Page 1

A partial agreement with unions means miner JSW could debut on time

Techeye talks beach fashion and summer gadgetry

Port terminals are planning over z∏.1 billion in expansions 10




Since 1994 . Poland’s only business weekly in English

VOLUME 17, NUMBER 18 • MAY 9-15, 2011 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127

These angels mean business


Lokale Immobilia

WBJ presents a special 8-page supplement on the state of angel investing in Poland

• IGI’s Solaris Center • Bella Dolina mall • Guy Perry interview 21-24


Where the grass is green Environment Minister Andrzej Kraszewski talks about the balance between preserving Poland’s lush nature and fueling economic growth 8-9

A guide to Polish business and industry

Przewodnik po polskim biznesie i gospodarce

General contractors 26-27 News . . . . . . . . . . . . . . . . . . . . . . .2-4 Industry News . . . . . . . . . . . . . . .5-6 Listed Firms . . . . . . . . . . . . . . . . . . .7 Interview . . . . . . . . . . . . . . . . . . . .8-9 Business Environment . . . . . . . . .10 Opinion & Analysis . . . . . . . . . . . .11 Angel Investing in Poland . . .13-20 Lokale Immobilia . . . . . . . . . . .21-24 The List . . . . . . . . . . . . . . . . . . .26-27 Markets . . . . . . . . . . . . . . . . . . . . . .28 Business Community . . . . . . . . . .29 Arts & Culture . . . . . . . . . . . . . . . .30 Last Word . . . . . . . . . . . . . . . . . . . .31


In this issue

Leading to bin Laden

Hooligans cause havoc

The trail to Osama bin Laden reportedly began with al-Qaeda interrogations at secret CIA prisons in Poland

Last week’s Polish Cup Final match ended in a riot; PM Tusk says he will have none of this for Euro 2012


A GUIDE TO POLISH EXPORT is AVAILABLE NOW! To order: Please contact us at +48 22 639 85 68 or



Portugal gets €78 billion bailout Portugal has agreed to a €78 billion financial rescue deal with the IMF and the EU, making it the third euro zone country to agree to a bailout. According to the package, €12 billion – some 15% – of the funds will go towards shoring up the country’s banks, which will have to significantly increase their capital over the next 18 months.

Grad to resign this year Treasury Minister Aleksander Grad has announced that he will resign from his post after this autumn’s parliamentary elections, irrespective of whether his party, Civic Platform (PO), wins or not. “Every head of such a gigantic organization as the Treasury Ministry, which manages a huge amount of assets and firms, should inform the market when he will leave,” Mr Grad said in an interview with Mr Grad said he felt that “running the ministry for one [parliamentary] term is definitely enough.”

The Nord Stream consortium last week finished laying the first of its two planned gas pipelines on the Baltic Sea bed, between the Russian town of Vyborg and Germany’s Greifswald. Three sections of the 1,224 kilometer scheme are now expected to be joined together underwater in the summer and come online by the end of the year. Construction on the second Nord Stream pipeline is scheduled for completion in late 2012. When the twin lines become operational, Nord Stream will have the capacity to transport a total of 55 billion cubic meters of gas per year. “Europe will soon have the

security of the privately financed €7.4 billion Nord Stream project providing a fixed link between the European gas grid and one of the world’s largest gas reserves in Russia for at least 50 years,” Matthias Warnig, the managing director of Nord Stream, said in a statement. “At a time when recent world events have led to increased concern about nuclear energy and energy imports from North Africa, our major new infrastructure project takes on more importance for both Europe and Russia,” Mr Warnig added. One of the most controversial investments in Europe in

z∏.3 million

recent years, Nord Stream is being completed despite environmental concerns of the European Parliament and the objections of Poland and the Baltic states, which see the project as running against their political and economic interests. It has been argued that the pipeline will deepen Europe’s dependence on Russian gas and weaken the position of transit countries such as Poland and Ukraine. Its construction was possible due to the support of prominent German and Russian politicians, and Poland’s Foreign Minister Rados∏aw Sikorski once famously likened the project to the 1939 Molotov-Ribbentrop Pact, which divided Polish territory between Russia and Germany. The Nord Stream consortium came into being in November 2005. Its largest shareholders are Russia’s Gazprom, which has a 51 percent stake in the project, and Germany’s Wintershall and E. ON Ruhrgas, both of which have 15.5 percent stakes. Adam Zdrodowski

On Documentary delight Through May 15, the 8th edition of the Planete Doc Film Festival is on in Warsaw’s cinemas. The festival is among very few of its kind in Europe, and presents a number of award-winning documentaries from around the world. selected some of the mustsee flicks. Log on to watch the descriptions and trailers and decide for yourself.

is how much Hanna Gronkiewicz-Waltz, the mayor of Warsaw, has in Polish bank accounts, Rzeczpospolita reported

37% of shares in BG˚ will be sold by the Treasury in a public offering due to be completed on May 27

1.5 million people attended the beatification of John Paul II at the Vatican City on May 1

z∏.35 billion is the total value of debt held by Polish households

Quote of the Week “We aren’t building stadiums to host medieval customs” Prime Minister Donald Tusk comments on hooliganism at Polish soccer matches, after suggesting that league games should be played to empty stadiums if it can’t be brought under control

Figures in focus Wage disparities Average monthly gross wage in Poland in Q4 2010, by regions (in z∏.) 5,000 4,000 3,000 2,000 1,000 zł Central




Agroton ........................7 Handuk Consulting



The 40th IFTDO World Conference & Exhibition international HR Congress & Expo. Location: Hotel Marriott, Warsaw


Analysts: Lotos sale unlikely



Inauguration of the Investor and Exporter Service Center of the Âwi´tokrzyskie Voivodship Marshal’s Office. Location: “¸ysogóry” Hotel, Kielce.



17th International Fair of Road Construction Industry. Location: Kielce Trade Fairs


Technologies and Infrastructure Exhibition. Location: Kielce Trade Fairs

13th International Construction Equipment and Special Vehicles Fair. Location: Kielce Trade Fairs.



Energy and Environment International Trade Fair. Location: Madrid, Spain.

The Real Estate and Investment Fair focused on Central & Eastern Europe. Location: Vienna.


The main theme of this year’s conference will concern honesty in the construction sector. Location: Hotel Qubus, Krakow


11-13 GENERA

Nest Oil Group ............7

Alterco ........................22 Limited ......................22 Nord Stream ................2 Anti ............................28 HSW Stalowa Wola ......6 Optimus Pascal Apeiron Synthesis ......19 IGI ..............................23 Multimedia ................17 Arie E&P Company ......7 Ipopema Securities......7 Organic Irish Arvato Services Farma Zdrowia ..........13 Polska ........................24 Investment Group ......23 Panattoni Europe ......22 Astarta..........................7 IVG Petrolinvest ..................6 Institutional Funds ....24 Bank Gospodarki PKN Orlen ..................28 ˚ywnoÊciowej ..............7 Jastrz´bska Spó∏ka PKO BP Inwestycje ....24 W´glowa ......................5 Bank Gospodarstwa Krajowego ............20, 21 JSK Architekci............23 Polcolorit ....................28 Bank Pekao................28 Kawasaki ....................31 Polimex-Mostostal ....28

10 -13 MASZBUD Event:

Aimed at the integration of MBA students and alumni from all over the world. Location: Kraków.


10-13 TRAFFIC-EXPO – TIL 7th International Fair of Infrastructure, Airport

Most important economic event in Central Europe. Location: Katowice.


10-13 TRANSPORT LOGISTIC EXHIBITION International Exhibition for Logistics, Mobility, IT and Supply Chain Management. Location: Messe Munchen International


Company index

May 8-11


Source: Central Statistical Office



Unnamed sources told Rzeczpospolita that four Russian oil concerns are interested in state-owned refiner Lotos. Two companies from Western Europe are also reportedly interested, but these firms are only indirectly related to the refining industry. Experts told the newspaper that if no Western oil companies offer bids and Poland is left to choose between Russian companies alone, then the sale is unlikely. ●

Numbers in the News

The Nord Stream pipeline

Poland’s millionaire mayors The country’s richest mayors are also leaders of Poland’s largest cities, reports Rzeczpospolita, citing a recent analysis of property statements.The mayors of Warsaw, Gdaƒsk, Kraków, Wroc∏aw, Olsztyn, Poznaƒ, Szczecin, Rzeszów and Gorzów Wielkopolski have each amassed personal wealth of more than z∏.1 million.

MAY 9-15, 2011




A discussion platform for foremost experts and eminent representatives of business, academic and political circles. Location: Sheraton, Sopot.

BRE Bank ..................28 Kernel ..........................7 Polnord ......................24 Calatrava Capital ......28 KGHM ....................5, 28 PZU ............................28 Capital Park ..............24 Krachem ....................28 Rainbow Tours ..........28 Corius ........................24 KSG Agro......................7 Reinhold Polska AB ..22 Cyfrowy Polsat ..........28 Kulczyk Investments....7 Sadovaya ......................7 Dom Development ....24 Kulczyk Oil Ventures....7 Silurian ........................6 E. ON Ruhrgas ............2 LiuGong ........................6 Sonel ..........................28 EGIS............................24 Lotos ......................2, 28 TPSA ..........................28 Eurofaktor ..................28 Mak Dom....................21 Unilever ......................14 FH Jago ......................28 Mayland Real Estate..21 Wandalex ....................28 Fiat..............................19 Mielno Holding-Firmus Gazprom ......................2 Group..........................21 Warfama ....................28 Getin Holding ............28 Milkiland ......................7 Wintershall ..................2 Grupa ˚ywiec ............19 Neinver Poland ..........22 WSE ..............................7


MAY 9-15, 2011

Death of Osama bin Laden

Interrogations in Poland may have been crucial to finding bin Laden pectedly includes Poland, although at this stage very few details have emerged due to the secrecy surrounding the CIA’s so-called black sites. According to current and former US officials cited by several media sources, between 2002 and 2005, top alQaeda commanders and operatives, including Khalid Sheikh Mohammed, Hassan Ghul and Abu Faraj al-Libi, all detainees in the CIA’s secret prison network, revealed the importance of the courier.


The interrogation of top alQaeda members at secret CIA prisons in Poland and elsewhere might have helped lead to the discovery and killing of Osama bin Laden by elite US forces in Pakistan, it was reported last week. As details of the operation are being disclosed, it has emerged that the person who unwillingly led the US to bin Laden was his trusted courier, Sheikh Abu Ahmed. The story of how US intelligence agencies became aware of Sheikh Abu Ahmed unex-

President Obama and his team in the White House Situation Room watching the events in Pakistan as they unfold

Specifically, the Associated Press reported that Khalid Sheikh Mohammed provided the nom de guerre of one of bin Laden’s most trusted aides and that the CIA obtained similar information from alLibi. Both were subjected to harsh interrogation tactics inside CIA prisons in Poland and Romania, AP reported. However, it was only last year that US intelligence was able to locate Sheikh Abu Ahmed and follow him to bin Laden’s compound in the northeastern Pakistani town of Abbottabad. In the US, the revelations have revived the debate about those contested black sites and the even more controversial interrogation techniques allegedly used there. However, officials have stressed that neither the courier’s name nor the location of the compound in Abbottabad, Pakistan, came from detainees. “It took years of collection and analysis from many different sources to develop the case that enabled us to identify this compound and reach a judgment that bin Laden was likely to be living there,” Tommy Vietor, spokesperson for the National Security Council at the White House, was quoted by The New York

Times as saying. “The debate about whether we would have gotten the same information through other approaches, I think, is always going to be an open question,” CIA Director Leon Panetta told NBC News. Polish officials, who have never openly admitted the existence of such a site in

Poland, have remained silent. A number of sources have stated with certainty that the CIA operated a “black site” in Poland between 2002 and 2005. However, representatives of all Polish governments since that time have denied or avoided commenting on the issue. Alice Trudelle

Poland congratulates Obama


Polish politicians hail bin Laden’s death as a major victory in the War on Terror

Over 56 million Americans watched President Obama announce Bin Laden’s death ident Obama’s announcement, said that “justice has been done.” “We congratulate our allies. We rejoice together with the American people,” he said.

Mr Sikorski recalled that Poles were killed in the World Trade Center attack, as well as in al-Qaeda attacks in Bali, Madrid and London. He also recalled the fate of geologist Piotr Staƒczak, kidnapped

Millions of Poles watched as Pope Benedict XVI announced the beatification of the late Pope John Paul II on May 1. Beatificaiton is the last stage before sainthood. Many braved the rain to watch the proceedings on large screens erected specially in public places throughout Poland. Over 1.5 million people were present at St. Peter’s Square in the Vatican City for the ceremony.

Numerous private and public buildings in Poland displayed the country’s national colors on May 2 as Poles celebrated the Flag of the Republic of Poland Day. Meant to popularize and spread knowledge about Polish national identity and symbols, Polish Flag Day has been celebrated since 2004.

Political reaction

Poland was quick to congratulate its American allies after President Barack Obama announced US special forces had killed al-Qaeda leader Osama bin Laden. “This is an important day for Poland, too,” said President Bronis∏aw Komorowski. “Let’s not forget that one of the objectives of the anti-terrorist coalition established 10 years ago, in which Poland also took part, was to punish those responsible for the World Trade Center terrorist attacks.” “Justice triumphed. Evil should never go unpunished,” Prime Minister Donald Tusk said in a statement, adding that bin Laden’s death is a warning to all terrorists. Foreign Minister Rados∏aw Sikorski, echoing the now-famous words from Pres-

Beatification of John Paul II

Flag Day celebrated


Vital information that led to last week’s killing of the al-Qaeda leader was allegedly acquired from members of the terrorist group in Poland


and murdered in Pakistan by al-Qaeda sympathizers. Several official sources confirmed that bin Laden’s death would not change Poland’s commitment in Afghanistan as part of

NATO’s forces. Though many have voiced worries that bin Laden’s death could lead to retaliation from terrorist groups, Polish authorities said they were remaining calm but vigilant. “I think there is no reason for concern, although it is always better to remain cautious,” said President Komorowski. “I know that Polish security services have already increased their involvement in monitoring the situation.” Despite requests from Grzegorz Napieralski, head of the Democratic Left Alliance (SLD) party, the president’s office maintained last week that none of the institutions responsible for national security had detected threats related to bin Laden’s death and would therefore not hold a meeting of the National Security Council regarding this issue. Alice Trudelle

Obama heralds Constitution Day US President Barack Obama and US Secretary of State Hillary Clinton congratulated and sent their best wishes to the people of Poland as they celebrated the 220th anniversary of the first codified Polish constitution last week. “On behalf of the American people, I send my best wishes to all who celebrate Polish Constitution Day – here in America, in Poland and around the world,” Mr Obama said. The Polish Constitution of May 3, 1791 was the second national codified constitution in the world, after the US’s.

Channelshare deal Two of the largest media groups on the Polish market, Cyfrowy Polsat and TVN, have signed an unprecedented agreement, Dziennik Gazeta Prawna reports. As a result, the two groups will share content from their respective satellite platforms. According to Pawe∏ Puchalski, analyst at BZ WBK, TVN’s ‘n’ platform will gain the most from the contract, since its offer lacked some popular channels. ●



MAY 9-15, 2011


Government forced to act over rising hooliganism

Germany opens labor market to Poles amid workers’ fears

Things got ugly at a recent Legia-Lech match in Bydgoszcz, leading officials to close stadiums to fans

German politicians have attempted to quell worries by promising vigilant checks on employers

Hooliganism is back on the agenda following a recent incident involving rampaging Polish soccer fans. Officials, including Prime Minister Donald Tusk himself, have called for stricter measures to be implemented ahead of Euro 2012. Last Tuesday’s Polish Cup Final match between Legia Warszawa and Lech Poznaƒ in Bydgoszcz ended in a riot, with police fighting hooligans who had ripped out seats, invaded the pitch and thrown metal objects and fire crackers. Police resorted to using water cannons to control the crowd, with the whole incident causing about z∏.40,000 in damages. However, it cost an estimated z∏.1 million to police the event. Officials from European soccer’s governing body, UEFA, were present at the match in Bydgoszcz and a statement was later released saying they were “aware of the incidents and will continue to work together with the various entities involved in security matters to develop and put in place all necessary measures.”

Violence marred the May Day marches in Germany, as workers’ fears that an influx of migrant labor from the east would lead to wage dumping and job losses spilled over into scuffles with police. Germany, along with Austria, was obliged by the European Union to open its labor market to the eight countries, including Poland, which joined the EU in 2004. German trade unions fear that up to 800,000 workers could flood the job market over the next two years, leading to wage levels being undercut and the welfare system swamped. Two prominent German politicians have attempted to ease workers’ worries by promising to shield the labor force from the impact of the changes. Labor Minister Ursula von der Leyen told the widely circulated Bild newspaper that sectors such as catering and heavy industry, where unions are particularly fearful of wage dumping, would be monitored closely. Checks, she said, would ensure the minimum wage was enforced and incomes were registered. The Finance Ministry, meanwhile, will employ an extra 150 workers this year to

PM Tusk weighs in In response to the riots, Prime Minister Donald Tusk has



The latest incident caused z∏.40,000 in damage and cost z∏.1 million to police announced that police forces and organizers of mass events should increase cooperation, while hooligans banned from soccer matches should also be banned from other large-scale events. Mr Tusk said Poland had “many strict regulations” on stadium security and called on the authorities and match organizers to strictly adhere to them. “They should follow police guidance and close stadiums to fans if security cannot be assured during matches,” Mr Tusk said. In a bizarre twist, it was

revealed that the head of the police team responsible for fighting stadium hooliganism has been suspended for personally writing to Poland’s soccer authorities, asking them to issue a ticket for the cup final to a hooligan leader. The Legia Warszawa supporter, nicknamed “Staruch,” is currently subject to a stadium ban after he assaulted his team’s captain during a match. Nevertheless, after Legia won the game, players handed him the trophy to hold up in front of the crowds. Following Mr Tusk’s words,

it did not take long for authorities to act. On Thursday, officials from the Wielkopolskie (where Poznaƒ is located) and Mazowieckie (Warsaw) voivodships decided to close the stadiums of Lech and Legia to fans for their next league matches, which were set to take place last Friday. They justified the decision saying that police had informed them the two clubs couldn’t guarantee safety in their stadiums. Both Legia Warszawa and Lech Poznaƒ have said they will protest the decision. Remi Adekoya

help find illegal workers, Finance Minister Wolfgang Schaeuble told the newspaper. Ms von der Leyen also attempted to assuage fears that workers from the east would over-burden Germany’s welfare state system. “The vast majority will be young, educated and mobile workers,” she said. “They will contribute to boosting our country economically and fill part of the skilled labor shortage.” Other German politicians have also emphasized the benefits of migration from the east to the country’s economy. “Germany suffers from a shortage of skilled labor,” German Liberal Nadja Hirsch said, noting that by 2025 Germany’s active population will decrease 6.5 million to 38.1 million. “This shortage cannot be compensated by better education or training, the improved integration of women or the prolongation of working life alone. We do need employees from other countries as well and should have opened our labor market even earlier,” she added. The latest job-market figures to come out of Germany have provided a boost to those who say Germany’s export-led economy can handle the expected surge of labor. For the first time since 1992, seasonally adjusted unemployment in Germany fell below three million in April. Gareth Price

Criminal activity

Crime up in Poland and EU, as economic crisis bites Accountants, printers and lawyers are increasingly finding employment in criminal organizations Organized crime in Europe is thriving as a direct result of the global economic crisis. Difficult economic times and a lack of legitimate employment opportunities mean increasing numbers of people have become more likely to engage in criminal activity. Society, meanwhile, has become more tolerant towards criminal activity. These are among the main findings of the European Police Office’s (Europol) most recent report on organized crime in the European Union. “Organized crime is a multibillion euro business in Europe and it is growing in scale,” Rob Wainwright, director of

Europol, said in a statement. “The further expansion of internet and mobile technologies, the proliferation of illicit trafficking routes and methods as well as opportunities offered by the global economic crisis, have all contributed to the development of a more potent threat from organized crime.” The increase in criminal activity has resulted in part because criminal entrepreneurs can offer alternative employment opportunities to specialists in the shipping, printing, pharmaceutical, legal and financial sectors. Specific examples provided in the report include cases of previously legitimate printing firms involved in euro counterfeiting (which has increased by 31 percent in 2010-2011 compared to 2007-2008). The report says that increased crime, coupled with

greater social tolerance towards counterfeiting and labor exploitation, may lead to illicit activity accounting for a greater share of GDP in Europe.

Impact on GDP A 2010 analysis by economist Friedrich Schneider and global consulting firm A.T. Kearney estimated that Europe’s shadow economy was worth about €2.1 trillion. Its value varied from around 10 percent of GDP in some Western European countries to around 30 percent in Eastern Europe. The value of Poland’s shadow economy was estimated at 26 percent of national GDP. While not a major hub for organized crime in Europe, and despite the fact that it has weathered the global crisis relatively well, Poland was also found by Europol to be home to increased criminal activity.

In its report, the organization pointed to two large-scale criminal ventures common in Poland: the production of synthetic drugs and the counterfeiting of cigarettes. Cigarette smuggling is estimated to cost EU national budgets around €10 billion annually. Designer drugs (dopalacze) were also a hot issue in Poland last autumn, when selling points were subjected to a government crack-down, while tougher legislation regarding their use was also brought in. Europol’s report also helps shed light on what might be the result of a farwider movement in the international drug trade. Increased production of synthetic drugs created to bypass existing drug laws seem to be linked to higher prices for cocaine and heroin, as well as to a significant reduction in

ecstasy production. Organized criminals in Poland were also found to be active in beverage counterfeiting and “hit-and-run” property offenses in other

EU countries, while Vietnamese groups in Poland were found to be responsible for the large-scale domestic cultivation of cannabis. Alice Trudelle

Murky zones Shadow economy compared to official GDP, selected European countries, 2009 Country


Value of shadow economy


€274 billion

€23 billion

% of GDP 8%

Czech Republic

€137 billion

€23 billion



€14 billion

€4 billion



€1.91 trillon

€221 billion



€2.41 trillon

€352 billion



€237 billion

€59 billion



€1.52 trillion

€335 billion



€19 billion

€5 billion



€27 billion

€8 billion



€310 billion

€80 billion



€168 billion

€33 billion



€116 billion

€34 billion



€1.05 trillion

€205 billion



€355 billion

€29 billion



€1.56 trillion

€170 billion


Source: Friedrich Schneider and A.T. Kearney, “The shadow economy in Europe, 2010”


MAY 9-15, 2011

Banks’ takings to rise by over 25%

Coal mining

Progress and catastrophe at JSW

A methane explosion at JSW’s Krupiƒski mine ended in disaster last week last Thursday, a gas explosion at JSW’s Krupiƒski mine resulted in the deaths of one worker and a rescuer.

KGHM wage dispute gets nasty, Tusk steps in

Company security guards were left injured and an administration building was damaged after a wage protest at KGHM turned violent last Thursday. Several hundred workers at the state-owned metals miner attacked guards with wooden clubs and eggs outside the company’s headquarters in Lubin, southwest Poland. Six guards were wounded, one of whom was left with a broken arm. Company president Herbert Wirth was inside the building at the time discussing the pay dispute with union leaders. KGHM’s management had offered workers a wage hike of 4.6 percent, which would see

the average salary at the company rise to above z∏.9,000 per month. Unions however, are demanding z∏.300 more. Prime Minister Donald Tusk, who also took firm action against soccer hooliganism last week, called for a strong response against those workers who had committed acts of violence. “Hooligans cannot pretend to be labor union activists. Those who have committed legal offenses or crimes will be prosecuted and will not hide behind the banners of labor unions,” Mr Tusk told a news conference. Gareth Price

As WBJ went to press, another rescuer, who had become trapped, remained missing underground. In

Industry sees red

total, 15 miners were recovering in the hospital from severe burns.

The number of Polish manufacturing companies in the red is decreasing. Still, roughly every fifth medium-sized or large manufacturing company recorded a loss in 2010, Central Statistical Office (GUS) data shows. Among manufacturers employing more than 49 people, 21.6% did not see a profit. That’s 2.6% less than in 2009. Among the group were manufacturers of tobacco goods (41.6%), clothes (34.3%), metal products (33.5%) and textiles (33.2%).

Gareth Price

Internet drug sales on the rise in Poland


The PM responded strongly to violence at the firm’s HQ

The combined net profit of all the banks in Poland will increase by 25.6% this year compared to 2010, according to data provided by the Financial Supervision Authority, as quoted by Dziennik Gazeta Prawna. The estimates were calculated based on forecasts provided by financial institutions. Earlier data showed Poland’s banking sector made a total profit of z∏.2.01 billion in the first two months of the year – around 34% more than in the same period of 2010.

The market for internet drug sales in Poland is now worth z∏.50 million, with the market continuing to expand at a faster rate than conventional drug sales, according to a report by pharmaceutical intelligence firm IMS Health. Pharmacies are not allowed to sell prescription drugs over the internet, so the above figure of z∏.50 million only reflects sales of OTC drugs and cosmetics. However, this has not prevented companies from offering prescription drugs in their online stores. In order to comply with Polish law, websites only accept orders from customers, who must then visit a pharmacy to collect their products. According to experts, obtaining drugs over the internet is becoming more popular simply because such medicines are cheaper. Depending on the product, online pharmacies offer prices between five to 20 percent cheaper than conventional pharmacies, Puls Biznesu reported. However Monika Stefaƒczyk, a pharmacy market analyst at PMR Publications, said e-pharmacies owe their increased popularity not only

to the value for money that they offer. Consumers are also increasingly likely to buy drugs online because of the convenience this type of shopping affords. The ease of comparing prices online and the fact that online purchases protect customer anonymity regarding embarrassing illnesses, has also encouraged more people to shop online. Yet in Ms Stefaƒczyk’s view, the fact that internet drug sales are on the rise should not be regarded as a threat to tradi-

tional pharmacies. “With the legislation which now governs the market, I see no threat from e-pharmacies. They all need to adhere to concrete regulations, according to which they have to be run by traditional pharmacies or pharmacy points,” Ms Stefaƒczyk said. “What should be monitored with greater attention is the spread of illegal drug stores, which may be mistaken for e-pharmacies by some customers,” she added.

Franchise system increasingly popular

Katarzyna Piasecka


The Polish government has reached a partial agreement with unions at state-controlled coal miner Jastrz´bska Spó∏ka W´glowa (JSW), making it more likely plans to float the miner on June 30 will go ahead. After 11 hours of overnight negotiations, unions agreed to end their work-to-rule strike in exchange for 10-year job guarantees, Deputy Economy Minister Joanna Strzelec-¸obodziƒska told the press. “A significant agreement has been reached, yet there is a large part in front of us,” Ms Strzelec-¸obodzinska said. “However, I think this next

week we will conclude everything,” she added. Unions have held a variety of strikes in recent weeks in a concerted attempt to extract demands from the government ahead of JSW’s planned initial public offering on the Warsaw Stock Exchange. The striking workers, fearing for their job security, do not want JSW to debut before their conditions have been met. Among the worker’s stillunmet demands is a hike in pay of 10 percent and an agreement from the Treasury Ministry that it will retain a majority stake in the miner after the debut. To launch the IPO on June 30, the government will first need to issue a prospectus with updated information to the regulator by May 9, Ms Strzelec¸obodzinska said. While talks were underway


While talks with unions ran on through the night, tragedy struck at one of JSW’s mines last Thursday


Drugs sold on the internet are up to 20 percent cheaper than in stores

Small, independent stores in Poland are finding it increasingly difficult to remain competitive because of the proliferation of discount stores, which offer higher quality merchandise at better prices. Up to half of independently run and non-affiliated stores are considering joining a franchise, according to a study by Makro Cash & Carry, as quoted by Dziennik Gazeta Prawna. ●



Chinese investor to buy stake in HSW

Petrolinvest looks to enter new markets SHUTTERSTOCK

The oil and gas firm may look to enter the shale gas and renewables sectors

The deal to buy a stake in HSW could be worth more than z∏.250 million LiuGong, a Chinese manufacturer of heavy machinery, is set to acquire a stake in HSW Stalowa Wola, a construction machinery and military equipment manufacturer, Bartosz Kopyto, a spokesperson for the firm, confirmed to WBJ. “HSW is focused on three pillars, the production of military equipment, construction equipment and cooperative services. It is the second part which will be sold,” said Mr Kopyto. A preliminary agreement was signed by HSW and the Chinese investor on January 18 and a conditional sale agreement will be signed within the next two months.

“The signing of the conditional agreement practically seals the deal. After that it will just take a few weeks for the investor to physically take over the business,” said Mr Kopyto. The Polish state currently controls over 80 percent of HSW, which employs about 2,000 workers. Although the exact amount of the transaction is confidential, according to daily Rzeczpospolita’s calculations, the value exceeds z∏.250 million. Mr Kopyto refused to confirm or deny the figure, but added that HSW was “not correcting it either.” Remi Adekoya

MAY 9-15, 2011

Oil and gas exploratory firm Petrolinvest looks set to expand the scope of its operations by entering the renewable energy and shale gas markets. Silurian, a subsidiary of Petrolinvest, has already applied to the Ministry of Environment for two licenses to explore shale gas in Poland. The company also plans to take similar steps in Romania, Ukraine and other former Soviet countries, Rzeczpospolita reported. Petrolinvest’s change in strategy is a direct attempt to improve its financial standing after recent difficulties. In 2010, cash flow from operating activities and investment was negative and last week shares in the firm fell over 2.7 percent to z∏.9.93. In a recent letter to shareholders, Petrolinvest CEO Bertrand Le Guern, said

“The company’s main objective set out in its new strategy is to reach a positive cash flow as soon as possible,” daily Parkiet reported. Other strategic objectives outlined in the letter are: the increase of trade in petroleum products and their derivatives by expansion abroad, the provision of advanced technologies for energy production from renewable and alternative sources, and aquisitions of firms with a similar profile. The company’s principal owner, Ryszard Krauze, could also be set for more bad news, as the drill currently being used by Petrolinvest to create the Shyrak-1 well in Kazakhstan could be moved, as its Italian operator has struck a new deal with a rival firm. Petrolinvest started life in April 1991 as one of the first importers of fuels to Poland after the end of communism. Lately it has focused on trading in liquefied petroleum gas and crude oil. Katarzyna Piasecka



The shale gas market could secure Petrolinvest’s future

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MAY 9-15, 2011


WSE launches Ukraine index

Kulczyk’s oil empire expanding into Nigeria

dent of the WSE, emphasized this goal during a debate at the 20th anniversary of the bourse last month, where he said the WSE planned to attract firms from countries like Ukraine and Belarus. At the launching of the WIG-Ukrain, Mr Sobolewski said the index was meant to show that the Polish bourse is winning the competition against its regional rivals for Ukrainian firms. It is also designed to help investors who are interested in

investing in Ukrainian businesses. With the debut of grain and oilseed producer KSG Agro last Wednesday, there are now a total of eight Ukrainian firms listed on the WSE, seven on the main floor and one on the alternative NewConnect bourse. The WSE now lists a total of 31 foreign firms. The WIG-Ukrain finished the week at 892.23, down 2.3 percent since its launch last Wednesday. Remi Adekoya


The Warsaw Stock Exchange launched its latest index last Wednesday – the WIGUkrain, a separate listing of five Ukrainian firms which are already present on the Polish bourse. The firms are Agroton, Astarta, Kernel, Milkiland and Sadovaya. The creation of the index is a response to increased interest in the WSE from Ukrainian firms, and is part of the bourse’s strategy to attract more firms from the east. Ludwik Sobolewski, presi-

Poland’s richest man, Jan Kulczyk, is looking to invest in West Africa’s oil market. According to unnamed sources cited by Puls Biznesu, two of his companies are in the process of entering the Nigerian market. The Neconde Consortium, in which Kulczyk Investments (KI) and Kulczyk Oil Ventures

(KOV), play a prominent role, has reportedly won a tender and bought a concession previously owned by Shell. The agreement will be finalized once all the needed permits have been obtained. Jan Kulczyk’s partners in the project include Nest Oil Group and Arie E&P Company, which are taking care of technical and prospecting work. KOV will most likely be the main technical partner, while KI will probably take care of the financing, Puls

Biznesu wrote. According to information obtained by African media and cited by the Polish daily, the consortium offered $600 million for 45 percent of the extraction concession for Oil Mining License 42. The remaining 55 percent belongs to the Nigerian National Petroleum Corporation. The confirmed reserves of OML 42 amount to 1.8 billion barrels of crude oil.


Mr Kulczyk’s companies are expected to work within a consortium

Companies owned by the mogul have reportedly won a $600 million tender for extraction rights

Time to pay more attention to Ukrainian firms on the WSE

Gareth Price and Remi Adekoya

BG˚ to debut on stock market, maximum share price set

Daily executive digest COURTESY OF BG˚’

Bank Gospodarki ˚ywnoÊciowej (BG˚) has announced its IPO will take place on May 27, with a maximum share price for individual investors set at z∏.90 per share, according to the bank’s issue prospectus. The bank will issue over 16 million shares, about 37.2 percent of total BG˚’s share capital. If all of the shares sell at the maximum price, the offer could be worth z∏.1.44 billion, valuing the entire firm at z∏.3.88 billion. Each individual will be able to make one offer and buy between 12 and 120 shares at a maximum cost of z∏.10,800. The Treasury is making a 25 percent stake available to individual investors within the current offer, although it has said that figure could rise to 30 percent. Private investors will be able to present their offers for BG˚’s shares until May 16. At present, the majority shareholder in BG˚ is Rabobank International Holding, which has 59.35 percent of the shares. The Polish Treasury

BG˚’s IPO could be worth z∏.1.44 billion controls a 37.23 percent stake in BG˚, while the remaining 3.42 percent is in the hands of individual and legal entities, including cooperative banks and BG˚’s employees. According to Tomasz Bursa, analyst at Ipopema Securities, BG˚’s offer is ambitious, but has the potential to meet shareholders’ interest. “The price of z∏.90 per share implies optimistic fore-

casts for the future of BG˚ as well as the Polish banking market,” he said. This ambitious share price, higher than that of any Polish bank listed on WSE, has a considerable chance to be accepted by shareholders, he said. “The popularity of the shares to a great extent depends on BG˚’s marketing,” Mr Bursa added. Katarzyna Piasecka


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MAY 9-15, 2011


Poland addresses climate challenges Minister of the Environment Andrzej Kraszewski talks to WBJ about EU climate policy and Polish legislation on environmental protection Ewa Boniecka: During the Polish presidency of the EU, the long-term vision for low carbon emissions in the EU will be in focus. What tasks do you see ahead for your ministry in that respect? Andrzej Kraszewski: Poland is legally required to implement the so-called “EU climate and energy package,” which obliges the Union to reduce its

EU’s actions as bringing both opportunities and challenges. Opportunities, because climate policies can help bring about the modernization of our economy, increased efficiency in resource use and positive lifestyle changes. Challenges, because the costs can be too high for countries like Poland, which are still so strongly dependent on coal.

“We need a more tailor-made approach to define Poland’s fair share in meeting the EU’s lower carbon emission targets” greenhouse gas emissions by 20 percent by the year 2020, compared to 1990. We fully understand the necessity of having an active climatechange policy and look at the

Our assessments show that the fulfillment of the EU’s 20 percent reduction goal could cost the Polish economy between 0.8 and one percent of GDP per year. Hence we need

a more tailor-made approach to define Poland’s fair share in meeting this challenge. What arguments will you put forth to convince Poland’s partners and the European Commission that the country needs more time to deliver its share of reductions? Our presidency should not be treated as a special occasion for promoting our own interests, because we have to take care of the general interests of the European Union. We will, however, do everything possible to help our partners understand Polish difficulties in reducing CO2 emissions in a short period of time. We will point to two facts: First, that Poland – uniquely amongst EU countries – is over 90 percent dependent on coal for electricity production, and so our level of CO2 emissions is high. Second, that Poland began its economic transformation barely 20 years ago, with triple-digit inflation, no modern infrastructure, as well as old industrial facilities and power plants. We still

Poland’s abundant green areas are not always well cared for

need to construct 3,500 km of electricity transmission lines to modernize our energy sector, to build over 12,000 waste utility facilities and make other enormous investments related to energy production and protection of the environment. No country can do this within a few years, so we need as much as 15 to 20 years to catch up with other EU members. In 2008, Prime Minister Tusk won the possibility for Poland to receive free emission allowances for the power sector. How could this help Poland in its transformation? It will help a lot, because that instrument – the so-called derogations laid down in the Emissions Trading Directive – means that Poland has a transitional period till 2020 before full auctioning of CO2 emission allowances. This instrument will be available for existing plants as well as those that were “physically initiated” [this is taken to mean that construction has started, though there is some disagreement as to its exact meaning – ed.] by

December 31, 2008. The derogations are a temporary privilege, yet their real aim is to slow down the increase in energy prices and smooth its impact on customers. The European Commission recently published a road map towards a low-carbon, competitive EU economy in 2050. The document sets the perspective of reducing greenhouse gas emissions by about 80 percent by 2050. How do you asses it? The road map is not legally binding for EU members – it is at the moment a vision of the European Commission. If we evaluate the proposed reduction pathway, it opens the question of whether Poland’s current efforts to cut emissions by 2020 will be sufficient to fulfill that pathway’s demands. I doubt if that will be possible, because we need to look and accommodate each country’s national circumstances and possibilities. In my view, Poland is not yet ready to support lifting the EU reduction target, as it could mean an

additional burden on GDP far higher than one percent. So what is Poland’s plan of action? Together with Deputy Prime Minister Waldemar Pawlak we are making an assessment of how to prepare our economy to meet the goals set by the EU to 2020 and discussed by 2030, 2040 and 2050. It looks like we will have to do more than what we had planned towards 2020. We need to define our optimal energy mix. [This will] probably [include] a fair share of coal – at 40 percent – exploited in very modern installations, as well as nuclear energy and renewables. This, along with well-managed land use and forests for absorbing CO2, could allow us to meet the challenges of climate policy. Again, to make that happen we need more time than other EU member states. I believe that our arguments are being met with more and more understanding in the EU. Why is green energy developing so slowly in Poland?



There are a few reasons. Investments in developing wind farms, in constructing solar energy installations and in producing biomass are expensive. Such power plants are spread across Poland’s large area, and therefore to send the energy beyond the local area, [modern] transmission lines are needed. In Poland there is a shortage of these, and our whole transmission system is outdated and in need of modernization. So those technical obstacles, the higher costs of producing electricity from environmentally friendly sources and the shortage of investment capital for such ventures has resulted in a situation where the amount of energy received from such sources is still small. But the government is putting a lot of effort into speeding up the development of green energy. We issue green certificates and provide financial support from the National Fund for Environmental Protection and Water Management for investors. And producers of such energy and the number of private entrepreneurs willing to build windmills, for example, is growing, and some of them are making handsome profits. How do you assess the general state of environmental protection in Poland ? It is much better than it was

previously, yet far from the level of environmental protection in countries such as Sweden. Our cause for pride is Poland’s national parks system and its participation in the EU’s Natura 2000 network of protected areas. Poland has outstanding areas of unspoiled nature and the National Park in Bia∏owie˝a, with its flora and fauna, is unique in Europe. I want to increase the present area of that park and spread the protection over nature and animals living there by 10,000 hectares. I also want to create some new national parks. We are lucky to find areas with unspoiled nature, where one can see all kinds of birds and animals and breathe fresh air, so close to big cities like Warsaw. People living in big cities that are located in heavily industrialized areas in Western countries have to drive a long way to the mountains or the sea to enjoy nature. Yet we still have a lot to do to raise social understanding and sensitivity towards protecting the environment; to make sure people respect all the laws meant to protect green areas in the cities, water in the lakes and streams, nature in the mountains, as well as the smallest forests and meadows around villages.

Poland has a major problem with people dumping their garbage in forests and natural areas. What can be done to protect against this practice? We have to change our present legislation, and this is something we are currently doing. A new bill for dealing with the disposal of trash is getting its second reading in the Sejm. The bill would make local governments responsible for disposing of garbage, which means undertaking a task which is currently carried out by private firms. These firms are only concerned about easy profits, and dump trash wherever it’s easiest for them, often in inappropriate places. All the while, people pay them quite a lot for this service. [When the new bill comes into effect,] people will pay a modest fee to local governments and will have some control over it. I hope this will change the present situation. The Green Party of Poland (Partia Zielona 2004) is often criticized by road builders and local communities for obstructing construction. How do you view them? I like the Greens and consider them my allies, because in fact we want the same thing: better protection of the environment, and harmonizing this with development of the country and important investments. I wish the Greens all the best

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and hope that Polish society will mature in time so that the Green Party plays a significant role in our political life. I am not trying to be flattering towards them, I just think that by educating our citizens about the problems of protecting the environment, they force us to address such important matters in our policy. Currently, many of our actions in that field [of environmental protection] are pressed on us by the European Union, and I would like to see the pressure for better protection of the environment come from our society and political parties. There are many ad hoc citizens’ groups who block some public investments due to their own private interests. In Warsaw there are over 50 such groups. What is your reaction to this phenomenon? Legislation on access to information about the environmental impact assessment of an investment allows every citizen to organize public protests. I look at this as an element of democracy, and I can tell you that in Denmark I saw the furious action of a few people protecting a tiny piece of grass in the city from using it for a small private investment. So such ad hoc protests are not specific to Poland. Generally I think that planners and investors in Poland should talk more to


MAY 9-15, 2011

Minister Kraszewski believes EU climate change policy will create both opportunities and challenges for Poland people about the necessity or benefits of a given investment. I get the impression that many investors neglect these discussions, and sometimes local governments fail to convince the individuals that they will receive the proper compensation for a piece of land or a house that must be demolished to make

way for building a road. But recently I have seen a growing number of examples of the fact that in the process of modernizing our infrastructure we are taking better care of the environment, as well as respecting the social environment more, because these are closely linked in a democratic country. ●



MAY 9-15, 2011


But economists and politicians are still fighting it The government’s controversial pension reform plan, which slashes the percentage of workers’ salaries going to private pension funds (OFEs) from 7.3 to 2.3 percent, became law on May 1. OFEs will start receiving the reduced amounts from June. The changes mean that the state-controlled social security and pension fund, ZUS, will now receive 17.22 percent of workers’ salaries, a five percent increase on the previous amount of 12.2 percent. By 2017, the amount OFEs receive will rise to 3.5 percent. Critics have said the

changes were nothing more than some creative accounting by the government to shore up its budget deficit. They argue it is wrongheaded to throw more money at Poland’s inefficient public system, while handicapping the funds that fueled investment in the Warsaw Stock Exchange. The critics include several respected economists, most notably Leszek Balcerowicz, the former finance minister and National Bank of Poland head. Mr Balcerowicz said the reform would “reduce economic growth in Poland as well as future pensions.” Krzysztof Rybiƒski, a former vice president of the NBP, has gone even further and is collecting signatures for a class-action

lawsuit against the government for “lost gains as a result of the changes in the pension system.” Even the constitutionality of the law has been questioned. Jerzy St´pien, former head of the Constitutional Tribunal, said if he was still head of the court, he would question the constitutionality of the reform in its most important points. Employer organizations and opposition parties have vowed to raise this issue with the Tribunal. The limit at which OFEs can invest in equity has also been changed. Currently, the limit stands at 40 percent but will rise incrementally each year, to 62 percent by 2020 and then to 90 percent by 2034. Remi Adekoya


Pension reform law comes into effect

Former NBP president Leszek Balcerowicz has long opposed the new law


Seaport operators reveal z∏.1 billion in development plans The level of cargo handled by Polish ports reached record highs last year Companies managing terminals in the ports of Gdaƒsk and Gdynia plan to spend approximately z∏.1 billion on expansion to cope with demand and close the gap on regional rivals. Cargo turnover at Polish seaports reached record levels last year. Some 59.5 million metric tons were handled in total – an increase of 32 percent on the year, according to Poland’s Central Statistical Office. Last year, Gdaƒsk and

Gdynia, the two largest seaports in Poland, handled a combined 65.1 percent of all cargo that came in and out of Polish ports. To meet the expectations of customers who want to use Polish ports to deliver goods not only to the Polish market but also to Russia, the Czech Republic and Slovakia, terminal operators in both cities are planning large-scale development projects. The biggest amount – about z∏.900 million – will be spent by deep-sea container port DCT Gdaƒsk on enlarging its handling capacity. The company is majority owned by funds managed by Australia’s

Macquarie Group. DCT handled 500,000 containers last year, and company president Boris Wenzel told Rzeczpospolita this will rise to 750,000 this year, before jumping to one million in 2012. To achieve this, a total of z∏.100 million will be spent on building new infrastructure, including shore cranes. “We also plan to expand [and] include a new cargo loading area, which will cost around z∏.800 million,” he said. The Baltic Container Terminal Gdynia (BCT Gdynia), owned by Phillipines-based International Container Terminal Services, plans to spend about z∏.132 million to reduce

Legal News Contact: Lech Gniady

New forms for entrepreneurs Official forms for registering entities and updating their data in tax and statistical offices are to be replaced. The current documents, which have so far been used to register commercial companies and to update their data in tax offices, may only be used until the end of June. Companies which intend to be registered as VAT payers or to have their data updated may already use the new forms. However, those forms which are concerned with VAT registration and VAT updates will be in use until the end of 2011.

Improved cooperation between the judiciary and EU institutions Planned amendments to the law on the structure of civilian courts stipulate a signif-

icant improvement in cooperation between the Polish judiciary and EU institutions. This improvement is to be achieved by indicating a single authority in Poland that will grant enforcement clauses to decisions issued by the European Council, Commission, ECB, Office for the Harmonization in the Internal Market, as well as the Tribunal of Justice of the European Union, in matters concerning the community’s trademark and designs. Enforcement clauses are currently granted by district courts relevant for the general matters of the debtor. The appointment of a single authority will lead to increased efficiency as well as facilitating enhanced communication with EU authorities. The act was passed on to the president and the marshal of the Senate on April 15. ●


the time it takes to handle goods and to increase capacity, which currently stands at 750,000 containers. “The new investments will allow us to handle 1.2 million containers in 2020,” BCT president Krzysztof Szymborski told the newspaper. Mr Wenzel said that both DCT Gdaƒsk and BCT Gdynia complement one another and should work together on a common strategy to compete with rival ports in northern Europe, such as Hamburg.

Making waves The structure of cargo turnover by Polish seaports in 2010 (in %) 0.4 3.1



Gdynia Szczecin 44.4


Świnoujście 20.7

Police Others

Gareth Price

Source: Central Statistical Office

Poland’s draft 2012 budget foresees smaller deficit Finance Minister Jacek Rostowski last week presented the Polish government’s draft budget for 2012, aimed at cutting the budget deficit below European Union limits next year. The draft budget forecasts a deficit of z∏.35 billion in 2012. This year, a deficit of z∏.40.2 billion is expected. Prime Minister Donald Tusk, who was in attendance

for the presentation of the plan, said the 2012 budget would be one which reflected a “difficult, crisis period,” but that it would protect “ordinary people.” The government is expecting z∏.292.7 billion in revenues, and forecasts state spending at z∏.327.7 billion. Mr Tusk’s government predicts its revenues from both direct and indirect taxes will rise next year as

GDP growth accelerates. Projections assume a GDP growth rate of four percent for next year and an inflation rate of 2.8 percent. The ministry expects unemployment to remain at 10 percent by the end of 2012. Next year’s budget will be the first to implement a salary freeze for all public sector workers, excluding teachers. RA

Poland’s PMI drops unexpectedly Poland’s Purchasing Managers Index (PMI) for the manufacturing sector dropped to 54.4 in April from 54.8 in March, while the market consensus was 55.0. Despite the drop, PMI is still high and supports the view that the economy will continue to recover this year, Citibank said. According to its analysts,

the PMI is still near its highest level in four years and shows output is supported by further increases in both domestic and export orders. The high PMI, a leading indicator of economic growth, suggests GDP growth should stay high this year, the bank said. Citi estimates first quar-

ter GDP growth should stay flat as compared to Q4 2010, at 4.4 percent y/y. Although Citi expects GDP growth may slow down to 3.7 percent y/y in Q2, its forecast for the whole year points to GDP growth acceleration to 4.2 percent y/y from 3.8 perAK cent in 2010.


MAY 9-15, 2011

Poland grows up W

hen the killing of Osama bin Laden was announced, all Poles were Americans. Although it sounds paradoxical, these 10 years of hunting for the terrorist were for Poland, and the Polish army above all, a period of being forced to mature quickly. Poland has now grown up. It is therefore time to think about our place in the adult world.

10 years ago When, following the attack on the World Trade Center, then-Polish President Aleksander KwaÊniewski announced a three-day period of national mourning, Poland was not yet an EU member. Poland still had lots of reasons to envy the Western world – it was in the midst of a terrible economic situation, had high unemployment and an army that was was totally disorganized. In its higher echelons the tone was set by post-communist senior officers who, despite intensive training in NATO, were more fluent in the language of Pushkin than in that of Shakespeare. Young men fled from the draft in droves, assuring the authorities that their feet had ortho-

pedic defects and that they had serious psychological problems. However, after September 11, 2001, Poles felt tremendous solidarity with the American people, and understood that they now had their own historic mission. Experts made assurances that joining the anti-terrorist coalition would ensure Poland international prestige at the side of the United States and that Washington – at any moment – would finally trust Polish citizens enough that it would lift the visa requirement to the US. Moreover, they vowed, Poles could count on lucrative contracts in Iraq after military operations had ended.

Love and betrayal Unfortunately, after 2001 it proved to be the case that Poles’ love for their Uncle Sam was unrequited. While Polish soldiers were gallantly supporting the Americans in Iraq and Afghanistan, Polish citizens still had to undergo complicated visa issuing procedures. The visa regime was not relaxed even after Poland’s accession

A WikiLeaks cable released in December showed that, in the end, while a battery of Patriot missiles was deployed in Poland, it was not furnished with live missiles, and there were no plans to ever make the thing operable. Given the “special relationship” Poles thought they were developing with the US, could they have felt betrayed, humiliated and rejected? Even if you think the answer is yes, it turned out to be to Poland’s benefit.

“Given their ‘special relationship’ with the US, could Poles have felt betrayed, humiliated and rejected?” to the EU in 2004. In the meantime, Spanish troops – who, along with all other Spanish citizens, could travel to the US visa-free – calmly abandoned their bases in Iraq after Jose Zapatero came to power. Poland did not receive any lucrative Iraqi contracts, and three years ago the foreign minister, Rados∏aw Sikorski, did just about everything he could to convince the Americans to install at least part of their anti-missile shield in Poland.

Congratulations from the White House Just 10 years after the attack on the World Trade Center, Poland is quite a different country. From a backward country bumpkin it has been transformed into the most significant political actor in Central Europe. Our politicians have begun to set the tone in the salons of Brussels – the European Parliament is competently managed by its president, Jerzy Buzek, a Euro MP from Civic Platform (PO), Poland’s ruling political party.


Joanna Wóycicka The Polish army has changed beyond all recognition – conscription has ended, and Poland now has an all-volunteer army. In the army a civilizational and social leap forward is taking place – more women are studying at military academies and more young women are volunteering for the National Reserve Forces. Last week, on the occasion of the 220th anniversary of Poland’s adoption of its May 3rd Constitution (the first modern codified constitution in Europe and the second in the world, after the United States’), US President Barack Obama and Secretary of State Hilary Clinton congratulated the Polish nation shoulder to shoulder … nice. Perhaps it is worth thanking the US for how well we have grown up – without its protective support. ● Joanna Wóycicka is the former head of the foreign sections of the ˚ycie Warszawy and ˚ycie newspapers and the former head of the foreign department at the Polish Press Agency (PAP).

Two tales of European disharmony


wo events in Europe last Wednesday were worthy of attention amid the continued global focus on the Middle East. The European Commission drafted a propos-

“The move toward reintroduction of borders is a step back on one of the most symbolic accomplishments in Europe in the past 20 years” al for a set of new rules to govern the European border-free zone – the 25country Schengen area. The draft proposes to reintroduce temporary borders between Schengen states “under very exceptional circumstances,” which the commission will approve on a case-by-case basis. Also on Wednesday, Sweden and Poland signed a partnership agreement in Warsaw on issues of mutual strategic importance.

The two events share one common trait: a trend toward dissolution of European unity on a number of fronts. In the case of the Schengen area, the move toward reintroduction of borders, no matter how limited, is a step back on one of the most symbolic accomplishments in Europe in the past 20 years. The Swedish-Polish strategic agreement, meanwhile, puts on paper a budding regional alliance that is in fact just one of many instances of the dissolution of a coherent European security and foreign policy. STRATFOR has already addressed the Schengen treaty’s symbolic value in reinforcing the free movement of labor in continental Europe. Ireland is the only euro zone country not in the Schengen area. The area facilitates the European Union’s rules on free movement of labor, which is one of the central conditions for an effective currency union. Erosion of the feasibility of free movement of labor across Europe, by way of a renewed imposition of borders, is therefore a symbolic reminder that despite the guarantee of the treaty, Europe still does not have a unified labor market.

Beyond economics The issue goes beyond economics and free movement of labor. It also comes down to trust. Do the French trust the Italians or the Romanians to competently guard their borders? Paris and Rome had a spat recently when the Italian government said it would issue temporary Italian residence permits (which effectively allow for residency in the entire European Union) to asylum seekers escaping the chaos in North Africa. These permits, which would allow their holders to cross the border into France, were a form of protest against the lack of help from European allies in dealing with the influx of migrants. Paris countered the move with border controls. The story ended in a joint Franco-Italian proposal to the commission to amend the Schengen rules. Aside from the symbolic impact of Europeans rolling back parts of their most treasured instances of unity, the issue points to the very core of what ails Europe at the moment: lack of an EU-wide resolution mechanism. When American border states complain that they can’t stem the tide of illegal immigrants and drug-

related crime from Mexico, they do so to the US federal government, which is in charge of borders. And no state neighboring Texas or Arizona can put up physical or legal impediments to the movement of people from border states into the interior of the United States. For Europe, this problem goes beyond dealing with an influx of illegal immigrants. It ties in directly with the question of how to fix debt-laden peripheral economies and how to regulate Europe’s banking systems across state lines.

Dealing with Russia Lack of a coherent, centralized European policymaking body is also felt in the realm of security and foreign policy. The Common Foreign and Security Policy (CFSP) has proven inconsequential in Libya. The CFSP is also failing to deal with Russian resurgence in its sphere of influence, which to most EU member states is far more important than the conflict in Libya. The Swedish-Polish strategic partnership is ultimately about Russia and about joining forces to counter its resurgence. Sweden and Poland

have been closely cooperating for more than a year on this issue, precisely because there is no EU consensus on how to deal with Russia. New Central and Eastern Euro-

“Germany and France have no problem selling Moscow advanced weaponry with which to threaten Central European states” pean member states are afraid of Russia. Sweden does not want Moscow in the Baltics (which Stockholm considers its own sphere of influence). But Germany and France have no problem doing business with Russia, including selling Moscow advanced weaponry with which to threaten the aforementioned Central European states. ● This edited version of “Two tales of European disharmony” is reprinted with permission of STRATFOR

Unless otherwise noted, the opinions here are those of Warsaw Business Journal. Readers’ comments, opinions and letters should be sent to Please include a name and contact information and clearly indicate if they are to be considered for publication.





































IT company Polidea has made it big, thanks to two Polish angels

EBAN’s president makes a case for more women angel investors



ANGEL INVESTING IN POLAND W a r s a w B u s i n e s s J o u r n a l ’s s p e c i a l s u p p l e m e n t o n b u s i n e s s a n g e l s

MAY 9-15, 2011

Awareness and opportunity

Angel investors take wing in Poland Google. Amazon. Facebook. All are modern success stories and billion-dollar businesses. The oldest among them, Amazon, has only been around for 17 years. These companies, and others like them, have much in common, such as market dominance, a dependence on the internet, and plenty of fancy algorithms. And none of these firms would exist today if they had not gotten a lift from an angel investor.


Awareness of angel investing remains low and obstacles abound, but it is nevertheless growing in popularity in Poland

angels, is estimated at three million. In the second half of 2009 there were 303 angel investor networks in the European Union. “The Polish market of business angels is developing dynamically. We are seeing an increased awareness among investors and authors of projects,” said Adrian Fester, a project specialist at PolBAN.

al or international networks in the country at present, along with several independent initiatives, and the largest include PolBAN and Lewiatan Business Angels (LBA), both in Warsaw. The average membership among these Polish networks is 30 investors. Meanwhile, the number of angel investors in the United States, the most

business angels established under the auspices of the European Commission: Business Angel Seedfund, Polish Investment Fund, AMBER BAN – Polish Entrepreneurs Foundation, Lewiatan Business Angels and Secus Wsparcie Biznesu. For its part, the ¸ódê Regional Development Agency has formed the Guild of Business Angels (GAB), an initiative which matches innovative ideas for business or companies in the early

A fledgling sector Although it has not seen anything quite as spectacular, Poland too is home to angelsupported success stories. Health-food retailer Organic Farma Zdrowia, coffee shop chain W Biegu Café and book retailer are all examples of businesses that have succeeded with the help of angel investors (also known as

business angels). Angel investing isn’t quite as well known or understood in Poland as it is in the United States, for example, but the infrastructure to facilitate it is developing. There are at least eight region-

Currently, five networks of Polish angel investors are members of the European Business Angels Network (EBAN), an independent and non-profit association for

mature market for business

stages of development with their own business angels. GAB also organizes conferences and training for small firms and start-ups in ¸ódê, Warsaw and Gdaƒsk. Like their counterparts in

the United States and Western Europe, Polish business angels invest in sectors which give the best possibilities for innovation: biotechnology, multimedia, internet, electronics, medicine, services and ecology, but they also support traditional ventures.

Successful investments and angels The aforementioned W Biegu Café is an example of a successful angel investment in Poland. The chain dates back to 2005, when its founder Maciej Adamaszek invested z∏.400,000 in two coffee points in Warsaw and Kraków. To expand his business, Mr Adamaszek turned to banks, but after several fruitless attempts to get support, he presented his project to the Lewiatan Business Angels network. The project attracted the interest of Piotr PoÊnik, a private investor and co-founder of Wittchen, a producer of leather accessories. Continued on p. 17 ➡


A wealth of experience Gareth Price: How did you come to be an angel investor? Bill Payne: I’m trained as an engineer – immediately after leaving college I worked in that profession before helping to start a small hi-tech materials science company in 1971. I grew that business for about 11 years, before selling it to DuPont in 1982. Having operated a firm for so long, I was intrigued by entrepreneurship and the value

it brings to the economy. I wanted to be engaged in the community and the best way to do that was by financing and mentoring new start-ups. I made my first investment in 1980 and have now made more than 50. Some 12 years ago my passion changed – I discovered there was a real gap in the education available for accredited investors, meaning wealthy people who want to help start-ups.

In this supplement Angel investing in Poland . . . . . . . . . .13, 17 Bill Payne interview . . . . . . . . . . . . . . .13, 15 Women business angels . . . . . . . . . . .14-15 Angel investing and innovation . . . . . . . .16 Jacek Błoński interview . . . . . . . . . . . . . .17 Lewiathan Business Angels network . . .19 Polidea case study . . . . . . . . . . . . . . . . . . .19 Venture capital firms . . . . . . . . . . . . . . . . .20

Working as an entrepreneur-inresidence with the Kauffman Foundation in Kansas City, I started running seminars giving guidance to people interested in becoming angel investors. Over about 10 years I’ve held 100 workshops in seven or eight countries, working with some extremely smart and very enthusiastic businesspeople. Angels reject the majority of projects they receive. On what basis do they choose to invest? We always bet on the jockey and not the horse. Continued on p. 15 ➡ EBAN Congress Organizers:



Bill Payne, a US entrepreneur and angel investor, talks to WBJ about his experiences as an angel investor and his perceptions of the Polish market

Bill Payne says the global crisis has affected the value of angel financing, but not the number of ventures funded EBAN Congress Partners:



Women and business

In need of more diversity

Women with wings One of Europe’s leading angel investors is encouraging more women to follow in her footsteps Still very few woman are found among the ranks of angel investors in Europe, but European Business Angels Network (EBAN) president Brigitte Baumann wants to shake things up.

“[She] is a driving force for increasing participation of women in angel investors networks,” said Anna Hejka, founder and managing director of investment banking firm Hejka Capital Markets Group, and an angel investor herself. It is under Ms Baumann’s leadership that EBAN recently adopted a white paper called “Women and European Early Stage Invest-

ing,” in which the organization committed to increasing the overall number of angel investors who are women in its ranks from just five percent to 20 percent by 2015. “I feel 100 percent convinced that this is achievable,” said an upbeat Ms Baumann. “My personal target was 30 percent, but people thought that was too aggressive,” she added. Why 20 percent? EBAN

believes that once the target is achieved, there will be a self-sustaining number of women investors. “Like for any diversity initiative, you really have to create a critical mass of likeminded investors to start seeing a change,” said Ms Baumann. “If we achieve less than this, we might feel that we have done all the work and get none of the benefits.”

A question of skills

Profile: Brigitte Baumann Brigitte Baumann has worked to commercialize new technologies for 20 years. She became an angel investor in 2003, and after three years of experiencing some frustration with the functioning of the networks in which she was involved, decided to create a new kind of angel investor community and service company, Go Beyond. “I have worked in technology all my life. I was always with men, but for some reason when I became a angel investor I though great, I can also do this to have fun and therefore I’d like to be with people I can relate to. And while I can relate to men quite well, out of the six angel investor groups I joined, the network meeting I

MAY 9-15, 2011

looked forward to the most each month was the women angel network in France that I helped create. I wanted an environment where senior investors taught, and where I could invest with others. While that was done in other networks, it was not formal, and at Go Beyond we really formalized this. I also didn’t want to focus only on technology, and I realized that the kind of deals I saw in the women’s network were really interesting, but I didn’t want to be doing only those either. So that’s why I created Go Beyond, where we mix both.” Ms Baumann is president of the board of EBAN, the European trade association for Business Angels and Seed Funds, and chairs the Young Presidents Organization’s global angel investing interest group. ●

Ms Hejka admitted that she has never wanted to “divide the world between men and women,” and became involved in the issue of women angel investors relatively late in her career. Neither of the two women have had stereotypically feminine career paths, Ms Hejka evolving in the world of finance and Ms Baumann in that of technology. (See accompanying profiles.) For both, the issue of engaging more women in angel investor networks is primarily one of diversity. “Diversity in general leads to much better results when managing a business,” said

Selected statistics on women’s participation in business and business angel investing in Europe Women as entrepreneurs in Europe


Women as board members in Europe


Women as a proportion of total BAN membership, 2009


Women as a proportion of new BAN members, 2009


Proportion of BANs that report no women members, 2009 Proportion of BANs that report that fewer than 10% of members are women

28.76% 80% Source: EBAN

Ms Hejka. “A single person, even a genius, generally loses to a well-diversified group of people with different professional skills,” she added. The numbers indicate she’s right. A report by nonprofit research and advisory group Catalyst found that the top quartile of Fortune 500 companies with the highest average percentage of women board directors had a 66 percent higher return on invested capital than the bottom quartile.

A woman’s point of view Women are an obvious demographic target for European angel investor networks that look to expand. But both Ms Baumann and Ms Hejka agree that, in addition to the capital they can bring, women investors also possess specific business skills and expertise. For one thing, it is increasingly recognized that women’s decisions have a

huge impact on consumer spending, including in areas like electronics, computers and cars. “So if you run a company and you don’t take women’s points of view into account in your business strategy, you are losing an incredibly large target group,” said Ms Hejka. An easy way to achieve this, she added, is to involve women in all stages of business decisions. According to Ms Baumann, an increased proportion of female angel investors could also expand the types of investments that these networks fund. More than a few famous angel-funded startups are in the field of technology (think Google or Facebook), and this probably has something to do with the profile of the current angelinvestor base – typically retired male entrepreneurs over 55 – according to EBAN. There are other reasons:


After working with JP Morgan Chase in Madrid and Salomon Brothers in New York, Anna Hejka decided to go back to Poland when the communist regime fell. “I decided to start my own company because nobody else was interested in the financial industry,” she said. “They told me it would take two generations before we could even understand what networking was all about,” she remembers. “My response was that networking was the only way to acquire anything under communism, because there was nothing in the stores. We had been extremely well prepared for the changes.” As an angel investor, Anna Hejka has worked with early stage companies both in many countries provide more support to technology start ups than other kinds, and the economic model of technology firms fits well with that of venture capitalists, explained Ms Baumann. But mostly, “technology is where a lot of entrepreneurs who are now investors made money, and you often start investing in

the US and Poland in a variety of sectors such as commercial banking, financial advisory, fund management, investment banking, food & beverage production and distribution, IT and real estate leasing, among others. They employ from a few up to approximately 300 people and have turnover from a few million z∏oty to a few hundred million. Many have been sold to strategic investors such as Unilever or Nordea, and some were listed on the WSE. She regularly speaks for angel investors, entrepreneurs and scientists on how to commercialize ideas, build companies, avoid or prepare for risks and successfully exit. She also participates in similar presentations and coaching for early stage companies that come to Lewiatan. ●

the same field where you made money.” Many women entrepreneurs who have built successful service companies, developed a brand, or products for families and kids, now feel comfortable reinvesting in that area. “We are therefore witnessing a certain democrati-

investors in their markets. According to EBAN, France and Poland show the highest numbers. In both countries, almost a third of angel investors are women. While France created women-only angel investor networks, in Poland the networks made all sorts of individuals feel welcome, including women, from the beginning, said Ms Baumann.

But, she added, “certainly a prerequisite is that there needs to be a strong community of professional or women entrepreneurs and I think that is the case in Poland.” “One of the reasons why we have so many angel investors in Poland is because women have been running their own businesses quite successfully, have made money, have the skills, experience and contacts


to be able to be good angel investors,” Ms Hejka agreed. And more than money, she continued, what start ups need is the experience, the instinct that one develops from being a serial entrepreneur, the ability to coach, and to get in touch with potential clients or investors. It seems then, that Polish start-ups are in luck. Alice Trudelle

zation of investors, of which women are a segment, but there are also more and more investors from different industries,” said Ms Baumann.

Poles apart Different European countries vary significantly in their proportions of women angel


MAY 9-15, 2011

A little bit of history Poland has more women angel investors than most Western European countries, despite the fact that it is rarely acclaimed for any pro-women stances or policies. Why is that? According to Anna Hejka, it has a lot to do with the country’s history. Over the last 300-350 years, Poles have been forced to fight to preserve their identity, she explained. “We have been partitioned, were forbidden to speak Polish,

lived through uprisings, wars and revolutions. The men were killed, imprisoned, sent to Siberia, etc. With men missing, the key reason why Poland still exists is because women took over. They had to. They were the ones who managed factories, agricultural land, and who kept Polish education alive. This has created a situation in which women have become much more entrepreneurial, quicker than in other countries. They were

forced by the historical circumstances. Historian Norman Davies for example has said that Polish women are the biggest asset of this country.” And this, according to Ms Hejka, is the historical background for the strong position of women in business in Poland, despite the fact that there is little promotion of women’s issues on an institutional level.

A wealth of experience ➡ Continued from p. 13 This means we look at the management team and its entrepreneurial experience. We don’t back farmers to build IT companies and we don’t back IT specialists to run farms. The teams we choose must be coachable, they must have integrity and be seeking to make money. Above all, they need business experience. The firms themselves must also be able to grow rapidly – I can’t invest $1 million in a startup if its revenues will be $2-3 million in the fifth year. Companies must have scalability. Another key point is that the product has to be a “must have” and not a “nice-to-have.” It must also have competitive differentiation which is protected by intellectual property rights or by trade secrets which preclude the competition from copying it.

Finally, the company must know how to sell. It needs to test the product on customers so we can talk with those customers. Also, it’s important they know their position in the market and who their main competition is. How important is it that an angel investor has sector knowledge? I always advise new angel investors to stick close to their skills and experiences. But as one matures one can either continue to focus on the same sector or branch out into new areas. Through angel groups we begin to trust the judgment of others with different experiences. But us angel investors, we’re also curious, and the older guys in particular get bored in their sector and

Bill Payne Bill Payne is an American entrepreneur, business executive and angel investor. He was awarded degrees in material engineering in the 1960s from the University of Illinois. He co-founded Solid State Dielectrics in 1971, before selling the company to DuPont in 1982. Mr Payne received the Hans Severiens Award for US angel investor of the year in 2009. He has invested in more than 50 companies and now shares his knowledge and insights into angel investing at seminars and conferences across the globe. ●

sometimes decide to “go back to school.” This doesn’t necessarily mean taking college classes again, but it does mean digging into new fields like medical and life sciences. What have been your biggest successes as an angel investor? I made three investments which yielded 30 times the money back. I like to use a gambling analogy: if you put $1,000 on a blackjack table and win it all back you’re then playing with “house money.” That is the objective of most business angels. I’ve been playing with house money for over 20 years. I’ve had three big home runs, but they haven’t necessarily been with whiz-bang tech companies. The biggest return I had was on a staffing company for doctors, but I also did well in an internet firm before making a nice exit during the internet bubble. When do you decide that an investment is failing and not to invest more money? The decision not to invest any more money into a company is the hardest decision an angel has to make. As a group, we probably err on the

side of throwing good money after bad – we angel investors are very optimistic and enthusiastic. I have become more ruthless in objectively standing back. I have to ask: did this team meet its milestones? What is the success rate for investments? Two studies – one in the US and one in the UK – show that half of investments die, meaning no return is made on capital. Angels’ returns come from a small fraction of investments. Fewer than 10 percent of deals provide more than 75 percent of the return on investment. What we should interpret from these highly skewed results is: you must spread capital across many investments and the scale potential must be 20 times the original investment – that means no investing in restaurants. How has the economic crisis affected angels’ willingness to open their wallets and invest? You have to remember we’re investing our own money and, whether you’re male or female, you have spouses at home to support. I personally try to spend 10 percent of my net worth on investments.

For the last three years it has been harder to get angel investors to open their wallets and write checks. The number of companies being invested in has, surprisingly, remained

You have visited Poland before to share your knowledge of angel investing. What are your impressions of the Polish market and would you consider investing here?

“We always bet on the jockey and not the horse” about the same, but the overall value of these investments is down by about 30 percent in the US. It is strange that investment amounts have decreased but the spread has remained the same. We think one of the main reasons for this is that it is now much cheaper to start a company. Software – which accounts for one-third of angel-funded startup companies– is today 10 percent of the cost of 10 years ago. Improvements in the outsourcing market as well as an increase in the use of open source code has made it cheaper to start software companies.

Some 18 months ago I was on the floor of the Warsaw Stock Exchange giving a speech about investing. Then, I could see, the Polish business angels market was growing in sophistication. I expect by now this trend has only strengthened. I also found the Lewiatan Business Angels network to be very well-organized and that Poland has some excellent software engineers. As for investing in Poland, we angels tend to invest close to home – we’ve traveled millions of miles in our lifetimes and are not interested in traveling so much any more. Most of us feel the same way. Gareth Price



MAY 9-15, 2011


Angels to spur innovation? Though Poland’s population is highly educated and strongly entrepreneurial, it has struggled to push innovation to the fore. In its recently published “Europe 2020 Poland” report, the World Bank decried Polish public spending on research and development, at 0.6 percent of GDP, as not only low, but also inefficient. The report also stated that “failure to increase technology absorption could cause a potential decline in [Polish] GDP growth.” Poland ranked a distant 22nd in an economic innovation ranking published by the European Union in February. Only Lithuania, Bulgaria, Latvia, Romania and Slovenia fared worse. Poland invests little in R&D compared to some other member states, and its companies invest the least in the development of new products, the report said.

Angels needed It seems therefore that it is up to the private sector to make

up for the government’s shortcomings. But how can young entrepreneurs with innovative ideas and no capital get started? One way is to seek support from venture capital firms, but such companies are often interested in big projects and firms that are already established. That’s where angel investors come in. Angel investors put almost 70 percent of their investments into projects involving information and communications technology (ICT) – internet, telecoms and other hi-tech spheres requiring innovation – according to statistics from the European Business Angels Network (EBAN). That equals good news for potential hi-tech start-ups. “Up till now, there has been a problem in the whole [investment] eco-system, so to speak,” said Jacek B∏oƒski, head of Lewiatan Business Angels. “[There has been] a problem with the financing of innovative projects, but also with the legal environment, which is not conducive to

spurring innovation. For example, until now professors have not been allowed to [hold equity in] spin-offs, which is normal in the United States.” “But the environment is slowly being created right now. There is an increasing number

of early stage players; incubators are being created. In the past we just had several big private equity firms in Poland which were only interested in big deals,” he added. The atmosphere therefore does seem to be changing in

favor of innovation. Funds coming into Poland from the European Union help too, since there are specific monies dedicated to innovative projects. So what is the most important criteria that angel investors consider before


Poland lags behind in innovation, but angel investors could be instrumental in changing the situation

deciding whether or not to invest in a project?

Criteria required Like all investors, business angels consider the viability of the end product in the market, its chances of survival and barriers to its entry. But they also take several other factors into account. “First of all, the quality of the team is very important. Do they have credentials that show they can deliver results and that they have potential?” said Mr B∏oƒski. “Also, the project itself should have potential for future growth and not just for a small target market. I for example, am not interested in products that would only target the Polish market, but in products with global potential.” “An excellent example is mobile applications. Today, a group of young people in a Polish village could create a new application, and tomorrow it appears in Apple stores all over the world.” And with the help of angel investors, that scenario is more likely than ever to happen. Remi Adekoya


MAY 9-15, 2011

Angel investors take wing in Poland

Where the angels go


Who goes to the angels?

Business angels’ preferred investment sectors

Groups which send their projects to angel investors



IT, software Media, multimedia

Remaining students



PhD students

Ecology, protection of environment Biotechnology, pharmaceuticals


Remaining scientists

➡ Continued from p. 13

from z∏.100,000 to a Knowledge-based services He invested z∏.1.5 million in maximum of z∏.1-2 Health care exchange for a 50 percent stake million. In Western Computers meanin W Biegu Café. As a result, Europe, Automation, robotics the chain has so far expanded while, the average Chemicals to 16 coffee shops in seven Pol- amount of money Food put into each ish cities. Fuel/energy Another example of a ven- investment general% 20 40 ture supported by a Polish ly ranges from to angel investor is online book €20,000 shop, which was €250,000, although founded in 1999 by Zbigniew some sources sugSykulski. When the company gest it could even be as high edge and technology transfer, needed more money for devel- as €400,000. the reluctance of scientists to Business angel investments commercialize breakthroughs opment, it turned to investor Piotr Wilam. Today are usually long-term. Jacek and poor cooperation between fills around 100,000 orders per B∏oƒski, chairman of Lewiatan regional institutions. Business Angels, estimates that month. In 2009 only 24 percent of Mr Wilam is one of the the average time to see a return Polish entrepreneurs had most active angel investors in on investment in Poland is heard about angel investors, Poland, having started his about four to six years. but they did not know any According to Adrian Fester details about their role or how career as an investor in 2004. Early in his career he co- from PolBAN, the average they function, according to a founded publisher Pascal, return rate for this type of study conducted by Pentor popular web portal investment is higher than tra- Research International. Only and Optimus Pascal Multime- ditional market returns. eight percent indicated knowl“Generally, investors ex- edge of how angel investors dia, a producer of multimedia software. Apart from Mer- pect to earn a minimum of five function in the Polish market. and community portal times as much money as they This does not mean that, he has invested in invested,” he said. new companies which are Mr B∏oƒski explained that already aware of the exisTV channel Kino Polska (which debuted on the War- most angels expect an internal tence of business angels are saw Stock Exchange in April rate of return of about 30 per- uninterested in this type of 2011) and Krzysztof Kuchar- cent after this time. financing. However, not all czyk Techniki Elektroforetythe projects they propose are czne, a producer of equip- Hindrances feasible or sufficiently profesment used in the medical and According to the experts, angel sional. biotechnology sectors. Mr B∏oƒski said that at investing in Poland is hamAccording to Adrian pered by a lack of awareness, a present LBA attracts some Fester, the amount of money low level of mutual trust and a 200 projects per year. Polish angel investors put lack of external support for this “The quality of these projinto individual projects is kind of business activity. Other ects and their substantive comparable to that seen in issues include legal obstruc- value show that there is interthe British or American mar- tions and a lack of clear regula- est in starting companies kets. These are sums ranging tions concerning the knowl- with business angels, but few of them are really prepared enough to be an attractive target for such investors,” he said. Warsaw-based, created in September 2005. At present, LBA According to Mr B∏oƒski, cooperates with 68 individual investors. The network has so the immaturity of the market far supported the realization of nine investments, examples of is but one of many obstacles. which are film producing company Ozumi Films, ANT Indus“The Polish market protrial Software Programs, editorial company Flashbook or vides no facilitation nor a spechemicals producer Apeiron Synthesis. Receives some 200 cific impediment for business projects per year. angels. Unlike Western EuroManaged by Polska Konfederacja Pracodawców Prywatpean countries or the US, we nych Lewiatan. ● do not have tax allowances for Website: such investors. Data from the

Lewiatan Business Angels


Scientists under 35 years old Unexperienced enterpreneurs


Experienced enterpreneurs





Source: K.B. Matusiak (red.), “OÊrodki innowacji i przedsi´biorczoÊci w Polsce”, Raport 2010, SOOIPP/PARP, Warsaw 2010

UK shows that such allowances considerably support angel financing,” he added. Many Polish investors still fear the risks inherent in this type of financing. According to Adrian Fester’s estimations, many of the investments financed by Polish business angels end in failure. Four companies in 10 go bankrupt. And only one in 10 gives a return of between 300 percent and 500 percent.

Money awaits Will angel investing continue to grow in popularity in Poland? Based on the trends seen in other markets, the answer is yes. Mr B∏oƒski from LBA was cautiously optimistic. “There is no reason to think that angel financing will not develop in Poland in the future,” he said. This view was supported by Mr Fester. “Alternative forms of investment are becoming increasingly popular in Poland nowadays,” he said. “In our country there are also more young millionaires who retire from business at the age of 3040, but do not want to give up business activity. This group will look for inspiration and invest capital in interesting projects.” However, to be made as accessible to entrepreneurs in Poland as it is today in Western countries, angel investing needs stimuli for expansion and awareness of it needs to grow. Moreover,

much still needs to be done in terms of producing attractive propositions for business angels. “It is commonly noted that there is more money in our market for these types of investments from private sources

than good ideas for business,” said Mr B∏oƒski. With a little more publicity and guidance for entrepreneurs, that money could find itself well invested. Katarzyna Piasecka and E. Blake Berry

Angels take flight Growth of angel investor organizations in Europe 350 300 250 200 150 100 50 0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: European Busniess Angels Network – Activity report 2009

PolBAN Warsaw-based, created in 2003. First Polish business angels network to join EBAN, which it then left in 2009. Brings together about 80 business angels and has so far supported six projects. Examples: internet travel search engine and intermediary, business services provider Holicon or Orcan Software, company associating FOREX market specialists. Receives about 200-300 project proposals per year. ● Website:

What is an angel investor? The practice of angel investment has been around for a long time, but it has only been studied seriously for the last 30 or so years. According to many sources, the term “angel investor” originated in the early 1900s on (and probably off) Broadway in New York. Other authors, however, claim it originated in the UK. In either setting, the term was employed to describe a wealthy individual willing to finance a theatrical show. William Wetzel, founder of the Center for Venture Research at the University of New Hampshire’s Whittemore School of Business and Economics, is credited with popularizing the term in the context

of general business practices. He published seminal research on informal venture capital in 1978 and this, in turn, led to funding for a broader study whose findings were summarized in the oft-cited 1983 article “Angels and Informal Risk Capital,” published in Sloan Management Review. Today there is no single definition of an angel investor; each angel group – and sometimes each investor – is likely to use different words to describe their activity. One example, from the Angel Capital Association, an umbrella group which unites around 150 angel groups in the United States, is as follows: “An ‘angel’ is a high net worth individ-

ual who invests directly into promising entrepreneurial businesses in return for stock in the companies. Many are entrepreneurs themselves, as well as corporate leaders and business professionals.” Other organizations add that angels often make their own skills, experience and contacts available to the company. The is one more thing which could be added to the definition. Although it’s seldom writ large on angel groups’ websites, the investors themselves are straightforward in admitting that there’s nothing particularly “angelic” in their activities. Angel investors are businesspeople, not philanthropists, and they expect a return on their investment. ●

This is an edited version of a special feature on angel investors in Poland for Trendbook Poland, vol. 2, the latest edition of Warsaw Business Journal’s annual guide to trends shaping Poland’s business market, available later this month.



MAY 9-15, 2011


High risk, high reward Katarzyna Piasecka: Why did you decide to become an angel investor? Jacek B∏oƒski: I am able to accept above-average risk in exchange for above-average returns. Therefore, one of the factors that convinced me to start investing as a business angel were the financial prospects that this kind of business activity involves. I also wanted to support start-ups – to open the “contact gates” for them. I followed the successes of my colleagues from the West and I noticed that this is an interesting form of investing, with prospects for a high return and for helping start-up companies to make their plans come true. How high is the risk involved in angel investing? High risk is inherent in this type of business activity. I would say that if an investor does not take the risk factor into account, he or she should not think of angel investing. The statistics are undeniable – many ventures bring losses. This is why angel investing should be taken as an alternative form of investing money.

in the future. I feel rather encouraged than discouraged. I think that there are ways to avoid failure. First of all, one should draw on the experience of more knowledgeable colleagues and invest in groups, in so-called “syndicates” of angel investors. Secondly, diversification of an investment portfolio remarkably reduces the risk in angel investing. And finally, an angel investor has to know

resources. I also actively look for them myself in enterprise or technology parks, enterprise incubators, in technology schools, innovation centers and personal networks. I am also a member of Go Beyond, a European organization taking the initiative to form angel investor syndicates. What sectors in Poland generate the largest number of promising project proposals at present? It is hard to define one such sector, but at present we see increasing activity in academic environments. Higher educa-

“High risk is inherent in this type of business activity” what he or she wants to focus on and elaborate his or her own strategy of investing.

Have you made any investments as a business angel that didn’t work out? Yes, I have.

How much have you invested in projects so far? Basically, I do not invest large sums, like some angels who invest millions. My strategy is to invest smaller sums, amounting to hundreds of thousands, but in more risky and more promising projects. I usually invest in science-based ventures, where technology, intellectual property and patents are crucial characteristics. I prefer projects with high growth potential and those which can make their way to global markets.

Why didn’t this discourage you from continuing? Such a defeat is a good lesson about which mistakes to avoid

How do you find project proposals? I take some of them from Lewiatan Business Angels’

tion and research institutes, especially technical universities, are places from where many interesting project originate. Enterprise incubators and technology parks are also on this list. Do you think that the Polish market has good conditions for angel investing? Not really. I would even risk a statement that the conditions on the domestic market do not stimulate the development of angel investing. A predominant problem here is that Poland is one of the few European markets that does not provide angel investors with tax allowances for this type of activity. The example of Great Britain illustrates this best. There, the government noticed that supporting angel investing by


Jacek B∏oƒski, chairman of Lewiatan Business Angles, sits down with WBJ to discuss the risk of angel investing and how the Polish market compares to its Western European counterparts

Jacek B∏oƒski says Poland still has a lot to do to encourage more angel investing relieving taxes for such investors or networks adds more to the country’s economy than when they paid full taxes. Poland is an emerging market for angel investors. This year’s EBAN congress will no doubt help us to progress, but there is still a lot to do to catch up with Western standards in the domain of angel investing. Do you think Poland’s angel investment environment will eventually develop to reach Western standards? Yes. The only question is over what period of time it will happen. The market is sill impeded

by unfavorable legislation and lack of government support. Are Polish entrepreneurs ready for angel investors? Are they able to prepare the quality of project proposals that angel investors expect? We receive a significant number of project proposals every year. The majority of them are of poorer quality than their European or global counterparts. Unfortunately, we still see an advanced level of misunderstanding and ignorance. However, I see considerable improvement in the quality of project proposals in compari-

son to the previous two or three years. Their authors have become better informed and prepared and their projects stand up to the higher standards of angel investors. This is partly owed to numerous training sessions and seminars about angel investing that have recently been organized in Poland. The market has potential, but still needs some time to develop and to attain Western standards. I believe in the [successful] development of angel investing in Poland and that is one of the reasons why I do what I do. ●


MAY 9-15, 2011


Angel investor groups

The Lewiatan Business Angels network has helped a broad range of Polish firms link up with investors Lewiatan Business Angels (LBA) describes itself as “the largest and most active business angels network in Poland.” Established in 2005 with the help of European Union funds, LBA’s aim is to connect business angels with entrepreneurs who need financing to grow and develop their enterprises. Under the management of the Polish Confederation of Private Employers Lewiatan, the organization currently cooperates with 68 individual investors and receives around 200 projects every year.

The business end An eclectic mix of firms have benefited from Lewiatan Business Angel’s network of connections, including luxury goods importer Legic, which says it is the exclusive Polish agent for Montblanc, Longchamp, Raymond Weil and ST Dupont.

Wroc∏aw-based Apeiron Synthesis, meanwhile, received significant help from an investor it met through LBA in 2009. The company produces catalysts for the production of chemical products used in cosmetics, advanced polymers and pharmaceutical products. Apeiron CEO Micha∏ Bieniek met with Leviathan Business Angels representatives by chance at a start-up fair in April 2008. “I told them about my project, they bought the vision of the firm’s development and thus began the adventure with LBA,” he was quoted on LBA’s website as saying, adding that he had sought not only financial support but also advice on how to develop his business. “Apeiron supplied the scientific knowledge and together we created a business plan and a business model,” LBA CEO Jacek B∏oƒski said. Apeiron, he said, was also given access to the right net-


Connecting ideas with investment

works of people and was later able to secure a total of z∏.4 million in funding from various organizations. The company is now growing but, along with the industry itself, is still at an early stage of

reward project,” he added.

development, Mr B∏oƒski said. “This is a high risk but high

Financing growth ANT ISS, a Kraków-based IT

company which produces software to integrate and measure a range of industrial processes, has also benefited from LBA’s ability to match investors with enterprises that have promising ideas and sharp business plans. From its beginnings as a one-man business in 2002, the firm now employs 15 people and counts Fiat, Grupa ˚ywiec and the National Bank of Poland among its clients.

The company had already been in existence for three years before it began the search for

an angel investor. “We had clients, we were already in several large enterprises,” said Andrzej Jarosz, the company’s founder and owner.

“If someone has a good idea, then they will surely find investors” “In addition, we were determined for this to work. Maybe because of this there was greater investment interest.” The process of finding an investor “was not difficult,” Mr Jarosz said. “We submitted our idea to Lewiatan Business Angels and got a list of about 10 interested investors.” The firm then met with half of the interested parties and chose a partner from among them. “It seems to me that if someone has a good idea, they will surely find investors who will want to enter into it,” Mr Jarosz said. Gareth Price

Mobile IT

Angels find a bright (Pol)idea Polidea, a company operating in the quickly developing mobile IT market, today employes almost 30 people both in Poland and abroad. It also cooperates with a number of global clients. A little over

“The company made a profit in its first year of operations” two years ago, however, it was just a business concept that needed the money and knowhow of experienced investors.

Spreading its wings The origins of Polidea date back to late 2008 when Jakub Lipiƒski, a graduate of computer science who had by that time already gained ample experience in the mobile IT market, decided to start his own business. Soon after founding the company, Mr Lipiƒski realized he would need additional capital and contacts if the start-up was to

develop fast and be able to compete internationally. Talks with Lewiatan Business Angels (LBA) started in February 2009 with Mr Lipiƒski’s business idea quickly attracting the attention of two investors – Tomasz Grzybowski and Krzysztof Gawrysiak. The process of working out the details did not take much time – in May of that year the founder of Polidea and his LBA partners were already signing the investment agreement. The investors stress that this was largely possible due to the professionalism of the angel investor network. “LBA fulfilled its role very well. Thanks to its internal segmentation of investors and knowledge of their areas of interest, the offer found its way to business angels looking exactly for investments in the mobile IT market,” Mr Grzybowski said. Mr Grzybowski and Mr Gawrysiak say that it was not only the attractiveness of the industry, but also the abilities, motivation and determination of the concept’s creator, Mr

Lipiƒski, that eventually convinced them to invest in Polidea. In the end, they spent a total of less than z∏.100,000 in return for a 40 percent stake in the company.

growing fast of late. The company quotes Yankee Group forecasts – which put the total value of the global mobile applications market in 2013 at $4.2 billion. “The mobile IT market is

growing incredibly fast, so the prospects for the company are very promising,” Mr Gawrysiak said. He added that in the next few years Polidea would be developing its sales network abroad,

from where 90 percent of its revenues come, and strengthen its presence in countries such as the United Kingdom, France and the United States. Adam Zdrodowski

Prospects for growth Since then, Polidea has secured a number of Polish and international contracts and its investors claim that it can now take on even the most technologically demanding of projects. “The company is currently carrying out a number of international projects for global clients, which is no small distinction for a young Polish firm,” Mr Gawrysiak said. Polidea quickly reached the break-even point and made a profit in its first year of operations. There has been interest in the company on the part of venture capital funds, Mr Grzybowski and Mr Gawrysiak said, so even today, before having cashed out on the investment, they consider it as money well spent. According to the investors, Polidea’s prospects are bright, not least because of the fact that the global mobile IT market has, like the internet market, been


Mobile applications provider Polidea is a prime example of a Polish angel investing success story

Investors Tomasz Grzybowski (left), and Krzysztof Gawrysiak (right) with Polidea CEO Jakub Lipiƒski (middle)



MAY 9-15, 2011

Start-up financing

Venture capital as another option for Polish start-ups There are a great number of initiatives to support Poland’s start-ups. Angel investors are one of them, but National Capital Fund (KFK) president Piotr G´ba∏a also makes the case for venture capital as a valuable source of financing small and medium-sized enterprises (SMEs). The National Capital Fund has just completed one of the two phases of its program for venture capital funds, in which it offered capital support provided by the Swiss government as part of the Swiss-Polish Cooperation Programme (SPCP). The total amount of money earmarked by the Swiss government for venture capital funds selected in the contest comes to CHF53 million (about €42 million). Katarzyna Piasecka: How is your activity similar to what angel investors do? Piotr G´bala: There are two important ways in which these two types of financing [angel investing and venture capital] can cross paths. The first is when an angel investor’s activ-

ity evolves to the point when he or she wants to acquire venture capital. The second is when angel investors join forces, create syndicates and apply for funds that venture capitals grant. Our fund, KFK, also brings together smaller venture capital funds which are, de facto, syndicates of angel investors. Apart from this, angel investors and venture capitals often invest together, profiting from their experience and doubling their capital, which is probably the most beneficial configuration for both parties. So, start-ups don’t necessarily need to get funding from angel investors before maturing enough to seek out venture capital? Of course, there is no concrete phase of development for a company where it can only receive funding from angel investors and not venture capitals, or vice-versa. These two types of financing may complement one another in the development of small and medium-sized enterprises (SMEs).

National Capital Fund National Capital Fund (KFK) is a fund-of-funds which provides venture capital for SMEs, particularly in four voivodships in Poland's southwest: Lubelskie, Ma∏opolskie, Podkarpackie and Âwi´tokrzyskie. The fund was created in 2005. It is owned by Bank Gospodarstwa Krajowego (BGK). KFK's mission is to bring together venture capitals and support their investments in SMEs to reduce the equity gap in the financing of Polish start-ups and small companies. ●

Swiss-Polish Cooperation Programme The Swiss-Polish Cooperation Programme (SPCP), implemented in Poland in 2008, is a program by which the Swiss government grants financial aid to Poland and the eleven other EU members that have joined the bloc since 2004. Through the framework of the program, Poland will receive some CHF489 million (about E385 million)total for the reduction of socio-economic discrepancies. ●

Angel investor networks cooperate with venture capitals to be more effective and to multiply funds in order to be able to realize a greater number of investments. Why have KFK and the Swiss government decided to support venture capital funds in their program? Is this type of financing the most beneficial for the development of start-ups? Venture capitals offer “smart capital,” so not only money, but also experience and contacts, as well as guidance in the world of business. Although every angel investor also offers this “smart money,” as one person he or she has more limits. For example, an angel investor cannot be involved in all his or her investments to the same extent, with the same dedication, because he or she cannot be in several places at the same time. So either an angel investor becomes involved in fewer ventures, or has more of them, but does not give them an equal amount of attention. As for venture capitals, they have management boards who decide where to invest money and private investors who entrust their capital to them. As a result, venture capital funds are able to act in a more planned way, to have an elaborated strategy concerning the companies they invest in. Therefore, they may have more dispersed focus and more investments in portfolio without the risk that some of these ventures will be given more attention, and some – less. What are some other differences between angel investors and venture capital funds? Firstly, venture capitals take corporate liability for their activity, while angel investors are private entities. If you were a private investor and you wanted to complain about, for example, how KFK invested your money, you complain to a legal organization. If a business angel were to invest your funds, you may only complain to him or her.


President of the National Capital Fund (KFK), Piotr G´bala, sits down with WBJ to talk about how his organization works to support start-ups and what differentiates it from angel investing

Piotr G´ba∏a says angel investors and venture capitals can complement each other Secondly, venture capitals are formed usually for a definite period of time, the standard of which is 10 years. These 10 years are an average time to obtain a return from an investment. Angel investors have no such set limits. They are more flexible than venture capital funds. What are the main goals of the program you are conducting in partnership with the Swiss government? We aim to provide SMEs with the capital necessary for development. KFK achieves this goal not through direct investments, but by creating venture capital funds in partnership with private investors. This way we achieve two effects: one is that this capital

“For us, a well-tuned team is a guarantee of success” is nearly doubled; second, the fund is managed by a corporate entity. By supporting SMEs, we aim to reduce the “equity gap” in funding for new ventures, which in Poland is estimated to come to over €300 million. Which venture funds have the best chance of being selected in the framework of the program? We are looking for professional teams with good strategies. For us, a well-tuned

team is a guarantee of success. Previous editions of the program have helped us to find serious venture capitals with whom we still cooperate. We hope that this time will be no different. We have already closed one of the two phases of the contest and we are currently selecting venture capitals which will be granted subsidies from the Swiss government. We have already chosen one venture capital fund with which we will sign an agreement. ●

Investing in Poland 2011 is available now!


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Lokale Immobilia talks to Miasteczko Wilanów masterplan architect Guy Perry

Irish Investment Group’s Solaris Center project has been green-lit 23



W a r s a w B u s i n e s s J o u r n a l ’s w e e k ly s u p p l e m e n t o n re a l e s t a t e , c o n s t r u c t i o n a n d d e v e l o p m e n t

Saskie Zacisze partnership Mak Dom has acquired 51 percent of shares in Diamentic Estate. The two real estate investors have entered into a partnership to work on Saskie Zacisze, a complex of single-family houses in Warsaw’s Wawer district. The offer includes three types of homes: detached houses of 224 sqm or semi-detached houses of 188 sqm or 224 sqm. About a quarter of the houses have already been built. The whole investment, begun in Q1 2010, is planned to be completed by the end of 2011. ●

In this issue Dune project construction . . . .21 Bella Dolina mall . . . . . . . . . . . .21 Factory Warszawa Annopol . .22 Reinhold’s swap deal . . . . . . . .22 New Panattoni BTS . . . . . . . . . .22 Property-related stocks . . . . . .22 Sejm complex expansion . . . . .23 Solaris Center permit . . . . . . . .23 Guy Perry interview . . . . . . . . .24

Dune project construction launch The development will be located on Mielno’s seafront Within the next few weeks developer and investor Mielno Holding-Firmus Group will launch construction on its Dune apartment building in the seaside resort of Mielno, Zachodniopomorskie voivodship. The scheme, scheduled for completion in autumn next year, will be characterized by its location just meters away from the shore of the Baltic sea. Dune, which was designed by the Mellon Architekci studio, will comprise turn-key apartments priced at z∏.7,950 per sqm. The majority of the units will be two- and threeroom apartments sized from 30 sqm to 53 sqm, although the development will also include a number of penthous-

es of almost 145 sqm. The value of the Dune investment, financing for which Mielno Holding- Firmus Group has already secured from Noble Bank, is estimated at z∏.52 million. Budimex has recently been selected as the general contractor of the project, while Gleeds will be responsible for the management of the investment process. Mielno Holding-Firmus Group is a group of companies active in the Polish, Norwegian and French real estate markets. The group’s completed and ongoing projects in Poland include Mielno Tarasy and Rezydencja Park, both of which are located in Mielno. The firm is now also planning a major residential-commercial scheme called Beach City in the same resort.

The value of the Dune investment is estimated at z∏.52 milllion

Adam Zdrodowski

Shopping center

Bella Dolina to move forward The developer expects the mall to receive over five million visitors every year Developer Mayland Real Estate and Rzeszów City Hall have signed a land-swap agreement that will enable the construction of Bella Dolina, a new shopping center. With 90,000 sqm of GLA, it is expected to become the largest retail project in the region. The development is scheduled to open at the end of 2013. Bella Dolina will be located in the fast-developing StaromieÊcie district in the northern part of Rzeszów, Podkarpackie voivodship, between the city’s downtown area and Rzeszów International Airport in Jesionka. The mall will comprise 170

retail units, entertainment facilities and a parking lot for 2,800 cars. Anchor tenants will include a hypermarket and a large DIY store. According to Mayland’s estimates, some 730,000 potential clients live within Bella Dolina’s catchment area. The center is expected to attract more than five million visitors each year. Established in 2006, Mayland Real Estate specializes in the development of regional shopping centers. In 2008, the company delivered the Karolinka, Pogoria and Jantar malls located in Opole, Dàbrowa Górnicza and S∏upsk, respectively. Within the next few years, the firm plans to deliver retail projects in Poland totalling 240,000 sqm of GLA. Adam Zdrodowski


Banks have already granted over 100,000 subsidies within the framework of “Family on its Own,” the government’s popular mortgage-subsidy program for first-time home buyers. Although the number of people interested in the program is gradually increasing, it is planned to terminate in 2012. According to data gathered by Bank Gospodarstwa Krajowego (BGK), as of April 15, 2011 as many as 100,222 families had benefited from subsidies granted within the program’s framework.

MAY 9-15, 2011, LI 16/18



‘Family on its Own’ popularity

Bella Dolina is expected to open at the end of 2013

Warsaw Business Journal presents Real Estate weekly newsletter • Know about the newest projects before they’re on the market • Keep up to date on the latest tenders and auctions • Learn the latest trends in Poland’s dynamic office, residential and retail sectors • Find out who’s who in Polish real estate To subscribe: e-mail or call +48 22 639 85 68, ext. 201 and sign up for free two-week no-obligation trial subscription



MAY 9-15, 2011




Factory Warszawa Annopol gets ‘green’ certification The outlet will be the first retail development in Poland to be BREEAM-certified Developer Neinver Poland has obtained BREEAM certification for its planned Factory Warszawa Annopol outlet project in Warsaw. The scheme, construction on which is expected to launch this autumn and finish in 2012, will be the largest investment of its kind in Warsaw and the first retail development in Poland to have been granted the certification. “Neinver introduced the outlet center concept to Poland when it opened Factory in Ursus, a district of Warsaw. We were also the first

developer to modernize this concept by transforming a set of general outlet stores into a modern bargain center,” stated Barbara Topolska, managing director of Neinver Poland. “The BREEAM certificate for Factory Warszawa Annopol is another momentous step in the development of the Polish outlet center. BREEAM makes it possible to retain a healthy balance between rigorous technical requirements and commercial appeal,” Ms Topolska added. Designed by the APA Woj-

ciechowski architectural studio and located between ul. Annopol, ul. Toruƒska and ul. Bia∏o∏´cka in Warsaw’s Bia∏o∏´ka district, Factory Warszawa Annopol will comprise 19,700 sqm of space, housing 122 stores. Active in the Polish market since 2000, Neinver has been systematically realizing Factory (outlets centers) and Futura Park (outlet centers integrated with commercial parks) retail concepts. The company is now involved in the reconstruction of the railway station in Katowice and is building a retail/office complex there. Adam Zdrodowski

Panattoni announces new BTS project in central Poland The facility will include environmentally-friendly solutions Panattoni Europe will develop a 32,000 sqm built-to-suit manufacturing facility in Radomsko, ¸ódzkie voivodship, for an international client whose name has not been revealed. The project, which will be located within the ¸ódê Special Economic Zone, close to European route E75, is

scheduled for completion in autumn this year. The investment will comprise a 28,670-sqm production hall, 2,270 sqm of office space and a 1,000-sqm technical building. It is expected to feature environmentally friendly solutions, including water treatment and recycling. The Polish branch of Japan’s Kajima Corporation is the general contractor of the scheme.

Closing price on May 5

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Adam Zdrodowski

Reinhold gets offer to swap shares for properties Developer Reinhold Polska AB has received an offer to acquire three properties valued at a total of z∏.97.6 million. The offerer is Handuk Consulting Limited, a subsidiary of Alterco, a real estate investor that had previously been eying the purchase of Reinhold’s shares. The properties in question are two shopping centers: Solaris Center in Opole

(opened in 2009), Solaris Center in Toruƒ (construction planned to start in Q4 2011) and a logistics center near Warsaw (currently under construction). The offer for the purchase presented to Reinhold Polska AB provides for a non-cash transaction. In exchange for the properties, Handuk Consulting Limited would take over Reinhold’s

Property-related stocks Security

“The Radomsko BTS is the second manufacturing facility to be developed by Panattoni Europe in the special economic zone, the first one being the factory for Zelmer. I am happy that Panattoni Europe keeps improving its competences in the BTS market through developing various custommade projects,” Marek Foryƒski, BTS Group director at Panattoni Europe, said in a statement.

shares. The suggested market price per share comes to z∏.4.50. The transaction will be realized providing that it is accepted by Reinhold Polska AB’s shareholders. Reinhold Polska AB is a daughter company of Swedish firm Reinhold. The company has been listed on the WSE since December 2007. Katarzyna Piasecka

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MAY 9-15, 2011



accepted, because this investment will not constitute one heavy burden for the budget, but will be realized over several years,” said Mr W´grzyn. The cost of the investment is estimated at z∏.50-55 million. The new building will offer 16 halls, each able to hold a minimum of 100 people. It will also include offices and an underground parking lot. An underground passage will link the new facility to the other Sejm buildings. Mr W´grzyn emphasized that plans to expand the Sejm complex had first appeared as early as 2001, but were not accepted. That year saw a significant budget deficit, which limited government expenditure only to investments that were deemed absolutely essential.


ConceptHouse contractor chosen

Sejm complex to be expanded? A new building is set to be added to the Polish Sejm on ul.Wiejska – if the budget bill for 2012 is accepted – according to the Sejm Chancellery. The extension is planned for the opposite side of the street from the existing Sejm buildings, with work expected to commence at the beginning of 2013 and to be completed by 2015. The construction tender is due to be published after H1 2012. Jan W´grzyn, deputy chief of the Chancellery of the Sejm, said the project first needs to be accepted by the Sejm during a vote on the 2012 budget bill. The project outline was presented to the Council of Ministers last Thursday. “There is a considerable chance that the project will be

The existing Sejm complex was built during Poland’s communist period they are examples of unnecessary expenditure. Mr W´grzyn said the Sejm needs to be expanded to give

Secondly, said Mr W´grzyn, the public often responds negatively to investment in new Sejm facilities, often claiming

Polish politicians suitable working conditions. The existing buildings were built during Poland’s communist period. KP


IGI gets building permit for Solaris Center project

Solaris Center is scheduled for completion in the second half of 2013

Real estate investor Irish Investment Group (IGI) has obtained a building permit for its new retail recreational investment, Solaris Center, in Toruƒ. Solaris Center will be located near Toruƒ’s city center, at the intersection of ul. Ga∏czyƒskiego, Szosa Che∏miƒska and Aleja 700-lecia. The facility will offer 35,000 sqm of leasable space on three storeys, hosting 160 shops. A parking lot on the roof of the building will provide 1,200 parking spaces. The cost of the investment is estimated at over z∏.300 million. Work on Solaris Center is scheduled to begin in Q4 2011. The facility is expected to be completed in H2 2013. The design of Solaris Center was

provided by JSK Architekci, a Warsaw-based architectural studio that also designed the new National Stadium. “Solaris Center is an innovative project. We want it to be a vibrant place, not only as a shopping center, but first and foremost as a meeting place. I am convinced that thanks to our diverse retail-recreational offer, great localization and unique architecture, the center will soon become the favorite shopping place of Toruƒ inhabitants,” said Padraic Coll, IGI’s chairman and one of its founders. IGI has been active in Poland’s real estate market for almost 10 years. The combined value of the company’s investments is estimated at €1 bilKatarzyna Piasecka lion.

Developer Atlas Estates has selected Warbud as the general contractor of its ConceptHouse residential project in Warsaw. Construction on the scheme is expected to launch soon and finish in April 2013. Atlas Estates is currently in talks concerning financing for the development. Located between the capital’s ul. Cybernetyki and ul. Obrze˝na, ConceptHouse will comprise 160 housing units sized 36-167 sqm, 1,100 sqm of commercial space and 190 parking spaces.

Segro expands Silesia portfolio Industrial space developer Segro will build a new logistics complex near the Silesian capital of Katowice. Called Segro Industrial Park Tychy, the project will comprise some 56,000 sqm of space. Segro has already secured the first tenant for the new park: Navo PGD has pre-leased 6,000 sqm in the 15,000-sqm first phase of the scheme. Also in Silesia, the developer is now expanding its existing Tulipan Park Gliwice development. A new phase of the project will provide 18,000 sqm of warehouse space, 13,500 sqm of which has already been pre-leased. ●

BTC Office Center changes hands IVG Institutional Funds has acquired the BTC Office Center project in Warsaw from BTC. The transaction, whose value has not been disclosed, marks IVG’s second office property acquisition in the capital in recent months after its purchase of the Victoria office building in October last year for around €29 million. The BTC Office Center is located in the capital’s Mokotów district.

EGIS in GTC’s Corius building Hungarian pharmaceutical firm EGIS has leased almost 1,700 sqm of office space in the Corius building of Globe Trade Centre’s Ok´cie Business Park complex in Warsaw. Corius, which will deliver 9,100 sqm of class-A office area and will be the third office building in the business park, is currently under construction and is scheduled for completion by the end of the year.

Arvato stays in Panattoni Park Poznaƒ II Arvato Services Polska has renewed its lease contract for 12,600 sqm at the Panattoni Park Poznaƒ II logistics complex in Wielkopolskie voivodship. The tenant, which belongs to the Arvato AG group and is part of the Bertelsmann AG media corporation, uses the leased area for warehousing purposes and its book-dispatch services.

Dom Development eyes Warsaw land Warsaw Stock Exchange-listed residential developer Dom Development has signed a preliminary purchase agreement with Wojskowe Towarzystwo Budownictwa Spo∏ecznego “Kwatera” concerning almost 99,000 sqm of land on ul. Powàzkowska in the capital’s ˚oliborz district. The value of the transaction amounted to over z∏.168 million. However, a number of conditions have yet to be met before the initial sale is finalized. ●


MAY 9-15, 2011

Urban planning

Don’t fence us in Lokale Immobilia talks to French-American architect and urban planner Guy Perry, president and founding partner of design and development services company IN-VI, about his Miasteczko Wilanów project in Warsaw and the problems of urban planning in Poland Adam Zdrodowski: The Miasteczko Wilanów scheme has won international recognition, but critics have said that not all of what the original master plan called for has been realized. What is your assessment of the project, now a decade after its development started? Guy Perry: I believe that of what has been built over the last 10 years, 90 percent is consistent with what was intended. The biggest difficulty is regarding what has not yet been built and in what order it was executed. I came to Poland in 1999 to work on the Town Center for a Canadian/American developer. It was to be the first phase and heart of a new community; hopefully we will see it coming up – of course 12 years later. It is also a miracle that the project survived until 2010, given that virtually the only entrance to the development forced one to pass by an abandoned carcass of a city hall and failed residential development. The density west of Al. Rzeczypospolitej is considerably higher than was originally intended – but to [Ostoja Wilanów developer] FadesaPolnord’s credit, they have chosen to reduce the density that they had already received permits for – something rare in Poland. Another component that has detracted significantly from the image and value of the community is the disregard or ambiguous responsibility of the residual spaces between buildings: like the Royal Axis and Klimczaka Canal [official name Wolicki Canal – ed.]. Both of these spaces should be the highlight of the project – beautiful and organized linear parks for the people of the community and Warsaw – instead they are too often left to the dogs. Through our local actions we are trying to improve this situation, but with little tradition of public space maintenance in Warsaw beyond a few tourist attractions in the center, it is an uphill battle to even have decent grass at z∏.1 per sqm. [But I am confident we] will find solutions. A major retail project is now being planned within Miasteczko Wilanów. There are some fears that the scheme could be yet another

mall, incompatible with the concept of an open, residentfriendly estate. What’s your view? To our knowledge the potential interior shopping component will represent about one-third of what is now called “Downtown Wilanów.” The remainder is still planned to be organized around the traditional streets and squares that have always been promised for the heart of the community. This is an objective shared by Polnord, Capital Park and PKO BP Inwestycje. It is also the objective of the current administration. It is likely that IN-VI will be working on the design of the public spaces, and if so we will do our best to keep promises made a decade ago. Some interior spaces and galleries have always been part of the concept of the center of Miasteczko Wilanów. I am hopeful that GTC and their architects will rise to the occasion and deliver something of enduring commercial and urban value. Do you believe that large, architecturally cohesive projects such as Miasteczko Wilanów are the future of urban planning in Poland and elsewhere? In order to develop sustainable and qualitatively competitive cities this is the only way to go, but I have to be honest – they are really difficult to pull off. You need a good vision from the start, people who will stick with that vision for decades. A city has to support it regardless of political vicissitudes, someone (in our case citizens) has to be willing to fill in the gaps. Unable to maintain the very basics, Central European cities are a mess, the majority of the suburban areas are like giant villages with strip development. Good urban planners have no authority to pull these things together. That’s unfortunate, since this work is not being done now, with relatively cheap labor. They will be even less affordable to implement in the future. It is much easier to plug your mall or gated community onto an existing highway and let the residents drive around to make their “community” – a path we took in the US during the last decades of the 20th century. That path has put our



Cohesive urban plans are the future, says Mr. Perry, but they are not easy to pull off carbon footprint through the roof and has exploded our waistlines. People will simply no longer have the option to walk, and public transport cannot efficiently accommodate this fragmented urban development pattern. The US is trying to implement new planning policies, but once you go that route it takes decades to come back, if ever. Marina Mokotów, another project of this kind in Warsaw, is not regarded an example of proper urban planning. How do you see it? Marina Mokotów is simply a gated community, like many, that for marketing purposes plays on the fears of insecurity. It celebrates its “gatedness” as if we were located in a war zone. Newsweek published a statistic a couple of years ago regarding the chances of being killed by a gunshot in countries throughout the world. Poland in this respect was safer than Switzerland – not many gated communities there. We have had virtually no serious crime in Miasteczko Wilanów – I hope it will stay that way. When the street is everyone’s business, lots of doors, no fences, it polices itself. It is great to see joggers and dog-walkers out at midnight.

“What I see happening around major Polish cites is not unlike what we saw decades ago in the US and Western Europe” In you opinion, what are Poland’s biggest problems when it comes to urban planning, and how could urban planning in the country be improved? What I see happening around major Polish cites is not unlike what we saw decades ago in the US and Western Europe. I already mentioned the US; in Western Europe [this type of urban planning] is simply illegal now. The idea that you can simply buy land on the urban fringe and build with basic infrastructure requirements is something from the last century. It is unfortunate that the good architects and planners are so tied up trying to win small battles that they rarely make good politicians here. In Brazil, an architect of Polish decent, Jaime Lerner, not only became mayor of Curitiba, but governor of the state [of Parana] for two terms. Planners, if they are both local and exposed to international experience – good and

bad – can really create longterm value for Polish cities and the economy, but not from the sidelines. What major projects is your company currently working on? We are working on a new community on the eastern edge of Poznaƒ with an array of services: shops, schools, playgrounds, parks with lakes, even stables. A tram line is expected to pass through the heart of the community. The developer wants to make something very human and without gates. We are also working on QBIK on ul. Woronicza, in Warsaw, which celebrates the transitional and semi-industrial character of the neighborhood through high volumes and vast expanses of glass. The developer, Ghelamco, had the courage to orient shops and restaurants to the street and to celebrate the building’s transparency and urbanity. ●

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MAY 9-15, 2011

Construction and Real Estate

General Contractors Ranked by revenue from general contracting in 2009


Construction speciality Company name Address Tel./Fax E-mail Web page

Revenue from general contracting (z∏. mln)

Export revenue (z∏. mln)

Total revenue including export (z∏. mln)

General / Industrial / Services other than Public / Civil Residential engineering general contracting

Major projects recently completed

Major projects under construction

2009 / 2008 / 2007

Polimex - Mostostal SA ul. Czackiego 15/17, 00-950 Warsaw 1 22 829-7100 (-09)/22 826-0493

4,179.5 3,375.7 2,899.2


4,836.7 4,301.1 3,720.5

✓ ✓ ✓

✓ ✓

Production of steel products; hot dip galvanizing; sound barrier and baffle production

Strabag Sp. z o.o. ul. Parzniewska 10, 05-800 Pruszków 2 22 714-4800/22 714-4900

3,143.0 2,192.0 2,183.0



✓ ✓ ✓

✓ ✓


Skanska SA ul. Gen. Zajàczka 9, 01-518 Warsaw 3 22 561-3000/22 560-8301

3,000.0 2,800.0 3,200.0



✓ ✓ ✓

✓ ✓

Grupa Budimex SA ul. Stawki 40, 01-040 Warsaw 4 22 623-6000/22 623-6001

2,967.0 3,209.0 3,071.0

143.0 164.0 413.0

3,404.0 3,366.0 3,140.0

✓ ✓ ✓

✓ ✓

Grupa Kapita∏owa PBG SA ul. Skórzewska 35, 62-081 Przeêmierowo 5 61 665-1700/61 665-1701

2,578.0 2,091.4 1,406.0



✓ ✓ ✓

✓ ✓

Grupa Kapita∏owa Mostostal Warsaw SA ul. Konstruktorska 11A, 02-673 Warsaw 6 22 548-5600 (-01)/22 548-5666

2,321.0 2,001.0 1,746.0

390.0 210.0 182.0

2,712.0 2,211.0 1,928.0

✓ ✓ ✓

✓ ✓


Atlas Arena in ¸ódê; Focus Park in Piotrków Trzybunalski; City Police Headquarters in Poznaƒ; Northern Waterworks Insitute in Wieliszewo

Warbud SA Al. Jerozolimskie 162A, 02-342 Warsaw 7 22 567-6000/22 567-6001

1,663.0 1,621.0 1,645.0


1,795.0 1,767.0 1,720.0

✓ ✓ ✓

✓ ✓


Apartment complex Grzybowska in Warsaw; Platinum Business Park office building in Warsaw; Medicover Hospital in Warsaw; extention of Heveliusz Mercury Hotel in Gdaƒsk

Hydrobudowa Polska SA ul. Skórzewska 35, 62-081 Przeêmierowo 8 61 664-1950/61 664-1951

1,442.7 1,225.0 572.0


1,706.5 1,267.0 597.0

✓ ✓ ✓

✓ ✓


Hochtief Polska SA ul. Elblàska 14, 01-737 Warsaw 9 22 560-0800/22 633-9786

918.0 1,231.0 1,149.0



✓ ✓ ✓

✓ ✓

Mota-Engil Central Europe SA ul. Wadowicka 8W, 30-415 Kraków 10 12 664-8000/12 664-8001

624.7 633.0 390.0



✓ WND ✓


Energomonta˝-Pó∏noc SA ul. Przemys∏owa 30, 00-450 Warsaw 11 22 583-6000/22 583-6006

300.0 219.0 194.0

92.0 104.0 119.0

392.0 323.0 313.0

✓ -

NDI SA ul. Powstaƒców Warszawy 19, 81-718 Sopot 12 58 771-7700/58 771-7701

298.0 279.0 312.0


363.0 287.0 325.0

✓ ✓ ✓

Number of employees / Year founded

Top local executive / Title

Chopin Centre in Warsaw; the main and A1 highway SoÊnica junction - Maciejów subsidiary breakwater in commercial port junction; football stadiums: Legia in Sirte (Libya); Solpark sports and educational Warsaw, Wis∏a in Kraków; Museum Of The complex in Kleszczów; A4 highway Wielicka History Of Polish Jews in Warsaw junction – Szarów junction

WND 1945

Galeria Jurajska in Cz´stochowa; Salwator City residential area in Kraków; ring road in Wroc∏aw; residential area on ul. Skierniewicka in Warsaw

Reconstruction of Warszawa Wschodnia railway station; Galeria Kaskada in Szczecin; A2 highway; S7 high-speed road

3,978 1985

Alfred Watzl, Pawe∏ Antonik


Atrium City in Warsaw; ring road in Biecz; extention and modernization of municipal wastewater treatment plant in Stalowa Wola; upgrading of Mi´dzylesie - state border railway tracks

A1 highway Nowe Marzy-Toruƒ section; western ringroad in Poznaƒ; northern ringroad in Wroc∏aw; modernization of railway tracks on Warszawa Gdaƒska

6,599 1945

Krzysztof Andrulewicz


Reconstruction of Murckowska junction in Katowice and driveway construction; office building expansion in Radwar Business Park in Warsaw; high speed roads S5 and S10 from Stryszek junction - Bia∏e B∏ota junction; the second airport terminal in Gdaƒsk

A1 highway Pyrzowice - Piekary Âlàskie (including junctions); A4 highway D´bica Rzeszów; modernization of Wroc∏aw G∏ówny railway station

4,767 1968

Dariusz Blocher

Extention of Urban Stadium in Poznaƒ; Left- LMG Project; construction of a surface part Crude oil and natural gas bank Wastewater Treatment Plant in Poznaƒ; of Underground Gas Storage installations Przedsi´wzi´cie ÂwinoujÊcie residential and Wierzchowice; construction of the National commercial complex Stadium in Warsaw

3,722 1994

Jerzy WiÊniewski

National Music Forum in Wroc∏aw; Wroc∏aw highway ring road; A2 highway ¸ódê - Stryków; A4 highway Rzeszów Central Junction - Rzeszów East

5,300 1945

Jaros∏aw Popio∏ek

Extension of wastewater treatment plant Czajka in Warsaw; Âwiàtynia Bo˝ej OpatrznoÊci in Warsaw; S-8 high-speed road Konotopa - Al. Prymasa Tysiàclecia in Warsaw; Centrum Nauki Kopernik in Warsaw

1,003 1992

W∏odzimierz W∏odarczyk

Modernization of wastewater treatment plant in Piaseczno; construction of sewerage A4 highway Tarnów - Rzeszów; the and water supply network Strachocin National Stadium in Warsaw; design and Wojnów - Wroc∏aw; wastewater construction of waste disposal facility in management investments in Jas∏o; construction of sewage system in Podgórz, Gdaƒsk; football stadium in Gdaƒsk Letnica Stawki and Rudak districts in Toruƒ

973 1968

Jerzy Ciechanowski

Investment process FormArt

Platinum Towers apartment complex in Warsaw; Diamante Plaza office building in Kraków; Euroglass factory in Ujazd; Kimball Electronics Poland plant in Tarnów Podgórny

Residential and commercial building on Twarda street in Warsaw; Futura Park in Modlniczka; Wroc∏aw - Strachowice airport extention; breakwater in ÂwinoujÊcie

819 1996

Henryk Liszka

Production of bituminous and concrete mixtures, prefabritacated concrete and reinforced concrete elements

Residential, office and commercial complex Angel Wings in Wroc∏aw; rebuilding of A4 highway Balice - W´ze∏ Tyniecki Opatkowice; rebuilding of national road no.7 Zabornia - Chy˝ne; rebuilding of viaduct on national road no. 39 in Strzelin

S7 high-speed road construction Skar˝ysko Kamienna-Wyst´pa; design and construction of national road no. 8 Je˝ewo - Bia∏ystok; S8 high speed road Wroc∏aw Psie Pole - Syców; design and construction of the second bridge on Sandomierz

1,865 1953

Fiel Barbosa

✓ ✓

Kozienice Power Plant - design, delivery STF - assembly of HRSG boiler for GONYU in and assembly of instalation for deHungary; Lotos Serwis - assembly and sulphurization of combustion products; Materials diagnostics and maintenance of pipelines in Rafineria Gdaƒsk; Polimex-Mostostal - assembly works for VKN Polska - construction of unloading and PTA acid installation in W∏oc∏awek; Polimex research storage installation for biomass in Port EC Sices Polska - assembly works for MHC Wroc∏aw Installation; Kozienice Power Plant construction of a new compressor no. 2

1,754 1953

W∏odzimierz Dyrka

✓ ✓

Developer services; investment consulting; real estate management and administration

134 1991

Jerzy Gajewski

Shopping malls in Sopot; Dom Zdrojowy in Sopot

Tourist Centre in Gdaƒsk; Apartamenty Przy Pla˝y residential buildins in Gdaƒsk; A4 highway Brzesko - Wierzchos∏awice; A1 highway Nowe Marzy - Toruƒ

Konrad Jaskó∏a President; General Director

Board Members


General Director










MAY 9-15, 2011

Company name Address Tel./Fax E-mail Web page

Revenue from general contracting (z∏. mln)

Export revenue (z∏. mln)

Total revenue including export (z∏. mln)

Major projects recently completed

Major projects under construction

Number of employees / Year founded


Construction speciality


Top local executive / Title

Extention of Maximus shopping center in Nadarzyn; PCO headquarters in Warsaw; east ring road in Skierniewice; national road no. 14 ¸owicz section

Mszczonów ring road; ATM Studio film and television studio in Warsaw; EWT Truck & Trailer service station and showroom in Stryków; Marywilska 44 market halls in Warsaw

301 2002

Halina Mirgos

PepsiCo manufacture extension in Design and management PPF Hasco-Lek production plant Ozen Plus green energy plant in Wa∏cz; of investment processes; inMichrów; Siechnice; Develey warehouse and office wastewater treatment facilities in Kozienice; reinforced concrete work; in Warsaw; CMC Poland warehouse in Skotan production plant installation work Zawiercie

500 1989

Micha∏ Wuczyƒski

General / Industrial / Services other than Public / Civil Residential engineering general contracting

2009 / 2008 / 2007

Mirbud SA ul. Unii Europejskiej 18, 96-100 Skierniewice 13 46 833-9828/46 833-9732

266.0 294.0 187.0


272.0 309.0 200.0

✓ ✓ ✓

✓ ✓

AWBUD Sp. z o.o. ul. Reja 4, 42-440 Fugasówka 14 32 671-5201/32 672-2280

280.0 311.0 146.0



✓ ✓ ✓

✓ ✓

Henpol Sp. z o.o. ul. Zimna 9, 20-204 Lublin 15 81 745-1051/81 749-6107

189.0 230.2 160.6


189.7 230.6 167.8

✓ ✓ ✓

✓ ✓


Nowy Wilanów (Villa Bianca) residential area in Warsaw; Spadochroniarzy-Po∏udnie III residential area in Âwidnik; Derby 16 residential area

Derby 9 residential area in Warsaw; Nowy Wilanów (Klasyków – 3rd phase) residential area in Warsaw

700 2004

Henryk Polak

Allcon Budownictwo Sp. z o.o. S.k. ul. ¸u˝ycka 6, 81-537 Gdynia 16 58 660-1900/58 660-1901

163.0 208.0 166.0


168.0 212.0 168.0

✓ ✓ ✓

✓ -


¸u˝ycka Office Park office buildings in Gdynia; Social Science department of Gdaƒsk University in Gdaƒsk; Radisson Blu Hotel in Gdaƒsk; Ziaja factory in GdaƒskKolbudy

Nova Oliwa residential community in Gdaƒsk; Biology department of Gdaƒsk University in Gdaƒsk; Sportowa Centrum office building in Gdynia; Allcon@park 3 office building in Gdaƒsk

92 1990

Mariusz Bia∏ek

Przedsi´biorstwo Budowlane Dombud SA ul. Drzyma∏y 15, 40-059 Katowice 17 32 251-3541/32 251-1088

150.0 205.0 200.0


150.0 205.0 WND

✓ ✓ ✓

✓ ✓

Developer services; TBS; concrete; installations

Construction of residential complex and terrain cultivation in Gliwice; residential biuldings in Tychy; residential building D Z∏ocieƒ in Cracow; sports hall in Miko∏ów

Public Municipal Library in OÊwi´cim; Board of Customs in Katowice; residential building Bulwary Rawy in Katowice; residential building with garage and service area in Gliwice

861 1945

RD bud Sp. z o.o. ul. Ry˝owa 33B, 02-495 Warsaw 18 22 534-9000/22 863-4360

143.4 210.0 151.0



✓ ✓ -

✓ ✓


¸ódê printing house; Wroc∏aw Logistic Centre; Cristal Park in Warsaw; B&B Hotel in Toruƒ

Castorama in Bytom; IKEA in Kraków; Mokotowska Square in Warsaw; Brico Depot in Pu∏awy

108 1997

Eric Agnello

GSE Polska Sp. z o.o. ul. 1 Sierpnia 6A, 02-134 Warsaw 19 22 878-7670/22 878-7680

136.0 239.0 217.0



✓ ✓ -

✓ ✓


Panattoni in Stryków; Indesit finished goods warehouse in Radomsko; Procter & Gamble plant in Aleksandrów ¸ódzki

JYSK in Radomsko; Cross Point in ˚ory; Brembo in Dàbrowa Górnicza

20 1999

Kambo Zabusu

MC Kontrakty Budowlane Sp. z o.o. ul. Rogowska 3, 91-519 ¸ódê 20 42 658-8444/42 658-2202

105.0 79.0 55.0



✓ ✓

✓ ✓


Construction of power electronics products plant and Logistics Center for ABB in Aleksandrów ¸ódzki; extention of medical products plant for HT Lancet in ¸´czyca

Extension of production plant for SCA Hygiene Products in O∏awa; extention of production plant for Procter & Gamble in Aleksandrów ¸ódzki; extention of logistics center for SERGO Poland in ¸ódê; extention of production plant for Avon Operations Polska in Garwolin

62 1991

Piotr Grabowicz

CFE Polska Sp. z o.o. Al. Jerozolimskie 92, 00-807 Warsaw 21 22 456-1600/22 456-1601

92.1 266.5 184.1


92.1 266.5 184.1

✓ ✓ ✓

✓ ✓

Project services

“Przymorze” shopping mall in Gdaƒsk; Villa L’Azur residential area in Warsaw

Husquarna machinery and garden equipment plant in Mielec; Soprema plant in B∏onie; Cztery Oceany residential area in Gdaƒsk

95 1996

Bruno Lambrecht

HARTBEX Przedsi´biorstwo Budowlane Sp. z o.o. Trzebownisko 22, 36-001 Trzebownisko 22 17 771-3600/17 771-3601

90.1 111.0 68.0

6.5 9.6 15.4

96.6 121.0 83.0

✓ ✓ ✓

✓ ✓

Developer services

Asseco Poland offices in Rzeszów; Farmacol warehouse construction and office modernization in Rogoênica; BorgWarner plant in Jesionka - Taj´cina; Greinplast depot in Krasne

Meta-Zel production and storage hall in Rogoênica; Rossmann office building in ¸ódê; Zelnar production hall in Taj´cina; Instytut Lotnictwa office building in Warsaw

294 1992

Pawe∏ Bàcal

Prochem SA ul. Powàzkowska 44C, 01-797 Warsaw 23 22 326-0100/22 326-0101

80.4 282.5 124.0

WND 2.4 23.0

183.0 378.0 249.0

✓ ✓ ✓

✓ ✓

Design; substitution investment; investment supervision; delivery completion

Extension of printing house for H. Bauer Druck publisher in Ciechanów; Scientific and Didactic Centre of Horticulture and Landscape Architecture Department at SGGW in Warsaw; Bioagry bioethanol production plant in GoÊwinowice; Iryd Concorde Investissement residential complex in Kraków

Coperion storage silo in W∏oc∏awek; Building Research Institute sewage gas installation in Pionki

232 1947

Jaros∏aw St´pniewski

Mostostal Pu∏awy SA ul. Budowlanych 5, 24-110 Pu∏awy- Azoty 24 81 473-1240-41/81 473-1244

36.6 84.3 34.4


246.7 238.0 179.7

✓ -

✓ ✓

Steel structures; technology installations, machinery in industrial plants; pipeline construction and assembly; design steel construction and technological installation

Zachem TDI complex extention in Bydgoszcz; PKN Orlen terephthalic acid plant in W∏oc∏awek; CFB boiler assembly in Norrkoping (Sweden); ZA Pu∏awy industrial gases plant

PGE boiler assembly in Szczecin; new facilities fo Fertilizers Research Intitute in Pu∏awy; bridge over Wieprz river in Kock; assembly of boilers in waste incineration facilities in Riverside (UK)

1,120 1963

Tadeusz Rybak

Torus Sp. z o.o. Sp. k. Al. Grunwaldzka 413, 80-309 Gdaƒsk NR 58 764-6376/58 764-6311




✓ -

Offices and warehouse construction and commercialization; residential construction and sales; property management

Arkoƒska Business Park in Gdaƒsk (2nd phase)

Arkon Hotel in Gdaƒsk; residential building Piotrkowska 21 in Gdaƒsk

35 2002

S∏awomir Gajewski

Notes: NR = Not Ranked, WND = Would Not Disclose. Research for The List was done in July 2010. Number of employees and ownership structure are as of July 2010. All information pertains to the companies’ activities in Poland. Companies not responding to our survey are not listed.






Lubomir Rosiek President, General Director

General Director

General Director


General Director



President, Director


To the best of WBJ ’s knowledge, the information is accurate as of press time. While every effort is made to ensure accuracy and thoroughness, omissions and typographical errors may occur. Corrections or additions to The List should be sent, on official letterhead, to Warsaw Business Journal, attn. Joanna Raszka, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (48-22) 639-8569, or via e-mail to Copyright 2011, Valkea Media SA. The List may not be reprinted or reproduced in whole or in part without prior written permission of the publisher. Reprints are available.



MAY 9-15, 2011

Stocks report

world stock indices DJIA


12,584.17 (May 5 close)


2,814.72 (May 5 close)

-1.40% (for the week)


1,335.10 (May 5 close)

-2.01% (for the week)


5,920.00 (May 5 close)

-1.87% (for the week)

-2.47% (for the week)

The Osama effect

NIKKEI225 7,376.96 (May 5 close)

9,859.20 (May 5 close)

-1.31% (for the week)

0.10% (for the week)

CHANGE: 8.70%

CHANGE: 5.16%

CHANGE: 6.16%

CHANGE: 0.34%

CHANGE: 5.79%

CHANGE: -4.76%

(year to May 5)

(year to May 5)

(year to May 5)

(year to May 5)

(year to May 5)

(year to May 5)

52-week high: 12,928.50

52-week high: 2,887.75

52-week high: 1,370.58

52-week high: 6,105.80

52-week high: 7,600.41

52-week high: 10,891.60

52-week low: 9,596.04

52-week low: 2,887.75

52-week low: 1,010.91

52-week low: 4,790.00

52-week low: 5,607.68

52-week low: 8,227.63

Tomasz Jerzyk, technical analyst DM BZ WBK SA Polish stocks finished down last week, with the biggest firms suffering the most. The blue-chip WIG20 eased by more than 1.5 percent. It was quite a volatile week, as major global bourses began trading sharply higher on Monday on the news that Osama bin Laden had been shot dead by US special forces in Pakistan. The rally was short-lived and bears took advantage to sell stocks at new highs. Some profit taking took place during the following days. On the WSE, enthusiasm after bin Laden’s death was limited only to futures markets, which start trading 30 minutes earlier than cash markets. Major indices did not react to the news. This disappointed investors, sending stocks downwards. Raw materials and oil companies suffered the most.

Major indices WIG

49,266.97 (May 5 closure)


2,858,91 (May 5 closure)



























2,840 15.04



















52-week low: 2,270.13


Change year to May 5: 3.78%


52-week low: 39,109.37


52-week high: 2,932.62

Change year to May 5: 3.40%


Change for the week: -2.51%


52-week high: 50,371.74


Change for the week: -1.90%


Closing 2.55 0.68 0.36 5.40 0.80

% change (week) 52-week high 16.44 3.62 13.33 0.68 12.50 0.48 10.20 5.40 9.59 1.90

52-week low 1.82 0.29 0.28 3.55 0.64


Closing 17.75 345.00 16.04 175.50 371.20

% change (week) -0.22 -0.29 -0.31 -0.68 -0.75

52-week high 18.65 349.00 17.30 196.50 417.50

52-week low 14.10 221.10 13.36 153.00 326.00


Closing 2.01 6.48 6.78 1.65 3.73

% change (week) -12.61 -9.12 -8.87 -8.84 -8.80

52-week low 1.41 6.07 6.15 1.49 3.69


Closing 184.50 44.91 14.13 52.60 3.33

% change (week) -6.77 -6.42 -5.48 -4.88 -4.31

52-week high 200.30 49.42 15.29 57.90 4.84

52-week low 88.20 28.05 9.35 35.48 3.33

52-week high 4.09 9.39 7.94 2.18 6.82

Currency report

Other indices mWIG40

2,939.43 (May 5 closure)


Change for the week: 0.25%

52-week high: 2,987.72

Change for the week: -0.49%

52-week high: 12,932.00

52-week low: 2,361.69

Change year to May 5: 4.81%

52-week low: 10,980.45


58.71 (May 5 closure)





















Adam Narczewski, X-Trade Brokers Dom Maklerski SA


































7,239.11 (May 5 closure)





























7,160 14.04

57.6 13.04















52-week low: 5,751.39


Change year to May 5: 3.98%


52-week low: 54.64


52-week high: 7,387.49

Change year to May 5: -7.41%


Change for the week: -1.06%


52-week high: 64.09


Change for the week: -0.36%


Euro halts its appreciation

12,838.01 (May 5 closure)

Change year to May 5: 4.69%

Metals markets went sharply down along with crude oil markets. Metals producer KGHM and oil companies Orlen and Lotos have been the darlings of institutional investors in Poland in recent months, but those companies fell by between four and five percent. In the case of KGHM, riots outside the company’s headquarters probably helped push its share price downwards. The company’s shares will be watched closely by investors as they wait for the firm’s earnings, which are scheduled to be released on Friday. Telecoms performed the best, with both TP and Netia each gaining about two percent. TP disappointed with its earnings report, although investors are waiting for a dividend of z∏.1.5 per share. ●

As the week progressed it seemed as if nothing interesting would happen on the currency market, until Thursday, and the European Central Bank’s interest rate decision. The ECB left interest rates unchanged, but in a statement, president JeanClaude Trichet implied that an interest rate rise is unlikely to take place before July. Reaction on the EUR/USD market was instant, with the main currency pair tumbling from $1.49 all the way to $1.45 by the end of the day. The US dollar also gained due to a disappointing US unemployment claims report, which led capital to flow into safer instruments denominated in the greenback. On Friday, markets experienced increased volatility

due to the US’s non-farm payrolls publication, which turned out to be much better than expected (244,000 jobs added against a 187,000 forecast). The EUR/USD finished the week at $1.4550, above the $1.45 psychological level. Due to a lack of macroeconomic news from the local economy, the z∏oty danced to the music played by global markets. The risk aversion that followed Mr Trichet’s words helped push the main z∏oty pairs to their three-week highs (EUR/PLN to z∏.3.93 and USD/PLN to z∏.2.73). The good news from the US labor market also helped the z∏oty bounce back against the euro, while a stronger dollar aided the USD/PLN. ●

currency rates 3.2706





3.2561 02.05


3.2538 29.04


3.2506 3.0


0.0982 06.05







0.0969 02.05


0.0964 0.08


3.1236 06.05

3.0885 05.05

3.0790 04.05

3.0546 02.05

3.0533 29.04




4.4652 06.05
















2.7270 06.05






2.6499 04.05

2.6541 02.05


2.6504 28.04


3.9600 06.05






3.9366 04.05

3.9322 02.05


3.9353 28.04






MAY 9-15, 2011

Chambers of Commerce Corner News BPCC revamps website

The supporting sponsors were Kraft Foods, Royal Unibrew and Avon. Warsaw Business Journal was a media patron of the event.

The British Polish Chamber of Commerce has updated its website. New graphics and “friendly navigation” have been added, while user content now plays a more prominent role. Members are able to contribute their own content to the site, while a member-only section allows personalized access and wider inter-member communication. BPCC portal:

AmCham’s Wancer honored by President Komorowski

AmCham business mixer The American Chamber of Commerce in Poland held a business mixer in the Grand Ballroom of the Sofitel Warsaw Victoria Hotel on April 14.


The American Chamber of Commerce in Poland will carry out a mission to the US this month, to meet with companies seeking business development opportunities in Europe. The delegation, which includes members of AmCham’s board of directors as well as representatives from the Polish Ministry of Economy, will visit Fort Worth and Dallas, Texas from May 12-13 and then Boulder and Denver, Colorado from May 16-17. Both locations are major US business hubs and play host to companies which have not yet “been addressed by trade, investment and information missions” from Poland, AmCham wrote in a press release. The aim of AmCham’s mission is to identify and build relationships with innovative, growth-oriented companies which are seeking to enter the European market or to build investment platforms. Ensuring that these companies are aware of the advantages Poland offers is a critical first step in developing further trade and business in the future, AmCham wrote. The delegation will focus on the key economic advantages of investing in Poland and will highlight the country’s importance as a strategic location which can provide a possible gateway to other markets in Central Europe.


AmCham’s US investment mission

Polish President Bronis∏aw Komorowski awarded AmCham chairman Joseph Wancer with the Krzy˝ Kawalerski Orderu Odrodzenia Polski for his work in helping to modernize Poland’s banking sector. The award was given at the request of the Polish Bank Association for Mr Wancer’s work over the past two decades. It was presented at the same time as the Polish Bank Association’s 20th anniversary. “I am proud to accept this great honor. It is my reward for many years of hard work in helping to develop the banking sector. It will also provide motivation for more work,” Mr Wancer said when he received the accolade. ●

President Komorowski

Upcoming events Mr Fraser, on issues related to Poland’s EU presidency and on other topics such as crossborder trade services. Date and location: May 16, 6:30 pm at the Hilton Hotel, Warsaw

Polish McMasters 2011


AmCham and the Ronald McDonald Foundation will hold the 9th Polish McMasters 2011 – a charity golf event.

Lord Mayor to visit Warsaw The Lord Mayor of the City of London, Alderman Michael Bear, and Stuart Fraser, chairman of the Policy & Resources Committee at the City of London, will be guests of honor at the British Polish Chamber of Commerce’s (BPCC) Grand Business Dinner. During the evening, which aims to promote the financial activities of the City of London, the Lord Mayor will answer members’ written questions, in addition to speaking, alongside

In addition to golf there will also be an auction of artwork by patients from the Children’s Hospital in Warsaw. All proceeds from the event will go to a national program aimed at providing free ultrasound tests for children. The participation fee is z∏.400 per person. Date and location: May 27, at the Lisia Polana Golf Club, Pomiechówek Please RSVP to or call 22 833 0830 ex.15.

Innovative supply chain solutions seminar Scandinavian-Polish Chamber of Commerce members are invited to take part in a seminar dedicated to innovative supply chain solutions. Date and location: May 18, 3:30 pm , Reda, Tricity,




MAY 9-15, 2011

Museums galore


Originating in Berlin in 1997, the Night of the Museums concept has been exported successfully to over 120 countries. Running in Poland since 2003, the idea could not be simpler: keep Warsaw’s museums open for a whole Zach´ta National Gallery of Art night, and allow everyone to visit for free. The been organized for your enjoyinitiative has since become one ment. Running from 7 pm to 1 of the most popular cultural am, these include a film and audio-visual performance at enterprises in the city. The freebies don’t end the Chopin Museum (ul. there: linking the museums Okólnik 1), and a concert from together will be a set of buses WEF.LIVE.LAB at Zach´ta traveling from venue to venue, (pl. Ma∏achowskiego 3). The yet-to-open Museum of the at no charge. You won’t be getting the History of Polish Jews (pl. standard museum experience Bohaterów Getta) will be either. A set of one-off events, holding a “get to know us” day exhibits and concerts have also with film screenings and

kosher catering. You can expect mobile animations and science experiments at the Copernicus Centre (ul. Wybrze˝e KoÊciuszkowskie 2), while the National Museum, meanwhile, will be offering the last chance to see a papyrus scroll – the oldest item in their archive. But that’s just the tip of the iceberg. For a full program navigate to the (Polish language only) website. Practically all museums will be participating, and pulling out the stops to out-do each other. On top of that, there’ll be guided walking tours of Praga and the Old Town, concerts in ¸azienki, and a bike ride in honor of Marie Sk∏odowskaCurie. ● For more information: COURTESY OF ZACHE¢TA NATIONAL GALLERY OF ART/JERZY SABARA

Night of the Museums May 14-15 Various locations around Warsaw

Chopin in the park Inauguration of the Chopin Concerts in ¸azienki May 14 Chopin Statue, ¸azienki Park, ul. Agrykoli 1

Chernobyl’s ghost town Street of Enthusiasts May 9-19 Dom Spotkaƒ z Historià ul. Karowa 20

The Chopin Concerts in ¸azienki Park, a staple of Warsaw summers since 1959, are the oldest annual outdoor event in the city. The inauguration of this year’s series takes place on the eve of this year’s Museum Night. Titled “The

Marking the 25th anniversary of the Chernobyl disaster is an exhibition telling the story of the city of Prypiat. Constructed in 1970 for the workers of the Chernobyl power plant, the city was subsequently abandoned after the disaster in 1986, and is now a ghost town. The exhibition features Soviet posters, photographs by Robert Polidori, Andrej Kremenczuk and Sergey Nechaev, as well as poetry by Lina Kostenko. ● For more information:

Seminars, conferences, workshops and exhibitions feature


in the line-up here, as do over 200 domestic and international authors. The fair will include a special forum on new technologies and a special area for children’s books and young readers. For the first time, the event will combine

the book fair with the comic festival. Guests include Tony Sandoval and Alfonso Zapico, who’ll premiere his latest comic at the festival. ● For more information:

Home is where the habitation is Bartosz Mucha 52 Lazy Weeks, Para-architecture May 14-June 26 Zach´ta National Gallery of Art pl. Ma∏achowskiego 3 This exhibition by Bartosz Mucha blurs the line between

phone, Roger King, Randy Brecker, W∏odek Pawlik, Pawe∏ Panta and Cezary Konrad. ● For more information:

Content provided by the Warsaw Insider. For more information on culture and entertainment in Warsaw this month, pick up the May issue.

Museums, galleries and venues in Warsaw

Book fair joins with comic festival 2nd Warsaw Book Fair & Festival Comic Warsaw May 12-15 Palace of Culture and Science Pl. Defilad 1

Concert of Masters,” the event will take place at 8 pm under the famous statue of the master himself. Booked to perform are ex-Genesis guitarist Steve Hackett, John Hackett on saxo-

the visual arts, architecture and design. “Para-architecture” is an undertaking that deals with, in a broad sense, the question of the home – a place synonymous with safety and warmth. Here, the author creates alternative forms of

habitation, with the exhibition including his exciting take on furniture, portable homes and design solutions and connections. Runs until June 26th. ● For more information:

Centre for Contemporary Art at Ujazdowski Castle ul. Jazdów 2 Czarna Gallery ul. Marsza∏kowska 4 Galeria 022, DAP, Lufcik ul. Mazowiecka 11a Galeria 65 ul. Bema 65 Galeria Appendix 2 (Praga) ul. Bia∏ostocka 9 Galeria Asymetria ul. Nowogrodzka 18a Galeria Foksal ul. Foksal 1-4 Galeria Milano Rondo Waszyngtona 2A (Praga) Galeria Schody ul. Nowy Âwiat 39

Green Gallery ul. Krzywe Ko∏o 2/4

Simonis Gallery ul. Burakowska 9

Katarzyna Napiórkowska Art Gallery ul. Âwi´tokrzyska 32, ul. Krakowskie PrzedmieÊcie 42/44 and Old Town Square 19/21

State Archaeological Museum in Warsaw ul. D∏uga 52 (Arsena∏)

Królikarnia National Gallery ul. Pu∏awska 113a Le Guern Gallery ul. Widok 8, Museum of Independence Aleja SolidarnoÊci 62 National Museum in Warsaw Al. Jerozolimskie 3 Polish National Opera at Teatr Wielki Pl. Teatralny 1 Pracownia Galeria ul. Emilii Plater 14

State Ethnographic Museum ul. Kredytowa 1 Historical Museum of Warsaw Old Town Square 28-42 History Meeting House of Warsaw ul. Karowa 20 Warsaw Philharmonic ul. Jasna 5 Warsaw Rising Museum ul. Grzybowska 79

Galeria XX1 Al. Jana Paw∏a II 36

Rempex Art and Auction House ul. Karowa 31

Wilanów Palace Museum and Wilanów Poster Museum ul. St Kostki Potockiego 10/16

Galeria Zoya ul. Kopernika 32 m.8

Royal Castle Pl. Zamkowy 4

Zachęta National Art Gallery Pl. Ma∏achowskiego 3


MAY 9-15, 2011


Tech Eye

Something wicked this way swimmeth

front this year. First there’s the Jet Ski Ultra 300X, which Kawasaki claims is “the most powerful Jet Ski ever built” ( If you’re into water sports, this monster will moisten your eyes with glee.

The Ultra 300X retails for around $14,499; beer sold separately. If you’re looking to impress the beach crowd with something less crotch-rockety, you might have a gander at Wally Yachts’ Wallypower 118 superyacht

The Ultra 300X boasts a 300horsepower, supercharged, liquidcooled, inline four-cylinder engine. It’s also got a 20.6gallon fuel tank,


( On the downside, it costs around $18.5 million; on the upside, it’s the perfect environment to show off a bespoke mankini. What do you get for $18.5 million? Approximately 118 ft (36 m) of floating paradise. The vessel has three cabins, a top speed of 60


enough storage space for a couple of six-packs and “a throttle lever designed to prevent finger fatigue.” In other words, this is the perfect gift for the weakfingered, alcoholic adrenaline junkie in your life.

knots and a streamlined profile that wouldn’t look out of place in a James Bond film (unless Roger Moore was involved – then it would look out of place). The Wallypower 118 also comes with lots and lots of pillows, presumably because the insanely rich enjoy a good pillow fight now and again. Finally, if you’d like to slip into something a little more submersible, we’d suggest the AS-2 Scooter from Aqua Star ( This is a two-person, “wet” sub (meaning you should leave your phone and wallet at home) with an operating depth of up to 40 ft (12 m) and a battery that lasts around 2.5 hours. Don’t expect your oxygen to last that long, though, particularly if your passenger is a heavy breather. Price is unknown as yet, but we’d recommend having at least $10,000 nearby before even contacting Aqua Star. And one more thing to keep in mind – if you do buy an AS2, you’d better get used to Yellow Submarine jokes. ●


new chemical compound which causes all children within a three mile radius to bark like seals for an hour, nothing brings the “A-game” like summer gadgetry. With that in mind, here are a few items which will liven up the water-


Summer is just around the corner, and that means Techeye is getting ready for beach season. We’ve already picked up a brand new mankini, but we still need to gain a few pounds in the pectoral region, and of course we’ll need to find a roll of quarters. There are few things less impressive than an ill-fitting mankini. But wardrobe is only half the battle when it comes to having a successful summer. Another quarter is waxing, and in Techeye’s case that involves the ear and upper back regions. A strategic waxing can mean the difference between glory and ignominy – in our experience, women find it hard to resist a well-groomed man, particularly if his back has a little patch of fur in the shape of an adorable Pokémon character. (Dear Wife – if you’re reading this, we deny everything.) The final, crucial element that makes a summer great? Technology, of course. Whether it’s the latest NASA-designed waterwings or a

Ever engaged a secret agent in a pillow fight aboard a superyacht? Let us know:

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WBJ #18 2011  

Techeye talks beach fashion and summer gadgetry Port terminals are planning over z∏.1 billion in expansions Lokale Immobilia Last week’s Pol...