full f our-year term. He wasaided by the contrast he provided to the restof the AWS: in a party characterised by fiercefighting between its factions, Buzek appeareda man of moderation and compromise.

He managed to burnish that new image du-ring his first term in the European Parliament,by finding a topic to champion: environmentalregulations and how Polish industry – par ti-cularly steel and coal, the defining industriesof his native region of Katowice – should res-pond to them. For instance, Buzek became aspokesman for one of the EU- sponsored car-bon capture and storage (CCS) installations tobe located in Poland.

Buzek’s recent rise – and staying power atthe helm of the Eur opean Union – bodeswell for Poland as it c ontinues to build itsimage across Europe as a r eliable and repu-table political and business partner. n

Buzek uses post of European ParliamentPresidency to promote the Eastern Partnership

CEO Adam Goral, who has led the firm’s de-velopment and still owns mor e than 10%,has hopes that Polish firms can become lea-

ders on a global or European scale. His firmis already well on its wa y to establishing aglobal footprint.

Goral has built A sseco vi a ac quisitions,buying up more than 20 software firms throug-hout Europe in the last 5-7 y ears. With morethan 8500 employees (half in Poland), Asseco’ssubsidiaries have a strong presence in Europe,ranging from Sweden to Spain and the Balkans.

And the firm is on the cusp of movinginto the United States with the planned pur-chase of a N asdaq-listed technology firm –to be paid for in cash. A sseco booked solidnet profits of 365 million pln on 3.05 billionpln revenue in 2009 – and had cash balancesof 510 million pln at 30 June.

“The target firm is a bit smaller than weare, and will give us access to the US marketand a platf orm for ex pansion there”, said

Asseco software group bids for global presenceStarting as a small producer of software for cooperativebanks founded in Rzeszow in southeastern Poland, AssecoPoland has become Europe’s fifth-largest software vendor byrevenue and was responsible for 3% of combined sales byEurope’s top 100 software vendors.

Continued on page 14

Goral. “ We will c ontinue to look f or largecompanies overseas. W e are talk ing withcompanies fr om P ortugal, Spain, Switz er-land and Scandinavia. And we are very inte-rested in the Russi an market” , he said.Plans also include the establishment of A s-seco Western Eur ope t o c over the Unit edKingdom, the Netherlands and Belgium.

Asseco Poland SA is the largest I T com-pany listed on Warsaw Stock Exchange. It isalso a major player in the European softwareproducers market , with r evenues c omingfrom proprietary software and services. Thefirm was ranked fifth of the „TOP100 Euro-pean Software Vendors” (published by Truf-

fle Capital) for the year 2008. Its specializa-tion in production and development of soft-ware allows it t o compete successfully withworldwide market leaders. I t is one of the

few Polish companies to develop and imple-ment a c entralized and c omprehensive I Tsystems for the bank ing sector utilized byover half the banks in Poland. 

Following a merger with ABG S A in earlyJanuary 2010 Asseco Poland entered a num-ber of new markets, including the power andtelecom sectors, health services, local admi-nistration, agriculture, uniformed servicesand int ernational organiz ations such asNATO and the EU.

Drawing par allels between the develop-ment of Poland and A secco’s rapid growth,Goral said that “Poland is a completely diffe-rent country now than just one gener ationago”.

And br idging the gap between P oland’sGDP per head and r esidents of western Eu-rope - within another gener ation - is a goalthat Goral believes is within reach. n

Poland’s shoppers ’ fascination f or allthings “foreign” has undergone a transfor-mation in recent years. While many Polishentrepreneurs cr eated “ faux” f oreignbrands to sell their products faster, the ap-peal abroad of home-grown Polish brandshas g rown. L ong-established c onsumerbrands, like W edel, ha ve been joined bynewer brands – such as Ing lot cosmeticsand Simple clothing – moving up theranks in t erms of popular ity among we-stern consumers.

Inglot – an “overnight” success started 25years a go by chemist W ojtek Ing lot – r e-cently opened a flagship store in New York’sTimes Square, and now has mor e than 250outlets across the world, including in AbuDhabi, Sydney, New Delhi and London.

Simple r etail shops , with locations inGermany as well as nearly ever y ma jorshopping centre in Poland, was star ted in1993 and taken over by Gino Rossi a f ewyears ago.

One of P oland’s oldest and best -knownbrands, Wedel chocolates, is soon t o be inthe hands of a Japanese retail conglomerateLotte Group. The brand already has goodname-recognition in many parts of westernEurope, and its new owners – with extensiveretail distribution networks in Asia’s chicestcities – see potential in building Wedel intoa truly global brand.

And Poland’s crop of ever-younger and ever-more beautiful models g race the pa ges ofglossy magazines from Milan to New York andTokyo. While Anja Rubik may top the world’s

list of elegant fashion models, the list of Polishgirls at the pinnacle of world fashion is long in-deed – including J oanna Krupa, Anna J ago-dzinska, and Anna Przybylska. n

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Krynica Forum www.bizpoland.pl

September 2010

Asseco software group_bids for global presence_

Continued from page 13

Polish brands build foothold at home – now expanding abroad

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www.bizpoland.pl Krynica Forum

September 2010

In August, top horsebreeders converged on alittle town in eastern Polandfor one of the world’s mostexclusive horse fairs. Buyersand breeders came fromKuwait, Saudi Arabia, AbuDhabi, United States,Belgium and Germany.

In terms of r esults and r elevance, there isonly one g lobal leader in the r ealm of Ara-bian horse auctions – the “Pr ide of Poland”,held annually in J anow P odlaski, not farfrom the border with Belarus. From modestbeginnings in the lat e 1960’s, the annualsale has evolved into the single most impor-tant auction for Arabian horses anywhere inthe world and an accurate barometer of theeconomic climate of the industry.

The sale of mare KW ESTURA f or Eur o1.125 million in 2008 broke a new record. Anda closer look at the pedig rees of the completelist of 2009 World Champion mare winners re-veals the influence of Polish breeding to be mo-numental. With the exception of the straightEgyptian competitors, every single entry ear-ning the title of W orld C hampion Top Tenowes a portion of their accomplishment to Po-lish ancestry. In an industry first, the awardspresentation line-up at the Senior Mare Cham-pionship was comprised exclusively of maresfrom the Polish State Studs.

Buyers in A ugust 2009 included S hirleyWatts, the wif e of Rolling S tones’ drummerCharlie Watts, Sheikh Ammar bin Humaid A lNuaimi, Cr own Pr ince of Ajman of Unit edArab Emirates, and Paul Gheysens, principalowner of developer Ghelamco.

The 2010 auction – reflecting the economy –did not set ne w records. “The prices are a bitlower than last year,” said Krzysztof Poszepczyn-ski, a private Polish breeder who offered fourhorses at the sale. “There are fewer investorsand buyers than in 2008 and 2009, ” said spo-kesman for the fair Katarzyna Prochniewicz.

Yet this year’s auction did not fail t o gene-rate a buzz of emotion. The auction’s favoritehorse, a 14- year-old grey mare named P ilar,sold for USD 318,700 t o Mohamed M A l-Su-laiti, representing Qatar’s Al-Shaqab Arabianstud farm.

The horse’s buyer was r eady to pay more.“It’s like when a man chooses his woman andfights for her - she is my lady,” said MohamedM Al-Sulaiti. “I think the price was actually low.

I was ready to pay real money for her. For me,it’s not about the investment. I want to rebuildthe best of the Arabian race in Arab states.”

Other horses were bought by investors fromthe US, UK, Kuwait, Saudi Arabia, Belgium andGermany, among others. The horses are nowen route to their new homes. (See adjacent listof full results of the auctions.)

Rolling Stones drummer Charlie Watts vi-sits the fair ever y year with his wif e, Shirley,who is a keen bu yer. “I’ve been c oming herefor 20 y ears,” said S hirley Watts, who owns250 horses. “I t’s a special obsession for a cer-tain group of people. These horses are the bestin the world. I’m ver y pleased with the onesI’ve bought here.”

Janow’s appeal stems from its long traditionand preservation of blood lines f or centuries.The Janow stud’s history dates back to 1817,when the number of horses in Poland fell afterthe Napoleonic wars. Poland’s Russian occu-piers rebuilt its army’s horseback regiment bycreating a top breeding farm The effort wasthwarted during the First World War and theSecond World War when many of the horsesperished. It took Janow more than two deca-des to reconstruct the stock. It held its firstauction in 1969.

There are about 500 horses, both Arabianand Ang lo-Arabian, in J anow P odlaski.About half of the Arabians are sold abroad.

“Polish horses are the smallest r isk,” saidChristine Jamar, who runs a stud of 60 hor-ses in B elgium. “You’ve had only ex cellenthorses here for several hundred years. I havefound very good buys for my clients.”

But not all of them are available, says studdirector Marek Trela. “The very basic rule is:Don’t sell the best that you have.” n

(Additional reporting from Reuters and Oasis Arabian Magazine.)

PRIDE OF POLAND 2010Results of Auctions (August)

date of breeder/ country/horse birth /owner price buyer

Broodmares – 2010AGUSTA 2005 Janów Podlaski Stud 40.000 UKALTEA 2001 Janów Podlaski Stud 22.000 USAARIADNE 2001 Janów Podlaski Stud 60.000 QatarBAJGORA 1998 Janów Podlaski Stud 12.000 USABATAWIA 2006 Janów Podlaski StudCARUZA 2002 Białka Stud withdrawnCYROLKA 2002 Białka StudDĘBOWA GÓRA 2000 Michałów Stud 22.000 FDEMONA 1994 Michałów StudEBLA 2004 Michałów Stud 35.000 FEFUZJA 2001 Janów Podlaski Stud 17.000 undisclosedEL HAZA 2001 Michałów Stud 12.000 BEMETYNA 2002 Michałów Stud 30.000 PLEMIGRA 1996 Michałów Stud 12.000 USAERMINA 2006 Samko PUH / Monika Luft 90.000 undisclosedERREUZA 2006 Michałów Stud 12.000 KuwaitETYKA 2005 Janów Podlaski Stud 40.000 FGADNES 2008 Jan Głowacki 48.000 FGALATEA 2002 Michałów Stud 27.000 QatarHEKLA 1999 Janów Podlaski Stud 40.000 UKHERMIONA 2005 Białka StudNATEA 2003 Białka Stud 23.000 QatarPALMERA 2006 Janów Podlaski StudPAMPA 2004 Michałów Stud 45.000 UKPAPAYA 2005 Janów Podlaski Stud 18.000 FPELGRIMA 2003 Białka StudPERCEPCJA 2001 Janów Podlaski Stud 10.000 PolandPERITA 2004 Białka Stud 22.000 FrancePETRARA 2006 Michałów Stud 10.000 KuwaitPILAR 1996 Janów Podlaski Stud 240.000 QatarPRIMADONNA 2003 Redestowicz/TarczyńskiPUSTYNNA TĘCZA 2003 Michałów Stud 30.000 FSOTIKA 2006 Falborek/GoździalskiWILGA 1999 Michałów Stud 82.000 BWISEŁKA 2002 Michałów StudWYBORNA 1995 Michałów Stud 20.000 PL

BroodmaresALENA 2001 Janów Podlaski Stud 6.500 DKBINT MOLETA 2004 Falborek/GoździalskiChaos Artemida 2006 Chrcynno-Palace StudCYMINKA 2006 Białka Stud 6.000 PLEDIA 2000 Białka Stud/Wojciech MartyniukEKA with filly 2001 Białka Stud/Łukasz Martyniuk 6.000 CHEKANTA (Celsjusz) 25.03.2010EKLEMIRA 2004 Lech BłaszczykEKSETA 2006 Lech BłaszczykEMFORIA 2007 Leszek Jarmuż - Kębliny Stud 12.000 QatarENERYDA 2007 Michałów Stud 4.000 LEOLA 2004 Janów Podlaski StudEQUITA 2002 Janów Podlaski Stud 4.500 PLERYDIA 2005 Białka Stud 4.000 QatarEUSKOMA 2005 Białka Stud 4.000 QatarFABIRA 2004 Janów Podlaski Stud 4.000 PLFLOTYLKA 2000 Stanisław Redestowicz/Paweł RedestowiczFUMELIA 2004 Stanisław Redestowicz/Paweł RedestowiczGIOCONDA 2007 Michałów Stud 8.000 undisclosedMANRESA 2006 Michałów Stud 7.500 RSANEGRA 2006 Homex Ltd./Chrcynno-Palace StudNIMBA 2006 Janów Podlaski Stud 4.000 KuwaitNOC 1997 Białka Stud/Marek KondrasiukORLANKA 2005 Kielnarowa Stud / Paweł RedestowiczPAPUA 2006 Janów Podlaski Stud 8.000 BPASJONATA 2006 Michałów StudPASYWA 2000 Lech Błaszczyk withdrawnPELE 2004 Chrcynno-Palace StudPENSACOLA 2006 Janów Podlaski Stud 4.000 PLPERNACJA 2003 Falborek/Goździalski 20.000 UKPOMPOSA 2006 Michałów Stud 4.700 FSABINA 1998 Janów Podlaski StudWIZYTACJA 1998 Kurozwęki Stud/Jan Martin PopielELEBI 1999 Janów Podlaski Stud / Krzysztof Falba

Sires & stallionsABBAR 2006 Białka Stud 5.000 BEL EMADIK 2003 Falborek Arabians - Krzysztof GoździalskiEMBERK 2004 Michałów Stud / Agnieszka KozłowskaEMIRRON 2006 Michałów StudERONISSIMO 2004 Redestowicz/RedestowiczWEMBLEY 2006 Michałów Stud 7.500 IZADŻAL 2005 St. Roch Arabians (PL)EL AZEM 2004 Janów Podlaski Stud 30.000 F

Global leader in the realm of Arabian horse breeding

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September 2010

Anja RubikAnja Rubik and her family left Poland in 1988(she was bor n in June 1985) and lived inGreece, Canada, and South Africa. Rubik wasintroduced to modeling while attending a Bri-tish high school in Paris. She began her mo-deling career soon after graduating from highschool. She has been featured on the covers ofvarious magazines, including Vogue Deutsch,Vogue Paris, Numéro, Flair, Russh, Nylon andElle. She has modeled for such designers as Gi-venchy, Chloé, Christian Dior, Hermès, Valen-tino, Guc ci, Missoni, V ersace, Dolc e &Gabbana, Prada, Oscar de la Renta , Chanel,Balenciaga, Calvin K lein, Louis Vuitton, andRalph Lauren. She has also done haut e cou-ture for Valentino, Chanel, and Elie Saab.

She appeared in the 2009 Vict oria’s SecretFashion Show. Vogue Paris declared her one ofthe top 30 models of the 2000s. S he is cur -rently r anked 3r d on the T op 50 ModelsWomen List and 23r d on the T op 25 Mone yGirls List, which ranks the highest earning highfashion models in the industry world-wide.

SimpleSIMPLE is an upmarket fashion brand whichwas launched back in 1993.  The brand wascreated by Lidia Kalita and Maja Palma – twotalented Polish designers who are still respon-sible for all new collections. The brand’s corepromise is to deliver beautiful clothes that re-present unpretentious simplicity.

SIMPLE  is a br and target ed at  modernand confident women who value high quality,uniqueness, and practicability. These are am-bitious urban  women of y oung spir it whowant to catch up with current trends, but alsodifferentiate in a subtle way.

In 2006 Simple Cr eative Pr oducts wastaken over by the Gino Rossi  CapitalGroup which had a plan to gather Polish topfashion apparel and footwear brands.  So farSIMPLE has developed a network of 42 own-brand stores in top locations in the biggest Po-lish cities as well as in Germany.

Recently SIMPLE teamed up with Swar ov-ski to launch a speci al collection of jewelleryand blouses decorated with cr ystals and tag-ged: ”Made with CRYSTALLIZED™ – Swarov-ski Elements”

WedelThe sale in summer 2010 of Wedel to Tokyo-based Lotte Holdings is the r esult of a Eur o-pean Commission order for the sale of Wedelafter Kraft took over Cadbury, which boughtWedel in 1999.

The multinational Lotte Group, with head-quarters in Tokyo, has annual sales of appro-ximately $40bn. F ounded in 1948 as achewing gum company, it currently operatesin a var iety of sect ors, including f ood andconfectionery, retail, travel and tourism, in-dustrial chemicals and construction, and fi-nance.

As the original business, confectionery is atthe core of the Lotte Group’s operations and itsconfectionery portfolio includes leading A sianbrands, such as Xylitol, Koala March and Ghana.It is the largest che wing gum manufacturer inAsia and third largest in the world.

With its extensive retail relationships anddistribution networks, Lotte is well-positio-ned to significantly expand Wedel’s sales.

Wedel is the oldest choc olate brand in Po-land and at the same time one of the oldestPolish brands. Its history began more than150 years ago.

It star ted when Ger many-born K arol Er-nest Wedel, having received his education inParis, Berlin, and London and completed se-veral years’ apprenticeship at Karol Gronhert’sconfectionery in Warsaw, opened his own con-fectionery at ul. Miodowa in Warsaw. Wedel’sconsiderable advantage over his competitionwas his specialisation in chocolate products,a precious rarity in 19th century Warsaw.

In no more than a few years after the estab-lishment of the confectionery, Wedel’s sweetsgained wide popularity among Varsovians.

Emil Wedel, Karol’s son, took the reins ofthe company from his father in 1862. Thanksto his decisions and investments the range ofproducts, the network of company stores, andthe range of sales grew considerably. The pro-duction of Wedel tripled during his time.

A milestone in the c ompany’s history wasits transfer to the hands of Jan Wedel, the sonof Emil. It was his decision to build a new fac-tory and move the establishment to the Pragadistrict of the city. In but a few years the com-pany’s exporting policy and the interest in itsproducts led Wedel chocolate to be regularlysent by a speci ally desig nated plane t o thecompany store in Paris, to stores in London,North America, and Japan.

In 1946 the c ompany ceased to belong tothe Wedel family, becoming instead the pro-perty of a series of new owners, including, forseveral y ears, P epsiCo; in 1999, under themarriage t o Br itain’s oldest choc olate c om-pany, Wedel became Cadbur y Wedel, part ofworld’s largest confectionery company, Cad-bury Schweppes. n

Polish brands: the success stories

17

www.bizpoland.pl New Companies in KRS

September 2010

3Mpartnerul. Przełęcz 51, PoznańJakub Michał Michałowski 50 udziałów/2.5 tys. zł; PawełMakarewicz 75 udziałów/3.75 tys. zł; Dariusz Makowski 75udziałów/3.75 tys. zł

4 Oceansul. Przebendowskich 19/1, GdyniaAndrzej Stanisław Ziajko 200 udziałów/20 tys. zł; MonikaAgnieszka Główczewska 100 udziałów/10 tys. zł; AdamKielak 100 udziałów/10 tys. zł

4Inventul. Klecińska 123, WrocławSiconsulting Sp. Akcyjna 80 udziałów/4 tys. zł; AdamJarosław Szyszka 20 udziałów/1 tys. zł

Active - Holidayul. Jeleniogórska 1/3m lok 1, PoznańPiotr Robert Skotarczak; Tomasz Józef Lemkowski po 5udziałów/2.5 tys. zł

Ad Connectionul. Żelazna 87, WarszawaEmerix sp. z o.o. 80 udziałów/8 tys. zł; Maciej Krzemiński20 udziałów/2 tys. zł

Agencja Wydawnicza Medsportpressul. Dębicka 29/7, WarszawaWiesław Edward Tomaszewski 60 udziałów/30 tys. zł;Michał Piotr Tomaszewski 40 udziałów/20 tys. zł

AIP Business Linkul. Koszykowa 59/2, WarszawaAIP Group sp. z o.o. 100 udziałów/5 tys. zł

AMAR Sparesul. Św. Wincentego 10, PoznańJacek Rafał Cendrowski; Marek Marian Cendrowski po 50udziałów/2.5 tys. zł;

Amidul. Opaczewska 69/18, WarszawaWalerij Mielnikow; Dmitrij Fomincew Wiktorowicz po 500udziałów/50 tys. zł

Anboul. Magdaleny Brzeskiej 9/47, LublinAndrzej Zygmunt Piotrowski 50 udziałów/2.5 tys. zł; Bogu-miła Danuta Piotrowska 50 udziałów/2.5 tys. zł

Andervisionul. Oskara Kolberga 29/40, SopotMariusz Piotr Androsiuk 100 udziałów/5 tys. zł

Anneul. Skwer Ks. Kardynała Stefana Wyszyńskiego 5/61,WarszawaSylwia Henryka Zacharska; Anna Małgorzata Kamińska po50 udziałów/2.5 tys. zł

AP Bioaktivul. Bierutowska 57/59 B.1a Lok045, WrocławAnna Agnieszka Pikura; Jan Maria Borkowski po 25 udzi-ałów/2.5 tys. zł

Argos Translationsul. Mogilska 100, KrakówKimon Fountoukidis 80 udziałów/4 tys. zł; Richard Lucas 20udziałów/1 tys. zł

Artlandersul. Pankiewicza 2, GdańskJakub Maliszewski 700 udziałów/70 tys. zł; Renata MariaPawełek 300 udziałów/30 tys. zł

Aura Distributionul. Tołwińskiego 14/19, WarszawaAdam Syguła; Magdalena Aleksandra Bigaj; DamianBieńkowski po 34 Udziały/1.7 tys. zł

Autofutbol.plul. Politechniczna 9/8, GdańskNina Bożena Lubińska; Danuta Elżbieta Mutkowska po 50udziałów/2.5 tys zł

Avistus Technologyul. Francuska 51/4, KatowiceAndrzej Getler; Grzegorz Noworzyn; MateuszNowaczyński po 30 udziałów/30 tys. zł

BI Architectsul. Puławska 257/4, WarszawaPaweł Tomasz Tymczyna; Tomasz Bogdan Kucharski po 50udziałów/2.5 tys. zł

Biuro Ochrony Gwardul. Aleja Roździeńskiego 86a/108, KatowiceAdam Walor Barbara Chylińska po 5 udziałów/2.5 tys. zł

Blue Activul. Ołowianka 3a, GdańskK.B. Service sp. z o.o. 95 udziałów/4.75 tys. zł; Morski Ro-botniczy Klub Sportowy Gdańsk 5 udziałów/250 zł

BP Plusul. Stryjeńskich 19/378, WarszawaBożena Watrakiewicz Zagórska; Przemysław ZdzisławKazana po 400 udziałów/20 tys. zł

Calorizolul. 27 Grudnia 7/19, PoznańSalvatore Morreale 1400 udziałów/140 tys. zł; Richard JoseRabemananjara 400 udziałów/40 tys. zł; Barbara Jankowska200 udziałów/20 tys. zł

Cedeoul. Robotnicza 72 E, WrocławAdrian Adam Kornecki; Robert Paweł Klepak; Adam Grze-gorz Międła; Mariusz Paweł Klepak; Mirosław Fechner;Grzegorz Łącki; Maciej Hausner; Dariusz Andrzej Drosikpo 50 udziałów/5 tys. zł

CEE On-Line Travelul. Wołoska 9a, WarszawaKearly Investments Limited 40 udziałów/2 tys. zł; PiotrTadeusz Sikorski 60 udziałów/3 tys. zł

CentroEkoEnergiaul. Aleja Mireckiego 22, SosnowiecCentrozap Sp. Akcyjna

Centrum Biotechnologii i Inżynierii Genetycznejw Rolnictwie

ul. Wojska Polskiego 28, PoznańUniwersytet Przyrodniczy W Poznaniu 500 udziałów/50Zł; Skarb Państwa 250 udziałów/25 Zł

Ceteco Leandreul. Wróblewskiego 39/41, ŁódźNasser Mohamad Assi; Krzysztof Jan Ochlik po 25 udzi-ałów/2.5 Zł

Chłodna Immoul. Chłodna 48/1, WarszawaFinimmoc S.A. 300 udziałów/15 tys. zł

Citoolul. Storczyków 6, GliwiceAleksander Małaszkiewicz Wojciech Gawlik po 50 udzi-ałów/2.5 tys. zł

Czerwony Młynul. Pereca 13/19 Lok 414, WarszawaPaweł Jerzy Bombrych; Ewa Rówienicz Morańska po 50udziałów/2.5 tys. zł

Datastream Softwareul. Fabryczna 14d, WrocławHubert Zbigniew Wochyński; Michał Paweł Lisik po 50udziałów/2.5 tys. zł

Dbw Mediaul. Mogilska 65, KrakówAndrzej Henryk Walus 33 Udziały/1.65 tys. zł; SylwiaGrażyna Derenda 33 Udziały/1.65 tys. zł; Marcin KazimierzBuczkowski 34 Udziały/1.7 tys. zł

Dendromul. Obwodowa 20, RedaIreneusz Tadeusz Melcer 95 udziałów/4.75 tys. zł

Dental Salonul. Horbaczewskiego 53 A, WrocławRadosław Ryszard Jadach Katarzyna Joanna Siwek Jadach po50 udziałów/2.5 tys. zł

Deviso Polskaul. Mochnackiego 13/7, WarszawaAlicja Jadwiga Tandecka 60 udziałów/3 tys. zł; Ewa Gąsiorek30 udziałów/1.5 tys. zł; Marek Rafał Ciesielski 100 udzi-ałów/500 Zł

Die Hausengel Polskaul. Marszałka Józefa Piłsudskiego 13, WrocławSimon Wenz 50 udziałów/5 tys. zł

Digital Forceul. Świderska 113/24, WarszawaGabriela Michalina Jordan 60 udziałów/3 tys. zł; Żaneta LeDuc Radzikowska 40 udziałów/2 tys. zł

Digitalrepublicul. Bukowińska 12/1412, WarszawaInteractive Solutions sp z o.o. 100 udziałów/5 tys. zł

Domdata Re Serviceul. Strzeszyńska 73/75, PoznańDomdatare sp. z o.o. 100 udziałów/50 tys. zł

e-Wychowanieul. Łowicka 19/6, WarszawaPiotr Krauze; Kamila Anna Wykrytowicz po 50 udzi-ałów/2.5 tys. zł

e-Farmacjaul. Promienista 83, PoznańTomasz Michał Czapliński 10 udziałów/500 zł; ArturWiśniewski 90 udziałów/4 tys. zł

e-Kuchniaul. Promienista 83, PoznańAgnieszka Sobiech 60 udziałów/3 tys. zł; Rafał Kasperowicz40 udziałów/2 tys. zł

e-Med-Orthul. Więckowskiego 17a, WrocławEspecialidades Medico Ortopedicas S. 60 udziałów/3 tys. zł;Sławoj Kazimierz Nowak 40 udziałów/2 tys. zł

E-Radar24.Comul. Ciołkowskiego 28, WarszawaPaweł Grzegorz Czerniakowski; Michał Piotr Probulski po5 udziałów/2.5 tys. zł

Energetonul. Al. Róż 1 A, WarszawaTomasz Maciej Jaroń; Maciej Wiesław Dworniak po 50udziałów/2.5 tys. zł

Enilta Polskaul. Studzińskiego 55/17, ŁódźTomasz Antoni Jóźwiak; Roman Jaworski; Anna IzabelaGertner; Aleksandra Wolska po 50 udziałów/5 tys. zł

ePrądul. Wł. Jagiełły 16/ 4, SzczecinMariola Renata Wąsik 85 udziałów/4.25 tys. zł; MarcinStanisław Kowalik 15 udziałów/750 Zł

Exmetul. Szpinakowa, ŁódźTomasz Konrad Kubiak; Małgorzata Jadwiga Wałowska po25 udziałów/2.5 tys. zł

Expentul. Targowa (Pasaż Wileński) 66/37, WarszawaŁukasz Sędzik 102 Udziały/5.1 tys. zł

Extra Investul. Wojska Polskiego 45, SzczecinLeszek Koperkiewicz; Wiesława Maria Koperkiewicz po 50udziałów/2.5 tys. zł

F.T.A.ul. Aleje Jerozolimskie 81 Lok 10.01, WarszawaQuality All Development Fundusz Kapitałowy SA 1Udział/5 tys. zł; Tadeusz Adam Góralski 1 udział/2 tys. zł;Agnieszka Katarzyna Durka 1 udział/2 tys. zł

Fair Fame Internationalal. Jana Pawła Ii 26/1019, WarszawaChaudhry Qaiser 500 udziałów/50 tys. zł

Fart Nieruchomościul. Stanisława Łętowskiego 32/2, KatowiceIzabela Bańka 5 udziałów/2.5 tys. zł; Piotr Bańka 5 udzi-ałów/2.5 tys. zł

FPP Netul. Książkowa 9 G/327, WarszawaJacek Antoni Pieśniewski 34 Udziały/1.7 tys. zł; Jacek Sła-womir Frentzel 33 Udziały/1.65 tys. zł; Andrzej RyszardPenkalla 33 Udziały/1.65 tys. zł

Futuro Financeul. Powstańców Śląskich 123/1 A, WrocławAgata Monika Brucko Stępkowska 200 udziałów/10 tys. zł

G.O. Renoul. Brzozowa 37, WarszawaMarcel Tomasz Nowicki; Piotr Wojciech Reszke po 500udziałów/25 tys. zł

Galt Tax Gawińskiul. Literacka 17c/14, WarszawaArtur Bartosz Gawiński 901 udziałów/45.05 tys. zł

Gaudeamusul. Rejtana 16, WarszawaJan Zdzisław Misiak 45 udziałów/2.25 tys. zł; Wanda JaninaMisiak 15 udziałów/750 zł; Monika Beata Madej 40 udzi-ałów/2 tys. zł

Gdańska Sportowa Szkoła z Przedszkolemul. Jednorożca 28, GdańskSławomir Zygmunt Szymczak; Maria Jadwiga Skwarczyńskapo 250 udziałów/25 tys. zł

Geboul. Abrahama 1a, GdańskAltiplano sp. z o.o. 100 udziałów/5 tys. zł

Globalincentive.Plul. Piątkowska 112 A, PoznańGrupa Tso sp. z o.o. 100 udziałów/5 tys. zł

Godigiul. Koźmińska 18/12, WarszawaZygmunt Bartłomiej Danek 100 udziałów/5 tys. zł

Goldenwebul. Kiełczowska 135/30, WrocławKrzysztof Hurko 490 udziałów/49 tys. zł

Grupa Michaudul. Pożaryskiego 28, WarszawaElżbieta Janina Witkowska 100 udziałów/5 tys. zł

Hadiqa Spaul. Nowoursynowska 143 J/ 9, WarszawaSylwia Barbara Leśniewskał; Katarzyna Anna Dorf po 5udziałów/2.5 tys. zł

Holsatul. Orzeszkowej 7, RzeszówDariusz Kopacz; Anna Kopacz po 150 udziałów/7.5 tys. zł;Katarzyna Kopacz 300 udziałów/15 tys. zł

Hongqiangul. Ciołka 12/428, WarszawaMingguan Wang 200 udziałów/100 tys. zł

Infokanul. Os. Piastowskie 93/36, PoznańKrzysztof Anczurowski 99 udziałów/4.95 tys. zł

Interterapiaul. Koźmińska 18/12, WarszawaKatarzyna Aleksandra Żukowska 100 udziałów/5 tys. zł

JPBul. Mjr Henryka Sucharskiego 21, WrocławJerzy Dawid 95 udziałów/4.75 tys. zł

Jtendoul. Obrońców Tobruku 25/111, WarszawaPiotr Wacław Szymański 100 udziałów/5 tys. zł

KPGul. Rymarska 3, KrakówBrak Wpisów

Krajowe Centrum Szkoleniowo-Dorad- CZEul. Zapustna 11, ŁódźPrzemysław Jacek Omieczyński 95 udziałów/9.5 tys. zł

KRC Polskaul. Sołtysowicka 21f, WrocławPrzedsiębiorstwo Produkcyjnohandlowe Marexim sp. z o.o.;Mehle Polska sp. z o.o. po 50 udziałów/2.5 tys. zł

Kutpolul. Chmielna 35/69, WarszawaAlsahli Abdullah M A; Fathallah Aziz po 50 udziałów/2.5 tys.zł

Lucidul. Laskowa 3/3, WarszawaJakub Kosma Włoch 100 udziałów/5 tys. zł

Łódzkie Centrum Filmoweul. Łąkowa 29, ŁódźSkarb Państwa Minister Skarbu Państwa 15.400 udzi-ałów/770 tys. zł

Mediportaul. Wilczak 8, PoznańAgnieszka Sobiech 90 udziałów/4.5 tys. zł; Dariusz Mróz 10udziałów/500 Zł

Misiakul. Niepokalanej Panny Marii 93, KrakówKrystyna Misiak Daria Agnieszka Misiak po 25 udziałów/2.5tys. zł

Na Yanul. Wita Stwosza 28/104, WrocławYanqing Liu 60 udziałów/3 tys. zł; Yana Zhong 40 udziałów/2tys. zł

Nautilus Captul. Roentgena 46/10, WarszawaMaciej Paweł Dubicki; Bartosz Pastuszka po 50 udzi-ałów/2.5 tys. zł

Continued on page 22

18

Privatizations: Jan.–Jun. 2010 www.bizpoland.pl

September 2010

Privatizationup-datePoland’s urgent privatization drive is on schedule for 2010. The plan envisages raising 25 billion pln from sales this year, and recent data from the Ministry ofTreasury is that, as of end of August, salesincome from privatization is just shy of 13billion pln.

With a number of big sales planned in the fall, including a majoritystake in the Warsaw Stock Exchange, the target looks ambitious butdoable.

Privatization revenues will help fill a bulging budget gap, estima-ted at about 45 billion pln in 2010, and keep the government’s debtlevels below the 55%-of-GDP number, which if breeched would trig-ger automatic draconian cuts in the budget .

Higher than expected GDP numbers are also helping.Plans by the Ministry include selling significant stakes in at least

two of its largest state-controlled companies, though ministers haveindicated that at least 25% will be kept in state hands. “The FinanceMinistry would like pr ivatization revenues by the end of 2013 t ototal around 50 billion pln,” a governmental source told PAP newsagency in August, ahead of the government’s release of its four-yearfiscal plan, which includes faster state asset sales , a hig her value-added tax and limits on spending growth. “The bulk of this amountcould come from the sale of stat e shares in insurer PZU and bankPKO BP.”

Poland controls 41% of PKO BP and 45% of PZU. The governmentintends to hang on t o control of about 20 of the largest and moststrategic companies, though the firms will be traded on the WarsawStock Exchange to provide transparency and good governance. Thisplan should minimize the scope for patronage of whichever party isin power, and lead to improved management.

According to the FT , the government’s new management plan isbased on the way that Norway organises its state sector. Supervisoryboard members will be chosen after being vetted by an independentcommittee. The Treasury would also set up a special body similar toa private sector fund mana ger to represent its interests. The planalso calls for the scrapping of limits on the earnings of senior mana-gers, which has limited the talent pool of people willing to work forstate companies.

Poland retains Polish, Czech bids for energyprivatisationPoland’s treasury announced in late August that it had retained bidsfrom Polish and Czech contenders seeking to buy state-owned powercompany Energa, while r ejecting a pit ch from French giant GDFSuez.

The treasury said in a stat ement that it would be pursuing talk swith Poland’s PGE and the Cz ech Republic ’s Energeticky a Pr umy-

Saledate Company Name City Buyer % sold Value of the

transaction

1st July2010 Uzdrowisko Ustka Sp. z o.o. Ustka Hotel Lubicz Sp. z o.o. 92.78% 14,028,000

January2010 Madro Białystok S.A. Białystok Anna Plewa 85.00% 6,283,960

January2010

Przedsiębiorstwo Elektryfikacji iRobót Instalacyjnych Eltor -

Warszawa Sp. z o.o.Wołomin Bartosz Zawiślan 85.00% 2,170,050

January2010 HUTMEN S.A. Wrocław Podmiot grupowy 0.38% 533,194

January2010 Elektrobudowa S.A. Katowice Podmiot grupowy 3.50% 28,949,946

January2010 Fabryka Obrabiarek RAFAMET S.A. Kuźnia

Raciborska Podmiot grupowy 1.53% 1,156,231

January2010

Zakład Techniki Próżnowej TEPROS.A. Koszalin Arkadiusz Kaczmarski 19.24% 1,412,260

January2010 KGHM Polska Miedź S.A. Lubin Inwestorzy Kwalifikowani art. 8 ust. 1

ustawy o ofercie publicznej 10.00% 2,060,000,000

January2010 Grupa Lotos S.A. Gdańsk Podmiot grupowy 10.78% 406,000,000

January2010

IBIS LTD. - International Bakery In-dustries - SPOMASZ Sp. z o.o. Szubin MERCATOR Sp. z o.o. 38.55% 2,500,099

January2010

Uzdrowisko Kraków Swoszowice Sp. zo.o. Kraków STP Inwestment S.A. 92.42% 18,090,920

January2010

Przedsiębiorstwo Robót Drogowych iMostowych w Bielsku Podlaskim Sp. z o.o.

Bielsk Pod-laski UNIBEP S.A. 85.00% 5,100,000

February2010

Pabianickie Zakłady FarmaceutycznePolfa S.A. Pabianice Zakład Farmaceutyczny ADAMED

PHARMA S.A. 5.04% 17,776,820

Jan-May2010 Energoaparatura S.A. Katowice Podmiot grupowy 3.91% 1,301,356

February2010 Enea S.A. Poznań Podmiot grupowy 16.00% 1,133,624,528

March2010

Katowickie Przedsiębiorstwo Geolog-iczne Sp. z o.o. Katowice EC Grupa 85.00% 4,103,154

February2010

Przedsiebiorstwo Robót Drogowo -Mostowych Sp. z o.o. w Grajewie Grajewo Przedsiębiorstwo Robót Drogowo-

Mostowych “UNIDRÓG” Sp. z o.o. 42.16% 1,388,624

February2010

Krajowa Agencja Poszanowania En-ergii S.A. Warszawa Narodowy Fundusz Ochrony

Środowiska i Gospodarki Wodnej 51.61% 1,440,000

February2010

Przedsiębiorstwo Robót Inżynieryjno-Drogowych Sp. z o.o. w Miechowie Miechów Przedsiębiorstwo Robót Drogowych

“Dromos” Sp. z o.o 17.38% 543,150

March2010 Polbus-PKS Sp. z o.o. Wrocław individual persons 3.24% 707,901

March2010 Zakłady Odzieżowe “Bytom” S.A. Bytom Podmiot grupowy 0.54% 204,424

February2010

Zakłady Urządzeń KomputerowychElzab S.A. Zabrze Podmiot grupowy 2.14% 857,878

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Rzeszowie S.A. Rzeszów

Free of charge - Związku Gmin “Pod-karpacka Komunikacja Samochodowa”

Sp. z o.o.100.00% 6,840,000

(nominal value)

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Kamiennej Górze Sp. z o.o.

KamiennaGóra

Free of charge - Powiatu Kami-ennogórskiego 100.00% 2,500,000

(nominal value)

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Łosicach Sp. z o.o. Łosice Free of charge - Powiatu Łosickiego 100.00% 1,945,000

(nominal value)

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Bełchatowie Sp. z o.o. Bełchatów Free of charge - Powiatu Bełcha-

towskiego 100.00% 1,833,000(nominal value)

March2010 Lubelski Węgiel “Bogdanka” S.A. Bogdanka Podmiot grupowy 46.69% 1,119,681,000

March2010 Mostostal Zabrze Holding S.A. Zabrze Podmiot grupowy 0.07% 472,133

March2010 Prochem S.A. Warszawa Podmiot grupowy 0.13% 108,782

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Głubczycach sp. z o.o. Głubczyce Free of charge - Powiatu Głubczyck-

iego 100.00% 1,400,000(nominal value)

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Kluczborku sp. z o.o. Kluczbork Free of charge - Powiatu

Kluczborskiego 100.00% 1,660,000(nominal value)

March2010

Przedsiębiorstwo Komunikacji Samo-chodowej w Szczecinku Sp. z o.o. Szczecinek Free of charge - Powiatu

Szczecinińskiego 100.00% 2,140,000(nominal value)

19

www.bizpoland.pl Privatizations: Jan.–Jun. 2010

September 2010

General government deficit and debt in years 2006–2009 and estimated 2010(millions PLN) 2010 2006 2007 2008 2009 projected

Gross Domestic Product (GDP) 1,060,031 1,176,737 1,272,838 1,342,612 1,385,576 General government deficit/surplus (38,476) (22,105) (46,889) (95,730) (98,376)(as % of GDP) -3,6 -1,9 -3,7 -7,1 -6.9–7.3General government debt 506,036 529,370 600,829 684,365 750,000(as % of GDP) 47,7 45,0 47,2 51,0 54,0

slovy Holding, both of whom are eyeing Energa, which controls 17percent of the nation’s power market.

Besides GDF Suez, the treasury said it had also decided not to givefurther consideration to a bid from Poland’s Kulczyk Holding.

In May, the treasury put up for sale 82.9 percent of Energa, whichis currently wholly state-owned.

Headquartered in the B altic port city of Gd ansk, Energa says itserves 2.8 million households and 300,000 ent erprises, mostly innorthern and central Poland.

Energa, which has 12,000 employees, owns a coal-fired electricityplant and 45 smaller hydro-electricity facilities.

In 2008 it made a net profit of 435 million zloty (110.13 millioneuros, 143.8 million dollars) and had a turnover of more than eightbillion zloty (2.03 billion euros, 2.64 billion dollars).

Privatisation of TP S.A. finalisedThe Ministry of Treasury said that as of A ugust, it has sold its

final stake of 4.15% shares in Telekomunikacja Polska. Sales havebeen carried out via the Warsaw Stock Exchange throughout 2010.

LOT Airlines talks to investors from Americas, Turkey,and Thailand – but no takers yetAccording to Sebastian Mikosz, LOT has held talk s in August withseveral investors, including car riers belonging to the S tar Alliance(led by Lufthansa).  “We’re looking for a good investor, preferablyfrom the a viation industry, but we also ha ve a positive r esponsefrom investment funds,” said Mikosz.

“Potential investors have different expectations as to the compa-ny’s policy. Some would like it to enter the Warsaw Stock Exchange,other not,” said Mikosz. The Ministry has said that it wants to fina-lize the privatization of LOT in 2011. In 2009, LOT reported an ope-rational loss of 335 million pln.

Mikosz is putting a good spin on the privatisation of LOT, whichhas been undergoing a major restructuring, involving redundanciesof more than 400 people. The company currently employs 2,300people.  “Our main goal for the next years is to modernize the fleet,”said Mikosz.

Ruch retailer finally to be sold, as US hedge fund bidacceptedNewspaper-and-magazine retailer Ruch announced during the sum-mer that it has r eceived a 630m zloty bu yout offer from Lurena, asubsidiary of US hedge fund Eton Park Capital. Lurena has offereda 23% premium to the six-month average per share, and said it hasbeen in exclusive talks with Poland’s treasury, which is to selling its56% stake in Ruch. The Treasury Ministry had rejected an offer inApril by Mennica Polska, which has a 11% stake in Ruch, sa ying itwas too low. The tender offer to public shareholders expires 10 Sep-tember. n

Saledate Company Name City Buyer % sold Value of the

transaction

March2010

Przedsiębiorstwo Projektowania iWyposażania Obiektów PROZEMAK

S.A.Warszawa Tadeusz Zeżyk 10.00% 130,000

March2010

Fabryka Konstrukcji Stalowych iMaszyn SPOMASZ S.A. Żary Fabryka Konstrukcji Stalowych i

Maszyn SPOMASZ S.A. 10.21% 3,086,390

March2010

Wągrowieckie Przedsiębiorstwo RobótMostowych Sp. z o.o. Wągrowiec ABM SOLID S.A. 85.00% 5,250,000

April 2010 Przedsiębiorstwo Hotelarskie “KujawyZajazd Polski” Sp. z o.o. Włocławek

Andrzej Leszek Rozbicki Przed-siębiorstwo Produkcyjno-Handlowe

“Daniel”75.72% 11,000,000

April 2010 “SPOMASZ” Bełżyce S.A. Bełżyce Podmiot Grupowy 5.00% 316,963

March2010 “Agencja Rynku Energii” S.A. Warszawa Porozumienie Producentów Węgla

Brunatnego S.A. 10.10% 510,005

April 2010 Zakład Ceramiki Budowlanej“Markowicze” S.A.

CegielniaMarkowicze Leier Polska S.A. 85.00% 14,611,500

April 2010 Wydawnictwa Szkolne i PedagogiczneS.A. Warszawa Podmiot Grupowy 0.30% 1,262,429

April 2010 Orbis S.A. Warszawa Podmiot Grupowy 0.04% 729,030

April 2010 Morska Stocznia Remontowa S.A. Świnoujście Agencja Rozwoju Przemysłu S.A. 73.00% 1,460,000(nominal value)

April 2010 Stocznia Remontowa NAUTA S.A. Gdynia Agencja Rozwoju Przemysłu S.A. 93.15% 17,490,529(nominal value)

April 2010 Agencja Rozwoju Lokalnego S.A. Jaworzno Agencja Rozwoju Przemysłu S.A. 19.13% 110,000(nominal value)

April 2010 Kombinat “PZL - Hydral” S.A. Wrocław Agencja Rozwoju Przemysłu S.A. 1.88% 383,990(nominal value)

May 2010 Przedsiębiorstwo Robót Drogowo-Mostowych w Wadowicach Sp. z o.o. Wadowice Katowickie Przedsiębiorstwo Budown-

ictwa Przemysłowego “BUDUS” S.A. 85.00% 13,000,000

May 2010 Fabryka Osłonek Białkowych“FABIOS” S.A. Białka Stalprodukt - Profil S.A. 85.00% 79,900,000

April 2010 Przedsiębiorstwo Komunikacji Samo-chodowej “WSCHÓD” w Lublinie S.A. Lublin Free of charge - Województwa Lubel-

skiego 100.00% 7,200,000(nominal value)

May 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Łukowie S.A. Łuków Free of charge - Powiatu

Łukowskiego 100.00% 2,620,000(nominal value)

May 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Raciborzu Sp. z o.o. Racibórz Free of charge - Powiatu Raci-

borskiego 100.00% 2,200,000(nominal value)

May 2010 Przedsiębiorstwo Komunkiacji Samo-chodowej w Oławie S.A. Oława Free of charge - Powiatu Oławskiego 100.00% 6,400,000

(nominal value)

April 2010 Mennica Polska S.A. Warszawa Inwestorzy Kwalifikowani art. ust.1ustawy o ofercie publicznej 31.64% 261,968,490

May 2010 Powszechny Zakład UbezpieczeńSpółka Akcyjna Warszawa Podmiot Grupowy 5.00% 1,349,254,688

May 2010 Grupa “Silikaty” Sp. z o.o. Grabowok/Ostrołęki Tadeusz Kłos 10.57% 5,787,860

May 2010 Przedsiębiorstwo Konserwcji UrządzeńWodnych i Melioracyjnych Sp. z o.o. Szczecin Przedsiębiorstwo Konserwcji Urządzeń

Wodnych i Melioracyjnych Sp. z o.o. 34.01% 317,240

June 2010 Zakład Naprawczy Mechanizacji Rol-nictwa w Ostródzie Sp. z o.o. Ostróda Agencja Rozwoju Przemysłu S.A. 85.00% 935,000

(nominal value)

20

Privatizations: Jan.–Jun. 2010 www.bizpoland.pl

September 2010

Prime Minister Tusk to woo Indian businessduring state visitPrime Minister Donald Tusk will woo Indianbusiness during his three-day state visit toIndia that starts 6 September as the country‘is a role model not only for Poland but for theEuropean Union’, a former ambassador said.

This will be the first official visit of a non-Communist Polish primeminister to India. Tusk will first go to Bangalore, where he will deli-ver a speech to Indian business leaders before continuing the sameevening to New Delhi.

Krzystof Mrozewicz, who was P olish ambassador to India from1997 to 2001, said: ‘We are proud of our friendship with India. Indiahas taught us many things in political as well as ec onomic spheres.In a sense India is a role model not only for Poland but for the Euro-pean Union. The unity in diversity is a clear example of India whichthe EU is learning fast.’

The purpose of the business meeting, which is being organised byPolish Agency for Foreign Investment (PAIZ), is to encourage Indianinvestment in Poland.

Since Poland joined the European Union in April 2004, it has re-ceived considerable attention from the Indian business community.Trade between the two countries has jumped to more than a billiondollars in 2009 from a paltry $200 million in 2004.

Many Indian companies including Wipro, Tata Consultancy Ser-vices, Infosys and Zensar have set up their European headquartersin Poland. Laxmi Mittal owns 70 percent of steel production in Po-land under the Arcor-Mittal group of companies.

Cheap Polish technical manpower and the good c onnectivity ofPoland to other European cities are the major factors for Indian ex-porters.

J.J. Singh, president of the Indo-P olish Chamber of Commerceand Industry, said: ‘The business climate is ver y conducive for In-dians to flourish in Poland. Indians are well regarded in Poland. Theirhard work and their cultural background have appealed to the Polestremendously.’ Bollywood films have carved a niche in Polish psycheand Shah Rukh Khan is an idol for youth, he said.

‘Indian food has become very popular throughout Poland. Thereare 32 Indi an restaurants in Warsaw. Indian samosas, kababs andbiryani are well-known dishes f or the Poles who now ha ve a tastefor Indian spices,’ said Singh who helped establish a Sikh gurudwarain Warsaw, the only gurudwara in the whole of E astern Europe, in-cluding Russia.

No Indian prime minister has visited Poland since July 1979when Morarji Desai came on a stat e visit. However, Indian pre-sidents have been on a state visit to Poland periodically. In May2009, President Pratibha Patil had c ome on a stat e visit t o Po-land.

Boguslaw Zakrzewski, a f ormer ambassador and an Indophile,said: ‘It’s high time that there should be a direct air connection fromDelhi to Warsaw...There is a siz eable Indian community in Polandand then there are 16,000 Poles who go to India for business or plea-sure trips annually. If there is a direct connection tourists from bothcountries will benefit.’ n

Saledate Company Name City Buyer % sold Value of the

transaction

June 2010 Centrum Bankowo-Finansowe “NowyŚwiat” S.A. Warszawa Agencja Rozwoju Przemysłu S.A. 90.00% 8,100,000

(nominal value)

June 2010 ADEXTRA S.A. Piaseczno Agencja Rozwoju Przemysłu S.A. 85.00% 12,750,000(nominal value)

June 2010 Zakłady Przemysłu Owocowo-Warzy-wnego “PEKTOWIN” S.A. Jasło Agencja Rozwoju Przemysłu S.A. 100.00% 36,291,000

(nominal value)

June 2010 Szczecińska Stocznia Remontowa GRY-FIA S.A. Szczecin Agencja Rozwoju Przemysłu S.A. 85.00% 26,350,000

(nominal value)

June 2010 Miastoprojekt - Poznań Sp. z o.o. Poznań Agencja Rozwoju Przemysłu S.A. 85.00% 1,700,000(nominal value)

June 2010 Zagencja Zarządu Nieruchomości iRozwoju Regionalnego Sp. z o.o. Radom Agencja Rozwoju Przemysłu S.A. 100.00% 3,651,300

(nominal value)

June 2010 PGE Zespół Elektrociepłowni Byd-goszcz S.A. Bygdoszcz PGE Polska Grupa Energetyczna S.A. 0.32% 959,013

June 2010 PGE Elektrociepłownia Gorzów S.A. GorzówWielkopolski PGE Polska Grupa Energetyczna S.A. 5.92% 10,585,157

June 2010 Nasycalnia Podkładów Sp. z o.o. Czeremcha Kolejowe Zakłady Nawierzchniowe“Bieżanów” Sp. z o.o. 85.00% 8,762,820

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Strzelacach Opolskich S.A.

Strzelce Opol-skie

nieodpłatne przekazanie na rzeczPowiatu Strzeleckiego 100.00% 3,320,000

(nominal value)

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Stalowej Woli S.A. Stalowa Wola nieodpłatne przekazanie na rzecz

Województwa Podkarpackiego 100.00% 5,570,000(nominal value)

June 2010 Stadnina Koni “Strzegom” Sp. z o.o. Strzegom Granlux Sp. z o.o. 100.00% 7,210,000

June 2010 “MARMUR” Sławniowice Sp. z o.o. Sławniowice Osoba fizyczna 85.00% 2,261,000

June 2010 Instytut Turystyki Sp. z o.o. Warszawa “Pańska Centrum” Sp. z o.o. 85.00% 4,675,000

June 2010 Przedsiębiorstwo Handlu Za-granicznego “BALTONA” S.A. Warszawa Culex Sp. z o.o. 26.83% 6,164,730

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Nysie Sp. z o.o. Nysa nieodpłatne przekazanie na rzecz

Powiatu Nyskiego 100.00% 2.580.000(nominal value)

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Kutnie Sp. z o.o. Kutno nieodpłatne przekazanie na rzecz

Powiatu Kutnowskiego 100.00% 1,700,000(nominal value)

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Ciechanowie S.A. Ciechanów Mobilis Sp. z o.o. 85.00% 14,109,830

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Mińsku Mazowieckim S.A.

Mińsk Ma-zowiecki Mobilis Sp. z o.o. 85.00% 7,554,976

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Mławie S.A. Mława Mobilis Sp. z o.o. 85.00% 23,666,040

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Ostrołęce S.A. Ostrołęka Mobilis Sp. z o.o. 85.00% 14,026,386

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Płocku S.A. Płock Mobilis Sp. z o.o. 85.00% 9,859,728

June 2010 Przedsiębiorstwo Komunikacji Samo-chodowej w Przasnyszu S.A. Przasnysz Mobilis Sp. z o.o. 85.00% 7,971,300

June 2010 Stora Enso Poland S.A. Ostrołęka Stora Enso Poland S.A. 0.12% 1,203,157

June 2010 F.S.O. Remor S.A. Rzecz Jaroma S.A. 38.15% 2,253,207

June 2010 “Polmo Gniezno” Sp. z o.o. Gniezno “Polmo Gniezno” Sp. z o.o. 26.60% 850,132

June 2010 Inter-Vis Sp. z o.o. Warszawa Agencja Rozwoju Przemysłu S.A. 53.90% 1,886,500(nominal value)

June 2010 Gdańskie Zakłady Elektroniczne “Uni-mor” S.A. Gdańsk Agencja Rozwoju Przemysłu S.A. 61.56% 905,346

(nominal value)

June 2010 Tauron Polska Energia S.A. Katowice Podmiot Grupowy 51.66% 3,984,728,013

Jan–June2010 Telekomunikacja Polska S.A. Warszawa Podmiot Grupowy 2.95% 633,555,967

22

Calendar www.bizpoland.pl

September 2010

September_

8–11 September20th Economic Forum – KrynicaKrynica Zdrój: Nowa Pijalnia Zdrojowa, StaryDom Zdrojowy, Nowy Dom ZdrojowyFundacja Instytut Studiów Wschodnichhttp://www.forum-ekonomiczne.pl13–15 SeptemberGolf Investment & Development Conference – CEE

Warsaw: Universe Properties Grouphttp://www.golfpropertiesconference.com

14  SeptemberRetail 2020 – breakfast seminar on CEE’sretail sectorWarsaw: Jones Lang Lasallehttp://www.jll.eu15  SeptemberPRCH (Polish Council of Shopping Cen-tres) Business MixerWarsaw: Iguana Lounge, ul. Zajączkowska 11Polska Rada Centrów Handlowychhttp://www.prch.org.plTMT.Startups’10 WarsawWarsaw: Giełda Papierów WartościowychNew Europe Eventshttp://www.tmtevents.pl/16  SeptemberBack to Business Investment ForumWarsaw: Pałac Sobańskich, Al. Ujazdowskie 13Europapropertyhttp://www.europaproperty.comABSL Outsourcing ForumWarsaw: Hotel HiltonAssocation of Business Service Leadershttp://absl.pl/pl/czytaj/94/konferencja_16_wrzesnia_2010International OktoberfestWrocław: Muzeum Miejskie ArsenalePolish-German Chamber of Commercehttp://www.ihk.pl21  SeptemberMarketing and PR ClubWarsaw: CCIFP, ul. Widok 8, WarszawaCCIFP French-Poland Chamber of Commerce

http://www.ccifp.pl21–23  SeptemberLifeStyle Expo

Warsaw: Warszawskim Centrum Expo XXIRada Rozwoju Handlu Hongkongu oraz ydziałHandlu Zagranicznego i Współpracy Gospo-darczej Prowincji Guangdonghttp://info.hktdc.com/lifestyleexpowarsaw/22  SeptemberInternational OktoberfestWarsaw: Forteca gardenPolish-German Chamber of Commercehttp://www.ihk.pl22–23  SeptemberNAFTA I GAZ Warsaw: Pałac Kultury i NaukiZarząd Targów Warszawskich S.A.http://www.naftaigaz.com.pl/

Net Zoomul. Wiolinowa 3/27, WarszawaPaweł Sawicki - 99 udziałów/4.95 tys. zł

Netigate Polskaul. Sienna 64, WarszawaNetigate Ab 10 udziałów/5 tys. zł

NMG77ul. Chorzowska 113, GliwiceGrzegorz Adam Mrozek 90 udziałów/4.5 tys. zł; Aneta Bar-bara Małażewska 10 udziałów/500 zł

Nobel.Proul. Chałubińskiego 8, WarszawaNobel sp. z o.o. 500 udziałów/25 tys. zł

North Kerry Homes Polandul. Polna 40, WarszawaDavid Collins; Orla Obrien po 50 udziałów/2.5 tys. zł

Nowy Szpital Wojewódzkiul. Igielna 13, WrocławWojewództwo Dolnośląskie 6.000 udziałów/6 mln. zł

NRSul. Zygmuntowska 9, RzeszówRafał Szulski 500 udziałów/50 tys. zł

P.W. Anbudul. Solskiego Nr Domu 3 Nr Lokalu 16, KrakówAndrzej Kazimierz Nowotny 5 udziałów/5 tys. zł

P&P Rentingul. Pilchowicka 9/11, WarszawaMichał Krzysztof Pietrzyk 20 udziałów/2 tys. zł; Izabela Ag-nieszka Pietrzyk 30 udziałów/3 tys. zł

Park Handlowy Chorzówul. Górnych Wałów 42, GliwiceP.A. Nova SA 500 udziałów/50 tys. zł;

PDFul. Nowosądecka 7/20, RzeszówPaweł Piotr Janik Wartość udziałów 5 tys. zł

Platforma Rozwojuul. Alternatywy 5/20, WarszawaTomasz Andrzejewski

Pol-Diggerul. Stefana Batorego 9/3, KatowicePiotr Adam Misiewicz 100 udziałów/5 tys. zł

Profuturityul. Ratuszowa 11, WarszawaDariusz Marcin Malesa 2 Udziały/2 tys. zł; Paweł StanisławHałas; Jarosław Hieronim Kozłowski Krzysztof WojciechPrzybysz po 1 udział/1 tys. zł

Project Group Polandul. Adama Ve Tulaniego 1a/210, KrakówMałgorzata Krystyna Matulska Kowalska 75 udziałów/37.5tys. zł; Klaudia Kitowska 25 udziałów/12.5 tys. zł

Project Productionul. Stefanowskiego 25, ŁódźMichał Rogoża; Marek Jerzy Lewandowski po 25 udzi-ałów/2.5 tys. zł

Przedsiębiorstwo Handlowe Mgm - Trading Company Ltdul. Mehoffera 103 B/51, WarszawaJan Krzysztof Gagacki; Bogumiła Paszkowska po 50 udzi-ałów/2.5 tys. zł

R24ul. Jana Brzechwy 26, PoznańHanna Makles; Piotr Koch po 50 udziałów/2.5 tys. zł

Razor Consultingul. Fabryczna 14 D, WrocławHubert Zbigniew Wochyński; Michał Paweł Lisik po 50udziałów/2.5 tys. zł

Red Balls Productionsul. Al. 3-Go Maja 9, KrakówPiotr Bialikiewicz 26 udziałów/1.3 tys. zł; Mateusz Chmielak11 udziałów/550 Zł; Paweł Grochulski 11 udziałów/550 Zł;Tomasz Świerszcz 26 udziałów/1.3 tys. zł; Artur Zaręba 26udziałów/1.3 tys. zł

Red Lineul. Powstańców Warszawy 7, SopotRafał Karol Biernacik; Suren Sargsyan po 50 udziałów/25tys. zł

Reminstalul. Opolska 5, GliwiceAneta Anna Stolarz 850 udziałów/850 tys zł; Marta MonikaStolarz 850 udziałów/850 tys zł, Mirosław Eugeniusz Sto-larz 300 udziałów/300 tys zł

Resonance Polskaul. Solariego 4, WarszawaPaweł Szewczyk Michał Rafał po 100 udziałów/25 tys. zł

Rokket Music Polandul. Fabryczna 26/ 4, WarszawaRokket Music Oy 100 udziałów/5 tys. zł

Sentymetrul. Pl. Axentowicza 3/4, KrakówMarcin Andrzej Pyla 80 udziałów/4 tys. zł; Jan Paweł Szu-miec 160 udziałów/8 tys. zł; Bartłomiej Łukasz Rogóż 160udziałów/8 tys. zł

Serafiński - Studioul. Solec 85/8, WarszawaMarek Jan Serafiński 192 udziały/9.6 tys. zł

Singh Boutiqueul. Komuny Paryskiej 32/33, SzczecinKarandeep Singh Kamboj; Raspal Kaur po 50 udziałów/2.5tys. zł

Smart Investment Technologiesul. Grochowska 357/338, WarszawaKrystian Damian Dylewski 110 udziałów/11 tys. zł; TomaszKamil Banyś 90 udziałów/9 tys. zł

Smart Solutionsul. Chłodna 11/114, WarszawaJacek Adam Kałużny; Bartosz Jacek Cisło po 50 udzi-ałów/2.5 tys. zł

Softclickul. Nowogródzka 4a/25, BiałystokAndrzej Murgrabia; Katarzyna Nosorowska po 50 udzi-ałów/2.5 tys. zł

Solergoul. Krolowej Jadwigi 136, KrakówVevco Investments Ltd 67 udziałów/3.35 tys. zł; MichałAdam Burkiewicz 33 Udziały/1.65 tys. zł

Sowa & Przyjacieleul. Grzybowska 2/108, WarszawaRobert Janusz Sowa Apartamenty Zielona PrzystańBabińska i Janiszewska SJ po 50 udziałów/2.5 tys. zł

Sprzedawcy.Plul. Komisji Edukacji Narodowej 47/96, WarszawaWojciech Miśtura 100 udziałów/10 tys. zł

Staireul. Przemysłowa 30, WarszawaStaire Holdings Limited 99 udziałów/4.95 tys. zł

New Cos in KRS_Continued from page 17

October_

4–6 OctoberExpo Real (Monachium)

Munich: Reed MIDEMhttp://www.exporeal.net/6 OctoberCigar ClubPorto Praga, Warsaw: http://www.cigarclub.pl/

6–7 OctoberCongress/Expo on Renewable EnergyWarsaw: Hotel HiltonFundacja REOhttp://kongresgreenpower.pl/7–8 OctoberVII Kongres Nowego Przemysłu (New In-dustry) – Energy, Gas & OilWarsaw: Hotel SheratonGrupa PTWP, wydawca Miesięcznika Gospo-darczego “Nowy Przemysł” oraz portaluwnp.plhttp://www.wnp.pl/konferencje/1586.html9 October18th Annual British Ball – BPCCWarsaw: Hotel intercontinentalBritish Polish Chamber of Commercehttp://bpcc.org.pl/en/content/view/245612–13  OctoberNowe Horyzonty – Nowe PerspektywyWarsaw: Hotel MarriottPRCH – Polish Shopping Centers Associationhttp://www.prch.org.pl13–14  October4th Fair for Entrepreneurs and BusinessDevelopmentSzczecin: 14 OctoberDevelopment of the Renewable Energysector in Lower Silesia (Dolny Śląsk)Wrocław: Wrocławskie Centrum TransferuTechnologii,Centrum Transferu Technologii PolitechnikiWrocławskiej and BPCC

http://bpcc.org.plCFO European SummitWarsaw: Hotel RadissonACCAhttp://www.accaglobal.comCEE Real Estate 2010 – EastEuroLinkWarsaw: EastEuroLinkhttp://www.easteurolink.co.uk/cee-real-es-tate/14–16 OctoberTWOJE PIENIĄDZE – Polish personal fi-nance ForumWarsaw: Pałacu Kultury i NaukiZarząd Targów Warszawskich S.A. http://www.twojepieniadze.ztw.pl/18–19 October4th International Economic CongressWarsaw: Wyższa Szkoła Finansów i Zarządza-nia, ul. Pawia 55Wyższa Szkoła Finansów i Zarządzania wWarszawiehttp://www.konferencje24h.pl19 October4th annual Polish-Spanish RenewableEnergy Forum Warsaw: hotel Sofitel Victoria, ul. Królewska 11Polsko-Hiszpańska Izba Gospodarczahttp://phig.pl20 OctoberCSR Fair – Best PracticesWarsaw: Biblioteka UniwesyteckaBPCChttp://bpcc.org.pl/pl/content/view/2303

23

www.bizpoland.pl Calendar

September 2010

Stimuloul. Ignacego Paderewskiego 164, RzeszówJerzy Marek Skoczek 47 udziałów/4.7 tys. zł

Studio Formul. Dzieci Warszawy 21 A/10 C, WarszawaŁukasz Wiktor Jaroszek 700 udziałów/35 tys. zł; IzabellaSławomira Tur 300 udziałów/15 tys. zł

Studio Miniatur Filmowychul. Królewicza Jakuba 12a, WarszawaSkarb Państwa, Reprezentowany Przez Ministra SkarbuPaństwa 8.2 Tys. udziałów/410 tys. zł

Styropoz Logistykaul. Szarych Szeregów 23, PoznańStyropoz sp. z o.o. 100 udziałów/5 tys. zł

System Rezerwacjiul. Kalwaryjska 35/301, KrakówTomasz Marcin Piwoński; Łukasz Stanisław Wilk po 48udziałów/2.4 tys. zł

Tax Complexul. Mokotowska 15a/1b, WarszawaKrzysztof Staszyński; Mirosław Tomasz Walczyna po 25udziałów/2.5 Zł

Tax-Protektorul. Homera 219, PoznańPaweł Hamerlik 99 udziałów/4.95 tys. zł

Tea Partnerul. Hirszfelda 14/40, WarszawaBogusław Witold Lisiecki 100 udziałów/5 tys. zł

Telemedycyna Polskaul. Modelarska 12, KatowiceBrak Wpisów

Telewizja Mobilnaul. Bukszpanowa 5, WarszawaGrzegorz Podgórski Waldemar Ireneusz Ziomek po 50udziałów/2.5 tys. zł

The Noble Tasteul. Nowolipie 18, WarszawaMarcin Mazur 5.5 udziałów/50 tys. zł; Sławomir Gałązka500 udziałów/50 tys. zł;

Timberiaul. Oskara Kolberga 29/33, SopotTomasz Woźnowski 99 udziałów/4.95 tys. zł

Trade-Parksul. Prymasa Tysiąclecia 83, WarszawaTeresa Josephine Mary Kosnowska 200 udziałów/10 tys. zł;Jarosław Tomasz Wydrych 100 udziałów/5 tys. zł

Transfer Steel Serviceul. Kraszewskiego 36, KrakówTransfer Handelsgesellschaft Mbh 3120 udziałów/156 tys.zł; Anna Alicja Lesiakowska Jarzyna 780 udziałów/39 tys. zł

Transtextul. Bagatela 12, WarszawaAgata Olejniczak; Magdalena Natalia Hilińska po 50 udzi-ałów/2.5 tys. zł

Trefleul. Dąbrowskiego 13/1, KatowiceChristian Martellacci 80 udziałów/4 tys. zł; Alex Martellacci20 udziałów/1 tys. zł

Trezor Systemul. Bronowicka 27, SzczecinBernarda Wiewiórska 99 udziałów/4.95 tys. zł

Trinity Capital Investmentsul. Ruska 11/12, WrocławBrak Wpisów

Tuus Investul. Wroniecka 21/3, PoznańMarek Waldemar Bobowski 1000 udziałów/50 tys. zł

Umedul. Plac Hallera 1/224, ŁódźUniwersytet Medyczny w Łodzi 1000 udziałów/50 tys. zł

Unico Logistics Polskaul. Błażeja 70e, PoznańUnico Logistics B.V. 980 udziałów/49 tys. zł

Vanakoul. Włodarzewska 55a/2, WarszawaPaweł Roman Rolecki 51 udziałów/83.64 tys. zł; Elżbieta Mał-gorzata Lawręc Mioduszewska 49 udziałów/80.36 tys. zł

Vauche Polskaul. Al. Jerozolimskie 56c, WarszawaGroupe Environnemental Vauche Ges Sas 100 udzi-ałów/100 tys. zł

Vestiacomul. Rosoła 22 B/4, WarszawaTomasz Marek Zieliński; Marta Małgorzata Zielińska po 50udziałów/5 tys. zł

Vipinfoul. Głębocka 54b/65, WarszawaPiotr Pawlak; Ewa Wrzosek po 50 udziałów/2.5 tys. zł

Vivendum Itul. Sulmierzycka 6/60, WarszawaMariusz Artur Urbaniak 75 udziałów/3.75 tys. zł; MichałDaniel Kaźmierczyk 25 udziałów/1.25 tys. zł

Voice Telecomul. Trzy Lipy 3, GdańskTomasz Mikołaj Nawotka 10 udziałów/1 tys. zł; Damian Daniel Bokkus 30 udziałów/3 tys. zł, Maciej Ryszar Jakubowski 10 udziałów/1 tys. zł

Waw Inwestycjeul. Grzybowska 2/108, WarszawaJarosław Jan Babińskił; Krzysztof Józef Janiszewski po 50udziałów/2.5 tys. zł

Web Premiumul. Solec 81b/A-51, WarszawaJacek Nalewajko; Brid Ge20 Enterprises Limited; Jadhave Holdings Limited; Borgosia Investments Limited po 200 udziałów/10 tys. zł

Webzz Onlineul. Słowackiego 17/10, PoznańMichał Antoni Krzemiński Grzegorz Michał Kaźmierczak po 50 udziałów/2.5 tys. zł

Wielkopolski Dom Wydawniczyul. Aleja Solidarności 129/131, WarszawaFrutim SA 3.000 udziałów/300 tys. zł

Wishbookul. Mickiewicza 28/11, PoznańTadeusz Nowaczyk 10 udziałów/5 tys. zł

Wnful. Twardowskiego 4/23, RzeszówDobrawa Agnieszka Kijowska; Dariusz Narcyz Załoga po 150udziałów/15 tys. zł

Yoursoftul. Krośnieńska 11/12, RzeszówTomasz Stanisław Wilk 90 udziałów/4.5 tys. zł; Renata Wilk 10 udziałów/500 zł

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Announcing

SINGAPORE.A new, faster and shorter route from Warsaw to Singapore will make our route network between Europe and Asia even stronger. Welcome aboard the youngest fl eet in Europe – our fast connections and world-class quality guarantee that you travel smoothly with us. Singapore will strengthen Finnair’s commitment to Asia starting in spring 2011. www.fi nnair.com.

Air passengers have chosen Finnair as the Best Airline in Northern Europe in the 2010 Skytrax survey. www.airlinequality.com