Budapest Business Journal 2916

HUNGARY’S PRACTICAL BUSINESS BI-WEEKLY SINCE 1992 | WWW.BBJ.HU

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BUSINESS JOURNAL BUDAPEST

VOL. 29. NUMBER 16

SEPTEMBER 10 – SEPTEMBER 23, 2021

SPECIAL REPORT

IT, System Integration

NEWS

MNB Continues Tightening Amid Strong Recovery Hungary’s economy expanded by a massive 17.8% on an annual basis in the second quarter of the year, projecting a higher than previously expected full-year growth; some analysts now predict that 2021 GDP expansion will reach 8%. Meanwhile, the central bank has started a longanticipated tightening cycle.  3 BUSINESS

BSE Leading by Example on ESG Reporting “As the number of sustainable products increases on the stock exchange, we want to develop green markets,” Budapest Stock Exchange advisor Balázs Bozsik tells Gabriella Lovas.  8 SOCIALITE

An Insider’s Guide to Soccer David Holzer, embracing his newfound love for Hungarian soccer, gets the inside track on following the beautiful game in Budapest.  18

Embracing the Cloud

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Although still behind the EU average in terms of cloud computing, its use is expanding in almost all business sectors in Hungary as locals increasingly have good experiences to draw on, László Marton, COO of Invitech, tells the BBJ.  13

The Budapest Business Journal congratulates bpv JÁDI NÉMETH Attorneys at Law on celebrating its 15th anniversary and looks forward to many more years of cooperation and collaboration.

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News

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Budapest Business Journal | September 10 – September 23, 2021

THE EDITOR SAYS

EDITOR-IN-CHIEF: Robin Marshall EDITORIAL CONTRIBUTORS: Kálmán Béres, Zsófia Czifra,

Kester Eddy, Bence Gaál, David Holzer, Christian Keszthelyi, Gary J. Morrell, Nicholas Pongratz, Gergely Sebestyén, Robert Smyth, Bálint Szőnyi, Zsófia Végh.

LISTS: BBJ Research (research@bbj.hu) NEWS AND PRESS RELEASES:

Should be submitted in English to news@bbj.hu LAYOUT: Zsolt Pataki PUBLISHER: Business Publishing Services Kft. CEO: Tamás Botka ADVERTISING: AMS Services Kft. CEO: Balázs Román SALES: sales@bbj.hu

CIRCULATION AND SUBSCRIPTIONS: circulation@bbj.hu

Address: Madách Trade Center 1075 Budapest, Madách Imre út 13-14, Building B, 7th floor. Telephone +36 (1) 398-0344, Fax +36 (1) 398-0345, www.bbj.hu

What We Stand For: The Budapest Business Journal aspires to be the most trusted newspaper in Hungary. We believe that managers should work on behalf of their shareholders. We believe that among the most important contributions a government can make to society is improving the business and investment climate so that its citizens may realize their full potential.

The Budapest Business Journal, HU ISSN 1216-7304, is published bi-weekly on Friday, registration No. 0109069462. It is distributed by HungaroPress.

Reproduction or use without permission of editorial or graphic content in any manner is prohibited. ©2017 BUSINESS MEDIA SERVICES LLC with all rights reserved.

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SEPTEMBER BRINGS BACK SUNSHINE AND THE NEWS As regular readers of this column will recall, we close the printed paper (though not all of our operations) for August, the traditional Hungarian summer holiday month. This is partly because the news really does tend to dry up, but also because so many people are on holiday, it becomes tough to source quotes or comments.

September, as it so often does, has brought with it something of an Indian summer (I am not entirely sure if that term is still acceptable in today’s woke world, but I cannot think of a better description). It also, as one of my colleagues said in the editorial office this week, seems to have brought back the news.

The national general elections will take place in spring 2022, but in an attempt to get their ducks in line ahead of that and put up a credible alternative to Prime Minister Viktor Orbán, the opposition parties are holding a two-round primary this month to select a joint candidate.

As a business publication, we do not cover the day-to-day bear pit of politics, but who might run the country – and how they might do so – is of more than passing interest to the world of commerce. Our colleague Kester Eddy has produced an excellent piece looking at how the primary system (previously untried by the opposition parties in this country) works and who the five remaining candidates for the shootout are.

Elsewhere inside, we look at another hot topic for business, the growth of ESG (environment, social, and corporate governance) reporting, and what the Budapest

Stock Exchange is doing to promote it. We also report on the now traditional American Chamber of Commerce forum involving the top diplomatic representatives from America and Hungary; this time, U.S. Charge d’affaires Marc Dillard and Hungary’s Ambassador to Washington (back here for a working holiday) Szabolcs Takács.

Away from the news cycle, what we might call community life has also been speeding up. We revived an old tradition on August 26, a “Back to Business Summer Sundowner” at the Marriott Hotel to celebrate the end of summer, the return to work, and to revel in the opportunity of meeting once again face-to-face.

Our big event of the year, the BBJ Expat CEO of the Year awards gala, is also fast approaching, drawing ever more attention from our superb organizational team. The event on September 24, held as usual in the Grand Ball Room of the Corinthia Hotel Budapest, was originally scheduled for January before the pandemic intervened. I have no doubt it will prove worth the wait, not least for our three candidates shortlisted for the top award: Prabal Datta of Tata Consultancy Services; Daniel Korioth of Bosch Group; and Erik Slooten of Deutsche Telekom IT Solutions Hungary.

If I don’t catch up with you beforehand, I’ll hope to see many of you there and then.

Robin Marshall Editor-in-chief

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Budapest Business Journal | September 10 – September 23, 2021

News///macroscope

Monetary Council Continues Tightening Amid Strong Recovery

Hungary’s economy expanded by a massive 17.8% on an annual basis in the second quarter of the year, projecting a higher than previously expected full-year growth; some analysts now predict that 2021 GDP expansion will reach 8%.

Meanwhile, the National Bank of Hungary has started to tackle inflation through a long-anticipated tightening cycle.

ZSÓFIA CZIFRA

In light of the latest gross domestic product data, analysts and the government unanimously agree Hungary has all but left the economic element of the crisis behind. Hungarian GDP grew by an annual 17.9% after a double-digit decline in the base period, figures released by the Central Statistical Office (KSH) show.

This is the highest growth yet recorded, Minister of Finance Mihály Varga commented on the KSH release, noting that the fresh data shows the economic recovery in Hungary is moving forward at a pace that is “among the fastest in the European Union.”

According to a second reading of the data released on September 1, the structure of the growth was

Change in Gross Domestic Product (GDP) in Hungary, 2010-2021 (H1)

Rate of annual economic growth

(seasonally and calendar-adjusted and balanced data)

Quarterly change in GDP, 2010-2021 (Q2)

(Seasonally and calendar-adjusted and balanced data)

Source:

healthy in the second quarter, with all sectors contributing to the expansion.

Pandemic-related government measures to help the recovery could contribute 8.4 percentage points to economic growth this year, Varga estimated.

Projections Raised

In the wake of this never-before-seen expansion, analysts raised their growth projections for the full year. Dávid Németh, K&H Bank senior analyst, said the bank is increasing its estimate from 6.7 % to “over 7%” in light of the Q2 data. That said, he also noted the downside risk of the global impact of further pandemic waves caused by COVID variants.

Gábor Regős of research institute Századvég emphasized that both annual and quarterly growth had exceeded expectations. In fact, the economy’s performance has already reached the level of the fourth quarter of 2019, meaning that at the macro level, the economy has already emerged from the crisis, he said.

He also raised his previous estimations and now thinks economic growth might even extend to 8% in 2021.

London-based analysts were equally quick to point out that the Hungarian economy might expand at a faster pace than previously projected and say that the annual growth rate might reach 7-8%.

Earlier, Morgan Stanley analysts expected 6.1% growth in 2021. For 2022, Morgan Stanley gave a more moderate forecast, saying that the Hungarian economy might grow by 3.6%, partly due to the high base from this year. Analysts at the company expect further tightening in monetary policy as well; their current projection puts the base rate at 2.1% in the current cycle.

Inflation Targeted

In the meantime, the Monetary Council of the National Bank of Hungary continued its tightening measures, delivering a third consecutive rate hike. At its August 24 meeting, the council decided

to raise its base rate to 1.5% from 1.2%. In addition, the bank hiked the overnight deposit rate, the overnight collateralized lending rate, and the one-week collateralized lending rate by 30 basis points to 0.55%, 2.45%, and 2.45%, respectively. At the same time, the MNB decided to begin gradually withdrawing the government securities purchase program.

The Monetary Council’s decision was once again aimed at tackling persistent inflationary pressures and reducing upside risks in the light of continuous wage growth and the strong recovery. Headline inflation dropped to 4.6% in July due to a base effect, although it remained well above the MNB’s target range of 3%, plus or minus one percentage point, while core inflation came in at 3.5%. The central bank now expects inflation to remain above its tolerance band until the end of this year before falling back into that range at the beginning of 2022.

Looking ahead, the MNB noted that global supply shortages, higher commodity prices, and international freight costs, along with recovering activity, represent the primary upside risks to inflation. Therefore, it outlined that August’s rate increase will be the third in a cycle of hikes designed to stabilize inflation around the bank’s target and reduce upside inflation risks.

Numbers to Watch in the Coming Weeks Next Tuesday (September 14), the KSH will release its second reading of the July industrial output. According to the first reading, the volume of industrial production grew by 8% year on year. Based on workingday adjusted data, production rose by 10.2%. According to seasonally and workingday adjusted data, industrial output was 0.5% lower than in June 2021. The production level was similar to that before the pandemic in July 2019. The following day, July construction data will be published. The volume of construction output in June 2021, based on raw data, surpassed the previous year’s level by 27.8%. Based on seasonally and working-day adjusted indices, construction output rose by 3.5% compared to the May data. In the second quarter, construction producer prices increased by 9.3% compared to the same period of the previous year.

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Budapest Business Journal | September 10 – September 23, 2021

Photo by jobbik.com

Péter Jakab, president of Jobbik After topping In his most recent attack, Jakab several opinion accused the government of polls this year “murdering” 30,000 Hungarians by aiming to identify failing to address problems in the the most popular state healthcare system before the prime ministerial onset of the coronavirus pandemic. candidate, Jakab “I cannot forgive that, [only] God appears to have can forgive it. The Pope is coming his nose in front and Viktor Orbán has been granted of the opposition 30 minutes; he can start making in the first round of the primaries. a confession,” Jakab told Index, a A former history teacher who popular Hungarian website. grew up in the industrial city Such acerbic politicking has both of Miskolc, Jakab, 41, took over raised Jakab’s personal profile the leadership of Jobbik in and rescued Jobbik from a slump 2019 and has since used his in its popularity after the 2018 parliamentary position to be elections. While keeping his former sharply critical of Prime Minister radical right, anti-EU party strictly Viktor Orbán and his policies. on the moderate, center-right

path initiated under the former leadership from 2014, Jakab has seen the party’s popularity almost double to some 11-12% support of the total electorate, predominantly in rural Hungary.

Moreover, after much hesitation, the other opposition parties, including the Socialists and left-liberal DK, have accepted Jobbik as a bona fide partner in their efforts to win the next general election, a move unthinkable even as late as 2018.

It is also a move that has earned much criticism from Fidesz, which has accused the liberal-left bloc of betraying their principles by embracing what the governing party still deems to be an unacceptable, anti-Semitic, and anti-Roma grouping.

Hungary’s Opposition Parties Set to Begin PM Candidate Primaries Following their success in the 2019 municipal elections, the six principal Hungarian opposition parties decided to fight the 2022 general elections as an alliance, with a joint candidate for prime minister and for each of the 106 individual parliamentary constituencies.

KESTER EDDY

The parties have proceeded with preelections (frequently referred to as “primaries”) to select candidates. Here, we provide a brief explanation of the processes, with thumbnail profiles of the five remaining PM candidates (a sixth, József Pálinkás, Minister of Education during the first Orbán government and former president of the Hungarian Academy of Sciences, dropped out in the past couple of weeks), and some guidance as to the pollsters’ results so far.

The prime ministerial candidate elections will occur in two rounds, with the first taking place between September 18-26. The leading three candidates will then fight it out in a second round from October 4-10.

Parliament consists of 199 seats in total, of which 106 are chosen in individual constituencies, and 93 are derived from a list system. The opposition parties have already agreed on a candidate in 11 of the 106 constituencies, leaving party nominees to fight it out in the primaries to become the common candidate in the remaining 95.

This vote takes place in one round only, again between September 18-26.

No party will fight for every seat available: the Democratic Coalition (DK) has proposed 60 candidates, Momentum 56, Jobbik 47, the Socialists (MSZP) 42, New World Peoples’ Party (ÚVNP) 22, Dialogue 10, and the LMP nine.

To be eligible to enter the elections, PM candidates need to have collected 20,000 endorsement signatures nationwide. The individual candidates for parliamentary seats need 400 valid signatures from the residents of their electoral district.

Indeed, Ágoston Mráz, director of the pro-government Nezőpont Institute, told the BBJ that he could not envisage Jakab winning the second round of the primaries, not least because he believes the entire operation is “very much under the control of the [other] party leaders.”

Jakab, he says, has “very primitive messages that might be good for a campaign among radical voters, but not for victory among [other] potential opposition voters.”

But while others in the opposition grouping still harbor suspicions regarding Jobbik’s new, democratic direction, the alliance, despite some niggling spats, continues to function, for now, a result many would not have dared predict even one year ago.

With urban left-liberal voters likely to find it hard to support Jakab, while rural Jobbik voters would struggle to ballot for Dobrev (the wife of former MSZP Prime Minister Ferenc Gyurcsány), many commentators […] suggest the Budapest mayor Karácsony could win out as the compromise candidate “who is most likely to defeat Viktor Orbán” in 2022.

The five PM candidates and 265 MP candidates had two weeks to collect nominations beginning from August 23 and were required to submit them by 10 a.m. on September 6.

As the preliminary results of the signature campaign began to appear this week, Pálinkás, co-founder of ÚVNP, announced he had failed to obtain

Photo by Ádám Draskovics

Péter Márki-Zay, Mayor of Hódmezővásárhely, co-Founder of Everybody’s Hungary Movement Aged 49, an engineer, marketing professional, a Catholic, father of seven, pro-family conservative, and former Fidesz voter, MárkiZay shot to modest national fame by winning a mayoral by-election as an independent in the southeast Hungarian town of Hódmezővásárhely in 2018.

His victory in what had been a Fidesz stronghold was seen as a precursor to what the opposition parties could achieve

if they could unite behind a good candidate, regardless of his or her specific political leanings, and coordinate a vigorous local campaign.

“I believe in local municipal independence, checks and balances, and the control of the power of the state. I’m against the unlimited centralization which [Prime Minister] Orbán has been doing; I’m very much pro-European and pro-NATO. So, that’s why I consider myself as rightwing,” he told foreign journalists earlier this year.

His campaign also included a strong, anti-corruption element, which he attributes in no small measure to his local success, both

in 2018 and again in nationwide mayoral elections in 2019.

On the local level, his policies have been highly inclusive, launching educational projects designed to assist children from low-income families to attain their school leaving certificates, along with tailored foreign language courses in which, if successful, students have their fees returned as a reward.

“I am not satisfied with the level of education in this country.

Languages are essential. We have provided subsidies for needy kids, and I also convinced members of the international community to participate to give free or affordable lessons and to have

public discourses in English. We really try to encourage this,” he says.

While observers attest to his almost uniquely genuine hometown respect and popularity, lacking the backing of an established, nationwide party, Márki-Zay is unlikely to emerge victorious in this year’s prime ministerial primaries.

Nonetheless, his sincerity and impeccable personal record make him a politician any national leader would be ill-advised to ignore.

Should the opposition prevail in 2022, the inclusion of Márki-Zay in any new government would make it much more acceptable to those Hungarian conservative voters who no longer support Fidesz.

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Budapest Business Journal | September 10 – September 23, 2021

Photo by Zsolt Szigetváry / MTI

Gergely Karácsony, co-president of Dialogue, Mayor of Budapest In the Zavecz opinion poll taken in July, Gergely Karácsony, a political scientistpollster by training himself (though not with Zavecz), held onto the third spot, behind Jakab and Dobrev, with 24% support. This, however, was eight percentage points up on his popularity measured in a similar spring poll.

Karácsony entered the big stage of party politics in the 2010 general election when he won a seat on the party list as an MP for the green

the 20,000 nomination threshold, and said he would henceforth support the campaign of Péter Márki-Zay, who is running for the Everybody’s Hungary Movement (MMM).

The remaining five competitors submitted their nominations (all above the minimum threshold), which now need to be ratified.

According to a report in Telex.hu, a joint Závecz-Idea poll taken at the end of June made the front runners in the first round for the PM candidate position Péter Jakab (Jobbik), with

Politics Can Be Different (LMP).

However, he later joined the more flexible Dialogue Party after it split from LMP because the latter refused to cooperate with any other opposition party before the 2014 election.

After serving as mayor of Zugló (Budapest’s District XIV), from 2014, Karácsony fought the 2019 Mayoral election as the joint opposition candidate against the Fidesz-supported incumbent, István Tarlós. In a startling example of the effectiveness of a united opposition, Karácsony won with just over 50% of the vote.

After a few months of reasonable relations, the mayor

28% support, followed by Klára Dobrev (DK) 27%, and Gergely Karácsony (Dialogue-MSZP) 24%. Momentum’s András Fekete-Győr trailed in fourth position with 12%, leaving both MárkiZay (MMM) and Pálinkas (ÚVNP) at below 5% support.

This would indicate that the second round would see Jakab, Dobrev, and Karácsony battle it out in a final, three-way fight. With urban leftliberal voters likely to find it hard to support Jakab, while rural Jobbik voters would struggle to ballot for

claims that a series of hostile moves by the government, including measures reducing local council revenues (all ostensibly needed to combat the COVID pandemic), dashed any hopes of genuine cooperation and ultimately pushed him to enter the PM candidate race.

“With a central government seeking to eliminate the municipality in Budapest, and the municipal system in general [across the country], I have no moral basis not to use all my political strength in order to oppose this,” he told foreign journalists in June.

Dobrev (the wife of former MSZP Prime Minister Ferenc Gyurcsány), many commentators, including Dániel Mikecz, senior researcher at the liberal-leaning Republikon Institute, suggest the Budapest mayor Karácsony could win out as the compromise candidate “who is most likely to defeat Viktor Orbán” in 2022.

But at this point, as Mikecz cautions, given the limited data, predicting the outcome is very difficult as the whole process is essentially a new and untried innovation for opposition voters.

News | 5

The governing Fidesz party attack Karácsony for his limited language skills, as he has only a passive knowledge of English.

Polls indicate he has good support in the capital, but though he grew up in provincial eastern Hungary, Karácsony comes across as a “very urban” character says Róbert László, a researcher with Budapest think tank Political Capital.

“He is an integrative, likable type. He is good at finding compromises, good and bad,” László told the BBJ, adding, “[However], though he is popular in the capital and larger towns, in the smaller settlements, he seems an inaccessible stranger.”

“The final result will be very dependent on turnout. In surveys, more people say that they are going to turn out at the primaries than really do,” he says. Ágoston Mráz, director of the Nezőpont Institute, a pro-Fidesz thinktank, is even more dismissive of poll data as the basis for a reliable prediction.

“A primary […] attracts different people than in a general election.

I would be surprised if the turnout at these primaries reaches even one-quarter of opposition voters,” he told the Budapest Business Journal.

A lawyer by profession, Fekete-Győr stormed into the national consciousness in early 2017 when he successfully spearheaded the NOlimpia campaign calling for a referendum on whether Budapest should bid to hold the 2024 Olympic Games, a project which Momentum condemned as unaffordable for both the city and the country.

Momentum volunteers, working at tables across the capital in January temperatures, surprised many pundits by collecting some 266,000 signatures in support of the referendum, well above the 138,000 minimum required, which FeketeGyőr triumphantly deposited at city hall at the end of the campaign.

The government, which had previously been working all out to win support for the bid, backed down immediately rather than face the ignominy of an official defeat by the capital’s inhabitants.

The campaign firmly stamped Momentum’s existence on the political map. However, the party,

If a summer survey by the IDEA Institute, a Hungarian think tank, is anything to go by, should Klára Dobrev win the opposition primaries, she could be well placed to become the next prime minister. Across the population as a whole, the economist, university lecturer, and MEP scored better on five personal characteristics than Prime Minister Viktor Orbán, including sincerity, professional preparedness, and reliability, roughly matched the PM on six (including oratory skills and an ability to fight big battles) and was rated less able in only three categories; self-confidence, experience, and charisma.

Usually dressed in well-cut clothes and often sporting a colorful jacket, Dobrev, 49 and mother of three, puts her bright personality and good presentation skills to good effect from the podium.

Unlike Karácsony, she also

typically described as a proEuropean, liberal “Macronist” grouping, is formed largely of young, cosmopolitan professionals who have struggled to gain support outside Budapest and a few large provincial cities.

And while Fekete-Győr appears to be a well-accepted leader within the party, he has not infrequently been compared by detractors as being similar to Viktor Orbán in the early days of the ostensibly liberal, strongly anti-communist Fidesz.

Momentum failed to garner any seats in the 2018 general election, winning just 3% of the vote.

However, a vigorous campaign in the 2019 European Parliamentary elections achieved a showing of almost 10%, winning two seats, which it filled with two very articulate female MEPs. With polls indicating Fekete-Győr has about 16% of the opposition vote, he will struggle to win the PM primaries this time around.

However, Momentum’s youthful, dedicated membership is not likely to be deterred by that, and the party is fully expected to stay within the opposition alliance and win at least some seats in the 2022 election, if only on the party lists.

Photo by Democratic Coalition

Klára Dobrev, Democratic Coalition, and vice president of the European Parliament

Photo by Ábel Sellei

András Fekete-Győr, president and co-founder of the Momentum movement

has a working competence in English (and Bulgarian).

As a leading DK politician, Dobrev is passionately proEuropean, with a strong, leftleaning economic philosophy.

However, she is an easy target for Fidesz criticism; the governing party insists Dobrev is a mere puppet of her husband, former MSZP PM Ferenc Gyurcsány, whom they brand as a liar and leader who bought false economic prosperity to the country through unsustainable borrowing.

Fidesz also attacks Dobrev through her antecedents, as the granddaughter of Antal Apró, a leading member of the communist party in the 1950s, while her mother, Piroska Apró, also held important business positions in the 1990s as a result of her party connections.

After an energetic campaign across the country, Dobrev is likely to attract a high vote count in the first round, but concerns that she might alienate conservative opposition voters could cause some voters to switch their allegiance to Karácsony as the less divisive candidate in the runoff.

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Budapest Business Journal | September 10 – September 23, 2021

Drive for More Vaccinations Continues The Hungarian Medical Chamber (MOK) has submitted a fourpoint proposal to the operational corps, offering recommendations to prevent the potential fourth wave of the coronavirus pandemic from causing mass illness.

NICHOLAS PONGRATZ

To effectively control and prevent the spread of COVID-19, MOK recommended that vaccination points be set up in hightraffic areas where vaccines could be taken without registration.

In the countryside, the chamber urges the launch of vaccination buses, which can also be used without registration. Those who take the vaccine in small settlements could be rewarded with a few thousand forints or a food package. MOK has also pushed for the introduction of compulsory vaccination for some target groups.

The president of the Hungarian Chamber of Commerce (MKIK), László Parragh, had also stated earlier that vaccination ought to be mandatory for certain professions, particularly those with high traffic, face-to-face interactions.

Wizz Air recently announced that it would require all cabin crew to be vaccinated against the coronavirus from December 1. The new rule is being introduced to protect the health and

At center right, Minister of Innovation and Technology László Palkovics (also president of the Foundation for the University of Debrecen) at the laying of the foundation stone of the National Vaccine Factory at the University of Debrecen innovation park on September 5. With him are (from left): László Pósán, Fidesz MP; László Papp, Mayor of Debrecen (Fidesz-KDNP); Zoltán Szilvássy, Rector of the university; Lajos Kósa, Fidesz MP; Zoltán Bács, chancellor of the university, and State Secretary for Economic Strategy and Regulation László György, of the Ministry of Innovation and Technology. Photo by Zsolt Czeglédi / MTI

safety of passengers and staff and to ensure the smooth operation of Wizz Air flights, the company said.

As part of the EU package of COVID vaccines, shipments of the Pfizer vaccine have continued to roll in weekly. Pfizer Gyógyszerkereskedelmi said the latest shipment raised total deliveries of the Comirnaty vaccine to Hungary to more than 8.5 million doses.

It added that 1.5 million doses of the vaccine had been delivered in the first quarter, more than 4.6 million doses in the second quarter, and 3.2 million doses in the third quarter.

Hungarian Vaccines

Notably, Minister for Innovation and Technology László Palkovics announced that vaccine production could begin

New MOL Headquarters Topped-out Hungarian oil and gas company MOL has topped out its 120meter high, 28-floor MOL Campus in south Buda overlooking the Danube.

The complex, which can be seen from many parts of the city, is now the tallest building in Budapest at 165 meters at the highest point.

GARY J. MORRELL

The building thus overtakes the 93-meter Semmelweis Medical University tower in District VIII. Building regulations for the city center state that structures cannot be higher than 96 meters, the height of

the St István Basilica and the Hungarian Parliament, completed in 1904 and 1905, respectively.

The 86,000 sqm Neo-modern building, the size of 12 football pitches, has been designed by the world-renowned Foster + Partners and Hungary’s Finta Studio.

The project essentially consists of a tower and podium and will house around 2,500 staff working at the complex.

London-based Foster + Partners were chosen after a public tender. An architect was needed with experience in designing high-rise projects, and a London-based studio was, therefore, an obvious choice.

The project has achieved BREEAM “Excellent” and LEED “Platinum” certificates, the highest possible sustainability accreditations. The designers have emphasized open space and natural light; the complex, located on a 54-hectare site, provides 20 hectares of green space.

“We need the office space to support the developing industry by bringing together staff that are currently based

at several different office buildings across the city,” commented Péter Ratatics, chief operating officer of MOL Hungary, at the topping-out ceremony “There were too many complexities in the design for us to undertake a builtto-suit development in partnership with a developer, so we made the decision to develop the project ourselves in partnership with Market Építő,” he explained.

High-rise Skyline

Due to the planning regulations in the historic center of Budapest, where the aim is to protect the skyline and classical look and feel of the city, developers are unable to construct high rise buildings. That is not the case in, for example, Bratislava, Belgrade, and Warsaw, where the central skyline is increasingly dominated by high-rise office and residential projects.

“The MOL Group needed and deserved such a high-quality landmark HQ building. Therefore, I understand and see the importance of such a project. I am not against high-rise buildings, and I can see

Coronavirus ///roundup in Hungary by the end of next year at the National Vaccine Factory, when the cornerstone of the plant was laid in the innovation park of the University of Debrecen on September 6.

Detailing the benefits of the investment, the minister said it would provide a safe supply of domestic vaccines on a lasting basis and offer effective and economical protection against possible future pandemics and local epidemics while also creating jobs.

Meanwhile, as the majority of Hungarians have been vaccinated, workers return to offices, and children have returned to schools, many have started to reflect. According to an online survey conducted by Huawei Technologies and IPSOS, more than half of Hungarians felt they had suffered negative effects from the pandemic and restrictions on their mental and physical condition.

Some 48% of respondents said they spent much more time in front of a computer or TV during the lockdowns. In addition to deteriorating their physical condition, this also affected social relationships and mental health. Respondents reported gaining an average of about 7.2 kg.

This corroborates with another representative study by peakshop. hu, which reported that the proportion of overweight people in the adult population of Hungary had increased significantly by 7% since the outbreak of the coronavirus epidemic.

According to the results, women gained an average of 4 kg, while men had gained 3 kg since 2019. Today, 62% of the adult population is overweight or obese. Such a change, in such a short period, is in itself concerning, but particularly so given that being overweight is a significant risk factor for coronavirus patients.

why MOL and the architects have chosen such a shape for their new landmark project,” says Zsombor Barta, president of the Hungarian Green Building Council (HuGBC), on the project.

“However, its location and its integration into the existing city structure are more questionable for me. Budapest does not traditionally have high-rise buildings or districts.

It differs from, for example, Warsaw a lot. Therefore, for me, the location of the tower is questionable, as it does not necessarily integrate into the existing urban structures and shapes, and this can be a bit disturbing for many people. The high-rise concept is for sure something new in Budapest’s architectural environment,” he notes.

“The example of the MOL project shows that, theoretically, more highrises could be built. However, as highrises are not typical for Budapest […], I do not think that we will see more and more high-rise projects popping up. As I understand, the regulatory body stated that the MOL project was a one-off; no further [projects] should follow,” he adds.

The general contractor, Market Építő, is due to complete the MOL Campus by fall 2022.

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Budapest, 1056 Váci utca 36. - Matild Palota spagohu@wolfgangpuck.com | +36 1 550 5050 | www.spagobudapest.com

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Business

BSE Leading by Example on Sustainability Reporting

The Budapest Stock Exchange (BSE) aims to promote “environmentally-friendly” finance through improving the sustainability reporting and environmental, social, and governance (ESG) data sharing of listed companies. “As the number of sustainable products increases on the stock exchange, we want to develop green markets,” bourse advisor Balázs Bozsik tells the Budapest Business Journal.

GABRIELLA LOVAS

The BSE wants to improve awareness of ESG factors of both issuers and institutional investors in Hungary’s capital market, BSE ESG expert Bozsik says. One way to do this is through international cooperation. The BSE joined the United Nations Sustainable Stock Exchanges (SSE) initiative in 2019.

“This is an organization of exchanges, where members share their expertise and best practices with each other,” Bozsik explains.

The initiative is a UN Partnership Program with more than 80 stock exchanges around the world. The SSE provides a global platform for bourses, investors, issuers, regulators, policymakers, and relevant international organizations to improve performance on ESG issues and encourage sustainable investment.

The BSE also works closely with the Federation of European Securities Exchanges

Richter Statement on ESG “With investor expectations about ESG growing, Richter will publish its Sustainability Report annually starting this year. The report, released every two years since 2005, examines Richter’s corporate governance and its initiatives to reach social and environmental sustainability transparently. We aim to provide a comprehensive picture of all the areas that investors and various ESG rating agencies look at concerning Richter and pharmaceutical producers in general. When it comes to our external communication, we also pay attention to presenting the relevant information in an easily accessible way. As a responsible business, Richter places a great deal of emphasis on sustainability aspects that affect every element of the company’s vertically integrated business, be it pharmaceutical manufacturing, research, and development, or trade and marketing.”

Magyar Telekom Corporate Communications Director István Kutas

However, most Hungarian issuers don’t disclose any sustainability data.

In 2020, MOL qualified for the fifth consecutive year for inclusion in the Dow Jones Sustainability World Index (DJSI) in the Upstream & Integrated Oil & Gas category. MOL uses Global Reporting Initiative (GRI) standards as the main framework for its sustainability reporting, besides other standards. In this way, the group can increase its reach among international investors.

The three other Hungarian blue chips, Magyar Telekom, Richter, and OTP Bank, receive ratings from major ESG rating agencies, such as Arabesque, ISS ESG, MSCI, RobecoSAM, and Sustainalytics.

“We have asked the issuers that lag behind to make a plan on how to introduce ESG reporting first,” Bozsik says. The problem is that the initial costs of this transformation are high, while companies and investors will see its positive impact only in the long run.

Green Bonds, Green Market

Balázs Bozsik (FESE), a Brussels-based lobby group, in its Sustainable Finance Task Force.

In February 2021, the BSE published an ESG Reporting Guide for Hungarian issuers (existing and potential) that shows how to start making sustainability reports and provide ESG data, Bozsik says.

Boosting Transparency

“Our task is to boost transparency for investors by urging issuers to publish relevant ESG data rather than trying to push them to operate in an environmentally friendly manner. We want to make investment decisions about ESG-related factors easier.” In preparing the guide, the BSE checked best practices from other exchanges and worked with outside experts.

On the issuer side, the BSE sees strong interest in ESG reporting. “Both issuers and advisors, including big auditing companies and specialized agencies, attend the EGS workshops and conferences we organize for education purposes,” says Bozsik.

“We assessed Hungary’s ESG disclosure practices and found that there are some pioneers, along with issuers who are yet to improve their disclosure of sustainability data,” Bozsik notes.

There are already a couple of green bonds in Hungary’s corporate bond market. Hungarian real estate developer Futureal, for example, issued a 10-year green bond with a nominal value of HUF 55 billion in March under the Bond Funding for Growth Scheme of the National Bank of Hungary (MNB).

The MNB, the stock exchange owner, says it seeks to develop a domestic market for green mortgage bonds. The bank has also started promoting green mortgage lending through a Green Mortgage Bond Purchase Program.

The Government Debt Management Agency (ÁKK) has already issued both forint- and euro-denominated green bonds. Its first forint green bond auction in April drew strong demand.

Besides green mortgage bonds, social bonds will be available sooner or later, according to Bozsik. “As the number of green financial products is increasing, we will be able to create green markets and green indexes,” he adds.

OTP Bank ESG Statement “In November 2020, OTP Bank launched its ESG Program and established an ESG committee. This regularly reports on the status of the ESG Program to the management committee and has started to develop OTP Bank’s ESG strategy. We have to meet expectations both as a bank and as a legal entity. Here, the bank needs to think about strategic processes, such as how ESG considerations are reflected in our risk management or remuneration policies. With these, the bank also meets the expectations of the various ESG rating agencies. Based on their rating, our customers and partners see

“Magyar Telekom has developed its approach to sustainability along the three ESG pillars, environmental, social, economic, and includes values such as climate protection, a healthy environment, sustainable society, diversity, social solidarity, digital catch-up, sustainable products, and services, as well as fair trade and transparency. Magyar Telekom has published a sustainability report annually since 2004 that adheres to strict international standards, ensuring comparability and analysis. The reports follow the guidelines of the GRI. Our most recent report for 2020 was prepared using GRI Standard’s “Comprehensive” application level. As well as improved TCFD (Task Force on Climate-Related Financial Disclosures) compliance, SASB (Sustainability Accounting Standards Board) standard requirements have also been added to the current report.

It is based on the international standard ISAE 3000, an independent third-party PwC tested and certified compliance with GRI criteria.

“Like previous years, the 2020 report summarizes the progress made following UN Global Compact principles. In 2009, Magyar Telekom joined the initiative and its 10 principles in the areas of human rights, working conditions, environmental protection, and anti-corruption.

Responsible investors already own 45% of Magyar Telekom’s free shares. In the 2020 and 2021 ratings, leading agencies such as the ISS, MSCI, and FTSE4Good, rank the group among the top companies in its industry. Magyar Telekom has been confirmed as a member of the FTSE4Good index family by FTSE Russell. Moreover, as the only Hungarian firm, Magyar Telekom was among the top 7% companies based on the Carbon Disclosure Project Supplier Engagement Rating rating.

The BSE is striving to make ESG principles a part of its strategy and to provide sustainable data as a role model for listed companies, he adds.

For more on ESG and sustainability, look out for our Green Business Special Report in the next issue of the Budapest Business Journal.

how well the bank complies with ESG rules.

In addition, in the area of services (this means thousands of products in customer portfolios), we also had to assess and show the sustainability risks of these products.

“The bank had until March 10 to complete the publication of the regulations on the remuneration, organization and product side, risk management, transparency of adverse effects, and related procedures. OTP is already at the forefront of financing green infrastructure, housing loans, electric cars, renewable energy production and making its activities more environmentally friendly in terms of material and energy savings.”

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Budapest Business Journal | September 10 – September 23, 2021

Risk Premiums in Central Europe During Covid

The Corporate Finance Column

Mexico*

India*

Brazil*

Ukraine

Emerging Markets

*Western Markets and Emerging Market forecasts Focus Economics March 2021 & IMF World Economic Outlook Jan 2021

It is also interesting to note that, according to an analysis by PwC, globally, there seems to have been a greater increase in risk premiums in developing countries than in Central Europe.

While during Q1 2020, risk premiums increased by on average only 0.5% in Europe, they increased by some 2.7% in North Africa and Middle East (MENA), PwC says. Some emerging markets are likely to have a lower fiscal capacity to respond to the shock (less ability to spend their way out of a crisis, delayed access to vaccines, etc.); hence they are more vulnerable to a broad-based economic downturn.

Russia

China*

Spain*

UK*

France*

Austria

2021

Euro area

2020

Germany*

12 9 6 3 0 -3 -6 -9 -12

Western Europe & CE/SEE

Risk premium may be defined as the differential in the interest rate payable on bonds of a particular country compared to the lowest risk country.

Usually, it is the 10-year bond rate that is used as the basis for comparison.

For decades, the risk premium of all currencies globally was measured against the U.S. dollar. More recently, European countries began calculating their risk premiums against the German bond yield, the lowest risk European country, with an AAA credit rating.

Generally, during times of crisis, there is a flight to safety. Investors, fearing the worst, invest more into the lowest risk countries; hence the interest premium of interest rates in higher risk developing countries becomes higher.

This means both that (a) a higher interest rate is required to keep lenders interested in investing in developing countries and (b) that the cost of capital increases in developing countries.

This is the same “cost of capital” that underpins the valuations of corporations.

As the so-called discounted cash flow valuation method discounts future capital flows to a net present value, the higher the cost of capital, the more the value of companies falls. For example, in past financial crises, the value of companies on the stock exchanges of developed countries fell, but the value of companies in developing countries typically fell much more, on average.

A similar phenomenon, of course, exists for privately held corporations but is less visible given that they are not publically listed.

One might have expected risk premiums to increase in developing countries and the V4 during the covid crisis of 2020. Let’s look at the evidence.

According to the website countryeconomy.com, the broad trends show that risk premiums increased in the Czech Republic, compared to Germany, but they declined substantially in Poland and a bit in Hungary (data for Slovakia was not available).

This contrasts significantly with the 2008-2009 crisis, where the risk premium for Hungarian 10-year bonds reached a whopping 10% higher than German bonds.

The ECB (like the U.S. Fed) has been much more stimulative than during the financial crisis of 2008, which has had a beneficial effect in reviving economic growth and tamping down risk premiums.

However, there is no free lunch: as discussed in earlier articles, the massive level of stimulus in the developed world, including Europe, could lead to a period of inflation or stagflation. Central banks have shown some success in tamping down risk premiums in the short run.

But will the stimulus lead to inflation?

The jury is still out, but there is a good chance it will be more than transitory.

Real GDP in % Y.O.Y. 2020, 2021

CE/SEE

Les Nemethy and François Lesegretain look into Risk Premiums in the Visegrád Four (V4) countries during the Covid Era.

Business | 9

Source: Focus Economics, IMF, RBI/Raiffeisen Research

from EUR 100 to EUR 80 billion, which still represents some 6-7% of regional GDP for 2020. The net effect is still highly positive for the region.

In conclusion, COVID-19 has not been disastrous for the CEE countries’ risk premium and cost of capital.

Les Nemethy is CEO of EuroPhoenix Financial Advisers Ltd. (www.europhoenix.com), a Central European corporate finance firm. A former World Banker, he is author of Business Exit Planning (www. businessexitplanningbook.com) and a former president of the American Chamber of Commerce in Hungary.

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Central Bank Effect

One does not have to look far for an explanation for the behavior of risk premiums. The European Central Bank (ECB) has had a massive effect on dampening the severity of the COVID19 crisis, thanks to quantitative easing.

The ECB also announced the formation of the Next Generation EU (NGEU) fund, a massive EUR 750 billion in spending.

Even though the NGEU is only in the early stages of disbursement, the expectation of this stimulus also had an effect on buoying markets.

As can be seen from the chart below, European GDP is expected to bounce back quite well in 2021.

The allocation of the EU Recovery Fund or the NGEU instrument remains very supportive for the EU member countries from Central and Southern Europe. About 20% of the grants and guarantees under the NGEU should go to this group of countries, while their EU GDP share stands at just under 10%.

This is good news as the region clearly benefits from redistributive elements within the NGEU. It should be borne in mind that, parallel to the NGEU, there has been a decline in grants and guarantees destined by the EU to the CEE region,

BUDAPEST

CLIMATE SUMMIT

2021 7-8 OCTOBER

HOTEL MARRIOTT BUDAPEST Join the leading climate and sustainability conference of Central and Eastern Europe.

Under the honorary patronage of János Áder, President of the Republic of Hungary.

10 | 2

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‘We Know What to do’ Hungarian Ambassador Tells U.S. Charge d’Affaires Hungary and the United States continue to enjoy deep relations, even if the change in the U.S. administration has introduced different focus points, representatives of the two countries agreed at an AmCham Hungary forum on August 30.

ROBIN MARSHALL

The event (significant for the chamber of commerce as it was its first public fully faceto-face event since the summer break) is now a tradition that sees the top representatives of the respective nations give their overview of the bilateral relationship.

This year that meant Marc Dillard, Chargé d’Affaires at the U.S. Embassy in Budapest, and Hungary’s Ambassador to the United States Szabolcs Takács.

“Hungary is a great destination for U.S. investment: This is a premier place to do business,” Dillard told the audience. The figures certainly seem to back that up.

Indeed, investments have kept growing, despite the pandemic. According to data provided by Takács, America is the secondlargest investor in Hungary after Germany and has created 107,000 jobs. This year, U.S. businesses have been responsible for 25% of all jobs created by foreign investors, more than any other state.

Dillard had brought his own numbers: this year is the 100th anniversary of formal bilateral relations, trade between the countries comes to USD 7.4 billion a year, while America is the second most important export market for Hungary outside the EU. The two diplomats covered much ground, including Afghanistan, energy dependency, the environment, taxation, and relations with China.

On energy, an area where the United States has long warned of over-reliance on Russian gas (agreement in principle on a new long-term between Russia and Hungary was reached the day after the forum), Takaács insisted Hungary was doing what it could. He noted that, for the first time in 70 years, Hungary now has sources of gas other than Russia, thanks to LNG imports from the U.S. via Croatia.

“It is our very strong policy and ambition to diversify our energy sources and routes to lower prices,” the ambassador said.

Not Shy

Dillard rated the bilateral relationship as being strong enough to withstand inevitable tensions. “There are areas

AmCham ambassadors: From left, Marc Dillard, U.S. Chargé d’Affaires, Dávid Kőhegyi, AmCham's second vice president, and Hungary's Ambassador to the United States Szabolcs Takács. Photo by Lázár Todoroff. of cooperation: economic, security, the [NATO] Alliance. But there are areas of difference, and we have not been shy about addressing them,” he said.

One specific recent case that has seen a difference of opinion between Washington and Budapest concerns the so-called anti-pedophile law Hungary has passed, “some elements of which we believe were anti-LBGTQ,” Dillard said. (He also noted that AmCham had expressed similar reservations.)

The embassy believes the law “was not drafted very clearly,” and that has left “a lot of ambiguity,” the charge d’affaires added. Takács did not directly respond to that.

Another U.S. concern is a lack of transparency, especially in connection with deals involving China. “We need to be clear-eyed: in a business environment, a lack of transparency equals uncertainty, and uncertainty is bad for the business investment climate,” Dillard said.

He pointed to the Chinese financed Belgrade-Budapest rail link upgrade and the Fudan University campus in Budapest as areas of concern. “Details about these are not clear,” he told the audience.

Takács insisted Hungary knows who its allies are but refuses to discriminate based on a country’s home country. “I do not think anyone in the European Union wants to work with China to weaken the EU. We are not in an alliance with China or Russia. We do not want that, but that does not mean we will not work with them,” he said “Eleven of the 16 Chinese companies [in Hungary] used to be in Western hands,” the Hungarian ambassador

pointed out. “But when it comes to critical issues, we know what to do.”

Dillard struck a conciliatory tone on that aspect. “One of the concrete ways the Hungarian government can get a better sense of what is normal investment activity and when it becomes more of a national security matter is by strengthening investment screening procedures. But this is a global challenge. We want to work together on this,” he said.

“I tell my American friends we cannot agree on everything. If we do, it means one of us has made a mistake because we have a different focus. My job is to build bridges, not burn them. Any democracy you can think about does some things differently, but, of course, we belong to the same value system.”

Shared Values

For its part, Hungary firmly belongs to the European family and the West, Takács assured guests. “We are different than the Chinese and the Russians. We are much closer to America. We are different from Americans too, but more ties us than not. [...] We share values, and we know what our responsibilities are.”

Dillard made the point that, while the partnership in Afghanistan goes back 20 years and formal links 100 years, the relationship itself dates back much further, founded on cultural exchanges and people-to-people ties.

That is exemplified by Katalin Karikó, one of the pioneers of the messenger RNA (mRNA) research (which the chargé d’affaires described as a “global, life-changing technology”) used in the Moderna and Pfizer-BioNTech coronavirus vaccines.

The Hungarian-born biochemist and senior vice president of BioNTech trained at Szeged before continuing her research in the United States, where she is now an adjunct associate professor at the University of Pennsylvania.

How has the Hungarian-American relationship changed since Donald Trump was replaced as President of the United States by Joe Biden, the diplomats were asked.

“This [the Biden Administration] is a different government. [...] It is a liberal, left-wing government, and we are a conservative, Christian Democrat, rightwing government,” Takács said.

“I tell my American friends we cannot agree on everything. If we do, it means one of us has made a mistake because we have a different focus. My job is to build bridges, not burn them. Any democracy you can think about does some things differently, but, of course, we belong to the same value system.”

Dillard agreed that was a critical point. “There is very strong support in Washington for the system. We will work to uphold it because of what it has done for us in the past,” he concluded.

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WHO’S NEWS

Do you know someone on the move? /// Send information to news@bbj.hu

Rozália Miklós Appointed Head of MSCI Budapest

was executive director leading the client solutions team for EMEA. Before that, as a vice president, she led the analytical quality assurance team in Budapest.

“As the office head for Budapest, I look forward to contributing to the implementation of this new exciting way of working that will modernize our workplaces and enhance both client and employee experience,” Miklós says.

Paying tribute to Janza, who continues his career at MSCI as the head of enterprise transformation and the global head of offices, Miklós praised his leadership, under which the firm became a prominent player on the Hungarian fintech scene, and MSCI Budapest has become the second-largest office of MSCI worldwide.

MSCI Inc., a leading provider of missioncritical decision support tools and services for the global investment community, Rozália Miklós announced the appointment of Rozália Miklós as head of MSCI’s Budapest office. She succeeds Ákos Janza, who held the role for 11 years.

In the new role, her primary focus will be to attract talent from across Budapest, promote a diverse and inclusive working environment and help implement Citi Names Central MSCI’s “Future of Work” concept.

Europe Cluster Head CEO Henry Fernandez announced Citi has earlier this year that MSCI will not announced the return to normal working practices appointment of once the pandemic has subsided. He British national described the Future of Work program Munir Nanji as as “a reimagination of the firm’s Central Europe physical offices to become hubs that cluster head buzz with innovation, socialization and and Citi country collaboration and where employees Munir Nanji officer (CCO) gather to accelerate transformative ideas for the Czech and conduct critical operations.”

Republic, effective from September Miklós has held various leadership 1. Munir succeeds Kevin A. Murray, positions at MSCI. Most recently, she ADVERTISEMENT

who retired in August, as cluster head. Nanji will be responsible for Citi’s franchises in Hungary as well as Bulgaria, the Czech Republic, Romania, Slovakia, and 11 nonpresence countries in the cluster.

As Czech CCO, which is subject to regulatory approval, Munir succeeds Michal Nebesky, who announced his intention to pursue new professional opportunities.

Munir was previously the Asia Pacific region head of the Global Subsidiaries Group in Citi’s Banking, Capital Markets, and Advisory business, based in Singapore.

He has previously worked internationally across Asia, Europe, and Africa, in various country and regional corporate banking, product management, and legal entity governance roles.

Before Citi, Munir worked for Unicredit supporting its expansion phase across Central Europe. He started his career as a management associate with Citi in Kenya.

Commenting on the appointment, Kristine Braden, Europe cluster head, said, “I am pleased to welcome Munir Nanji back to Central Europe, which is an important cluster for Citi. Munir brings 30 years of international banking experience running some of our largest businesses and managing key client segments in Asia and EMEA. Under his leadership,

Business | 11

Citi will continue to contribute to the economic growth and progress of these important markets.”

Fresh Managing Director at Coca-Cola Hungary The Coca-Cola Company has announced Sonia Dimogli as the new managing director of Coca-Cola Hungary (CocaCola Szolgáltató Sonia Dimogli Kft.), effective from September 1.

Dimogli joins the company from Coca-Cola Hellenic, where she has worked for the past three years as regional marketing director for Greece and Cyprus.

She has gained extensive experience in corporate management and sales and marketing during her career, holding senior positions with consumer brands and FMCG manufacturers in several European countries, including Greece, the Netherlands, and Bulgaria.

Péter Kerekes, managing director of the Hungarian subsidiary since November 1, 2018, left at the end of August to pursue his career elsewhere. Kerekes was responsible for leading the transformation of Coca-Cola Hungary into a full beverage portfolio company.

12 | 2

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Resysten: Hungarian Coatings Company Combats COVID and Superbugs The Coronavirus pandemic that exploded in early 2020 has been a disaster for most businesses around the globe. But in specific niche sectors, it provided an unparalleled opportunity for growth. One such, which has had little publicity, is biological coatings that kill germs and viruses. It is a fast expanding sector, and Hungary has an international champion: Resysten.

KESTER EDDY

Shajjad Rizvi at times indicates frustration with journalists who talk only about his product in relation to COVID. “Resysten was developed eight years ago to deal with pathogens that lead to all types of bacteria and viral outbreaks, not just COVID!” he barks in an emailed answer to a clarification question. “We are a hygiene company and product that's dealing with all type of hygiene issues. Resysten keeps surfaces clean!” he adds.

However, the chief executive of Resysten, a company with its production unit based in Törökbálint, a village just 16 km southwest of central Budapest, concedes that it was the pandemic that has been behind its international rise in fortune.

After slow, plodding work over seven years on Resysten (the company is named after its product), with the appearance of COVID in 2020, “Things went bonkers,” as Rizvi told the Budapest Business Journal in a faceto-face interview.

Yet even the plod into Resysten’s home market had difficult beginnings.

Hard-pressed managers in any company, let alone short-staffed hospital directors, had little time to consider an email from an unknown company founded by a couple of nonmedical professionals.

Transport Trials

Indeed, several of the early practical trials came via transport companies and Budapest public transport in particular.

In one trial, the company applied Resysten to the entire HÉV suburban train fleet of 294 carriages, treating crucial surfaces such as handrails touched by thousands of passengers every day. In April 2017, on the Budapest-Gödöllő line, all 22 three-car units were treated in less than 24 hours, with dramatic

results: scientific checks on critical surfaces three months into the trial revealed an average decrease in pathogens of 90%.

Later tests on the moving handrails of the Budapest metro station escalators, one of the most complex challenges imaginable for the Resysten scientists, proved even more effective over time.

With the onset of the COVID pandemic, the hard work began to pay off, and with the phones almost constantly ringing, the meticulously recorded trials made frantic enquirers pay attention. But even then, numerous hurdles blocked the immediate take-up of orders, not least national approval for use in a hygiene sector where the technology is still being pioneered.

“It’s all relatively new. The active substance generated is free radicals generated from the interaction with light. But these radicals have not been processed in full by the European Chemicals Agency (ECHA), so approval of coatings such as Resysten is determined on a country-by-country basis,” says Shajjad.

How Resysten Works Resysten’s results are based on the remarkable properties of titanium dioxide (TiO2), a seemingly boring, naturally occurring compound used as a food additive. But when exposed to light, TiO2 acts as a catalyst to create chemicals that decompose and destroy cell membranes. Because most microbes are single-cell, they die very quickly once they come in contact with even tiny amounts of TiO2 and light, including even artificial light.

In 2011, Hungarian IT entrepreneur János Pintér “We have

Irish Breakthrough

Then, in June this year, the Irish regulator approved Resysten as a biocide disinfectant “used for disinfection of surfaces, materials, equipment, and furniture,” and permitted in such areas as offices, healthcare facilities, public transport, and hospitality facilities.

“Now, in Ireland, we are on a rollercoaster, with shops, gyms, hotels, pubs, and even churches asking for treatments,” says Shajjad.

In the Czech Republic, SAP, Pilsner Brewery, and a string of tattoo parlors in Prague are now using Resysten coatings, while outside the European Union, Ukraine has applied the product to 150 ambulances.

Naturally, the results also show in revenues. Turnover in 2019 was a modest EUR 500,000, rising almost three-fold last year to EUR 1.4 million.

“We could be looking at EUR 2 mln this year, including international orders,” Shajjad estimates.

For the immediate future, Resysten expects significant progress in Belgium, Germany, and Spain, where it has strong partners in such sectors as transport, healthcare, and retail.

With the U.K. regulatory system now in upheaval due to Brexit, one natural market is on hold, leaving the biggest prize, the United States, awaiting.

Shajjad Rizvi, CEO of Resysten.

“It [regulatory approval] is gonna cost USD 1 million or more.

But it's a massive market,” says undergone extensive testing, safety, Shajjad, “Just you have to remember, durability, and efficiency tests, but each we're financing everything from test costs a small fortune and combined our own profits.” with the fees paid for access of use in each country, the costs quickly mount up,” he explains.

Test results after 3 months In 2020, Resysten made headway measured on the Csepel line with successful trials in countries such as the Czech Republic, Ireland, and Before treatment After 3 months Ukraine, and in the airline industry, a 60,000 average sector desperate for a eureka solution reduction to restart operations and reduce the 45,000 massive increase in time and costs caused by intensive hand cleaning 30,000 after every flight.

But with regulators fearful of a 15,000 scandal erupting from any hasty RLU 0 decision, however good the intent, Driver Ticketing Double seat Double seat obtaining national approval cabin – surface – handrail machine anywhere proved elusive.

90%

happened on a research paper detailing this unusual property and pondered. Knowing that hospitals and medical facilities were facing a crisis from highly resistant, so-called ‘superbugs’ clinging to walls and other surfaces, he reasoned that if he could find a way to create a durable, nano-coating of TiO2 that could be applied, he could produce an affordable product that would act as a safe and efficient disinfectant over a long period.

Pinter teamed up with contacts in the chemical industry to fathom how to do precisely this and, after several years of basic research, Resysten was born.

Its success, however, is not the titanium dioxide component – this compound’s properties are now widely known within the anti-microbial coating industry – but in the solution carrying the TiO2 (a closely guarded business secret) and the careful spray application of the product.

‘We put as much emphasis on the correct application of Resysten as we do on the product itself,’ Shajjad Rizvi insists. ‘This is crucial to its effectiveness and its durability.

Remember, it comes with a year-long guarantee.’

3

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Budapest Business Journal | September 10 – September 23, 2021

Special Report IT, System Integration

PRESENTED CONTENT

Cloud Adoption on the Right Track in Hungary

The growing need for cost-efficiency, sustainability, and resilience, as well as the increasing number of shared services and outsourcing, all fuel the adoption of cloud-based business solutions in Hungary.

Although Hungary is still below the EU average in cloud computing, its use is expanding in almost all business sectors as locals increasingly have good personal experiences to draw on, László Marton, chief operating officer of ICT provider Invitech, tells the Budapest Business Journal. ÉVA KASZAP

BBJ: Where is the Hungarian market in the journey between on-site and cloud-based solutions?

László Marton: Market players in Hungary have generated a considerable improvement recently and developed a basic, initial knowledge of cloud services. Undoubtedly, every business procedure has specific fields where cloud frameworks can deliver higher sustainability, resilience, and flexibility.

I am positive that almost all large- and medium-sized firms have engaged in some ways with the cloud, if only through their mailing system. Of course, many are going further in adopting a wide range of cloud-based business solutions.

Others have no cloud experience at all. I would not call the latter laggards or conservatives; their technological microenvironment and business goals are simply not in line with the benefits of cloud solutions. If we think about the Hungarian assembly unit of a foreign auto parts manufacturer, we can all admit that they are not in urgent need

security certifications. Large international public service providers are also facing some sort of mistrust from the fact that customer data is usually stored in servers beyond the customers’ homeland, often at the other side of the world. Invitech data centers are placed in Hungary, eliminating exposure to international privacy risks.

László Marton, chief operating officer of Invitech of cloud-based services. E-commerce firms in the retail sector, on the other hand, have already identified its importance, especially in running their online webshops; besides the everyday workflow, cloud computing remarkably facilitates plans for shipping capacities as well. Cloud penetration, in general, is on the right track in Hungary. This is a shared journey where clients, as well as service providers, go side-by-side.

BBJ: What are the main driving factors for migration?

ML: There is an array of different types of capabilities the cloud can deliver for businesses. I would mention improved agility, resilience, and flexibility. When it comes to the latter, we need to spotlight business-related driving factors next to more common technological ones.

The cloud, for instance, helps business environments meet market needs more effectively. Businesses can respond faster to potential expansion, and it also assists firms in faster market entry. In addition, it is easier to change or open new sales channels in cloud frameworks. Let’s also mention here data and cyber security.

Migrating either a partial or entire backup environment to the cloud gives extra safety.

We have learned from the pandemic that providing remote workers with access to usual capacities is indispensable, which is much easier via the cloud than via on-premises infrastructure. Just as in the European Union or the United States, business process modeling is becoming

increasingly popular in Hungary. And modeling requires capacities. Among the most effective driving factors, however, are AI and self-learning systems being accessible in the cloud. The value of a company primarily depends on its product and service portfolio, but sustainable workflows and environmental awareness also trigger business value. According to a study compiled by consulting firm Accenture, migrating to the cloud through consolidated IT environments cuts CO emissions by at least 80%.

BBJ: How do you differentiate yourself against competitors?

ML: Invitech tries to position itself and its entire infrastructure as a professional mentor and a consultancy firm helping its clients in their migration. Invitech can combine its products and services with those of giants such as Amazon or Microsoft. We strive for this hybrid approach in our strategy.

BBJ: Is there any mistrust among customers in terms of cyber security and data protection?

ML: Despite ISO standards and countless guarantees from service providers, company data assets, client information, and know-how stored outside of the companies’ premises naturally generates lingering concerns on the market. Some companies in various areas will never migrate to a cloud server. Many other business processes, however, are a perfect fit for the cloud with essential

BBJ: Is education still necessary?

ML: Yes, absolutely. Invitech’s strategy is very highly based on educational purposes, which are not necessarily technical, much more businesslike. We must educate our clients in various fields, explaining that migrating business workflows will bring added value to their operation. The technical advantages, in general, have been acknowledged by customers. Education is more about business. Why? Because it is tough to define relevant metrics and KPIs around results. We do not have existing solutions to measure the benefits of the migration of, for example, invoicing and product development systems into the cloud. It is very hard to create standardized measuring systems, as different customers use different KPIs.

“Some companies in various areas will never migrate to a cloud server. Many other business processes, however, are a perfect fit for the cloud with essential security certifications.”

BBJ: How do you see future trends?

ML: I think that the future will bring solid development in Software as a Service (SaaS), especially for functionality-based business models. When customers want to develop a CRM system, they still like to contact software manufacturers instead of defining business functionality goals and inviting various service providers in a tender. I think that the future will help migrate relevant functionalities to the cloud too. Another subsequent aspect is that customers will reconsider existing implementations, start thinking about how they can make things better, and identify areas where development is necessary.

At the same time, I project that largescale public service providers will extend further on the market in partnership with local firms as, no doubt, cloud computing remains a good business.

14 | 3

Special Report

News///in brief IT, System Integration

OTT-ONE Hires Computer Forensic Expert

Listed IT company OTT-ONE said on September 3 it had hired a computer forensic expert to probe circumstances “contested” by its former accountant, according to a release on the website of the Budapest Stock Exchange. OTTONE said the expert’s opinion, about which it will inform investors, could contribute to the company getting a new accountant. In August, OTTONE said it has still not been able to find a new accountant, months after its former accountant left, despite contacting “on several occasions all accountants with IFRS certification in the Chamber of Accountants registry.”

OTT-ONE said in April that its accountant left in breach of contract.

OTT-ONE’s latest earnings report, for Q1-Q3, released in November, showed the company’s revenue jumped 664% year-on-year to HUF 12.1 billion, lifted by a state order for ventilators and masks. However, its net income rose at just a fraction of that pace to a modest HUF 41 million. OTTONE said in the report that excluding revenue from the delivery of the healthcare equipment, turnover was little changed from the base period.

4iG-led Consortia Wins Right to Compete for HUF 600 bln

Listed IT company 4iG said consortia it leads had won the right to compete for over HUF 600 billion of state orders, according to a release on

www.bbj.hu

Budapest Business Journal | September 10 – September 23, 2021

the website of the Budapest Stock Exchange. The consortia won the right to compete for sets of orders with a combined net value of more than HUF 600 bln to deliver MS.NET and MS Business Intelligence Development Services, as well as Java or Business Intelligence Development Services. The tenders were called by the Digital Government Agency (DKU). 4iG noted that the framework agreements reached with DKU do not “automatically” produce orders; rather, the chosen suppliers will compete again to make deliveries to institutions served by DKU based on their needs.

Delta Systems in Running for HUF 520 bln in State Contracts

Listed IT company Delta Technologies said its unit Delta Systems has entered into three framework agreements through which it can bid for a total of HUF 520 billion in state contracts, according to a release on the website of the Budapest Stock Exchange. The company said that Delta Systems, as a consortium leader, won two calls for tenders for IT developments, together with four other independent consortiums. One tender has a budget of HUF 180 bln and the other HUF 340 bln. In a separate statement, the company said Delta Systems, also as a consortium leader, won a tender for IT developments with a budget of HUF 30 bln, together with three other consortiums. Delta Technologies noted that the framework agreements do not automatically guarantee orders.

The state institutions serviced by the Digital Government Agency (DKU) will call their own tenders for the suppliers included in the framework agreement, based on their own needs.

Proworx Starts International Expansion Without Foreign Offices

4iG to Acquire Antenna Hungária Listed IT company 4iG yesterday said on August 26 it reached a preliminary agreement to acquire a majority stake in state-owned telecommunications company Antenna Hungária Zrt. through an in-kind contribution, according to an announcement on the website of the Budapest Stock Exchange. 4iG will transfer the telecommunications assets in its portfolio to Antenna Hungária, giving it control of the company.

A decision on the assets will be taken after the agreement with the minister in charge of managing national assets is finalized, and the due diligence of Antenna

Hungária has been completed, probably by mid-October. 4iG said the purpose of the transaction is for the parties to “establish a strategic telecommunications and telecommunications infrastructure service company, which, in addition to competitive market services, gives due sufficient emphasis to national interests within the industry.” Photo by Antenna Hungária.

See also “4iG-led Consortia Wins Right to Compete for HUF 600 bln” and “4iG Raises Stake in DOTO to 100%” above and to right.

Proworx Digital, which is involved in the digitization of sales support and marketing processes, has started its international expansion without foreign market offices, at least for now, according to business daily Világgazdaság (Global Economy).

“For the time being, we are performing all tasks from Budapest, but soon we would also like to establish branches in the markets of our region, to offer a solution to large local companies with a more active presence,” Domonkos Pichovszky, founding director of Proworx, told the leading business daily. In order to open branch offices in foreign markets, it is thinking of raising international capital and says it is already in advanced negotiations.

4iG Raises Stake in DOTO to 100% Listed IT company 4iG said it raised its stake in software developer and IT consultancy DOTO Systems to 100%, according to an announcement

on the website of the Budapest Stock Exchange. 4iG did not disclose the price of the transaction. According to public records, at the end of 2020, 4iG held a 60% stake in DOTO Systems, while founder László Galambos owned 40%. DOTO Systems had net revenue of HUF 629 million last year.

Women Still Underrepresented in IT Women are still underrepresented in IT, with only 10-15% of those working in the sector being women, despite there being positions that provide excellent opportunities, writes business daily Világgazdaság (Global Economy). There are still many stereotypes in this area, from school education to career choices to the workplace approach, said expert Edith Kalocsai. The proportion of female students is as low as that of employees in so-called STEM courses, such as IT training. According to Eurostat, the EU average for women in the sector is 17.7%.

Bodri Winery Develops Grape Disease Forecasting IT System

The Bodri Winery, based in Szekszárd (150 km south of Budapest), has developed a grape disease forecasting and decision support IT system in a HUF 343 million project, the company said on August 26. State news agency MTI reported that the project was financed from credit and a HUF 210 mln European Union grant. The system uses simulation to determine the weather conditions for grape infections and makes specific proposals to help farmers implement a much more targeted disease control program. Bodri Winery had revenue of HUF 640 mln in 2020, according to public records.

ÁSZ: Broader Internet Access Improved Digital Education The prevalence of broadband internet access has improved the conditions for digital education, but no significant strengthening of teachers’ digital competence has taken place, according to an analysis by the State Audit Office (ÁSZ), writes novekedes.hu (Growth). According to ÁSZ, studies show that both teachers and parents have made their own digital tools and Internet access available for digital education to be effective. As a result, about 95% of students participated in some form of digital education, while 5% of students dropped out, which is a severe risk factor for them. Analysts concluded that while the transition to digital education has made it clear that teachers are digitally trained, digital methods are not common practice, and the number of students prepared for digital education is low.

3

www.bbj.hu

Budapest Business Journal | September 10 – September 23, 2021

Special Report | 15

System Integrators Ranked by total net revenue in 2020 type oF SyStem IntegRatIon

It SeCuRIty

ConSultIng

mIxed

HaRdWaRe

SoFtWaRe

mIxed

novell

WIndoWS SeRveR

unIx

HaRdWaRe

SoFtWaRe

1

t-SyStemS HungaRy ZRt. www.t-systems.hu

84,896

✓

✓

✓

✓

✓

✓

A

✓

✓

✓

–

✓

✓

✓

✓

Magyar Telekom Nyrt. (100) –

gábor gonda Ádám Balázs Schuszter –

1097 Budapest, Könyves Kálmán körút 36.

(1) 452-1400 info@t-systems.hu

2

4Ig nyRt. www.4ig.hu

40,463 (2019)

✓

✓

✓

✓

✓

✓

A

✓

✓

✓

–

✓

✓

✓

✓

Individuals (100) –

gellért jászai – –

1037 Budapest, Montevideo utca 8.

(1) 270-7600 info@4ig.hu

3

S&t ConSultIng HungaRy kFt. www.snt.hu

27,819

✓

✓

–

✓

✓

✓

K&H, Erste, MAVIR, OBH, MOL, Vodafone, NAV, MÁK, MVM ELMÜ, Főtáv, NISZ, Affidea, Webeye

✓

✓

✓

✓

✓

✓

✓

✓

– S&T AG (100)

péter Szabó Sándor Kulcsár Tímea Soós

2040 Budaörs, Puskás Tivadar út 14.

(1) 371-8000 info@snt.hu

4

InvIteCH ICt SeRvICeS kFt. www.invitech.hu

24,848

–

–

–

✓

✓

✓

A

✓

✓

✓

–

✓

–

–

–

– China CEE Fund (100)

gerald grace Dániel Majubu Orsolya Hladics

2040 Budaörs, Edison utca 4.

(80) 820-082 kapcsolat@invitech.hu

5

dxC teCHnology magyaRoRSZág kFt. www.hp.hu

24,699

A

A

A

A

A

A

A

A

A

A

A

A

A

A

A

– DXC Hague B.V. (A), DXC Hague II B.V. (A)

Zoltán Czibók, krisztián kovács – –

1114 Budapest, Bartók Béla út 43–47.

(1) 279-8000 cegugyek@hp.com

6

Ibm magyaRoRSZágI kFt. www.ibm.com/hu

19,140

–

–

–

–

–

A

– IBM Ireland Product Distribution Limited (100)

péter Szalay – –

1117 Budapest, Neumann János utca 1.

(1) 382-5500 info@hu.ibm.com

7

InteR-ComputeRInFoRmatIka ZRt. www.ntercomputer.hu

11,258

–

–

✓

✓

8

euRo one SZámítáSteCHnIkaI ZRt. www.euroone.hu

10,889

–

–

✓

9

nádoR RendSZeRHáZ kFt. www.nador.hu

10,100

–

–

✓

Rank

SoFtWaRe development

IntegRatIon oF oWn pRoduCtS

eRp

opeRatIng SyStem oF SeRvICeS

Sap SeRvICeS

total net Revenue In 2020 (HuF mln)

SeRvICeS

Company WebSIte

delta 10 InFoRmatIka ZRt. www.delta.hu

aCCentuRe 11 tanáCSadó kFt. www.accenture.hu

QualySoFt 12 InFoRmatIkaI ZRt. www.qualysoft.com

duna elektRonIka kFt. 13 www.dunaelektronika.com

5,963

5,643

5,117

4,575

✓

✓

–

–

✓

✓

✓

–

✓

✓

✓

–

majoR ClIentS In 2020

✓

A

–

–

✓

✓

A

✓

✓

✓

–

A

✓

✓

✓

✓

A

✓

✓

✓

✓

✓

✓

✓

✓

✓

A

✓

✓

–

A

A

–

Ericsson Magyarország Kft., Avon Cosmetics Hungary Kft., OTP Bank Nyrt., Morgan Stanley Hungary Analytics Kft., Ép-GéPész Holding Kft.

–

✓

A

✓

ntt data buSIneSS 14 SolutIonS kFt. https://hello.global.ntt

3,266

–

–

✓

✓

✓

✓

A

teCHWave 15 HungaRy ZRt. www.techwave.hu

3,066

✓

✓

✓

✓

✓

✓

A

✓

✓

oWneRSHIp (%) HungaRIan nonHungaRIan

top loCal exeCutIve CFo maRketIng dIReCtoR

addReSS pHone emaIl

✓

–

✓

✓

A

✓

✓

–

✓

✓

✓

✓

Inter-ComputerHolding Kft. (100) –

tamás molnár János Bence Bajzáth –

1118 Budapest, Gombocz Z. utca 12.

(1) 411-3720 info@intercomputer.hu

✓

✓

✓

✓

✓

✓

✓

Bravogroup Holding Kft. (100) –

árpád kucska – –

1145 Budapest, Újvilág utca 50–52.

(1) 358-6350 info@euroone.hu

✓

–

✓

Individuals (100) –

tibor gombos Krisztina Mikusik Kissné –

1152 Budapest, Telek utca 7–9.

(1) 470-5000 info@nador.hu

✓

Deltagroup Holding Zrt. (100) –

István antal – –

1134 Budapest, Róbert Károly körút 70–74.

(1) 437-5200 info@delta.hu

A

– Accenture International S.A.R.L. (A), Accenture Minority I B.V. (A)

tomas volek – –

1138 Budapest, Bence utca 1.

(1) 327-3700 Info_Budapest@ accenture.com

✓

Individuals (3) Qualysoft Holding Ltd. (97)

milán Hasznics Anita Ócsai Mátyás Borbély

1118 Budapest, Rétköz utca 5.

(1) 889-9800 office@qualysoft.com

–

Individuals (15), Starpool Holding Hungary Kft. (85) –

péter pál Fried János Kóti –

1183 Budapest, Gyömrői út 99.

(1) 666-1600 sales@dunaelektronika. com

✓

– NTT DATA Business Solutions International Holding GmbH (100)

Zsuzsanna Szakács Földháziné, Róbert németh – –

1117 Budapest, Neumann János utca 1.

(1) 482-9500 info-solutions-hu@ nttdata.com

péter Fárizs – –

1138 Budapest, Dunavirág utca 2–6.

(1) 237-1730 info@techwave.hu

✓

✓

✓

–

A

A

A

✓

–

–

✓

✓

✓

–

✓

✓

✓

✓

✓

✓

✓

✓

✓

A

A

A

✓

–

–

✓

–

–

–

✓

✓

✓

–

✓

–

✓

✓

– Techwave Infotech Private Ltd. (100)

16

kÜRt InFoRmáCIóbIZtonSágI éS adatmentő ZRt. www.kurt.hu

1,741

–

–

–

✓

✓

✓

A

A

A

A

A

A

A

A

A

Individuals (100) –

józsef béla kmetty – –

1118 Budapest, Rétköz utca 5.

(1) 424-6666 kurt@kurt.hu

17

Conet kFt. www.conet.hu

1,168

–

✓

–

✓

✓

–

A

A

A

A

–

✓

✓

A

A

Endre Nagy (50), Endréné Nagy (50) –

endre nagy, endréné nagy – –

1147 Budapest, Fűrész utca 115.

(1) 467-2060 conet@conet.hu

16 | 3

Special Report

www.bbj.hu

Budapest Business Journal | September 10 – September 23, 2021

Software Developers

13

Siemens

OTP Bank Nyrt., Magyar Államkincstár, Takarékinfo, Poland, UK, Wealth Connect, Központi Adatfeldolgozó Romania, Wealth Portal, Zrt., CIB Bank Zrt., Erste Benelux Wealth Platform, Bank Hungary Zrt., BNP states, Czech Securities Bank, Paribas Bank Polska Republic, Securities Events, Spólka akcyjna, Posta InIT Slovakia Securities Asset Zrt., Wiener Börse AG, MKB Bank Nyrt., OTP Alapkezelő Zrt.

no. of full-time employeeS on july 1, 2021 of tHem, no. of SoftWaRe DevelopeRS

5,117

A

DiStRibution of oWn pRoDuCtS

3,670

4,356

Germany

oWneRSHip (%) HungaRian nonHungaRian

ReSale

3

QualySoft infoRmatikai zRt. www.qualysoft.com

4,354

99

majoR ClientS in 2020

ConSulting

DoRSum infoRmatikai fejleSztő éS Szolgáltató zRt. www.dorsum.eu

SoftWaRe pRoDuCtS

inStallation

2

main expoRt DeStinationS

total net Revenue in 2020 (Huf mln)

evoSoft HungaRy kft.

27,019 27,074 www.evosoft.hu

SoftWaRe RelateD aCtivitieS

SoftWaRe expoRt in 2020 aS a peRCentage of total expoRt (%)

1

Company WebSite

net Revenue fRom SoftWaRe Development in 2020 (Huf mln)

Rank

Ranked by net revenue from software development in 2020

A

A

A

A

1,417 1,281

– evosoft GmbH (100)

istván petényi Erika Balogh Zoltán Gönye

1117 Budapest, Magyar tudósok körút 11.

(1) 381-6400 sales@evosoft.com

✓

✓

–

✓

216 36

(100) –

Róbert kő – –

1012 Budapest, Logodi utca 5–7.

(1) 487-3030 info@dorsum.eu

✓

✓

✓

✓

226 114

Individuals (3) Qualysoft Holding Ltd. (97)

milán Hasznics Anita Ócsai Mátyás Borbély

1118 Budapest, Rétköz utca 5.

(1) 889-9800 office@qualysoft.com

Individuals (100) –

Csaba Rozenberszki Judit Andráskó Zsolt Rozenberszki

1038 Budapest, Ráby Mátyás utca 7.

(1) 436-7850 info@rrsoftware.hu

top loCal exeCutive Cfo maRketing DiReCtoR

aDDReSS pHone email

–

–

A

Ericsson Magyarország Kft., Avon Cosmetics Hungary Kft., OTP Bank Nyrt., Morgan Stanley Hungary Analytics Kft., Ép-GéPész Holding Kft.

6

Austria, Czech Republic, USA, UK, Nigeria, Italy, Romania, Srí Lanka

FusionR, VERK, cDMS product lines

Porsche Finance Zrt., GIRO Zrt., HEINEKEN Hungária Sörgyárak Zrt., Invitech ICT Services Kft., Magyar Suzuki Zrt., NISZ Zrt.

✓

✓

✓

✓

128 65

A

✓

✓

✓

–

283 25

(100) –

Szilárd ocskay, katalin Sass Judit Nyeste –

1138 Budapest, Váci út 185.

(1) 465-5100 nexon@nexon.hu

4

R&R SoftWaRe zRt. www.rrsoftware.hu

5

nexon vállalkozáSi éS keReSkeDelmi kft. www.nexon.hu

2,506

5,075

—

—

NEXONbér, NEXONhr, NEXONtime, NEXON_PORT, NEXONanalytics

6

SySData pSe kft. www.sysdata-pse.com, www.pse.hu

1,202

1,261

60

Austria, Germany

A

Siemens

✓

✓

✓

✓

72 64

Individuals (100) –

ákos Szekendy – –

1143 Budapest, Gizella út 51–57.

(1) 780-5000 contact@sysdata-pse.com

USA, UK, Germany

–

Sony Music Entertainment, Blackhawk Network, Hellmann Worldwide Logistics, BONAGO Incentive Marketing Group, Motivates Inc. Ltd, An Post, Supercharge Kft., Enexio Hungary, Hungarian Parliament

✓

✓

–

–

25 22

Individuals (100) –

gusztáv turschl Júlia Király –

1038 Budapest, Fürdő utca 2.

(1) 453-4100 contact@p92.hu

Japan

Custom JAVAbased software developed in-house

DXC Technology Magyarország Kft., Magyar Telekom Nyrt., ASIAL Corporation

✓

26 12

Individuals (100) –

Sándor Dankó Erzsébet Papanek Nándor Nagybalyi

1117 Budapest, Budafoki út 209.

(1) 463-0626 infomail@itware.hu

–

TriDoc standard document management solution, TriDoc enterprise document and case management solution, TriCommission

MVMI Zrt., Invitech ICT Services Kft., UniCredit Bank, IKK., OTP Bank, AREUS Zrt., Bank of China Magyarország

✓

16 9

Zsolt József Koltai (90), Piroska KoltaiBékei (10) –

zsolt józsef koltai – Diána Wágner

1149 Budapest, Nagy Lajos király útja 117.

(1) 220-6458 sales@trilobita.hu

–

TERC V.I.P (BRONZ, SILVER, GOLD), TERC ETALON

A

✓

✓

✓

✓

39 4

Magdolna Demeter (60), Miklós Konrád Molnár (30), Miklós Molnár (10) –

balázs németh, miklós konrád molnár, miklós molnár Judit Horváth Magdolna Demeter

1149 Budapest, Pillangó park 9.

(1) 222-2402 titkarsag@terc.hu

–

IFS Applications ERP/EAM/ESM system

BioTechUSA Kft., Wellis Magyaroszág Zrt., ANY Biztonsági Nyomda Nyrt., VAJDA-PAPÍR Kft., FÉMALK Zrt., INNO-COMP Kft.

✓

✓

✓

–

27 5

– InfoConsulting Group (100)

imre Sturcz Cecília Léber Gábor Halász

1132 Budapest, Váci út 22–24.

(1) 236-3700 infohu@infoconsulting.com

A

✓

✓

–

✓

A A

Gábor Cseresnyés (100) –

gábor Cseresnyés – –

2040 Budaörs, Ibolya utca 65.

(30) 600-1400 info@calltec.hu

A

✓

✓

–

✓

55 20

Individuals (89), Volán Elektronika Zrt. (11) –

kálmán faur – –

1113 Budapest, Karolina út 65.

(1) 255-3939 info@libra.hu

7

p92 it SolutionS kft. www.p92.hu

8

itWaRe kft. www.itware.hu

9

tRilobita infoRmatikai zRt. www.trilobita.hu

teRC keReSkeDelmi 10 éS Szolgáltató kft. www.terc.hu

infoConSulting 11 HungaRy kft. www.infoconsulting.com/hu

2,881

1,162

868

800

540

400

3,696

1,162

928

1,333

995

815

85

15

–

–

–

CallteC 12 ConSulting kft. www.calltec.hu

222

222

–

–

D1 Document Management System, F1 Fleet Management System, P1 Accounting and Finance System

libRa SzoftveR 13 fejleSztő zRt. www.libra.hu

159

1,299

–

–

Libra3s, Libra11, Libra M.I.

✓

✓

✓

✓

–

–

3

www.bbj.hu

SoftWaRe expoRt in 2020 aS a peRCentage of total expoRt (%)

main expoRt DeStinationS

SoftWaRe pRoDuCtS

inStallation

ConSulting

DiStRibution of oWn pRoDuCtS

no. of full-time employeeS on july 1, 2021 of tHem, no. of SoftWaRe DevelopeRS

oWneRSHip (%) HungaRian nonHungaRian

ReSale

Soft ConSulting 14 HungaRy zRt. www.softc.hu

total net Revenue in 2020 (Huf mln)

Company WebSite

SoftWaRe RelateD aCtivitieS

44

513

–

–

BaBér, e-Jelenlét, e-Cafeteria

TakarékBank Csoport, Swiss Post Solution, Magnet Bank, Agrosprint, FKF, Master Good - Sága

✓

✓

–

✓

26 11

Branko Holding Zrt. (100) –

kálmán faur – –

1113 Budapest, Karolina út 65.

(1) 273-3838 info@softc.hu

Abacus Bér, Bonduelle, Haribo, Magyar Abacus TB, Suzuki, Colas, Fővárosi Abacus Cafeteria, Csatornázási Művek Abacus Munkaidő

✓

✓

–

✓

21 1

(100) –

kálmán faur – –

1113 Budapest, Karolina út 65/C (1) 436-0540 info@vtsoft.hu

A A

Individuals (100) –

gellért jászai – –

1037 Budapest, Montevideo utca 8.

(1) 270-7600 info@4ig.hu

52

AMCS Kft. (100) –

gábor Darmai – –

1117 Budapest, Infopark sétány 1.

(1) 205-0055 info@alerant.hu

Individuals (100) –

Sándor Cseledi – –

1117 Budapest, Alíz utca 4.

(1) 646 4740 info@balasys.hu

– Nemetschek SE (100)

Huw Roberts Gábor Svéd Anikó Szabó

1031 Budapest, Záhony utca 7.

(1) 437-3000 gsinfo@graphisoft.hu

Individuals (100) –

zoltán madár Tamás Koppány –

1087 Budapest, Könyves Kálmán körút 48–52.

(1) 204-7730 mail@grepton.hu

– IBM Ireland Product Distribution Limited (100)

péter Szalay – –

1117 Budapest, Neumann János utca 1.

(1) 382-5500 info@hu.ibm.com

(100) –

ervin Szabó – –

1016 Budapest, Mészáros utca 13.

(1) 336-5300 info@kulcs-soft.hu

– Logmein Ireland Holding Company Ltd. (100)

john joseph markey – –

1088 Budapest, Rákóczi út 1–3.

(1) 413-3780 recepcio.bp@lonmin.com

– Microsoft Corporation (100)

Christopher mattheisen – Gabriella Csanak

1031 Budapest, Graphisoft park 3.

(1) 437-2800 –

majoR ClientS in 2020

15

vt-Soft kft. www.vtsoft.hu

32

354

–

–

NR

4ig nyRt. www.4ig.hu

A

40,463 (2019)

A

A

A

A

✓

✓

✓

✓

NR

aleRant zRt. www.alerant.hu

A

2,859

A

A

A

A

✓

–

–

✓

NR

balaSyS it kft. www.balasys.hu

A

1,181

A

A

Zorp Gateway, Zorp Malware Detection, Zorp API Gateway

A

✓

✓

✓

✓

100

Brazil, Germany, Japan, United Kingdom, United States

Archicad, BIMcloud, BIMx

cox graae + spack architects, Fender Katsalidis Architects, Takenaka Corporation

✓

✓

–

✓

gRapHiSoft Se NR www.graphisoft.com

A

gRepton NR infoRmatikai zRt. www.grepton.hu

A

ibm NR magyaRoRSzági kft. www.ibm.com/hu

NR

kulCS-Soft SzámítáSteCHnika nyRt. www.kulcs-soft.hu

A

2,273

A

A

A

A

✓

✓

✓

–

A

19,140

A

A

A

A

A

A

A

A

A

1,768 (2019)

A

A

A

A

✓

✓

–

✓

logmein kft.

NR www.logmein.com

A

12,761

A

A

A

A

A

A

A

A

miCRoSoft NR magyaRoRSzág kft. www.microsoft.com/hu-hu

A

11,388 (2019)

A

A

A

A

A

A

A

A

A

1,213

A

A

A

A

✓

✓

✓

✓

NR

multiSoft kft. www.multisoft.hu

nng SzoftveRfejleSztő NR kft. www.navngo.com

NR

oRaCle HungaRy kft. www.oracle.com

Revolution NR SoftWaRe kft. www.revolution.hu

Special Report | 17

net Revenue fRom SoftWaRe Development in 2020 (Huf mln)

Rank

Budapest Business Journal | September 10 – September 23, 2021

A

54 A

700 250

80 A

A A

90 A

476 A

176 A

A A

477

top loCal exeCutive Cfo maRketing DiReCtoR

aDDReSS pHone email

Gábor Kelemen gábor kelemen (73), Judit Gyenes – Kelemenné (27) – –

1115 Budapest, Bartók Béla út 105–113.

(1) 310-1492 sales@multisoft.hu

– COM3 Consulting S.á.r.l. (A), D&K Fortescue Holdings Ltd. (A)

Christopher greentree – –

1037 Budapest, Szépvölgyi út 35–37.

(1) 872-0000 legal@nng.com

A

19,447

A

A

A

A

A

A

A

A

A

27,655

A

A

A

A

A

A

A

A

A A

– Oracle Nederland B.V. (100)

titusz Csaba puskár – –

1112 Budapest, Balatoni út 2.

(1) 224-1700 –

A

1,570

A

A

deep.ügyvitel, deep.erp

A

✓

✓

✓

✓

A A

Individuals (100) –

lászló Szalóki – Norbert Somkutas

1133 Budapest, Váci út 76.

(1) 461-8030 revol@revolution.hu

A

NR

SalDo pénzügyi tanáCSaDó éS infoRmatikai zRt. www.saldo.hu

A

762

A

A

A

A

–

–

–

✓

A A

Individuals (100) –

andrás Sarkadi-nagy Enikő Kovács Dóra Heitner

1135 Budapest, Mór utca 2–4.

(1) 237-9800 saldo@saldo.hu

NR

Sap HungaRy kft. www.sap.hu

A

42,348

A

A

A

A

A

A

A

A

A A

– SAP SE (100)

Szabolcs pintér György Simon –

1031 Budapest, Záhony utca 7.

(1) 457-8333 –

✓

A A

– UNIT4 Business Software Holding B.V. (100)

tamás Wehring – –

1023 Budapest, Lajos utca 28–32.

(1) 436-0540 contact.hu@unit4.com

unit4 CoDa NR HungaRy kft. www.unit4.com/hu

A = would not disclose,

NR = not ranked, NA = not appliacable

A

767

A

A

A

A

✓

✓

✓

This list was compiled from responses to questionnaires received by Sep. 8, 2021 and publicly available data. To the best of the Budapest Business Journal’s knowledge, the information is accurate as of press time.

The list is based on companies’ voluntary data submissions. While every effort is made to ensure accuracy and thoroughness, omissions and typographical errors may occur. Additions or corrections to the list should be sent on letterhead to the research department, Budapest Business Journal, 1075 Budapest, Madách Imre út 13–14., or faxed to (1) 398-0345. The research department can be contacted at research@bbj.hu

4

www.bbj.hu

Budapest Business Journal | September 10 – September 23, 2021

Socialite An Insider’s Guide to Soccer in Budapest David Holzer, embracing his newfound love for Hungarian soccer, gets the inside track on following the beautiful game in Budapest.

I write this on the morning of the day that Hungary plays England at the Puskás Aréna.

Foci, as the Hungarians call football, is not normally my beat, but Hungary did amazingly well in a difficult group in the delayed Euro 2020 Championships this summer, and I got hooked. Being English, my loyalties are slightly torn for tonight, but, at the very least, I hope it’s a great game.

The stadium is already sold out for the match, a World Cup qualifier for Qatar 2022, and excitement in Budapest is building.

I followed football back in the 1960s and ’70s, as did most English boys. So I know about that towering figure of 1950s football, player-manager Ferenc Puskás, widely regarded as the sport’s first international superstar. But I hadn’t realized that Hungary was one of the prime movers of European football.

The Hungarian Football Federation was founded in 1901. In 1902, Hungary and Austria played the very first international between national teams in Europe. Most of all, as a massive mural on Rumbach Sebestyén utca depicts, Puskás’ Hungary beat England at Wembley Stadium 6-3 in 1953.

No doubt, there are grizzled Hungarian football fans all over the country reminiscing about this epic victory and praying it happens again.

Thinking about Puskás, who began his career playing for Kispest-Honvéd, where his father was the coach, made me wonder about the pleasures of watching football in the city today.

I spoke to Peterjon Cresswell, writer for the website We Love Budapest, the printed Insider guides, and the man behind the soon to be relaunched football travel website liberoguide.com. PJ has followed Budapest football since the 1990s, reads Hungarian sports daily Nemzeti Sport religiously, and has watched the game at stadiums all over the city.

The statue of legendary Hungarian footballer Flórián Albert (known as “The Emperor,” he was European Footballer of the Year in 1967) in front of the museum at Ferencváros Football Club’s Groupama Arena.

“There are four main Budapest clubs in the top league and three or four from the city in the second tier,” PJ told me.

“On any given weekend in the season, there’ll be a game on Friday night, two or three on Saturday, and the same amount on Sunday. If you wanted to, you could watch three decent games every weekend.”

Venerable Clubs

“That’s true of Budapest to a certain extent,” PJ told me. “It’s about family and history more than where you live.

It’s generally the smaller clubs where there’s a geographical affinity. There is a really traditional club in the fourth tier with deeply loyal fans on the old industrial island of Csepel. And there’s a team called III. Kerület (‘Third District’) from that part of the city.”

Those of us looking for a cultural experience that gives an insight into Budapest life will want to watch an entertaining match in an exciting atmosphere. Where would PJ suggest we go?

Because Hungary was one of the pioneers of football in Europe, the leading Budapest clubs are surprisingly old. MTK Budapest was founded in 1888, and Ferencváros, the city’s leading club, in 1899.

Best Atmosphere Today, these clubs play in stadiums “By far the biggest crowds and the best built in the past five years. As PJ says, “For a match ticket of around HUF 2,500, atmosphere will be at Ferencváros. They made the Champions League last season you’ll see European league-level football and were recently close to making the in comfortable conditions. Crowds are group stage again. They’re now in the low, with an average attendance of Europa League. That’s a pretty high around 3,000. For atmosphere, it’s best standard for European football, let alone to head for Ferencváros, where crowds Hungarian. There’s a decent bar in the are around 10,000. Apart from the stadium and even a club museum. Be derby between Ferencváros and Újpest, warned, though; their fans aren’t the security isn’t an issue.”

In the big cities of the United Kingdom, most snowflake liberal in the world, so you might want to head for Honvéd, way which team you follow usually comes down in Kispest, where Puskás played.” down to where you live or family Ferencváros is reasonably easy to tradition. I’m a very fair-weather fan of get to on the number 1 tram. With the North London club Tottenham Hotspur number 3 metro down, it’s a bit difficult because my grandfather, father, and I to get to Honvéd, but you can get a were born in that part of London.

replacement bus from the city center at Határ út, towards Kőbánya-Kispest, then the 42 tram.

At Ferencváros, you have to sign in as a member to watch a match because of the crowd trouble they’ve had in the past.

But it’s a reasonably straightforward process, PJ says. For all other clubs, you can just walk up and buy a ticket.

Your ticket will have a barcode and map of the stadium. Stadiums are all seating, but it won’t be difficult to find your seat.

What about the cultural aspect and profound insights into the Hungarian way of life?

“When you go to the ground, there will generally be tables set up selling little bags of sunflower and pumpkin seeds, lightly spiced. You’ll see people just nervously nibbling on them as the action takes place, like chewing gum.

After the game, the terraces will be covered in seed husks. It’s the same throughout Eastern Europe, in countries around the former Soviet Union. I think beer is sold at most grounds. You can also bring it to your seat.”

And what are likely to be the most memorable matches? “The derbies.

Between Újpest and Ferencváros, for example, at either ground. Apart from the football, for sheer vitriol alone, these matches are always fun. It’s a good way to learn Hungarian.”

www.bbj.hu

Budapest Business Journal | September 10 – September 23, 2021

Hungary’s Wine World Finally Waking Up For the most part, the wine industry has continued to suffer the ill effects of the COVID-19 pandemic, though some players experienced a busy summer, and there have been signs of recovery.

ROBERT SMYTH

Péter Váli, winemaker and owner of Válibor in the volcanic Badacsony region on the northern shores of Lake Balaton, told the Budapest Business Journal on August 9 that the on-trade (sales through restaurants and bars) was seriously suffering in Budapest, yet booming in the wine regions themselves as well as in restaurants in other rural areas, as a large number of Hungarians staycationed.

“Tourism beyond Budapest is good, but the center of Budapest is empty [of tourists], and it is full of restaurants.

Budapest is not too familiar to Hungarians, who don’t appreciate its thermal baths, fabulous architecture, theaters, riverside setting, and so on.

Brits go to London, the French go to Paris, but Budapest is not high on the list for Hungarians living in other parts of Hungary,” he said.

Nevertheless, as I walked around downtown Budapest just a couple of days after speaking to Váli, I was surprised at the sudden increase in tourists occupying central spots, which has continued unabated since then. While several Michelin-starred restaurants remain closed, two Budapest eateries – Essência and Salt – have each recently been given their first Michelin star.

László Mészáros, managing director of Tokaj’s French-owned Disznókő, the first significant estate you encounter as you enter the Tokaj region and which is delightfully surrounded by its own sloped vineyards, told the BBJ in July that he was optimistic regarding buoyant domestic tourism in the summer.

However, speaking to him again this week, he said that the anticipated large numbers of domestic tourists had not materialized in the Tokaj region.

“It appeared that a lot of Hungarians decided to go abroad to the seaside this year after many stayed at home in 2020,” said Mészáros.

He was sanguine on visitor numbers rising for the rest of September, with a fine weather forecast, and October

4

Socialite | 19

His own winery has seen buoyant sales at the cellar door and has also benefited from opening a shop in the center of the wine region in the town of Badascony.

Attila Tálos, head of Bortársaság, Hungary’s leading wine distributor, said that internet sales had significantly increased during the pandemic, while sales from the company’s shops declined; overall, though, sales continued to rise.

Incidentally, wine shops were never closed during any of the lockdowns as wine was considered an essential foodstuff. Tálos added that since the total easing of restrictions at the end of May (after half of the population had received their first coronavirus vaccination), customers have been returning to buy wine in the stores, while internet sales have dipped.

An emerging trend pre-COVID was for winemakers to establish direct links with customers and deliver to them directly, skipping distributors, which has continued to gather pace.

Wine events have been making a Wine lovers enjoy the High Note Skybar view at the Egri Borműhely event. comeback, although most were held outdoors in the summer months. I recently attended the fabulous Vulkanikus Borok Fesztiválja in After a quiet summer, things – a great time to visit as you can witness the Mátra wine region village of picked up considerably in the middle the process of botrytization (the Gyöngyöspata (81 km northeast of of August this year, and I was formation of so-called “noble rot”) on Budapest by road). It showcased some suddenly back in demand to host the grapes in the vineyards. It is this excellent wines from local producers essential process that enables Tokaj Aszú tastings and guide wine tours, and those of guests from other (mainly) and Szamorodni sweet wines to be made. not least due to the return of volcanic regions.

American tourists. Gábor Bánfálvi Promising Vintage The wineries of the Egri Borműhely is cautiously optimistic.

On the grape growing front, he also organization held their recent portfolio “If circumstances don’t get worse, described the upcoming 2021 vintage tasting in Budapest at the High Note then it could lead to a slow to medium as promising.

Skybar, on the roof of the Aria Hotel recovery.” Before the pandemic, Taste “The grapes have ripened nicely Budapest, with trade guests coming for Hungary had already diversified from with a good level of sugar but still the first few hours before the event was pure tourism into exporting wines to have good acidity; we can probably opened to the public. the United States and EU countries and pick the first grapes for dry Furmint After presenting a significantly has also opened a wine shop opposite next week,” he said. reduced offering last year, the Budapest the Tasting Table.

Regarding sweet wines, the Zeta Wine Festival is returning to its usual Wine Online grape is already getting botrytis, which size for its 30th anniversary, held in its One notable trend in COVID-era shrivels the grape to a near raisin-like long-established site in the courtyards of Hungary has been a marked increase in state and intensifies the sugars, acidity, Buda Castle from September 23-26. the purchase of wine online. This led to and flavors.

Visitors will need to present a valid many wineries establishing webshops for Hungarian or EU COVID-protection Tokaj has the conditions that allow the first time. botrytis to develop, by virtue of the card and an identity document.

“Online sales in the first few months of high amount of air moisture in the fall, Meanwhile, the grand tasting of the pandemic were very successful, but with mists enveloping the vineyards.

Winelovers’ 100 legjobb magyar bor (100 then many more winemakers went online, best Hungarian wines) will take place at That is thanks to the region being and there are too many players and not influenced by the confluence of the the Corinthia Hotel on September 18 many customers, while wines are heavily and also requires presentation of Bodrog and Tisza rivers, as well as a discounted,” said Válibor’s Váli. high water table. a COVID-protection card to enter.

Mészáros added that he expects Furmint to start attracting botrytis within the next couple of weeks and likened the vintage to 2013, which was considered an excellent year for botrytis.

Before the COVID pandemic, Taste Hungary was a dynamically expanding company, owned and run by the husband and wife team of Gábor and Carolyn Bánfalvi.

They employed more than 30 guides (including myself) and several sommeliers and organizers, taking guests on wine and food market tours and running regular tastings at their cellar, called the Tasting Table, at Bródy Sándor utca 9.

It cut back to just two full-time sommeliers, having witnessed the mass cancellation of its wine tours and tastings almost overnight at the A selection of the wines on offer from the Egri Borműhely portfolio. outbreak of the pandemic.

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