WBJ #43 2012

Poland’s sports minister is in the hot seat, but the PM has come to her defense

PiS promises jobs 4

3

WWW.WBJ.PL

Jaros∏aw Kaczyƒski wants “action from the state” to support businesses and create 1.2 million jobs

VOLUME 18, NUMBER 43 • OCT 29 – NOV 4, 2012 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127

LOKALE IMMOBILIA

Since 1994 . Poland’s only business weekly in English

Poland’s choice COURTESY OF DOMEXPO

REAL ESTATE

Will Poland have to choose between investment in shale gas and nuclear power? Officials are sending mixed messages

• Poland is core • New expo center • Real estate hiring 15-17

Plus

NUCLEAR

12-13

• ZE PAK IPO • Tauron investments • Croatian ambassador • Cyclists on Armstrong • R&D spending rockets • Smolensk bodies mix-up

News . . . . . . . . . . . . . . . . . . . . . . .2-4 Business . . . . . . . . . . . . . . . . . . . .5-6 Finance & Economics . . . . . . . . . . .7 Interview . . . . . . . . . . . . . . . . . . . .8-9 Investing in Poland Project . . . . .10 Opinion & Analysis . . . . . . . . . . . .11 Cover Story . . . . . . . . . . . . . . . .12-13 Lokale Immobilia . . . . . . . . . . .15-17 The List . . . . . . . . . . . . . . . . . . .18-19 Markets . . . . . . . . . . . . . . . . . . . . . .20 Sports . . . . . . . . . . . . . . . . . . . . . . .21 Lifestyle . . . . . . . . . . . . . . . . . . . . .22 Last Word . . . . . . . . . . . . . . . . . . . .23

SHUTTERSTOCK

In this issue

SHALE GAS In vitro in focus

Doing business easier?

The prime minister offers public funding for IVF, angering the opposition and some members of his own party 3

Poland has rocketed up the World Bank’s Doing Business ranking. But the government says it still isn’t satisfied 5

NEWS

www.wbj.pl

Polish oil giant PKN Orlen published its thirdquarter results last week. As analysts expected, its net profit came in at z∏.1.3 billion, compared to a loss of z∏.258 million in the corresponding period of the previous year. What surprised analysts was the exceptionally low level of debt. Jacek Krawiec, the firm’s CEO said this meant the company’s situation was “stable.”

Bratkowski calls for rate cuts Member of Poland’s interest-rate setting Monetary Policy Council (RPP) Andrzej Bratkowski, would like to see rates cut both in November and December, by 50 and 25 basis points, respectively. “Both GDP growth and inflation will be decreasing in the upcoming months.

Therefore, interest rates need to be cut significantly,” he said. ●

is the estimated cost of each of the two proposed nuclear power plants in Poland.

147 is the number of Polish construction firms that went belly up in the first three quarters of 2012, marking the most bankruptcies that sector has seen in five years.

2.5% is the level of GDP growth that analysts expect for Poland in 2012.

€4.8 billion

is the total value of 134 projects in which the Polish Information and Foreign Investment Agency (PAIiIZ) is currently involved.

The body of Poland’s last president-in-exile, Ryszard Kaczorowski, was accidentally switched with the body of Tadeusz Lutoborski, the chairman of the Katyƒ Families organization, both of whom were victims of the April 10, 2010 airplane crash in Smolensk that killed 96 people, radio station RMF FM quotes unnamed investigators as saying.

Polish prosecutors haven’t confirmed the reports.

On Monday last week, the bodies of Mr Kaczorowski and Mr Lutoborski were exhumed.

They were then transferred to the department of forensic medicine at the Jagiellonian University in Kraków, where the bodies were examined

using a CT scan. DNA samples were also taken.

“We are still waiting for the DNA results, and this could take up to seven days,” the Chief Military Prosecutor’s Office spokesperson Zbigniew Rzepa told TVN24 last week.

Earlier in October reports surfaced that an official from the Polish Foreign Ministry had made a mistake and misidentified the bodies during the post-crash identification process.

Polish online news provider Onet.pl reported that more exhumations could be in store, all of which are a result of procedural errors made in the aftermath of the catastrophe.

Mr Kaczorowski’s was the sixth body to have been exhumed so far. Prosecutors have decided to go ahead with the exhumation after analyzing medical records, which pointed to errors that could have led to victims’ bodies being misidentified.

In September, the bodies of two Smolensk victims were exhumed, one in Warsaw and one in Kraków. Following DNA testing, prosecutors confirmed that the bodies of Anna Walentynowicz, legendary activist of the Solidarity trade union movement, and Teresa Walewska-Przyja∏kowska, vice-president of the Golgotha of the East foundation, had been switched.

Izabela Depczyk

Quote of the Week “I invite Kaczyƒski to the ministry. I’ll show him the difference between abortion and in vitro.”

Health Minister Bartosz Ar∏ukowicz, commenting on Law and Justice leader Jaros∏aw Kaczyƒski's statements equating the fertilization procedure with abortion.

Figures in focus Trading balance Current account balance of selected EU27 countries, Q2 2012 (in € billions) 40 20 0 -20 -40

On WBJ.pl

Source: Eurostat

Nuclear energy tender Three major nuclear-energy technology providers are jockeying for position to supply technology for Poland's first nuclear power plant. Find out more by logging on to WBJ.pl.

UK

Orlen profits up, debt down

z∏.50 billion

rla nd s Sw ed en De nm Cz ar ec k hR ep ub lic Po la nd Gr ee ce Sp ain Fra nc e

State-controlled Poczta Polska (Polish Post) – in a consortium with PTK Centertel and Itella Polska Information – has won the biggest tender in the history of the Polish postal market, reported Puls Biznesu. For the next eight years, it will provide full mailing services for Poland's Chief Road Transport Inspectorate. The total value of the contract amounts to approximately z∏.353 million.

Smolensk disaster victim identification

an y

Poczta Polska wins z∏.353 mln contract

Numbers in the News

Ne the

Plans by Law and Justice (PiS) to file a motion for a vote of no confidence against the current government, in order to replace Prime Minister Donald Tusk and his ministers with a technical government, have been put on hold for a short while. As revealed by PiS MP Joachim Brudziƒski, Poland’s largest opposition party doesn’t want to weaken the PM’s position during the upcoming negotiations on the EU budget for the period 2014-2020.

IN THE SPOTLIGHT

Ge rm

EU budget talks: PiS won’t attack PM

OCT 29 – NOV 4, 2012

COURTESY OF WIKIMEDIA COMMONS

2

Company index Apple ..........................23 Griffin Real Estate ....16 Pittsburgh Areva ..........................13 Grupa Lotos ................6 Glass Works ..............10 Azora Europe ............15 Hines Polska ..............15

PKN Orlen ..............2, 13

Banco Santander ........6 ING ..............................6

DATELINE

November 8-9

FUTURE 4 BUILD

Event:

Future 4 Build is a green-building conference and exhibition, providing access to information from international and local experts. It is a forum for finding innovative solutions and advancing your own business.

Warsaw International Expocentre EXPO XXI future4build.com

Location: Web:

Catalyst Capital..........15 Itella Polska Colliers

Location: Web:

Location: Web:

This year’s edition of Belgian Days, organized by the Belgian Business Chamber, will be focused on business more than it has been in the past. It will include conferences, forums and a gala dinner.

Warsaw belgium.pl

14- 16 MAPIC Event:

MAPIC provides a unique exhibition area and

conference series dedicated to retail real estate.

Cannes, France mipim.com/mapic

16-18 BOATSHOW 2012 Event:

6-24 BELGIAN DAYS Event:

Poczta Polska ..............2 BZ WBK ........................7 Inpro ..........................16

Location: Web:

This 14th edition of the Sailing and Water Sports Trade Show BOATSHOW 2012 will offer business meetings and other events related to the sector.

MT¸ Conference and Exhibition Centre, ¸ódê boatshow.pl

26-27 NEW EUROPE GRI 2012 Event:

Location: Web:

Join the most senior players in CEE real estate in a selection of over 20 interactive discussions covering recent trends.

Hyatt Regency Warsaw globalrealestate.org/NewEurope2012

Pramerica Real

Information ..................2 Estate Investors ........16

International ........15, 16 IVG Poland..................15 PTK Centertel ..............2 Commerzbank ............6 Jones Lang LaSalle ..17 RREEF Real Estate ....16 DeBenedetti

KBC Securities ..........13

Majewski SzczeÊniak

KGHM ..........................6

Savills ........................15 Skanska......................17

Law Firm ....................12 Lake View ..................16 Deutsche Bank ..........16 National Sports

Tara HR Consulting ..17

Dom Development ....15 Center ..........................3 Tauron ..........................6 EDF ............................13 Opel ..............................6 Tremend ....................16 Enea ............................6 Orbis ..........................16 UniCredit ......................6 Estia Investment ........16 Panattoni Europe ......16

Warsaw Stock

Ford Motor Co ..............6 Peter Nielsen & Exchange......................5 FSO ............................16 Partners ......................6 GE Hitachi ..................13 Peugeot ........................6

Westinghouse ............13

Ghelamco Poland ......15 PGE ........................6, 12 X-Trade Brokers ........20 Goldman Sachs............6 PGNiG ....................6, 13 ZE PAK ........................5

NEWS

OCT 29 – NOV 4, 2012

www.wbj.pl

3

Health care

PM pledges state funding for IVF

Prime Minister Donald Tusk announced last week that the in vitro fertilization procedure will be funded under a state program for couples who have not been able to conceive by natural means.

The Catholic Church and conservative politicians meanwhile oppose IVF, seeing it as artificial conception and the destruction of life, since the procedure involves the destruction of embryos.

The new program will include about 15,000 couples, and will be available to women aged 18 to 40, including those who are unmarried.

Three chances Mr Tusk said he will ask the Ministry of Health to provide funding for in vitro fertilization starting from June 2013. It will be classified as an ordinary medical procedure, meaning new legislation won’t be required.

“Couples will have the possibility to get reimbursement

COURTESY OF FLICKR/KPRM AND THE EUROPEAN COMMISSION

Prime Minister Donald Tusk’s announcement has drawn the ire of conservative politicians

Prime Minister Tusk’s decision to bypass parliament on the matter of state-funded IVF has angered PiS leader Jaros∏aw Kaczyƒski (right) available to finance the program, before increasing this to an annual z∏.100 million.

Currently Poles who want to undergo IVF must pay for it themselves.

from the social security budget for three attempts at IVF,” the prime minister told reporters.

“Initially, only the IVF procedure itself will be covered, while couples will have to pay for the medication themselves.

But in the future, the medication will be reimbursed,” he added.

In the first six months the state will make z∏.50 million

A thorny issue Mr Tusk’s Civic Platform (PO) party has struggled to reach a consensus on the issue of IVF, which is a major point of depar-

ture in Polish politics between conservatives and liberals.

Several draft laws related to IVF are working their way through parliament, some seeking to criminalize the procedure and others to introduce state funding.

“We have a kind of blockage in parliament, with diverging views, and this risks lasting a long time. The aim of the

new program is to guarantee the security of the patients and embryos, and enable equal

access for highly expensive procedures,” Mr Tusk said.

Jaros∏aw Kaczyƒski, leader of conservative opposition party Law and Justice (PiS), hit back, telling reporters that PiS will take the matter to the Constitutional Court if the state-funded method is introduced “by decree” rather than through parliament. He claimed that 15,000 couples going through the in vitro procedure would entail “many, many abortions.”

Justice Minister Jaros∏aw Gowin told news channel TVN24 that Mr Tusk had not informed him of the new plan.

He added that he was “not delighted with the solution.” Mr Gowin, a conservative PO member, has drawn up a bill that allows for IVF only in the case of married couples, and rejects outright the freezing of embryos. He reiterated his belief that laws should be passed to govern IVF. Gareth Price

In vitro fertilization IVF is the process of fertilizing egg cells outside of the womb by placing an egg and sperm together in a petri dish for conception. It is a treatment for overcoming infertility when other methods of assisted reproductive technology have failed. ●

Sport and politics

Stadium roof fiasco brings political consequences

After what many Poles deemed a national embarrassment when a World Cup qualifier between Poland and England had to be postponed because nobody thought to close the roof of the National Stadium before an expected downpour, the prime minister has stepped in to defend his sports minister after calls for her dismissal.

The World Cup qualifier was scheduled to be held on October 16 at the 58,000-capacity National Stadium in Warsaw but after hours of confusion, it was finally announced that the match would be postponed until the next day since the pitch was soaked and unfit to play on.

The question then on everybody’s mind was why the retractable roof hadn’t been closed to cover the pitch before the game, especially since all the weather forecasts had predicted rain in Warsaw on that day.

Organizers said safety precautions prevented the roof being closed during rainfall and neither team nor FIFA, world soccer’s governing body, wanted to close it before the match.

‘Merciless’ response Prime Minister Donald Tusk said the matter would be investigated thoroughly and those at fault would be “dealt with mercilessly.”

And then, to the surprise of many, Sports Minister Joanna Mucha offered her resignation last week.

But Donald Tusk said he would not accept Ms Mucha’s

REPORTER

Poland’s sports minister is under pressure from those who think she is unfit for the job

Sports Minister Joanna Mucha resignation. Instead he asked her to investigate the incident further and “make some decisions before the end of the year.”

Meanwhile, the PM criticized Robert WojtaÊ, the chairman of the National Sports Center (NCS), which administers the National Stadium.

“I would expect that the head of NCS, during the week leading up to the match would be at the stadium personally making sure that everything

was in place. But everything wasn’t [in place].” said Mr Tusk at a press conference.

It would seem the prime minister favors getting rid of Mr WojtaÊ, but according to daily Rzeczpospolita, his contract rules out penalizing him for mistakes made concerning the management of the stadium. The responsibility in such cases in fact rests with the owner of the facility – in practice, the State Treasury.

Mr WojtaÊ’s contract reportedly guarantees that if he is fired while the contract is valid, he will still have to be paid his salary and bonus.

Ms Mucha has been criticized on several occasions for her ignorance in matters of sport. She once asked, for example, who had “chosen” the two soccer teams scheduled to play in the Polish cup final.

Remi Adekoya

4

NEWS

www.wbj.pl

OCT 29 – NOV 4, 2012

Labor market

PiS promises 1.2 million jobs

Two renowned Auschwitz survivors die

The entrance to the Auschwitz concentration camp COURTESY OF WIKIMEDIA COMMONS

Law and Justice (PiS), Poland’s main opposition party, has promised to create 1.2 million “stable” jobs between 2014 to 2023, if it comes to power. The announcement was made during a debate on unemployment in Poland, held last week.

The next parliamentary election is scheduled for 2014, although there has been some speculation in the media that earlier elections may be called due to the fast-changing political events on the ground fueled by the global economic crisis.

PiS is proposing changes to the tax system, to public spending and to the credit system. It wants entrepreneurs to receive loans from “public resources.” It has likewise proposed special subsidies for small towns and villages which it says are “economically degraded.” It also wants to eliminate “unjustified” tax

COURTESY OF WIKIMEDIA COMMONS

Poland’s largest opposition party has presented a legislative proposal it says will help create many new workplaces

Jaros∏aw Kaczyƒski said Poland must “restore its industry” privileges and an end to what it calls “tax discrimination.”

“It is not impossible to have a situation whereby unemployment is low and people who have emigrated abroad, often to work below their qualifications, can come back,” said PiS leader Jaros∏aw Kaczyƒski, while presenting the plan.

Mr Kaczyƒski said Poland must “restore its industry.”

“We need action from the

state, the kind of action that will not replace private enterprise but will support it and encourage it,” the PiS leader said, calling unemployment a “plague.”

The jobless rate in Poland was at 12.4 percent in September, according to Central Statistical Office figures. And with worsening macroeconomic news having become the norm in recent months, the sit-

uation is not expected to improve anytime soon.

W∏adys∏aw Kosiniak-Kamysz, Poland’s minister of labor and social policy, said recently that he hopes unemployment will not “exceed 13 percent by the end of the year.”

According to participants at the debate, there is currently a five-million-strong untapped workforce in Poland Remi Adekoya

Antoni Dobrowolski, the oldest known survivor of the Auschwitz-Birkenau concentration camp, has died aged 108 in Debno, northwest Poland.

Mr Dobrowolski, a teacher, was arrested on June 6, 1942 in the southern Polish city of Radom for belonging to an underground teachers’ group that taught primary school students Polish history, in contravention of a Nazi ban.

He was sent to AuschwitzBirkenau soon afterwards.

Mr Dobrowolski was later transferred to Gross-Rosen camp and finally to Sachsenhausen, where he was freed at the end of the war, in 1945.

“Auschwitz was worse than

Dante’s hell,” he said in a video made when he was 103, the BBC reported.

After the war, Mr Dobrowolski continued teaching in Debno where he was headmaster of a local high school.

Also last week, Wilhelm Brasse, a Polish photographer who was arrested and sent to Auschwitz, died at the age of 95. He was put to work in the camp photographing his fellow prisoners for their identity photographs. Mr Brasse was sent to Auschwitz as a political prisoner for trying to escape from German-occupied Poland in the spring of 1940.

Gareth Price

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BUSINESS

OCT 29 – NOV 4, 2012

www.wbj.pl

Business environment

ZE PAK valued near World Bank praises Poland for bottom of range Poland still has much to do to improve its business environment, but significant progress has been made Although Poland was ranked a less-than-impressive 55th in the World Bank’s latest Doing Business report, it was nevertheless hailed as being the “fastest in the world when it came to implementing reforms meant to ease doing business.” Poland also jumped seven places from its ranking of 62nd in the previous Doing Business report.

But Poland’s performance this year is even more significant taking into consideration the fact that, according to the World Bank’s new methodology for the Doing Business ranking, Poland would have been in 74th position last year, indicating an actual jump of 19 places compared to the 2013 result.

Prime Minister Donald Tusk, while commenting on the results, said this was the “effect of consistent action over several years.” However, the prime minister also said that although the ranking is a “success, it is not satisfactory to Poles and the Polish government.”

Poland was praised in the

report for the progress it has made on property registration, tax payments, the resolution of economic disputes and its bankruptcy laws. The World Bank said Poland was the fastest reforming EU economy since 2005 on those and a number of other issues.

A sprint, not a marathon “These results are not a miracle but the consequence of hard work, determination and efforts over many years.

Improving a business climate is not a matter of adopting a few regulations but of a systemic approach,” said Xavier Devictor, country manager for Poland and the Baltic countries at the World Bank, as the report was unveiled.

“It’s not a sprint, it’s a marathon,” he added.

Meanwhile, Mr Tusk said he would call for the creation of a permanent parliamentary committee to assume responsibility for promoting deregulation and checking proposed legislation in terms of its consequences for regulation.

Justice Minister Jaros∏aw Gowin, whose ministry is responsible for five of the 10 areas surveyed in the Doing Business ranking, told reporters that the World Bank was very impressed with gains

made in property registration in Poland.

Whereas in 2010 it took an average of 132 days to formally register a property in the Land Registry, it now takes seven days, Mr Gowin said. He also said his ministry is now working on a scheme to enable people to make an electronic request for registration in the Land Registry. Mr Gowin also said an Economic Courts Center in which 160 judges and 500 administrators would work, is being created.

“I think entrepreneurs’ comfort in seeking what is owed them will increase significantly because of this institution,” he added.

Remi Adekoya

Long way to go Doing Business ranking 2013, selected countries Country

Rank

Singapore

1

Australia

10

South Africa

39

Slovakia

46

Tunisia

50

Hungary

54

Poland

55

Czech Republic

2010, the ministry’s expenditures on R&D, along with spending by the National Science Center (which offers grants for basic research) and the National Center for Research and Development (the government agency that helps transfer the results of research to industry) came to a total of z∏.1.28 billion.

This year, those agencies together plan to spend some z∏.5.48 billion. Next year’s budget plans z∏.6 billion.

Moreover, the ministry plans to implement legislative changes that would encourage businesses to finance research – and scientists to perform research – that will benefit industry. The proposals include allowing businesses to designate one percent of their corporate income tax payment to a scientific research entity of their choice.

The share price of Poland’s fifth-largest utility, stateowned ZE PAK, has been fixed at z∏.26.20. The figure is near the bottom end of the range set in the firm’s issue prospectus, and was established based on demand from individual investors.

The state plans to list its 50 percent stake in ZE PAK on the Warsaw Stock Exchange on or near October 30. It had originally hoped to gain as much as z∏.858 million (at a maximum share price of z∏.33).

“I am pleased that we managed to close, with success, the longest and one of the most complicated privatization processes in recent years,” Treasury Minister Miko∏aj Budzanowski told journalists.

“I want to stress that despite difficult market conditions the transaction of shares in ZE PAK was successful and is the biggest public offering in CEE so far in 2012.”

Based on the price of z∏.26.20, the state will earn some z∏.680 million from the privatization. The Treasury, which has raised about z∏.8 billion from privatizations so far this year, is aiming to hit a fullyear target of z∏.10 billion.

After the offer, Polish business mogul Zygmunt Solorz˚ak will hold 51.7 percent of the company, while the remaining 48.3 percent will be in free-float.

ZE PAK owns four power plants and two coal mines.

Gareth Price

In the first three quarters of 2012, 147 Polish construction firms went belly up, marking the most bankruptcies the sector has seen in five years, reported Rzeczpospolita.

According to professor Zofia Bolkowska from Warsaw’s Higher School of Management and Law, 2011 saw 107 construction firms close up shop, while 2010 brought 73 closures and 2009 and 2008 saw 54 and 45 respectively.

“Construction is ... vulnerable to the crisis,” said Ms Bolkowska.

More businesses registered Despite the economic slowdown and pessimistic outlook, the number of newly registered businesses in Poland is growing. The number has risen by 25% since last year and by 33% since 2010, according to data from the Center of Economic Information (COIG). ●

65

Businesses, government finally spending more on R&D

Polish businesses may finally have gotten it through their heads that investment in research and development is necessary if they want to continue to compete in a 21st-century economy.

Business spending on R&D has risen over 800 percent this year, to z∏.2.19 billion, from z∏.258 million last year, according to the Ministry of Science and Higher Education.

The ministry says the leap in R&D spending comes as a result of recently implemented programs that encourage cooperation between business and scientific circles. Within the framework of these programs, companies and scientists cooperate to perform research on possible technologies that could be brought to market.

But the state is spending more on innovation as well. In

ZE PAK owns four power plants

Building sector bankruptcies rise

Source: World Bank

Innovation

Research and development spending has increased dramatically, as the state implements programs to encourage businesses and scientists to cooperate

SHUTTERSTOCK

its business-friendly reforms

The Ministry of Science is also holding discussions with the Finance Ministry on freezing taxes for inventors.

According to the proposals, a scientist who comes up with a new technology and wants to commercialize it would only have to pay taxes on the invention once it gains its first profit. The new law would come into effect from 2014.

Science Minister Barbara Kudrycka has also announced plans to establish a state-run venture capital fund called Polish Innovations (Innowacje Polskie). The fund would help businesses bring Polish innovations to market.

“What we want is for investment in the commercialization process to grow at a faster rate,” Minister Kudrycka was quoted by the Wyborcza.biz website as saying. “Thanks to this, businesses won’t be so averse to risk involved with innovating. I am convinced that we will bring more technology developed with public money to market.”

Andrew Kureth

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BUSINESS

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Energy

OCT 29 – NOV 4, 2012

Oil and gas

Tauron announces z∏.45 bln PGNiG cuts overseas natural in energy investments gas extraction targets

Tauron’s power station in Jaworzno announced last week that it will enter the gas trading market, via a gas trading unit it plans to establish.

Last week the Polish Energy Regulatory Office approved Tauron’s entry onto that plat-

form.

“The decision is a green light for establishing a gas trading segment in the Tauron Group,” the company wrote in a statement.

Izabela Depczyk

Legal News Contact: Miros∏aw Stefanik ms@pnplaw.pl

Short deadlines for execution of payment transactions Until October 24, 2012 payment service providers (banks) who conducted activities related to payment services on the day on which the act on payment services came into force (the act became binding 12 months ago), were required to adapt their activities to the provisions of this act.

The act introduced provisions of the directive 2007/64/EC, the so-called PSD directive, defining the rules on performance of payment services within the territory of the European Economic Area.

The amendments introduce, among other things, short deadlines for execution of payment transactions from one bank to another. A payment transaction should be executed (by recognizing the amount on the account of the receiver of the payment) no later than until the end of the day following the order (the so-called D+1 term), while in case of an order in paper form this period may be prolonged by one day.

Delay in payment of rent for lease On October 11, 2012 the Supreme Court decided (III CZP 52/12) that the parties to a lease agreement may exclude the obligation of the lessor to grant to the lessee an additional three-month term for payment

of the due rent (art. 703 sentence two of the Civil Code). In case the contractual parties exclude such an obligation and the lessee remains in delay with payment of the rent for the given period, the lessor will have the right to terminate the lease without keeping the termination notice period.

Such an exclusion may be of major importance in the case of a long-term lease e.g. lease of real property for 30 years for construction and usage of wind power plants.

Changing a firm’s legal status is not subject to VAT Transforming a company with limited liability into a limited joint-stock company in a situation where no new entity joins the company and the company’s property is not increased, is not subject to taxation with a tax on goods and services. The company, after transformation, is entitled to all rights and is subject to all the relevant obligations. The above has been confirmed in an individual tax interpretation issued on October 2, 2012 by the Director of the Tax Chamber in ¸ódê (case no. IPTPP4/443469/12-2/BM). This tax interpretation concerns exclusively the company which requested the interpretation, and may not be applied to other companies. However, other companies may apply for an individual interpretation for themselves. ●

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COURTESY OF PGNIG

Poland’s state-controlled oil and gas monopolist PGNiG has cut its output forecasts for natural gas and oil produced outside of Poland for the period 2012-13.

Its forecast for gas production has been slashed to 0.4 billion cubic meters from 0.5 billion cubic meters. PGNiG has also cut its outlook for foreign crude oil extraction to 370,000 metric tons from 490,000 tons.

The change in forecasts for crude oil and natural gas extracted outside of Poland is a result of the postponement of a production launch in Norway, as well as a later-than-expected launch of production in Pakistan, the company wrote in a statement.

With regards to production of oil and gas in Poland, PGNiG’s targets haven’t changed and remain at 4.4 billion cubic meters of gas and 750,000 tons of oil.

PGNiG’s forecast for foreign gas production has been slashed to 0.4 billion cubic meters from 0.5 billion cubic meters Meanwhile the company also announced last week that it will work with Polish oil company Grupa Lotos and collaborate with four Polish education institutes to develop new technologies for shale gas extraction. The companies hope to receive funds for research and development for original technologies to extract shale gas, from the Blue Gas program, which has a total budget of z∏.1 billion.

The program was initiated by the Treasury Ministry and is

being led by the National Centre for Research and Development (NCBiR) and the Industrial Development Agency (ARP). The state will provide around z∏.500 million, while another z∏.500 million is expected to be made available by enterprises interested in utilizing the results of the projects.

Other state-controlled companies including PGE, KGHM, Enea and Tauron also reportedly want to compete for the Blue Gas money.

Izabela Depczyk

Opel may reduce production in Gliwice The Opel production plant in Gliwice, in southern Poland, is expected to change over from a three-shift system to a twoshift system, following plummeting demand in Western European markets.

Plant manager Andrzej Korpak told daily Gazeta Wyborcza that the final decision concerning the introduction of a two-shift system had not yet been made. He admitted, however, that it is the most likely outcome.

“Even if that happens, there will be no layoffs,” he said.

He added that the company is in negotiations with trade unions concerning the change in shift policy.

He explained that the crisis in the automotive industry has affected the Gliwice plant because it produces the Astra, a mid-range model aimed at the middle class.

“Luxury cars and cheaper models are selling better during the ongoing crisis,” he said.

Around 130,000 cars are expected to be produced by Gliwice’s Opel plant this year, a fall of 20 percent compared to 2011. The same production volume is expected to be main-

tained next year.

Reflecting overall weakening demand for cars in Europe, Ford Motor Co. confirmed plans last week to close a factory in Belgium, while Peugeot announced a government bailout of its financing GP arm.

COURTESY OF OPEL

Polish state-controlled utility Tauron has selected a group of banks to establish a strategy for financing investments worth between z∏.44 billion and z∏.45 billion over the next 10 years.

The consortium includes ING, UniCredit, Commerzbank, Banco Santander and Goldman Sachs, which are expected to jointly develop a strategy for Tauron before the end of this year.

Fundraising, which will most likely be through bond issues, will target domestic investors, Krzysztof Zawadzki, the vice president of the company’s management board, and chief financial officer, told Rzeczpospolita.

Meanwhile Tauron also

The company has also revealed plans to develop shale gas technologies in Poland with refiner Lotos

COURTESY OF TAURON

The utility has also revealed plans to enter the gas trading market

Sales of the Opel Astra have fallen in recent times

OCT 29 – NOV 4, 2012

FINANCE & ECONOMICS

www.wbj.pl

Investment climate unchanged

The economy

EU paid Poland Finance minister confident €12 billion in 2012

of future for Poland

Mr Rostowski said that Poland has achieved the largest increase in public investment in Europe since the crisis hit

Jacek Rostowski forecast the Polish economy will accelerate after a “difficult” 2013 Finance Minister Jacek Rostowski is confident that Poland will be able to navigate the second wave of the European crisis. Minister Rostowski said that the strength of the Polish economy lies in its “policy of rapid growth, combined with financial responsibility.” In a speech

last week before the lower house of parliament, the Sejm, Mr Rostowski praised the government’s fiscal stance, noting that the government did not agree to drastically cut spending in 2010, although many economists thought that such a move would have been the best solution. “With this decision, Poland saw the greatest cumulative economic growth in Europe during the biggest crisis in years,” he said.

Mr Rostowski added that Poland has achieved the largest increase in public investment, and one of the largest increases in employment in Europe. He added that GDP is set to increase next year by 2.2 percent, while inflation will be 2.7 percent.

“We have reason to believe that after a difficult 2013, the Polish economy will accelerate,” Mr Rostowski said.

RG

EU should look to newcomers for inspiration: Belka Speaking to a bankers’ convention in London last week, National Bank of Poland president Marek Belka said that the new members of the European Union are exemplary in the way they conduct their finances and should be the role model for EU members in the West, the Wall Street Journal reported.

“Look at Estonia,” Mr. Belka said. “It’s the anti-Greece, the strongest state you can possibly imagine. Latvia cut internal consumption by 40 percent, and still the government was reelected.” It would be good for bigger players in the EU fiscal game to learn some lessons from these countries, he said.

a new budget bill whereby it is asking member states to pay almost €9 billion to cover a deficit in several EU programs, including education.

“I have repeatedly warned that cuts in the EU budget will create the problem that we have today,” said EU Budget Commissioner Janusz Lewandowski, a Pole.

“We can no longer meet its obligations. Now Council members [governments] and the European Parliament must behave responsibly, after previously passing a small budget RG bill.”

COURTESY OF THE EUROPEAN PARLIAMENT COURTESY OF THE EUROPEAN COMMISSION

Poland received €574 million from the European Union in September 2012, the Finance Ministry said last week. Current transfers amounted to €144.7 million, while capital transfers came to €429.3 million, Money.pl reported.

Poland paid €330.85 million into the EU budget in September. Since the beginning of 2012, transfers of EU funds to Poland have amounted to €11.79 billion. During the same period Poland paid €3.21 billion into the EU budget. The European Commission on Tuesday prepared

7

The Polish Information and Foreign Investment Agency (PAIiIZ) has for the sixth time examined the investment climate in Poland. “Poland received four points on the fivepoint scale of our investment sentiment survey,” said S∏awomir Majman, chairman of PAIiIZ, Puls Biznesu reported. This was around the same score given last year. Despite the ongoing economic crisis, the condition of foreign firms operating in Poland is good. Some 89% of those surveyed are planning to increase investments in 2013.

Privatization drive to stop after 2013 Next year will be the last time the budget will turn to privatizations to patch up the budget, and the Treasury Ministry will have to prepare a plan for 2014 and later, Treasury Minister Miko∏aj Budzanowski was quoted

by Dziennik Gazeta Prawna as saying. ●

EU Budget Commissioner Janusz Lewandowski

> Establishment of companies > Accounting services > Payroll and human resources > Law and notary offices > Payment recovery and debt recovery > Permits for foreigners > Seat for the company

“[New members] have managed to build up solid state structures, solid governance structures, adding to stability and not borrowing stability from the rest of Europe,” Mr Belka explained, calling the North “hardworking” and the South “chaotic.”

RG

Job prospects slim, unemployment stable Poland’s registered unemployment rate remained stable in September at 12.4 percent, according to data from the Central Statistical Office. The figures were slightly below market forecasts.

The stabilization, BZ WBK wrote in a statement, could be down to “higher funds for job-

seekers’ activation.” For many Poles, unemployment is now a “recurrent” problem, despite looking for work for many months and if they find it having to work for as little as z∏.1,630 per month on average, according to a new report by the National Bank of Poland.

The report also shows that

the economy created few new jobs, and employees are not exerting very much pressure on their employers for raises.

In 2011, the report said, the number of newly created jobs for university graduates was about 40 percent lower than the number of students enterRG ing the workforce.

www.bilans.eu BILANS Accounting and Consulting Company Ltd., 02-729 Warszawa, 195 Rolna st., tel. (+ 48) 22 212 86 27-29, mobile: (+48) 502 057 107 e-mail: Jacek@bilans.eu

8

INTERVIEW

www.wbj.pl

OCT 29 – NOV 4, 2012

Croatia

Emerging from the shadows Ewa Boniecka: How would you describe the political and economic situation of Croatia as it prepares to accede to the European Union this summer?

Ivan Del Vechio: On the one hand it is simple, on the other hand it looks complicated. I think that just 16 years after the Balkan war, which destroyed our country and cost it a lot of money, we have [achieved] tremendous success. We have realized our strategic goals: to join NATO, which was achieved in 2009, and now – the European Union. Politically, this is a great achievement. I want to underline the importance of the fact that when we negotiated with the EU we had a settled political system.

On the other hand, there are economic issues and these are complicated, because we still bear the burden of loans and credit from international institutions. After the war we lost our traditional markets in the area of the former Yugoslavia. For us this is a great problem and it means that we have to rebuild our contacts. And now, when the European Union is in crisis, we are in the same position.

Before the EU financial crisis we had some foreign investments, and because of this our economy grew. The EU crisis has had a big impact on the Croatian economy. Our GDP

is negative, it is [expected to be, this year] -1.5 percent which is a big concern.

But the stable position of the center-left coalition government, which holds a majority in parliament, ensures that the government is ready to undertake difficult measures to stabilize the economic situation. And recently, international rating agencies have raised Croatia’s credit rating.

How is Croatia attempting to heal the mental and social costs of war?

I cannot say it is easy to forget everything that happened, with 15 years of distance. We were attacked by the army of the former Yugoslavia and paramilitary groups from Serbia and we had to defend ourselves. I am satisfied that the majority of Croatians wish to put aside the wounds of war, because we are thinking about our future. We want prosperity for the whole region as well as security and cooperation in the neighborhood. That makes us ready to normalize relations with our neighbors. Forgiving: that’s something different.

Do you believe Croatia’s entry into the European Union will go smoothly and that it will become a member of the EU on July 1 next year?

I am optimistic about this.

Already, 15 members have ratified the agreement and six

others are on the way to doing the same. I think that the whole process of ratification will be completed by the beginning of next summer, and on July 1, 2013 Croatia will become a member of the EU. The EU Commission is monitoring the fulfillment of our obligations and we still have work to do in three areas: the judiciary, security and human rights and in competition policy. But we are fulfilling these criteria and the next EU report is going to be positive and supportive. And the final report to be published will conclude, I am sure, that Croatia has fulfilled all of its obligations.

How much in funding does Croatia expect to receive from the EU, and how is this matter seen by ordinary Croats?

One of the reasons – with emphasis on one – that there are so many expectations and

cussions about reforms, I would like to underline that we want to be at the table when decisions are made about the future of the EU – we want to be an active partner.

The EU is now divided into two parts: those in the euro zone and those outside, and there are worries in Poland and other countries outside the currency bloc that important decisions concerning the future of the EU will be made exclusively by members of the euro zone. How do you see this situation?

Croatian financial experts are talking about Croatia joining the euro zone as soon as possible; this is slightly different from Poland. I believe that we will be ready to become a member of the euro zone relatively soon after joining the EU. Our economy is already closely linked with that of the euro zone: two-thirds of our

“[We are] ready to normalize relations with our neighbors. Forgiving: that’s something different.” positive feelings about membership of the European Union is that [we] expect to benefit from EU funds. We hope to receive from the present EU budget some €3 billion and from the next, 2014-2020, budget another €9 billion.

We are a very pro-European society which is linked historically, mentally and economically with Europe. While Croatians are well aware of the present EU economic and political crises and ongoing dis-

exports go to the EU and 90 percent of Croatian banks are in foreign hands. In political terms we will integrate fully with the European Union.

Is Croatian society ready to accept that part of the government’s financial and political power will have to be transferred to Brussels?

This is a complex matter, where Croatia is in a similar position to Poland. Both of our countries fought hard for inde-

SHUTTERSTOCK

Ivan Del Vechio, the ambassador of the Republic of Croatia to Poland, talks to WBJ about Croatia’s political and economic position as it prepares to join the EU, its support for deeper EU integration and its efforts to build closer cooperation with Poland

Croatia is linked historically, mentally and economically with Europe, says Mr Del Vechio pendence and cherish it. The Croatian people are aware of the historical circumstances, when Vienna and, later, Belgrade, were the centers of power, and now part of the population has an uneasy feeling that Brussels could become a new center [of power].

But being aware of the realities of the world order and taking into account the economic and political interdependence of members of the EU, the role of EU institutions and the challenges facing Europe, I am asking what kind of national independence we are we talking about. I think that that issue is now the subject of discussions in the EU and its members states. At the same time I am sure that the majority of the Croatian people and political leaders are ready for full integration with the European Union.

While 17 members of the euro zone are ready to sign the fiscal pact, there is also serious discussion about creating a banking union. What is your attitude towards these new structures?

If Croatia has taken the measures to deal with our financial discipline, why should we fear such a fiscal pact? It is a logical step to sign it and why would that be a problem when Brussels looks at our budget? Signing the fiscal pact is in our interest. And we support the idea of creating a banking union; we think that the banks should be under some kind of control.

After it joins the EU, do you expect Croatia to develop closer cooperation with Poland and the Visegrad Group and enter into alliances with other Central European states in

INTERVIEW

order to secure our joint interests?

Yes, of course. We have to use this opportunity to build some kind of subintegration, like Poland has built with the Visegrad Group [an alliance between the Czech Republic, Hungary, Poland and Slovakia]. I think that Croatia will follow that path in the future, having in mind the same wishes and the same interests, especially economic ones. We share similar perspectives towards many problems. In my opinion one strategic issue is to connect the Baltic and Adriatic, the northern and southern parts of the EU. It is important to build economic connections between regions and also to increase political cooperation between the north and south of Europe in every other Croatian Ambassador to Poland Ivan Del Vechio aspect. We are already taking some steps in regard to tant. In relation to that, an In 2011 trade between Croatia this and together with Poland agreement was signed recently and Poland amounted to €396 we are organizing a conference between the LNG terminal at million, of which €94 million in Wroc∏aw on creating a ÂwinoujÊcie and [the planned (or 23.7 percent) were exports Baltic-Adriatic corridor. I be- one] at Krk. from Croatia to Poland and lieve this venture will find sup€302 million (or 76.3 percent) port within the EU, since it How do you see the future were Polish exports to Croatia. would also help to build closer enlargement of the European In the first eight months of EU integration.

2012, Polish exports to Croatia Union to the east and south, were valued at €227.93 million given that enthusiasm for this How do you see the outlook for type of integration has receded and exports from Croatia to in the west?

Poland stood at €65.67 million. cooperation in matters concerning energy, and what is During the war our industry It is true and even some westCroatia’s situation when it ern members are saying that and production facilities were comes to energy security? the previous enlargements are mostly destroyed. ConsequentCroatia does not have enough the cause of the present finan- ly, after the war, we lost Poland of its own energy resources: cial crisis, which is totally false. as a market and trade partner.

Only 60 percent of our gas sup- Croatia supports further While before the war trade plies and 35-45 percent of our enlargement, staying commit- exchange between Poland and crude oil comes from domestic ted to the position that every countries of the former reserves. We also own a 50 per- European country that wishes Yugoslavia was very significent stake in a nuclear plant in to join the EU, and gets pre- cant, as it was with Croatia, we Krsko, Slovenia, near the pared and fulfills the required are now starting from a very Croatian border. This all obligations should be admit- low level of trade. But we want means that we have to import ted. Yet, we should stabilize to rebuild trade and economic and improve the political and ties between Croatia and gas from Russia and Italy.

We are looking at ways of financial structure of the EU in Poland, to push forward with diversifying supplies and we order to function in such as mutual investments. And the plan to build an LNG terminal way that crises do not recur, opportunities are big. We are on the island of Krk, near Port and parallel to this, continue going to present in Warsaw, in Rijeka, which will receive gas the process of enlargement. the presence of ministers from supplies from different mar- But under one condition: Any both our countries, a catalog of kets around the world. There country wishing to the join EU opportunities for investing in are also many possibilities for has to accept and practice Croatia, which we value at €15 cooperating with Poland, democracy, a respect for billion. Polish companies can including a plan to put a gas human rights, and the free invest in railways, motorways, pipeline on the border of market. Only then can coun- the shipping industry, the marSlovenia and Hungary, which tries join, and we wish that for itime industry, in energy plants we would need to connect with our neighbors. and in tourism. And we want Croatia. We can help each also to build relations between other by supplying gas from Let’s move on to Croatian-Pol- small and medium-sized commany sources and speeding up ish trade and economic ties. panies. the diversification of supplies. Today mutual trade turnover This is also one of the reasons amounts to around €500 milHow do you assess the emowhy the creation of a Baltic- lion, which is very small. What tional and cultural relations Adriatic corridor is so impor- is the reason for this? between Croatia and Poland?

They are very close. We are both Slavic countries and Christianity has a great impact on our lives, not only culturally Ivan Del Vechio was born in 1950 in the eastern Croatian and spiritually, but also ecocity of Pozega. He graduated from the Department of nomically. Our national identiTechnical Sciences at the University of Rijeka and the Facty is [based on] Catholicism ulty of Economics at the University of Osijek. He served as and the base of our culture and a brigadier in the 123rd Pozeska Brigade in 1991. From spirit is almost the same. We 2003 to 2008 he served as Croatian ambassador to Israel have the same customs and and on January 12 2009 was appointed Croatia’s ambassaways of celebrating our historidor to Poland. ● cal and cultural events. ●

Ivan Del Vechio

GRZEGORZ WADOWSKI/GAZETA OLSZTY¡SKA

OCT 29 – NOV 4, 2012

www.wbj.pl

9

10

www.wbj.pl

INVESTING IN POLAND PROJECT

OCT 29 – NOV 4, 2012

s part of its mission to support foreign investment in Poland, Warsaw Business Journal aims to recognize companies that have made a large, positive contribution with their investments in Poland. To accomplish this goal, WBJ is organizing a competition for “Investment of the Year,” to be presented at the Investing in Poland Gala ceremony in November 2012.

Nominees for the awards will be chosen by selected chambers of commerce partners. Below we present the profile of an investment by US glass manufacturer Pittsburgh Glass Works, nominated by the Polish-American Chamber of Commerce. ●

A

Glass production

Pittsburgh Glass Works facility eyes innovation, energy reduction

US glass manufacturer Pittsburgh Glass Works has invested z∏.300 million in a production facility near Âroda Âlàska, in the newly extended Legnica Special Economic Zone. The plant produces one of the most advanced car-windshield models in Europe, the company said.

The first new parts were produced at the end of 2011

and the plant is now in full production mode, supplying Daimler facilities in Germany and Hungary.

Innovative equipment The company has pushed for innovation through incorporating production processes that make use of completely new equipment purchased from “the most up-to-date technologies around the world,” the company wrote in a comment.

The facility will be the center for product and process research and development in Europe.

About Pittsburgh Glass Works Pittsburgh Glass Works is a US company which produces an extensive range of glass products.

Employing more than 4,000 people worldwide, the company comprises automotive glass manufacturing facilities and supply chain units. It also offers distribution services, retailer alliance partnerships and insurance claims management services. ●

The plant has provided more work places than originally expected.

“The original plan was to employ between 151 and 165 full-time Polish workers. During 2012, a decision was made to add a new production process to the facility, [therefore now] the level of employment is expected to be 267 at the end of 2013,” the company wrote.

Energy reduction Additionally, the innovativeness of the project is reflected in the company’s approach to energy waste, the firm said.

“Energy reduction is a key part of the design of the facility and products being produced,” the company wrote.

During the production process heat is re-circulated within the facility to reduce the overall heat consumption of the plant. Lighting is on multiple circuits to allow it to be used only as much as is neces-

SHUTTERSTOCK

The company produces one of the most advanced car windshield models in Europe

Pittsburgh Glass Works produces car windshields in Poland sary, depending on the amount of light coming into the plant from the skylights. Waste is sorted and collected to facilitate the recycling of materials.

The windshields being produced include color and shad-

ing that is designed to minimize UV and infrared light transmission, while some have glass coating included to block significant amounts of infrared light transmission, allowing for reduced fuel consumption for

air conditioning and other automobile features.

In Europe the company so far has been producing windshields for cars such as the Mercedes-Benz S Class.

Izabela Depczyk

OPINION & ANALYSIS

OCT 29 – NOV 4, 2012

www.wbj.pl

11

Europe’s path to disunity Hans Werner Sinn

T

he motto of the United States of America is: “E pluribus unum” (Out of many, one). The European Union’s motto is “In varietate concordia,” which is officially translated as “United in diversity.” It is difficult to express the differences between the US and the European model any more clearly than this. The US is a melting pot, whereas Europe is a mosaic of different peoples and cultures that has developed over the course of its long history.

That difference raises the question of whether it is worth striving for a United States of Europe – a concept that many refuse to accept, because they do not believe in the possibility of a unified European identity. A single political system like that of the US, they insist, presupposes a common language and a single nationality.

Perhaps the idea of a United States of Europe, the dream of post-war children like me, can never be realized.

But I am not so sure. After all, deeper European integration and the creation of a single political system offer solid, practical advantages that do not require a common identity or language. These advantages include the

right to move freely across borders, the free movement of goods and services, legal certainty for cross-border economic activities, Europe-wide transportation infrastructure, and, not least, common security arrangements.

Banking regulation is the most topical area in which collective action makes sense. If banks are regulated at the national level, but do business internationally, national regulatory authorities have a permanent incentive to set lax standards to avoid driving business to other countries and to lure it from them instead. Regulatory competition thus degenerates into a race to the bottom, since the benefits of lax regulation translate into profits at home, while the losses lie with bank creditors around the world.

There are many similar examples from the fields of standards, competition policy, and taxation that are applicable here. So, fundamental considerations speak for deeper European integration, extending even to the creation of a single European state.

decision-making bodies not only provide services that are useful to everybody, but also may abuse their power to redistribute resources among the participating countries. Even democratic bodies are not immune to this danger. On the contrary, they make it possible for majorities to exploit minorities. To counter this threat, democratic bodies invariably need special rules to protect minorities, such as the requirement of qualified majority voting or unanimous decision-making.

The decisions taken by the European Central Bank are a particularly dramatic example of this problem, taken as they are by a simple majority of a body that is not even democratically elected. The ECB’s decisions lead to a massive redistribution of wealth and risk among the euro zone’s member states, as well as from stable countries’ taxpayers, who have little stake in the crisis, to global investors directly affected by it.

The ECB has been providing virtually all of its refinancing credit to the euro zone’s five crisis-stricken countries: Italy, Spain, Portugal, Greece, and Ireland. All the money circulating in the euro zone originated in these

Danger ahead?

The danger of following such a path always lies in the fact that collective

five countries and was then largely used to buy goods and assets in the northern member countries and redeem foreign debt taken from them.

The US Federal Reserve would never be allowed to conduct such a regionally imbalanced policy. The Fed cannot even provide credit to specific regions, let alone states on the verge of bankruptcy (for example, California).

And now European Council President Herman Van Rompuy, backed by most of the troubled euro zone countries, is again proposing euro bonds and debt-mutualization schemes.

These ideas go well beyond the American system. The kind of fiscal integration and centralized power that they would require do not even remotely resemble those in place in the US. Mr Van Rompuy’s proposals are extremely dangerous and could destroy Europe. The path toward a union based on joint liabilities, against the wishes of large parts of its population, is not leading to a federal state in the true sense of the term – that is, to an alliance of equals, who freely decide to unite and promise to protect each other.

Nor can this path lead to a United

States of Europe, simply because a large part of Europe refuses to follow it. Europe is not identical to the euro zone. It contains many more countries than those that use the euro. As useful as the euro could be for Europe’s prosperity if its obvious flaws were corrected, the way that the euro zone is now developing will split the EU and undermine the idea of unity in diversity.

The assertion that the euro zone could be transformed into a United States of Europe is no longer convincing. The path toward joint liability is far more likely to lead to a deep rift within Europe, because turning the euro zone into a transfer and debt union that can prevent the insolvency of any of its members would require more central power than currently exists in the US. ● Hans-Werner Sinn, is professor of economics at the University of Munich, and president of the Ifo Institute for Economic Research. He serves on the German economy ministry’s Advisory Council.

Copyright: Project Syndicate, 2012. project-syndicate.org

The Nobel wake-up call Ana Palacio

In

a decision criticized and praised in equal measure, the Norwegian Nobel Committee awarded this year’s Peace Prize to the European Union in recognition of its contributions “to the advancement of peace and reconciliation, democracy and human rights in Europe” over the past six decades. But, to what extent is Europe preoccupied with “perpetual peace” at the expense of its current, vastly different ailments? Is this award a swan song – confirmation of the moribund state of the European project, as the 2001 Nobel Prize was for the United Nations?

In announcing the prize, the committee explained how “the work of the EU represents fraternity between nations.” While it acknowledged that “the EU is currently undergoing grave economic difficulties and considerable social unrest,” it highlighted the EU’s role as a beacon of hope – a democratic anchor, particularly meaningful for peoples who have lived through the horrors of dictatorships.

But it is precisely the mismatch between the EU’s past achievements and its current distress that has fueled anger and led to its rejection by many

Europeans. That is why the prize has invited comparisons to an Oscar lifetime achievement award that comes only when the recipient is nearing death.

trust among its member countries.

But, more important, the EU needs to restore its allure, an integral part of which has always been economic prosperity.

War a remote threat

Economic challenges

The decision to establish the EU was an ingenious response to the biggest challenge of the day – war and conflict. And, of course, the resurgence of nationalism and extremism of all kinds around the world is a potent reminder, as if any were needed, that peace is not to be taken for granted.

But the prospect of war in Europe now seems like a remote threat, and the varnish of the EU’s past success seems to have faded, even to those who have not forgotten the bloodstains beneath.

Instead, it is Europe’s lack of a vision and narrative for the future – with which it could address issues like chronic unemployment, capital flight, and the ever-tightening grip of austerity – that keeps people awake at night, and that fosters populism, dismay, and internal disarray.

The EU’s ability to capitalize on – or even justify – the award hinges on its prospects for overcoming the sovereign-debt crisis and reestablishing

Europe’s first order of business should be to accept reality: The emerging economies are catching up in terms of innovation while the EU is losing traction, with China on the cusp of surpassing Europe as the second-largest hub for venture capital globally, behind only the United States. In fact, a 2012 study by Ernst & Young reveals that one US hub (Silicon Valley) alone boasts almost $12.6 billion in cumulative venture capital, while the United Kingdom, first among European countries, accounts for roughly $1.75 billion and Germany for $665 million.

A similar study, conducted in 2012

by Javier Santiso, a professor at the ESADE business school in Barcelona and a managing director at Telefónica, found that Europe’s per capita investment in venture capital in 2011 was a meager $7, compared to $142 in Israel and $72 in the US. An equally telling statistic is that only one company in the euro zone, Spain’s

Inditex (ZARA), has made it to the FT Global 500 since 1996.

Research and development offers little consolation. Although European research has given rise to many new technologies used in industries worldwide, its recent record is wobbly at best, owing mainly to the difficulty in translating basic science into industrial advantage. Europe is losing its technological edge, whether in telecoms, technology, or the internet, with its companies being displaced by those from emerging markets, while the US remains dominant. The Nasdaq index confirms this disturbing trend: only 15 European companies are listed, compared to 498 for the US, 43 for China, and 23 for Israel.

Looking to the future, Europe should take note of the potential consequences revealed by the latest Program for International Student Assessment, a worldwide comparison of student performance. In mathematics and science, PISA’s latest report card puts Asia at the head of the class, with China, Singapore, and South Korea on top. Meanwhile, with some exceptions – most notably Finland – Europe has slipped into riding in the peloton.

The EU is, at last, beginning to understand that betting its future on

services will not be enough to safeguard the European socioeconomic model. Member states’ governments and the European Commission’s last communication, “A Stronger European Industry for Growth and Economic Recovery,” display an awareness of the need to revive Europe’s industrial policy. Such efforts should promptly translate into legislative changes in areas ranging from insolvency to patents, from CO2 emissionreduction schemes to “smart” electricity grids.

Europe urgently needs to devote its energy to revitalizing the building blocks of its economy – industry, human capital, and a policy framework that enables healthy growth and future prosperity. One hopes that this year’s Nobel Peace Prize provides a boost in pride that allows Europeans to look beyond their immediate financial problems, consolidate the Union’s strengths, and establish a coherent vision of the future. ● Ana Palacio, a former Spanish foreign minister and former Senior Vice President of the World Bank, is a member of the Spanish Council of State.

Copyright: Project Syndicate, 2012. project-syndicate.org

Editorials are the opinions of WBJ’s editorial board. Other opinions are those of the authors alone. Comments, opinions and letters should be sent to editor@wbj.pl. Please include a name and contact information and clearly indicate if they are to be considered for publication.

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IZABELA DEPCZYK (IDEPCZYK@VALKEA.COM)

ADAM NARCZEWSKI ANDREW NAWROCKI

EDITOR-IN-CHIEF ANDREW KURETH (AKURETH@WBJ.PL) MARKETING &SALES

E. BLAKE BERRY EWA BONIECKA ROBERTO GALEA DAVID INGHAM

MARKETING &SALES DIRECTOR PRODUCTION MANAGER

EWA BROGOSZ-KORYCKA (EBROGOSZ-KORYCKA@WBJ.PL)

AGNIESZKA BREJWO (ABREJWO@WBJ.PL)

CONTRIBUTORS

MANAGING DIRECTOR MONIKA STAWICKA

PIOTR WYSKOK

MAGDALENA KARPI¡SKA (MKARPINSKA@WBJ.PL)

GRAPHIC DESIGNER

AGNIESZKA KUCZY¡SKA (AKUCZYNSKA@WBJ.PL)

KRZYSZTOF WILI¡SKI (DYSTRYBUCJA@VALKEA.COM)

PR & MARKETING SPECIALIST

KATARZYNA MAREK (KMAREK@WBJ.PL) SUBSCRIPTIONS MANAGER

¸UKASZ MAZUREK

PRINT & DISTRIBUTION COORDINATOR

AGNIESZKA MICHALIK (AMICHALIK@VALKEA.COM)

BOOK OF LISTS SPECIALIST

MONIKA BRYSIAK (MBRYSIAK@VALKEA.COM)

12

COVER STORY

www.wbj.pl

Man charged in kindergarten shooting

OCT 29 – NOV 4, 2012

Energy policy

Mixed messages

A 42-year-old man has been charged with causing damage to property after he fired shots that damaged a kindergarten in Warsaw.

The man, who was arrested last week, admitted to firing the shots through his apartment window, claiming he was aiming at a street lamp. He could face up to five years in prison. The police seized two air guns at the property of the accused.

Gareth Price

Felix Baumgartner, the Austrian skydiver who set a world record by jumping from a height of 39 kilometers in October, told TVN24 that when he was in Poland in 2005, he wanted to jump from the Palace of Culture and Science (PKiN). “I was looking at the [PKiN] and I thought that I would like to jump from it, but I was never able to do that,” Mr Baumgartner said.

Polish food spending high The worsening economic situation means Poles are more thrifty when it comes to food purchases, reported Rzeczpospolita.

Nearly 20% of household spending in Poland goes on food and alcoholic beverages, according to Eurostat data. Only four EU countries have larger shares in that equation: Bulgaria, Lithuania, Latvia and Romania. The EU average is 15.3%. In total, Poles spent z∏.226 billion on food in 2011, according to PMR.

Warsaw the 19th most prosperous city The United Nations has published its most recent report ranking the world’s cities on a unique prosperity metric. The report is called the City Prosperity Index, and Vienna came in first place again, followed by New York and Toronto.

Warsaw took 19th place, ahead of cities including Lisbon, Prague and Moscow. ●

SHUTERSTOCK

Baumgartner wanted to jump from PKiN

The cost of building Poland’s first nuclear power plant is estimated at z∏.30-50 billion

Key public officials suggested last week that Poland is thinking of shelving its nascent nuclear energy program in favor of shale gas.

The prime minister says there is room enough for both Poland will need to decide whether to pursue an energy policy based on nuclear power or on shale gas, the chief executive of state-owned utility PGE said last week. The country’s treasury minister meanwhile hinted strongly that Poland will choose to focus on hydrocarbons, at the expense of nuclear, while the prime minister said the two shouldn’t preclude one another.

PGE has been tasked with overseeing Poland’s nuclear power program, and is also involved in searching for shale gas, which is believed to exist in large quantities beneath the country’s surface. Poland is seeking to reduce its dependence on supplies from Russia, which delivers most of its gas, and on highly polluting coal.

“These two programs cannot be successful [at the same time], one excludes the other,” PGE chief executive Krzysztof Kilian, told a power sector seminar.

“You cannot drive on the left and on the right at the same time, because it will have serious consequences,” he added.

Treasury Minister Miko∏aj Budzanowski told parliament last Wednesday that “the priority for Poland is research into and production of hydrocarbons.”

He explained that “investments launched today in the energy sector in Poland may lead to a situation in which Poland will have an energy surplus by 2020,” the Polish Press Agency reported.

He said that a final decision on whether to scrap the nuclear power program will be made no sooner than 20142015.

Diversification the priority?

Prime Minister Donald Tusk then served to muddy the waters, saying later in the week that the country’s priority is to diversify energy sources, and that both programs are therefore key.

“Polish state companies will, as far as the law allows, fulfill the government’s strategy, which is based on the diversification of energy sources to

guarantee Poland full security and independence from outside suppliers,” Mr Tusk said.

“This means continuing the development of the nuclear program and an intensive implementation of the shale gas program,” he told reporters.

Moreover, Hanna Trojanowska, the government commissioner for nuclear energy, told WBJ that diversification should be the focus, rather than a single-track energy policy focusing on one of nuclear or shale.

“Atomic energy is not a panacea for all of our energy problems. … Poland needs a

which are built these days.”

She pointed out that nuclear power pollutes less than energy produced from natural gas – an important consideration given that Poland is under pressure from the EU to reduce CO2 emissions.

“Moreover, without verifying [the presence of] domestic shale gas resources and the profitability of its production, declaring it as a fuel source for power generation is definitely premature,” she added.

C. David DeBenedetti, a partner at the DeBenedetti Majewski SzczeÊniak Law Firm who specializes in shale gas issues, broadly agreed that

“You cannot drive on the left and on the right at the same time, because it will have serious consequences” PGE chief executive Krzysztof Kilian

diversified fuel mix,” said Ms Trojanowska, adding that this should include gas and clean coal as well as nuclear.

“To produce more energy and simultaneously meet EU conditions concerning the reduction of CO2 emissions, Poland needs efficient and clean sources,” she said.

“Those are the kinds of zeroemission nuclear power plants

diversification is the best strategy for Poland.

“It seems to me that the best strategy for energy security would be to choose “all of the above” and to develop both nuclear and gas along with other sources of energy. ... Poland has extensive energy needs in the next 20 years and there is no reason why one should exclude the other,” he said.

¸ukasz Cioch, an energy expert at the Tischner European University in Kraków, stressed, however, that such an approach might lie beyond Poland’s current capabilities.

“There are great reasons why nuclear technology makes sense but today’s ‘let’s have it all’ approach in Poland is sadly reminiscent of far more fundamental issues which need to be addressed first – lack of focus, coordination and credibility, in a political, economic and technological sense,” he said.

Financial constraints Speculation has been building for some time now that Poland might shelve its nuclear energy plans, especially since a major policy speech delivered by Mr Tusk in early October failed to mention the nascent nuclear program. Instead, Mr Tusk focused on shale gas, saying z∏.55 billion would be spent on shale gas investments, with z∏.5 billion coming from Polish firms and the rest from foreign entities.

“The prime minister’s skipping of the nuclear topic in his recent expose is most likely not an accident,” said Mr Cioch. However, he pointed out that the government is sending out a number of mixed messages on the issue.

COVER STORY

Financial and political constraints mean the government may however be forced to choose whether to focus on nuclear or shale.

The announcements by the treasury minister and PGE’s chief executive “clearly [represent] a turnaround and puts shale gas as the number-one energy project for Poland,” said Robert Maj, an energy analyst at KBC Securities.

“It shows the Treasury is becoming more realistic about what it is able to achieve financially … and sends a message to the market that the state believed it had been over-optimistic about the capacity of state firms and the budget,” he added.

PGE itself plans to spend z∏.330 billion through 2035 on energy projects – and that doesn’t include its nuclear plans – while many of Poland’s largest state-owned firms have committed significant sums for the exploration and extraction of shale gas.

The state had been planning to build two nuclear power plants with a combined capacity of 6,000 megawatts (MW) by 2035. Construction work on the first block was expected to start at the turn of 2015 and 2016, with completion scheduled for 2023. The cost of building the first plant was seen at between z∏.30 billion and z∏.50 billion.

“There was no clear view

about how to finance the nuclear project,” said Mr Maj.

Political aspect Politics will also likely play a key role in helping the state to decide about its energy strategy, experts said.

“Since 2009, the government has invested more politically in shale than it has in nuclear, constantly talking about the potential for shale gas,” said Mr Maj. “It sees it as a form of opposition to Russia, opposition to Gazprom, and as a way of increasing Poland’s energy independence,” he added.

Poland has granted 111 shale exploration licenses to foreign companies and statecontrolled firms including PGNiG and PKN Orlen.

Moreover, since the Fukushima nuclear disaster in Japan last year, public enthusiasm for nuclear energy has waned. “Nuclear technology has become extremely pricey and has terrible PR, both globally and in Poland,” said Mr Cioch.

Shale gas investments also provide a broader base for economic development and energy security, experts say.

“Shale gas investments may cover areas of Poland most in need of economic development with basic jobs: similar to rural Pennsylvania or East Texas a few years ago, modern oil wells need support infra-

www.wbj.pl

13

structure (roads, pipelines, storage facilities) and access to market or customers who can use the gas,” said Mr DeBenedetti.

“Thus, the potential for economic development through shale gas investments goes through several layers of the economy: preparation for extraction (creating an infrastructure), extraction, storage, transport, and finally, use or export, while nuclear power projects just focus on the development of the ‘use’ of such energy,” he added.

Shale doubts Nevertheless, it’s not at all clear whether Poland’s unconventional oil and gas reserves will be sufficient to meet the country’s energy needs.

The initial excitement about the potential for shale gas has faded, on the back of disappointing estimates.

According to the Polish Geological Institute, Poland’s shale gas reserves likely stand at between 0.35 and 0.77 trillion cubic meters, much lower than the 5.3 trillion cubic meters estimated earlier by the US Energy Information Administration.

“If, in four or five year’s time, it becomes clear that shale gas in Poland can’t be exploited on a commercial scale, then the government might say: ‘OK, let’s go back to nuclear’,” said Mr Maj. ●

COURTESY OF THE TREASURY MINISTRY

OCT 29 – NOV 4, 2012

Treasury Minister Miko∏aj Budzanowski appeared certain that Poland’s energy priorities lie with oil and gas

Nuclear tender Reports surfaced earlier last week that PGE’s nuclear energy subsidiary, PGE EJ 1, was preparing to launch a tender for the construction and financing of Poland’s first nuclear power plant.

According to Rzeczpospolita, which cites unnamed sources, 13 companies have been invited to take part in initial talks.

No details regarding potential participants of the nuclear program have been revealed, but the list of companies that are said to be involved in preliminary consultations includes Westing-

house, GE Hitachi, and a joint venture of Areva and EDF. The tender itself is reportedly due to be launched by the end of March 2013.

However, the launch of a tender for the construction and delivery of the plant has already been delayed several times – it was originally expected in the first quarter of this year, then the second quarter, then before the end of this year.

PGE spokesperson Ma∏gorzata Kozie∏ declined to comment on whether the company still planned to hold the tender. ●

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A new major exposition center is set to open in Warsaw by early 2014

Hiring levels at real estate companies in Poland are at their highest since 2007

16

17

LOKALE IMMOBILIA

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

Warsaw gets world’s narrowest house Keret House, an artistic installation inserted into a gap between two existing buildings and dubbed the narrowest house in the world, was opened in Warsaw in October to become the home and workplace of Israeli writer Etgar Keret. The project sits between structures located on ul. Ch∏odna and ul. ˚elazna in the Wola district. It was designed by architect Jakub Szcz´sny. ●

In this issue Investment funds . . . . . . . . . . .15 Warsaw office market . . . . . . .15 New Griffin purchase . . . . . . . .16 Panattoni/Pramerica sale . . . .16 domEXPO in Warsaw . . . . . . . .16 Property-related stocks . . . . . .16 Real estate professionals . . . .17

Poland a core investment market in Europe Investors are focusing on Warsaw but also discovering the country’s regional cities Poland has emerged as a regional leader and a core European market in terms of the attractiveness of its real estate investment products, representatives of some of the major property investors active in the country said at last week’s Office Buildings in Poland conference in Warsaw.

Maciej Zajdel, managing director of IVG Poland, said that for his company Poland is, next to Germany, one of the most attractive markets in Europe. He added that IVG is now in the process of closing a €200-million Warsaw fund.

IVG has already bought four properties for the fund and four to five further pur-

chases could be made within the next 12 months. “We are working on a number of projects and will be announcing new purchases pretty soon,” Mr Zajdel said.

Tomasz Doktór, director of the Polish division of Catalyst Capital, said that Poland has gained a lot in terms of attractiveness since the onset of the global economic slowdown and is now no longer seen as an emerging, but rather a core European market.

Warsaw continues to attract the most investor attention but according to Ewa SzafraƒskaMàdry, managing director at Azora Europe, more and more investors are now also coming to regional cities, including Kraków and Wroc∏aw. “Regional cities have a future,” Ms Szafraƒska-Màdry said.

IVG Poland’s Zajdel was of the opinion that investment

The panelists were pointing to the investment attractiveness of the Polish market funds would become much more active in regional cities in three to five years. Hines Polska president Mieczys∏aw Godzisz said that new legal regulations in Poland could

also potentially contribute to that trend.

Pension funds in Poland are not allowed to invest in property and most of the investment capital in the country currently

comes from abroad, he noted.

If more Polish investors appear in the market, that could also mean more investment in the regional cities, he said.

Adam Zdrodowski

Warsaw office market

Positive prospects High demand for office space in the Polish capital is expected to be sustained next year Despite signs of an economic slowdown, the prospects for the Warsaw office market remain positive, with the capital expected to be able to absorb more space in the upcoming months.

“The Warsaw market is still absorptive and in a growth phase. It will absorb additional office space,” Pawe∏ Ska∏ba, partner at Colliers Internation-

al, said at the Office Buildings in Poland conference in Warsaw last week.

He pointed out that approximately 485,000 sqm of office space was leased in Warsaw in the first three quarters of 2012 and that by the end of this year the total take-up level would certainly exceed the 2011 level of 570,000 sqm.

Perhaps more tellingly, Mr Ska∏ba added, the majority of this year’s transactions are new deals, as opposed to the renegotiations that were common in 2011. Also, Warsaw has seen some of the largest office lease

deals in the CEE region this year.

According to Mr Ska∏ba, the strong demand for office space in the Polish capital should be sustained next year. Other panelist at the conference, including both consultants and developers, were optimistic too.

Tomasz Buras, head of the office agency at Savills, noted that Warsaw is now one of the fastest-growing office markets in Europe and it also sees significant turnover due to the fact that lease deals in the city are signed for short periods of time, compared to more

SHUTTERSTOCK

Warsaw Stock Exchangelisted developer Dom Development has launched sales of apartments in, and construction on, its Willa na Harfowej multifamily housing project in the Polish capital. Located in Warsaw’s Ochota district, the scheme will comprise 90 apartments scheduled to be completed in the last quarter of 2014. The homes, as well as the building itself, have been designed according to the rules of Feng Shui.

Investment funds

COURTESY OF NOWY ADRES

New Dom Development homes on sale

OCT 29 – NOV 4, 2012, LI 17/43

Experts say Warsaw will absorb more office space mature markets including London.

“The market looks healthy,” said Jaros∏aw Zagórski, commercial and business development director at Ghelamco

Poland. He stressed that it is mostly banks that remain pessimistic and that the situation is viewed much more positively by leasing agents and tenants.

Adam Zdrodowski

LOKALE IMMOBILIA – REAL ESTATE

www.wbj.pl

Inpro to sell new Tri-city homes

OCT 29 – NOV 4, 2012

New exposition center to open in Warsaw

Warsaw Stock Exchangelisted developer Inpro plans to launch sales of a total of 671 housing and commercial units in three new residential projects in Gdaƒsk on the Baltic Sea in upcoming months.

The new projects are Czwarty ˚agiel and Kwarta∏ Uniwersytecki in the Przymorze area and the second phase of Wróbla Staw in Jasieƒ.

They are all scheduled to be delivered in the second half of 2014.

COURTESY OF DOMEXPO

16

The project will deliver almost 40,000 sqm of space

New luxury residences in Mazury A building permit has been granted for the planned Osada nad Jeziorem complex of luxury residences which developer Lake View, owned by Polish billionaire Zbigniew Niemczycki, will construct in Miko∏ajki in the Mazury Lake District.

The investment will comprise 12 houses, each of them totaling 300 sqm, sitting on plots ranging in size from 1,100 sqm to 1,475 sqm. ●

A new exposition center called domEXPO, the largest of a number of facilities of this chain that will be developed across Poland in the upcoming years, is set to open in Warsaw at the turn of 2013 and 2014. Estia Investment is the investor behind the project.

The scheme will sit on 10 hectares of land, located near the intersection of Trasa Toruƒska and ul. Modliƒska in the capital’s Bia∏o∏´ka district, which used to be belong to automotive company FSO. It will comprise almost 40,000 sqm of space.

Panattoni and Pramerica sell €54-million portfolio near Warsaw to RREEF Real Estate A joint venture of Panattoni Europe and Pramerica Real Estate Investors has sold 80,000 sqm of warehouse space in the Warsaw area to RREEF Real Estate, the real estate investment management business of Deutsche Bank’s Asset and Wealth Management division.

The offloaded property portfolio, which was sold for €54

million, comprises fully commercialized space in the Panattoni Park O˝arów and Panattoni Park Pruszków logistics parks that were completed between 2008 and 2010.

“This is our first transaction with RREEF Real Estate,” Robert Dobrzycki, managing partner for CEE at Panattoni Europe, which will remain the

property and asset manager of the portfolio, said in a statement.

“We are extremely happy that due to such factors as low market vacancy, attractive yield and demand fundamentals of the Polish market, core buyers like RREEF are back on the industrial market purchasing great quality industrial assets,” Mr DobrzycAdam Zdrodowski ki added.

The development is targeted at clients including architects, decorators, construction materials producers and consumer electronics and home appliances providers. It will also include conference and office space.

The architectural design of the investment, which was provided by the Warsaw-based Tremend studio, calls for the revitalization of an existing

post-industrial facility. It also envisions a parking lot with spaces for more than 1,200 cars.

The first domEXPO project, comprising approximately 15,000 sqm of leasable space, is set to open in Opole in southwestern Poland in Q2 2013. The opening of a 25,000sqm Wroc∏aw scheme is planned for 2014.

Adam Zdrodowski

Griffin acquires Hotel Polonez in Poznaƒ from Orbis A fund managed by Griffin Real Estate has acquired the 369room Hotel Polonez hospitality facility in Poznaƒ in western Poland from Orbis. Colliers International advised the buyer in the purchase transaction.

The value of the acquisition deal has not been disclosed.

Orbis has also granted Griffin Real Estate exclusivity with regard to a major property in Warsaw, with the conditional transaction scheduled to be closed in 2013.

Constructed in the early 1970s, the Hotel Polonez build-

ing is located in central Poznaƒ, near the city’s Adam Mickiewicz University, and offers 21,000 sqm of usable space.

Griffin plans to convert the property into student condominiums.

The purchase of Hotel Polonez marks the sixth acquisition by Griffin this year. The company currently manages assets with a total capacity of over 300,000 sqm, 100,000 sqm and 270,000 sqm of office, retail and residential space, respectively.

Adam Zdrodowski

Property-related stocks Security

Closing price on Oct 25

% change (week)

52-week low

52-week high

% change (year)

Total shares

Market value (z∏. mln)

BUDIMEX

52.90

-10.19

45.85

88.35

71.55

25,530,098

1,350.54

CELTIC

6.30

-11.89

6.28

19.38

19.01

34,231,466

215.66

DOMDEV

29.50

-7.29

23.51

42.80

25.04

24,715,272

729.10

ECHO

4.81

3.22

3.05

4.81

3.44

420,000,000

2,020.20

ELBUDOWA

113.80

-2.23

87.00

120.00

100.00

4,747,608

540.28

ENERGOPLD

0.42

-2.33

0.17

2.52

2.45

70,972,001

29.81

ERBUD

14.08

-5.06

11.33

23.20

19.60

12,677,956

178.51

GANT

3.45

-5.74

3.37

9.85

7.35

20,120,000

69.41

GTC

8.18

-0.49

5.20

11.50

10.98

319,372,990

2,612.47

HBPOLSKA

0.03

0.00

0.01

1.43

0.75

210,558,445

6.32

JWCONSTR

3.80

7.34

3.37

8.40

6.10

54,073,280

205.48

LCCORP

1.18

-1.67

0.85

1.48

0.98

447,558,311

528.12

MARVIPOL

9.48

7.73

6.20

11.00

7.25

36,923,400

350.03

MIRBUD

1.23

-8.89

0.98

2.68

2.41

75,000,000

92.25

MOSTALWAR

13.53

1.12

11.30

25.00

21.00

20,000,000

270.60

MOSTALZAB

1.18

-6.35

0.81

1.80

1.14

149,130,538

175.97

ORCOGROUP

10.94

-13.04

6.36

19.55

17.90

107,840,962

1,179.78

PBG

5.55

-7.50

3.36

92.00

62.00

14,295,000

79.34

PLAZACNTR

2.14

-1.83

1.93

2.94

1.88

297,181,703

635.97

POLAQUA

4.80

27.32

3.30

8.18

7.50

27,500,100

132.00

POLIMEXMS

0.64

-1.54

0.48

2.04

1.60

521,154,076

333.54

POLNORD

12.80

-6.84

10.49

19.85

11.03

23,798,439

304.62

RANKPROGR

10.22

-12.43

7.10

16.97

9.60

37,145,050

379.62

ROBYG

1.30

-4.41

1.08

1.75

1.10

257,935,500

335.32

RONSON

0.74

-9.76

0.61

1.15

1.00

272,360,000

201.55

TRAKCJA

0.85

-1.16

0.65

1.72

1.39

232,105,480

197.29

ULMA

40.00

-3.61

37.20

74.80

62.90

5,255,632

210.23

UNIBEP

5.16

-0.77

3.60

6.28

6.08

34,021,684

175.55

WARIMPEX

3.20

0.00

2.64

5.30

5.43

54,000,000

172.80

ZUE

7.13

0.42

5.07

8.50

8.98

22,000,000

156.86

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Real estate professionals

Asset managers and valuers are among the most sough-after professionals, a headhunter said With its commercial property market continuing to perform strongly, Poland is currently seeing rising demand for highly-skilled real estate professionals, said Mark Twomey, managing partner at Tara HR Consulting, a recruiting firm that specializes in the CEE real estate sector.

Mr Twomey, who has been recruiting real estate personnel in the CEE region for several years now, noted that the staff reductions seen in the industry after the onset of the global economic slowdown are now largely a thing of the past.

“The hiring levels are the highest since 2007,” Mr Twomey said, adding that due to a number of trends that have emerged in the Polish market in recent years, asset managers, valuers and retail leas-

Publication partners:

ing agents are now some of the most sought-after professionals in the industry.

Missing managers Mr Twomey, who was at the Expo Real commercial property fair in Munich, Germany in early October, said that such events are also, aside from looking for investment opportunities, an occasion to see which companies need new people and to potentially recruit employees.

Among the people with whom he talked in Munich this year were the heads of the portfolios of some of the major investment funds that are now expanding their operations in Poland. Such people are usually based in the largest European capitals and may not come to Warsaw very often.

Meanwhile, as their Polish portfolios expand, investment funds are now increasingly looking for experienced asset managers in the country who

have specific knowledge of the local market. Such managers are not easy to find in the market these days, Mr Twomey stressed.

Popular valuations Also property valuers, especially those with a RICS title, are currently among the real estate professionals for whom there is plenty of demand in the Polish market. This largely results from the fact that owners have recently been commissioning valuations more often than before.

“While investment funds used to assess their portfolios once a year, nowadays they usually do that every six months. Banks may even need a valuation of their property assets every three months,” Mr Twomey said.

Additionally, valuations are often done twice, both internally and externally, which drives the demand for skilled valuers even further. “When you want to market a building, you need

COURTESY OF TARA HR CONSULTING

Hiring levels rising in Poland’s real estate companies Hiring levels are at their highest since 2007, said Mr Twomey to have an independent valuation,” Mr Twomey said.

Agents needed In the retail sector, one of the major challenges that developers face today is finding professional leasing agents who have experience in fighting for shopping center tenants in good and tough times alike.

Mr Twomey pointed out that developers have been entering ever smaller urban centers with their new retail projects over the past few years and that the commercialization of such schemes can be a demanding task.

What is more, developers now have higher expectations

Conference partners:

as far as the scope of work done by the people who deal with leasing retail space is concerned. The same person is often expected to both go out and find tenants and negotiate and sign lease deals with them.

Green skepticism Perhaps surprisingly, developers are not desperately looking for green-building certification specialists, as one would expect judging by the large number of sustainable office developments being launched in Poland.

Admittedly, there are very few such experts in Poland at the moment and the vast

majority of them work for just two companies, Skanska and Jones Lang LaSalle, but developers are, in fact, skeptical about training large numbers of people in LEED or BREEAM qualifications as it is unclear whether or not they will remain the standard in the future .

Today, some developers would prefer to go back to the old ways if it were not for the pressure from tenants, many of whom have sustainability as a key feature of their corporate social responsibility policies. This could change in a few years if the green trend proves long-lived, Mr Twomey said.

Adam Zdrodowski

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THE LIST

www.wbj.pl

OCT 29 – NOV 4, 2012

Miscellaneous

Technology Parks Listed alphabetically

Space ready for lease to companies and reaserch institutions

Incubator for newly formed technology companies

Sale of land/buildings for investment

Land leased for investment

Preincubator

Total number of business entities

Total area (ha) / Roofed space (sqm) / Investment area (ha) / Green areas (ha)

www.bookoflists.pl

Services: consulting, information, courses, training*

“AEROPOLIS” Podkarpackie Science and Technology Park ul. Szopena 51, 35-959 Rzeszów 17 867-6206/17 852-0611 bkostyra@rarr.rzeszow.pl www.aeropolis.com.pl

✓

✓

✓

-

✓

WND

WND

166.0 6,350 166.0 -

1; 2; 3; 5; 6; 7; 12

16; 17; 18; 19; 21; 22

24; 28

2008

Regional Development Agency in Rzeszów Barbara Kostyra

Barbara Kostyra

AURO Business Park ul. Leonarda da Vinci 12, 44-109 Gliwice 32 330-1958/32 330-1944 biuro@auro.com.pl www.auro.com.pl

✓

-

-

-

-

6

10

1.3 7,500 0.3

4; 12

18; 19

-

2009

AURO Marek Waliszak

Joanna Witkowska

Aviation Park in Bielsko-Bia∏a ul. Stefana Kóski 43, 43-512 Kaniów 32 750-8232/32 750-8233 parklotniczy@parklotniczy.eu www.parklotniczy.eu

✓

✓

✓

✓

-

20

140

22.6 2,400 6.0 WND

1; 2; 3; 4; 5; 6; 7; 9; 12; 13; 14; 15

18; 19

23; 27; 28

2005

Aviation Technology, Entrepreneurship and Innovation Park in Bielsko-Bia∏a Tomasz Marek

Bogus∏aw Holeksa

Be∏chatów-Kleszczów Industry and Technology Park ul. Przemys∏owa 4, 97-400 Be∏chatów 44 733-1120/44 733-1165 bkppt@ppt.belchatow.pl www.ppt.belchatow.pl

✓

✓

✓

-

-

8

24

4.3 2,206 1.7 WND

1; 2; 7; 8; 9; 12; 14

18; 19; 22

23

2004

Be∏chatów-Kleszczów Industry and Technology Park Dariusz St´pczyƒski

B∏a˝ej Mielczarek

Bia∏ystok Science and Technology Park ul. J.K. Branickiego 9, 15-085 Bia∏ystok 85 869-6542/85 869-6543 bpnt@bnpt.bialystok.pl www.bpnt.bialystok.pl

✓

✓

✓

-

-

WND

WND

1.3 WND 23.1 WND

1; 2; 3; 5; 6; 7; 10; 11; 12; 15

16; 17; 18; 19; 21; 22

28

2011

Bia∏ystok Science and Technology Park Jolanta Koszelew

Izabela Maleszewska

Bydgoszcz Industry and Technology Park ul.Bogdana Raczkowskiego 11, 85-862 Bydgoszcz 52 365-3310/52 365-3317 biuro@bppt.pl www.bppt.pl

-

-

✓

✓

-

44

784

280.0 11,015 178.0 19.0

WND

WND

WND

2004

Bydgoszcz Industry and Technology Park ¸ukasz Niedêwiecki

Malwina Witucka

Cz´stochowa Industry and Technology Park Al. NajÊwi´tszej Maryi Panny 24/8, 42-202 Cz´stochowa 34 360-5688/34 360-5747 arr@czestochowa.pl, www.arr.czestochowa.pl

✓

✓

-

-

-

52

WND

2.7 9,237 0.4

1; 2; 5; 6; 7; 8; 9; 10; 11; 12; 14; 15

18-22

24; 27; 28; 29

2007

Regional Development Agency in Cz´stochowa Marcin Kozak

¸ukasz Purgal

Elblàg Technology Park ul. Stanis∏awa Szulimy 1, 82-300 Elblàg 55 239-3467/55 237-4761 biuro@ept.umelblag.pl www.ept.umelblag.pl

✓

-

-

-

-

19

6

4.7 5,832 4.0

7

17; 18; 19; 20; 22

-

2011

Elblàg Technology Park Pawe∏ Lulewicz

Agnieszka Choszczewska

Euro-Centrum Science and Technology Park ul. Ligocka 103, 40-568 Katowice 32 205-0092/32 250-4785 kontakt@euro-centrum.com.pl www.euro-centrum.com.pl

✓

✓

-

-

-

7

WND

0.8 1,187 0.4 0.2

1; 2; 3; 4; 7; 8; 10; 12; 13; 14; 15

16; 17; 18; 19; 21; 22

23; 24; 26; 28

2007

Science and Technology Park Roman Trzaskalik

Patryk Bia∏as

Gdaƒsk Science and Technology Park ul. Trzy Lipy 3, 80-172 Gdaƒsk 58 739-6114/58 739-6118 i.pachulska@strefa.gda.pl www.gpnt.pl

✓

✓

-

-

-

460

612

4.0 26,384 WND WND

1; 3; 4; 5; 6; 7; 8; 9; 10; 11; 12; 13; 14; 15

16; 17; 19; 20; 21; 22

23; 26; 28; 29

2006

Pomeranian Special Economic Zone Marcin ˚ukowski

Iga Pachulska

Kielce Technology Park ul. Olszewskiego 6, 25-663 Kielce 41 278-7200/41 278-7201 technopark@um.kielce.pl www.technopark.kielce.pl

✓

✓

✓

-

-

11

36

WND WND WND WND

1; 2; 3; 4; 5; 6; 7; 8; 10; 11; 12; 13; 14; 15

16; 17; 18; 19; 21; 22

23; 24; 25; 26; 28; 29

2008

Kielce Technology Park Szymon Mazurkiewicz

Justyna Lichosik

Kraków Technology Park Al. Jana Paw∏a II 41 L, 31-864 Kraków 12 640-1940/12 640-1945 biuro@kpt.krakow.pl www.kpt.krakow.pl

✓

✓

✓

✓

-

WND

WND

74.0 4,100 73.4 WND

1; 2; 3; 5; 6; 7; 12; 13; 15

16; 17; 18; 19; 22

23; 26; 28

1997

Kraków Technology Park Wies∏awa KornaÊ-Kita

Monika Machowska

Life Science Park ul. Bobrzyƒskiego 14, 30-348 Kraków 513-086-206/12 297-4646 mariusz.piasecki@jci.pl www.jci.pl

✓

✓

-

-

✓

WND

WND

1.8 20,000 WND WND

1; 2; 3; 4; 5; 7; 8; 9; 10; 11; 12; 14; 15

16-22

23; 26; 28; 29

2006

Jagiellonian Centre of Innovation Pawe∏ B∏achno

Mariusz Piasecki

Lower Silesian Park of Innovation and Science ul. Wystawowa 1, 51-618 Wroc∏aw 71 725-4041/71 723-1305 mariusz.cholewa@dpin.pl www.dpin.pl

✓

✓

-

-

-

WND

WND

1.5 4,360 WND

WND

WND

WND

2009

WND Edward Chlebus

Mariusz Cholewa

Lower Silesian Technology Park “T-Park” ul. Szczawieƒska 2, 58-310 Szczawno-Zdrój 74 648-0447 marek.urbanski@darr.pl www.t-park.pl

✓

✓

✓

✓

-

20

53

21.6 4,000 20.0 -

1; 2; 3; 4; 7; 8; 10; 11; 12; 13; 14; 15

16-22

23; 24; 25; 26; 28; 29

2009

Lower Silesian Regional Development Agency S∏awomir Hunek

Marek Urbaƒski

Lublin Science and Technology Park ul. Dobrzaƒskiego 3, 20-262 Lublin 81 534-6100/81 531-8548 biuro@lpnt.pl www.lpnt.pl

✓

✓

-

-

-

14

93

2.9 5,645 WND 1.0

2; 6; 8; 12; 14

16; 17; 18; 19; 22

28

2005

LPNT Jaros∏aw Momot

Jerzy Jaho∏kowski

¸ódê Regional Science and Technology Park ul. Dubois 114/118, 93-465 ¸ódê 42 684-4444/42 684-5000 biuro@technopark.lodz.pl www.technopark.lodz.pl

✓

✓

-

✓

-

WND

WND

14.0 1,100 10.0 1.0

1; 2; 3; 4; 5; 6; 7; 8; 10; 12; 13; 14; 15

18; 19

-

2003

WND Andrzej Styczeƒ

Joanna Jagas

Company name Address Tel./Fax E-mail Website

Total employment

Technical and service infrastructure*

Financial support*

Year founded

Managing entity / Managing person

Contact person

THE LIST Sale of land/buildings for investment

Land leased for investment

Preincubator

Total number of business entities

Total area (ha) / Roofed space (sqm) / Investment area (ha) / Green areas (ha)

19

Incubator for newly formed technology companies

www.wbj.pl

Space ready for lease to companies and reaserch institutions

OCT 29 – NOV 4, 2012

Services: consulting, information, courses, training*

MMC Brainville Technology Park ul. Zielona 27, 33-300 Nowy Sàcz 18 449-9463/18 449-9461 biuro@miasteczkomultimedialne.pl www.miasteczkomultimedialne.pl

✓

✓

✓

✓

✓

WND

WND

4.5 7,246 3.4

1; 2; 4; 5; 7; 8; 10; 12; 14; 15

16; 17; 18; 19; 21; 22

26; 28

2007

Multimedia City Krzysztof Wn´k, Rafa∏ Jakubowski

Ewa Plenkiewicz

Nickel Technology Park Poznaƒ ul. Krzemowa 1, 62-002 Suchy Las, Z∏otniki 61 658-6499/61 658-5498 biuro@ntpp.pl www.ntpp.pl

✓

✓

✓

✓

-

38

690

33.0 24,000 26.4 6.6

1; 2; 4; 5; 7; 8; 12; 13; 14

16-22

23; 28; 29

2005

Nickel Technology Park Poznaƒ Dagmara Nickel

Piotr Kwiatek

Olsztyn Science and Technology Park Pl. Jana Paw∏a II 1, 10-101 Olsztyn 89 527-3111/89 527-3111 opnt@olsztyn.eu www.parktechnologiczny.olsztyn.eu

✓

✓

-

-

-

WND

WND

17.2 11,332 14.8

1; 2; 4; 5; 6; 7; 8; 10; 12; 14; 15

16; 17; 18; 19; 21; 22

-

2013

Olsztyn City Hall/ Project Implementation Unit IV Piotr Grzymowicz

Janusz Wróblewski

Opole Science and Technology Park ul. Prószkowska 76, 45-710 Opole 77 449-8068 info@opnt.pl www.opnt.pl

-

-

-

-

-

WND

6

WND WND WND WND

1; 2; 3; 4; 8; 12; 14; 15

18

29

2001

OPNT Bogdan Tomaszek

Bogdan Tomaszek

Poland-East Science and Technology Park in Suwa∏ki ul. Noniewicza 10, 16-400 Suwa∏ki 87 562-8477/87 556-2848 park@park.suwalki.pl www.park.suwalki.pl

✓

✓

✓

-

-

22

170

1.3 1,800 2.6 0.3

1; 2; 3; 7; 10

16; 17; 18; 19; 20; 22

-

2004

WND Wiktor M. Raczkowski

Stanis∏aw Kurak

Pomerania Technopark ul. Niemierzyƒska 17A, 71-441 Szczecin 91 852-2911/91 433-6053 biuro@spnt.pl www.spnt.pl

✓

-

-

-

-

21

88

1.1 2,000 WND WND

3; 4; 7; 8; 10; 11; 15

16; 18; 19; 20; 22

WND

2000

Szczecin Science and Technology Park Katarzyna Witkowska

Kamila Romanowicz

Pomorskie Science and Technology Park Al. Zwyci´stwa 96/98, 81-451 Gdynia 58 735-1140/58 622-5588 b.jodel@gci.gdynia.pl www.ppnt.pl

✓

✓

-

-

✓

53

400

6.1 13,000 0.5

1; 2; 3; 5; 6; 7; 8; 10; 11; 12; 15

16; 17; 18; 19; 21; 22

24; 26; 28; 29

2001

Gdynia Centre of Innovation Anna Borkowska

Beata Jodel

Poznaƒ Science and Technology Park – Adam Mickiewicz University Foundation ul. Rubie˝ 46, 61-612 Poznaƒ 61 827-9700/61 827-9701 ppnt@ppnt.poznaƒ.pl www.ppnt.poznan.pl

✓

✓

-

-

-

54

350

5.4 11,725 1.3 0.7

1; 2; 3; 4; 10; 17; 18; 21; 22 23; 26; 28 12; 13

1990

Adam Mickiewicz University Foundation Bogdan Marciniec

Justyna Adamska

Science and Technology Park ul. Rac∏awicka 15-17, 75-620 Koszalin 94 347-8416/94 347-8419 parknt@tu.koszalin.pl www.pnt.tu.koszalin.pl

-

-

-

-

-

20

20

0.009 -

1; 2; 5; 6; 7; 8; 15

22

29

1998

Koszalin University of Technology Artur Sulima

Artur Sulima

Science and Technology Park of the University of Zielona Góra ul. Syrkiewicza 6, 66-002 Nowy Kisielin 504-070-265/68 327-0382 pnt@pnt.uz.zgora.pl www.pnt.uz.zgora.pl

-

-

✓

✓

-

WND

3

WND WND WND WND

1; 2; 3; 4; 5; 6; 7; 8; 9; 10; 11; 12; 13; 14; 15

22

-

2005

University of Zielona Góra Kinga W∏och

Katarzyna Skrzypek

Silesian Industry and Technology Park ul. Szyb Walentyny 26, 41-700 Ruda Âlàska 32 789-5101/32 789-5114 sekretariat@sppt.pl www.sppt.pl

✓

-

✓

✓

-

34

WND

14.0 5,717 5.0 2.0

4

16; 19; 22

WND

2004

Silesian Industry and Technology Park Tomasz Krawczyk

Ewelina Mecner

Sosnowiec Science and Technology Park ul Wojska Polskiego 8-8A, 41-208 Sosnowiec 32 778-9100/32 778-9109 spnt@arl.org.pl www.spnt.sosnowiec.pl

✓

-

-

-

-

WND

4

WND 6,945 WND

1; 2; 3; 4; 5; 6; 7; 8; 9; 10; 11; 12; 14; 15

16; 17; 18; 19; 21; 22

23; 24; 25; 27; 28; 29

2012

Agencja Rozwoju Lokalnego Monika Zajàc

El˝bieta Klimek

Technology Park ul. Partyzanów 17, 75-411 Koszalin 94 316-7910/94 316-7910 park.technologiczny@tu.koszalin.pl www.pt.koszalin.pl

✓

✓

-

-

-

30

150

0.3 1,850 -

1; 2; 5; 6; 7; 10; 11; 12; 13; 14

16; 18; 19; 20; 22

WND

2009

WND Krzystof S∏awiƒski

Monika Winiarkiewicz

“Technopark Gliwice” Science and Technology Park ul. Konarskiego 18C, 44-100 Gliwice 32 335-8500/32 335-8500 info@technopark.gliwice.pl www.technopark.gliwice.pl

✓

✓

-

-

✓

21

110

0.9 2,100 0.3

1; 2; 5; 6; 7; 12; 15

16-22

26; 28; 29

2004

Technopark Gliwice Jan Kosmol

Jacek Kotra

Toruƒ Technology Park ul. W∏oc∏awska 167, 87-100 Toruƒ 56 621-0421/56 654-8824 tpt@tarr.org.pl www.technopark.org.pl

✓

✓

✓

-

-

33

382

13.5 8,660 8.3 1.2

1; 2; 3; 4; 5; 7; 8; 10; 12; 13

16; 18; 19; 20; 21; 22

23; 24; 28; 29

2005

Regional Development Agency in Toruƒ Tomasz Urbanowicz

Tomasz Urbanowicz

-

-

✓

✓

-

WND

WND

33.6 26.2 -

-

-

24; 25; 27

2011

Miejski Zespó∏ Us∏ug Komunalnych we W∏oc∏awku Jan Butlewski

Centrum Obs∏ugi Inwestora, W∏oc∏awek City Hall

✓

✓

✓

-

✓

123

1100

26.0 14,690 26.0 -

1; 2; 3; 4; 7; 8; 9; 12; 13; 14; 15

16; 17; 18; 19; 21; 22

28

1998

Wroc∏aw Technology Park Maciej Potocki

Sylwia Wójtowicz

Company name Address Tel./Fax E-mail Website

W∏oc∏awek Economic Development Area – Industrial and Technological Park ul. Zielna 13/21, 87-800 W∏oc∏awek 54 411-6454/54 411-6454 strefa@um.wloclawek.pl www.wloclawek.pl/strefa Wroc∏aw Technology Park ul. Muchoborska 18, 54-424 Wroc∏aw 71 798-5800/71 780-4034 wpt@technologpark.pl www.technologpark.pl

Total employment

Notes: WND = Would Not Disclose. Collection of selected report data is thanks to cooperation of the Polish Business and Innovation Center Association (SOOIPP - www.sooipp.pl) * 1. Company formation; 2. Business plan development; 3. Technological advisory; 4. Cooperation mediations; 5. Financial and tax services; 6. Bookkeeping and accounting; 7. Legal services; 8. Market analysis and marketing; 9. Quality management; 10. IT services; 11. Human resources management; 12. EU funds access; 13. International trade and cooperation; 14. Introduction of new products and services; 15. Business management; 16. Reception; 17. Labs; 18. Broadband internet; 19. Computer network; 20. Database access; 21. Cafe/bar; 22. Seminar room; 23. Venture capital; 24. Regional loan fund; 25. Guarantee fund; 26. Seed capital fund; 27. Credits and credit services; 28. Cooperation with business angels; 29. Subsidies, grants.

Technical and service infrastructure*

Financial support*

Year founded

Managing entity / Managing person

Contact person

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. Monika Brysiak, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (+48) 22 639-8569, or via e-mail to wbjbol@wbj.pl. 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.

20

MARKETS

www.wbj.pl

OCT 29 – NOV 4, 2012

Stocks report

world stock indices DJIA

NASDAQ

13,103.68 (Oct 25 close)

S&P500

2,986.12 (Oct 25 close)

-1.67% (for the week)

FTSE100

1,412.97 (Oct 25 close)

-2.08% (for the week)

DAX

5,805 (Oct 25 close)

-1.39% (for the week)

Earnings news hits stocks

NIKKEI225 7,200.23 (Oct 25 close)

-0.43% (for the week)

9,055.2 (Oct 25 close)

-1.12% (for the week)

5.95% (for the week)

CHANGE: 5.70%

CHANGE: 12.74%

CHANGE: 10.64%

CHANGE: 1.84%

CHANGE: 18.51%

CHANGE: 5.78%

(year to Oct 25)

(year to Oct 25)

(year to Oct 25)

(year to Oct 25)

(year to Oct 25)

(year to Oct 25)

52-week high: 13,661.90

52-week high: 3,196.93

52-week high: 1,474.51

52-week high: 5,989.10

52-week high: 7,478.53

52-week high: 10,255.20

52-week low: 11,231.40

52-week low: 2,441.48

52-week low: 1,158.66

52-week low: 5,075.20

52-week low: 5,366.50

52-week low: 8,135.79

Andrew Nawrocki WBJ market analyst Polish stocks opened last week in poor form, falling for most of the first half of the week. On Monday, stocks on the overall WIG saw a lackluster day, dipping slightly in early morning trading, and eventually closing flat. Aside from rumors of Greece seeking to buy back some of its own debt on the secondary market, little news was released that caused markets to move.

Tuesday proved more eventful, with global shares being spooked by poor US corporate earnings. Spooking European shares even more were downgrades of several indebted regions in Spain. For the day the bluechip WIG20 closed 1.7 percent lower, while the broader WIG lost 1.3 percent.

The underwhelming corporate earnings extended to

Major indices WIG

43,374.60 (October 25 close)

WIG20

2,328.61 (October 25 close)

25.10

24.10

23.10

22.10

19.10

18.10

17.10

16.10

15.10

12.10

11.10

10.10

09.10

25.10

24.10

23.10

22.10

19.10

18.10

17.10

16.10

15.10

2,200 12.10

42,000

11.10

2,260

10.10

42,600

09.10

2,320

08.10

43,200

05.10

2,380

04.10

43,800

03.10

2,440

02.10

44,400

01.10

2,500

28.09

45,000

08.10

52-week low: 2,035.80

05.10

Change year to October 25: 6.13%

04.10

52-week low: 36,653.28

03.10

52-week high: 2,417.32

Change year to October 25: 13.20%

02.10

Change for the week: -2.89%

01.10

52-week high: 44,524.65

28.09

Change for the week: -2.64%

Top 5 POLAQUA POINTGROUP MOJ INTAKUS ADVADIS

Closing 4.80 0.19 2.10 0.15 0.05

% change (week) 52-week high 27.32 8.51 26.67 0.77 26.51 2.30 25.00 1.40 25.00 0.11

52-week low 3.30 0.09 1.42 0.12 0.04

Top 5 LOTOS BZWBK CYFRPOLSAT CEZ PGNIG

Closing 31.29 238.10 14.50 120.40 4.01

% change (week) 2.62 1.06 0.76 0.75 0.25

52-week high 33.12 240.00 15.68 141.50 4.39

52-week low 21.30 207.80 12.25 111.90 3.61

Bottom 5 EUROMARK SADOVAYA TALEX ATLANTIS ONE2ONE

Closing 0.18 3.00 4.85 0.22 0.25

% change (week) -51.35 -33.04 -31.88 -21.43 -16.67

52-week low 0.18 2.44 4.70 0.18 0.21

Bottom 5 PBG TVN BRE TPSA KGHM

Closing 5.55 6.80 308.20 12.86 160.10

% change (week) -7.50 -6.21 -5.72 -5.65 -4.70

52-week high 94.65 15.20 329.20 18.56 174.20

52-week low 3.25 5.90 233.00 12.71 102.40

52-week high 2.39 10.90 10.50 1.21 3.46

Currency report

Depreciation the watchword

Other indices sWIG80

9,848.23 (October 25 close)

WIG-Banki

6,254.19 (October 25 close)

25.10

24.10

23.10

22.10

19.10

18.10

17.10

16.10

15.10

12.10

11.10

10.10

09.10

25.10

24.10

23.10

22.10

19.10

18.10

17.10

16.10

15.10

12.10

11.10

6,200

10.10

33.0

09.10

6,260 08.10

6,320

33.4

05.10

33.8

04.10

6,380

03.10

34.2

02.10

6,440

01.10

34.6

28.09

6,500

08.10

52-week low: 5,163.30

05.10

Change year to October 25: 12.83%

04.10

52-week low: 33.85

03.10

52-week high: 6,495.06

Change year to October 25: -16.37%

02.10

Change for the week: -3.41%

01.10

52-week high: 43.83

28.09

Change for the week: 0.46%

35.0

Adam Narczewski X-Trade Brokers DM SA

25.10

24.10

23.10

22.10

19.10

18.10

17.10

16.10

15.10

52-week low: 8,218.71

12.10

09.10

08.10

05.10

25.10

24.10

23.10

22.10

19.10

18.10

34.70 (October 25 close)

52-week high: 10,536.29

SOURCE: WSE

NewConnect

17.10

16.10

15.10

9,800

12.10

2,200

11.10

9,880

10.10

2,260

09.10

9,960

08.10

2,320

05.10

10,040

04.10

2,380

03.10

10,120

02.10

2,440

01.10

10,200

28.09

2,500

04.10

Change year to October 25: 14.46%

03.10

52-week low: 2,076.52

02.10

Change year to October 25: 9.85%

01.10

Change for the week: -2.42%

28.09

52-week high: 2,561.94

11.10

2,406.05 (October 25 close)

Change for the week: -2.47%

10.10

mWIG40

Wednesday, while poor PMI data from Germany disappointed investors. Despite this, Polish stocks closed slightly higher for the day, possibly in response to the previous two days of falls.

European shares got more relief on Thursday with a string of stronger corporate earnings being released, as well as better-than-expected GDP figures being published in the UK. The positive news lifted moods as well as stocks, with the WIG gaining nearly 0.2 percent, while the WIG20 gained 0.3 percent.

On Friday, the WIG20 fell 0.37 percent while the WIG shed 0.39 percent, due to weak US earnings and news that unemployment in Spain had reached 25 percent. This was despite the release of data showing the US economy grew by 2 percent in Q3. ●

Markets last week experienced larger corrective movements than we’ve seen in recent months. Macroeconomic data from the major economies showed that the manufacturing sector is slowing down. No help came from US companies’ quarterly earnings reports.

A meeting of the US Federal Reserve was far from revelatory and bulls got no other ammunition. Global sentiment worsened, strengthening the US dollar. The EUR/USD, which was being quoted just below $1.31 at the beginning of last week, tumbled to $1.2880. By the end of the week it was able to recover to $1.2925, mainly due to a better-than-expected US GDP reading for the third quarter.

In an environment of increased risk aversion, the

z∏oty was in a losing position.

The local currency was under even more pressure after last Wednesday’s worse-thanexpected retail sales report for September. At least we got confirmation from Marek Belka, the president of the National Bank of Poland, that the economy is ready for an interest-rate cut.

The question is by how much and how quickly interest rates will be lowered. The market forecasts at least three cuts by 25 basis points each, between now and Q1 2013.

A lack of positive impulses meant the z∏oty depreciated. The EUR/PLN advanced to zl.4.14 while the more volatile USD/PLN finished the week at zl.3.20. The outlook till the end of the year remains negative for the z∏oty. ●

currency rates 3.9700

3.9447

3.9700

4.0105

3.9720

4.0158

22.10

23.10

24.10

25.10

26.10

3

19.10

0.1021 26.10

0.1020

4

SOURCE: NBP

PLN-100JPY

5

25.10

0.1017

0.1018 24.10

23.10

22.10

0.1022 19.10

3.4240

3.4336 26.10

0.10

0.1018

PLN-RUB

0.11

25.10

3.4206 24.10

3.4114 23.10

22.10

3.3996 19.10

5.1341

5.1751 26.10

3.0

3.3921

PLN-CHF

3.5

25.10

5.1098 24.10

5.0714 23.10

22.10

5.0532 19.10

3.1851

3.2119 26.10

5.0

5.0493

PLN-GBP

5.3

25.10

3.1996 24.10

3.1662 23.10

22.10

3.1499 19.10

4.1430

4.1543 26.10

3.0

3.1470

PLN-USD

3.5

25.10

4.1374 24.10

4.1266 23.10

22.10

4.1103 19.10

4.0

4.1056

PLN-EUR

4.2

SPORTS

OCT 29 – NOV 4, 2012

www.wbj.pl

Cycling

Soccer

Polish cyclists criticize Armstrong

Piszczek signs Dortmund extension COURTESY OF WIKIMEDIA COMMONS

Polish cyclist Sylwester Szmyd and fellow countryman and former professional cyclist Piotr Wadecki have both criticized Lance Armstrong after recent revelations that he allegedly led a doping program within the US Postal Service cycling team and was banned for life from competing.

Mr Szmyd, who competed in this year’s Tour de France for UCI ProTeam Liquigas-Cannondale, said that Armstrong’s conviction has negatively effected professional cycling, with the public now suspecting all competitors as possibly being drug-takers.

“Where there is big money, there is big temptation,” he told website Sport.pl referring to the numerous positive tests in cycling in recent years.

“Of course, I could get excited with all those who now admit to doping and not playing fair. They competed in different conditions, and I in another,” he said, before personally attacking Mr Arm-

The deal ends speculation over a potential move to Real Madrid

Sylwester Szmyd called Lance Armstrong a “crook” strong for cheating his way to seven Tour de France titles.

“As it now turns out, he did not take part in sophisticated doping, he’s just the same as all the others. He just turned out to be a better crook who cleverly avoided monitoring.”

Mr Wadecki, who rode in both the Tour de France and Giro d’Italia during his distinguished career, is also angered by the revelations, arguing that the prevalence of drugs in cycling negatively affected his career.

“At the Olympic Games in Sydney I took seventh place.

The top three in the race were Ullrich, Vinokourov and Kloe-

den, while [other dopers] were in front of me. Maybe [if they had raced clean] I would not have been the seventh, but third,” Mr Wadecki told daily Gazeta Wyborcza.

“Do I feel cheated? I rode in the Tour de France, trained hard, harder than others, to put on a good show, but it was not enough.”

Mr Armstrong is yet to confirm his part in arguably the biggest doping scandal ever to hit professional sport, although last week he removed any reference to his Tour de France victories on his Twitter account.

David Ingham

COURTESY OF WIKIMEDIA COMMONS

Boniek replaces Lato as chairman of PZPN

There was clear daylight between Mr Boniek and those competing for the same position Zbigniew Boniek was voted in as the new chairman of the Polish Football Association (PZPN). The former soccer player replaced Grzegorz Lato in the role.

In the second round of voting, conducted by delegates of the PZPN, Mr Boniek received 61 votes, meaning a potential further two rounds were not necessary.

His fellow competitors for the position, Edward Potok, Roman Kosecki and Zdzis∏aw Kr´cina, received 27, 15 and

13 votes respectively.

“I am truly touched, it really wasn’t easy to win these elections,” Mr Boniek said.

Mr Boniek said he knew he was Polish soccer fans’ favorite candidate and that all the faith shown in him brought with it great responsibility. He said he wouldn’t want all those people to be disappointed in four years’ time, when his term comes to an end.

“We can’t fix Polish soccer with a single change, but starting Monday we are going to be

working very hard,” he added.

The former chairman of PZPN, Grzegorz Lato, resigned from his post earlier this year. His resignation came seven hours before the midnight deadline for prospective candidates for the PZPN presidential elections.

Mr Lato came under heavy criticism during his four years at the helm of Poland’s soccer association, following allegations of corruption and Poland’s poor performance on the ID pitch at Euro 2012.

Borussia Dortmund and Poland national team defender ¸ukasz Piszczek has signed a contract extension that will keep him at the Westfalenstadion until 2017.

The 27-year-old has already made 85 appearances for the Bundesliga champions and previously played for fellow German club Hertha Berlin.

Speaking about the deal Mr Piszczek, who is one of three Poles currently playing for Borussia, alongside Robert Lewandowski and Jakub B∏aszczykowski, said, “I have been playing here for two years and in that time I have grown close with the football culture here, the club and the fans.”

“It is an honor and responsibility to play for this extraordinary club,” he added.

Mr Piszczek, who had been touted as a possible future Real Madrid player, looks to have made the right decision

as his side beat the reigning Spanish champions 2-1 in last week’s Champions League showdown.

Mr Lewandowski scored the opener at the 38-minute mark, before Cristiano Ron-

aldo silenced most of 65,000 crowd with a lobbed equalizer. Marcel Schmelzer then scored a second-half winner to catapult the German club to the top of the group.

David Ingham

COURTESY OF WIKIMEDIA COMMONS

The seven-time Tour de France winner has been stripped of his titles and banned for life

21

¸ukasz Piszczek during his days in a Hertha Berlin uniform. The defender just signed a contract extension with Borussia Dortmund

22

LIFESTYLE

www.wbj.pl

Show

OCT 29 – NOV 4, 2012

Concert

SHUTTERSTOCK

Beach House November 11 Klub Stodo∏a Warsaw

Stomp Stomp November 7-8 Sala Kongresowa Pl. Defilad 1 Warsaw A worldwide theatrical sensation, Stomp, created in Brighton, England, in 1991, has gone on to become one of the most successful productions ever in the history of Broadway.

Featuring well-built men

and women making music using trash-can lids, brushes, Zippo lighters and steel-toe boots, it is as unique as it is entertaining.

As well as performing thousands of shows on stage, the troupe has also made a significant impact on screen. In 2005 a movie about the group called “Brooms” was nominated for an Academy Award after being screened at both the Sundance Festival and the Cannes Film

Festival. They have also featured in advertisements for a wide range of products including Coca-Cola, Heineken and Toyota.

This current European tour promises to be one of their most entertaining yet, with the Stomp dancers returning to Poland for the first time in three years.

David Ingham

For more information log on to kongresowa.pl

This dream-pop duo from Baltimore gained worldwide attention in 2010 when their third album “Teen Dream” achieved both critical and commercial success.

The voice of French-born singer Victoria Legrand has been compared to that of the Velvet Underground’s Nico, with a reviewer from the Boston Phoenix describing her distinctive sound as “coiling like smoke in the arches of the church.” The lineup is completed by US guitarist and keyboard player Alex Scally.

COURTESY OF FACEBOOK.COM/BEACHHOUSE

These boots are made for dancing Dream duo

Among the major artists to have influenced their sound, the band lists troubled Beach Boys singer Brian Wilson and legendary rock singer and guitarist Neil Young as two of the most important.

The band’s release “In Bloom,” has helped cement the duo’s songwriting reputa-

Beach House tion while also gaining them more popularity, reaching number 7 on the US album charts.

Tickets for their Warsaw gig are priced from z∏.99.

David Ingham

For more information log on to stodola.pl

Show

Tango in the night Tango Pasion De Buenos Aires November 4 Sala Kongresowa Pl. Defilad 1 Warsaw Made up of a troop of dancers from Argentina’s best tango schools, this show, which is choreographed by Hector

Zaraspe, was described in a review by The Times as “Sex, on very, very, long legs.”

This particular performance aims to transport the audience to the real heart of Buenos Aires, while showing both the good and bad sides of human nature.

And while the dancers on stage are the main attraction,

the authentic music of the Sexteto Mayor musical group, which was formed in 1973 by Luis Stazo and José Libertella, ensure that for an authentic Latin feel this show cannot be bettered.

David Ingham

For more information log on to kongresowa.pl

LAST WORD

OCT 29 – NOV 4, 2012

www.wbj.pl

23

Tech Eye

Apple goes mental, unveils new new iPads

The iPad mini

cess in the seven-inch niche. Strictly speaking, the iPad mini has a 7.9-inch display, a bit bigger than its main competitors (exceeding even Samsung’s 7.7-inch Galaxy Tab).

This may be a posthumous concession to Steve Jobs, who in 2010 derided seven-inch tablets as “too small” and “dead on arrival.”

The iPad mini has a 5MP rear-facing camera, a somewhat unusual feature in this size class, as well as a “FaceTime HD” front-facing camera.

Apple’s newish Lightning connector is also present, as is dual-band Wi-Fi capability.

At 7.2 mm thin and weighing only 308g, the iPad mini is considerably svelter than its competitors. But it’s a bit early to judge its performance against that of its peers, particularly the Nexus 7, which has a fairly impressive quad-core processor. Indeed, by the time you read this Google may have already upped the ante – last week rumor had it that the firm planned to unveil a 10-inch “Nexus 10” tablet this Monday.

The iPad mini will be released this Friday in certain markets, though as

compatibility and a 720p frontfacing FaceTime camera have been added.

There’s also a Lightning

COURTESY OF APPLE

ation iPad. With this Apple has effectively outmoded the third-generation new iPad just seven months after its release. Well, as the Romans used to say, caveat earlius adoptorus.

Anyway, let’s start with the iPad mini. This is Apple’s first foray into the smaller-tablet market and its opening salvo against companies like Google (with its Nexus 7), Amazon (the Kindle Fire HD) and Barnes & Noble (the Nook HD) which have seen suc-

COURTESY OF APPLE

Somebody at Apple must be off his meds, because the company has swung waaaay into manic territory.

Last week the Cupertino, Californiabased firm held its second major product announcement in as many months, unveiling not only the longrumored iPad mini, but also a 13-inch MacBook Pro and a new iMac (which Techeye may cover at a later date).

The biggest surprise, though, was the announcement of a fourth-gener-

always Poland will wait a tad longer. The 16GB WiFi-only model costs $329, while the 16GB 4G version runs $459. As befitting a “budget option,” the iPad mini lacks some of the bells and whistles seen in its larger sibling. For example, the display and CPU are essentially the same as the iPad 2’s, tech that’s now two generations old (but still respectable).

The 4th-gen iPad, meanwhile, packs a quad-core A6X CPU which, Apple claims, will double the performance of yesteryear’s last March’s new iPad. The 9.7-inch Retina display appears unchanged from its predecessor’s and the physical dimensions are the same, but dual-band Wi-Fi, improved 4G

d iPa n e -g 4th e h T connector, which you’re getting whether you like it or not, as Apple isn’t shy about saying.

Like the mini, the 4th-gen iPad hits stores this week. The starting price points will be the same as its venerable ancestor, the new iPad: $499 (16GB, WiFi-only) or $629 (16GB, 4G).

So there you have it, new shinies from Apple, just in time to give buyers of the 3rd-gen iPad a serious case of buyer’s remorse. If the company keeps up this pace – and the serfs at Foxconn’s Chinese manufacturing facilities don’t suffer a mass case of repetitive strain injury in the meantime – we may see the iPad mini 2 and the 5th-gen iPad before the New Year. ●

Ever bought a new gadget that suddenly became an old gadget? Let us know: techeye.wbj@gmail.com

Museums, galleries and venues in Warsaw Centre for Contemporary Art at Ujazdowski Castle ul. Jazdów 2 www.csw.art.pl Czarna Gallery ul. Marsza∏kowska 4 www.czarnagaleria.art.pl

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

Fibak Gallery ul. Krakowskie PrzedmieÊcie 5 www.galeriafibak.pl

Królikarnia National Gallery ul. Pu∏awska 113a www.krolikarnia.mnw.art.

Galeria 022, DAP, Lufcik pl ul. Mazowiecka 11a www.owzpap.pl Le Guern Gallery ul. Widok 8, Galeria 65 www.leguern.pl ul. Bema 65 www.galeria65.com Museum of Galeria Appendix 2 Independence ul. Bia∏ostocka 9 Aleja SolidarnoÊci 62 www.appendix2.com www.muzeumniepodleglo sci.art.pl Galeria Asymetria ul. Nowogrodzka 18a National Museum in www.asymetria.eu Warsaw Al. Jerozolimskie 3 Galeria Foksal ul. Foksal 1-4 www.mnw.art.pl www.galeriafoksal.pl Galeria Milano Rondo Waszyngtona 2A www.milano.arts.pl Galeria Schody ul. Nowy Âwiat 39 www.galeriaschody.pl Galeria XX1 Al. Jana Paw∏a II 36 www.galeriaxx1.pl Galeria Zoya ul. Kopernika 32 m.8 www.zoya.art.pl Green Gallery ul. Krzywe Ko∏o 2/4 www.greengallery.pl

Polish National Opera at Teatr Wielki Pl. Teatralny 1 www.teatrwielki.pl

Simonis Gallery ul. Burakowska 9 www.simonisgallery.com State Archaeological Museum in Warsaw ul. D∏uga 52 www.pma.pl State Ethnographic Museum ul. Kredytowa 1 www.ethnomuseum.we bsite.pl Historical Museum of Warsaw Old Town Square 28-42 www.mhw.pl History Meeting House of Warsaw ul. Karowa 20 www.dsh.waw.pl Warsaw Philharmonic ul. Jasna 5 www.filharmonia.pl Warsaw Rising Museum ul. Grzybowska 79 www.1944.pl

Pracownia Galeria Wilanów Palace ul. Emilii Plater 14 Museum and Wilanów www.pracowniagaleria.pl Poster Museum ul. St Kostki Potockiego Rempex Art and 10/16 Auction House www.milanow-palac.pl ul. Karowa 31 www.postermuseum.pl www.rempex.com.pl Royal Castle Pl. Zamkowy 4 www.zamekkrolewski.com.pl

Zachęta National Art Gallery Pl. Ma∏achowskiego 3 www.zacheta.art.pl

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