Book of Lists 2018/19 WBJ Group

BOOK OF LISTS 2018/2019

BOOK OF LISTS 2018/2019 • BEST PERFORMANCE BUSINESS REVIEW

PRZEWODNIK PO POLSKIM BIZNESIE I GOSPODARCE A GUIDE TO POLISH BUSINESS AND INDUSTRY

BEST PERFORMANCE BUSINESS REVIEW • RANKINGI NAJWIĘKSZYCH FIRM WEDŁUG SEKTORÓW

PLN 120 [VAT 8% INCLUDED]

ISSN 1644053X

PARTNERS

INTRODUCTION

Dear Readers Valuable opinions by thought leaders, insights from companies, market trends, interesting statistics, and marketplace intelligence

B

ook of Lists, 23rd Polish edition, is a unique opportunity for you, Polish companies and investors to get an indepth overview of Poland’s business landscape.

We take pride in providing a premium printed product that continues to be in high demand, provides exclusive insights and is respected as a confirmation of success by many companies.

Adding to the rankings, listings and company information of Poland’s biggest firms we have included valuable opinions by thought leaders, insights from companies, market trends, interesting statistics, and marketplace intelligence concerning this year’s winners, losers and new arrivals.

The book is the end product of a year’s worth of work. Our staff have spent the last 12 months collecting, compiling, and crunching industry data relating to various companies and businesses.

As always, we’ve also teamed up with a number of partners and industry associations, who keep their ear to the ground in their respective areas of expertise, ensuring that the details offered are as complete and precise as possible.

Among those, we are particularly grateful to Creditreform for their help in verifying the data collected as well as extensive research support.

As the only such publication in the country, the accuracy of our work is a great source of pride to us.

On a final note, I would like to take the opportunity on the behalf of our staff to extend my gratitude to all those companies that took the time to share their information. I’m certain that this transparency can only lead to the creation of long-lasting business opportunities.

MORTEN LINDHOLM PUBLISHER

INTRODUCTION

STATISTICAL HIGHLIGHTS Population (in thous.)

1995

2018

38,284

38,413 PKB per capita (in thous. zł)

1995

2016

9,005

48,364 Unemployment rate in % (July)

1995

2018

15,3

5,9 Average gross salary (zł)

1995

2018

702,62

4521,08

(31.12.1995)

(Q2 2018)

Number of working people (in thous.)

23rd Anniversary

of Book of Lists in Poland

T

he political changes of 1989 in Poland started a new stage for the country’s whole economy.

As the economic crisis nears its end, the Polish market is starting to prosper at a much higher level, with annual growths in every area of the market, from the construction sector to services, the financial sector and exports. After the economic changes, the Balcerowicz Plan was introduced, inflation was halted and a currency reform was carried out (consisting of the exchange of old PLN 50,000, PLN 100,000, PLN 2 million banknotes for new ones). In 1995, new banknotes with a denomination of PLN 10, 20, 50, 100 and 200 were put into circulation. As estimated by the National Bank of Poland, notes worth PLN 174.8 (million) were not exchanged. For example, the average gross monthly salary in 1994 was PLN 5,328,000, and in 1995, after redenomination it was PLN 702. 1995 was remembered not only for market but also for political reasons. On November 12, the first presidential debate between Lech Wałęsa and Aleksander Kwaśniewski took place and was broadcast on television. In December, Aleksander Kwaśniewski was sworn in as president of Poland. It was then that foreign retail chains entered the market. Jeronimo Martins Polska S.A. and Tesco Polska Sp. z o.o. were established in 1995. Also in 1995, Wirtualna Polska debuted as a website catalog and Canal+ as the first paid television station.

1995

2018

15,486

16,565

(December, 1995)

(June, 2018)

Foreign trade turnover (mln zł) 1995

2017

71,411

989,277

79,141

1,070,924

Number of registered unemployed women per 100 registered unemployed men 1990

2017

104

122

The relation of the average gross monthly remuneration of women to men’s wages in % 1996

2018

79,2

81,5 Dwellings completed (in thous.)

1995

2018

67,072

98,469

(December 31, 1995)

(Q2 2018)

INTRODUCTION

Dear Readers Best performance business review

W

hen the zloty denominations were carried out 23 years ago, earnings decreased from PLN 5.328 million to PLN 702 (gross). Four years later the minimum gross amount increased by 100%. The denomination had its supporters and opponents even when it came to the necessity of exchanging old banknotes, of which PLN 184.8 million were never exchanged. Ultimately, however, the reform was carried out to the end and today we are pleased to have useful banknotes.

Remembering this fact, I would like to introduce our regular readers to the overhaul which we managed to carry out in the 23rd edition of the Book of Lists. The project has been transformed to a smaller format and, not for any reason, we have given up the printing of data that is now widely available - contact details. After all, who still uses phone books in the age of the Internet?

Following this idea, we decided to completely refresh the image of the publication and present the most important data from the business’ point of view - in a condensed, though not small, form, the publication being 180 pages long. Tables are considered a perfect way to present such data, in which we rank the TOP companies in nine industries.

Among regular rankings and a very extensive Construction & Real Estate section, there were also shortened market analyses - Sector Snapshots. In order to describe these markets, we used our industry reports, complemented by PKD’s industry portfolio analyses from the National Court Register database, which were provided by this year’s publication partner Creditreform Polska Sp z o.o. as part of the publication's revamp, we have prepared several new lists, including: Companies managed by women. I sincerely hope that fans of rankings will also appreciate the ranking of the Largest Companies in Poland, based on sales revenues, and the ranking of the Largest Employers.

As it happens, this year markes the 23rd anniversary of our publication, as well as the largest employer's in Poland: Jeronimo Martins'. There are so many reasons to celebrate — according to the data in the publication, the companies presented in the rankings have seen their revenues grow, while also gaining new customers and markets.

Thanking all the respondents for completing the surveys, I wish you success in running the business and I would like to take the opportunity to invite you to take part in our next edition. Finally, I would like to thank the other content partners who supported us by providing materials for the rankings: Analizy online, PRCH, PZL, PZWLP, Cushman & Wakefield.

I thank the publisher, Mr Morten Lindholn, for his trust and for empowering us to revamp the publication. I'm also grateful to our team of researchers and editors for their immense contribution and devotion to the project.

MONIKA ROZNER PROJECT & RESEARCH MANAGER BOOK OF LISTS

Table of content

Spis treści

ADVISORY SERVICES Accounting Companies ..............................................................................................14 Tax Advisory Companies ............................................................................................16 Auditing Companies....................................................................................................19 Business Services Companies....................................................................................20 Consulting Companies................................................................................................21

USŁUGI DORADCZE Firmy księgowe ��������������������������������������������������������������������������������������������������������� 14 Firmy doradztwa podatkowego ������������������������������������������������������������������������������� 16 Firmy audytorskie ����������������������������������������������������������������������������������������������������� 19 Firmy oferujące usługi biznesowe ����������������������������������������������������������������������������20 Firmy doradcze ����������������������������������������������������������������������������������������������������������21

FINANCIAL SERVICES Banks in Poland...........................................................................................................28 Receivables management companies.......................................................................30 Insurance companies .................................................................................................31 Leasing companies ....................................................................................................32 Brokerage firms...........................................................................................................36 Investment fund management companies ...............................................................38 Pension funds..............................................................................................................39

USŁUGI FINANSOWE Banki w Polsce ����������������������������������������������������������������������������������������������������������28 Firmy zarządzające wierzytelnościami ����������������������������������������������������������������������30 Towarzystwa ubezpieczeniowe ��������������������������������������������������������������������������������� 31 Firmy leasingowe ������������������������������������������������������������������������������������������������������32 Domy maklerskie ������������������������������������������������������������������������������������������������������36 Towarzystwa Funduszy Inwestycyjnych ��������������������������������������������������������������������38 Fundusze emerytalne ������������������������������������������������������������������������������������������������� 39

HR SERVICES HR Companies – Executive Search ��������������������������������������������������������������������������42 HR Companies – Temporary Work Agencies ����������������������������������������������������������� 44 HR Companies – Recruitment & Selection ������������������������������������������������������������� 45

USŁUGI HR Firmy HR – Executive Search ������������������������������������������������������������������������������������42 Firmy HR – Agencje pracy tymczasowej ����������������������������������������������������������������� 44 Firmy HR – Rekrutacja i Selekcja ����������������������������������������������������������������������������� 45

LAW SERVICES Polish Law Firms ........................................................................................................50 International Law Firms ..............................................................................................52

USŁUGI PRAWNICZE Polskie firmy prawnicze ������������������������������������������������������������������������������������������� 50 Międzynarodowe firmy prawnicze ��������������������������������������������������������������������������� 52

OTHER CORPORATE SERVICES SSC Companies..........................................................................................................56 Market Research Companies.....................................................................................58 Event Companies and Advertising Agencies.............................................................59 European Union Funds Consulting Companies...........................................................60 IT Consulting Companies............................................................................................62 Translation Companies................................................................................................65 Public Relations Companies........................................................................................66 Catering Companies....................................................................................................68 Security Companies....................................................................................................70

POZOSTAŁE USŁUGI DLA FIRM Centra usług wspólnych ��������������������������������������������������������������������������������������������56 Firmy badania rynku ��������������������������������������������������������������������������������������������������58 Firmy eventowe i agencje reklamowe ����������������������������������������������������������������������59 Firmy pozyskujące dotacje unijne ������������������������������������������������������������������������������60 Firmy IT Consulting ����������������������������������������������������������������������������������������������������62 Firmy tłumaczeniowe ������������������������������������������������������������������������������������������������65 Firmy Public Relations ������������������������������������������������������������������������������������������������66 Firmy cateringowe ����������������������������������������������������������������������������������������������������68 Firmy ochroniarskie ����������������������������������������������������������������������������������������������������70

EDUCATION Language Schools.......................................................................................................72 Training Companies.....................................................................................................74

EDUKACJA Szkoły językowe ������������������������������������������������������������������������������������������������������� 72 Firmy szkoleniowe ��������������������������������������������������������������������������������������������������� 74

CONSTRUCTION AND REAL ESTATE Commercial Real Estate Developers - Retail ������������������������������������������������������������80 Commercial Real Estate Developers - Office ����������������������������������������������������������81 Commercial Real Estate Agencies ��������������������������������������������������������������������������� 87 Residential Developers ����������������������������������������������������������������������������������������������92

BUDOWNICTWO I NIERUCHOMOŚCI Deweloperzy nieruchomości komercyjnych – pow. handl.- usług. ��������������������������80 Deweloperzy nieruchomości komercyjnych – pow. biurowe ����������������������������������81 Agencje nieruchomości komercyjnych ��������������������������������������������������������������������� 87 Deweloperzy nieruchomości mieszkaniowych ����������������������������������������������������������92

About the project Book of Lists – A bilingual (Polish-English) business guide, consistently published in print since 1995 in Poland.

It contains information on the largest companies from eight sectors of the economy: B2B services; construction and real estate; finance; business and industry; transport and logistics; education, IT, tourism and travel. It is published by Valkea Media SA on an annual basis. This edition, published in September 2018, is a summary of the closed financial year 2017.

Data sources – Questionnaire, publicly available financial reports, data from

the National Court Register (KRS), data from partners – industry associations, other sources specified in detail in the comments below each ranking.

Ranking criteria – The lists are published in the form of rankings put together in accordance with the most characteristic criteria for a given industry, such as: revenues, projects, services offered, size of completed space in sqm, number of employees. A description of the ranking criterion is always placed under the title of the ranking.

Companies presented in the rankings – Each year, the largest companies in Poland are invited to participate in the project (fill in a questionnaire).

The research department communicates by phone and e-mail, sending invitations to the 20-100 largest companies from each sector (the number depends on the industry). The companies are chosen and verified according to their total revenues reported to the National Court Register. (In 2018, in order to present the successes of companies from 60 industries, we sent about 4,000 e-mails in personalized

Warehouse Space Developers ������������������������������������������������������������������������������� 98 Fit Out Companies ������������������������������������������������������������������������������������������������� 101 Warehouse Space in Poland ��������������������������������������������������������������������������������� 102 Architectural Firms ������������������������������������������������������������������������������������������������� 106 General Contractors ����������������������������������������������������������������������������������������������� 109 Construction Project Management Companies ��������������������������������������������������� 111 Real Estate Management Companies ������������������������������������������������������������������� 113 Modern Retail Objects ������������������������������������������������������������������������������������������� 116 Office Space in Poland ������������������������������������������������������������������������������������������� 121

Deweloperzy powierzchni magazynowej ����������������������������������������������������������������� 98 Firmy wykończeniowe ������������������������������������������������������������������������������������������� 101 Powierzchnie magazynowe w Polsce ������������������������������������������������������������������� 102 Firmy architektoniczne ������������������������������������������������������������������������������������������� 106 Generalni wykonawcy ������������������������������������������������������������������������������������������� 109 Firmy zarządzające projektem budowlanym ��������������������������������������������������������� 111 Firmy zarządzające nieruchomościami ������������������������������������������������������������������� 113 Nowoczesne obiekty handlowe ����������������������������������������������������������������������������� 116 Obiekty biurowe w Polsce ������������������������������������������������������������������������������������� 121

MOTOR INDUSTRY AND FREIGHT Transport, Shipping and Logistics ������������������������������������������������������������������������� 130 Car Rental Companies ��������������������������������������������������������������������������������������������133 Car Fleet Management Firms ��������������������������������������������������������������������������������134 Moving and Relocation Companies ����������������������������������������������������������������������� 136

MOTORYZACJA I TRANSPORT Firmy transportowe, spedycyjne i logistyczne ������������������������������������������������������� 130 Firmy wypożyczające samochody ��������������������������������������������������������������������������133 Firmy zarządzające flotami samochodów ���������������������������������������������������������������134 Firmy przeprowadzkowe ��������������������������������������������������������������������������������������� 136

IT AND TELECOMS Software Producers and IT Integrators ����������������������������������������������������������������� 139 Telecom Operators and Internet Providers ����������������������������������������������������������� 143 Computer Hardware and Software Distributors ��������������������������������������������������� 144

INFORMATYKA I TELEKOMUNIKACJA Producenci oprogramowania i integratorzy IT ������������������������������������������������������� 139 Operatorzy telekomunikacyjni i dostawcy internetu ����������������������������������������������� 143 Dystrybutorzy sprzętu i oprogramowania komputerowego ����������������������������������� 144

BUSINESS AND INDUSTRY Largest Companies in Poland ����������������������������������������������������������������������������������146 Biggest Employers in Poland ������������������������������������������������������������������������������������149 Companies Managed by Women ��������������������������������������������������������������������������156 Main Energy Companies ����������������������������������������������������������������������������������������159

GOSPODARKA I PRZEMYSŁ Największe firmy w Polsce ��������������������������������������������������������������������������������������146 Najwięksi pracodawcy w Polsce ����������������������������������������������������������������������������149 Firmy zarządzane przez kobiety ������������������������������������������������������������������������������156 Główne firmy energetyczne ������������������������������������������������������������������������������������159

TRAVEL AND LEISURE Biggest Tour Operators ��������������������������������������������������������������������������������������������162 Historical Hotels in Poland ������������������������������������������������������������������������������������� 163 Airports in Poland ��������������������������������������������������������������������������������������������������� 164

TURYSTYKA I WYPOCZYNEK Najwięksi touroperatorzy ����������������������������������������������������������������������������������������162 Historyczne hotele w Polsce ����������������������������������������������������������������������������������� 163 Lotniska w Polsce ��������������������������������������������������������������������������������������������������� 164

BUSINESS GUIDE Embassies ��������������������������������������������������������������������������������������������������������������166 Government Agencies ��������������������������������������������������������������������������������������������170 Chambers of Commerce ��������������������������������������������������������������������������������������� 174 Business Organizations ������������������������������������������������������������������������������������������175 Regional Municipal Authorities ����������������������������������������������������������������������������� 176 Business Angels. ������������������������������������������������������������������������������������������������������178 Events calendar September - December 2018 ������������������������������������������������������179

PRZEWODNIK INFORMACYJNY Ambasady ����������������������������������������������������������������������������������������������������������������166 Instytucje państwowe ��������������������������������������������������������������������������������������������170 Izby Handlowe ������������������������������������������������������������������������������������������������������� 174 Organizacje biznesowe ������������������������������������������������������������������������������������������� 175 Jednostki administracji terenowej ������������������������������������������������������������������������� 176 Anioły biznesu ����������������������������������������������������������������������������������������������������������178 Kalendarz wydarzeń wrzesień - grudzień 2018 ������������������������������������������������������179

INDEXES Company Index ��������������������������������������������������������������������������������������������������������180 Advertisers Index �����������������������������������������������������������������������������������������������������180 Partners ��������������������������������������������������������������������������������������������������������������������180

INDEKSY Indeks firm ����������������������������������������������������������������������������������������������������������������180 Spis reklamodawców ����������������������������������������������������������������������������������������������180 Partnerzy ������������������������������������������������������������������������������������������������������������������180

correspondence with attachments, about 10 newsletters to groups and at the same time we made at least 700 phone calls. The data was collected starting from April till the end of June 2018.)

NR; WND – Not ranked, would not disclose.

We have no influence on the information policy of companies. Also, leaders may not always be able to share ranking data. This may be due to different regulations, market rules, staff changes, etc. NR is also used in the case of companies that did not reply to the survey but were

presented, as otherwise it would have affected the substantive value of the ranking. Detailed information about NR companies and WND data may be found underneath each list.

KRS (National Court Register) – A public register of all entities in Poland that are registered in accordance with the Polish Classification of Activity.

All companies operating in Poland are required to submit their financial reports by June 30 each year.

In 2018, verification in the KRS was carried out before data was published by the KRS.

Therefore, for the sake of substantive correctness, the lists also present information on the latest available income/gain according to the KRS data, if necessary.

Alphabetical lists – They we presented in cases when required data from questionnaires was not sufficient to prepare a ranking.

360˚

COMMUNICATION

We combine our expertise and use our experience in a holistic way. That is why we specialize in 360 degree communication.

For our customers, we plan and conduct long-term activities in different forms. We create strong “big ideas”, which reach consumers effectively through successful creations and diverse tools. In our campaigns and day-to-day activities, we integrate traditional and interactive channels, creating efficient communication ecosystems.

See our projects: www.valkea.com/projekty/360

BOOK OF LISTS 2018/2019

7

Business intelligence in times of post-truth Two years ago, when “post-truth” became a very trendy word, many observers frowned claiming that it makes no sense to think of more synonyms for an ordinary lie. That politicians and journalists have been lying for decades and not using post-truth. Media experts and information specialists, however, are perfectly capable of capturing this subtle difference. Posttruth appears when the facts are replaced with emotional judgments, but also when, due to the lack of a proper reference point, the truth is blurred, it becomes only a hypothetical construct calculated for a specific effect.

Very similar mechanisms are often used by accountants and management boards of companies in order to slightly embellish the balance sheets or profit and loss accounts. Everything seems to be fine on paper. Numbers on the lists may even reflect an absolute picture of reality. Some even claim that the company’s financial statements are nothing more than a job candidate’s CV, in which he presents himself to the best of his abilities.

How does it work? There can be many ways. Overstating or understating the level of reserves or receivables are only the most popular accounting tricks. In order not to pay the income tax, the company allocate earned money even into investments or repairs. Then, interest on them can be added to non-current assets (e.g. real estate). Thanks to that, the company’s net profit increases in the financial statement. Non-current assets are in turn subject to amortization and then also EBIDTA is overstated. This is also a kind of post-truth - the financial statement in theory is true, but it does not present the actual condition of a given enterprise.

This is why we provided the most up-to-date, true and above all, standardized data for the ranking that Creditreform Polska is a partner of. These are numbers examined in detail by our experts, not the promotional information packages from the companies’ accounting departments. We invite you to rankings that are not post-truths.

MONIKA LESZKO–CICHOWLAS SALES DIRECTOR DETECTIVE

We provided the most upto-date and true data, and standardized one. These are the numbers examined in detail by our experts, not the promotional information packages from the companies' accounting departments.

PARTNER BOOK OF LISTS

8

BOOK OF LISTS 2018/2019

Partners Partnerzy

CATELLA WOHNEN EUROPA

CRESA POLSKA

KRUK SA

Catella WOHNEN EUROPA is an open-ended public fund under German investment law for professional investors and high-networth individuals. The investment focus targets modern and affordable apartments with a stable cash flow as well as development and refurbishment projects. Besides the apartments at ZŁOTA 44, its portfolio also includes residential properties in Denmark, Germany, Spain and Netherlands. The company forms a part of the Catella Real Estate group – an investment management company that designs, structures, and manages fund products. Today, the Company manages six open-end mutual property funds and twelve open-end special property funds of a total approximate investment value of EUR 3.1 billion.

Cresa is the world’s largest commercial real estate firm offering its agency services for tenants only, The company has been present on the U.S. market for 25 years. It serves clients through more than 60 global offices.

Cresa Poland offers unbiased, independent commercial real estate advice. Its integrated services include conflict-free office, industrial and retail tenant representation, capital markets, market research and advisory, valuation, design & project management and workplace strategies. Cresa Poland is headquartered in Warsaw, with its regional offices in Wrocław, Tricity, Łódź and Kraków.

KRUK Group is a financial player whose core business is the management of debt (both owned and outsourced by our Business Partners) in three segments: consumer (unsecured), mortgage-backed and SME/Corporate (both secured and unsecured), resulted from various economical areas: banking, insurance, leasing, telecommunication, cable TV, digital platform, utility and FMCG

CONTACT: Catella Residential Investment GmbH Kranzler Eck Kurfürstendamm 21 10719 Berlin www.catella.com

CONTACT: Cresa Polska ul. Emilii Plater 53, 00-113 Warszawa Tel.: 22 470-7070 info.poland@cresa.com www.cresa.pl www.polandwarehouses.com

CONTACT: KRUK SA ul. Wołowska 8, 51-116 Wrocław Tel.: 71 790-2112 info@kruksa.pl www.kruk.eu

KOCHAŃSKI ZIĘBA & PARTNERS

S&T W POLSCE

TFLS LANGUAGE SCHOOL

Kochański Zięba & Partners currently consists of more than 110 lawyers, advocates, legal counselors, tax counselors and patent attorneys co-operating through offices in Warsaw and Cracow.

We are a full-scope, business orientated law firm dedicated to providing clients with innovative and efficient legal solutions. KZP provides specialized services in ten key sectors, namely: Energy, Natural Resources and Chemicals; Infrastructure and Construction; Real Estate; Financial Services; New Technologies and Telecommunications; Pharmaceuticals, Healthcare and Life Sciences; Media and Entertainment; Defense and Aviation; FMCG, Retail and Automotive and Private Equity.

Our growth runs parallel to the growth and development of our clients for whom we have been rendering professional services for 20 years, in what is the year of our 20th anniversary.

S&T in Poland offers services in consulting, designing, and implementing IT systems, outsourcing and 24/7/365 support for Customers in the following sectors: public administration, banking and insurances, distribution, education, retail, public services, industry, and scientific research units. In each of these areas, S&T provides teams of highly qualified experts at the stage of preparing the offer and suggesting solutions and producers, as well as at the stage of solution implementation and its later maintenance. By choosing S&T as their business partner, our Customers gain the certitude of selecting the most adequate technology and producer, together with an access to a broad range of products designed by S&T and its technology partners. S&T in Poland is a group company of S&T AG, with headquarters in Linz.

TFLS Language School was established in 1992 in Warsaw. Educational offer: English (General English, conversation classes, specialized language), German, Spanish, Italian, Swedish, French and Polish as a foreign language. Cambridge exams courses: FCE, CAE, CPE, IELTS, TOEFL, TOLES, GMAT, LCCI English for Business, TOEIC. Group classes, one-to-one sessions as well as training for companies. TFLS prides itself in holding the Accreditation of the Education Office (Kuratorium Oświaty) in Warsaw. Exam centre: LCCI, TOLES, TOEIC. Close cooperation with the British Council on organizing FCE, CAE, CPE and IELTS exams.

CONTACT: Kochański Zięba & Partners Plac Piłsudskiego 1, 00-078 Warszawa Tel.: 22 326-9600 biuro@kochanskizieba.pl www.kochanskizieba.pl

CONTACT: S&T w Polsce ul. Postępu 21D, 00-011 Warszawa Tel.: 22 535-9500 info@snt.pl www.snt.pl

CONTACT: TFLS Szkoła Języków Obcych ul. Boduena 4, 00-011 Warszawa Tel.: 22 622-2058, 793-830-400 biuro@tfls.com.pl www.tfls.com.pl

BOOK OF LISTS 2018/2019

9

The future of the tenant market To rent or to own? A growing number of Poles is becoming increasingly open to being a tenant rather than purchasing a dwelling. Although the vast majority of Poles is still attached to possession and property, this proportion is changing and will probably continue to do so, as experience from other European markets has shown.

First of all, the rental market is a natural consequence of social processes and changing life attitudes. Younger generations are much less dri­ven by possession, preferring private life values instead –which may lead to changes, if not a revolution, in the local housing market. Appreciating freedom, independence, and mobility, they increasingly often opt for rental dwellings. By combining social aspects with economic factors, we will have a clear vision of the new shape of the future residential market in Poland.

According to figures, Poland is an unquestionable economic motor of Eastern Europe which hasn’t noted any hit of GDP during general financial crises. It seems that it will keep its winning streak among EU member countries by attracting plenty of companies leaving the UK after Brexit. This also means more jobs and more employees on the local market. Consequently, popularity and demand for rental properties will increase, accompanied by a growing awareness of needs and criteria of choice: transparency, safety of rental, the perfect location (preferably close to the place of work and well connected with other districts), and a reasonable price. These are the key features of a mature institutional rental, already common in Europe and growing in Poland.

Catella is the first institutional investor in the Polish residential market. Our portfolio of products varies from widely accessible and affordable residences, to ones dedicated to the most demanding of clients. An example of the latter is the No.44 Luxury Rental, available in the iconic Warsaw residential tower – Złota 44. Another residential building that the company has invested in is Pereca 11, located in the very heart of the central business district in Warsaw, addressed to the middle management. Finally, there is the students’ housing in Kraków, which is presently under construction. Having been present in Poland for two years, we keep on providing Poles with a new dimension of rental and raising awareness of what they can require in terms of rented dwelling. So far, Catella has invested around €80 million in Poland and, due to favorable economic conditions, we are ready and open to devote much more.

BENJAMIN RUETHER DEPUTY FUND MANAGER, CATELLA

In Poland popularity and demand for rental properties will increase, accompanied by a growing awareness of needs and criteria of choice: transparency, safety of rental, perfect location – in a reasonable price.

PARTNER BOOK OF LISTS

10

BOOK OF LISTS 2018/2019

Partners Partnerzy

ANALIZY ONLINE SA

CREDITREFORM POLSKA

Analizy Online SA is an independent opinion– shaping centre, a leader in monitoring and providing high quality detailed analyses for Polish capital market. Throughout its 18-year business activity, the company has developed its own methodology and tools enabling versatile and objective analyses of market information.

The main field of the company’s operations is developing reference information services and making them available, as well as providing data to capital market institutions and related entities. Moreover, the company also develops tools supporting the sale of financial products and enabling the monitoring and detailed analysis of many areas of the collective investment institutions market.

Since October 2010, Analizy Online SA has been quoted on the NewConnect market at the Warsaw Stock Exchange.

Creditreform is one the biggest business intelligence offices in the world. It was founded in 1879 in Mainz, Germany. Currently, Creditreform has offices in 22 countries, mainly in Europe and China. Creditreform Polska, as one of the first companies on the Polish market, have been successfully collecting, analyzing and providing information about payment morality of companies for 25 years now.

Our professionalism is demonstrated by membership in elite organizations, among others in the Federation of Business Information Service (FEBIS). Creditreform Polska was also awarded the Trustworthy Company certificate, granted by the Customer Satisfaction Center. It is awarded to entrepreneurs characterized by impeccable opinion among Customers and Contractors.

POLISH ASSOCIATION OF VEHICLE RENTAL AND LEASING The Polish Association of Vehicle Rental and Leasing (PZWLP) is an industry organization which represents 20 companies special¬ising in renting and leasing of cars on the Polish market. The organisation represents around 80% of the long-term vehicle rental market. What is more, the PZWLP has a sep¬arate organizational structure — the Group of Rent a Car Companies, which brings to¬gether the largest Polish and international car rental companies that are members of the organisation. Since 2005, PZWLP effectively representing the car rental and leasing industry in Poland. PZWLP is a collective member of the Polish Leasing Association and the Partnership for Road Safety.

CONTACT: Creditreform Polska Sp. z o.o. ul. Mysłowicka 14A, 01-612 Warsaw Tel.: 22 440-1500 creditreform@creditreform.pl www.creditreform.pl

CONTACT: Polish Association of Vehicle Rental and Leasing. ul. Rejtana 17, 02-516 Warszawa Tel.: 22 542-4137 michal.jankowski@pzwlp.pl www.pzwlp.pl

POLISH LEASING ASSOCIATION

RÖDL & PARTNER

The Polish Council of Shopping Centres is the biggest organization in Poland that gathers companies related to the shopping centres and high streets industry. The Polish Council of Shopping Centres (PRCH) is a notfor-profit association that represents more than 240 businesses operating on the commercial real estate market. We are the Polish national partner of the International Council of Shopping Centers (ICSC), and were established in Poland in 2003. Our mission is to support development of companies and professionals operating on the retail real estate market in Poland, as well as the promotion of a positive image of shopping centres and streets.

Polish Leasing Association (PLA) is composed of 28 leasing companies and Polish Association of Vehicle Hiring and Leasing.

PLA is a member of Leaseurope - an organization uniting 46 associations from 33 European countries. PLA represents its members' interests by cooperating with numerous business organizations. Representatives of PLA are in continued contact with representatives of public administration and members of Parliament. PLA monitors, assesses, prepares or orders to prepare expert reports on regulations concerning leasing. PLA undertakes image and educational activities, substantially supporting numerous conferences and trainings, in order to promote leasing as a tool that supports the development of entrepreneurship.

Rödl & Partner is an international firm providing integrated professional services in the area of audit, Business Process Outsourcing, tax, law and business consulting. Rödl & Partner has 111 offices in 51 countries. We have been successfully advising businesses of all descriptions and industries on the Polish market for 25 years. German standards translate into reliability and quality which, combined with our expert teams, make the Rödl & Partner's services highly appreciated by international companies.

We advise in Polish, German and English, and some services are also available in Spanish, French and Italian. Come and meet us in our offices in Gdansk, Gliwice, Cracow, Poznan, Warsaw and Wroclaw.

CONTACT: POLSKA RADA CENTRÓW HANDLOWYCH, ul. Nowogrodzka 50, 00-001 Warsaw Tel.: 22 629-2381 prch@prch.org.pl www.prch.org.pl

CONTACT: Związek Polskiego Leasingu – Polish Leasing Association ul. Rejtana 17/21, 02-516 Warszawa Tel.: 22 542-4139 zpl@leasing.org.pl

CONTACT: Rödl & Partner ul. Sienna 73, 00-833 Warszawa tel.: 22 696-2800 warszawa@roedl.pro www.roedl.pl

CONTACT: Analizy Online SA ul. Hrubieszowska 6A, 01-209 Warsaw Tel.: 22 431-8297, info@analizy.pl www.analizyonline.com

POLISH COUNCIL OF SHOPPING CENTRES

BOOK OF LISTS 2018/2019

11

MESSI scores again Nowadays, sport attracts millions of people willing to admire athletes competing in sports arenas. Nevertheless, struggles before courts and offices for valuable trademark rights in the sports industry are sometimes no less intense.

MESSI – A LIVING FOOTBALL LEGEND Lionel Messi’s hard times at the World Cup in Russia followed his attorneys’ long but ultimately victorious battle for the MESSI trademark.

In August 2011, FC Barcelona’s (Catalonia) Lionel Messi registered MESSI EUTM 010181154 at the European Union Intellectual Property Office (EUIPO) as a word and figurative trademark for, inter alia, gymnastics and sports clothing, footwear and equipment (see below).

In 2011, Jaime Masferrer Coma – the owner of a Spanish bicycle manufacturer, filed a notice of opposition to the registration of Lionel Messi’s trademark. He argued that his already registered MASSI trademarks for, inter alia, clothing, footwear, bicycle helmets, protective clothing and gloves are very similar to the MESSI mark and thus may be confusing for consumers.

The EUIPO’s 2013 decision was unfavorable to the famous football player, since it allowed the opposition filed by the owner of the already registered marks. The decision was appealed against on Messi’s behalf, but the appeal was also dismissed by the EUIPO’s Board of Appeal. According to the EUIPO, the trademarks at issue are similar, as their dominant elements, i.e. the terms “MASSI” and “MESSI,” are almost identical in visual and phonetic terms, and any conceptual differentiation would be made only by some part of the relevant public.

Leo Messi’s attorneys decided to fight until the end and applied to the General Court of the European Union for annulling the decision. They pointed out, inter alia, significant differences between the marks in dispute, primarily in conceptual terms, taking into account the global recognition of Messi’s name. In their opinion, Leo Messi’s reputation goes beyond the purely sporting aspect which made him a public figure. His attorneys pointed out that he is known to most press, news, television or radio enthusiasts. In other words, Leo Messi is known not only to active football supporters, but also to a wider audience.

The chosen tactic proved to be effective and in its judgment of April 26, 2018 (T554/14), the General Court of the European Union annulled the EUIPO’s decision.

First, the General Court emphasized that the dominant element of Leo Messi’s trademark is indeed similar to the word element of the MASSI mark. However, it found that the EUIPO had erred in its conceptual comparison of the trademarks.

The General Court found it wrong to consider that the reputation enjoyed by Messi concerns only the part of the relevant public which is interested in football and sport in general. In fact, the player is a well-known public figure who can be seen on television and who is regularly discussed in the media. The General Court also found that the EUIPO should have examined whether a significant part of the relevant public was likely to associate the term “MESSI” with the name of the famous football player. Lastly, the General Court emphasized that account must be taken of the fact that the goods, which are covered by the marks at issue and for which a likelihood of confusion may exist, are primarily sports equipment and clothing, even if those are not limited to football. However, it seems unlikely that an average consumer of those goods will not associate, in the vast majority of cases, the term “MESSI” with the name of the famous football player.

Messi scored again to win the long judicial battle for the trademark. Those admiring the great Argentinian for his talent are still keeping their fingers crossed for the star to shine strongly again not only before the court, but above all on the football pitch.

KAROLINA MARCINISZYN PATENT ATTORNEY, PARTNER, HEAD OF INTELLECTUAL & INDUSTRIAL PROPERTY LAW PRACTICE

The struggle for trademarks can be almost as intense as that of football players on the pitch, as evidenced by the MESSI case

PARTNER BOOK OF LISTS

ADVISORY SERVICES USŁUGI DLA FIRM

13

Growing need for comprehensive advisory services TABLE OF CONTENTS Accounting Companies ����������������������������������������14 Tax Advisory Companies ��������������������������������������16 Auditing Companies �����������������������������������������������19 Business Services Companies �������������������������� 20 Consulting Companies �����������������������������������������21

SPIS TREŚCI Firmy księgowe �������������������������������������������� 14 Firmy doradztwa podatkowego �������������������� 16 Firmy audytorskie ����������������������������������������� 19 Firmy oferujące usługi biznesowe ����������������� 20 Firmy doradcze ���������������������������������������������� 21

LILIANE PREUSSER

MARCIN JAMROŻY

PARTNER AT RÖDL & PARTNER, LICENSED LEAN PRACTITIONER OF THE LEAN ENTERPRISE INSTITUTE.

PARTNER AT RÖDL & PARTNER, PHD IN LAW, ADVANCED PHD IN ECONOMICS, ASSOCIATE PROFESSOR (WARSAW SCHOOL OF ECONOMICS), TAX ADVISER, ATTORNEY AT LAW.

As the complexity of legal regulations increases, the nature of advisory services must become more holistic and interdisciplinary to provide enterprises with a competitive advantage It is nowadays a common market practice to collaborate with external advisory firms.

As the enterprise grows, so does the complexity of processes related to operating, investing and financing activities, and the need for the related expert knowledge.

Finance, law and IT are specific areas in which the enterprise is willing to incur staff hiring costs only when the company’s demand for the related services is substantial.

Most frequently, as a result of economic calculations, enterprises opt for external professional support.

The growing complexity of the business environment and the general digitalization tighten the links between different areas of advisory services and trigger the need for collaboration among professionals. Accountants use electronic document flows and cloud solutions developed by IT. The IT infrastructure and the tools used in an enterprise must keep up with legal requirements concerning data security etc. A holistic approach to services gets a new meaning taking into account their complex and cross-border nature.

To make a full use of the potential carried by external advisory services one should consider their complementary nature and understand the need for interdisciplinary collaboration of professionals. Accountants record economic transactions. Their work consist of correct and accurate posting and clearing of transactions in a period generally up to one year. As part of management accounting, accountants provide valuable information to managers which the latter need to take day-to-day and future-related decisions.

Legislative changes and changes in the case law need constant monitoring. Management board need to look at all the accounting from a different – advisory – perspective. And this is ensured by tax advisers, who identify possible threats to the enterprise and indicate necessary adjustments. They are also responsible, for example, for planning transactions taking into consideration the related tax burdens, in particular if transactions are made abroad.

Accounting and tax advisory services are examples of how complementary services translate into measurable performance of an enterprise and how the collaboration of professionals gives an enterprise a competitive edge and produces a synergy effect.

SECTION PARTNER

In co-operation with

FINANCIAL SERVICES USŁUGI FINANSOWE

25

Brave new world of blockchain TABLE OF CONTENTS Banks in Poland ����������������������������������������������������������������28 Receivables management companies �����������������������30 Insurance companies ������������������������������������������������������31 Leasing companies ���������������������������������������������������������32 Brokerage firms �����������������������������������������������������������������36 Investment fund management companies ��������������38 Pension funds ��������������������������������������������������������������������39

SPIS TREŚCI Banki w Polsce �����������������������������������������������������������������28 Firmy zarządzające wierzytelnościami ����������������������30 Towarzystwa ubezpieczeniowe ����������������������������������� 31 Firmy leasingowe ������������������������������������������������������������32 Domy maklerskie �������������������������������������������������������������36 Towarzystwa funduszy inwestycyjnych ����������������������38 Fundusze emerytalne........ �������������������������������������������...39

Blockchain is taking the world by storm. New innovative solutions are announced every week. But for a layman the technology remains little more than a buzzword, with more questions surrounding it that actual answers. Can blockchain really change the world as we know it and where will we see it in action?

Blockchain has become the tech catchphrase of 2017 and even more so in 2018. Just as Machine Learning, sharing economy, crowdsourcing and crowdfunding made waves a few years back and the Internet of Things is hoping to gain the status of universally accepted standard in the electronics market, blockchain is quickly taking over the layer of tech that underpins many of the systems we know and use on a daily basis.

It has been touted as the greatest achievement since the invention of the internet (some even say since the invention of print). But unlike the internet, which we all took to in mid-1990s, it is hard to actually see the results that blockchain is producing. “As a consumer, you won’t realize it’s happening. Blockchain will underpin the applications you use but, like any protocol, it will be invisible,” explained Paweł Kuskowski, CEO of Coinfirm.

Money seems to by laying in the streets for start-ups that manage to build some actual value on blockchain technology. The number of job openings for the position of “blockchain engineer” is growing rapidly. MarketsandMarkets analysts claimed in 2017 that the blockchain market was valued at $415.5 million. By 2022 it will be worth $7.5 billion, marking nearly an 80-percent annual growth rate.

What will change?

The first obvious field where this advantage is crucial is finance. A few weeks ago, lender BZ WBK, whose main shareholder is Santander, launched its quick international payment service based on blockchain technology for clients transferring funds to the UK. The bank is planning on allowing blockchain-based quick transfers to Spain as well. Banco Santander informed that it is launching the new service in Poland, Spain, the UK and Brazil, as the first bank to launch blockchain payments in several countries at once. Clients will receive funds on the same or the follow-

ing day of the transfer and will be informed of the exact value in local currency before the transfer is made.

“Blockchain gives us many opportunities to optimize our services, with Santander One Pay FX the first of many such applications,” head of Banco Santander Ana Botin said. The new service uses the xCurrent application based on the distributed ledger technology, developed by California-based Ripple, one of whose investors is InnoVntures VC fund, part of Santander.

Blockchain remains an invisible force that is driving change in the tech world and a growing number of industries. As long as there is money behind it, the wheel will keep on turning. No doubt, some blockchain implementations make a lot of sense and will improve the security and speed of transactions, maybe even democratize data. But there will also likely be a host of projects that fail to deliver the added value they promised, leaving many investors wondering whether the emperor was naked all along.

By Beata Socha

FINANCIAL SERVICES USŁUGI FINANSOWE

26

BOOK OF LISTS 2018/2019

Finance Sector Snapshot The financial market is one of the most complex and developed markets in Poland.To a large extent, it is this market that defines the level of monetary policy in the country. Since the mid-1990s, the growing importance of this sector, due to the rapidly growing number of transactions concluded and the scale of general turnover, has been noticeable. Unfortunately however, the assets of the financial system in relation to GDP in Poland are at a relatively low level. According to the National Bank of Poland (NBP) report “Development of the financial system in Poland”, the relation of monetary financial institutions' assets to Poland's GDP is a little over 70%. The country’s financial system has a structure similar to those of countries such as Lithuania, Latvia and Slovakia. Banks play a leading role in this sector. The number of banks controlled by the State Treasury is eight, the number of commercial banks with a predominance of domestic capital is 14, private capital dominates in six banks, foreign capital in 21 of them (as of 31 May 2018, monthly data for the banking sector, source: Financial Supervision Authority (KNF).

Sales and market share The development of the financial market is evidenced by the fact that the assets of institutions comprising the Polish financial sector in 2017 were 3.8% higher year-on-year. Total assets amounted to PLN 2,426.7 bn. This result was influenced by a stable growth of assets of the banking sector and an increase in the importance of assets of investment funds in the sector of non-banking financial institutions.

TOTAL ASSETS OF FINANCIAL INSTITUTIONS (PLN BN)

2,426.7

2017

1,808.2 2011

Pomorskie

6,25%

Company locations In the case of the financial market, the Mazowieckie Voivodship leads the way in terms of the number of companies. As many as 46.71% of the companies are active there. As far as other voivodships are concerned, an analysis of the geographical distribution of companies shows that the industry is quite diversified in this respect. Enterprises are located in central, southern, south-western, eastern, northern and north-western Poland. Almost 20% of financial sector companies are located in the Lower Silesian and Wielkopolskie Voivodships. The next voivodship in terms of the number of companies is Pomorskie with 6.25% of them. It is followed by the Silesian Voivodship (6.58%) (source: Creditreform Polska Industry Analysis of the finance market based on the National Court Register).

Warmińsko-Mazurskie

1,32%

Zachodniopomorskie

1,97%

Podlaskie

0,99%

Kujawsko-Pomorskie

4,28% Mazowieckie Lubuskie

Wielkopolskie

1,64%

9,87%

46,71% Łódzkie

3,95%

Lower Silesia

9,54%

Lubelskie

0,33% Świętokrzyskie

Opolskie

0,66%

Silesia

0,99%

6,58%

Podkarpackie

0,99%

Małopolskie

3,9%

Employment In the case of the financial market, medium and large enterprises play a major role. An analysis of the market structure shows that enterprises employing more than 50 people play a major role. However, there is also a large number of small and medium-sized companies, which constitute 41% of the market. While 26.32% of sector companies employ one to nine people, 14.8% have between 10 and 49 employees. Banks employ 164,685,000 people and have the largest share in the financial market (as of 31 May 2018, monthly data for the banking sector, source: Financial Supervision Authority (KNF)).

The employment structure of companies in the Industry

26,31% 35,86% 14,8% 6,58%

12,5%

3,95%

l 1 to 9 employees l 10 to 49 employees l 50 to 249 employees

l 250 to 999 employees l over 1000 eployees l would not disclose

FINANCIAL SERVICES USŁUGI FINANSOWE

27

RECEIVABLES MANAGEMENT COMPANIES FIRMY ZARZĄDZAJĄCE WIERZYTELNOŚCIAMI

A long-term commitment Poland’s debt management market has already matured. The supply of new debt is stable and the prices paid for debt portfolios are among the highest in Europe. A natural consequence will be further market consolidation.

KRUK SA is a leader of the debt management market. Over nearly two decades, we have grown from a small firm employing less than 20 staff into a global financial group, specializing broadly in debt management.

Currently, the KRUK Group comprises a number of companies offering a comprehensive range of modern integrated services, which we are ready to tailor to the needs and expectations of our partners in order to recover payments owed to them.

To me KRUK’s business is like a long-distance run. For example, a marathon or a triathlon, both of which I have completed several times. In these races speed does not matter as much as good preparation, strong character and true passion. I have managed KRUK for 20 years now and I believe that nothing motivates me better than the long-distance prospects.

KRUK’s market capitalization has jumped from some PLN 600 million at the time of its stock market launch to PLN 4 billion today. Our net profit has consistently been on the rise. In 2017, it reached PLN 295 million, having increased by as much as 19 percent year-on-year. Of that I am very much proud.

PIOTR KRUPA KRUK SA CEO

Our organization already has more than 3,000 employees. It has attracted highly talented and the most experienced professionals in the industry.

Thanks to them, we can take on even the most challenging races. A few years ago, we set ourselves an extremely ambitious goal. We decided to venture into the largest Western European countries, with the new markets to become KRUK’s driving force. This will make us the largest debt management company in the world. As you know, no Polish company has so far achieved significant success in Europe, and only few so aspire.

Together with them, we pave the way for others.

This year we are celebrating our 20th anniversary. It may seem to you that we have already run a long way, but in fact we are still at the beginning of the journey. We are still learning a lot. I would like to believe that during these years we have managed to build lasting relationships with investors, business partners, our clients and counterparts. Thank you for your trust in me and the KRUK team.

RANKING PARTNER

HR SERVICES USŁUGI HR

In co-operation with

41

Millennials vs. 50+ TABLE OF CONTENTS HR Companies – Executive Search ���������������������������42 HR Companies – Temporary Work Agencies ��������� 44 HR Companies – Recruitment & Selection ������������� 45

SPIS TREŚCI Firmy HR – Executive Search ���������������������������������������42 Firmy HR – Agencje pracy tymczasowej ������������������ 44 Firmy HR – Rekrutacja i Selekcja ������������������������������� 45

Employee shortage is making companies re-evaluate their HR policies. On the one hand, the Millennial generation is already the most numerous group in the workforce and companies have no choice than to cater to their needs. On the other hand, few firms take advantage of employees aged 50+, who have the most experience and can be an invaluable resource worth tapping into

The generation of people born in the 1980s and 1990s, though for a long time derided as being childish and unstable, have become a lifeline for most companies struggling with employee shortage. Over time, employers have realized that Millennials can in fact bring a lot to the table and many of their seemingly undesirable qualities can be used for the benefit of the company. For instance, their strong need for work-life balance and seeking passion in everything they do makes them derive more satisfaction from their jobs and be more engaged in their work.

Having been raised during a technological boom, they are more adaptable and flexible. There is no doubt that they are more comfortable with novelties. Although they will soon have to compete with an even more digital-native Gen Z at their heels. They will have no choice other than to mature into strong and driven leaders.

Costly recruitment However, hiring Millennials exclusively comes at a price. According to a LinkedIn study, Millennials change jobs even twice as often as their parents’ generation. Antal’s research shows that employees who leave their employer the most frequently have only spent between one and three years in the company. This means higher employee turnover, which is already bringing hefty losses: it lowers morale and takes a toll on the company image. According to Antal, the failed recruitment of an employee making an average PLN 5,000 a month costs the employer on average PLN 40,000.

Most employers try to attract and retain younger candidates, forgetting the potential in employees with many years’ experience and knowledge. Of course, there are firms that carry out recruitment campaigns for this group, as well as diversity programs. Still, a large number of em-

ployers fail to see the potential, and the neglect of the older generation is forcing its members out of the labor pool.

It’s a well-known fact that people over 50 have a hard time finding a job. However, the awareness of the so-called “silver revolution” is still low. UN scenarios suggest that by 2050, every third European will be over 60, and as soon as in 2020 nearly half of Poles will be over 50. Aging society is not the only problem. The percentage of 50+ Poles who are employed is lower than the European average: in Q4 2017 it stood at 32.9 percent, compared to 36.5 in other EU countries, not to mention leaders such as Sweden (44.6 percent) and Estonia (44.1 percent).

By Beata Socha

LAW SERVICES USŁUGI PRAWNICZE

49

The spam to end all spam TABLE OF CONTENTS Polish Law Firms ������������������������������������������������������������� 50 International Law Firms ��������������������������������������������������52

SPIS TREŚCI Polskie firmy prawnicze ����������������������������������������������� 50 Międzynarodowe firmy prawnicze ��������������������������� 52

May 25, 2018 will forever be the day that people got the most spam, ever. It all started a few days earlier but came to a head on the last Friday of May, when we started receiving dozens upon dozens of emails informing us in a variety of shapes and forms about the new data protection laws, known by the English abbreviation GDPR, which came into force that day.

The emails came from online services we may have unwittingly subscribed to years ago, some from trusted sources, and in more than a few cases we got emails from organizations we’d never heard of before. It may have been somewhat disconcerting to find out how many databases actually feature our names and email addresses and to wonder how they got there in the first place. We also probably wondered how many more are out there that deemed it unnecessary to send us unwanted reminders of how careless we’d been with sharing our information.

Some emails came with neatly clickable “Unsubscribe” options, some asked us politely to opt in to stay on their mailing list. Some just sent pages-worth of disclaimers in legalese in the hope that no sane recipient would actually read it to find out how to delete their name from their database.

If you thought that any EU-mandated data protection legislation would be any different, you may have forgotten that it is always their preferred way to “communicate” anything and everything to the end-user. That was also the case when they told everyone they had to inform you about cookies files being stored.

The problem with this approach is that it puts the burden on the end-user. You could say that the EU believes all its citizens to be capable of making an informed decision and I would be inclined to agree, for the most part. But we are also vulnerable to being manipulated by crafty corporate lawyers, who trick you to clicking “OK” to almost anything that pops up. How many of you actually read all the pop-ups regarding GDPR? Perhaps you read the first one or two, but you probably gave up after the third one. One shifty website went as far as to write at the end of a page-long snooze-fest of an explanation that if you agree to everything stated above, just click the “X” button in the top right corner. Who, after all, has the time for a 10-minute debate with their browser every time they visit a website? But if you unwittingly consent to something, it’s on you, the legislators did their

job: after all they made the service provider ask you all kinds of convoluted questions.

The volume and scope of all the unsolicited GDPR consent requests has in fact led to some sort of panic. It may have, in fact, contributed to a variety of ludicrous, and sometimes even dramatic incidents that have happened in Poland over the weeks following the introduction of GDPR, such as: l A cemetery was closed for several days because there were headstones of people who are still alive (yes, it’s creepy, but let’s not judge how people choose to prepare for the afterlife). l A university blurred the names of their employees on the “Office hours” list, so that now you can only find out that John XXX works in room 501 between 2 and 4 pm, while Linda XXX is on maternity leave (beware the sensitive information). l A clinic obscured the specialties of the doctors on their office doors, so that e.g. patients seeing a proctologist wouldn’t feel embarrassed. l After a recent major accident in southern Poland where a student-filled coach collided with a truck resulting in many injured kids, parents had trouble locating their children because hospitals would not release patients’ data over the phone.

Hopefully, now that we’ve either ignored the GDPR emails and pop-ups or unsubscribed wherever we could, the world should go back to normal. Our data should be safer. For better or worse, we now live in a world under the protection of the almighty GDPR.

By Beata Socha

In co-operation with

OTHER CORPORATE SERVICES POZOSTAŁE USŁUGI DLA FIRM

55

Cash IT in TABLE OF CONTENTS SSC Companies ����������������������������������������������������������������56 Market Research Companies ����������������������������������������58 Event Companies and Advertising Agencies �����������59 European Union Funds Consulting Companies ����� 60 IT Consulting Companies �����������������������������������������������62 Translation Companies ���������������������������������������������������65 Public Relations Companies ������������������������������������������66 Catering Companies ��������������������������������������������������������68 Security Companies ���������������������������������������������������������70

SPIS TREŚCI

The market has never been this good for IT professionals. They have enjoyed special treatment for years now, but current pay trends are staggering. How much longer can this growth continue?

In 2017, pay offered in job ads increased by 6.9 percent in the IT sector, according to data analyzed by No Fluff Jobs, a job portal dedicated specifically to the IT market. You could argue that pay offered in job ads does not necessarily reflect the actual salary an employee gets, but unlike in most listings, pay in IT jobs is actually negotiated upwards rather than the other way round. Warsaw has long been the pinnacle of pay scales in Poland, including the IT market. But regional cities, particularly Wrocław, Kraków and Gdańsk have caught up to the capital and now offer salaries on a par with Warsaw’s top employers. In Warsaw, IT salaries increased by a modest 6.7 percent last year, compared to 13.4 percent in Wrocław (in senior positions the growth amounted to 16.1 percent), 13.2 percent in Kraków and 12.8 percent in Gdańsk. In fact, in some positions, like Java developers, Kraków has already taken the lead with pay scales of PLN 12,700-PLN 17,700 against Warsaw’s PLN 11,400-PLN 16,200.

B2B or employment contract?

There are two main formats software engineers work on: regular employment contracts and as B2B service providers. Naturally, B2B agreements mandate slightly higher pay (an average of PLN 12,000) than regular employment (PLN 10,700). Interestingly, however, people employed on an employment contract but working from home earn more than people coming in to the office every day (an average of PLN 13,900 against PLN 10,500). The disparity could hardly be explained by the cost of overheads, especially since B2B contractors make more money if they work in the office of their business partner rather than at home (PLN 12,100 for office work vs. PLN 11,600 for home office). HR consultancy Hays Poland offers a slightly different analysis of contract work. According to its data, B2B contractors make as much as 20 percent more than their peers employed on employment contracts.

No wonder the model has been gaining in popularity. A quarter of IT professionals have already undertaken a stint as a B2B contractor. The majority of companies (58 percent) looking for IT talent see B2B contractors as a beneficial alternative to employing IT personnel. “Employing IT specialists on contracts is a clear trend not only in Western Europe, but also in Poland. Talented

Centra usług wspólnych ������������������������������������������������56 Firmy badania rynku �������������������������������������������������������58 Firmy eventowe i agencje reklamowe ����������������������59 Firmy pozyskujące dotacje unijne ����������������������������� 60 Firmy IT Consulting ���������������������������������������������������������62 Firmy tłumaczeniowe �����������������������������������������������������65 Firmy Public Relations �����������������������������������������������������66 Firmy cateringowe �����������������������������������������������������������68 Firmy ochroniarskie ��������������������������������������������������������70

programmers, testers and developers are increasingly open to contract work, seeing the benefits of this form that a regular job cannot offer them,” stressed Arkadiusz Wargin, head of IT contracting division at Hays Poland.

“Companies also see the benefits, such as flexibility and quick access to competencies that contract work offers,” he added. People who work on B2B contracts are usually those with very narrow and niche specializations as well as the most popular technologies. They are usually showered with job and contract offers and B2B work allows them to cherry pick the projects they want to get involved in.

IT pay rise in major polish cities in 2017

Source: No Fluff Jobs[/caption]

By Beata Socha

EDUCATION EDUKACJA

71

Foreign language learners need quality time and specialization TABLE OF CONTENTS Language Schools ������������������������������������������������������������72 Training Companies ���������������������������������������������������������74

SPIS TREŚCI Szkoły językowe ������������������������������������������������������������� 72 Firmy szkoleniowe ��������������������������������������������������������� 74

ANITA ZAJĄCZKOWSKA KEY ACCOUNT DIRECTOR

Poland holds 11th position in the world in terms of English language proficiency according to the 7th edition of EF English Proficiency Index (EPI) study conducted in 2017. This proves that Poles are among the best educated nations in terms of mastering foreign languages. To achieve even better results, foreign language centers should constantly promote foreign language skills and widen the array of courses to offer the best language training on the market and to ensure that their learners have all the help, support, resources and enthusiasm they need to start or continue their language adventure.

others. Additionally, learners take advantage of the immediate help and support provided by the teacher and creativity of their classmates.

Language schools must continue addressing learners’ needs. Currently, what foreign language students are looking for is a range of specialized language courses, quality time with the teacher, advice from the teacher trainer and the companionship of fellow students.

Since a good command of at least one foreign language is a basic requirement in almost every job offer and international business discussions are held in foreign languages as well, there is a growing demand for specialist language skills. TFLS (Testing and Foreign Language Services), one of the most popular language schools in Warsaw with over 26 years of experience, has observed that general or business language courses are not enough these days. Professionals demand further specialization; technical language for engineers, finance and banking for financial specialists or a medical language course for medical personnel.

Moreover, in the times of considerable changes on the Polish language school market (a merger of two well-known language school chains in Poland taken over by a publishing house), it is important for the local ones, such as Warsaw-based TFLS, to continue putting emphasis on well-educated and enthusiastic teachers, face-to-face approach and non-standard tools stimulating learners’ engagement. In the world where everything can be done online from the comfort of one’s home, the majority of foreign language learners appreciate the social context offered by the communicative approach method. They value the fact that a language center offers a placement interview prior to course registration to ensure that they will spend time among students who have a similar level of language proficiency.

For many of them traditional classes are a great opportunity to take a break from their busy life, socialize and share a common goal with

SECTION PARTNER

CONSTRUCTION AND REAL ESTATE BUDOWNICTWO I NIERUCHOMOŚCI

77

Knocking on every door TABLE OF CONTENTS Commercial Real Estate Developers - Retail ���������� 80 Commercial Real Estate Developers - Office �����������81 Commercial Real Estate Agencies ����������������������������� 87 Residential Developers ��������������������������������������������������92 Warehouse Space Developers ��������������������������������� 98 Fit Out Companies �������������������������������������������������������� 101 Warehouse Space in Poland ������������������������������������� 102 Architectural Firms ������������������������������������������������������� 106 General Contractors ���������������������������������������������������� 109 Construction Project Management Companies ���� 111 Real Estate Management Companies ���������������������� 113 Modern Retail Objects ������������������������������������������������� 116 Office Space in Poland ������������������������������������������������ 121

SPIS TREŚCI

Apartment prices are soaring at the highest rate since 2007. How long can the demand continue? Developers seem to be aware that the growth is bound to slow down, as they have already started curbing their construction plans The residential market is in full swing. Apartment prices on the six biggest markets (Warsaw, Kraków, Wrocław, Łódź, the Tri-City and Poznań) increased by as much as 9 percent between April 2017 and April 2018, according to residential advisory firm REAS. Interestingly, not all locations are seeing the same growth rates. “REAS data shows the weakest increase in Kraków by some 5 percent, and the highest in the Tri-City – by 16 percent,” said Katarzyna Kuniewicz, partner and head of market research at REAS. In Warsaw, prices increased by an average of 6-7 percent, according to Robyg’s analysis. “The main reason for growth is the increasing prices for building materials and labor. Lower availability of land also contributes to it, as well as to the declining number of new apartments on sale,” explained Anna Wojciechowska, sales and marketing director at Robyg’s Gdańsk office.

This is the quickest price surge observed over the past decade. “Since the beginning of the current boom for residential properties, prices for new units increased by 17 percent, with the majority of the growth recorded over the past 12 months,” said Jarosław Jędrzyński, analyst at RynekPierwotny. pl. Jędrzyński also expects the upward pressure to continue until the end of 2018, “although it is difficult to estimate at what prices we will start seeing a sharp decline in demand.”

Kuniewicz is more optimistic in her forecasts: “The high construction and land costs as well as the consistently high demand for apartments indicate that in 2018 we will continue to see prices grow. In 2019, a slight tapering off can be expected and prices should stabilize at a relatively high level.” She does not expect the demand to waver at least until 2020. “Barring any cataclysm, apartment prices on the developer market will see some reductions only in 2020, mainly because of the demand wearing off.”

Over the hump The residential market has seen strong growth rates for years and developers have responded in kind. The supply continues to be high, though it

Deweloperzy nieruchomości komercyjnych – pow. handl.- usług. ����������������������������������������������������� 80 Deweloperzy nieruchomości komercyjnych – pow. biurowe ������������������������������������������������������������������81 Agencje nieruchomości komercyjnych �������������������� 87 Deweloperzy nieruchomości mieszkaniowych ������92 Deweloperzy powierzchni magazynowej �������������� 98 Firmy wykończeniowe ������������������������������������������������� 101 Powierzchnie magazynowe w Polsce �������������������� 102 Firmy architektoniczne ������������������������������������������������ 106 Generalni wykonawcy ������������������������������������������������� 109 Firmy zarządzające projektem budowlanym ��������� 111 Firmy zarządzające nieruchomościami ������������������� 113 Nowoczesne obiekty handlowe ������������������������������� 116 Obiekty biurowe w Polsce ������������������������������������������ 121

seems to have reached its peak. “Currently there are nearly 47,000 units available in the markets analyzed and it is 6 percent lower compared to a year ago,” Jędrzyński stated. According to the National Statistics Office (GUS), 44,908 apartments were delivered in Q1 2018, which is 10.6 percent more than in the first quarter of 2017. Developers accounted for 24,898 apartments over that period, which signifies a 12.1 percent increase. Though still impressive, growth rates seem to be weakening. Last year, the number of new units delivered increased by 13.4 percent in Q1 2017 compared to Q1 2016.

Similarly, the number of permits issued is increasing, although not as quickly as in 2017. In Q1 2018, authorities issued permits for the construction of 66,766 apartments (including tacit permits, where the investor simply files the architectural design and is allowed to launch construction unless the relevant authority interjects). This is 10.8 percent more than a year earlier.

Meanwhile, the number of permits issued in Q1 2017 was as much as 42.8 percent higher y/y.

By Beata Socha

CONSTRUTION AND REAL ESTATE BUDOWNICTWO I NIERUCHOMOŚCI

78

BOOK OF LISTS 2018/2019

Construction Sector Snapshot The construction sector is one of the most dynamic markets in Poland, as shown by the growing number of investors and enterprises active in the industry. In 2017, the sector recorded the highest profits so far, allowing for expectations of more than PLN 200 bn (10% of the GDP) in 2018. The construction market’s importance is also shown in the fact that it has been in the black for a decade and that the number of construction companies keeps growing (in 2018, there is a record growth in the number of small companies).

The fastest-growing and most prospective segments of the construction sector are: industrial and warehousing, commercial buildings, offices, hotels.

TOTAL REVENUE IN REAL ESTATE 2017

102,770 PLN mln

Sales and market share According to the latest data, the construction industry is achieving increasingly good profits and turnover. Construction companies estimate their results to be much higher than in the previous quarter. According to the Central Statistical Office (GUS), the increase in construction and assembly production was the highest in several years, reaching 34.7%.

This has been done with the input of companies focused on building construction and specialised construction work.

Unfortunately, a shortage of physical workers and an increase in the costs of construction materials are hindering the development of companies. Despite these obstacles, the profitability of sales in 2017 was 0.5% higher than in 2016, reaching 3.6% (source: GUS Local Data Bank – financial results of enterprises by PKD section).

79

The geographical distribution of companies, as in the case of the whole economy, is dominated by five key voivodships. In terms of the number of companies, the Mazowieckie Voivodship is a clear leader – with almost one fifth of companies. More than 10% of Poland’s construction and maintenance work is carried out in the Pomorskie Voivodship. The following regions are at the same level in terms of the number of companies: Wielkopolskie Voivodship – 10.34%, Lower Silesian Voivodship – 10.56%, Silesian Voivodship – 10.74% (source: Creditreform Polska Industry Analysis of the construction market based on the National Court Register). As a result, the total contribution to the construction sector of these five voivodships exceeds 57% and it will approach 60% by 2022.

Pomorskie

10,78%

Warmińsko-Mazurskie

2,1%

Zachodniopomorskie

5,85%

Podlaskie

1,5%

Kujawsko-Pomorskie

4,64% Mazowieckie Lubuskie

Wielkopolskie

3,09%

10,34%

19,66% Łódzkie

3,31%

Lower Silesia

10,56%

Lubelskie

4,34% Świętokrzyskie

Opolskie

2,56%

1,92%

Silesia

10,74%

Podkarpackie Małopolskie

7,73%

2,41%

Employment Growing demand for manual workers is an interesting phenomenon in the construction industry, accompanied by a constant growth of employees with secondary and higher education. Demand for manual workers is expressed by as many as 78% of companies. There is pressure for wage increases. It may affect the profitability level of small and medium-sized enterprises, which have a dominant influence on the structure of employment. Their total share accounts for 61.65% of the industry. Almost 40% of companies in the sector employ between one and nine workers. More than one-fifth are enterprises with between 10 and 49 employees. Companies employing 50 to 249 employees and those employing from 250 to 999 employees constitute about 16% of the construction industry (source: Creditreform Polska Industry Analysis of the construction market based on the National Court Register).

The employment structure of companies in the Industry

0,44%

21,91% 39,17%

2,43% 13,56% 22,49%

l 1 to 9 employees l 10 to 49 employees l 50 to 249 employees

l 250 to 999 employees l over 1000 eployees l would not disclose

CONSTRUTION AND REAL ESTATE BUDOWNICTWO I NIERUCHOMOŚCI

Company locations

CONTENT PARTNER PARTNER MERYTORYCZNY

94

BOOK OF LISTS 2018/2019

In co-operation with

POLAND WAREHOUSE MARKET Q1 2018 In Q1 2018 over 388,000 sq m of warehouse space was delivered through 12 projects, bringing Poland’s total warehouse stock to 13.9 million sq m.

Central Poland topped the ranking in terms of new warehouse and logistics supply with 213,000 sq m delivered to this market, including phase one of the Central European Logistics Hub in Łódź (79,000 sq m for BSH Sprzęt Gospodarstwa Domowego). New space also came on stream in Szczecin through the extension of Panattoni Park Szczecin I (52,000 sq m) and Warsaw Suburbs, where 33,000 sq m was completed in park P3 Błonie. New supply was also recorded in Western Poland, where Panattoni completed phase one of Panattoni Park Zielona Góra (33,000 sq m), and in Kraków following 7R’s delivery of 7R Park Kraków VI (26,000 sq m).

At the end of Q1 2018, there was 1.91 million sq m of warehouse space under construction in 56 projects, the largest quarterly development pipeline on record. Approximately 75% of that total was secured with pre-lets while the remaining 25% was speculative development. The highest concentration of development activity is in Upper Silesia, Central Poland, Western Poland and Warsaw Suburbs, accounting for 64% of all space under way.

In Q1 2018, warehouse take-up topped 1.18 million sq m, the best first-quarter performance since records began. Demand for warehouse space came mostly from e-commerce (24% of the leasing volume), logistics operators (23%) and retailers (19%). Other leading sectors included manufacturing (5%), pharmaceuticals (4%), the automotive industry (3%), household appliances (3%) and electronics (3%). New lease agreements and expansions accounted for approximately 80% of all transactions while renegotiations made up the remaining 20%.

In the period from January to March 2018, the strongest leasing activity was recorded in Poland’s core warehouse markets, including Central Poland

(20% of all deals), Warsaw region (18%), Poznań region (12%), Upper Silesia (11%) and Wrocław region (9%). On the other regional markets, warehouse take-up hit 352,000 sq m, accounting for 30% of Poland’s total leasing volume.

Robust occupier activity in the first three months of the year pushed the warehouse vacancy rate down to an all-time low of 4.7% at the end of Q1 2018 (i.e. since records began in 2004). The highest vacancy rates were in Kraków (11.1%) and in Warsaw Inner City (8.5%).

Of Poland’s five core warehouse markets, vacancies fell at the sharpest rate in Poznań (down to 5.6%). Low vacancy rates were also in Warsaw Suburbs (5.9%), Upper Silesia (5.2%) and Wrocław (5.1%).

Central Poland’s vacancy rate stood at 1.9%, while logistics facilities in Szczecin, Western Poland and Bydgoszcz – Toruń were fully let.

Effective rents edged up by an average of EUR 0.10/sq m/month in Q1 2018 as landlords are enjoying the upper hand in lease negotiations due to low vacancy rates in top prime locations and rising development costs.

The highest headline rents are in Warsaw Inner City (EUR 4.00 – 5.25/sq m/ month) and Kraków (EUR 3.50 – 4.50/sq m/month). On the other markets, headline rents are around EUR 2.40 – 3.60/ sq m/month.

Effective rents are lower due to financial incentives such as rent-free periods and financial contributions. The highest are in Warsaw Inner City (EUR 3.50 – 4.80/ sq m/month) and Kraków (EUR 2.60 – 4.00/sq m/month). On the other markets, effective rents stand at EUR 1.90 – 3.20/ sq m/month.

Looking ahead, the Polish leasing market is expected to remain buoyant, driven by the growth of e-commerce generating ever stronger demand for warehouse space and specialised logistics services.

ADRIAN SEMAAN RESEARCH CONSULTANT INDUSTRIAL & LOGISTICS AGENCY

Developers will continue to focus on logistics parks and BTS schemes near major transportation routes and hubs.

Development activity is also expected to pick up in the segment of smaller urban logistics facilities needed for last mile delivery in cities. Such projects will guarantee faster and more efficient order fulfilment for a growing e-commerce customer base, and are likely to break ground in Warsaw, Wrocław, Łódź and Szczecin.

95

Warehouse space supply and under construction by regions New supply in Q1 2018

Under construction

700,000 600,000 500,000 400,000 300,000 200,000 100,000

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Cen tra

l Po

land

a

0

Take-up structure by regions Central Poland Warsaw Suburbs

11%

1%

20 %

Poznan

3% 4%

Upper Silesia Wrocław

4%

Western Poland

4%

14%

7%

Tricity Warsaw Inner City Szczecin

9%

12% 11%

Kraków Eastern Poland Other

Selected transactions Tenant

Space leased (sq m)

Project name

Market / location

Type of transaction

Leroy Merlin

124,000

Panattoni BTS Leroy Merlin

Central Poland

New lease

Zalando

121,000

Hillwood BTS Zalando 2

Olsztynek

New lease

Ideal Automotive

27,400

Panattoni BTS Świdnica

Wrocław region

New lease

Alfa Elektro

16,100

Prologis Park Chorzów

Upper Silesia

Renegotiations / expansion

Arvato

15,700

Logicor Poznań I

Poznań region

Renegotiations

Source: Cushman & Wakefield

CONTENT PARTNER PARTNER MERYTORYCZNY

(SQ M)

96

CONTENT PARTNER PARTNER MERYTORYCZNY

Cushman & Wakefield | POLAND WAREHOUSE MARKET Q1 2018

SZCZECIN MARKET Stock

. . . . . . . . . . . . . . . . . . . . . . . 566,000

Under construction. . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

POZNAŃ MARKET Stock Under construction. . . . . . . . . . . .

Vacancy rate . . . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . . . . .

sq m 69,000 sq m 0.0% 3.20 – 3.50*

1,837,000 sq m 114,000 sq m 5.6% 2.75 – 3.40*

WESTERN POLAND MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . . .

WROCŁAW MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

210,000 sq m 231,000 sq m 0.0% 2.80 – 3.50*

1,579,000 sq m 113,000 sq m 5.1% 2.90 – 3.50*

UPPER SILESIA MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

KRAKÓW MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

2,454,000 sq m 419,000 sq m 5.2% 2.80 – 3.50

394,000 sq m 26,000 sq m 11.1% 3.50 – 4.50*

MOTORWAY AND EXPRESSWAY NETWORK PLANNED ROAD ROUTE ACCORDING TO THE REGULATION OF THE COUNCIL OF MINISTERS OF 19 MAY 2016 AMENDING THE REGULATION ON THE MOTORWAY AND EXPRESSWAY NETWORK

TRICITY MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

CONTENT PARTNER PARTNER MERYTORYCZNY

97

447,000 sq m 117,000 sq m 2.5% 2.80 – 3.50*

BYDGOSZCZ - TORUŃ MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

WARSAW MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

295,000 sq m 16,000 sq m 0.2% 2.70 – 3.50*

Inner city

738,000 0 8.5% 4.00 – 5.25

Suburbs

2,961,000 sq m 208,000 sq m 5.9% 2.50 – 3.60*

CENTRAL POLAND MARKET Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

1,947,000 sq m 360,000 sq m 1.9% 2.40 – 3.60*

EASTERN POLAND MARKET Białystok Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

0 41,000 3.30 – 3.50*

Lublin Stock . . . . . . . . . . . . . . . . . . . . . . . .

Under construction . . . . . . .

Vacancy rate . . . . . . . . . . . . . . .

Headline rents . . . . . . . . . . . . .

146,000 35,000 8.8% 3.30 – 3.50

Kielce

0 sq m 42,000 sq m 3.30 – 3.50*

Rzeszów

325,000 sq m 0 sq m 2.0% 3.20 – 3.50* *EUR/sq m/month

Source: Cushman & Wakefield

COMMERCIAL REAL ESTATE AGENTS AGENCJE NIERUCHOMOŚCI KOMERCYJNYCH

Tenants exploring new opportunities What is driving the market of commercial real estate in Poland today?

What are the prospects from the point of view of tenants?

Poland’s commercial market is buoyant thanks to the country’s strong economic growth and infrastructure improvement. Disruptive technologies, changing lifestyle patterns, the rise of co-working – all this triggers a new approach to urban development. In response to occupier demand for more sustainable and efficient work environments, focusing on employee health and comfort, investors and developers should work together to satisfy the next generation’s needs.

We are witnessing significant changes in the office and industrial sectors in Poland. The market is in a phase of growth and expansion, with record breaking levels of occupier demand and projects under construction.

Manufacturers, retailers, logistics operators and the growing prevalence of e-commerce add further depth and sophistication to the market — a trend we expect to continue in the coming years. As modern industrial property is becoming increasingly technologically advanced, tenants tend to develop BTS (built-to-suit) and BTO (built-to-own) facilities.

When should we start thinking about choosing a new location?

Timing is essential, not only with regard to exploring the market and the pre-selection of locations, but mainly to create the most competitive bidding environment throughout the negotiation process. This ensures the best possible package of cost, conditions and protection. Businesses looking for larger facilities should start the market research and acquisition process early, preferably two or even three years prior. Small and medium-sized firms should think about moving at least 12-24 months before the end of the current lease, depending on the nature and preferred location of the required property.

PIOTR KASZYŃSKI MANAGING PARTNER, CRESA POLAND

How does Cresa differ from its competitors?

Cresa is the world’s largest occupier-only commercial real estate firm, present on the U.S. market for 25 years. We bring a new and differentiated concept to the real estate advisory arena in Poland with a focus on representing occupiers. We run a business with no risk of conflicts of interest. We do not represent any developers in either space commercialisation or property management. We have the advantage of advising tenants on choosing a building that is optimal – from their perspective.

RANKING PARTNER

117

Waiting for the changes CONTENT PARTNER PARTNER MERYTORYCZNY

M

aturity — this is the word that best describes the Polish commercial market. Over the last dozen or so years, the shopping centres and retail chains industry has achieved as much as retail in the Western markets has in 20-30 years. Such a dynamic development of the industry is undoubtedly the merit of developers and retail chains.

Nonetheless, we cannot forget about the customers who enjoy shopping centres and the way of spending time that these centres offer. It is in this aspect that the biggest changes have occurred. The architecture is, of course, changing. So is the appearance of stores and the brands present in the centres. The biggest metamorphosis, however, has taken place in the function of this commercial facility.

The classic shopping centres are a thing of the past. Today we can speak of shopping and entertainment centres, in which the entertainment, cultural aspects, and the restaurant offer begin to play as significant a role as the “tenant mix.” The centres’ specialisation in this area coincides with legislative changes, which may accelerate this trend in an unplanned way. Expanded foodcourt zones, which are no longer just an addition, but an entertainment component and extremely important element of any mall, can keep customers in the facility and attract a new group of consumers. The changing model of leisure and a growing society are conducive to the development of the food&beverage trend. Shopping centre owners tend to follow changes in their customers’ behaviour, by submitting their centres to increasingly modern upgrades, redevelopment and extensions. In the coming years, we will see a decreasing number of openings of new facilities, but a growing number of centres changing their face in the context of ongoing market changes.

RADOSLAW KNAP GENERAL DIRECTOR, POLISH COUNCIL OF SHOPPING CENTRES

The classic shopping centres are a thing of the past. Today we can speak of shopping and entertainment centres.

RANKING PARTNER

118

CONTENT PARTNER PARTNER MERYTORYCZNY

Waiting for the changes By the end of 2017, Poland had nearly 11.70 million square metres of retail space (GLA) — including shopping centres, retail parks, and outlet centres. The share of shopping centers fluctuates at 88%, retail parks account for 10%, and 2% belong to outlet centers.

Most of the facilities are still located in the largest agglomerations. In smaller cities, there is a clear development in the area of retail parks - 22% of them are located in towns with 100,000-200,000 inhabitants (compared to 7% in 2012).

In 2017, 356,000 square metres of modern retail space was commissioned for use in Poland. The largest openings of 2017 include Galeria Północna (64,000 square metres GLA), IKEA Skende Shopping in Lublin (57,500 square metres GLA) and Wrocław (64,000 square metres GLA). The expansion of existing facilities constituted 20% of the newly-built area, the largest one (of 2017) being the expansion of the Galaxy Shopping Centre in Szczecin (by 17,000 square metres GLA).

In the first half of 2018 there were several new openings, the two largest ones being the Forum Gdańsk (62,000 square metres GLA) and Gemini Park Tychy (36,000 square metres GLA).

Shopping centres by location H2 2017

Retail parks by location H2 2017

Outlet centres by location H2 2017 0% 8%

18%

15%

23% 54%

7%

15% 62%

9%

77%

12%

l Major agglomerations l Cities with 200,000-400,000 inhabitants l Cities with 100,000-200,000 inhabitants l Cities under100,000 inhabitants

l Major agglomerations l Cities with 200,000-400,000 inhabitants l Cities with 100,000-200,000 inhabitants l Cities under100,000 inhabitants

l Major agglomerations l Cities with 200,000-400,000 inhabitants l Cities with 100,000-200,000 inhabitants l Cities under100,000 inhabitants

Retail market structure by format 2017 2% 10%

88%

l Shopping centres l Retail parks l Outlet centres

In co-operation with

MOTOR INDUSTRY AND FREIGHT MOTORYZACJA I TRANSPORT

127

Logistics challenges ahead TABLE OF CONTENTS Transport, Shipping and Logistics ���������������������������� 130 Car Rental Companies ������������������������������������������������� 133 Car Fleet Management Firms ������������������������������������ 134 Moving and Relocation Companies ������������������������ 136

SPIS TREŚCI Firmy transportowe, spedycyjne i logistyczne ����� 130 Firmy wypożyczające samochody ���������������������������� 133 Firmy zarządzające flotami samochodów �������������� 134 Firmy przeprowadzkowe �������������������������������������������� 136

All industries have to stay on their toes to keep up with the changing environment, but the transportation industry seems to be in a particularly difficult spot. Confronted with digital transformation, rising customer expectations, new competitors and their innovative business models, not to mention legislative curve balls, logistics providers have their work cut out if they want to stay competitive The transportation and logistics industry has been one of the latecomers to the digital era. PwC stated in its latest industry report that half of transportation and logistics companies lack digital culture and training. Therefore, companies have recently been under attack on all fronts. Their greatest concern is no longer securing goods and orders but adapting to the pressures of the fast-paced world of technological innovations, where everything should be performed more quickly, better and at a lower cost.

Meeting customer expectations A recent study by Capgemini reported that the logistics industry is constantly under pressure to cut transportation costs while investing in innovative technological solutions to catch up with the digital world. The pressure is exerted mostly by increasing customer expectations to receive goods quicker with more flexibility of choice and at low or practically no delivery cost. These expectations put both companies’ profits and their existing business models into question.

PwC added that there is no brand loyalty in logistics. Customers are not interested in who is delivering their parcel as long as it is delivered quickly, undamaged and for a low price. Moreover, the majority of e-shoppers expect delivery to be free of charge and traceable at all times.

Digital fitness & automation How are transportation and logistics companies responding to this challenge? They do it by improving their digital fitness. This means that they take advantage of technological solutions to meet customer expectations, for example, by developing new smartphone applications, utilizing GPS tracking capabilities or improving the flow of information exchanged with suppliers, as well as the process of directing and scheduling transport. Some even go as far as giving their customers the possibility to choose the fastest and cheapest route, as well as control over when, where and how the

booking is made and the bill of lading is delivered, as is the case with global giant Maersk Line. Flexibility is what every customer is looking for.

Increasing the speed of delivery and potentially lowering costs at the same time may be possible – as suggested by PwC – by utilizing delivery drones, installing automated loading and unloading systems, investing in the development of unmanned vehicles or augmented reality solutions (like Google Glass) that would help the driver oversee their load and manage the route in a more efficient way.

Exploring the physical internet The idea of standardization lies at the heart of the “Physical Internet” – a current buzzword in the transportation and logistics industry. It is an idea that objects can be easily transported from point A to B if they become standardized and share common channels, in the same way data packets are sent across the internet. In fact, the European Union has already started exploring the potential of the Physical Internet as part of its Horizon 2020 program that aims to develop a smart, green, integrated transport system.

Protecting data In the case of transportation and logistics companies, data protection is indeed a massive issue as they gather huge volumes of information about their customers in order to provide a more efficient and effective delivery service. If they wish to increase traceability, they may need to obtain and store even more data. If that data gets stolen, it may cause irreparable damage to the company’s credibility, not to mention the affected customers. These new requirements may force companies to apply time – and money-consuming changes, but firms that want to remain competitive should treat all of these challenges as an opportunity to grow.

By Karolina Papros

MOTOR INDUSTRY AND FREIGHT MOTORYZACJA I TRANSPORT

128

BOOK OF LISTS 2018/2019

Sector snapshot Transport & Logistics

Turnover and Sales Revenue

Transport & Logistics (the transport of goods by roads) has become one of the fastest growing Polish industries in the last few years. A reason for this may be attributed to the rise of e-commerce in Poland, stemming from the increased popularity of online shopping.

According to PKD 2007 (Polska Klasyfikacja Działalności, eng: Polish Classification of Activities) the industry is attributed the code H.49.41.Z.

It is easy to realise how well the Transport & Logistics industry is doing in Poland, given the fact that every other company has a turnover in the range from PLN 1-50 million(50.37% of companies). 8.5% of companies operate in the turnover range of PLN 400,000 to PLN 1 million, while 5.13% — PLN 150,000-400,000.

As of March 2018 (the first quarter of the year), the average sales revenues per company for 2018 was PLN 20,224.10. It is likely that 2018 will repeat the success of the past two years (2017 and 2016), which brought companies an overall average sales revenue of just over PLN 72,000 each.

Legal Form According to Creditreform, whose industry analysis we will be citing in this article, most of the Transport & Logistics companies are filed under the legal form of Polish Sole Proprietorship (55.08%). Over a quarter (29.74%) of the surveyed companies are Limited Liability Companies. Other often chosen legal forms include General Partnership (at 5.61%), Limited Partnership (5.03%), and the Polish Civil Partnership (3.34%).

THE AVERAGE SALES REVENUE PER COMPANY (IN THOUS.)

20,224.10 PLN

Q1 2018

129

When it comes to the geographical distribution of companies, most of them are located in the Mazowieckie Voivodeship (17.32%) — home to the capital city of Warsaw. Not far behind is the second most popular region — Wielkopolskie (16.51), while the third most chosen region is the Silesian Voivodship (8.70%). Other popular regions for transport & logistics are the Pomorskie (7.30%) and Zachodniopomorskie (6.43%) Voivodships. Overall, one can observe that, apart from the Mazowieckie Voivodship, companies providing transport & logistics mostly choose the regions next to Poland’s western and southern borders, and the Baltic Sea.

Pomorskie

7,30%

Warmińsko-Mazurskie

2,29%

Zachodniopomorskie

6,43%

Podlaskie

1,89%

Kujawsko-Pomorskie

5,16% Mazowieckie Lubuskie

Wielkopolskie

5,96%

16,15%

17,32% Łódzkie

4,54%

Lower Silesia

7,15%

Lubelskie

4,34% Świętokrzyskie

Opolskie

2,14%

Silesia

1,62%

8,70%

Podkarpackie

3,04%

Małopolskie

5,78%

Employment Transport & Logistics companies most often (nearly half of those surveyed — 48.73%) employ only 1 to 9 people.

Over a quarter of the companies surveyed (27.39%) secure the services of 10 to 49 employees. It is important to emphasise that the Transport & Logistics industry is dominated by small and medium companies, with their combined share of 76.12%. Larger firms, with 50 to 249 employees, constitute only 7.65% of the industry.

The employment structure of companies in the Industry 0.15% 14.61%

1.47% 7.65%

48.73% 27.39%

l 1 to 9 employees l 10 to 49 employees l 50 to 249 employees

l 250 to 999 employees l over 1000 eployees l would not disclose

MOTOR INDUSTRY AND FREIGHT MOTORYZACJA I TRANSPORT

Company locations

In co-operation with

IT AND TELECOMS INFORMATYKA I TELEKOMUNIKACJA

142

Changing channels In the post-globalization world of internet ubiquity, is there still a place for regional TV? With lightning-fast connections and information on everything instantly available, it’s just a matter of time before the stream of internet TV providers floods the local players

There are many forms of media available to users in today’s world; from the classic book to the latest channel from your favorite YouTuber. Choose any of these media forms, imagine paying for it, but then only being able to enjoy it at a set time for one hour every week. On top of that, it is constantly interrupted by adverts! With a book this would be totally unacceptable. It is only with traditional TV that it is permitted.

The only reason it’s tolerated is because it’s always been the paradigm for TV delivery. But things are changing. The introduction of OTT services such as Netflix (launched in Poland in 2016) Amazon Video (rolled out globally 2016) and HBO GO (in Poland since March 2018) have started to make people realize how outdated the old system is. VOD services are now offered by all major TV broadcasters, but is this enough to keep them alive in this fast-changing market?

Going local Live broadcasts and sport are a feature of classic TV production which could keep viewers paying for their satellite/cable connections. Again though, this could all be set to change; Hulu (the Disney, Fox and Comcast joint venture answer to OTT rivals) is already offering live transmissions to those holding subscriptions to the service!

Presently, it’s only available in the US and Japan, but that’s how all the big names in Polish OTT media started out, so the future could see similar services introduced to Europe and Poland. Amazon Video is ahead of the curve in this respect, already including sports programs as part of its worldwide offer.

It seems then, that news and local programs may be the last hope for regional TV providers. By its very nature, news is not something which is suitable to an on-demand platform, while the number of regions covered by global media providers make the chances of bespoke programs for each one seem unlikely. Is this enough to keep a local station alive? It seems doubtful.

Fighting for survival It seems inevitable that OTT (Over the top. In terms of media, OTT is content that was made for, and delivered to, internet users streaming directly without any previous broadcasting or screening) and VOD (Video on demand. A service where a media library is available for viewers to watch as and when they please) will completely dominate TV production in the future, with a desire for regional producers only found in news and local productions. It would appear unfeasible for such a small demand to warrant a whole TV network, but there may still be other options for local producers.

However the future plays out, savvy local producers should be able to find a platform for their media, so long as there is a demand for it. Things don’t look good for the national TV networks, but the individuals producing on a local level should be able to keep their programs; they just might need to change channels.

By Owen Williams

In co-operation with

BUSINES AND INDUSTRY GOSPODARKA I PRZEMYSŁ

145

A developed country, but how rich?

TABLE OF CONTENTS Largest Companies in Poland ������������������������������������� 146 Biggest Employers in Poland �������������������������������������� 149 Companies Managed by Women �����������������������������156 Main Energy Companies ���������������������������������������������159

SPIS TREŚCI Największe firmy w Polsce ����������������������������������������� 146 Najwięksi pracodawcy w Polsce ������������������������������� 149 Firmy zarządzane przez kobiety �������������������������������156 Główne firmy energetyczne ���������������������������������������159

Starting in September 2018, Poland will become the first country from Central and Eastern Europe to be included in the exclusive group of 25 developed markets, according to FTSE Russell. What does this mean for our economy and capital markets and should it change anything in the eyes of investors?

Poland as a society is becoming wealthier year by the year. A dozen years ago the average monthly salary in the business sector, according to the Central Statistics Office, stood at PLN 1,900. Now it is at PLN 4,500.

More than 1 million Poles earn over PLN 85,000 a year. But the road to prosperity has been a winding one for the vast majority of the country’s history. Poland was launched on a path of economic development as recently as 1989.

For many observers, Poland has been an economic star over the past two decades. Continuous economic growth, dynamic improvement of the quality of human capital and the development of capital market have given investors in Poland better economic growth rates in comparison to other developed countries.

Long-term market observer FTSE Russell Agency (or “footsie,” as it is commonly known), a British provider of stock market indexes and associated data services, classified Poland for the first time in 2004 as a secondary developing market with the following improvement areas: currency trading market, market for lending securities, the availability of adequate fiduciary accounts and the derivatives market.

In 2011 Poland was transferred to the watchlist for possible reclassification as an emerging market.

On the radar Since 2015 the Poland’s position was again considered a potential new member of the FTSE index of developed markets. The decision to promote Poland to the status of developed market was taken in fall 2017 and it takes effect in September 2018. For classification purposes, the Fund takes into account i.a. the regulatory environment, infrastructure and the quality of the capital market, the structure of the deposit and settlement system, the development of the derivatives market and also income per capita, the level of exports and whether the country has already joined the eurozone or intends to join it.

In order to stand among developed countries, one basic condition must be met – achieving income per person of at least $15,000-18,000 per

year. In Poland this indicator now oscillates around $13,000-15,000, but only 25 years ago it stood at $2,000.

Poland ascending to the ranks of developed countries also means that the risk of recession, objectively analyzed by independent parties, or the risk for conducting business activity, declines. It is not without significance that Poland was one of the few countries that did not witness recession in 1991. This was also the case in Brazil and Indonesia. Poland’s accession to the EU was another stimulus and the fact that Poland was one of the few countries that did not slump into recession in 2009 gave it another boost.

FTSE’s decision, however, was not unexpected. Poland was already announced as developed country by the UN, and the World Bank recognized Poland as a wealthy country. We need to remember, however, that there is no single definition, standard or clear distinction between a developed and a developing country. The boundary is conventional. It is primarily the Polish financial market and in particular the capital markets which have been qualified by the FTSE Russell as developed, as Poland has the largest financial market in the region. For the past few years, companies willing to join the main trading floor have been analyzed with a fine-tooth comb. The diversity of different financial instruments has increased, modern transaction systems have been implemented and the standards in the banking sector have improved. Poland has all the advantages of the developed markets, including trading and transaction services safety, and a well-developed infrastructure.

Poland is ranked in 27th place in the region of Europe and Central Asia in terms of wealth per capita estimated to be $155,000 per capita, as indicated in the report “The Changing Wealth of Nations 2018,” which analyzes the level of wealth in 141 countries in the years 1995-2014. In our region Poland was overtaken by Hungary – $156,000 per capita, Lithuania – $169,000 per capita, Slovakia – $230,000 per capita and Latvia – $230,000 per capita.

By Sergiusz Prokurat

BUSINESS AND INDUSTRY GOSPODARKA I PRZEMYSŁ

152

BOOK OF LISTS 2018/2019

Sector snapshot The energy sector is one of the largest markets in Poland. Depending on the type of energy delivered, it may be divided into the following sub-sectors: electricity, gas fuels and liquid fuels. About 340 entities hold an energy sales license but the distribution market is divided between five main distribution system operators: PGE Dystrybucja, Tauron Dystrybucja, ENERGA – Operator, ENEA OPERATOR, INNOGY Stoen Operator Polska.

It is interesting that, though final customers (companies and households) have the right to choose their vendor of electric power, their choice of distribution operator strictly depends on their geographical location.

The energy market may be divided in accordance with the function that companies have on the free market. They are sellers, distributors, generators or transmission system operators. It is the distribution system operator that makes its network available to sellers and generators and tends to network maintenance and development. Power generation units and CHP units are responsible for the production side, while holders of sales licenses take care of the sales process and compete on a free market, regardless of the distribution operators geographic range.

Sales and market share Every year, the market leaders - PGE Polska Grupa Energetyczna, TAURON Polska Energia, ENEA – note two-point increases in their market shares measured by the volume of energy delivered to the network. PGE Polska Grupa Energetyczna is the largest energy producer, delivering 43.5% of total energy volume to the market. It recorded an annual revenue of PLN 23 billion and a net profit of 2.7 billion in 2017. TAURON Polska Energia was the company with the best sales results in 2017 – 10.8% market share – after a 0.6 percentage point increase compared to the year before (according to Energy Regulatory Office latest data).

THE SHARE OF RENEWABLE ENERGY IN GROSS FINAL ENERGY CONSUMPTION (%)

6,9 2004

11,3 2016

Pomorskie

7,30%

Company locations The highest number of energy sector companies – 23,53% – is located in the Mazowieckie Voivodship (according to a report prepared by Creditreform Polska based on GUS data). The second most popular region is the Małopolskie Voivodship with 14,71%. The Silesian and Lower Silesian Voivodships are both in third place with 11,76%. Other, less popular regions include the Wielkopolskie, Łódzkie, Lubelskie and Pomorskie Voivodships. As we can see from the above data, energy services providers are most likely to choose Poland’s central, southern, south-western and western regions.

Warmińsko-Mazurskie

2,29%

Zachodniopomorskie

6,43%

Podlaskie

1,89%

Kujawsko-Pomorskie

5,16% Mazowieckie Lubuskie

Wielkopolskie

5,96%

16,15%

17,32% Łódzkie

4,54%

Lower Silesia

7,15%

Lubelskie

4,34% Świętokrzyskie

Opolskie

2,14%

1,62%

Silesia

8,70%

Podkarpackie

3,04%

Małopolskie

5,78%

Employment The energy market’s potential is clearly visible in the level of employment in the power and fuel sector, which amounts to about 300,000 in Poland in the sub-sectors of coal mining, electricity supply and natural gas supply. Some 14.71% of the companies employ one to nine people. More than one-fifth of the surveyed companies (23.53%) have 10-49 employees. Large companies account for 61.76% of the total number and employers, with those employing over 1,000 people accounting for 14.71%. One of the characteristics of the energy market is wages higher than the average in the Polish economy (gross median monthly pay of PLN 4,500), with 25% of the employees being paid more than PLN 6,650 gross.

The employment structure of companies in the Industry 0,15% 14,61%

1,47% 7,65%

48,73% 27,39%

l 1 to 9 employees l 10 to 49 employees l 50 to 249 employees

l 250 to 999 employees l over 1000 eployees l would not disclose

BUSINESS AND INDUSTRY GOSPODARKA I PRZEMYSŁ

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In co-operation with

Women in Leadership Despite having a head-start upon graduation, the number of women board members is still astoundingly small. Call it glass ceiling or sticky floor, women in Poland are less likely to get promoted beyond managerial level. And even if they do get to the top, their pay hardly ever reflects their position and responsibility Women’s workplace equality issues in Polish firms are far from being black and white. On the one hand, they are gaining a stronger foothold in many industries that have thus far been considered predominantly male. According to the OECD’s “Glass ceiling index,” Poland ranked fourth among OECD countries in terms of women in managerial positions (40.2 percent vs. the OECD average of 37.1 percent). The situation changes quite drastically, however, when we move up in the pecking order.

While in Europe as a whole, 22.6 percent of board directors are female, Poland can only boast 15.2 percent of women directors, according to Deloitte’s 2017 study titled “Women in the boardroom. A Global Perspective.” Still, Poland is slightly ahead of the curve in term of female CEOs of listed companies, with 6.3 percent of women in charge of listed companies versus 5 percent for all European countries.

The staggeringly small number of women at the top of the ladder is hard to reconcile with the numbers at entry level positions and at managerial level. “We start out on the career path with the majority of employees being women.

At managerial level it is still more or less 50-50, but then when we get to partner,

numbers drop to about 20 percent,” said Tomasz Konik, partner at Deloitte Central Europe at a “Male Champions of Change” conference organized by the Success Written in Lipstick Foundation.

Over the past 15 years, female university graduates have constituted a clear majority. So the reason for the overwhelming majority of male directors cannot be lower qualifications, a Hays report said.

Luckily, the number of women on boards is growing incrementally. Foreign capital companies send a clear positive signal.

On the other hand, state-controlled companies are on the other side of the spectrum – the number of women on boards there is small and refuses to budge.

That is abundantly clear when we visit business and economic events where state-controlled companies set the tone for the event. There are hardly any women to be found among debate panelists.

“We have to keep proving that we are equally smart, experienced and ready to take on new responsibilities. Meanwhile, we all want to be seen as professionals first, and as women second,” said Marlena Dorniak, business development director at DB Schenker North & East Europe.

A gaping chasm The disproportion between men and women is even more obvious when we compare pay checks. The wage gap in Poland is an average PLN 700 monthly pay less for women, the Ministry of Labor stated. Still, Poland has a far smaller disparity (approx. 7 percent) than the EU average, where it stands at 16.7 percent, according to Eurostat. But even if women in Poland are better off at the start of their careers than their European colleagues, the higher they climb, the larger the gap gets. In managerial positions,

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Percentage of women at different management levels

women earn over a quarter (27.7 percent) less than their male counterparts, which is 4.3 pp above EU average.

“The largest pay gap is in managerial and director positions,” confirmed Kamila Kaliszyk, director at Mastercard. “A woman with 6-8 years of experience makes only 60 percent of the median pay that men with the same experience make,” she said.

Who should take charge?

You’d be hard pressed to find anyone who would disagree that gender equal-

ity in the workplace is an issue that needs to be addressed. “As much as 60 percent of people with higher education and over half of the available workforce are women. No business can afford to ignore that. That’s why we need to stop talking about parity and start taking concrete steps to allow women to increase their involvement in business,” Deloitte’s Konik concluded.

It is up to the employer to enforce policies encouraging women to take on managerial and directorial positions, because, ultimately, it is in their best in-

terest. “Oftentimes, women don’t look for career opportunities, you need to knock on their door and tell them: ‘Hey, there’s a job opening that you’d be perfect for,’” Kaliszyk explained.

Unfortunately, the prevailing policy is still not to admit that a problem with inequality exists. Only about a quarter of Polish firms have implemented diversity policy for top positions. There are changes, but many of them are still too slow.

By Beata Socha

In co-operation with

TRAVEL AND LEISURE TURYSTYKA I WYPOCZYNEK

161

All above board TABLE OF CONTENTS Biggest Tour Operators ������������������������������������������������162 Historical Hotels in Poland ����������������������������������������� 163 Airports in Poland ��������������������������������������������������������� 164

SPIS TREŚCI Najwięksi touroperatorzy ��������������������������������������������162 Historyczne hotele w Polsce �������������������������������������� 163 Lotniska w Polsce ��������������������������������������������������������� 164

As their incomes increase, Poles travel more eagerly, both domestically and around Europe. They often opt for travel agencies’ services, but before they take the blissful trip, they make sure their tour operators are credible

About four million Poles went on vacation with travel agencies between January and June 2018, about 14 percent more than in H1 2017, the Tourist Guarantee Fund informed. About 1.4 million tourists bought charter trips, an increase of 36 percent versus a year ago. In H1 travel agencies concluded 1.3 million contracts with clients.

Staying close When choosing a package holiday, Poles usually opt for a short-distance trip. Nearly a half (45 percent) of all holiday packages were trips in Poland and the neighboring countries, 38 percent were trips to European and non-European countries including air and charter transport, and the remaining nearly 17 percent were also international tours, but without charter transport.

Even during the summer holidays Poles like to stay close to home. In July 2018, most people going on holiday with travel agencies spent their holidays in Europe, according to a report carried out by the travel portal wakacje.pl. The most popular destinations were Greece (39.81 percent), Bulgaria (15.54 percent), and Turkey (10.27 percent). One-week trips were the most sought after in July. The report states that traveling by plane is the standard for Polish tourists going on foreign holidays (80 percent of vacationers travel in this way). According to the portal, Poles paid an average of PLN 6,109 for holidays abroad. The inhabitants of five voivodships: Mazowieckie – PLN 6,609, Kujawsko-Pomorskie – PLN 6,325, Pomorskie – PLN 6,434, Podkarpacie – PLN 6,305 and Warmińsko-Mazurskie – PLN 6,274 paid more than the national average.

More cautious Nearly 90 percent of Poles who choose package holidays check the credibility of a travel agency before buying a trip, the research of Kapitalni.org reported. About one-third do so to make sure a tour operator works legally. However, 18 percent rely only on opinions of internet users and 8 percent trust friends’ opinions. For 14 percent of Poles, the most

important factor is how long the agency operates on the market.

The trend to travel more has been visible for years.

In 2017, Polish households made as many as 38.7 million trips, marking an increase of 6.6 percent compared to 2016, statistics office GUS stated. This means that a statistical household organized 2.9 tourist trips. The majority of the excursions (93 percent) were private. The overall number of journeys in 2017 came in at 68.7 million, 6.8 percent more than in 2016. Most of them (55.2 million) were domestic journeys, including 32.4 million of short trips (2-4 days).

The number of foreign excursions last year came in at 13.4 million, 10.8 million of which lasted five days or more.

By Beata Socha

BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

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Knocking on every door TABLE OF CONTENTS Embassies ������������������������������������������������������������������������166 Government Agencies ������������������������������������������������� 170 Chambers of Commerce �������������������������������������������� 174 Business Organizations ����������������������������������������������� 175 Regional Municipal Authorities ��������������������������������� 176 Business Angels Networks ����������������������������������������� 178 Events calendar ...............................................................179

SPIS TREŚCI Ambasady ������������������������������������������������������������������������166 Instytucje państwowe ��������������������������������������������������� 170 Izby Handlowe ��������������������������������������������������������������� 174 Organizacje biznesowe ����������������������������������������������� 175 Jednostki administracji terenowej ��������������������������� 176 Anioły biznesu ���������������������������������������������������������������� 178 Kalendarz wydarzeń ������������������������������������������������������ 179

DARIA DEMCHENKO BUSINESS DEVELOPMENT MANAGER AT CARDPAY

Getting funding as a fledgling tech start-up is always a big deal. Who shouldn’t you go to and why is it that 99 out of 100 VCs says “no”?

WBJ asked Daria Demchenko, Business Development Manager at CardPay, about the financing landscape in CEE and whether CEE start-ups should count on governments and accelerators WBJ: What are the most common problems start-ups from markets such as Ukraine face when looking for financing?

Daria Demchenko: Basically, start-ups will normally go and knock on all doors. That’s a crucial mistake because they will waste their own time and that of investors. They need to do their homework.

If you develop tech in agritech, for instance, go to investors who provide financing in agritech and focus only on those who finance start-ups at the exact stage of the development of your company.

So if an investor provides Series A financing, don’t chase them for seed money. Don’t make them mad, because you may want to approach them again later. That’s the first thing.

Another common mistake is that companies will look for funding too soon. They have an idea, but they are nowhere near ready to present it to potential investors. Every investor expects you to first invest your own time and money to reach a certain point that shows that your business model is valid and your product will work. That’s a common challenge with ICOs because people are investing in advance without a gauge of future performance. That is why the venture model is clearer and more reliable for all involved.

What is the accelerator landscape like in Ukraine?

Accelerators in Ukraine are a little underdeveloped. It could be because all start-ups from Ukraine ultimately target European and American markets first, before building homegrown finance. There are some legal challenges, as it is hard to negotiate cross-border deals with investors and VCs. The average Ukrainian start-up wouldn’t establish their processes in the country. They start with a minimal team – such as vital R&D and C-level exec – on the

ground, then expand to the international scene at the earliest opportunity. That’s why they don’t really need accelerators in Ukraine specifically, as they can look overseas.

What about government-funded accelerator programs?

On the one hand, it’s a great gesture that there is trust and support for start-ups at governmental level. But in general, by increasing government investment in start-ups, they have been fueling a start-up bubble – which can be a stumbling block for those startups looking to take the next step in their business growth. Currently there’s a gap for those who have successfully completed an accelerator program and are trying to access their next level of support and funding. From a government perspective there’s scope to build support and bridge the gap, as those companies that have completed accelerator programs are showing promise and business viability.

Are investors in Poland and in other CEE countries more comfortable with early investments rather than series A or B funding?

Yes, this is a simple entry investment strategy because you start from developing a large small-ticket portfolio, rather than making one bigger deal. This is a simple way of mitigating risk. That’s also why investors join Business Angel groups, which can offer expertise from various fields of technology. You are able to share your knowledge with your co-investors and gain a better understanding of the projects you invest in, further minimizing your risk.

Interview by Beata Socha

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BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

99rent Sp. z o.o.................................................. 133

A A & Lupa International...................................43, 46 A4 Business Park.............................................. 125 AB SA........................................................144, 147 ABC Data SA.............................................144, 147 ABR SESTA.......................................................... 58

Accenture Sp. z o.o.............................. 22, 64, 141 Accord Group Polska .......................................... 43 Action SA w restrukturyzacji...................144 , 148 Adal Sp. z o.o..................................................... 157 Advatech Sp. z o.o............................................ 141 Advicero Tax Sp. z o.o......................................... 18 Advisers SA......................................................... 30 AEGON Powszechne Towarzystwo Emerytalne SA......................................................................... 39 AGANA Studio Sp. z o.o. Sp.k............................ 59 Agencja Cateringowa Party Sp. z o.o................. 68 Agencja Ochrony „Juwentus” Sp. z o.o. Sp.k... 70 AgioFunds Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Aiut Sp. z o.o..................................................... 141 AKF leasing Polska SA........................................ 33 ALD Automotive Sp. z o.o................................. 134 Aldesa Construcciones Polska.......................... 110 Alektum sp. z o.o................................................. 30 Alfa Elektro........................................................... 95 Algeria................................................................ 166 Alior Bank SA...............................28, 37, 148, 156 Alior Leasing Sp. z o.o......................................... 32 Allianz Polska SA................................................. 31 Almatur Grupa SA............................................. 162 Alphabet Polska Sp. z o.o.................................. 134 Altus Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 ALTUS................................................................ 125 Alumental SA..................................................... 148 AmRest ............................................................. 151 Aon Hewitt Sp. z o.o........................................... 22 APA Wojciechowski Sp. z o.o........................... 106 Apsys Polska SA....................................80, 86,114 ARC Rynek i Opinia............................................. 58 Arcadis Sp. z o.o................................................ 111 ArcelorMittal BCOE Poland ................................ 57 ArcelorMITTAL Poland SA................................. 150 ArchiDoc SA........................................................ 20 Arena Tax Sp. z o.o........................................17, 18 Arkady Wrocławskie......................................... 124

Art`Impression Catering .................................... 68 ARTVENTURE Sp. z o.o....................................... 67 Arval Polska Sp. z o.o........................................ 134 Arvato.................................................................. 95

ASB Poland Sp. z o.o.....................................14, 17 ASM - Centrum Badań i Analiz Rynku Sp. z o.o........................................................................ 58 Asseco Data Systems SA................................. 139 Asseco Poland SA.....................................139, 148 Astris.................................................................. 123 ATAL SA............................................................... 92 Atalian Poland Sp. z o.o..................................... 113 Atelier PS Mirosław Polak Marek Skwara S.C............................................ 108 ATENA s.c. Aneta Krygier & Andrzej Olszewski Biuro Obrotu Nieruchomościami........................ 86 Atende SA............................................................ 62 Athlon Car Lease .............................................. 134 ATM SA............................................................. 143 Atrium 1............................................................. 122 Atrium Felicity................................................... 119 Atrium Koszalin.................................................. 119 Atrium Targówek.........................................90, 119 Auchan Bielany Wrocławskie........................... 120 Auchan Gdańsk................................................. 119 AUCHAN POLSKA Sp. z o.o.............................. 150 Aurabilia............................................................. 101 Autor Przeprowadzki.......................................... 136 Avestus Real Estate ........................................... 81 Avia.................................................................... 123 Avis Polska......................................................... 133 Aviva Investors Poland Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Aviva Powszechne Towarzystwo Emerytalne Aviva BZ WBK SA............................................... 39 Aviva Życie SA.................................................... 31 Avon Cosmetics Polska Sp. z o.o..................... 156 Avon EMEA Finance Service Centre.................. 57 AWBUD S.A...................................................... 110 AXA Powszechne Towarzystwo Emerytalne SA....

39 AXA Ubezpieczenia SA....................................... 31 Axi Immo Group Sp. z o.o................................... 86

B BALAJCZA ..............................................65, 73, 76 Bank BGŻ BNP Paribas SA................................. 28 Bank Credit Agricole............................................ 28 Bank Handlowy w Warszawie SA..................... 28 Bank Millennium.................................................. 28

Bank Ochrony Środowiska SA........................... 28 Bank Śląski SA.................................................. 151 Bank Zachodni WBK SA............................28 , 150 Barry Callebaut SSC Europe Sp. z o.o................ 56 BBS Obserwator Sp.j.(1)..................................... 58 Belarus............................................................... 166 Bema Plaza........................................................ 123 BEST SA............................................................... 30 BGŻ BNP Paribas SA......................................... 151 Big Consulting Sp. z o.o.................................... 140 Bireta Professional Translations A. Kempińska J. Woźniakowska Sp.j................. 65 Biuro Maklerskie Alior Bank SA.......................... 37 Biuro Maklerskie Banku BGŻ BNP Paribas SA........................................... 37 Biuro Tłumaczeń INTERTEXT ............................. 65 Biuro Tłumaczeń LIDEX Sp. z o.o........................ 65 Blue City............................................................. 119 BNP Paribas Lease Group Sp. z o.o. (1)............. 32

BNP Paribas Real Estate Poland Sp. z o.o. ......................................................86,114 BNY Mellon (POLAND) Sp. z o.o......................... 56 Bobrowiecka 8................................................... 122 Bonarka City Center.......................................... 119 Boryszew SA..................................................... 147 Bosnia and Herzegovina.................................... 166 BPI Real Estate Poland........................................ 93 BRITISH CENTRE Sp. z o.o............................73, 76 BT Diuna Arrakis ................................................. 65 Budimex Nieruchomości Sp z o.o...................... 92 Budimex SA....................................................... 109 Business Advisory Sp.k...................................... 22 Business Consulting (search & selection)....43, 46 Business Garden (phase 1).............. 121, 125, 126 Business Lease Sp. z o.o.................................. 134 BZ WBK Leasing SA........................................... 32 BZ WBK Towarzystwo Funduszy Inwestycyjnych SA............................................. 38

C Capgemini Sp. z o.o............................................. 62 Carefleet SA....................................................... 134 Carlsberg Shared Services Sp. z o.o................... 56 Carrefour Polska Sp. z o.o................................. 150 Catermed SA....................................................... 69 Caterpillar Financial Services Poland ................. 33 CBRE Sp. z o.o............................84, 101, 111, 113 CCC SA.............................................................. 147 CD Projekt SA.................................................... 141 Ceetrus Polska (Immochan Polska Sp. z o.o.).... 80 Central Tower 81............................................... 122

Centralny Dom Maklerski Pekao SA................... 36 Centrum Biurowe ............................................. 125 Centrum Biurowe Neptun................................. 124 Centrum Biurowe Podwale............................... 125 Centrum Biznesowe ......................................... 125 Centrum Edukacji Grupa ORLEN......................... 75 Centrum Janki (extension).................................. 90 Centrum Krakowska 61..................................... 120 Centrum LIM...................................................... 121 Centrum Marszałkowska.................................. 122 Centrum Praskie Koneser.................................... 90 CH Aleja Bielany................................................ 119 CH Arkadia......................................................... 119 CH Avenida........................................................ 119 CH Galaxy.......................................................... 119 CH Janki............................................................. 119 CH Karolinka....................................................... 119 CH Riviera.......................................................... 119 Change Serviceplan Sp. z o.o............................. 59 Cinkciarz.pl Sp. z o.o.......................................... 146 CluePR S.C........................................................... 67 COF Centrum Obsługi Finansów Sp. z o.o......... 30 Colliers International Poland Sp. z o.o.........84, 112 Colliers International REMS Sp. z o.o............... 114 Compensa SA...................................................... 31 Concept Space Sp. z o. o.................................. 108 Cook Communications ....................................... 67 Copernicus Capital Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Copernicus Securities SA................................... 37 Coral Travel Poland Sp. z o.o............................. 162 CREAM Sp. z o.o............................................... 115 Credit Suisse Poland Sp. z o.o............................ 22

Cresa Polska Sp. z o.o......................................... 86 Crido Legal J Ziółek i Wspólnicy Sp.k................ 50 Crido Taxand Sp. z o.o...................................16, 60 CTER Sp. z o.o..................................................... 42 CTP Invest.......................................................... 100

Cushman & Wakefield Polska Sp. z o.o......84, 113 Cyfrowy Polsat SA....................................143, 146

D D. Dobkowski Sp.k. ............................................ 53 D48..................................................................... 121 DahliaMatic Sp. z o.o........................................ 141

DB Securities SA................................................. 36 De Lage Landen Leasing Polska SA................... 32 DEININGER Consulting Sp. z o.o......................... 42 Dekpol SA.......................................................... 109 Dell EMC Polska Sp. z o.o................................. 144 Deloitte Doradztwo Podatkowe Tokarski i Wspólnicy Sp.k................................... 16 Dentons Europe Dąbrowski i Wspólnicy Sp.k............................... 52 Designer Outlet Gdańsk .................................... 120 Designer Outlet Sosnowiec ............................. 120 Designer Outlet Warszawa............................... 120 Deutsche Leasing Polska SA.............................. 33

Devire Sp. z o.o................................. 42, 44, 45, 64 DHL Express (Poland) ....................................... 132 Dino Polska SA...........................................147,151 dk Executive Search ........................................... 46 dk Executive Search Sp. z o.o. Sp.k................... 43 DMS TAX Sp. z o.o.............................................. 18 DNB...................................................................... 28 DO & CO Poland................................................... 69 Dogmat Systemy SA........................................... 30 Dom Development SA......................................... 92 Dom inwestycyjny Xelion Sp. z o.o.................... 37 Dom Maklerski Banku BPS SA........................... 37 Dom Maklerski Banku Handlowego SA............. 36 Dom Maklerski BDM SA..................................... 37 Dom Maklerski BOŚ SA...................................... 36 Dom Maklerski BZWBK SA................................ 36 Dom Maklerski mBanku SA................................ 36 Dom Maklerski Pekao SA................................... 37 Dom Maklerski PKO Banku Polskiego................ 36 Dopak Sp. z o.o.................................................. 157 Doradca Consultants Ltd. ................................... 21 Douglas Polska Sp. z o.o. ................................. 156 DSV (1)............................................................... 131 DUBOIS 41......................................................... 124 DUON Dystrybucja SA ..................................... 160

E E&Y Sp. z o.o....................................................... 16 EC Powiśle........................................................... 90 Ecco Holiday Sp. z o.o....................................... 162 Echo Investment SA................................80, 81, 93 Ecovis System Rewident Sp. z o.o.........18, 19, 20 Egis Polska Dystrybucja Sp. z o.o..................... 157 Ekotrade Sp. z o.o................................................ 70 ENEA OPERATOR Sp. z o.o............................... 159 Enea SA.....................................................146, 159 ENERGA - Operator SA..................................... 159 Energa Centrum Usług Wspólnych ................... 57

ENERGA Informatyka i Technologie Sp. z o.o... 140 Energa SA.......................................................... 146 Enterprise Park................................................... 123 ERBUD SA......................................................... 109 ERGO Hestia SA.................................................. 31 Ernst & Young Audyt Polska Sp. z o.o. Sp. k...... 56 Ernst & Young Doradztwo Podatkowe Sp. z o.o......................... 56 ERNST & YOUNG Sp. z o.o. ............................... 22 Ernst & Young Usługi Księgowe ......................... 57 Erste Securities Polska SA.................................. 36 Esaliens Towarzystwo Funduszy Inwestycyjnych SA (dawniej Legg Mason TFI SA)........................................... 38 Estonia............................................................... 167 Euro Bank SA....................................................... 28 Eurocash SA...................................................... 151 Europejski Fundusz Leasingowy SA................... 32 EXIM SA............................................................ 162 Exorigo - Upos Sp. z o.o.................................... 141 Express Sp. z o.o. S.k................................133, 134

F Factory Annopol................................................ 120 Factory Kraków.................................................. 120 Factory Poznań................................................... 120 Factory Ursus..................................................... 120 Famur SA........................................................... 148 FCA Leasing Polska Sp. z o.o.............................. 33 FCA Services Polska Sp. z o.o............................ 56 FM Logistic........................................................ 130 FOCUS ............................................................... 121 Forbis Group Sp. z o.o....................................... 101 Fordata Sp. z o.o................................................ 158 Foreign Intelligence Agency.............................. 170 Forum Gdańsk...........................................119, 120 Forum Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Forystek i Partnerzy Adwokaci i Radcowie Prawni............................. 51 FPL Sp. z o.o. Sp.k............................................... 75 Francuska A, B.................................................. 125 Fresh Logistics Polska Sp. z o.o........................ 131 Fructofresh Group................................................ 69 Future Centre Training Corporation Kiciński i Wspólnicy Sp.j...............................72, 75 FutureSynthesis Sp. z o.o.................................. 156

G Galeria Bronowice............................................. 119 Galeria Echo Kielce............................................ 119 Galeria Krakowska............................................. 119 Galeria Malta...................................................... 119 Galeria Młociny.................................................... 90 Galeria Mokotów............................................... 119

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182

COMPANY INDEX INDEKS FIRM Galeria Olimp...................................................... 119 Galeria Północna.........................................119,120 Gamma D.Didiuk i M. Wasilewski Sp.j............... 74 Garden of Words Sp.j.......................................... 66 Garnizon.Biz ...................................................... 124 Gas Storage Poland Sp. z o.o............................ 160 GASPOL SA....................................................... 160 Gąsiewski Podniesiński Roman i Wspólnicy Sp.k.................................................. 53 Gdański Business Center Phase I (Building A).121 Gdański Business Center Phase I (Building B).122 GDF Suez Energia Polska SA............................ 159 Gemini Park Tychy............................................. 120 Generali Powszechne Towarzystwo Emerytalne SA.............................. 39 Generation Park X.............................................. 121 GET IT Sp. z o.o................................................... 65 Getin Noble Bank SA........................................... 28

Grupa Maspex................................................... 147 Grupa Masterlease .....................................33, 134 Grupa Mlekovita................................................ 147 Grupa Nielsen...................................................... 58 GRUPA ODiTK...................................................... 74 Grupa Orange Polska......................................... 143 Grupa Pekaes..................................................... 130 Grupa PKF Consult Sp. z o.o. .......... 17, 19, 20, 21

Grupa Raben Polska........................................... 130 Grupa Rhenus.................................................... 131 Grupa Solid Sp. z o.o........................................... 70 GWW Ladziński, Cmoch i Wspólnicy Sp.k........ 16

H Haitong Bank SA................................................. 36 getsix Group .................................................14, 20 GFK Polonia.......................................................... 58

Ghelamco Poland ................................................ 93 GI GROUP Sp. z o.o.......................................44, 45 Gide Tokarczuk Grześkowiak Sp.k....................... 53 Golub GetHouse .................................................. 82 Goodman.............................................................. 98 Gosselin Mobility Warsaw Sp. z o.o................. 132 Górnośląskie Towarzystwo Lotnicze SA........... 164 Grand Hotel ....................................................... 163 Great Minds Sp.j.................................................. 67 Grecos Holiday Sp. z o.o................................... 162 Green Day.......................................................... 124 Green Wings...................................................... 122 Greenberg Traurig Grzesiak Sp.k......................... 52 Grupa Azoty SA................................................. 146 Grupa Azoty Zakłady Azotowe Puławy SA...... 148 Grupa ECDP ..............................................15,17,19 Grupa Fakro Sp. z o.o........................................ 148 Grupa HRC SA..................................................... 42 Grupa Kapitałowa BUSINESS CONSULTING GROUP Sp. z o.o.................................................. 60 Grupa Kapitałowa Comarch SA................139, 148 Grupa Kapitałowa LeasingTeam Sp. z o.o.............................42, 44, 45 Grupa Kapitałowa SIMPLE................................ 140 Grupa Lotos SA.........................................146, 160

Ideal Automotive................................................. 95 Ideal Idea Formad ............................................... 81 IKEA Industry Poland ........................................ 151 IKEA Lublin ........................................................ 120 Imagine.............................................................. 126 Impel Cash Solutions Sp. z o.o........................... 70 Impel Catering Sp. z o.o. Sp.k............................. 68 Impel Provider Security Partner Sp. z o.o. Sp.k......................................... 70 Impexmetal SA.................................................. 147 Impuls-Leasing Polska Sp. z o.o.......................... 33 Indos SA.............................................................. 30 Inea..................................................................... 143 INFINITY Andrzej Pałuba...................................... 60 Infinity................................................................ 126 Infosys Poland Sp. z o.o...................................... 56 ING .................................................................... 151 ING Bank Śląski................................................... 28 ING Lease (Polska) Sp. z o.o............................... 32 ING Securities SA................................................ 36 innogy Business Services Polska ...................... 56 INNOGY Polska SA............................................ 159 INPRO SA............................................................. 93 Insoft Sp. z o.o................................................... 140 Instytut Cen Transferowych Sp. z o.o................. 18

Hays Poland Sp. z o.o....................... 42, 44, 45, 63 Headcount Solutions Polska Sp. z o.o..........43, 46 Hertz / Motorent Sp. z o.o................................. 133 Hewlett Packard Enterprise Global Business Center Sp. z o.o................................................... 56

Hill International Sp. z o.o.................................. 111 Hillwood............................................................... 98 Hitachi Capital Polska ....................................... 134 Homepark Franowo........................................... 120 Homepark Janki................................................. 120 Homepark Targówek......................................... 120 Hotel Bristol ...................................................... 163 Hotel Pod Różą .................................................. 163 Hotel Polonia Palace ......................................... 163 Hotel Zamek Lubliniec ...................................... 163 Hotel Zamek Ryn .............................................. 163 HP Inc Polska Sp. z o.o...................................... 144 Human Partner Sp. z o.o...................................... 76

Instytut Studiów Podatkowych - Grupa ISP....... 16 Integra Consulting Poland .................................. 74 Inter Cars SA..................................................... 146 Interbiuro ........................................................... 101 International Business Center........................... 121 Investors Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Ipopema Securities SA........................................ 36 Ipopema Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 IPSOS................................................................... 58 IQS........................................................................ 58 IRCenter............................................................... 58 IT Kontrakt Sp. z o.o....................................62, 141 ITBC Communication........................................... 66

I

J

IBM BTO Business Consulting Services Sp. z o.o................................................ 56 IBM Polska Sp. z o.o. ....................................... 144 Idea Fleet SA..................................................... 134 Idea Getin Leasing SA......................................... 32

JAS-FBG SA (1)................................................ 131 Jastrzębska Spółka .......................................... 149 JCommerce SA................................................. 140 JEMS Architekci Sp. z o.o................................ 106 Jeronimo Martins Polska SA............................ 150

Jesionowa Business Point................................ 126 JLL Sp. z o.o...................................... 84 , 112, 114 Jobhouse Sp. z o.o..................................43, 44, 46 JSW SA............................................................. 146 Jupol-Car Sp. z o.o............................................ 133 Justyna Moniak ALIGIS...................................... 61

K K&L Gates Jamka Sp.k........................................ 52 Kaczmarski Inkasso ............................................ 30 Kajima Poland ................................................... 109 KAMSOFT SA.................................................... 141 Kancelaria Adwokatów i Radców Prawnych P.J. Sowisło i Topolewski................... 50 Kancelaria Medius SA......................................... 30

Kancelaria Ożóg Tomczykowski.......................... 18 Kancelaria Podatkowa Skłodowscy.................... 17 Kancelaria Prawna Świeca i Wspólnicy Sp.k..... 50 Kancelaria Radców Prawnych Klatka i Partnerzy................................................. 51 Kantar Polska SA................................................. 58 Kapelanka .......................................................... 123 KAPS Architekci Korneluk Parysek Słowik Sp. z o.o................................................. 108 Katowice Business Point................................... 125 Kaufland Polska Markety Sp. z o.o. Sp. k......... 150 KBA Sp. z o.o....................................................... 19 KCB Interlight Sp. z o.o. .................................... 157 KGHM Polska Miedź SA............................146, 149 Kienbaum Sp. z o.o.............................................. 43 KMK Biuro Tłumaczeń Sp. z o.o.......................... 65 Knauf Sp. z o.o................................................... 157 KNDP Sp. z o.o..................................................... 18 Knight Frank Sp. z o.o.......................................... 84

Kochański Zięba i Partnerzy .........................17, 50 Komputronik SA................................................. 144 Konsalnet Holding SA.......................................... 70 Konsalnet Ochrona Sp. z o.o............................... 70 Konsalnet Security Sp. z o.o.......................70, 150 KONTEKST ........................................................... 65 KPMG Advisory Sp. z o.o. Sp.k. ......................... 22 KPMG Sp. z o.o. .................................................. 16 KR Group Sp. z o.o............................................... 17 KRS Kancelaria Łódź......................................18, 51

KRUK SA.............................................................. 30 Kuehne + Nagel ............................................... 131

L L`oreal Polska Sp. z o.o.................................... 156 Lang LTC ............................................................. 72 LC Corp SA ...................................................81, 92 Lear Corporation Poland Sp. z o.o..................... 151 LeasePlan Polska Sp. z o.o................................ 135 Leasing Polski Sp. z o.o....................................... 33 Lenovo Technology B.V. Sp. z o.o..................... 144 Leroy Merlin Polska .......................................... 151 Leroy Merlin......................................................... 95 Lidl Sp. z o.o. Sp.k............................................. 150 Lingua Nova ........................................................ 72 Linklaters C. Wiśniewski i Wspólnicy Sp.k........ 52 LNG Silesia Sp. z o.o. ....................................... 160 LOCO Adam Sawczuk. Sławomir Szyłko Sp.j.. 140 LogosTour Sp. z o.o........................................... 162 Lokum Deweloper SA......................................... 93 Lorenz Services Sp. z o.o.................................... 57 LPP SA............................................................... 146 Lunch Service s.c. Dariusz Cyran Piotr Sobczak.68 M1 Czeladź......................................................... 119 M1 Kraków........................................................ 119 M1 Zabrze.......................................................... 119 Magnolia Park.................................................... 119 Małachowski Square........................................ 122 MAN Financial Services Poland.......................... 33 Manufaktura...................................................... 119 Mariański Group Kancelaria Prawno-Podatkowa Sp.k...............................18, 51 Martini i Wspólnicy Sp. z o.o.............................. 18 Mary Kay Cosmetics Poland............................. 156 Matarnia............................................................. 120 Mazars w Polsce ....................................17, 20, 21 Mazowiecki Port Lotniczy Warszawa - Modlin Sp. z o.o............................................... 164 mBank SA............................................................ 28 McKinsey & Company Poland Sp. z o.o............. 22 MDDP .................................................................. 74 Mennica Legacy Tower..................................... 126 Mennica Polska................................................... 93 MetLife Powszechne Towarzystwo Emerytalne SA..................................................... 39

Metro Properties Sp. z o.o..........................80, 114

METROPOLIS Doradztwo Gospodarcze Sp. z o.o......................................... 60 Microsoft Sp. z o.o............................................ 144 Międzynarodowy Port Lotniczy im. Jana Pawła II Kraków – Balice .................. 164 Millenium Dom Maklerski SA............................. 37 Millenium Hall.................................................... 119 Millenium Plaza.................................................. 121 Millennium Leasing Sp. z o.o.............................. 32 Millennium Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Miller, Canfield, W. Babicki, A. Chełchowski i Wspólnicy Sp.k.................................................... 53 mLeasing Sp. z o.o......................................32, 135 MLP .................................................... 98, 102, 105 Monevia Sp. z o.o................................................ 30 Moore Stephens Central Audit Sp. z o.o...................... 17, 19, 20, 21 Morison Finansista........................................17, 19 Morski Park Handlowy...................................... 120 MPM Productivity Management Sp. z o.o......... 75 MSCG S.C............................................................ 60 MTR Media Sp. z o.o. Sp.k................................. 59 Multimedia Polska SA...............................115, 143

N

NAI Estate Fellows Sp. z o.o.

Sp. Komandytowa............................................... 86 Nationale Nederlanden SA.................................. 31 Nationale-Nederlanden Powszechne Towarzystwo Emerytalne SA.............................. 39 NC + ................................................................ 143 Neckermann Polska Biuro Podróży Sp. z o.o.... 162 Neopark.............................................................. 121 Netia SA.....................................................143, 146 Nimbus Office.................................................... 122 Niro Sp. z o.o....................................................... 69 Nivette Fleet Management Sp. z o.o................ 135 NL-Leasing Polska Sp. z o.o................................ 33 NN Investment Partners Towarzystwo Funduszy Inwestycyjnych SA............................. 38 Nobilis Business House..................................... 124 Noble Funds Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Noble Securities SA............................................ 37 Noerr Biedecki Sp.k............................................. 53 Nowa Itaka Sp. z o.o......................................... 162 Nowa Stacja Pruszków....................................... 90 Nowe Motywacje .............................................. 74 Nowogrodzka Square........................................ 122 Nowy Styl Group............................................... 101 Nuvadis Talents Sp. z o.o.................................... 46

183

BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

COMPANY INDEX INDEKS FIRM

BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

184

COMPANY INDEX INDEKS FIRM

Nuvalu Polska Sp. z o. o. Sp.k............................. 84

O O3 Business Campus........................................ 123 Olivia Business Center - Olivia Four.................. 124 On Board Think Kong .......................................... 66 Onico SA............................................................ 148 Open Life SA........................................................ 31 Opera Dom Maklerski Sp. z o.o.......................... 37 Operator Gazociagów Przesyłowych GAZ-SYSTEM SA............................................... 160 OPTeam SA........................................................ 140 Oracle Polska Sp. z o.o...................................... 158 Orange Polska SA.............................................. 150 ORLEN Centrum Usług Korporacyjnych Sp. z o.o..................................... 57 Outlet Białystok ................................................ 120 Outlet Center Białystok...................................... 120 Outlet Center Lublin........................................... 120 Outlet Graffica (f. Galeria Graffica).................... 120

P P.A. NOVA SA.................................................... 110 P3 Logistic Parks................................................. 98 P4 Sp z o.o......................................................... 143

PAGO Sp. z o.o................................................... 132 Pałac Staniszów ****....................................... 163 Pałac Sulisław *****........................................ 163 Pałac Tłokinia ****........................................... 163 Pałac Wojanów ****........................................ 163

Panattoni Europe.........................98, 102, 103, 105 Pandora Jewelry CEE Sp. z o.o......................... 158 PANEK SA.......................................................... 133 Park Rozwoju - phase I ................................. 122

Partner of Promotion Sp. z o.o............................ 66 Party Serwis catering Melon Sp.j....................... 68 Pasaż Grunwaldzki............................................. 119 PBS Sp. z o.o.(1).................................................. 58 PEGAZ................................................................ 124 Pekao Investment Banking SA........................... 36

Pekao Leasing Sp. z o.o. .................................... 32 Pekao Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 PEX PharmaSequence......................................... 58 PGE Dystrybucja SA.......................................... 159 PGE Polska Grupa Energetyczna SA.........146, 159 PGNiG TERMIKA SA.......................................... 160 Phenicoptere Sp. z o.o. .................................... 156 PHU BEST Centrum Języków Obcych - Dariusz Wiśniewski............................. 73 Pilot Tower......................................................... 123 PKN Orlen SA.............................................146, 160 PKO Bank .......................................................... 149 PKO Bank Polski SA........................................... 146 PKO BP Finat Sp. z o.o...................................... 156 PKO Leasing SA...........................................32, 135 PKO Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 PKO....................................................................... 28 PKP .................................................................... 149 PKP Cargo SA............................................147, 149 PKP ENERGETYKA SA....................................... 159 PKP Informatyka Sp. z o.o................................. 141 PKP Intercity SA................................................ 149 PKP Polskie Linie Kolejowe SA......................... 147 PLL LOT SA........................................................ 147 PLUSART.PL....................................................... 108

PM Group Polska Sp. z o.o........................106, 111 Poczta Polska SA.......................................147, 149 Pocztylion - Arka Powszechne Towarzystwo Emerytalne SA.............................. 39 Podium Investment.............................................. 82 Podopharm Sp. z o.o. ....................................... 156 Polenergia SA.................................................... 148 Polska Grupa Górnicza Sp. z o.o....................... 147 Polska Spółka Gazownictwa Sp. z o.o. ...149 , 159 Polskie Górnictwo Naftowe i Gazownictwo SA.....................................146, 159 Polskie Linie Kolejowe SA................................. 149 Polskie LNG SA.................................................. 160 Polskie Sieci Elektroenergetyczne SA.......146, 159 Port Lotniczy Bydgoszcz SA.............................. 164 Port Lotniczy Gdańsk Sp. z o.o.......................... 164 Port Lotniczy Lublin SA...................................... 164 Port Lotniczy Łódź im. Władysława Reymonta Sp. z o.o........................................... 164 Port Lotniczy Poznań - Ławica ......................... 164

Port Lotniczy Radom SA.................................... 164 Port Lotniczy Rzeszów - Jasionka Sp. z o.o..... 164 Port Lotniczy Szczecin - Goleniów Sp. z o.o..... 164 Port Lotniczy Wrocław SA................................ 164 Port Łódź............................................................ 119 Posnania............................................................. 119 Power Sp. z o.o.................................................... 59 Powszechne Towarzystwo Emerytalne Allianz Polska SA............................................................. 39 Powszechne Towarzystwo Emerytalne PZU SA............................................. 39 Powszechny Zakład Ubezpieczeń SA.........31, 149 PPHU Specjał Sp. z o.o..................................... 148 PPSKiZ Transmeble Poznań Sp. z o.o................ 132 PRC Architekci Sp. z o.o.................................... 108 PricewaterhouseCoopers Service Delivery Center Sp. z o.o..................................... 57 Primum PR Sp. z o.o............................................ 66 Prochem SA...............................................106, 112 PROFES ............................................................... 75 Progres Sp. z o.o. Sp.k..................................42, 44 Progress Project Sp. z o.o................................... 74 Prologis......................................................100, 105 Promenady ZITA................................................ 124 Prosta 69 Business Centre................................ 122 Przedsiebiorstwo Energetyki Cieplnej Sp. z o.o. Bełchatów........................... 160 Przedsiębiorstwo Państwowe „Porty Lotnicze”......

164 Przedsiębiorstwo Zarządzania Nieruchomościami Sp. z o.o............................ 113 Przewozy Regionalne ........................................ 149 PSA Finance Polska Sp. z o.o............................. 33 PSH Lewiatan.................................................... 146 Ptak Outlet ........................................................ 120 PwC Legal Pawłowski Żelaźnicki Sp.k................ 52 PwC Polska Sp. z o.o.....................................16, 22 PZU SA............................................................... 146 PZU Życie SA....................................................... 31

Q QUATTRO Business Park D (IV)........................ 123 QUERCUS Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Quickpack Polska Sp. z o.o............................... 157

R Radzikowski, Szubielska i Wspólnicy Sp.k......... 51 Raifesien Bank Polska SA.............................28, 37 Rainbow Tours SA............................................. 162 RAWA OFFICE................................................... 125 RD bud Sp. z o.o................................................ 110 Real Estate Poland Sp. z o.o................................ 86 Recfood Sp. z o.o................................................. 45 Reesco Sp. z o.o................................................ 101

COMPANY INDEX INDEKS FIRM

Rödl & Partner (Roedl Audit Sp. z o.o.)............... 19 Rödl & Partner (Roedl Outsourcing .................... 20 Rödl & Partner (Roedl, Majchrowicz-Bączyk Kancelaria Prawna Sp.k.)..............................16, 52 ROHLIG SUUS Logistics SA.............................. 130 Rondo Wiatraczna............................................. 120 Rossmann Supermarkety Drogeryjne Polska... 150 Roto Frank Okucia Budowlane Sp. z o.o.......... 157 Russell Bedford Dmowski i Wspólnicy Kancelaria Adwokacka Sp.k........... 50 Russell Bedford Poland ....................................... 21 Russell Bedford Poland Akademia ..................... 75 Russell Bedford Poland Sp. z o.o........................ 17

S

Silesia City Center............................................. 119 Silesia Star 1...................................................... 125 Sixt rent a car Polska / Eurorent Sp. z o.o........ 133 Skanska SA........................................................ 109 Skarbiec Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Sky Tower.......................................................... 123 SM Mlekpol....................................................... 147 Smart Outlet Center Bydgoszcz........................ 120 SNP Poland Sp. z o.o......................................... 140 Sodexo Polska Sp. z o.o..............................68, 113 Solaris Bus & Coach SA............................148, 157 Solski Communications ...................................... 66 Sołtysiński Kawecki & Szlęzak – Kancelaria Radców Prawnych i Adwokatów Sp.k.............. 51 Spaceplan Sp. z o.o........................................... 101 SPARK C............................................................. 122 SPCG T. Studnicki, K. Płeszka, Z. Ćwiąkalski, J. Górski Sp.k............................... 50 Speak Up Learning ............................................. 72 SPIE Polska Sp. z o.o......................................... 113 Stalprodukt SA................................................... 147 Steel Office......................................................... 126 Stowarzyszenie REFA Wielkopolska................... 76 STRABAG BRVZ Sp. z o.o................................... 57

TAURON Obsługa Klienta Sp. z o.o..................... 56 Tauron Polska Energia SA................................. 159 Tauron SA.......................................................... 146 Tech Data Polska Sp. z o.o................................ 144 Techland Sp z o.o............................................... 141 TESCO Polska Sp. z o.o..................................... 150 Tetris Poland Sp. z o.o....................................... 101

TFLS Testing & Foreign Language Services Szkoła Języków Obcych...................... 72 The Warsaw HUB.............................................. 126 TLA Smoczyński Koniewski Doradztwo Podatkowe Sp. z o.o............................................ 18 T-Mobile Polska SA........................................... 143 Totalizator Sportowy Sp. z o.o.......................... 147 Towarzystwo Funduszy Inwestycyjnych Allianz Polska SA................................................. 38 Towarzystwo Funduszy Inwestycyjnych PZU SA................................................................. 38 Toya.................................................................... 143

S&T Services Polska Sp. z o.o....................62, 139 S.A.M.I. Architekci Sp. z o.o............................. 108 S4E SA............................................................... 141 Sagittarius Business House.............................. 124 Santa Fe Relocation Services Sp. z o.o............ 136 Santander Consumer Multirent Sp. z o.o. ......... 33 SAS Institute Sp. z o.o...................................... 141 Savills Property Management Sp. z o.o........... 115 Savills Sp. z o.o.................................................... 86 Scania Finance Polska Sp. z o.o......................... 33 Schenker Sp. z.o.o (1)....................................... 130 Securitas Polska Sp. z o.o. (1)............................ 70

SEGRO Poland Sp, z,o,o,..........100, 104, 105, 156 Sephora Polska Sp. z o.o. ................................. 156 September Events............................................... 59 Serenada............................................................ 120 SG Equipment Leasing Polska Sp. z o.o............. 32 SGB Leasing Sp. z o.o. ....................................... 33 Siemens Finance Sp. z o.o.................................. 32 SII Sp. z o.o.......................................... 20, 62 , 139 Silesia Business Park I...................................... 125

Studio Gambit Sp. z o.o....................................... 65

SUD Architekt Polska Sp. z o.o......................... 106 Suempol Sp. z o.o.............................................. 157 Supersam........................................................... 126 Sygnity SA........................................................... 62 Symetris Business Park.................................... 124 Szczecin Outlet Park ......................................... 120 Szkoła Języków Obcych Centrum Edukacji Grupa ORLEN........................................ 73 Szostek & Partners Sp. z o.o.........................43, 46 Ślązak, Zapiór i Wspólnicy Kancelaria Adwokatów i Radców Prawnych Sp.k.............. 50 Ślimak.................................................................. 69

T Tacit Investment SA ......................................... 156 Takeda SCE Sp. z o.o........................................... 57 Tarsago Polska Sp. z o.o...................................... 57 Tauber Public Relations....................................... 67 Tauron Ciepła Sp. z o.o...................................... 160 TAURON Dystrybucja SA..........................149, 159

TPA Poland Sp. z o.o......................................17, 19 Trade Trans Log Sp. z o.o.................................. 158 Transformation Sp. z o.o. Sp.k.......................... 101 Transition Technologies SA.........................63, 140 Trigon Dom Maklerski SA................................... 36 Trigon Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 TUI Poland Sp. z o.o........................................... 162 TZMO SA........................................................... 148

U Unibail-Rodamco-Westfield ................................ 80 Union Investment Towarzystwo Funduszy Inwestycyjnych SA............................................. 38 Unit4 Polska SA................................................... 63 Universal Express Relocations Sp. z o.o........... 136 UPC Polska Sp. z.o.o......................................... 143

BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

Reino Partners Sp. z o.o.................................... 156 Reloplanet.......................................................... 136 Rentis SA........................................................... 133 Retro Office House............................................. 124 Robert Bosch GmbH ......................................... 157 Robyg SA............................................................. 92

185

186

COMPANY INDEX INDEKS FIRM

BUSINESS GUIDE PRZEWODNIK INFORMACYJNY

V

Vastint Poland Sp. z o.o....................................... 81 Vectra SA........................................................... 143 Vendi Servis ........................................................ 69 Veolia Centrum Usług Wspólnych ..................... 57 VEOLIA Energia Łódź SA................................... 160 VEOLIA Energia Poznań SA............................... 160 VEOLIA Energia Warszawa SA......................... 160 Vertigo Property Group Sp.j................................. 86 Vestor Dom Maklerski SA................................... 37 VICTORIA DOM SA.............................................. 93 Villa Foksal Gourmet Catering............................. 68 Vivo! Krosno....................................................... 120 Volkswagen Leasing GmbH Sp. z o.o. odd. w Polsce..................32, 135

W Waimea Holding SA.......................................... 100 Walk Events Sp. z o.o.......................................... 59 Walk PR Sp. z o.o................................................ 67 Warmia i Mazury Sp. z o.o................................ 164 Warsaw Spire.................................................... 121 Warsaw Spire, 41st floor.................................... 93 Warta SA............................................................. 31 WASKO SA........................................................ 140 Wasko SA............................................................ 63 WATERSIDE....................................................... 124 Weil, Gotshal & Manges - Paweł Rymarz Sp.k........................................... 52 Werner Kenkel Sp. z o.o.................................... 157 West Station I.................................................... 121 West Station II .................................................. 121 Węglokoks SA................................................... 148 Węglowa SA...................................................... 149 White and Case M. Studniarek i Wspólnicy - Kancelaria Prawna Sp.k................ 53

ADVERTISERS INDEX INDEKS REKLAMODAWCÓW

PARTNERS/ PARTNERZY Catella ����������������������������������������������������������������������������������������������� 9 Cresa Polska Sp z o.o ���������������������������������������������������������������������87 Creditreform Sp. z o.o ����������������������������������������������������������������������� 7 Cushman & Wakefield Polska Sp z o.o ������������������������������������������94 Kochański Zięba i Partnerzy �����������������������������������������������������������11 Kruk SA �������������������������������������������������������������������������������������������69 Rodl & Partner ���������������������������������������������������������������������������������13 S&T w Polsce �������������������������������������������������������������������������������137 TFLS – Testing & Foreign Language Services – Szkoła Języków Obcych �������������������������������������������������������������71 Polska Rada Centrów Handlowych ����������������������������������������������116 Związek Polskiego Leasingu �����������������������������������������������������������34 S&T Services Polska Sp. z o.o. ����������������������������������������������������181

Accenture Sp z o.o �������������������������������������������������������������������������23 Devire Sp z o.o ��������������������������������������������������������������������������64, 47 Instytut Studiów Podatkowych - Grupa ISP ����������������������������������16 Hays Poland ������������������������������������������������������������������������������44, 63 Panattoni Europe �����������������������������������������������������������������������������99 Rodl & Partner ��������������������������������������������������2nd cover/ II okładka SUD Architectes ���������������������������������������������������������������������������107 Segro Poland Sp. z o.o. ����������������������������������������������������������������100 Vastint Poland Sp. z o.o. ��������������������������91, 4 th cover/ IV okładka

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Wierzbowski Eversheds Sutherland................... 53 Wodny Park Handlowy...................................... 120 Wola Center....................................................... 121 Wola Park........................................................... 119 Wola Retro......................................................... 126 Wołoska 24........................................................ 122 Wood & Company Financial Services A.S. SA.................................. 36 Wroclavia...................................................119, 120 Wrocław Fashion Outlet.................................... 120 Wrocławski Park Biznesu 2 ............................. 123 Wrocławski Park Biznesu 3.............................. 123 Yellow Grzegorz Wojtiuk Sp. z o.o....................... 65 Zalando................................................................. 95 Zamek Kliczków................................................. 163 Zamek Książ ...................................................... 163 Zespół Elektrowni Wodnych Niedzica SA........ 159 ZGH Bolesław SA.............................................. 148 Zielone Arkady................................................... 119 Zielony Park Handlowy...................................... 120 Złote Tarasy........................................................ 119

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