16th edition € 7 investment...16th edition € 7 advisory guid e 2015/2016 investment your key to...

16th Edition € 7

Advisory gUidE 2015/2016investmentinvestment

Advisory gUidE 2015/2016

Your key to understanding the Slovak business environment and its challenges

content advisorgeneral partner

titulka.indd 1 20. 11. 2015 13:30:43

3Contents

For Slovakia, the investment news of the year is negotiations between the government and carmaker Jaguar Land Rover on a proposed new plant in Nitra.

Talks are expected to be concluded around the end of November and if the final deal is sealed, the project is likely to boost economic growth. Even without a new plant the central bank forecasts growth exceeding 3 percent each of the next three years.

Slovakia also maintains its solid ranking in the Doing Business chart. It placed 29th among the 189 countries considered for their business environment in the 2016 edition of the ranking, the second best ranking among the countries of the Visegrad region, after Poland. The judiciary, the area that has been causing wrinkles to investors active in Slovakia, is slowly changing for the better.

Besides that, however, other challenges remain. The most oft-mentioned is the necessary shift from assembly line type business to ones with more added value through innovation, research and develop-ment. Even though the current laws on investment stimuli prefer projects with high added value and the government has declared its intention to focus more on startups and innovation, the government needs to increase spending on research and innovations in order not to lag behind its partners in the EU, many economists argue.

In another shift that appears already underway, Slovakia and the current government appear less pro-EU than they have been in the past.

In the past, the country embraced entrance to the Schengen and euro zones, but as the migration crisis has unfolded in Europe, Slovakia has taken a particularly strong stand in opposition to solutions proposed in Brussels. The government has refused to implement the EU redistribution scheme and is su-ing the European Council to prevent its implementation. Prime Minister Robert Fico confirmed in early November that the government was going to file the lawsuit by the end of 2015.

This anti-immigrant position runs counter to the country’s economic interests. An aging popula-tion and a shortage of skilled labour that is already apparent makes new arrivals a potential benefit to the country’s manufacturing driven economy.

By Michaela Terenzani The Slovak Spectator

Investment Advisory Guide

Belgrade

Prague

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FIN

DK

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PL

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BY

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UA

RO

MD

BG

AL

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MK

GR

SRB

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Copenhagen

Moscow

Kyiv

Warsaw

Brussels

Lisbon

Rome

Athens

Chisinau

Bucharest

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Tirana

Vienna

Vilnius

CONTENTS

Investor’s checklist 4-14Slovakia basics 4Slovakia & central Europe: distances, population 4Foreign direct investment: overview 5Industrial parks in Slovakia 6Slovak infrastructure 6Statistics: Slovakia & the European Union 7Information on Slovak regions 8-9Structure of regional economies, Largest companies in Slovak regions 8-9Useful contact details 10Industry in Slovak regions 10Timeline: Construction of a new plant 12Timeline: Establishment of a new company 13Timeline: Mass recruitment 13

Opportunities 15-33Automotive industry 15Business service centres (BSCs) 20Information technology (IT) 22Startups 26Opportunities in Slovak regions 30Space research 32

Government policy & legislation 34-53Geopolitical tensions intensify challenges 35Supporting investments in Slovakia 3810 largest law firms in Slovakia 41Law firms - Top 5 all-time deals in Slovakia 44Law lirms - 2014/2015 top 5 deals in Slovakia 4610 largest international law firms in Slovakia 48International law firms in Slovakia 4910 largest Slovak law firms 51Slovak law firms in Slovakia 52

Economy & business environment 54-63Slovak economy 54Survey: business leaders 56Investment highlights 58Chambers of commerce 60Consulting firms: management 61Consulting firms: finance and tax 62Consulting firms: specialised 63

Labour market & education 64-71Labour market: overview 64Statistics: wages & labour costs 66Statistics: labour market 67Vocational training 68Dual education: success stories 69Employment relations in Slovakia 70Job portals 70HR companies in Slovakia 70Consulting firms: human capital 71

Real estate 72-81Real estate market overview 72Construction law 75Real estate prices in Slovakia (sale, rent) 76Construction firms 78Real estate consulting 79Developers 80Real estate agencies 81

Foreigners in Slovakia 82-85Finding a new home – Slovakia 68Banks in Slovakia providing their web pages in English 69Private international schools & kindergartens 69Universities in Slovakia 69Frequently asked questions 84Relocation companies 85

Index 86

Trade Development Agency (SARIO) has 56 projects with the investment potential in progress. Investment Support Association (ISA) reports that it prepared 95 investors´ queries in the year 2015. It is 25% increase compare to the last year´s

results.

ISA: Queries by individual months

Slovakia´s investment environment showed the potential for grow and to surprise of some, this is not happening only in the western part, but throughout the country. Investors are interested to explore new opportunities in the other regions of Slovakia as well. Among the most frequently expressed factors are the educated workforce with lower labor costs in a combination with high productivity and most importantly – Eurozone membership and overall stability. The region itself is responsive and keen to help in job creation with the multilevel cooperation of the regional government, local schools and universities, which could be seen as huge benefit and step forward. Successful projects in the regions could work as an example of continuously improving investment environment of the country.

It remains the truth that all the regions of Slovakia have quite large advantage in educated, productive and multilingual workforce which tops EU statistics. According to the European Commission, Slovak labor force ranks third in the EU in attaining upper secondary or tertiary education and 80% of our population speaks at least one foreign language. In terms of performance, Slovak labor force ranks first in CEE labor productivity charts and yet still keeping high cost efficiency.

The Slovak investment environment through the eyes of the Investment

Support Association - ISAFrom the perspective of the structural investment demands, there is not sole emphasis on car industry anymore for several years now. Even if the data shows that automotive industry have still massive impact on investments, the recent ISA reports reflect that more than half of investment queries in manufacturing industry are focused on different type of production for example electric goods etc. Following the manufacturing industry are the services (15%) and IT sector (10%).

ISA: Queries by sectors

The aim of the ISA is to assist investors in the penetration to the Slovak market. The four years of existence of the association has profiled main fields, in which members support the investors - Architecture & Design, Audit & Tax Services, Development Services, Construction Engineering, Environmental Advisory, Euro Funds Assistance, Energy, Finance & Accounting Services, Insurance Services, IT & Telecom, Legal Services, Recruitment & HR Services, Management Advisory, Real Estate. These fields show the results of cooperation between ISA, their experts and experiences and SARIO with know-how. Using their means and professional experience, the SARIO/ ISA can assist the investors even in setting up their business case. This provides Slovakia with the potential of attracting new investment, bringing in (along with the company) also up-to-date technology or entire research departments.

Róbert Šimončič General Manager of SARIO and Chairman of the ISA Executive Committee

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Services15%

Other14%

IT10%

SP70

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titulka.indd 2 20. 11. 2015 11:04:42

4 5Investor’s CheCklIst Investor’s CheCklIst

Poprad (53,000)Martin

(57,000)

Zvolen (43,000)

Prievidza (48,000)

Slovakia and central Europe: distance of selected destinations (km, min), population

the Czech Republic

PolandUk

rain

e

HungaryAustria

Vienna (1.8 mil.) (80 km, 57 min)

Győr (129,00) (80 km, 55 min)

Budapest (1.8 mil.) (200 km, 2 h)

Košice (401 km, 4 h 40 min)

Žilina (2

01 km, 1h 55 min)

Banská Bystrica (211 km, 2h)Prague (1.2 mil.) (328 km, 3h 15 min)

Brno (400,000) (130 km, 1h 30 m

in)

Ostrava (294,000) (108 km, 1 h 40 min) Krakow (760,000) (2

28 km, 3h 15 min)

Košice (256 km, 3h 20 min)

Uzhgorod (120,000) (98 km, 1h 40min)

Miskolc

(163

,000)

(90 k

m, 1h 3

0 min)

Banská Bystrica (79,000)

Žilina (81,000)

Trenčín (56,000)

Nitra (78,000)

Trnava (66,000)

BRATISLAVA (420,000)

Košice (239,000)

Prešov (91,000)

SLOvAkIA BASICSArea: 49,036 km2

Land use (2014): agricultural land: 48.98%, forest: 41.1%, urban areas: 4.76%, water: 1.94%, other: 3.23% Protected area as national parks, protected grounds: 23.3% Borders with neighbouring states: Hun-gary (654.8 km), Poland (541.1 km), the Czech Republic (251.8 km), Austria (106.7 km) and Ukraine (97.8 km)Time zone: GMT/UTC +1 hour Currency: euro €Language: Slovak Population (2014): 5.421 million (48.74% men, 51.26% women)Average age of population (2014): 39.87 years Life expectancy (2014): 80 years (women), 73 years (men)Total population increase per 1,000 inhabitants (2014): 0.1%Nationalities: Slovak: 81.1%, Hungari-an: 8.4%, Roma: 2% (10% - estima-ted), other: 1.7% (Czech, Ruthenian, Ukrainian, German, Polish, Russian), 6.7% other and undeclared Religion: Roman Catholic 62%, Evan-gelical 5.9%, Greek Catholic 3.8%, Reformed 1.8%, Orthodox 0.9%, other 1.6%, not specified 10.6%, no religion 13.4%; Literacy: 99.6%Capital: Bratislava (population (2014): 419,678Other major cities: Košice (239,464), Banská Bystrica (79,027)Towns (2013): 138 (settlements with more than 5,000 inhabitants)villages (2013): 2,890 (settlements with fewer than 5,000 inhabitants)

(more information pages 15-33)

OPPORTUNITIESSlovakia promotes itself as the largest car producer per capita in the world (173 in 2014) with three carmakers located in western Slovakia (Bratislava, Trnava, and close to Žilina). While Slova-kia sees space for the arrival of a fourth carmaker as well, it sees an even bigger space for development of the network of carmakers’ subcontractors, especially in the east of the country. The second strongest pillar of Slovakia’s industry is the electrotechnical industry with com-panies in Galanta, Nitra, and Nové Mes-to nad Váhom, to mention a few. Other sectors with a tradition in Slovakia are the chemical industry and forestry. IT is a promising sector in Slovakia, where apart from Bratislava, also in Košice and Žilina there have been built strong IT clusters. Slovakia has also become home to several business service centres, most of which are currently located in Bratislava with opportunities to spread into other parts of Slovakia. The trend of transitioning the economy towards services is visible by the mushrooming of startups and R&D centres, many of which can utilise EU funds or the state’s investment incentives.


GOvERNmENT POLICy & LEGISLATIONmembership in international institu-tions: European Union, the eurozone, NATO, OECD, WTO, WHO, UN, OSCE, and others

Government structure: parliamentary democracy – the cabinet headed by the prime minister holds the executive powers and the country’s highest legislative body is the 150-member parliament. The president is the head of state and the formal head of the executive office with limited powers.Free trade agreements: Slovakia, as a member of the EU (the EU is a party to trade agreements and other agreements with a trade component both in the WTO context and bilaterally with certain countries and regions) has free trade agreements with Norway, Iceland, Faroe Islands, the former Yu-goslav Republic of Macedonia, Albania, Montenegro, Bosnia and Herzegovina, Palestinian Authority, Syria, Tunisia, Morocco, Israel, Jordan, Lebanon, Egypt, Algeria, Mexico, South Africa, CARIFORUM States, Madagascar, Mauritius, the Seychelles, Zimbabwe, the Republic of Korea, Papua New Guinea, Fiji, Iraq, Colombia, Peru and Central America (Source: EC website) Regulation The Regulatory Office for Network Industries (ÚRSO) regulates the energy sector as well as water management in areas such as price policies, while the sector of telecommunications and postal services is overseen by the Regulatory Authority of Electronic Communications and Postal Services (RÚ), which along with pricing over-sees the distribution of frequencies. The National Bank of Slovakia (NBS) is responsible for financial market supervision.

In Slovakia there is a special levy for doing business in regulated sectors: tax levied at a monthly rate of 0.363 percent, or 4.356 percent per annum, on profits exceeding €3 million affecti-ng companies that have at least 50 percent of their total revenues coming from regulated operations. While first introduced back in 2012 as a temporary measure to be valid only until the end of 2013, the government later extended its validity and counts on revenues from this special levy in years to come based on the draft government budget for the years 2015-2017. The regulated sectors to which this levy applies include energy, insurance and re-insurance, public health insurance, electronic communications, pharmacy, postal services, railway transport, public water pipes and sewages, air transport and provision of health care. There is also a special levy in the banking sector be paid at 0.4 percent on corporate and private individuals’ deposits. The special bank levy was designed to be a temporary measure and will end once banks have paid a total of €1 billion. The 0.4-percent rate of the bank levy was halved after €500 million was paid into the fund, called the National Bank Stabilisation Fund. This happened as of 2015. Furthermore, a rate of 0.1 percent will apply once €750 million is deposited into the fund.General government debt (2014): 53.6% of GDPState’s investment incentives: pages 38-39

RatingsSLOVAkIA: FOREIGn CURREnCy LOnG TERM DEBT (nOV 2014)

rating outlookStandard & Poor‘s A+ stableMoody‘s A2 stableFitch A+ stable

TaxesVAT basic rate 20%VAT reduced rate on books, medicines and selected food (as of 2016) 10%

Income tax 19%Corporate income tax 22%

Tax for motor vehicles paid by business entities only; a united motor vehicle tax as of 2015Local taxes are set by municipalities. They include taxes for real estate, dog li-cences, usage of public space and others. Excise taxes are applied on alcoholic beverages (spirits, wine, beer), electri-city, coal, natural gas, oil, and tobacco productsTax licences: Companies registered in Slovakia are obliged to pay tax licences. In practice, this means a minimal corporate tax that the company must pay even if it has made a loss. However, if the company pays a tax licence in the year when it was in red, it can gradually deduct the sum of the paid tax licence from the corporate tax liability in the up-coming three years, or it can use all sums in the first year after it made the loss, if its corporate tax liability is minimally as high as the paid tax licence. Tax licence rates are divided into three groups (€480, €960, €2,880) based on the entity’s turnover and whether it is a VAT payer. During their first year of existence companies are exempt from payment of the tax licence.Business entities: The most popular legal forms of business entities in Slovakia:-self-employed individual / samostatne zárobkovo činná osoba – SZČO (no requirement for registered capital)-joint-stock company / akciová spoloč-nosť, a.s.: (minimum registered capital €25,000)-limited liability company / spoločnosť s ručením obmedzeným, s.r.o. (minimum registered capital €5,000)As of January 1, 2017 it may be possible to launch so-called simple joint-stock companies with €1 basic capital while the parliament still has to pass such legislation in final reading. These will be limited to small and medium-sized companies, especially startups.

(more information pages 7, 54-63)

ECONOmy & BUSINESS ENvIRONmENTInflation (10/2015): -0.6%GDP growth (2014): 2.4% GDP per capita 2014 (nominal / PPP): USD18,416 / USD27,585

main economic activities by gross added value (2013):Agriculture, forestry and fishing 4.04%Industry 24.74%Construction 8.49%Trade,transport, accom., food serv. 22.01%Information and communication 4.62%Financial and insurance activities 3.63%Real estate activities 7.13%Professional, scientific and technical activities; administrative and support service activities

7.65%

Public admin., education, health 14.23%Other 3.47%

Foreign direct investment (EUR mil):yEAR CUMULATIVE InFLOWS

2003 17,239 2,6372004 20,693 3,2452005 25,087 2,5012006 29,284 4,6262007 32,412 2,9352008 36,226 3,3232009 36,469 -42010 37,665 1,3362011 40,173 2,5112012 41,780 2,3212013 42,072 -4552014* 43,232 -455Q1 2015* 44,662 840Q2 2015* 44,455 227

* preliminary data

Cumulative FDI by country of origin (2013): COUnTRy SHARE OF FDIthe netherlands 22.00%Austria 16.48%Czech Republic 10.72%Italy 9.89%Germany 7.81%Republic of korea 5.87%Hungary 4.94%Luxembourg 4.60%Belgium 3.54%Cyprus 2.83%France 2.25%Other 9.07%

Note: several companies which have invested in Slovakia are registered in the Netherlands, Luxembourg or Cyprus, even though their country of origin is different.

Cumulative FDI by economic activity (2013)

ECOnOMIC ACTIVITy SHARE OF FDIManufacturing 32.35%Financial and insurance activities 24.44%

Electricity, gas, steam and air conditioning supply 14.42%

Wholesale and retail trade; repair of motor vehicles and motorcycles

9.63%

Real estate activities 6.24%Information and communi-cation 4.08%

Other 8.84%

Foreign trade (2014)Export (2014): €64.72 billion Import (2014): €60.02 billion

Main export countries (2014):

COUnTRy SHARE OF ExPORT

Germany 22%Czech Republic 12.7%Poland 8.2%Austria 6.1%Hungary 6.1%United kingdom 5.1%

Main import countries (2014):

COUnTRy SHARE OF IMPORT

Germany 15.5%Czech Republic 10.8%China 8.2%Russia 8.2%Republic of korea 7.3%Poland 5%

Utility prices: Some utility prices are regulated by the Regulatory Office for Network Industries (ÚRSO). It issues new regulations at the end of the year for the next year.Electricity pricesElectricity prices for households and small companies consist of several parts of which some are regulated by the Regulatory Office for Network Industries (ÚRSO).Electricity prices for industrial consumers: €0.1081 per kWh (H1 2014, Eurostat)Electricity prices for businesses in Slovakia also include regulated portions of the fee for the National Nuclear Fund (€3.21 per MWh as of July 1, 2015) and the charge for operating the national grid (€21.82 per MWh as of August 19, 2014).WaterRegulated prices in Bratislava (water €1.123 per m3, sewage €1.106 m3); in Košice (water €1.572 per m3, sewage €1.0800 per m3) (Source: water management companies in Bratislava and eastern Slovakia)Transportation costs: A united motor vehicle taxFuel prices (Oct, 2015): 98 octane petrol €1.500 per litre, LPG €0.698, diesel €1.214Toll rates: €0.020-€0.243 / km (www.emyto.sk) Bank account: Opening a bank account by a business entity: Slovenská Sporiteľňa - monthly fee from €0-39.9; VÚB - monthly fee from €3.5; Tatra Banka monthly fee from €7


LABOUR mARkET & EDUCATIONNumber of national holidays: 15Paid holidays: 20 days (25 days for employees aged 33+)Notice period: one month at least Employment contracts: page 70minimum wage: €380 (€405 as of January 1, 2016)Average nominal monthly wage (2014 / 2013): €858 / €824monthly wage costs (2013): €1,252Social and health insurance: Employers pay for their employees 10% health insurance and 35.2% social insurance as % of their brutto wage.

main sectors by no. of employees (2Q/2015): Manufacturing 24.8%Wholesale and retail trade; Repair of motor vehicles 12.1%

Construction 8.8%Public administration, defence & social security 8.9%

Health and social work 7.5%Education 7.3%Transport and storage 6.6%Accommodation, food ser. 4.8%Other 19.2%

Economically active population by education (2Q/2015): Elementary and without education 5.8%Secondary without A grade 28.2%High school with A grade 44.7%University 21.3%

Note: English is compulsory starting from the third grade; the second foreign language is compulsory from the fifth grade.

Labour cost of producing €100 GDP (2014)*: Hungary €25.0Slovakia €26.6Czech Republic €29.3Poland €30.4Estonia €33.2United kingdom €47.5Germany €53.3France €57.9Austria €60.0Italy €60.6Sweden €68.8

* based on statistics provided by OECD (GDP per hour worked, current prices) and Eurostat (labour costs per hour in euro, whole economy - excluding agriculture and public administration)

Trade unions: Unions in Slovakia work under the umbrella organisation Confederation of Trade Unions (KOZ). A revision to the law on collective bargaining as of 2014 re-introduced the mandatory extension of higher-level collective agreements to all businesses in a given industrial sector (even those that have not signed on individually) and thus boosted the power of unions. Observers have noted several times that KOZ is not a politically independent organisation for its repeated support for the ruling Smer party.


FOREIGNERS IN SLOvAkIAAs Slovakia is a member of the European Union and the Schengen zone, citizens of countries in the Schengen area do not need a Slovak visa. Nationals of third countries generally need a visa to stay in Slovakia while visa applications can be filed three months prior to the planned trip at the earliest, and granting the visa may take between 15 and 60 days.

Bratislava (401 km, 4 h 40 min)

Žilina (256 km, 3h 20 min)

Bratislava (2

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6 7Investor’s CheCklIst: IndustrIal parks & InfrastruCture Investor’s CheCklIst: slovakIa & the european unIon


INFRASTRUCTURE & REAL ESTATEIndustrial parks in Slovakia (industrial park’s name - location - area in hectares)

Banská Bystrica Region Industrial Park (Hliník nad Hronom) - 25 haIndustrial Park (Hnúšťa) - 44 haIndustrial Park (Kriváň) - 10.8 haIndustrial Park (Malý Krtíš) - 22 haIndustrial Park (Nová Baňa) - 22 haIndustrial Park (Tomášovce) - 32 haIndustrial Park (Tornaľa) - 19.8 haIndustrial Park Areál PPS (Detva) - 29 haIndustrial Park Gemer (Rimavská Sobota) - 7.1 haIndustrial Park Jelšoviny (Poltár) - 23.5 haIndustrial Park Juh (Krupina) - 12 haIndustrial Park Juh (Lučenec) - 70.8 haIndustrial Park Juh II. (Lučenec) - 5.5 haIndustrial Park Majer - Šalková (B. Bystrica) - 35.7 haIndustrial Park Pod Bachtárom (Vígľaš) - 14 haIndustrial Park Pod Hrbom (Žarnovica) - 53 ha Industrial Park Pod Lipou (Žarnovica) - 18 haIndustrial Park Rohozná (Brezno) - 63 haIndustrial Park Sever (Rimavská Sobota) - 13 haIndustrial Park Trstená (Detva) - 12 haIndustrial Park ZSNP (Žiar nad Hronom) - 335 ha

Bratislava Region DNV Logistics Park (Bratislava) - 18 haIndustrial Park Eurovalley (Malacky) - 207 haIndustrial/Logistic Park PointPark (Lozorno) - 40 haLogistic Park Senec (Senec) - 56 ha

Košice Region Industrial Park (Cestice) - 77.8 haIndustrial Park (Gelnica) - 0.32 ha

Industrial Park (Jaklovce) - 2.1 haIndustrial Park (Kechnec) - 332 haIndustrial Park (Kojšov) - 0.9 haIndustrial Park (Krompachy) - 2.1 ha Industrial Park (Michalovce) - 14.2 haIndustrial Park (Moldava nad Bodvou) - 65 haIndustrial Park (Rožňava) - 15.9 haIndustrial Park (Sobrance - Bunkovce) -104 haIndustrial Park (Švedlár) - 2.8 haIndustrial Park (Trebišov) - 10 haIndustrial Park (Veľká Ida) - 29.4 haIndustrial Park (Veľké Kapušany) - 20.9 haIndustrial Park II. (Michalovce) - 7.6 haIndustrial Zone (Kráľovský Chlmec) - 37 haIndustrial Zone (Podskala - Spišská Nová Ves) - 5.6 ha

Prešov RegionIndustrial Park (Medzilaborce) - 4.75 ha Industrial Park Ferovo (Vranov nad Topľou) - 16.9 haIndustrial Park Matejovce (Poprad) - 14 haIndustrial Park Vihorlat (Snina) - 46 haIndustrial Park Za traťou (Lipany) - 8.5 haIndustrial Zone (Humenné) - 64 ha Industrial Zone (Kežmarok) - 27 haIndustrial Zone Záborské (Prešov) - 26 ha

Nitra Region Industrial Park (Čab) - 20 ha Industrial Park (Hurbanovo) - 7.1 haIndustrial Park (Nitra) - 210 haIndustrial Park (Palárikovo) - 44 ha Industrial Park (Štúrovo) – 170 haIndustrial Park (Vráble) - 23 haIndustrial Park Géňa (Levice) - 65 haIndustrial Zone (Diakovce) - 7.5 ha

Trenčín Region Industrial Park (Dubnica nad Váhom) - 21 ha Industrial Park (Chocholná - Velčice) - 38 ha

Industrial Park (Nová Dubnica) - 7.5 haIndustrial Park (Nováky) - 9.7 haIndustrial Park (Partizánske) - 26 haIndustrial Park (Považská Bystrica) - 10 haIndustrial Park (Rakoľuby) - 14 haIndustrial Park Javorinská (Myjava) - 16 haIndustrial Park West (Prievidza) - 48 haIndustrial Zone (Trenčín) - 115 ha

Trnava Region Industrial Park (Galanta) - 12.5 haIndustrial Park (Kostolné Kračany) - 34 haIndustrial Park (Sereď) – 261 ha Industrial Park (Voderady) - 80 haIndustrial Park South (Sládkovičovo) - 40 ha Industrial Park West (Sládkovičovo) - 50 haLogistic Park (Trnava) - 50 ha ProLogis Park (Galanta Gáň) - 18.5 haTechnological Park (Trnava) - 0.85 ha

Žilina Region Business Park (Krásno nad Kysucou) - 12.6 haCTP Industrial Park (Dolný Hričov) - 40 haIndustiral Park KIA (Teplička nad Váhom) - 424 haIndustrial Park (Bytča) - 8.7 ha Industrial Park (Čadca) - 9 haIndustrial Park (Gbeľany) - 20 haIndustrial Park (Horný Hričov) - 10.8 haIndustrial Park (Košťany nad Turcom) - 10.1 haIndustrial Park (Martin - Sučany) - 255 haIndustrial Park (Nededza) - 2 haIndustrial Park (Oravská Jasenica) - 10 haIndustrial Park (Strečno) - 9 haIndustrial Park (Varín) - 16.6 haIndustrial Park CTPark (Martin) - 30 haIndustrial Park MARO (Sučany) - 5.9 haIndustrial Park Punch (Námestovo) - 20.5 haM1 Logistic & Industrial Park (Nižná) - 4.1 ha

BASIC STATISTICAL DATA - SLOVAKIA & THE EUROPEAN UNIONEuro Area EU 28 Germany Slovakia Poland Czech Rep. Hungary

Population 31.12.2014 (1,000) 336,705 509,854 82,479 5,421 38,485 10,536 9,859

GDP Percentage change 2013 / 2014 0.90% 1.40% 1.60% 2.50% 3.30% 2.00% 3.70%

Unemployment (%) in September 2015, seasonally adjusted 10.90% 9.30% 4.50% 11.00% 7.10% 4.80% 6.50%

Annual inflation (%) in September 2015 -0.10% -0.10% -0.20% -0.50% -0.60% 0.20% -0.10%

GDP - SLOVAKIA & THE EUROPEAN UNIONEuro Area EU 28 Germany Slovakia Poland Czech Rep. Hungary

GDP per capita 2014 (€) 29,800 27,300 35,900 13,900 10,900 14,700 10,500

GDP per inhabitant in PPS, 2013, EU 28 = 100% 107% 100% 122% 75% 67% 82% 66%

GDP per inhabitant in PPS, 2014, EU 28 = 100% 107% 100% 124% 76% 68% 84% 68%

PUBLIC FINANCES & TAxES - SLOVAKIA & THE EUROPEAN UNIONEuro Area EU 28 Germany Slovakia Poland Czech Rep. Hungary

Government deficit in 2014 (%) -2.6% -3.00% 0.30% -2.80% -3.30% -1.90% -2.50%

Government debt in 2014 (% of GDP) 92.10% 86.80% 74.90% 53.50% 50.40% 42.70% 76.20%

Total Taxes as % of GDP in 2012 40.40% 39.40% 39.10% 28.30% 32.50% 35.00% 39.20%

Top statutory personal income tax rate, % - - 47.50% 25.00% 32.00% 15.00% 16.00%

Corporate income tax rate, % - - 30.18% 22.00% 19.00% 19.00% 19.00%

LABOUR MARKET - SLOVAKIA & THE EUROPEAN UNION (BASED ON LABOUR FORCE SURVEY)Euro Area EU 28 Germany Slovakia Poland Czech Rep. Hungary

Employment rate 2014 (%) * 68.20% 69.20% 77.70% 65.90% 66.50% 73.50% 66.70%

Unemployment rate 2014 (%) 11.60% 10.20% 5.00% 13.20% 9.00% 6.10% 7.70%

Long-term unemployment rate 2014 (%) 6.10% 5.10% 2.20% 9.30% 3.80% 2.70% 3.70%Labour productivity in 2014 per person employed (EU 28 = 100, based on PPS series) 108.00% 100.00% 106.50% 82.90% 73.40% 76.80% 70.70%

The hourly labour cost in the business economy in 2014 (€)** 29.2 24.6 31.4 9.7 8.4 9.4 7.3The hourly labour cost in the business economy in 2013 (€)** 28.9 24.2 31.0 9.2 8.1 9.8 7.4Total nominal hourly labour cost in second quarter 2015 % change compared with same quarter of previous year 1.60% 1.90% 3.10% 2.90% 2.40% 2.60% 3.10%

source: Eurostat

source: Eurostat, World Bank, exchange rate USD/EUR used was the average of 2014

* arithmetic average (all members) source: Eurostat, OECD

* rate is calculated by dividing the number of persons aged 20-64 years in employment by the total population of the same age group , **estimation source: Eurostat

R1

R2

R2

R3

R3

R4

R5

R6

R7

R8

D4

D3

D1

D2

Banská Bystrica

Poprad

Sliač

Žilina

Trenčín

Piešťany

Nitra

Trnava

BRATISLAVA

Košice

Prešov

Slovak infrastructure (highways, main railways, airports)

planned highways highways under construction highways highways (half profile) main railways

international airport

1/2DS smith

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NITRA REGION The largest companies in the Nitra RegionACHP Levice (Levice) - Chemical industryde Miclén (Levice) - Chemical industryDuslo (Šaľa) - Chemical industryFoxconn Slovakia (Nitra) - Electrotechnical industryGamex Trading (Komárno) - TradeHeineken Slovensko (Nitra) - BeveragesMatador Automotive Vráble (Vráble) - EngineeringMed – Art (Nitra) - TradeOsram Slovakia (Nové Zámky) - Electrotechnical industryRieker Obuv (Komárno) - Shoemaking industrySE Bordnetze - Slovakia (Nitra) - EngineeringSecop (Zlaté Moravce) - EngineeringSlovenské Energetické Strojárne (Tlmače) - EngineeringŠped-Trans Levice (Levice) - TransportTeldar (Komárno) - TradeZKW Slovakia (Krušovce) - Automotive

Population as of/on 31.12.2014 684,922Size 6,344 km2

Share of Slovak GDP creation 2013 11.13%Distance between Bratislava and Nitra (by car) 94 km (56 min)Unemployment rate 2014 11.9%Average monthly wage in 2014 (self employed not included) €829Average nominal monthly wage for the first half of 2015 €701Average nominal monthly wage 2013 €680Monthly wage costs per employee 2013 €1,045

Economically active population by education in 2Q / 2015a) elementary and without education 5.3%b) secondary without A grade 33.5%c) high school with A grade 44.4%d) university 16.9%

TRNAvA REGION The largest companies in the Trnava RegionAgropodnik (Trnava) - Chemical industryAmylum Slovakia (Boleráz) - Food industryArcelorMittal Gonvarri SSC Slovakia (Senica) - Metallurgy & metal process.Bekaert Hlohovec (Hlohovec) - Metallurgy & metal processingBIC Slovakia (Sereď) - Office supplier;Enviral (Leopoldov) - Chemical industry; Enargo (Leopoldov) - TradeFine DNC Slovakia (Voderady) - EngineeringINA Skalica (Skalica) - EngineeringJohns Manville Slovakia (Trnava) – Glass industryMetrans /Danubia/ (Dunajská Streda) - TransportPSA Peugeot Citorën Slovakia (Trnava) - Car manufacturingProtherm Production (Skalica) - EngineeringSamsung Electronics Slovakia (Galanta) - Electrotechnical industrySlovenské cukrovary (Sereď) - Food industryTopaz LPG (Piešťany) - Electrotechnical industry and tradeVaillant Industrial Slovakia (Skalica) – EngineeringVUJE (Trnava) - Construction; ZF Slovakia (Trnava) - EngineeringŽOS Trnava (Trnava) - Engineering


Share of Slovak GDP creation 2013 11.20%Distance between Bratislava and Trnava (by car) 56 km (37 min)Unemployment rate 2014 12.4%Average monthly wage in 2014 (self employed not included) €892

Average nominal monthly wage for the first half of 2015 €780

Average nominal monthly wage 2013 €745Monthly wage costs per employee 2013 €1,127


TRENčíN REGION The largest companies in the Trenčín RegionC & A Mode (Kočovce) - Clothing retail chainContinental Matador Rubber, Continental Matador Truck Tires (Púchov) - TyresDelta Electronics (Dubnica nad Váhom) - Electrotechnical industryElster (Stará Turá) - Electrochnical industryEmerson (Nové Mesto nad Váhom) - Electrotechnical industryFortischem (Nováky) - Chemical industryHanon Systems Slovakia (Ilava) - Electrotechnical industryHanil E – HWA automotive Slovakia, (Dubnica nad Váhom) - EngineeringHella Slovakia Front-Lighting (Kočovce) - AutomotiveHella Slovakia Signal-Lighting (Bánovce nad Bebravou) - AutomotiveHornonitrianske Bane Prievidza (Prievidza) - Mining industryIljin Slovakia (Pravenec) - Engineering; Leoni Slovakia (Trenčín) - AutomotiveMagna Slovteca (Nové Mesto nad Váhom) - Chemical industryNestlé Slovensko (Prievidza) - Food industryPovažský cukor (Trenčianska Teplá) - Food industryRaven, (Považská Bystrica) - TradeTRW Automotive (Nové Mesto nad Váhom) - AutomotiveUnipharma (Prievidza) - TradeYura Corporation Slovakia (Lednické Rovne) - Engineering


Share of Slovak GDP creation 2013 9.61%Distance between Bratislava and Trenčín (by car) 130 km (75 min)Unemployment rate 2014 8.6%Average monthly wage in 2014 (self employed not included) €863



Economically active population by education in 2Q / 2015

a) elementary and without education 3.0%b) secondary without A grade 32.5%c) high school with A grade 44.3%d) university 20.3%

ŽILINA REGION The largest companies in the Žilina RegionDonghee Slovakia, (Strečno) - EngineeringFerona Slovakia (Žilina) - TradeHyundai Steel Slovakia (Gbeľany) - Metallurgy & metal processingINA Kysuce, (Kysucke Nove Mesto) - EngineeringKIA Motors Slovakia (Teplička nad Váhom) - Car manu-facturingMetsä Tissue (Žilina) - Paper & wood processing industryMobis Slovakia (Gbeľany) - EngineeringMondi SCP (Ružomberok) - Paper & wood processing industryOFZ (Istebné) - Metallurgy & metal processingPanasonic Electronic Devices (Trstená) - Electrotechnical industrySejong Slovakia (Lietavská Lúčka) - Automotive industryStredoslovenská Energetika (Žilina) - Electricity distributorSungwoo Hitech Slovakia (Žilina) - AutomotiveVáhostav - SK (Žilina) - Construction


Share of Slovak GDP creation 2013 10.94%Distance between Bratislava and Žilina (by car) 201 km (111 min)Unemployment rate 2014 13.6%Average monthly wage in 2014 (self employed not included) €875Average nominal monthly wage for the first half of 2015 €746Average nominal monthly wage 2013 €732Monthly wage costs per employee 2013 €1,149


kOšICE REGIONPopulation as of/on 31.12.2014 795,565Size 6,751 km2Share of Slovak GDP creation 2013 11.47%Distance between Bratislava and Košice (by car) 460 km (4.5 h)

Unemployment rate 2014 15.6%Average monthly wage in 2014 (self employed not included) €908




a) elementary and without education 8.3%b) secondary without A grade 26.5%c) high school with A grade 44.1%d) university 21.2%The largest companies in the Košice RegionBSH Drives and Pumps (Michalovce) - Electrotechnical industryEmbraco Slovakia (Spišská Nová Ves) - EngineeringGetrag Ford Transmissions Slovakia (Kechnec) - EngineeringInžinierske stavby (Košice) - ConstructionLabaš (Košice) - Retail chainLamet (Košice) – Retial chainMagneti Marelli Slovakia (Kechnec) - Electrotechnical industrySCA Hygiene Products (Košice) - Paper & wood processing industrySlovakia Steel Mills (Strážske) - Metallurgy & metal processing T-Systems Slovakia (Košice) - ITU. S. Steel Košice (Košice) - Metallurgy & metal processingU-Shin Slovensko (Košice) - AutomotiveVýchodoslovenská Energetika (Košice) - Electricity distributorYazaki Wiring Technologies (Michalovce) - Electrotechnical industry

BANSká BySTRICA REGIONPopulation as of/on 31.12.2014 655,359Size 9,454 km2

Share of Slovak GDP creation 2013 8.83%Distance between Bratislava and Banská Bystrica (by car)

211 km (118 min)





a) elementary and without education 9.3%b) secondary without A grade 27.2%c) high school with A grade 44.6%d) university 18.8%The largest companies in the Banská Bystrica RegionCBA Slovakia (Lučenec) - Retail chainContinental Automotive Systems Slovakia – EngineeringJohnson Controls (Lučenec) - EngineeringLESY Slovenskej Republiky (Banská Bystrica) - ForestrySHP Harmanec (Harmanec) - Paper & wood processingSlovalco (Žiar nad Hronom) - Metallurgy & metal processingSlovenská Pošta (Banská Bystrica) - Postal servicesŽeleziarne Podbrezová (Podbrezová) - Metallurgy & metal processing

PREšOv REGIONPopulation as of/on 31.12.2014 819,977Size 8,972 km2

Share of Slovak GDP creation 2013 9.00%Distance between Bratislava and Prešov (by car) 410 km (4.5 h)



Average nominal monthly wage 2013 €636Monthly wage costs per employee 2013 €982


a) elementary and without education 7.6%b) secondary without A grade 27.5%c) high school with A grade 44.8%d) university 20.2%The largest companies in the Prešov RegionBukocel (Hencovce) - Paper & wood processing industryCOOP Laterod (Lada) - TradeGGP Slovakia (Poprad) - EngineeringLear Corporation Seating Slovakia (Prešov) - AutomotiveMerkury Market Slovakia (Prešov) - Furniture supplierMilk-Agro (Prešov) - Food industryPivovary Topvar (Veľký Šariš) - Food industrySynot Tip (Poprad) - LotteriesTatravagónka (Poprad) - EngineeringWhirlpool Slovakia (Poprad) - Engineering

BRATISLAvA REGIONPopulation as of/on 31.12.2014 625,167Size 2,054 km2

Share of Slovak GDP creation 2013 27.82%Unemployment rate 2014 6.0%Average monthly wage in 2014 (self employed not included) €1,286

Average nominal monthly wage for the first half of 2015 €1,109

Average nominal monthly wage 2013 €1,049

Monthly wage costs per employee 2013 €1,642


a) elementary and without education 3.5%b) secondary without A grade 16.4%c) high school with A grade 43.1%d) university 36.9%The largest companies in the Bratislava RegionAllianz - Slovenská poisťovňa (Bratislava) - insuranceAT&T (Bratislava) - IT Billa (Bratislava) - Retail chainEset (Bratislava) - ITFaurecia Slovakia (Bratislava) - AutomotiveGrafobal Group (Bratislava) - Printing industry & media marketIBM Slovensko (Bratislava) - IT IKEA Components (Malacky) - Trade / ServicesJ&T Group (Bratislava) - Investment groupJohnson Controls International (Bratislava) – EngineeringKaufland Slovenská republika (Bratislava) - Retail chainLidl Slovenská republika (Bratislava) - Retail chainMetro Cash and Carry (Ivanka pri Dunaji) - TradeMinerfin (Bratislava) - TradeNárodná dialničná spoločnost (Bratislava) - Operation of highwaysOMV Slovensko (Bratislava) - Gas stationsOrange Slovensko (Bratislava) - TelecommunicationsPenta Investments (Bratislava) - Investment groupPhoenix Zdravotnícke zásobovanie (Bratislava) - TradePorsche Slovakia (Bratislava) - TradeSAS Automotive (Bratislava) - AutomotiveSiemens (Bratislava) - Trade & ITSlovak Telekom (Bratislava) - TelecommunicationsSlovenská Elektrizačná Prenosová Sústava (Bratislava) - Electricity transmissionSlovenská Sporiteľňa (Bratislava) - BankingSlovenské Elektrárne (Bratislava) - Electricity producerSlovenský Plynárenský Priemysel (Bratislava) - Gas supplySlovnaft (Bratislava) - Oil refineryTatra Banka (Bratislava) - BankingTesco Stores SR (Bratislava) - Retail chainTipos národná lotériová spoločnosť (Bratislava) - LotteriesUnipetrol Slovakia (Bratislava) - TradeVolkswagen Slovakia (Bratislava) - Car manufacturingVÚB (Bratislava) - BankingZápadoslovenská Energetika (Bratislava) - Electricity distributorŽeleznice Slovenskej Republiky (Bratislava) - Rail transportationŽelezničná spoločnosť Cargo Slovakia (Bratislava) - Rail transportationŽelezničná spoločnosť Slovensko (Bratislava) - Rail transportation

(several companies from this list have their Slovak headquarters in Bratislava with branches and activities in all Slovak regions)

8 9InformatIon on regIons and struCture of regIonal eConomIes InformatIon on regIons and struCture of regIonal eConomIes

Banská Bystrica

Žilina

Trenčín

Nitra

Trnava

BRATISLAVA

Košice

Prešov

1. Volkswagen Slovakia (Bratislava) - Car manufacturing2. KIA Motors Slovakia (Teplička nad Váhom/Žilina) - Car manufacturing3. Slovnaft (Bratislava) - Oil refinery4. Samsung Electronics Slovakia (Galanta) - Electrotechnical industry5. Slovenské Elektrárne (Bratislava) - Electricity producer6. U. S. Steel Košice (Košice) - Metallurgy & metal processing7. PSA Peugeot Citorën Slovakia (Trnava) - Car manufacturing8. Slovenský Plynárenský Priemysel (Bratislava) - Gas supply9. Continental Matador Rubber & Continental Matador Truck Tires (Púchov) - Tyres10. Tesco Stores SR (Bratislava) - Retail chain

10 largest companies in Slovakia (based on sales revenue in 2014, logos on the map)

n Agriculture, forestry and fishingn Industryn Constructionn Trade, transport, accom., food serv.n Information and communicationn Financial and insurance activities Real estate activitiesn Professional, scientific and technical activities; administrative

and support service activitiesn Public admin., education, healthn Othern Cummulative share of all sectors, the individual share of

which on the regional GDP in the respective region did not exceed 5.5 %

Source: Book of Lists 2015, Trend Top 200, Statistical Office of the Slovak Republic

ECONOMIC ACTIVITIES / REGIONS BRATISLAVA REGION

TRNAVA REGION

TRENČíN REGION

NITRA REGION

ŽILINA REGION

B. BYSTRICA REGION

PREŠOV REGION KOŠICE REGION

Agriculture, forestry and fishing 1.20% 4.30% 3.40% 8.10% 2.60% 9.00% 5.70% 3.60%Industry in total 16.30% 35.30% 30.80% 32.50% 26.50% 20.10% 21.50% 26.60%Construction 5.20% 7.40% 8.50% 8.10% 13.30% 9.20% 14.30% 8.40%Trade,transport, accom., food serv. 25.60% 17.40% 21.40% 22.30% 19.00% 21.50% 21.40% 21.80%Information and communication 5.40% 4.70% 2.70% 3.10% 4.90% 4.30% 4.10% 6.20%Financial and insurance activities 7.00% 2.40% 2.60% 2.00% 2.80% 2.40% 1.90% 2.10%Real estate activities 10.20% 6.90% 3.60% 5.40% 6.10% 7.00% 5.60% 6.90%Professional, scientific and technical activities; administ. and support serv. 9.80% 5.00% 5.00% 6.60% 8.40% 7.30% 7.40% 8.10%

Public admin., education, health 13.60% 14.60% 19.60% 10.40% 13.00% 16.30% 15.00% 13.60%Other 5.70% 1.90% 2.40% 1.60% 3.50% 3.00% 3.10% 2.80%Cumulative share of all sectors, the individual share of which is < 5.5 % 11.80% 18.30% 19.70% 12.10% 13.80% 9.70% 9.10% 8.50%

Share of economic activities in regional economies (2013)

16.3%

25.6%

10.2% 7%

9.8%

13.6%

5.7%

11.8%

35.3%

7.4%

17.49

%6.9%

14.6%

18.3%

32.5%

8.1%

8.1%22.3%

6.6%

10.4%

12.1%

30.8%

8.5%

21.4%

19.6%

19.7%

26.6%

21.8%

8.4%

6.2%6.90%

8.1%

13.6%

8.5%

21.5%

5.7%

21.4%

14.3%5.6%7.4%

15%

9.1%

26.5%

19%

13.3%

6.1%

8.4%

13%

13.8%

20.1%

9%

21.5%

9.2%7%

7.3%

16.3%

9.7%

Source: Statistical Office of the Slovak Republic

n

n Industryn n

n

n

n

n

n

10 11xxxxxxxxxInvestor’s CheCklIst: ContaCt detaIls / Industry In regIons

SUPPORT FOR INvESTORSSlovak Investment and Trade Development Agency / Slovenská agentúra pre rozvoj investícií a obchodu (SARIO)- supporting the investment projects of domestic and foreign investors, providing consultancy and aid to investors, and assisting SMEs in their search for export and trade opportunities abroadTel: +421 (0)2 5826-0100www.sario.sk Business and Innovation CentrePodnikateľské a inovačné centrum (BIC)- business and innovation consult-ing, transnational technology transfer, financial consulting, regional develop-ment, support in the EU Framework Programmes for research, technology development and innovation, project management and investment consulting Tel: +421 (0)2 5441-7515; www.bic.sk Investment Support AssociationZdruženie pre rozvoj investícií (ISA) - support for the presentation of invest-ments and their benefits for the develop-ment of Slovakia; www.isa-association.skTel: +421 (0)907 910-646Slovak Business Agency (SBA) - assisting small and medium businesses in Slovakia, securing the building of infrastructure for business development (incubators); Tel: +421 (0)2 5024-4500www.sbagency.sk Slovak Tourist Board / Slovenská agentúra pre cestovný ruch (SACR) - advisory and consultancy services for travel entities, bodies of local state administration and local governments, administering a database of home and foreign travel entitiesTel: +421 (0)2 5070-0801; www.sacr.sk Slovak Agency for International Develop-ment Cooperation / Slovenská agentúra pre medzinárodnú rozvojovú spoluprácu (SAmRS) - administering the Slovak Aid pro-gramme, implementation of development aid programmes; www.slovakaid.skTel: +421 (0)2 6820-5011 Slovak Innovation and Energy Agency Slovenská inovačná a energetická agentúra (SIEA)- free-of-charge energy consulting for households and businesses, monitoring innovation activities in Slovakia, informa-

tion about opportunities to draw EU funds for innovation in businessesTel: +421 (0)2 5824-8111www.siea.sk (only limited EN version)

INFORmATION ABOUT ExISTING BUSINESSES Business Register of the Slovak Republic Obchodný register Slovenskej republiky (OR SR)- a database of all businesses active in Slo-vakia administered by the Justice Ministry www.orsr.sk Trade Register of the Slovak Republic Živnostenský register Slovenskej republiky (ŽR SR)- a database of all individuals working under trade licences in Slovakia www.zrsr.sk Slovak Chamber of Commerce and IndustrySlovenská obchodná a priemyselná komora (SOPk)- gathering industrial and commercial businesses, assisting in finding a local business partner Tel: +421 (0)2 5443-3291; web.sopk.sk (only limited EN version)Statistics Office / štatistický úrad - statistical information about Slovakia, a database of all businesses and institutions registered in Slovakia; Tel: +421 (0)2 5023-6222; www.statistics.sk

mINISTRIES Economy ministry ministerstvo hospodárstva - the departments of entrepreneurship and of export and foreign trade are part of the ministry; Tel: +421 (0)2 4854-1111www.economy.gov.sk (only limited EN version) Justice ministry / ministerstvo spravodlivosti- the ministry’s website provides informa-tion on courts that secure the legal pro-cess of establishing a business in SlovakiaTel: +421 (0)2 8889-1111www.justice.gov.sk (Slovak only) Foreign and European Affairs ministryministerstvo zahraničných vecí a európskych záležitostí - information on embassies, consular services, and business departments of Slovak embassies abroad Tel: +421 (0)2 5978-1111www.foreign.gov.sk

TAxES AND CUSTOmSTax section of the Financial Administration of the Slovak Republic- administering taxesTel: +421 (0)2 4827-3154www.financnasprava.sk Customs section of the Financial Administra-tion of the Slovak Republic - customs policy, customs tariffs, origin of goods, administering indirect taxes Tel: +421 (0)2 4827-3154www.financnasprava.sk

CONTROL AND AUDIT BODIESNational Labour InspectorateNárodný inšpektorát práce - state watchdog, enforcement of labour-related legislation, work conditions and occupational safety Tel: +421 (0)55 600-2301www.safework.gov.sk (only limited EN version) Slovak Environmental AgencySlovenská agentúra životného prostredia (SAŽP) - environmental impact assessment Tel: +421 (0)48 437-4111www.sazp.sk/eiaSlovak Trade InspectionSlovenská obchodná inšpekcia (SOI)- authority for internal market surveillanceTel.: +421 (0)850 111-937www.soi.sk (only limited EN version)

LAND REGISTRykatastrálny úrad / Land registry - information about land ownership www.katasterportal.sk/kapor

BANkSExport-Import Bank of the Slovak Republic / ExIm Banka- supporting exports by financing and insuring export creditsTel: +421 (0)2 5939-8111www.eximbanka.sk National Bank of SlovakiaNárodná Banka Slovenska (NBS) - central bank, providing statistical infor-mation about balance of payments and currency rates; www.nbs.sk Tel: +421 (0)2 5787-1111Slovak Guarantee and Development BankSlovenská záručná a rozvojová banka (SZRB) - providing guarantees for loans

Tel: +421 (0)2 5729-2111 www.szrb.sk (only limited EN version)

EmPLOyEES, vISA AND REGISTRATIONOffice of Border and Alien PoliceÚrad hraničnej a cudzineckej polície - registering foreigners living in Slovakia, issuing residence permits and work permits; Tel: +421 (0)961 050-701www.minv.sk/?uhcp (Slovak only)Social Insurance Agency / Sociálna poisťovňa - state-run social security provider, regis-tration of employees for social insurance funds; Tel: +421 (0)906 171-989www.socpoist.sk (only limited EN version)Confederation of Trade Unionskonfederácia odborových zväzov (kOZ) - association of labour unions, protecting the rights of workers Tel: +421 (0)2 5023-9103www.kozsr.sk (only limited EN version)

ASSOCIATIONSNational Union of EmployersRepubliková únia zamestnávateľov (RÚZ)- organisation of employers in Slovakia, which is comprised of two-thirds of employers producing 70 percent of GDP and 80 percent of the Slovak exportTel.: +421 (0)2 3301-4280www.ruzsr.sk (only limited EN version)Federation of Employers’ AssociationsAsociácia zamestnávateľských zväzov a združení (AZZZ)- organisation of employers in Slovakia, which promotes and protects common business, commercial and employers’ interests of membersTel.: +421 (0)2 4425-8295www.azzz.sk (only limited EN version)Business Alliance of SlovakiaPodnikateľská aliancia Slovenska (PAS)- professional association representing selected entrepreneurs and employers Tel.: +421 (0)2 5823-3481; alianciapas.sk Slovak Agricultural and Food ChamberSlovenská poľnohospodárska a potravinárska komora (SPPk)- association representing companies operating in agriculture, food industry, biological, technical and related trade services, as well as NGOs and others in agriculture; www.sppk.sk (only limitedEN version) Tel.: +421 (0)2 5021-7111

Industry in Slovak regions (2014)

1/1noerr

12.3

%

18.6%

38.9%

29.6%

8.

5%

13.6%

32.1%

5.1%

28.2% 6.4% 6%

13.8

%

5%

27.5%

6.9%

21.9%

13.1%

9.5%

7

.3%

11.7%

5% 4.8%

17.2%

9.7%

31.4%

7.3%5.5%

14.5

%

7.7%

12.7%

10.4%33.2%

5.6%

8.7%

7.7

% 7

.7%

5% 8.3%

4.4%

56%

10.6% 14.2%

5.6%5%

15.9%

8.3%

15.1%

8.5%

11.6%4% 3%

15.5%

43.1%5%

4.7%

14.2%

15.7%

Banská Bystrica

Žilina

Trenčín

NitraTrnava

BRATISLAVA

Košice

Prešov

5.7%


n Motor vehiclesn Paper & wood processingn Textile & leather processingn Cummulative share of industries,

the individual share of which of all industrial production in the respective region did not exceed 4 %

n Chemical & pharmaceuticaln Electricity, gas, steam supplyn Electrotechnical industryn Engineering (motor vehicles not incl.)n Food industryn Manufacture of other non-metallic mineral productsn Metallurgy & metal processing

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n n

n

n

n

n Electricity, gas, steam supplyn

n

n n

12 13Investor’s CheCklIst: tImelInesInvestor’s CheCklIst: tImelInes

1) TIMELINE FOR BUILDING OF PRODUCTION HALL WITH SMALL IMPACT ON ENVIRONMENT* ; PRUDENT TIMING(10,000 m2 hall in industrial park, 100 new employees, development of the facility with a general contractor)

Months Action

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

decision

agreement on a future contract for the whole project (plot included)

establishment of a company (more information in 2A & 2B tables)

registration with the Tax Office, a health insurance company and the social security provider Sociálna Poisťovňa

“small” Environmental Impact Assessment (EIA) = assessment of a new plant’s environmental impact by professionals from different fields; timing includes preparation of all documentation, approval pro-cess and issuance of the final permit by the Ministry of Environment

development permit (permit which confirms possibility to use selected plot for planned construction of building; this permit also confirms that planned building meets all legal conditions and after finalisation will be usable), it is issued by stavebný úrad (the building office) located in the district where project will be realised

contract for puchasing the plot

registration of the purchased plot in the land register (cadastre) at the katastrálny úrad (the cadastre office) located in the district where project is realised

building permit (permit for construction of building); it includes all le-gal conditions, which have to be followed during construction process, in order to obtain the final building approval which allows the investor to use the building for production (if during the construction process the investor is making changes in its original project it is necessary to legalise all the changes before the final approval)

investing (payments)

construction

hiring and training people (more information in the table 3)

installation of equipment and machinery

final inspection and final approval (for final inspection it is necessary to prepare all documentation which also includes the design of the construction, safety approvals, functionality of the building, etc)

start of new production after 14 months

* Integrated permit (IPPC) is issued by the Ministry of Environment for a bigger investment as well as an investment which may have a bigger impact on the environment especially from industries such as metallurgy, mining, chemistry, wood processing etc. It integrates several permits which are necessary during realisation of the project. The whole process might take six months and this period includes preparation of all documentation, approval process and issuance of the final permit by the Ministry of Environment

4) PROJECT TIMELINES BASED ON DIFFERENT METHODS OF ACQUIRING INDUSTRIAL SPACEMonths Method

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

lease of vacant (existing) space in an existing park location

pre-lease of desired space in an existing park location

built to suit in a new location - chosen by the investor

acquisition of an existing facility to be adopted for the investor’s future needs

acquisition of serviced land and develo-pment of the facility with an industrial developer

acquisition of serviced land and deve-lopment of the facility with an general contractor (the whole construction process in this alternative takes 14 mon-ths, i.e. the same period of time as in the table above (documentation and permit process included))

n Transaction process (selection of a final location as well as final method of acquiring industrial space) n Construction or fit-out works (documentation and obtaining of all permits included)

2A) TIMELINE FOR ESTABLISHMENT OF LIMITED LIABILITY COMPANYWorking days Action

0 1 2 3 4 5 6 7 8 9 10 11

decision

signing of founding documents

investment contribution payment and bank confirmation*

permission from the tax office**

registration of the trade license

Registration with the Business Register

*bank confirmation will not be necessary after 1.1.2016** in case of establishment by domestic person (confirmation, that domestic person does not have delinquent tax obligations)

2B) TIMELINE FOR ESTABLISHMENT OF JOINT STOCK COMPANY *Working days Action

0 1 2 3 4 5 6 7 8 9 10 11 12 13

decision

drafting of notarial deeds and other foun-ding documents

investment contribution payment and bank confirmation**

registration of trade license

registration with the Business Register

* without publicly traded shares and without public offer of shares * * bank confirmation will not be necessary after 1.1.2016

3) TIMELINE FOR MASS RECRUITMENT (100 NEW EMPLOYEES)Month Action

1 2 3 4 5 6

identification of needs (preparation of the plan)

advertising, mass mail, sourcing

600 CVs 600 CVs 600 CVs 600 CVs 600 CVs reading CVs (3,000 CVs read)

300 calls 300 calls 300 calls 300 calls phone screening (1,200 phone calls)

150 interviews 150 interviews 150 interviews 150 interviews job interviews: recruitment agency & applicants (600 interviews)

100 CVs 100 CVs 100 CVs 100 CVs introduction of selected CVs to potential employer (400 CVs introduced)

60 interviews 80 interviews 80 interviews 80 interviews job interviews: potential employer & applicants (300 interviews)

30 applicants 40 applicants 40 applicants 40 applicants selection of applicants for training (150 applicants selected)

60 applicants 60 applicants training (120 applicants participating in a training)

100 employees 100 hired applicants

Source: Lugera & Maklér, recruitment agency (www.lugera.sk)

Source: SOUKENÍK – ŠTRPKA, law firm (www.akss.sk)

Source: SOUKENÍK – ŠTRPKA, law firm (www.akss.sk)

Source: GFI a.s., property development and design consultant (www.gfi.sk) and ENTO, projecting and advisory company (www.entoke.sk)

Source: CBRE, real estate consultant (www.cbre.sk)

14 15opportunItIes

Slovakia stays strong in automotiveAs new carmaker eyes country, impact of vW emission scandal still unknown

The automotive industry is one of the pillars of Slovakia’s economy, bringing investment, employment and innova-

tions with the planned Jaguar Land Rover plant in Nitra as the latest example. But the Septem-ber 2015 emission scandal of one of the major car companies in the world, Volkswagen, seems to confirm that research and development into alternative fuels is the way forward.

Slovakia is already home to three carmak-ers, Volkswagen Slovakia, PSA Peugeot Citroën Slovakia and Kia Motors Slovakia. Over the past 20 years, car production increased from 2,952 vehicles in 1993 to more than 970,000 in 2014. The latter figure, equalling 178 cars per 1,000 citizens, has made Slovakia the biggest per capita producer in the world.

“There are several viewpoints by which to define the importance of the automotive industry for Slovakia,” Juraj Sinay, president of the Automotive Industry Association of the Slovak Republic (ZAP), told The Slovak Spectator.

The car industry employs 80,000 people but when also subcontractors and other related sectors and services are included, the automo-tive industry gives jobs to more than 200,000 people. The automotive industry generates 13 percent of the gross domestic product (GDP) and makes up 43 percent of the total industrial production in Slovakia.

“The structure of production technologies in [automotive] companies in Slovakia includes the most modern solutions nearing alternatives of a digital company, which was also one of reasons why another important investor ponders invest-ment in Slovakia,” said Sinay. “But these are only some of factors being cited by our foreign partners as an added value.”

The importance of the automotive industry for the economy of Slovakia is gradually increas-ing, according to Vladimír Vaňo, head of CEE research at Sberbank Europe. Production of transport vehicles, which for the first time in 2010 represented more than 20 percent of total industrial sales has gradually increased its share of total up to 28.7 percent in the first half of 2015.

“Taken together with all the subcontractors, who are classified in other industries, the total share of the overall automotive cluster for the economy of Slovakia is even higher,” Vaňo told The Slovak Spectator.

The beginningsAfter the fall of the communist regime in

1989, Slovakia’s arms industry was hit hard, Honorary ZAP Chairman Jozef Uhrík has recalled. Many companies were closed down, ousting hundreds of workers with specialised skills. That historical setting made the country fruitful ground for the automotive industry.

“The very successful mushrooming of auto-motive manufacturers in Slovakia was only pos-sible thanks to an abundance of the underutilised key resource: a qualified labour force possessing the necessary craftsmanship for reliable produc-tion of some of the most advanced models of cars, including high-end SUVs,” Vaňo said.

Beyond a skilled workforce, a network of secondary vocational schools and apprenticeship institutes, as well as strong technical universities also remained from the communist era.

“The fact that a significant share of the automotive production in Slovakia represents high-end SUV models, which carry rather high price tags, points to the fact that the strength of the Slovak workforce is not in its price, but in the attractive ratio between the qualification and price of the workforce,” said Vaňo.

Multinational corporations with facilities in Slovakia could have produced these expensive models virtually anywhere in the world, if price were the only aspect in the decision-making, Vaňo said. The automotive industry and its subcontractors made not only the lion’s share of

a contribution to increasing the potential output of the Slovak economy, but were also important players in bringing down unemployment from the near 20 percent levels experienced as recently 2001, Vaňo said.

“Compared to many other industrial sectors, the automotive industry still has a relatively high added-value, and can afford to pay relatively higher wages compared to many other industries and is hence a positive contribution to the over-all increase in the living standards in Slovakia – albeit with significant regional disparities,” said Vaňo.

Not only an assembly line“The statement that Slovakia within the

automotive industry is only a cheap production hall has not been true for a while,” said Sinay.

The situation changed already before the end of the 20th century when the Slovak arm of the German carmaker Volkswagen finished the so-called complete knock-down (CKD) as-sembly, when a vehicle is assembled locally using all the major parts, components, and technology imported from the country of its origin. At that time VW started manufacturing highly special-ised vehicles in Slovakia, including sports cars and 4x4s, recalled Sinay. Later VW launched the production of components and the assembly of gear boxes.

“Since this time only the most modern technologies requiring highly qualified labour

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cars will occur on roads and that our car fleet will be more ecological.”

Avoiding a Detroit-like scenarioRepeatedly there are raised voices point-

ing to an overly strong focus of Slovakia on the automotive industry, warning against the Detroit-like scenario. Analysts and experts see especially a bigger focus on education and inno-vations that would help Slovakia not to become a new Detroit.

ZAP in its strategic materials already in 2014 declared the basic conditions of competi-tiveness and sustainability of the automotive industry in Slovakia. It focuses especially on the field of education with creation of a system closer to requirements of the expert practice at all its levels.

“As far as there will be enough quality in Slovakia and qualified workers willing to work in production, there is no reason why the currently existing companies do not keep their production capacities here,” said Sinay. “Educated graduates are the basis of a prosperous company and this is regardless whether it is the automotive or any other sector of industry in Slovakia.”

Juraj Janči, general director of Coface Slo-vakia, believes that what is now important is to think ahead and invest into R&D even though not all investments would return.

“Already now it is necessary to think about development 20 years in advance,” Janči told The Slovak Spectator. “While in Europe and America it is necessary to think of sophisticated production with alternative fuels already today, this trend will come also to Asia sooner or later. The emission scandal [of VW] has finally pointed to facts, which many suspected, and that it is necessary to look for alternative fuels: at the beginning electric cars, then gas-driven cars and gradually hydrogen drive.”

To avoid Detroit-like scenario, Janči believes that Slovakia should invest more into R&D and count on “that only a portion of invested sources would return, but this can push us ahead”.

Vaňo of Sberbank recalls that the influx of automotive-related FDI before the global reces-sion of 2009 was part of a decade-long process of restructuring of the automotive industry in Europe. This restructuring process could be in short described as the “geographic optimisa-tion of cost base”, he said. In other words, a recognition that if manufacturers want to produce cheaper cars, which were increasingly in demand, they must adjust also their cost base accordingly. This led to the downsizing of the facilities in western Europe and the opening of new production capacities in the eastern Europe – with the Visegrad Group playing a prominent role within this process. The major central European automotive cluster spans the Czech Republic, southern Poland, Slovakia and Hungary.

“The second important thing to keep in mind is that an important part of the Slovak automotive industry is comprised of relative newcomers, who chose Slovakia as their spring-board into the half-billion market of the EU,” Vaňo said.

Small- and medium-sized models have proven over the past few years their resilience also during economic turmoil, as many families decide to proceed with the renewal of their fleet, but trade down for more fuel and maintenance efficient vehicles. Moreover, these new entrants have proven to be rather successful in further expanding their still relatively modest market share. Now a growing slice of the market, these

producers see their production being hit less even though the overall pie is shrinking, as they succeed to get a bigger slice of the overall mar-ket, according to Vaňo.

Third, one of the crucial reasons for invest-ing in Slovakia is the availability of an underu-tilised labour force with attractive proportion of qualification to cost. Such a resource is not that easy to replicate in the short-term, plus the vast volume of the investment made into fixed assets puts a time limit as to when this investment will reach a break-even point.

“Certainly, in the perspective of several decades we must take the issue of better diversifi-cation of the Slovak economy seriously, but that is not a reason to feel ashamed for the quality of our underutilised craftsmanship,” said Vaňo.

Jaguar Land Rover in SlovakiaIn mid August 2015 the British Jaguar Land

Rover (JLR) carmaker, owned by the Indian Tata Group, announced its selection of the city of Nitra in western Slovakia as its preferred location for a new manufacturing plant after a robust analysis of a number of locations including Europe, the United States and Mexico. It signed a letter of intent with the Slovak government on August 11. It put Slovakia’s proximity to a strong supply chain and good logistics infrastructure as reasons behind its decision. Subject to the outcome of the feasibility study, a final decision is expected later in 2015.

“With its established premium automo-tive industry, Slovakia is an attractive potential development opportunity for us,” Jaguar Land Rover CEO Ralf Speth said at the time. “The new factory will complement our existing facili-ties in the UK, China, India and the one under construction in Brazil.”

The plant in Nitra will be the first plant of JLR in continental Europe.

“This giant investment will be another important contribution to gross fixed capital growth in the upcoming years,” said Vaňo. “Much will depend not only on start of the production, but also on the time until it reaches

Source: Sberbank Slovensko

Share of production of vehicles on total industrial sales in Slovakia

Number of cars produced in Slovakia

Carmakers and subcontractors in Slovakia

R2

R2

R3

R3

R4

R5

R6

R7

D3

D1 Poprad

Sliač

Žilina

Trenčín

Piešťany

Nitra

Trnava

BRATISLAVA

Košice

Prešov

subcontractor planned highways highways under construction highways highways (half profile) main railways

international airport

force have been getting in Slovakia with any new investor and each new model manufactured in carmakers,” said Sinay.

Sinay also points to an increase of R&D capacities, which especially in case of subcon-tractors saw a big spike after 2000.

Several companies, especially from the group of subcontractors, have R&D centres in Slova-kia, while the Automotive Innovation Slovakia Survey 2014 published by KPMG in December 2014 noted that as many as 26 subcontractors in Slovakia have their own R&D centres employ-ing 700 people. Some 16 others are set to launch within three years. KPMG also sees prospects of inter-connection of established companies with the startup community.

Sinay lists as examples of successful R&D centres for Johnson Controls in Trenčín (development of interior elements), Matador Holding in Dubnica nad Váhom (development of components for automation of production as well as application of new materials), Continen-tal Automotive Systems in Zvolen (development of braking systems), ZKW Krušovice (develop-ment of headlamps) and Plastic Omnium in Lozorno (development of integrated modules for car interiors).

“We are a proof that a Slovak R&D centre can be a successful link to the engineering network of a global company,” said Ivan Jakubec, head of development of seat components at John-son Controls in Trenčín, as cited in the ZAP’s

magazine Automotive Innovation Slovakia.According to Jakubec, one of the most

important factors is effective development of employees when the biggest challenge was to change the way of thinking of employees from the trial and error principle to the plan-do-check-act principle.

“The benefit for the [parent] company is an R&D centre strongly competitive in terms of abilities and costs,” said Jakubec.

On the other hand, the Centre of Devel-opment for the Automotive Industry at the National Technological Centre has thus far not been created amid bureaucratic infighting. Research and application-oriented organisations like VTT in Finland or Fraunhofer-Gesellschaft in Germany are looking for partners in Slovakia.

Electric cars While Slovakia’s carmaking industry manu-

factures about 6,000 electric and hybrid cars annually, less than 300 such cars are currently on the country’s roads. The cabinet sees develop-ment of electric mobility as a chance for Slovakia to improve its environment as well as put an impetus on innovations and R&D and thus it adopted on September 9, 2015, the Strategy of Support of Electromobility.

While it sets ambitious goals in terms of the number of e-cars and plug-in vehicles to be seen on Slovak roads in a few years, it lacks any tangible support schemes.

“The strategy has been elaborated in efforts to help the development of the automotive industry in Slovakia and electric mobility in Slovakia as well as because of the support of the growth of the industrial production based on in-crease of its competitiveness via innovations and innovative technologies and because of creation of the Slovak platform for e-mobility,” according to an Economy Ministry statement.

“Slovakia, alas, has been lagging in this development not only behind leaders but also neighbouring countries in the region,” writes the ministry.

The strategy forecasts that between 600 and 4,000 electric cars and plug-in hybrid vehicles will take to Slovak roads in 2016 and 2017. Their number should increase to between 10,000 and 25,000 in 2020. By that time Austria and Germany should have 250,000 and 1 million such cars, respectively.

Sinay of ZAP points out that while the strategy focuses on electric cars and related in-frastructure, ZAP’s interest is that conditions for application of all alternative drives of cars (vari-ous hybrid cars, LNG, CNG, LPG, hydrogen and others) are created.

“In this term we assess positively that the Economy Ministry has begun working on a material that will solve infrastructure for all these alternatives,” said Sinay. “But the strategic ques-tion is whether a developed infrastructure will secure the fulfilment of scenarios that more such

20.60%22.04% 24.76% 26.29% 26.48% 28.73%

R6R6R6R6R6

R2

R2R2R2

R3

R3

R7R7R7R7

D3D3

D1

Sliač

Žilina

TrenčínTrenčínTrenčínTrenčínTrenčín

PiešťanyPiešťanyPiešťany

Nitra

Trnava

BRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVABRATISLAVA

Piešťany

R4Poprad

KošiceKošiceKošice

Prešov

subcontractor subcontractor planned highwaysplanned highways highways under constructionhighways under constructionhighways under construction highways highways (half profile)highways (half profile) main railwaysmain railways

218,349295,380

571,071 575,776

463,140

561,933639,763

926,555987,718 971,160 980,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*Source: Automotive Industry Association of the Slovak Republic * esti

mat

ion;

Sou

rce:

ZAP

SR

PiešťanyPiešťany

18 19opportunItIesopportunItIes

its full potential capacity.” ZAP expects that if the investment

materialises, the impact of the arrival of a fourth carmaker would have effects similar to the positive impact of the existing carmakers.

“Each new investment of such a character has brought an increase of GDP and one could assume that this would happen also in case of JLR,” said Sinay. “It is possible to expect a boost of the dynamics of Slovakia’s economic growth.”

In case various forms of education are applied, the new carmaker may reduce the unemployment.

“Slovak employees will have contact with a new corporate culture and system of work,” said Sinay. “The motivation of young people to study technical fields and get a job in the highly prospective industrial sector with upper-standard remuneration will increase.”

In brief and in numbers, provided that the signing of the binding memorandum is concluded successfully, Vaňo estimates that the total volume of investment in 2016-2018 could be €2 billion. Provided the facility would kick-start its production in a similar manner as its predecessors, it could generate initially over €1 billion in sales annually, which might gradually increase to more than €5 billion in sales per year; total employment at the facility would initially exceed 1,500 and could thereafter climb close to twice the amount, while total employment at subcontractors could initially reach 5,000 and could gradually climb to nearly 9,000, overall. During the first phase, until 2018, this FDI might add a cumulative 0.7 percentage points to real GDP growth.

“Along with other expensive cars manufactured in Slovakia this is another proof that the strong point of Slovakia is not the cheap labour force but the attractive ratio between the price and qualification of the workforce,” Vaňo said.

Analysts and market watchers warn that the

availability of labour force might be a problem as several companies are already complaining about the lack of qualified labour force. In this respect hopes are pinned on elements of the dual education scheme that are being implemented in Slovakia.

Vaňo also points out that the experience of the company with doing business in Slovakia will be more important than the plant itself.

“A potential good experience of the carmaker may be important for building a bridge to Slovakia for other investors from Great Britain or India, similarly as this happened in the case of South Korea [when several subcontractors have followed Kia Motors to Slovakia],” said Vaňo.

vW emission scandal

The emissions scandal of Volkswagen broke in mid September in the United States, when the company admitted that it had installed software that artificially reduced the readings of its nitrous oxide emissions in some diesel cars. About 46,000 of the 11 million affected cars are on Slovak roads. Experts and market watchers see it as too early to envisage impacts of this scandal on the Slovakia’s auto-motive industry, one of possible consequences might be less investments by VW, but also an end of the era of diesel engines so popular in Europe.

“It is too early to judge,” said Vaňo in late October. “One has to keep in mind, that the corporation has several brands and might thus be successful in diverting some of the unsatisfied customers from one brand to another. Likewise, the facility in Slovakia is producing several mod-els of different brands.”

Dušan Pukač, head of sales at Coface Slov-ensko, agrees.

“In any case, focus of carmakers in Slovakia would be more environmentally-oriented,” he told The Slovak Spectator.

Vehicle production makes up 17 percent of total German industrial output which accounts for 26 percent of German gross value added, said Grzegorz Sielewicz, Coface economist for the central and eastern Europe region. As a result the automotive industry accounts for nearly 5 percent of the total economic output and makes up nearly 18 percent of total exports.

“The scandal with fake emission results hurts the German quality image significantly,” Sielewicz wrote. “However, its impact could spread out among other economies which are dependent on the performance of the German automotive sector. It includes CEE countries which were able to gather sizeable German FDIs and lots of CEE companies deliver their products for the final German production.”

The scandal does not only cause problems for VW, but also boosts discussions whether it would not be more beneficial to support electric cars and bring testing conditions closer to reality.

“Nobody will believe that VW cars are so much more harmful than Fords or Toyotas,” said Martin Jesný, analyst with the Slovak Automotive Institute, as cited by the Hospodárske Noviny daily. “Now maybe the system of testing will become more realistic.”

By Jana Liptáková, Spectator staff

Carmakers in Slovakia JAGUAR LAND ROvER (Nitra) - plannedProduction: Annual capacity is projected at between 150,000 and 300,000 vehiclesEmployees: Between 2,000 and 4,000 Total investment: Planned at more than €1 billion, construction of the plant may begin in 2016 and production in 2018-2019

kIA mOTORS SLOvAkIA (Žilina)Production: Since the launch of the serial produc-tion in 2006 Kia Motors Slovakia has manufactured more than 2.187 million cars, including more than 323,000 in 2014.Employees: More than 3,800

models of manufactured: Kia cee’d, Kia Sportage and Kia VengaTotal investment: €1.6 billion since its arrival in 2004Source: www.kia.sk

PSA PEUGEOT CITROëN SLOvAkIA (Trnava)Production: Since the launch of the serial produc-tion PSA Peugeot Citroën Slovakia in 2006 has manufactured more than 1.7 million cars, including 256,200 in 2014models manufactured: Citroën C3 Picasso and Peugeot 208Employees: About 3,500

Total investment: About €1 billion since its arrival in 2003Source: www.psa-slovakia.sk

vOLkSWAGEN SLOvAkIA (Bratislava)Production: Since the launch of the serial produc-tion in 1992 VW Slovakia manufactured nearly 4.05 million cars, including 394,500 in 2014models manufactured: Volkswagen Touareg, Audi Q7, bodies for the Porsche Cayenne, Volkswagen up!, Volkswagen e-up!, Škoda Citigo and SEAT MiiEmployees: More than 9,900Total investment: More than €3.01 billion since its arrival in 1991; Source: www.vw.sk

AUTOMOTIVE INDUSTRY BY THE NUMBERS Share of annual GDP 13%

Share of the automotive production of industrial production in Slovakia 43%

Share of the automotive production in the industrial exports of Slovakia 35%

number of people employed directly in automotive production 80,000

Total number of people employed in the automotive industry 200,000

Value of exports generated by the automotive production €17 bn

number of cars produced annually in Slovakia about 1 mil.

Source: ZAP SR

Source: Kia, PSA Peugeot Citroën, Volkswagen, SARIO

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Precise. Reliable. On time.Our advice.

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Business service centres seek excellence

The increasing number of business service centres (BSCs) in Slovakia aim to become centres of excellence turning

their focus from providing services to research and development. This trend however creates challenges in seeking more qualified workers.

“The potential of Slovakia in [research] sec-tor is still not fully discovered,” AT&T Global Network Services Slovakia General Manager Gabriel Galgóci told The Slovak Spectator. “For such improvement, however, some changes in intellectual property protection on the national and EU level should be made.”

An American Chamber of Commerce (AmCham) survey found that 19 BSCs joined in the Business Service Center Forum (BSCF)

contributed €65 million in employee income taxes and €191 million in form of social security in 2014. Their salaries totalled €398 million in 2014 while the average monthly salary reached €1,660 in 2013. Total number of full-time employed people in those BSCs was 23,000. AmCham Slovakia surveyed 19 BSCs in early 2015 and the numbers look to be holding steady.

When additional firms which are not members of the forum are counted, the actual number of employees could reach 30,000, the Trend economic weekly wrote.

New centres coming Several BSCs were announced or extended

in 2015. For example, the Dutch ING Bank announced in February 2015 that it will open a BSC in Slovakia which will be responsible for all 40 countries in which ING operates. It should employ 300 people.

The Brazilian company Embraco wants to open a new BSC in the eastern Slovak city of Košice which is 80-kilometres away from com-pany’s plant in Spišská Nová Ves. The noted international compressor company will employ 150 people there.

“Embraco established itself in Slovakia and achieves great results in research and develop-ment along with having beneficial portfolio of produced compressors,” Embraco spokeswom-an Gabriela Vlková told The Slovak Spectator.

Lighting manufacturer Osram, based in Nové Zámky, will create at least 200 jobs in the Nitra Region by 2018 at a new BSC for EMEA region, the Hospodárske Noviny daily reported in April 2015.

Success story Additionally, automotive supplier Johnson

Controls have capacities for hiring new staffers

following current and future needs, Interna-tional Bratislava Business Centre Director Michael Petersen told Hospodárske Noviny in June 2015. The company is expanding and plans to move to a new building called Pano-rama Business Center in Bratislava, which is under construction.

Johnson Controls launched a global joint venture for automotive interiors with China’s Yanfeng Automotive Trim Systems in July 2015 which could also move to the building, the Sme daily reported.

“I am here [in Johnson Controls Bratis-lava Business Centre] since the beginning in 2007 and if you asked me then if I believe in such growth I would have definitely said no,” Petersen told the daily. “This is a suc-cess story.”

Moreover, the German group Schaeffler – a maker of linear bearings – and Maccaferri Central Europe company, which specialises in gabions, wire mesh rectangles filled with stones for landscaping, are constructing new centres.

“Slovakia with its geographical location allows it to serve customers all around the world,” Galgóci said.

Focusing on quality When comparing Slovakia with countries

like Poland, Bulgaria or Romania, it seems

that Slovakia reached its growth limits despite the expanding BSCs, according to Monika Smižanská, director of assurance at PwC in Slovakia.

“This year we noticed a new trend in cen-tres – complete or partial ending of activities in Slovakia and their transfer to lower-cost coun-tries,” Smižanská told The Slovak Spectator. “However, it applies mainly to lower sophisti-cated transaction activities.”

On the other hand, one of the main trends in Slovak SSCs is that companies started to focus more on increasing quality rather than cutting expenses, she added.

Centres are evolving from “first generation” centres which were dealing with transaction activities through “second generation” centres with increased services to “third generation” of centres offering highly specialised positions in research connected with practical innovations, according to Galgóci.

Around 90 percent of centres in Slovakia are in their expansion period with ambition to move to the third stage which leads them into becoming part of the strategic management of corporations, according to Smižanská referring to a 2014 PwC study.

“Slovakia surely has potential to be space for centres of excellence providing services with the highest added value,” Smižanská said.

Labour market tightensWhile BSCs are moving from transactional

tasks and services toward more value-added services the labour market is getting tighter in Slovakia. That means there is automati-cally a higher need for more experienced and better-educated employees, according to Nima Motazed, the head of Swiss Re Business Ser-vices Slovakia.

“We do not feel that the BSCs are stealing employees from each other but the market is becoming more competitive,” Motazed told The Slovak Spectator. “Only those BSCs which are able to deliver a better value proposition to their employees will succeed.”

In order to increase skill of potential employees, centres intensively cooperate with high schools, colleges and universities with the aim to bring experiences from business to the education process, according to Galgóci.

One of the main problems of Slovak BSCs is their high fluctuation of people, Trend wrote in September 2015, pointing to personnel agencies which say that generally BSC employees remain in one position for two or three years.

The most visited private job portal Profesia.sk had about 9,000 free job positions in BSCs in the first eight months of 2015. Fluctuation in Slovak centres totals about 14 percent of workers per year while centres in neighbouring countries face 17-percent fluctuation, accord-ing to Smižanská.

“Moving from support centres toward centres of excellence requires a change in recruiting and required profiles,” Motazed said. “That is also the reason why we reviewed our recruitment strategy completely this year … to become a more mature organisation.”

By Roman Cuprik Spectator staff

LARGEST BSCS IN SLOVAKIA*BSC Locations

Accenture Bratislava

AT&T Bratislava, košice

DELL Bratislava

Hewlett-Packard Bratislava

Henkel Bratislava

IBM Bratislava, košice

Johnson Controls Bratislava

T-Systems košice

* more than 1,000 full-time employees

WHO WORKS AT THE BSCSUniversity educated 82%

Women 61%

Foreign nationals 9%

Average age 31 yrs

Managers 9%

Weighted average monthly salary (2013) €1,660

Headcount increase 10%

Source: BSCF 2014 Survey, AmCham

STATE INVESTMENT INCENTIVES FOR BSCS IN SLOVAKIA (2002-2013)Company year new employees State incentives

Dell 2004 274 €1,955,121

Dell 2006 851 €6,546,650

T-Systems Slovakia 2006 512 €4,905,995


IBM Slovensko 2013 150 €1,575,000


Source: BSCF 2014 Survey, AmCham

89%

68%

63%

52%

47%

42%

10%

0% 10 0% 30%4 0% 50%6 0% 70%8 0% 90% 100%

Financial Services & Accounting

IT Services

Customer Services

Human Resources

Sales & Fulfillment

Procurement

Other

Žilina

NitraTrnava

KošiceNové Mesto nad VáhomSenica

Považská Bystrica

Piešťany

Nové Zámky

Business service centres in Slovakia

Business services provided in the BSCs located in Slovak

10% 20% 30% 40% 50% 60% 70% 80%

Sour

ce: S

me


One law firm decided not to provide information and is not listed: Barger Prekop s.r.o.

Importance of ICT sector increasesEset, IBM, T-Systems and mobile

operators in addition to dozens of small companies comprise the information and

communications technology (ICT) sector in Slovakia. Even though it is not in the spotlight of the media and state support as, for example, the automotive industry, its importance cannot be overlooked either thanks to its contribution to Slovakia’s economy as well as the fact that nowadays nobody can imagine the world without ICT technologies. And while Slovakia’s ICT companies fare well internationally, they would still like to see better conditions in Slovakia for doing business and more attention also from the state.

“Only some few realise the current contri-bution of our sector not only for the economy of this country, as shown by the study that INESS Consult prepared for us, but much more important is its contribution for the future of the country,” Mário Lelovský, the head of the IT Association of Slovakia (ITAS), told The Slovak Spectator. “Already now ICT is a sector that without any swings maintains a stable increase of the workforce as well as of wages that are the highest of all economy’s sectors. Today we actually cannot imagine work not requiring knowledge of ICT skills.”

When summing up benefits the ICT sector brings, Lelovský pointed out that while the ICT sector accounts for 2.3 percent of the employ-ment, its share of GDP is double, 4.6 percent.

“Our sector pays regularly several times high-er corporate income taxes than, for example, the automotive sector, when employing less people,” said Lelovský. “Thus it is a sector with a high, but also declared, added value. This accounts for as much as 8.6 percent of the total taxes of business entities.”

The ICT sector also sports the highest average wage and actually does not know the word un-employment. Companies belonging to this sector rank among the biggest investors and employers.

“The pressure of competition as well as constant development of new technologies forces these companies to invest and innovate which has a nation-wide impact in the form of new and better services or reduction of prices,” Martin Kóňa, spokesman of the Ministry of Transport, Construction and Regional Development, told The Slovak Spectator. “Electronic communica-tions are an inevitable part and precondition for a problem-free operation of remaining sectors of the economy. They contribute in a significant way to the development of innovations in other sectors.”

The ministry sees their main contributions in the possibility of communication, transfer of large volumes of data and reduction of costs.

“They create preconditions for new approach-es to employment of people like remote work or working from home and their education,” said Kóňa. “They create conditions for securing the contact of selected groups of the population, like seniors, long-term ill people or people living in remote regions.”

ICT sector in Slovakia The ICT sector accounts for 2.3 percent of

the employment in Slovakia or 62,000 people while its share of GDP is 4.6 percent, based on the analysis of INESS Consult published in late 2015.

The analysis cites two estimates of those working in the ICT sector in Slovakia. The first one is based on the labour force sample survey while it estimates that 62,000 people worked in the ICT sector during the first quarter of 2015,

an increase from 56,200 in 2014. Out of this, employees made up 52,400 people, an increase from 44,500 in 2014. The second estimate is based on data of the Slovak Statistics Office about the registered number of employees. Here the av-erage number of employees in the ICT sector was 32,832 in 2014, up by 18 people compared with 2013, but these figures do not include companies with up to 19 employees. The office registered a moderate decrease of the self-employed, 10,073 as of the end of 2014.

The biggest employers are Slovak Telekom with the average number of workers in 2014 based on the Top 200 collected by the Trend economic weekly, 3,649 people, followed by T-Systems Slovakia (3,118) and Hewlett-Packard Slovakia (1,744). Other big employers are Asseco Central Europe, Orange Slovensko, Accenture Technology Solutions, IBM Slovensko, Eset, Ness Slovensko and Telefónica Slovakia (now O2).

This shows that the 10 biggest Slovak ICT companies in Slovakia employ more than one quarter of employees in this sector. The other 19,000 employees work in ICT companies with 20 or more employees and the remaining in ICT companies with up to 19 employees.

“The ICT sector is specific with a large number of small companies with one to three employees and a large number of self-employed on one side and some dominant companies on the other side,” the analysis reads.

The ICT sector has the highest average wage out of all monitored sectors, based on data of the Slovak Statistics Office. The wages increased in this sector from €1,817 in 2013 to €1,968 in 2014 or 8.3 percent. This growth was faster than the growth of the average wage in the Slovak economy.

High wages mean also high compulsory health and social insurance contributions as well

as paid income taxes. In 2004 businesses in the ICT paid in corporate income taxes €167.4 mil-lion or 8.6 percent of the total corporate tax paid in 2014, based on data of the Financial Adminis-tration. For comparison, the sector or production of motor vehicles paid corporate tax of €179 mil-lion and the industrial production €448 million.

“The ICT sector was one of the key sectors of the economic development of Slovakia,” the analysis reads. “Even though it continues to be one of the two driving forces of the Slovakia’s economy, the ongoing crisis and the decrease of the competitiveness of Slovakia have been leaving traces on it.”

Authors of the analysis compare the ICT boom with the automotive industry, which grew significantly in Slovakia during the last decade and is the most important industrial sector in Slovakia.

“Maybe less visible, but the ICT industry developed more systematically in Slovakia during this period of time,” the analysis reads. “And this happened not only in the form of the arrival of large foreign players but also the growth of local companies.”

After the financial and economic crisis burst out in 2008, the development in the two sectors differed. While the automotive sector registered a fast decline and afterwards a fast increase again, the strongest sub-sector of ICT, i.e. production of monitors and TVs, maintained moderate growth until 2010 and afterwards it began declining.

“But this decline is balanced by the growth of other groups of ICT products, especially telephones,” the study reads. “Though also this growth segment slowed down in 2014 and the volume of export of television sets decreased by almost 5 percent.”

The ICT sector remains to be one of the two most important export sectors of Slovakia. Moni-tors and TV screens are still the most significant items, but the growth of other ICT products joins them gradually, especially telephones. Analysts predict growth for the global ICT sector, making

it one of the possible natural cures for the crisis.“Already in the past the ICT sector was for

some Asian countries a driving force for overcom-ing the economic crisis,” the analysis reads. “Simi-larly Estonia presents a successful ICT policy on European ground.”

State support of investment Investment stimulus is a popular instrument

used by the Slovak government and the aggregate stimuli agreed upon by the government between 2002 and 2014 amounted to €1.544 billion. Support went to 127 entities for 151 projects, based on data of the Economy Ministry. From the viewpoint of the sectors, the automotive sector received €789 million or 51.1 percent. The investment assistance provided to carmakers only accounted for €413.4 million, INESS Consult’s analysis reads. On the other hand, the ICT sector received investment stimuli approved for €33.69 million or 2.17 percent between 2002 and 2014.

The share of state assistance on total invest-ments in the ICT sector is 28.2 percent while in the automotive sector it is 17.2 percent.

INESS Consult has calculated the return of investment in the automotive sector at roughly 4.18 years, yet in the case of the ICT sector it is significantly less, 0.68 of a year.

“The [available] data indicate that in regard to the ICT sector the return on investment is significantly faster which is linked with a higher average wage in the ICT sector, higher added value and simultaneously lower investment stimu-li calculated per one work place compared with the automotive sector,” reads the analysis.

In general, investment incentives are popular with Slovak cabinets while INESS Consult perceives them as interference into the market environment also bringing several negatives. It points out that while tax holidays, a frequent in-vestment form of stimuli granted in Slovakia, are not accompanied by a drop in state expenditures, actually other taxpayers must fill in the gap.

“Thus companies are forced, via higher taxes, to support their competition,” the analysis reads, indicating that such a financial injection enables the receiver of the stimuli, for example, to draw highly qualified employees from other companies and offer them higher wages.

Slovak ICT companies fare well

Slovak firms repeatedly appear in the ranking of the fastest-growing companies while Eset has been continuously there for 13 years.

The latest annual ranking of central Europe’s 50 fastest-growing technology companies that Deloitte published in late October 2015 features five Slovak companies. BSP Applications, engaged in development of user applications and docu-ments administration placed the highest in the ranking prepared based on their five-year revenue growth, fourth with a revenue growth rate of 1,004 percent over the past five years. Visibility online marketing agency achieved the second best position when it placed 17th with the growth rate of 543 percent. It was followed by Pixel Federation developing game apps for mobile phones at the 29th position with 407 percent. CEIT Technical Innovation focusing on R&D of innovative solutions for industry was 31st with

Source: ICT Market Report 2014/2015, EITO

Žilina

Nitra

Trnava

BRATISLAVA

Košice

Source: Centrum vedecko-technických informácií

4,656

1,578

967

772277

Banská Bystrica

Komárno

Ružomberok

291

182

215

Number of ICT students at Slovak universities in 2014

Value of ICT market per capita in 2014 (€)

NUMBER OF ICT COMPANIES OPERATING IN SLOVAKIA

Number of employees Number of ICT companies or ICT self employed

self employed 10,167

0 - 9 7,218

10 - 19 231

20 - 49 113

50 - 249 91

250 - 499 20

500 - 999 2

1,000 and more 5

Source: The ICT sector in Slovakia study by INESS Consult, based on data of the Slovak Statistics Office, April 2015

0

100

200

300

400

500

600

700

800

Sloven

ia

Czech

Rep

ublic

Estonia

Slovak

ia

Croatia

Hunga

ryLa

tvia

Poland

Lithu

ania

Russia

Bulgari

a

Roman

ia

Maced

onia

Source: Sme


387 percent and the Promiseo online marketing agency was 32nd with 382-percent growth over the last four years.

The performance of Slovakia, which has the same number of companies on the list as the Czech Republic and more than Hungary, has been gradually improving. In 2013, only two companies made it to the list, in 2014 it was three. The exception is Eset, which has been placed in a separate list of companies that are too big to compete with smaller companies of ‘The Big Five’ for 13 consecutive years. Unfortunately, this year no Slovak company placed in the cat-egory of Rising Stars.

Development in this kind of enterprise and the success of companies in information technol-ogy lead to the question of whether they have the potential to change predominantly production-oriented Slovakia.

“I think that these two sectors don’t compete with each other, quite the opposite as they’re complementary,” Ivan Lužica from Deloitte stated, as quoted by the TASR newswire. “A pro-duction company that wants to be competitive must follow and use the newest technologies and distribution channels.”

eGovernment matters eGovernment does not mean only usage of

computer technologies in offices but a change in the general approach of the administration. While in the traditional bureaucratic process an applicant is a kind of ‘postman’, who must prove with documents a change in the reality or an entitlement at each stage to individual office, in the electronised administrative process he should be only at the beginning and the end of the administrative process.

But the electronisation of state and public services in Slovakia is considered to be insuf-ficient and has become also a target of criticism of Slovak President Andrej Kiska, who in his speech at the 14th annual International Congress on Information Technology Use in Public Ad-

ministration (ITAPA) 2015 held in Bratislava on November 3 said that the digitisation and electronisation of state and public services in Slovakia has not progressed significantly, despite the presence of ambitious projects.

New technologies should make public ad-ministration easier and help society to become “really modern”, he added, as quoted by TASR. Kiska criticised the process of carrying out the Operational Programme Informatisation of Society, which Slovakia launched in 2007.

“The Operational Programme had great ambitions and an even greater budget,” the president went on to say. “Today, eight years later, it’s clear that the state has managed to spend almost €900 million. On many occasions the money was spent in a non-transparent man-ner and many times without any result. Citizens and entrepreneurs are still acting like postal workers [moving to and fro] between offices.”

The ICT sector identifies the biggest shortcomings especially in the sector of eGovernment and public procurement of advanced technologies but also in creation of a quality business environment. This is one of the conclusions of the analysis of INESS Consult, adding that a healthy development of the ICT sector and its systemic utilisation in the state administration in the form of eGovernment can help Slovakia climb upwards in international rankings of competitiveness.

Another factor which is taken into con-sideration when assessing the competitiveness of the country from the viewpoint of ICT is transparency and openness of public procure-ments for ICT products and services.

“The low transparency of procurement not only averts new investors and suppliers from en-tering the Slovak market, but it also hinders the ability of public institutions to profit maximally from possible savings and higher effectiveness of operation that services of the ICT suppliers generate,” the analysis writes.

Challenges for the future The ICT sector and its successful expansion is

especially important for creation of higher value-added jobs and hence appropriate employment opportunities for relevant university-educated graduates, said Vladimír Vaňo, head of CEE research at Sberbank Europe.

“Moreover, it appears to be one of those sec-tors, which creates also opportunities for Slovaks with relevant experience abroad to ‘repatriate’ back into Slovakia into adequate management positions in the industry dominated by global multi-national players,” Vaňo told The Slovak Spectator. “In the medium term, active coopera-tion between the business sector and universities will be vitally important to maintain the neces-sary supply of well-qualified workforce.”

One of the most often mentioned challenges the ICT sector faces is the shortage of labour force.

“The demand for employees in the ICT sec-tor exceeds supply by as much as four times and this is why the ICT sector actually does not know the term unemployment,” Radovan Ďurana from INESS Consult said at the IT Summit held by ITAS on October 1. But a recent survey the ITAS carried out among its members about their labour force needs resulted in revealing that the sector lacks or will lack 10,000 people at least during the next four years, while this number would even increase several times during the coming years also thanks to the arrival of new changes like Industry 4.0, Internet of Things or the Digital Single Market, Lelovský said.

“We see prospects unambiguously in missing people who may not know that we need them and that the ICT sector may mean for them an interesting future,” said Lelovský. “We are also witnessing insufficient attention for the ICT sector from the side of politicians and state leadership.”

By Jana Liptáková, Spectator staff

Average growth of ICT market (2012-2015)

Source: ICT Market Report 2014/2015, EITO

AVERAGE MONTHLY WAGE IN THE ICT SECTOR IN €

Division 2013 2014

Information and communica-tion total

1,817 1,968

Basic ICT sector* 1,882 2,059

Publishing activities 1,382 1,354

Production of movies 1,788 1,654

Activities for radio and TV broadcast

1,369 1,371

Telecommunications 1,863 2,026

Computer programming, con-sultancy and related services

1,887 2,062

Information services 1,912 2,153

* the weighted average according to the number of employees Source: The ICT sector in Slovakia study by INESS Consult, based on data of the

Slovak Statistics Office, 2014

1/1vgd

0

0.5

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1.5

2

2.5

3

3.5

4

Russia

Lithu

aniaLa

tvia

Slovak

ia

Maced

onia

Bulgari

a

Hunga

ry

Estonia

Czech

Rep

ublic

Roman

ia

Poland

Croatia

Sloven

ia

SP01

5029

/005


Startup ecosystem to expect smart progressWhereas the Slovak startup scene

has been experiencing a boom and creating approximately 1,000 in-

novative companies each year, new investors and the government’s priorities in supporting young entrepreneurs’ activities have appeared.

“Finally, the sector is operating with the right conditions for its development and also local me-dia and the government have registered the trend of startups,” Ivan Štefunko, managing partner in venture and seed capital company Neulogy Ventures, told The Slovak Spectator. “Moreover, universities do not impede the business activities of their students, support incubators arise and accessible financing via venture capital has been allowed.”

The startup scene opened up more broadly about five to seven years ago with the introduc-tion of well-established international initiatives like the BarCamp conference, the entrepreneur marathon Startup Weekend, meetings with the community at the Startup Grind and locally-grown Startup Awards competition.

Such activities lead to the fact that startups have become a trend with an enlarging com-munity in Slovakia. However, compared to the startup ecosystems in Great Britain or Nordic countries it is still a rather messy and unorgan-ised market, according to Marek Zámečník, co-founder of the international tech startup incubator RubixLab.

“In Slovakia, problems arise during the early phase of projects when people do not know where they can obtain initial information and integrate into communities of interested entre-preneurs,” Zámečník told The Slovak Spectator,

adding that the situation was similar in western Europe a few years ago.

At the same time, the Slovak Alliance for Internet Economy (SAPIE), an organisation helping to develop technical and creative talent and support the Slovak business environment, sees that despite very skilled engineering resulting in great products and availability of enough pri-vate capital, startups often lack strong marketing necessary to succeed globally, SAPIE director Petra Dzurovčinová told The Slovak Spectator.

Well-applied companies in the market are mainly focused on the creation of Business to

Business (B2B) software as it is the easiest form of startup. Zámečník stressed that the market with such ideas has begun to be slightly over-saturated with almost no innovation.

“We had around 50 applicants in the incuba-tor from Slovakia with up to 60 percent develop-ing apps or software,” Zámečník said. “The market lacks more complex hardware innovation with R&D that an inventor cannot develop in a living room.”

In contrast, according to KPMG’s Startup Survey 2014, besides apps the most prominent Slovak sectors focused on by young entrepre-

neurs are hardware, equipment and e-commerce.Business ambition and willingness to bear a

greater risk favour young, educated people on the market. More than 79 percent of the startupers are between 25 and 34 and have university edu-cation or higher. However, first phase companies have been excessively relying on bootstrapping without an external investor. Private savings constitute 74 percent, angel capital 39 percent and venture capital only 15 percent of business financing in Slovakia, according to the survey.

Business as well as the access to specific forms of financing are supported by the Slovak Business Agency (SBA) as a common plat-form of public and private sector composed of representatives of the Economy Ministry, the Entrepreneurs Association of Slovakia (ZPS) and the Slovenský Živnostenský Zväz (SŽZ), an association representing self-employed trade and craft workers.

In mid-October 2015 the SBA conducted a conference called TechMatch Slovakia 2015 in Bratislava featuring discussions, mentoring and support of startups. The conference itself has be-come notoriously known for its inflated budget; afterwards US Market Access Center voiced its plans to invest $5 million into the Slovak startup ecosystem over the next 48 months. In addi-tion, the Salesforce Ventures from Silicon Valley could support individual startups with the same amount next year.

“Emerging Slovak companies would thus be granted access to partnership ecosystems, to major global partners and all of our customers,” said Neil Sands, vice-president of Salesforce In-novation, parent company of Salesforce Ventures, as cited by the TASR newswire.

Flourishing storyOne of the successful Slovak startups is Ves-

tigen which develops equipment for diagnosis of health or life quality conditions. Since autumn of

2014, together with Google, it has been develop-ing a module based on the sensor NephroSense for measuring the amount of glucose in the blood of diabetics and the proper functioning of the kidneys that could become a part of the forthcoming module smartphone Google ARA. In addition, future versions of the platform should analyse both the purity of water and soil quality.

“Our goal is to ship a platform that enables people to test liquids such as blood and water to prevent diseases,” Alexander Kriško, CEO of Vestigen, said during the Project ARA Develop-ers Conference at the beginning of the year. “The technology is already here.”

The platform similar to the current glucose meter is based on a process using a disposable strip on which an ill person will put a drop of blood. After that, thanks to an electrochemical reaction, the device will measure the user’s current health.

Project ARA is customisable smartphone hardware that allows users to change the core fragments of a smartphone individually rather than replace the whole device. Google plans to launch the first smartphone under this project in 2016.

Vestigen is supported with necessary capital for the development of sensors by native Brazil-ian investor Grid Investments from 2013 that allowed the company to pass to a venture capital funding round. A startup that wants to be similarly successful must overcome all phases of financing such as angel, seed and venture capital. International statistics show that eight out of 10 startups fail within three years, according to SAPIE.

In the area of financing the Slovak ecosystem has slowly improved. Though promising ideas have been mainly funded by private savings, around 58 percent of startups have drawn finances from external sources, according to the KPMG study.

In terms of success, each company must turn into a scaleup. Scaleup is an enterprise with average annualised growth in employees or in turnover greater than 20 percent a year over a three-year period and with more than 10 employees at the beginning of the observation period, according to the Organisation for Eco-nomic Cooperation and Development.

“Turning startups into scaleups brings larger benefits for the economy which drive economic growth in the innovative 21st century,” said Dzurovčinová.

Štefunko added that many of the scaleups and other startups obtain domination in the

Useful links for potential startupsSLOvAk BUSINESS AGENCySpecialised non-profit organisation for the support of small and medium-sized enterpriseswww.sbagency.sk

NEULOGy vENTURESFunding of talented entrepreneurs to help them succeed globallywww.neulogy.vc

CONNECT CO-WORkING Co-working space based in old Cvernovka building next to Bratislava’s main bus stationwww.connect-network.com

BRAINHOUSECo-working space based in a house in Patrónka district, Bratislavawww.brainhouse.sk

THE SPOTIncubator and accelerator located in KC Dunaj

premises in Bratislava city centrewww.thespot.sk

CLUSTERHAUSStartup enrichment centre located in Polus City Centre (Bratislava) working under European Clusterhaus Networkwww.clusterhaus.sk

EASTCUBATORIncubator based in the eastern metropolis Košicewww.eastcubator.sk

vTP ŽilinaTechnological incubator on the ground of the University of Žilina www.vtpzilina.sk

RubixLab Incubator focused on the creation of connections between Slovak market and rest of the worldwww.rubixlab.com

Useful links for investorsEconomy ministry of the Slovak Republicwww.economy.gov.sk

Slovak Business AgencySemi-state organisation for the support of small and medium-sized enterpriseswww.sbagency.sk

Slovak Investment and Trade Development Agency (SARIO)State organisation for increasing the influx of foreign investmentwww.sario.sk

Slovak Alliance for Internet Economy (SAPIE) Helping to develop technical and creative talent and support the Slovak business environment www.new.sapie.sk

Which countries / regions are you considering moving your startup to? External funding is being accessed

Source: Startup Survey Slovakia 2014; KPMG Source: Startup Survey Slovakia 2014; KPMG

48%

44%

28%

20%

12%

8%

8%

4%

North America

UK / Ireland

Central & Eastern Europe

Western Europe

Northern Europe

Asia

Southern Europe

Other

74%

39%

22%

20%

15%

4%

4%

Personal savings

Angel investors

Friends and family

Other

Venture capital

Bank

Crowdfunding

Source: Photomedia

28 29

region by that point and lead to the ability to focus on other markets. Factors influencing suc-cess include being at the right place at the right time, with the right product and in particular a functional team, he said.

“If these conditions are met capital is no longer difficult to obtain,” Štefunko said.

However, investment from abroad depends on company know-how. Foreign investors come from more developed ecosystems and have more sophisticated requirements, according to Zámečník.

He added that each investor wants to buy and then sell the business with a profit, thus for a startup it is necessary to focus on the quality of the team, idea patents due to its usability and traction which means market acknowledgement.

“A startup must first obtain customers, afterwards it can take the business to an investor,” Zámečník said.

Startup supportRecently, the Slovak government came

with a plan to support innovative entrepreneurs amounting to more than €18 million until 2018 presented in the first document within the sphere called the Concept for Supporting Startups and Startup Ecosystem in the Slovak Republic.

The plan is based on better initial conditions for startups such as a simple joint-stock company unpretentious about input capital, three-year exemption from payment of the tax licence and exemption from paying the VAT-payer guarantee fees, visas for companies outside the EU and vari-ous grants or startup financial possibilities.

According to Štefunko, application of measures is related to the fact that the public

sector has started to perceive positive support of innovative business. The current government has focused on supporting the startup field as the first in Slovak history, he said.

Zámečník pointed out that the government suggested changes due to similar steps in neigh-bouring countries.

“The model is left over from the western countries, but fortunately Slovak representa-tives had chosen the best picks from the original form,” Zámečník said.

Additionally, the government plans to open the National Business Centre as the interface be-tween entrepreneurs, R&D and academic sphere from the first quarter of the next year. The centre should support around 800 new businesses includ-ing startup and spin-off until 2023, TASR wrote.

According to SAPIE, setting the right legisla-tion and supporting the private sector to use and grow on is the main role of the government in this field.

“Slovakia is one of a few European countries where public-private partnerships work really well,” Dzurovčinová said.

The role of incubatorsCurrent opportunities of public sector lie

mainly with the cooperation with existing ecosys-tem players such as incubators, co-working cen-tres and accelerators in which strong and vibrant community of young motivated entrepreneurs meet, according to SAPIE.

In recent years, entrepreneurial ecosys-tem has been driven primarily from Bratislava whereas it has been interconnected with major innovative cities like Vienna, Budapest or Brno and amplified by the Danube Valley project.

Well-known are co-working spaces working with local people in Bratislava such as Connect Co-working, Brainhouse, The Spot and Cluster-haus, but also other regional centres Eastcubator in Košice and co-working VTP in Žilina and globally active incubator RubixLab.

The role of co-working centres and incuba-tors is based on co-financial support, providing space for startups and mentors, creation of busi-ness synergies and giving a variety of ancillary services with businesses like accounting, said Zámečník.

“Networking is also important for a new startup because other people from the field can advise other ways of its realisation,” Zámečnik said.

According to Dzurovčinová, also hanging out in one of the coffee-houses around Bratislava’s city centre can help to get the proper networking and information from the startup scene.

“In coffee-houses such as Foxford, Gorila Urban Space or Kontakt you can always meet an innovative crowd whose talent might make Slo-vakia world-famous one day,” Dzurovčinová said.

By Peter AdamovskýSpectator Staff

opportunItIes opportunItIes

Examples of successful startupsvESTIGENStartup which was established in 2013 has focused on the development of diagnostic sensors to analyse vital fluids and soil. Currently it has been working with Google to develop a module based on liquid sensor NephroSense for module smartphone ARA. Company’s activities are co-financed by the Brazilian investor Grid Investments.

PIANO mEDIADigital content monetisation and audience intelligence platform for publishers and media companies was established as a joint-cooperation of online advertising company Etarget and media consultant NextBig in 2011. After the initial success

on the Slovak scene, the startup also established itself on other European markets. Later it bought an American rival Press+ thanks to which Piano Media has become the biggest provider of paid content in the world.

CULCHARGELocal Startup Awards winner CulCharge began its activities with minimalistic charge and data USB cable for iPhone and Android devices on the crowdfunding server Indiegogo two years ago. The success that surpassed company’s expectations has launched them into further R&D in the form of a wearable 3-in-1 Powerbank recently supported by the mobile operator Slovak Telekom.

Source: Startup Survey , Slovakia 2014; KPMG

1/1PR NOERR

What stage of development is your startup currently in?

0

10

20

30

40

50Idea / concept

Beta / prototype

Early revenues

Growing revenues

Expanding to new markets

9%

41%

35%

11%

9%

Send me an AngelMeet Jan. A Slovak inventor, he is working

away in his basement “office”, with the radio on for background music. A song by the Scor-pions begins to play, and like Newton by his apple, Jan is struck with insight into the next great invention.

“Here I am, will you send me an Angel?” , is the chorus from the well-known song, and the ever more common prayer from Jan and other Slovak entrepreneurs, inventors and small business owners. Too often they find themselves with great ideas or inventions, yet struggle to find financial support to get their projects to the right “place in the eye of the storm”.

The current status of the venture capital market in Slovakia is not good for those with ideas but without the resources to make them realities. Having struggled for years to create or produce things and ideas that would be of great value to the market, Jan and other Slovak small business owners and inventors then face an even more daunting challenge: finding an Angel Investor.

In Slovakia in the 21st century, as in the rest of the world, growing a business or beginning production of an invention requires capital. By global standards, costs of doing business in Slo-vakia are quite low; most people like Jan, Slovak entrepreneurs, however, find these costs beyond reach.

The current startup ecosystem in the Slo-vak Republic is underdeveloped. This is the finding of several published papers, including Startup Survey 2014 by KPMG, and Concep-tual Framework for Support of Start-ups and Development of Start-up Ecosystem in the Slovak Republic (“Framework”) prepared in co-operation with several Slovak Ministries and approved by the Government. This weakness is further confirmed by numerous opinions pre-sented by leading domestic legal and economic experts. As a consequence, no current mecha-nism exists to adequately promote sufficient growth of newly established startup or spin-off enterprises.

This does not mean that no development exists. Tepid (but official) steps taken by the public sector have been bolstered by a private sector hungry for new investment opportunity. However, when legal framework does not deliv-er the sort of satisfactory basis for the develop-ment of enterprises, the private sector is unable to fill the vacuum alone. Thus, to bring more heaven-sent relief to small businesspeople; deci-sive governmental reform is desperately needed.

All is not without hope, however. The Framework, mentioned above, details a num-

ber of strategic goals to be achieved by July 2016. Steps like support for angel investors and associations, improvement of capital financing for startups, and related tax measures are but some of the methods included which seek to facilitate the connecting of startups and invest-ment capital. All of these provisions are aimed at profoundly strengthening the Slovak venture capital marketplace.

Possibly the greatest manna from heaven for Jan and other small businesspeople is con-tained within the draft of a newAmendment of the Slovak Commercial Code, prepared by the Slovak Government. If passed, the new provi-sion would introduce a new type of joint stock company – a so-called simple joint stock com-pany (“SJSC”), which would differ from the existing standard joint stock company (“JSC”) in several important ways.

According to the draft, the minimum share capital for an SJSC capital company could be a minimum of EUR 1.00. An SJSC could be established by only one founding shareholder, and would require a notary deed only. Estab-lishment of such a company on the basis of a subscription of shares will not be possible. The

new companies will be entitled to issue ordi-nary shares in addition to those with “special rights” attached. Under the new provision, special rights might include a wider right to information about the company, entitlement to dividends in larger amounts, or a broader number of voting rights than would normally correspond to the nominal value of the shares. The company may also be entitled to issue shares without voting rights - provided at least one of the issued shares has them. Contrary to the regulation of a JSC, an SJSC‘s articles of as-sociation should, under certain circumstances, be able to restrict or exclude the transfer of all or certain types of shares, as well as excluding their inheritance.

Once this Amendment is adopted by the Slovak Parliament, and provided state authori-ties follow the conclusions and goals presented in the Framework, the private sector will be greatly aided in its attempt to connect creators - Jan and others like him - to investors looking for opportunity. Allowing ideas and capital to freely interact is one of the surest ways of pro-moting growth in developing areas like tech-nology, and more generally encourages entre-preneurs to strive for their dreams. This in turn drives all aspects of an economy and a society.

But all of that is in the future. For now, there is just hope; hope that one day, all that Jan and small businesspeople will need to “find the door to the promised land”, is to sing out towards the crowd:

“Here I am! Will you send me an Angel?”

Michal BalogaAssociate

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“The labour market is not flexible, does not adequately respond to the changes in society, while the flexibility is missing on both the sup-ply and demand side,” Gallová added.

As for Kežmarok (Prešov Region), the jobless rate in the district amounted to 23.84 percent in September. Up to 60 percent of the registered jobless have only basic education or any education at all. Another big group of jobseekers are people with secondary vocational education and complete secondary vocational education, the statistics of the local labour office indicate.

One of the factors that impact the high jobless rate in the district is that 66 percent of jobseekers have never worked before, so they do not have any working habits. There is also a lack of offers for low-qualified people, Alena Krajčová from the Kežmarok labour office told The Slovak Spectator.

The Rožňava labour office (in Banská Bystrica Region) reported the jobless rate at 22.38 percent in September. Similarly to the previous districts, also here about half of the jobseekers have only basic education or any education at all, while another big group have secondary vocational education or complete secondary vocational education, according to the statistics.

The district belonged among important mining areas in the past, but these activities were subdued between 1990 and 2008.

“During this period many miners, mining adjusters and service staff have been registered with the labour offices,” Eva Švantnerová of the Rožňava labour office told The Slovak Spectator, adding that this resulted in a drop of purchasing power and lower need of services.

The departures of big companies from

regions cause problems also now. Most recently, Japanese company Panasonic, which announced that it was closing its plant in Krompachy (Košice Region) in October 2014, left more than 650 people jobless. In March 2015 the company SEWS Slovakia, employing about 460 people, informed about closing its plant in Topoľčany (Nitra Region).

Poorer regions should draw investors The government has introduced its own

idea of how to help the least-developed districts in Slovakia, with tailor-made five-year action plans. They will, among other things, contain an analysis of the district’s economic situation and the reasons for its poor state of affairs, an evaluation of development potential, a proposal with specific measures and the schedule for their implementation, financing, and how to evalu-ate achieved progress, said Transport Ministry spokesman Peter Zeman.

The action plans will be scrutinised by the newly-created Council for the Development of Regions, whose composition will change depending on the districts asking for help, of-ficials say. After it develops the plan the ministry will submit it for the government’s approval, the TASR newswire reported.

The districts will then receive aid in two forms. First is technical aid, which means the handing down of knowledge, experience and specific know-how, which should enhance the administrative capacities of municipalities and other local institutions. The second form, the regional contribution, will be allocated from the state budget and will be provided based on the action plan, Zeman said.

The proposal also contains provisions that amend the law on investment aid. Under the

proposed rules, if businesses want to invest in the industrial or tourism sector in the least-developed districts, the minimum amount they will have to invest will be €200,000 and 50 percent must to be covered by the investor’s capital. Moreover, the state will contribute 70 percent of the amount invested into purchasing new machinery, with the investor paying only 30 percent of the sum, TASR wrote.

The action plans should be financed mostly from the existing ministry programmes and EU funds, TASR wrote.

The parliament adopted the new rules on November 11. They will come into force as of December 1, 2015.

Potential for workersIn the case of Rimavská Sobota, employees

these days are mostly in public administration, education and health sectors. Among the most important employers in the district is company Yura Eltec Corporation, focusing on produc-tion of cable bundles. When talking about ways to attract investors, Koóšová mentions the construction of infrastructure which many big employers consider inappropriate.

“Regarding the educational structure of the jobseekers, it would be good if there was an employer whose requirements would be met by people with basic education,” she added.

In Revúca, the most important employers are companies active in the mining and machin-ery industry. When it comes to the employment potential of jobseekers, Gallová says that it would be good for them to find work where no specific specialisation is required.

Most companies that were active in the region remained also after the Velvet Revolu-tion, though they operate in a different way, under a different name and with fewer people. What they, however, lack are bigger construction companies, she added.

As for Kežmarok, most people used to work in agriculture in the past, which was character-istic for the whole district. However, this is no longer true. Employers in this sector could not ask for the money to create new jobs, but this has meanwhile changed, Krajčová said.

Regarding Rožňava, the district is typical of the mining industry, which currently focuses on mining talc. As for the potential for the unemployed to find work, Švantnerová says that it would be good to offer them jobs like opera-tors in manufacturing, where they could receive some training.

By Radka MinarechováSpectator staff

opportunItIes opportunItIes

Seeking aid for poorer regionsSlovakia has some examples of firms continuing the tradition

Though some companies that were among the biggest employers in Slovakia before 1989 were either closed down or

privatised after the revolution, some examples exist where traditional brands were replaced by foreign investors who carried on production and utilised the potential of the available labour force.

Some regions, however, did not have such luck. Though there are employers who may maintain the traditional industries developed in the area, the regions struggle with insufficient infrastructure, uneducated labour force, and lack of job opportunities.

The government has recently come forth with a plan to help the least-developed areas. The condition for getting the aid, however, will be to have an unemployment rate amounting at least to 1.9 times higher than the national average over at least nine of the 12 past quarters.

Currently there are four districts that may meet this requirement: Rimavská Sobota, Revúca, Kežmarok, and Rožňava where it exceeds 22 percent.

“We have already seen similar changes in the history of investment aid,” Martin Vlach-ynský, analyst with the Institute of Economic and Social Studies (INESS) think tank, told The Slovak Spectator in August. “But the positive effect on the least-developed districts has been minimal so far.”

He does not expect the new proposal to make any difference.

Foreign investors followed traditions Though present-day Slovakia is consid-

ered to be one of the leading countries in the automotive sector, it has not always been so. The Slovak economy after World War II was also pre-dominantly focused on the armament industry. In order to decrease its dependence on this sector, the Bratislavské Automobilové Závody (BAZ) was established in 1971. It was an impor-tant step for establishing car production in the country, the Aktuality.sk website wrote.

The positive development, however, was strangled after 1989. The only foreign investor interested in BAZ was German carmaker Volk-swagen, which finally won the competition and merged with the Slovak firm in 1991, Aktuality.sk wrote.

Volkswagen was then followed by other carmakers: PSA Peugeot Citroën, Kia Motors Slovakia and, possibly, Jaguar Land Rover.

Another example of successful continua-tion in the traditional industry in the region is the U.S. Steel plant in Košice. The history of making steel in Košice dates back to the late 1950s, when the decision was made to build a new steel mill on a greenfield site as part of the country’s industrialisation under communism. After the fall of the communist regime in 1989, the government, which by then was under prime minister Vladimír Mečiar, privatised the profitable Východoslovenské Železiarne (VSŽ). Alexander Rezeš, a minister in Mečiar’s 1994-98 government, and his family gradually took over the management of the company. The com-

pany’s privatisation was completed in 1995.In November 1998, VSŽ management led

by Július Rezeš admitted that the company was facing a serious financial crisis. Then-manage-ment stepped down and was replaced by a new one, which had to prepare the restructuring of the firm and prepare it for sale. The company was taken over by U.S. Steel in 2000, which started a new phase in the history of the steel mill. The company is now the biggest employer in eastern Slovakia.

Other examples of successful takeovers include Mondi SCP in Ružomberok, which con-tinues in the activities of Ružomberské Celulózky a Papierne, or numerous companies in the Považie region focused on the machinery industry.

Districts struggle with uneducated jobseekersThe registered unemployment rate amount-

ed to 11.38 percent in September 2015, while the total jobless rate in the country was 12.95 percent. The highest unemployment rate was registered in Rimavská Sobota district (Banská Bystrica Region), where it amounted to 27.81 percent.

Most of the unemployed in the district have only basic education or lack any education at all (52 percent), while the least unemployed are those with university education (3 percent). About 15 percent of the jobless have complete secondary vocational education, Lívia Koóšová from the labour office in Rimavská Sobota said.

“In the past our district belonged to those with developed agriculture and the food indus-try, but there also were the companies focused on machinery production,” Koóšová told The Slovak Spectator. After 1989 only few compa-nies remained in the region, which negatively impacted the number of jobless, she added.

The unemployment rate in Revúca district (Banská Bystrica Region) amounted to 24.53 percent in the end of September. More than 50 percent of the jobseekers have only a basic education or do not have any education, while about 30 percent of jobseekers have secondary vocational education or complete secondary vo-cational education, according to Ľubica Gallová from the Revúca labour office.

She pointed to several problems in the la-bour market, like the high number of long-term unemployed, people with low qualification and also numerous people from marginalised com-munities who have lost their working habits.

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Slovaks look to space researchmembership in ESA brings more opportunities for scientists and developers

Space research has a long tradition in Slovakia going back to when Slovak scientists and engineers participated in the

Soviet space programme. And while Slovakia has continued to be involved in space research via the Slovak Academy of Sciences (SAV) and universities, recent membership in the European Space Agency (ESA) has opened new opportuni-ties for researchers and developers.

“We have become a member of an exclusive club,” Education Minister Juraj Draxler said after signing the European Cooperating State Agreement with ESA in February, 2015, as cited by the SITA newswire.

In becoming an ESA member Slovakia has obtained access to strategic information and know-how in cosmic activities and developing satellite services. Chances for Slovak entrepre-neurs have also increased.

“ESA coordinates a joint space programme in its whole extent - from construction of space ships, via training of astronauts up to construc-tion of satellites,” Education Ministry spokes-woman Beáta Dupaľová Ksenzsighová told The Slovak Spectator.

The process includes acquiring expensive, specialised technologies - an opportunity for Slovak firms too. “Currently, the ESA annually announce calls for Slovak entities,” Dupaľová Ksenzsighová said.

The agreement strengthens Slovakia’s relations with the ESA while several potential projects were identified in space weather, adop-tion of the use of satellite data in GIS, validation of earth observation satellite data, multi-path propagation of GNSS signals, improved estima-tion of the reliability and lifetime of electronic circuits, use of new pulp-based materials for space applications, adaptation of mechanism

devices to space use and exploration of the use of Google Earth man/machine interface in space, as well as generic IT activities.

Alexander Kutka from the Slovak Organisa-tion for Space Activities (SOSA), a non-profit organisation supporting and popularising space research in Slovakia, sees the opportunity for Slovak companies, organisations, and universi-ties to join ESA programmes and projects as the primary benefit of ESA membership. It also opened door for students to a wide scope of educational programmes and internships and later also to jobs in ESA technological centres, he said.

Whereas each member state contributes to the ESA budget, in return it gets access to fund-ing for projects. In 2015 Slovakia is expected to contribute €1.35 million while the contributions should increase during following years. Moreo-ver, the Education Ministry is going to allocate €7.25 million to finance Slovak space projects under the ESA during next five years.

SOSA notes this is the first time in history Slovakia has a budget dedicated to space activi-ties in an international context.

“We hope that also a national grant pro-gramme dedicated to space technologies will be gradually launched,” Kutka said.

Traditions and latest successes Slovakia has been actively involved in space

physics research and had two cosmonauts, the Czechoslovak Vladimír Remek (who flew in space in 1978) and Slovak citizen Ivan Bella, who spent nine days on board the Mir space station in 1999.

Kutka of SOSA recalls participation of Slovak researchers and developers in the Soviet space programme Interkosmos as well as in

development of a series of the Czech-Slovak satellites called MAGION.

“Most western European countries are more advanced in space research especially due to long years of ESA membership,” said Kutka. “Our neighbours from the Visegrad Group [the Czech Republic, Hungary and Poland] have already established relations with this agency and thus participate in the joint European space programme.”

For the time being it is the SAV, universi-ties and private companies that participate in international space programmes including those of ESA - including Rosetta, BepiColobo, IMPRESS, and Radioastron. The first Slovak satellite, called skCube, a CubeSat-type satellite dedicated to space research and technology, is under development.

Furthermore, the Faculty of Mathemat-ics, Physics and Informatics of the Comenius University in Bratislava has studied processes caused by cosmic radiation in meteorites and the Institute of Experimental Physics at the SAV has designed and constructed space hardware for dozens of scientific probes and has conducted space weather research.

Besides that, pre-graduates and post-grad-uates within the Czech and Slovak cross-border cooperation have developed stratospheric probes called JULO under the project skBALLON. A group of students recently sent a probe JULO X to explore meteor shower of Perseids in August 2015, according to the TASR newswire.

Additionally the Bratislava-based company QProducts has manufactured precise mechani-cal parts for the ESA in cooperation with the Institute of Experimental Physics and has also cooperated in development of a mass spectrome-ter PICAM for interplanetary mission BepiCo-lombo to Mercury that will set off in 2017.

František György from QProducts considers participation in ESA projects as an inspirational opportunity to understand the demands placed on space research.

“In contrast to the commercial sphere where it is essential to bring a product to the market in the shortest time possible, space projects are prepared several decades ahead,” György told The Slovak Spectator. “It was very inspiring for us to understand requirements imposed on space projects. It is necessary to realise that such a costly experiment only gets one attempt.”

By Peter Adamovský, Spectator staff

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since 1995

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since 1995

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Slovaknewsyou cantrust

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34 35government polICy & legIslatIoneConomy & busIness envIronment

Slovakia expects solid growth, new carmaker boosts prospectsThough the campaign will only officially

start next year, 2015 has already been marked by the approaching parliamen-

tary elections. Prime Minister Robert Fico’s government has passed two packages of social measures. Many of the elements, like free rail travel for students and pensioners, have already been implemented. Fico has hinted that the government will come up with one more such package in the upcoming months, although the implementation of those will most probably be planned for after the elections.

The political situation has also been influenced by the major international issues unfolding in Europe including the situation in Ukraine, Slovakia’s immediate neighbour. How-ever, none has loomed larger in the second half of 2015 than the EU’s refugee crisis.

Slovakia is not among the places refugees, coming to Europe by the hundreds of thousands by land and sea, would like to settle en masse. Despite that, public discourse has been affected by the movement of people from Syria and other countries in the Middle East and Africa and Slo-vakia stands out among the EU member states due to its resistance to the planned redistribution of refugees among the member states and has since set about suing the EU for using qualified majority voting to pass the plan.

Health care scandalsThe domestic political scene has been

dominated by scandals in health care ahead of the elections. The beginning of 2015 was still marked by the major scandal with the overpriced CT device almost purchased by the Piešťany hospital that had begun the year before. In September 2014, the police charged eight people, including the hospital director Mária Domčeková, with the crime of violating duties when administering public property. The fallout saw Health Minister Zuzana Zvolenská and Parliament Speaker Pavol Paška, and his deputy Renáta Zmajkovičová resign.

Since then, Zvolenská’s successor Viliam Čislák has faced two no-confidence votes initi-ated by the parliamentary opposition. The most recent, in late October, came on the heels of scandals surrounding the state-run health insurer Všeobecná Zdravotná Poisťovňa (VšZP) and its former head Marcel Forai.

Other changes in the government happened

in the Economy Ministry, which has been head-ed by three people during this election term. The current minister, Vazil Hudák, replaced Pavol Pavlis who served in the post for less than one year and left over allegations of nepotism.

On the European level, Slovakia’s Maroš Šefčovič was assigned to head the energy union portfolio in the European Commission, a key project for the current EC headed by President Jean-Claude Juncker.

Energy challengesIn Slovakia, events in the energy sector

were dominated by the attempts of the Italian energy group Enel to sell its majority stake in Slovenské Elektrárne (SE), Slovakia’s largest power producer. In early October, the Slovak-Hungarian consortium of the Slovnaft refinery and the MVM company withdrew from the ne-gotiations, citing significant legal and economic risks in the transaction, especially the delays to completing the third and fourth blocks of the nuclear power station at Mochovce as well as the continual increase in the project’s price. The Czech-based Energetický a Průmyslový Holding (EPH) has thus remained the only official poten-tial buyer, and has reportedly reached a general agreement on acquisition of about 30 percent stake with Enel. Neither EPH nor Enel have confirmed the sale as yet.

In the meantime the Slovak cabinet contin-ues analysing its possibilities for increasing the state’s stake in SE and criticising SE for overly slow construction of the remaining two units of the nuclear power station in Mochovce. In early October, SE launched operations in the main control room in the third block, which is said to be 90 percent complete.

Enel owns a 66 percent share in SE. It also had an agreement to rent the Gabčíkovo hydro-electric power plant. Earlier in 2015, in response to Slovak demands, SE returned Gabčíkovo to the state, a transaction which has resulted in each side demanding hundreds of millions of euros in compensation from the other.

An investigation into the activities of SE, related to Gabčíkovo and launched in 2014, saw five people charged with violating duties when administering other people’s property.

Nord Stream II criticisedPlans to expand the Nord Stream pipeline,

which would further enable the transit of Rus-sian gas to bypass Ukraine as well as Slovakia en route to Europe, have prompted criticism in Slovakia, as well as in Ukraine and Poland. Some analysts and media commentators ques-tion effectiveness of the new pipeline. Gazprom and western energy companies BASF, E.ON, ENGIE, OMV and Shell signed a September 4 shareholders’ agreement to construct Nord Stream II pipeline with capacity of 55 billion cubic meters by 2019.

The expansion of Nord Stream and bypass-ing Ukraine and Slovakia may cost Ukraine bil-lions of euros and Slovakia hundreds of millions of euros each year, said PM Fico, who rejected the notion that the deal between Gazprom and the European energy companies is only a matter of business. He claims that these companies operating in other EU countries have betrayed Slovakia as another EU member country.

President Andrej Kiska is also critical of the project. “Nord Stream II is a pipeline that endangers security of Ukraine. If it is built Rus-sia can simply blackmail Ukraine,” he said at a summit held near Hungary’s Lake Balaton earlier in October and attended by presidents of the Czech Republic, Poland, Hungary, Croatia and Slovakia. The presidents shared the opinion that the plan is politically driven.

In the meantime the semi-state operator of the natural gas transit pipeline via Slovakia, Eustream, is looking for alternatives to maintain Slovakia as a key gas transit point. Its Eastring project seeks to make minor additions to existing gas infrastructure and connect Slovakia with the Balkans so as to bring gas from western Europe. Though the European Union has acknowledged it sees the project as a possibility, the competing Tesla project is also being discussed.

Another carmakerIn mid-August carmaker Jaguar Land Rover

(JLR), owned by India’s Tata Group, chose Nitra in western Slovakia as its preferred location for a new manufacturing plant. JLR cited its desire to tap the country’s existing know-how and experience with production of luxury cars and network of sub-contractors. A final decision about the €1 billion investment is expected by the end of 2015.

“With its established premium automotive industry, Slovakia is an attractive potential devel-

1/1hamala

New Legal Regulation on Companies in CrisisThe new amendment to the Commercial

Code and the Bankruptcy and Restructuring Act, effective as of January 1, 2016, introduces, among others, the legal institute of a company in crisis and various limitations related to it.

Definition of a company in crisisThe regulation stipulates the conditions of

a crisis that have not been previously treated in bankruptcy or other regulations in Slovakia. A crisis is a situation in which the company either fulfills the conditions for bankruptcy (and legal bankruptcy is necessary), or in which bankruptcy is an imminent threat (threatened bankruptcy).The amendment defines threatened bankruptcy as a situation when the ratio of a company’s equi-ty to its liabilities is less than 8 to 100. However, it also sets the following transitional periods when the ratios shall be less strict: for the year 2016, the ratio shall be 4 to 100, and for the year 2017, the ratio shall be 6 to 100.

The new regulation on a company crisis will only apply to limited liability companies, joint stock companies, and limited partnerships in which no natural person is an unlimited partner. It does not apply to banks, insurance companies, stockbrokers and others.

obligations of members of statu-tory boDies During a crisis situation

Statutory body members who are aware of a crisis are obliged to act with due care (i.e. to do everything that a reasonably careful person would do in a similar situation to rectify the situation). Such acting shall consist of business decisions and approaches to stabilise the company’s per-formance and help it to effectively fulfill its com-mitments and pay off its debts. This extremely vague definition may cause not only interpreta-tion problems in the future but also significant uncertainty of managements as to which manage-rial decisions could or should not be taken during crisis time.

transactions with affiliates During a crisis situation

In connection with the crisis, the definition of transactions replacing one’s own capital is very important; they directly relate to restrictions on the side of the company, its shareholders, statu-tory body members and creditors.

The Amendment defines loans and transac-tions with similar effects (e.g. agreements on pay-ment extensions) concluded or prolonged during a crisis as “transactions replacing one’s own capi-tal” if they are provided by: (i) a direct or indirect affiliate controlling 5% or more of the registered capital or voting rights; or (ii) a silent partner or member of the statutory body; or (ii) persons close to a member of a statutory body or silent partner(s).

However, loans provided for less than 60 days or payment extensions for less than 6 months shall not be considered as transactions replacing one’s own capital, provided that they are not con-ducted repeatedly.

restriction on transactions with affiliates anD responsibilities of statutory organs

The company shall be restricted from the payment/fulfillment of transactions replacing one’s own capital (e.g. repayment of loans or non-payment of invoices due to extensions) during a crisis or in cases when a crisis may occur due to such fulfillment. In the event that a company breaches the payment/fulfillment restriction, the statutory body members responsible for such breach will automatically become guarantors to thecompany and its creditors in relation to the provided payment/fulfillment.

Direct enforcement of Debts secureD by an affiliate of a company in crisis

The securing of company debts during a cri-sis by an affiliated person shall also be governed by a special legal regime. The relevant creditors shall be able to claim and enforce such securities directly towards the affiliate who provided a secu-rity without any need to claim such rights toward the company, which is required in usual securities enforcement procedures.

However, if a creditor providing a loan or similar instrument to a company in crisis which was secured by an affiliate of this company was aware or should have been aware of the debtor´s crisis, it may only seek the fulfillment of its re-ceivables in an amount equal to the difference be-tween the amount of its receivable and the value of the security.

black list of statutory representatives

The courts will be competent to decide that a statutory body member is forbidden from execut-ing the functions of a statutory body for a period of 3 years or for another period. If such a person is listed in a disqualification register, his/her statu-tory functions in all business entities registered in the Slovak commercial register shall cease to exist.

Martin Kluch, partnerPoštová 3, 811 06 Bratislava

Email: [email protected]: www.hkv.skossinum enistius.

Martin Kluch, partner

Roman Hamala, partner

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opment opportunity for us,” Jaguar Land Rover CEO Ralf Speth said.

The plant in Nitra would be Land Rover’s first on the European continent.

The government has not only offered subsidies to JLR, but it has already changed construction laws to making the arrival of JLR to Slovakia smoother.

Solid growth expectedThe government and the central bank expect

the JLR plant to help boost growth. The new car plant is expected to have an effect on the economy initially by bringing fresh investments in construction and technology and, at a later stage, in the production and export of vehicles.

In general, economic forecasts look positive too. The National Bank of Slovakia (NBS) and the Finance Ministry estimate that the Slovakia’s economy would grow by 3.2 percent in 2015, although they recently reduced their forecasts for following years.

“The new prognosis responds to the current cooling of the global growth, especially from the side of the developing economies,” NBS Gover-nor Jozef Makúch said on September 29 when introducing the central bank’s latest prognosis for 2015 and next two years.

While the planned JLR investment is not taken into consideration, the NBS forecasts that Slovakia’s economy would grow 3.4 percent in 2016, a decrease by 0.4 percentage compared with its June’s prognosis, and 3.3 percent in 2017, down 0.2 percentage points. The Finance Ministry slashed its forecast for 2016 by 0.6 percent to 3.1 percent and left the forecast at 3.6 percent for 2017. Bank analysts forecast that the economy would grow by 3.3 percent in 2015 and by 3.4 percent in 2016.

The NBS as well as the Finance Ministry see high public investments due to the final year of the current EU funds programming period as one of the reasons behind the economic growth this year, a phenomenon that will not repeat during the next two years.

Labour markets are also looking up, accord-ing to the NBS, accelerating to 2 percent growth in employment 2015. The central bank left its forecast for 2016 and 2017 at 1.2 percent and 0.8 percent, respectively. This should reflect in reduction of unemployment from more than 13 percent in 2014 to a pre-crisis level of 9.6 percent by 2017.

Given the current structure of the economy’s growth, new workplaces should be created in all sectors, but the most in services, according to Makúch. Inflation is forecast at -0.3 percent as a consequence of a further fall in energy and food

prices. Real wages are expected to grow faster than originally expected, by 3 percent in 2015, 2.5 percent in 2016 and 1.9 percent in 2017.

Ambitious budget presentedAmid the positive growth forecast the gov-

ernment has presented an ambitious draft state budget at the end of its term, with continuing consolidation of public finances moving toward a balanced budget in 2018.

The Finance Ministry projects the deficit of the general government to decrease to 1.93 percent of GDP next year. It should continue shrinking to 0.42 percent in 2017 and in 2018 the government expects a balanced budget. The overall debt of the general government should decrease as well to 52.1 percent of GDP in 2016, 51.3 percent in 2017 and 48.9 percent in 2018.

“Everything in the numbers is achievable,” Finance Minister Peter Kažimír said after the cabinet passed the draft on October 7. “Actually the scope of consolidation is half compared with the years 2011 or 2013.”

The state budget deficit for 2016 is pro-jected at €1.97 billion (down from €2.984 bil-lion projected in 2015) on revenues of €14.027 billion and expenditures of €15.997 billion. The budget is based on macroeconomic projections that the country’s economy will grow at 3.1 percent, the unemployment rate will fall to 10.6 percent and the inflation rate will be 0.9 percent in 2016.

The budget for 2016 already includes costs of measures from the so-called second social package that reduces the value added tax (VAT) on selected foodstuffs, includes natural gas refunds for households and boosted support to underdeveloped regions. The cabinet also proposes to increase wages of about 350,000 employees in the public sector by 4 percent.

The budget for 2016 contains also a reserve of €20 million for mitigating the migration crisis, €50 million will be put aside for settling debts of medical facilities and almost €76 mil-lion is put aside for important investments.

The government planned to adopt the budget by the end of November, though the final budget had not been passed by the time the Investment Advisory Guide went to print on November 20.

minimum wage upPrime Minister Robert Fico’s government

has increased the minimum monthly wage by €25 to €405 as of 2016, a move applauded by trade unions but disappointing employers.

Employers oppose minimum wage increases generally but also argue that increases should occur in a more predictable manner.

The cabinet decided about the minimum wage hike on October 7 after representatives of trade unions, employers and the cabinet had failed to agree on it collectively. While the trade unions proposed to raise the minimum wage to €410, employers’ organisations wanted to keep the minimum wage at the current €380. The Labour Ministry proposed a hike to €400, but in the end the cabinet increased the minimum wage to €405 per month.

Tax licencesThe year 2015 was the first that companies

were obliged to pay the fee on tax licences, a policy that was initiated by the Finance Ministry in response to the fact that roughly 60 percent of corporate entities did not pay any corporate income tax in 2013. Alongside the tax licences the corporate tax rate was reduced from 23 to 22 percent.

Tax licenses fetched €77.7 million for the year of 2014 when the original estimate was €112 million, the Institute of Financial Policy (IFP), a government think tank, wrote in a report. Collection of the fees this year applied to the year 2014.

Lower than estimated revenues from tax licenses can result from closure of companies but also from the increased willingness of companies to declare profit, according to Radovan Ďurana, an analyst at the INESS economic think tank.

Tax licences however remain controver-sial, with some analysts saying they discourage launching of new companies.

“Tax licences aren’t so high that they would eliminate innovations but they might put on hold projects that are at the brink of profitability already at their inception,” Ďurana told The Slovak Spectator.

StartupsWhile new companies are vulnerable to

negative impacts of tax licences, the plan ex-empts startups from payment of tax licenses for three years.

“It is a priority of the current government to speed up the development of the Slovak economy based on innovations and entrepre-neurship and intensify research and develop-ment,” said the Finance Ministry’s spokeswoman Alexandra Gogová.

Analysts however point out that such sup-port for startups might put other entrepreneurs at a disadvantage.

Support for startups and innovation has been a declared priority of the current govern-ment. Also, Kiska stresses innovation in his economic diplomacy activities. In late October, Kiska opened a Slovak Innovation Contact office in the Finnish town of Espoo. The facility should ease communication and cooperation between Slovak and Finnish scientists. Two more such offices are planned to be opened, one in the United States and another in the United Kingdom.

The TechMatch startup conference, a major event organised in mid-October by the Slovak

Business Agency (SBA) and financed from pub-lic resources, was organised to support startups. It, however, made media headlines due to alleg-edly inflated costs. Audits are pending and the head of the semi-state SBA, Branislav Šafárik, could yet lose his job.

Dual educationAfter years of negotiations, parliament

adopted a new law introducing a dual education scheme aimed at training secondary school stu-dents in skills currently lacking on the market. Though employers praise the opening of the first dual education classes on September 2, student interest is lagging.

Under the new rules adopted by parliament in March 2015, the theoretical part of the education process takes place at schools, while practical training will be entrusted to companies. In practice, employers who decide to join the project will enter into learning contracts with secondary school students, who will undergo practical training at the company.

The dual education system has been joined by a total of 89 companies and 422 pupils, mainly in Trenčín, Nitra and Košice regions, where most employers are situated. The ministry

admitted their surprise over the low number of students. Originally, it expected some 1,500 students to take part.

Doing Business reportSlovakia kept 29th place in the Doing Busi-

ness 2016 report, which compares the business environment of 189 countries across the globe. The Finance Ministry perceived the ranking as positive and attributed it to the reforms and “many specific measures”.

Slovakia improved the most in the paying taxes category, where it moved up 36 positions to 73rd place. It also improved in the starting a business category (up by three positions to 68th place).

On the other hand, it dropped the most in dealing with construction permits and getting credit.

Of the Visegrad Group (V4) countries, the best business environment is in Poland which placed 25th. The Czech Republic and Hungary reported worse results than Slovakia, placing 36th and 42nd, respectively.

By Michaela Terenzani,Spectator staff

Concesions in health servicesConcession as a form of

partnership between the public sector and private companies relates with mainly entrance of, respectively mobilisation of private capital and know-how as a supplement to public funds. Concession means the contract of the same type as a works concession or a service concession, while the consideration is the right of the concessionaire during the concession period, which can be linked to financial performance. The characteristic feature of concessions is the transfer of operational risk to the concessionaire, which means that the concessionaire bears the risk of exposure to the market “mood”. Awarded concessions will not be justified if the concessionaire was exempted by the contracting authority from any loss, by guaranteeing a minimum income equal to or greater than the costs or investment incurred or in connection with the performance of the contract.

In regard to health services

the private sector may use through its financing the excess capacity of the premises, technical shortcomings and inappropriate internal functional organisation of public hospitals, to modernise and improve the health services provided to patients and at the

end of the concession period he will transmit the modernised assets to the contracting authority. In terms of the private sector, the benefit concessions in health care bring higher probability of return of capital provided, as reflected in the mobilisation of large groups in the area.

An example of a service concession is the catering services provision. In this case, the concessionaire will implement the reconstruction of premises or construction of facilities, supply of equipment, so that he can then provide the complex catering services to the contracting authority (staff and patients) during the concession period. The contracting authority will allow the concessionaire use of the premises, equipment and pay him the agreed payments for catering services.

Works concessions can be e.g. a building parking lot which is operated by the concessionaire during certain time periods in which revenues from the use

of the parking area are paid by patients, respectively users of the parking lot, but potential losses from non-use are borne by the concessionaire, not the contracting authority, which means that the concessionaire bears the risk that it will not recoup the investments and costs incurred in the operation of parking.

* * *JUDr. Martin Jacko

is a managing partner with Lansky, Ganzger & Partner

Rechtsanwälte, spol. s r.o. This article is of an

informative nature only. For more information go to www.lansky.sk

JUDr. Martin JackoManaging partner, Lansky, Ganzger & Partner Rechtsanwälte, spol. s r.o.

Pantone Blau Uncoated:P 289 U

Pantone Gelb Uncoated: P 116 U

CMYK Blau:C 100 / M 89 / Y 32 / K 34

CMYK Gelb:C 00 / M 29 / Y 72 / K 00

Pantone Blau Coated:P 289 C

Pantone Gelb Coated: P 1365 C

Lansky_186x132.indd 1 23. 11. 2015 8:05:53

SP015080/001

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ASR

38 39government polICy & legIslatIongovernment polICy & legIslatIon

Investment support in SlovakiaInvestment aid is regional support aimed at

encouraging investments and creating new jobs in Slovakia. Individuals and legal enti-

ties that are authorised to do business in Slova-kia, and whose investment activities and projects meet the conditions of the Act on Investment Aid (Act 561/2007 Coll. on Investment Aid) are eligible for investment aid. Recently this act has been amended and new rules entered into force since April 1, 2015.

Types of investments eligible for support l Industrial productionl Technology centresl Strategic service centresl Tourism

Forms of investment incentives If an investor meets the set conditions, it can

apply for the following types of state aid: l a subsidy for the acquisition of non-

current tangible or intangible assetsl income tax creditl a contribution for new jobsl transfer of real estate

ZonesOverall aid from all sources is limited by EU

legislation and divided into several categories.

For this purpose, Slovakia is divided into three parts – western, central, and eastern. In contrast with the previous legal regime, cash forms of investment aid can be granted in all regions. In the past, companies in western Slovakia could apply for corporate income tax credits.

MAxIMUM INTENSITY OF AID

Western Slovakia 25%

Central Slovakia 35%

Eastern Slovakia 35%

Conditions for industrial projects and tourismThe investment projects can be supported,

provided they meet the following conditions:Industry l the building of a new business, the expan-

sion of an existing one, the diversification of production to new products which were not manufactured before, or a radical change in the production programme of an existing business

l the acquisition of non-current tangible and intangible assets at no less than €10 million,

€5 million or €3 million while not less than 50% must be covered by business’ equity or assets

l the acquisition of new production and technological equipment designated for produc-tion purposes

l reaching the required share of new tech-nology from the total amount of eligible costs (60%, 50% or 40%)

l creation of new jobs – increase of the overall number of employees by at least 40

Tourism l the construction of a new comprehensive

tourism centre or an expansion of an existing one by offering new services

l the acquisition of new technological equipment designated for offering of services

l reaching the required share of new tech-nology from the total amount of eligible costs (40% or 20%)

l the acquisition of non-current tangible and intangible assets at no less than €10 million, €5 million or €3 million while not less than 50% must be covered by business’ equity or assets

l creation of new jobs – increase of the overall number of employees by at least 40

Technology (R&D) centres Conditions for granting investment incen-

tives to the technology centres include:l the construction of a new technology

centre or expansion of an existing one

l the acquisition of non-current tangible and intangible assets valued at no less than €500,000, while not less than 50% must be covered by business’ equity or assets

l creation of new jobs – increase of the overall number of employees by not less than 30

l at least 70% of the total number of staff of a technology centre must have a university education

Business service centresConditions for granting investment incen-

tives to the strategic service centres include:

l the construction of a new strategic service centre or the expansion of an existing one

l the acquisition of non-current tangible and intangible assets valued at no less than €400,000 while not less than 50% must be covered by business’ equity or assets

l creation of new jobs – increase of the overall number of employees by not less than 40

l at least 60% of the total number of staff must have a university education

By Lucia Guzlejová, senior consultant at PwC in Slovakia

maximum intensity of investment aid (different volumes and intensities apply in particular districts) This map, available for industry as well as tourism, indicates minimum investments required in the individual districts in Slovakia

Source:TASR

Source: Sme

4140

profit per

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in SLoVaKia

2015

10 LargeSt Law firmS

government polICy & legIslatIon largest laW fIrms In slovakIa

10 LARGEST LAW FIRMS IN SLOVAKIA 20151. Advokátska kancelária Ecker-Kán & Partners

2. Allen & Overy Bratislava3. Ružička Csekes

4. Kinstellar5. SOUKENÍK – ŠTRPKA

6. Škubla & Partneri7. White & Case

8. Advokátska kancelária RELEVANS9. TaylorWessing e/n/w/c advokáti

10. PETERKA & PARTNERSThis ranking of the 10 largest law firms in Slovakia was created based on three factors to which we gave different weights: number of attorneys working for the law firm in Slovakia in 2014 (40% weight); sales revenue of the law firm in 2014 (30% weight); net profit per partner in 2014 (30% weight). A few law firms decided not to provide information and were not analysed in this ranking.

investment advisory guide general partner

Law firmS

in SLoVaKia

2015

in SLoVaKia

2015

numberof

attorneyS

investment advisory guide content advisor


SaLeSreVenue

in SLoVaKia

2015

10 LARGEST LAW FIRMS BY REVENUE

1. Allen & Overy Bratislava

2. Advokátska kancelária Ecker-Kán & Partners

3. Kinstellar

4. Ružička Csekes

5. White & Case

6. SOUKENíK – ŠTRPKA

7. Havel, Holásek & Partners

8. Hamala Kluch Víglaský

9. BOĽOŠ Advokátska kancelária

10. Advokátska kancelária RELEVANS

* sales revenue in 2014

10 LARGEST LAW FIRMS BY PPP*


2. Krivak & Co

3. Kinstellar


5. KOVAL & spol., advokátska kancelária


7. Škubla & Partneri

8. LEGATE

9. White & Case

10. BOĽOŠ & PARTNERS* net profit in 2014, ** includes only partners with share on profit

10 LARGEST LAW FIRMS BY NUMBER OF ATTORNEYS* Number of attorneys

1. Ružička Csekes 34

2. SOUKENíK – ŠTRPKA 23

3. TaylorWessing e/n/w/c advokáti 17

4. Škubla & Partneri 16

5-7. Deloitte Legal 15

5-7. Havel, Holásek & Partners 15

5-7. PETERKA & PARTNERS 15

8-10. Advokátska kancelária RELEVANS 13

8-10. Allen & Overy Bratislava 13

8-10. PRK Partners 13

* average number of full-time attorneys in 2014 (including attorneys who cooperate with a firm on a daily basis with an exclusive contract)

1/1peterka

statna pomoc


Investment Aid in SlovakiaIn general, state aid is prohibited by the EU

law. However, there are certain exceptions to this general rule, one of them being provision of re-gional state aid aimed at supporting the economic development and employment. The regional state aid is granted based on an application of an un-dertaking, whereas there is no enforceable legal entitlement for its obtaining. The procedure of granting the state aid comprises several stages and it requires a final approval by the Slovak govern-ment or, in certain cases, a notification to the Eu-ropean Commission.

This article will briefly outline the basic re-quirements of investment aid aimed at regional development in Slovakia.

General Conditions An investor’s project must meet several con-

ditions in order to qualify for investment aid. It must fulfill the statutory definition of an invest-ment plan and result in the creation of new jobs.An investment plan is an initial investment proj-ect aimed at the establishment of:l new undertakings, or the expansion or diversifi-

cation of production in an existing undertaking, l a new technological centre or the expansion of

an existing one,l a new strategic services centre or expansion of

an existing one, or,l a new complex tourism centre or an expansion

of an existing one. Furthermore, the project must result in the

creation of new jobs, which means a net increase in the number of employees in comparison with the average number over the past 12 months; in any case, the increase must be at least 40 employees.

Forms oF investment aidInvestment aid is granted in the form of: l a cash grant on the acquired long term prop-

erty,l income tax relief, l a contribution aimed at the creation of new

jobs,l the transfer or the exchange of immovable

property at a price lower than its general value.

eliGible ProjeCtsThe projects eligible for investment aid are in

the areas of industrial production or tourism, or they are technological centres or strategic services centres. The general requirements for investment aid in industrial production are: l the acquisition of long term property in the

amount of at least 10 million EUR while at least 50% must be covered by one’s own equity;

l the acquisition of new production and tech-nological equipment in the amount of at least 60% of the total amount of the acquired long term property;

l production, activities, or buildings must fulfil the environment protection requirements;

l implementation must result in the creation of new jobs (at least 40);

l the investment plan must be implemented in one place.

The above mentioned values decrease if the investment plan is implemented in a district with a higher employment rate than the average rate in Slovakia, or if it is implemented by a small or medium enterprise. An investment plan with eli-gible costs over 200 million EUR does not need to fulfil the criteria of creation of new jobs.A technological centre is eligible under the fol-lowing requirements:l the acquisition of long term property in the

amount of at least 500 000 EUR while at least 50% must be covered by own equity;

l at least 70% of employees must have a higher education degree;

l implementation will result in the creation of at least 30 new jobs.

A strategic services centre must meet the follow-ing conditions:l the acquisition of long term property in the

amount of at least 400 000 EUR while at least 50% must be covered by own equity;

l at least 60% of employees must have a higher education degree;

l implementation must result in the creation of new jobs.

Finally, the general requirements for investment aid in tourism are: l the acquisition of new technological equip-

ment in the amount of at least 40% of the total amount of acquired long term property;

l the acquisition of long term property in the amount of at least 10 million EUR while at least 50% must be covered by own equity;

l services, procedures, buildings or equipment must meet the environment protection re-quirements;

l implementation will result in the creation of new jobs (at least 40);

l the plan must be implemented in one place. The above mentioned values are decreased if

the plan is implemented in a district with a higher than the average employment rate and for an in-vestment plan with eligible costs over 200 million EUR, there is no criteria of creation of new jobs.

eliGible CostsFor the purposes of investment aid the eli-

gible costs are long term tangible assets such as land, buildings and technological equipment, situated in Slovakia acquired under the market conditions and used exclusively for investment plan purposes, and long term intangible assets resulting from technology transfer, or the amount of gross salaries for newly created jobs over two years. The state aid recipient is obliged to cover at least 25% of the eligible costs by its own resources or external financing.

eliGible reGionsThe region of Bratislava is completely exclud-

ed from eligibility for investment aid. All other regions are eligible. The territory of Slovakia, for the purposes of the maximum amount of aid, is divided into three regions. The investment aid maximum intensity rate is 35% for the central and eastern Slovakia regions and 25% for the western Slovakia region. The maximum amount of contri-bution for the creation of a new job depends on the unemployment rate in the district in question.

ConClusionBefore making the decision whether and

where in Slovakia to invest, it is advisable to con-sider availability and intensity of regional state aid. Identifying the suitable scheme of the invest-ment aid as well as the process of its obtaining is very complex. Therefore, it is recommended to consult a local legal office experienced in provid-ing advice in this area according to the specific needs and investment intentions of the client.

By Jana Benčová, Associate, PETERKA & PARTNERS

* * *This article is for information purposes

only and is based on laws applicable on Octo-ber 28, 2015. Under no account can it be con-sidered as either a legal opinion or advice on how to proceed in particular cases or on how to as-sess them. If you need any further information on the issues covered by this article, please contact PETERKA & PARTNERS,

Tel. +421 2 544 18 700; E-mail: [email protected]; www.peterkapartners.com

Founded in 2000, PETERKA & PARTNERS has grown into a full-service law firm with over 150 lawyers and nine offices in Prague, Bratislava, Kyiv, Sofia, Moscow, Bucharest, Warsaw, Minsk and Bu-dapest and has built up a highly regarded practice within the CEE region.

Jana Benčová, Associate, PETERKA & PARTNERS

PeterkaPR_2015.indd 1 23. 11. 2015 8:17:38

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2/1relevans

Relevans Reveals Their approach To Practicing law In The slovak Republic

1. Your law firm has been operating on the market for only 5 years and yet it is one of the biggest in Slovakia. Is there any particular pat-tern or guide to how to achieve such a goal?

It is a result of planning well in advance. When the firm was established, we had sufficient clientele to enable us to provide top quality legal services and not struggle to survive. Therefore, from the very beginning we could set our ambitions high while simultaneously focusing on growth.

In the past five years, our law firm has been in-creasing its agenda at a rate of approximately 30 % p.a.. To achieve such a rate, you must have a clear recognition of your aims and the means to make them happen. The rest is just the outcome of hard work, determination and confidence.

2. Have you achieved the growth of your law firm as you planned?

At the present time we are approximately where we planned to be. Our plans are, under-standably, not just about today, but are focused on the long term, and I am confident that the planned growth of our firm will yet continue. At the establishment of the firm, the total number of lawyers was 13; presently it is 25. I believe that in order to fulfill our clients’ needs, this number will have to increase to 30 by the end of 2016, as at the moment, we are limited in accepting new matters by the number of lawyers in our team.

3. From your statements I have understood

you link quality to big law firms. Do you con-sider big law firms as automatically more capa-ble of providing law services of better quality?

Absolutely not. To the contrary, I hold the view that there are many attorneys-at-law, based on a “one man show principle”, who are not interested in building something bigger and yet offering an ex-cellent level of quality. However, such an approach has its limits - the capacity of those individuals. There are only so many hours in a day, and there

are substantial areas of legal services which simply cannot be covered by any one person in that way. We have chosen the path of providing services to large corporations who requirement a scope of the work that cannot be plausibly offered by small law firms. I personally believe that the future belongs to big law firms able to put together a broad team of experts covering various agendas and providing thousands of hours monthly while simultaneously maintaining an excellent standard of quality. Thus,

JUDr. Alexander Kadela, managing partner

RelevansPR_2015.indd 2 23. 11. 2015 8:13:50

Relevans Reveals Their approach To Practicing law In The slovak Republicto answer your question, I do not think that a big firm automatically means higher quality. On the other hand, I believe that bigger firms grow from smaller ones as a result of providing the desired level of quality. It is more difficult to sustain such quality with persistent growth, requiring intensive manage-ment of work and the systems of output control.

4. Which areas of legal services are consid-ered as the most important from the point of view of your firm’s activity and which are your most prominent clients?

RELEVANS largely focuses on the areas of litigation, competition law, mergers & acquisi-tions and real-estate law. Among the most promi-nent of our clients who have given permission to be named are Eurovea, a.s., ČEZ Slovensko, s.r.o., Železničná spoločnosť Slovensko, a.s., Železničná spoločnosť Cargo Slovakia, a.s., Rozhlas a televízia Slovenska, Akzent BigBoard, a.s., J&T FINANCE GROUP SE, and J&T REAL ESTATE, a.s.. We endeavour to provide each and every client with the same highest quality legal services.

5. Can you name the biggest projects you deal with in one selected area of law where you provide services?

I consider the field of litigation as the area in which we are the strongest and which we can eas-ily distinguish our abilities. We are currently repre-senting clients in more than 160 major lawsuits, as both plaintiffs and defendants. We primarily focus on representing big corporations in breach of con-tract or violation of law proceedings where civil damages are sought. Among our most significant lawsuits, from perspective of the amount claimed, would include our representation of Medical Care Holding in its suit against the Slovak Republic, a case regarding the demand of more than 30 mil-lion euros in damages as the result of a profit ban imposed on shareholders of private health insur-ance companies (in this particular case, the bank-rupt Európska zdravotná poisťovňa, a.s.). Regard-ing lawsuits where we represent the defendant, among the most significant we rank representation of defendants Železničná spoločnosť Cargo Slova-kia, a.s. and Železničná spoločnosť Slovensko, a.s., which are being sued for damages in an amount exceeding 50 million euros.

6. It is interesting you pointed out two law-suits – one where you represent a subject claim-ing damages against the state and one where you defend the state. Do you not find this to be a conflict of interests?

Not at all, and I picked those two on purpose. I strongly feel that a favourable outcome in court

should never be prejudged according to who the parties to the proceedings are. When we are pre-ferred by clients from various spectrums, we are very delighted and consider it as recognition of the quality work we do.

7. We have noticed an article about a case you are dealing with, where the judge was ex-cluded from deciding the case for being biased. When is a judge considered to be biased under Slovak law?

The assessment of the bias of a judge has its objective and subjective elements. The objective element requires that to prevail with objections concerning a judge’s prejudice, you have to prove certain objective facts about the judge’s relations to a party to the proceedings, the party’s legal counsel, or concerning the object of the proceedings spe-cifically. Once the objective factors are considered, the subjective element emerges, which is simply the assessment of whether or not the established facts are capable of diminishing the credibility of a judge in the eyes of the public. Even a plain chal-

lenge might be sufficient to exclude a judge from the proceedings. A judge’s bias may not be appar-ent in every act. Additionally, to require a party alleging bias to actually show some proof of actual wrongdoing, to catch the judge “with a smoking gun in hand”, would be to set an unachievable standard. Such an absurdly high burden of proof is considered as inadequate in all civilised countries, and does nothing to alleviate public scepticism about the fairness of the courts.

8. To conclude, could you, please, tell us your opinion of the judiciary and its quality in the Slovak Republic?

The Slovak judiciary has overcome significant challenges in the last 20 years, with the fundamen-tal principles of civil litigation having changed and those changes still continuing. As an optimist, I note that judicial proceedings have been acceler-ated significantly and the quality of judicial deci-sions has similarly improved. We have progressed from the system of deciding cases on the basis of the principle of material truth to partially contra-dictory judicial proceedings and an incomplete ap-pellate system. The abovementioned enhance the chance of realising justice more promptly. The civil procedure system and rules are gradually gaining strength and a further major step, a new litigation code, is coming into force on July 1, 2016. To me, it is more important where we are heading, not the state we are in now. Therefore, I appreciate and anticipate the further development in the Slovak judiciary.

Advokátska kancelária RELEVANS s.r.o., www.relevans.sk

RelevansPR_2015.indd 3 23. 11. 2015 8:13:59

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in Slo

vakia

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lRe

pres

entin

g Slov

ak ba

nks i

n a gr

oup

of ap

prox

. €59

0 mil.

FORE

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ding

lawsu

its.

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nkru

ptcy

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ak ba

nk

DEVÍ

N BA

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l

Advo

kátsk

a kan

celár

ia RE

LEVA

NS s.

r.o.

www.

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kAd

vising

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uyer

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uisitio

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etail,

office

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ident

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oper

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rove

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ratis

lava.

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vising

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ločno

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rgo

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kia, a

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ale of

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art o

f its

rollin

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ck of

freig

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rriag

es va

lued

arou

nd €

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mil.

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pres

entat

ion of

Med

ical C

are H

olding

in

its su

it aga

inst t

he Sl

ovak

Rep

ublic

, a

case

rega

rding

the d

eman

d of m

ore t

han

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dam

ages

as th

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ult of

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ofit b

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pose

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pr

ivate

healt

h ins

uran

ce co

mpa

nies.

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pres

entat

ion of

defen

dant

s Žele

zničn

á sp

oločn

osť C

argo

Slov

akia,

a.s.

and

Želez

ničná

spolo

čnos

ť Slov

ensk

o, a.s

., wh

ich ar

e bein

g sue

d for

dam

ages

in an

am

ount

exce

eding

€50

mil.

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vising

the b

uyer

on th

e pur

chas

e of

Ahold

retai

l sto

res p

ortfo

lio in

Slov

akia.

l

Allen

& O

very

Bra

tislav

a, s.r

.o.ww

w.all

enov

ery.c

omSlo

vak T

eleko

m on

its pr

opos

ed IP

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d lis

ting o

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res a

nd G

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rted d

ue to

trad

e sale

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tra ba

nka,

a.s. a

s the

lead

man

ager

on

a €30

mil.

bond

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e by t

he In

terna

tiona

l Inv

estm

ent B

ank.

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G Ba

nk on

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nfor

mal

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orm

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struc

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raca

pital,

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larg

est E

urop

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infra

struc

ture

inve

stmen

t fund

s, on

th

e acq

uisitio

n of t

he Sl

ovak

utilit

y gr

oup G

GE.

lSlo

vens

ké el

ektrá

rne,

a.s. a

s plai

ntiff

on

a €94

mil.

dam

ages

claim

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st th

e Slo

vak R

epub

lic ca

used

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lawfu

l ele

ctrici

ty pr

ice re

gulat

ion.

l

BOĽO

Š & PA

RTNE

RS s.

r.o.

www.

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partn

ers.s

kLa

rges

t ban

krup

tcy pr

ocee

ding i

n the

his

tory

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ith th

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erati

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nter

prise

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nkru

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ear

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hem

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ctory

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roce

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gest

freigh

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rt co

mpa

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sing o

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nsit o

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ducts

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entra

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rope

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arou

nd 40

0 em

ploye

es.

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nkru

ptcy

proc

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ading

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ak

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pany

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zen f

ood a

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h pro

ducts

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struc

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cycli

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roce

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popu

lar sk

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rt (5

ski a

reas

, 16 s

ki lift

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erial

tram

ways

and 1

8 ski

trails

) with

ar

ound

100 e

mplo

yees

.

l

Deloi

tte Le

gal s

. r. o.

, adv

okát

ska k

ance

lária

www.

deloi

tteleg

al.sk

Repr

esen

tation

and a

dviso

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rvice

s for

NE

Prop

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lation

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mini

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pres

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isory

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ices f

or

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oper

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their

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isitio

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ark Ž

ilina s

hopp

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ntre

.

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gal a

udit a

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terna

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cy se

tup i

n th

e are

a per

sona

l data

prot

ectio

n and

go

vern

ance

at a

majo

r Slov

ak ba

nk.

lCo

mpr

ehen

sive m

anag

emen

t of c

losing

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a m

anuf

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ring c

ompa

ny –

dism

issals

, leg

al ad

visor

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uidati

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mpr

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egula

tory

audit

of

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nal d

ata pr

otec

tion s

etup a

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ajor

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k em

ploye

r.

l

Dent

ons E

urop

e CS L

LP, o

rgan

izačn

á zlož

kaww

w.de

nton

s.com

Sber

bank

Slov

ensk

o: Ad

vising

on

synd

icated

facil

ities i

n the

value

of €

870

mil.

to Sl

oven

ske e

lektra

rne,

a.s., O

ne of

th

e fac

ilities

was

guar

antee

d by E

XIAR

(R

ussia

n ECA

).The

finan

cing i

s use

d for

th

e com

pletio

n of M

ocho

vce N

PP.

lHe

itman

Inter

natio

nal: A

dvisi

ng on

the

acqu

isitio

n of t

he offi

ce bu

ilding

Aup

ark

Towe

r in B

ratis

lava w

ith th

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e of

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itman

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on th

e sale

of a

mult

i--co

untry

portf

olio o

f thr

ee lo

gistic

s par

ks

to Pr

ologis

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portf

olio i

nclud

es th

ree

logist

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rks i

n thr

ee co

untri

es: C

zech

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publi

c, Po

land a

nd Sl

ovak

ia (S

enec

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stribu

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enter

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utsc

he Pf

andb

riefb

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ancin

g of 1

3 hyp

erm

arke

t--an

chor

ed sh

oppin

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ters a

cross

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land,

the C

zech

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ublic

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lovak

ia.

lDe

utsc

he Pf

andb

riefb

ank:

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ing on

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15 m

il. fin

ancin

g of t

he ac

quisi

tion o

f a C

arre

four

portf

olio i

n Pola

nd, C

zech

Re

publi

c, Slo

vakia

and T

urke

y by A

erium

.

l

Ham

ala K

luch V

íglas

ký s.

r.o.

www.

hkv.s

kJo

hnso

n Con

trols

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ation

of B

ratis

lava

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ess C

enter

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up's s

hare

d ser

vice

cent

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com

plex c

ross-

bord

er ad

visor

y to

JC, in

cludin

g M&A

, rea

l esta

te, la

bor,

state

aid, ta

x, co

rpor

ate an

d res

tructu

ring

work

.

lCR

ESCO

/Quin

lan (A

vestu

s) - in

conn

ecti-

on w

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uisitio

n, de

velop

men

t and

fin

ancin

g of m

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eal e

state

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cts in

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atisla

va - S

lnecn

ice an

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ower

s.

ll

Hotel

Car

lton a

nd H

otel

Danu

be (M

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ancin

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ariou

s leg

al se

rvice

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wner

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tels,

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ing

high-

profi

le M

&A w

ork a

nd fin

ancin

g and

re

struc

turin

g of t

he ex

isting

debt

serv

ice.

lll

Euro

MAX

shop

ping c

enter

s - co

rpor

ate

and fi

nanc

e res

tructu

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f a le

ading

Slo

vak d

evelo

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pecia

lizes

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giona

l sho

pping

and e

nter

tainm

ent

cent

er in

dustr

y.

lll

BUDA

MAR

LOGI

STIC

S (lar

ge Sl

ovak

logi-

stic c

ompa

ny) i

n con

necti

on w

ith cr

eatio

n of

stra

tegic

joint

-vent

ure w

ith Z

SSK

Carg

o of r

ailwa

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using

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t stat

e-of-t

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on

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-free

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echn

ology

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l

Have

l, Holá

sek &

Partn

ers s

.r.o.,

advo

kátsk

a kan

celár

iaww

w.ha

velho

lasek

.czCo

mpr

ehen

sive l

egal

advic

e to Č

SOB

Grou

p in c

onne

ction

with

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cquis

ition

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B Le

asing

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lCo

mpr

ehen

sive l

egal

advic

e to A

hold

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it fro

m th

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ak m

arke

t.

lCo

mpr

ehen

sive l

egal

advic

e to C

inewo

rld

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nnec

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Slova

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t of t

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inem

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ty gr

oup,

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mpr

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egal

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Nexti

raOn

e Gro

up, a

majo

r int

erna

tiona

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mm

unica

tions

serv

ices p

rovid

er, on

sa

le of

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lding

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wo Sl

ovak

su

bsidi

aries

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e-tra

nsac

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owne

rship

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ture

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in Ne

xtira

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mpr

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egal

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isteo

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rpor

ation

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.S. ba

sed m

ulti-

natio

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orpo

ratio

n, on

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cquis

ition

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e Slov

ak su

bsidi

ary o

f ano

ther

U.S.

au

tom

otive

com

pany

.

l

Kins

tellar

, s.r.

o.ww

w.kin

stella

r.com

Priva

tisati

on of

SPP (

Slova

k gas

com

pa-

ny),

the l

arge

st ev

er tr

ansa

ction

in th

e his

tory

of Sl

ovak

ia, va

lue $2

.7 bn

.

lSlo

vens

ké el

ektrá

rne/

Enel

- syn

dicate

d loa

n fac

ility,

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kia’s

large

st ev

er co

mpa

-ny

finan

cing,

value

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0 mil.

lAd

vising

Arca

pita B

ank o

n €24

0 mil.

acqu

isitio

n of t

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al es

tate p

ortfo

lio an

d as

set m

anag

emen

t ope

ratio

ns of

Pinn

acle

Cent

ral &

Easte

rn Eu

rope

.

ll

VINC

I CON

CESS

IONS

and M

ERID

IAM

IN

FRAS

TRUC

TURE

on th

e €1.2

4 bn

refin

ancin

g of t

he Sl

ovak

Rep

ublic

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st PP

P pro

ject, t

he R

1 Exp

ressw

ay,

thro

ugh t

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sue o

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the

Luxe

mbo

urg S

tock

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nces

siona

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ranv

ia.

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Ball

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perti

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mite

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rive

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eside

ntial

prop

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EURO

VEA

in Br

atisla

va to

Tren

esm

a Lim

ited o

wned

by

Mr. P

eter K

orba

cka,

one o

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partn

ers o

f J&

T Fin

ance

Gro

up.

l

Kriva

k & C

o, s.r

.o.ww

w.kr

ivak.s

kPr

ivatis

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of Sl

oven

ská s

porit

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large

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te ow

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ank;

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oard

of

Dire

ctors

on th

e who

le tra

nsac

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proc

ess.

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Repr

esen

ting S

lovak

Rep

ublic

befo

re th

e co

mm

ercia

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rts of

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sian F

eder

ation

wi

th re

spec

t to $

78 m

il. cla

im; a

pplyi

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the c

laim

in th

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krup

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oces

s and

liti

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claim

.

ll

Repr

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ting t

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inistr

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cono

my i

n th

e com

plex l

itigati

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se re

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ip of

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ate ow

ned s

hare

s in

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il tra

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Tr

ansp

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a.s.

ll

Synd

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Loan

Facil

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HS

BC, S

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ks

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g ter

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volvi

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cing g

rant

ed to

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op tie

r clie

nt.

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ndica

ted Lo

an Fa

cility

arra

nged

by

Citib

ank,

Slova

k bra

nch;

advis

ing th

e ba

nks o

n €85

mil.

acqu

isitio

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ncing

gr

anted

to th

e clie

nt op

erati

ng in

the a

rea

of te

lecom

mun

icatio

ns an

d bro

adca

sting

.

l

LEGA

TE, s

.r.o.

www.

legate

.skRe

pres

entat

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lovak

Rep

ublic

in

canc

ellati

on of

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ultila

teral

inter

natio

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l agr

eem

ent a

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nclus

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new

one

in civ

il avia

tion l

aw.

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all pr

ivatiz

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advis

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inistr

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Tran

spor

t on p

rivati

zatio

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he ai

rpor

t an

d rail

way c

argo

oper

ator.

lSu

cces

sful re

pres

entat

ion of

the g

as

trade

r in t

he am

ount

of m

ore t

han €

66

mil.

in civ

il litig

ation

defen

ce in

rega

rds t

o ho

useh

old pr

ices.

lInt

erna

tiona

l arb

itrati

on ca

ses h

eld

befo

re V

IAC,

Vien

na, IC

A in

Paris

, LCI

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on an

d the

Arb

itrati

on co

urt

attac

hed t

o the

Agr

icultu

re an

d Eco

nom

y Ch

ambe

r in P

ragu

e.

lM

erge

r of t

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troch

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l pro

duce

r int

o its

pare

nt re

finer

y com

pany

with

a va

lue of

mor

e tha

n €25

0 mil.

l

PETE

RKA

& PA

RTNE

RS ad

voká

tska k

ance

lária

s.r.o.

orga

nizač

ná zl

ožka

www.

peter

kapa

rtner

s.com

Assis

tance

to th

e con

struc

tion g

roup

YIT

in

relat

ion to

acqu

iring i

mpo

rtant

real

estat

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n are

a of h

istor

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porta

nce,

includ

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sistan

ce w

ith th

e stru

cturin

g of

the d

eal, d

ue di

ligen

ce, a

nd tr

ansa

ctio-

nal d

ocum

entat

ion.

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visor

y to C

ity-A

rena

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a m

embe

r of

Euro

MAX

Slov

akia

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p, on

deve

loping

a f

ootb

all st

adium

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onstr

uctio

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m

ultipu

rpos

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tre w

orth

seve

ral m

illion

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ros,

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sistan

ce in

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ning

bank

loan

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ppro

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pres

entin

g the

Fren

ch gr

oup S

ANEF

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ring i

ts su

cces

sful p

artic

ipatio

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ten

der c

once

rning

the c

ompr

ehen

sive

serv

ice of

toll c

ollec

tion i

n SR,

one o

f the

lar

gest

PPP p

rojec

ts in

Slova

k hist

ory;

value

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2 mil.

gran

ted fo

r 13 y

ears.

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quisi

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com

panie

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re-

doslo

vens

ká vo

dáre

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prev

ádzk

ová

spolo

čnos

ť and

Podt

atran

ská v

odár

ensk

á pr

evád

zkov

á spo

ločno

sť by

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a Wate

r. Th

e valu

e of t

he tr

ansa

ction

s, ap

prox

i-m

ately

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il.

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vising

SCA

on its

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cquis

ition

of G

eorg

ia-Pa

cific’s

Euro

pean

tissu

e bu

sines

s. PE

TERK

A &

PART

NERS

was

a m

embe

r of a

team

of ad

visor

s pro

viding

leg

al se

rvice

s in r

elatio

n to S

lovak

law .

l

PRK

Partn

ers s

.r.o.

www.

prkp

artn

ers.c

omPr

ovidi

ng co

mple

x leg

al ad

vice t

o th

e Con

sorti

um co

nsist

ing of

Cint

ra,

Mac

quire

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orr i

n rela

tion t

o the

PPP

D4/R

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ject.

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ting a

s Slov

ak le

gal c

ouns

el to

Hew

lett-

Pack

ard i

n the

proc

ess o

f the

wor

ldwide

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erna

l restr

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ring o

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ny

involv

ing ce

rtain

busin

ess a

ctivit

ies an

d co

mpa

nies i

n Slov

akia.

lCo

rpor

ate le

gal a

dvice

to a

leadin

g glob

al pr

oduc

er of

cem

ent in

conn

ectio

n with

div

estm

ent o

f its S

lovak

activ

ities r

equir

ed

by th

e Eur

opea

n Com

miss

ion as

a co

nditi-

on pr

eced

ent fo

r the

appr

oval

of a

mer

ger

betw

een H

olcim

and L

afarg

e.

lLo

cal le

gal a

dvice

to N

ovar

tis on

the

sale

of ov

er-th

e-cou

nter

and o

ncolo

gy

divisi

ons o

f this

phar

ma g

iant t

o Gla-

xoSm

ithKl

ine.

lLe

gal a

dvice

to Z

huzh

ou Ti

mes

New

M

ateria

l Tec

hnolo

gy w

ith its

acqu

isitio

n of

ZF B

oge,

enga

ged i

n aut

omot

ive in

dustr

y pr

oduc

tion.

l

Ružič

ka C

seke

s s.r.

o.ww

w.rc-

cms.s

kAd

vised

Slov

ak go

vern

men

t on 3

m

otor

way P

PP pr

ojects

(tot

al va

lue ov

er

€10 b

n). T

he R

1 pro

ject w

as th

e 1st

PPP

proje

ct th

at re

ache

d fina

ncial

clos

ure a

nd

rece

ived t

he Pr

oject

Finan

ce In

t. Eur

ope

Infra

struc

ture

Dea

l Awa

rd in

2009

.

lAd

vised

U.S.

Stee

l on t

he es

tablis

hmen

t of

a joi

nt-ve

ntur

e with

the l

arge

st Slo

vak

steel

prod

ucer

– VS

Ž a.s

. Koš

ice w

ith a

shar

e cap

ital o

f $13

0 mil.,

on pr

ivatis

ation

an

d the

inve

stmen

t con

tract

nego

tiatio

ns

with

the S

lovak

Gov

ernm

ent.

lAd

vising

JESS

, a.s.

on th

e dev

elopm

ent

of a

nucle

ar po

wer p

lant, c

urre

ntly

the

large

st su

ch pr

oject

being

unde

rtake

n in

Euro

pe, w

orth

€3.7

bn.

lAd

vised

E.ON

Ener

gie A

G on

the

acqu

isitio

n of 4

9% sh

ares

in Z

ápad

o-slo

vens

ká en

erge

tika,

a.s. in

the p

roce

ss

of pr

ivatis

ation

, inclu

ding n

egot

iation

s on

tran

sacti

onal

docu

men

ts wi

th th

e Na

tiona

l Pro

perty

Fund

as w

ell as

lega

l du

e dilig

ence

.

lAd

vised

a m

ajor r

eal e

state

deve

loper

on

the a

cquis

ition o

f land

for a

hotel

& offi

ce

deve

lopm

ent in

cent

ral B

ratis

lava (

€55

mil.)

and o

n the

deve

lopm

ent o

f four

sho-

pping

cent

res a

nd an

apar

tmen

t com

plex

in Slo

vakia

(tot

al €1

35 m

il.).

l

Škub

la &

Partn

eri s

. r. o.

www.

skub

la.sk

Repr

esen

ting a

clien

t in an

inter

natio

nal

arbit

ratio

n cas

e aga

inst t

he Sl

ovak

Rep

ub-

lic in

conn

ectio

n with

inve

stmen

t pro

tecti-

on an

d dam

age c

ompe

nsati

on cl

aim ov

er

€500

mil.

and r

epre

sent

ing in

conn

ected

na

tiona

l cas

es an

d pro

ceed

ings.

lRe

pres

entin

g a Sl

ovak

finan

cial in

stitu

tion

in a c

ase r

egar

ding fi

nanc

ial de

rivate

s va

lued o

ver €

100 m

il. in

cour

t and

ar

bitra

tion p

roce

eding

s and

conn

ected

co

mple

x leg

al co

unse

lling f

or th

e majo

r sh

areh

older

of th

is ins

titut

ion.

lLe

gal c

ouns

elling

, lega

l due

dilig

ence

, re

pres

entin

g clie

nt an

d par

ticipa

tion

on co

mple

te co

ntra

ctual

and f

ollow

ing

legal

docu

men

tation

in co

nnec

tion w

ith

acqu

isitio

n of a

Slov

ak ba

nk (D

exia)

, incl.

leg

al co

unse

lling a

fter t

he ta

keov

er.

lLe

gal a

dvice

to th

e deb

tor r

egar

ding

synd

icated

finan

cing p

rovid

ed by

Slov

ak

and C

E ban

ks fo

r the

cons

tructi

on of

the

shop

ping a

nd en

tertai

nmen

t cen

ter B

ory

Mall

(54,0

00 m

2 lea

se ar

ea) w

ith to

tal

cons

tructi

on co

sts of

appr

ox. €

150 m

il.

lFu

lly fle

dged

assis

tance

with

the

acqu

isitio

n of t

he le

ading

Slov

ak m

edia

hous

es Pl

us 7

dní, T

rend

and o

f the

45%

sta

ke in

med

ia ho

use P

etit P

ress

includ

ing

subs

eque

nt co

rpor

ate re

struc

turin

g and

m

erge

r clea

ranc

e.

l

SOUK

ENÍK

– ŠT

RPKA

, s. r.

o.ww

w.ak

ss.sk

Advis

ing V

ODOH

OSPO

DÁRS

KA V

Ý-ST

AVBA

, ŠTÁ

TNY

PODN

IK in

conn

ectio

n wi

th th

e sett

lemen

t of p

rope

rty an

d leg

al iss

ues r

elatin

g to t

he hy

droe

lectri

c pow

er

plant

Gab

cikov

o-Na

gym

aros

(valu

e €1

46 m

il.).

lAd

vising

Slov

ensk

á elek

triza

čná p

reno

-so

vá sú

stava

, a.s.

on th

e €95

mil.

finan

ce

cont

ract

with

Euro

pean

Inve

stmen

t Ban

k in

relat

ion to

the i

nves

tmen

t pro

gram

me

for m

oder

nising

the e

lectri

city t

rans

mi-

ssion

netw

ork.

lAd

vising

Teplá

reň K

ošice

, a.s.

on th

e €7

8.4 m

il. inv

estm

ent lo

an fa

cility

for

the c

onstr

uctio

n of g

as de

sulph

urisa

tion

equip

men

t.

lAd

vising

the c

lient

on th

e sale

of a

large

re

tail c

entre

to a

fore

ign re

al es

tate f

und

(valu

e €89

.5 m

il.).

lAd

vising

ESIN

grou

p, a.s

. in co

nnec

tion

with

the d

evelo

pmen

t of a

new

cent

re

of Ta

trans

ka Lo

mnic

a - de

velop

men

t of

hotel

/reta

il/pa

rking

prem

ises i

n valu

e €2

0 mil.

l

Taylo

rWes

sing e

/n/w

/c ad

voká

ti s. r.

o.ww

w.tay

lorwe

ssing

.com

Advis

ed on

acqu

isitio

n of a

part

of

the e

nter

prise

(fina

nce c

aptiv

e bu-

sines

s) fro

m a

car b

rand

exclu

sive

leasin

g com

pany

and c

oope

ratio

n wi

th th

e car

bran

d dist

ribut

or in

Slo

vakia

.

lAd

vised

a Sw

iss co

nstru

ction

ho

lding

on ac

quirin

g a Sl

ovak

com

-pa

ny - t

he le

ading

man

ufac

ture

r of

wind

ows a

nd do

ors i

n CEE

.

lRe

pres

ented

a Slo

vak r

eal e

state

deve

loper

in th

e sale

of its

Tesc

o re

tail s

tore

s por

tfolio

to a

Czec

h pr

ivate

equit

y fun

d.

lAd

vised

a Ca

nadia

n pro

duce

r of

shing

les on

estab

lishm

ent a

nd op

e-ra

tion o

f its E

urop

ean p

rodu

ction

fac

ility i

n Slov

akia.

lRe

pres

ented

the l

eadin

g Eur

opea

n re

al es

tate f

unds

in a

majo

r arb

itrati

-on

with

its co

re te

nant

.

l

Whit

e & C

ase s

.r.o.

www.

white

case

.com

Publi

c pro

cure

men

t rep

rese

ntati

on

of th

e con

sorti

um of

Bou

ygue

s, Co

las, D

opra

stav,

Váho

stav,

Inter

toll

and M

ota-E

ngil i

n Slov

akia’

s first

PP

P pro

gram

- reg

ardin

g the

R1

and D

1 high

ways

and t

he D

1 tu

nnel.

Agg

rega

te va

lue: €

6 bn.

lPS

A Pe

ugeo

t Citr

oen -

€70

0 mil.

in-ve

stmen

t in its

new

man

ufac

turin

g ca

r plan

t in Tr

nava

.

lRe

pres

ented

the M

inistr

y of F

inanc

e an

d its

agen

cy A

RDAL

on th

e first

US

D de

nom

inated

issu

e of $

1.5 bn

4.3

75 %

notes

in M

ay 20

12.

ll

Priva

tisati

on of

the t

wo la

rges

t Slo

vak b

anks

- VÚB

, a.s.

(acq

uired

by

Intes

a BCI

of Ita

ly fo

r €55

0 m

il.) an

d Slov

ensk

á spo

riteľň

a, a.s

. (so

ld to

Erste

Ban

k of A

ustri

a for

€4

25 m

il.).

ll

Repr

esen

ted a

grou

p of b

anks

in

conn

ectio

n with

the fi

nanc

ing of

the

acqu

isitio

n of T

elefo

nica C

zech

Re-

publi

c, th

e lea

ding m

obile

oper

ator

in th

e Cze

ch R

epub

lic an

d Slov

akia

by PP

F Gro

up, w

ith to

tal fin

ancin

g am

ount

ing to

€2.2

88 bn

.

l

Inve

stm

ent_

na v

ysku

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ulky

.indd

2

21. 1

1. 2

015

10:

49:1

1

4746

Názo

v (v

abec

edno

m po

radí)

ww

w Co

mpa

ny

(liste

d alph

abeti

cally

) ww

wDe

al 1


al 2


al 3


al 4


al 5

Buy sideSelling sideGovernmentCreditor/BorrowerOther

Advo

kátsk

a kan

celár

ia Ec

ker-K

án &

Partn

ers,

s.r.o.

www.

ecke

r-kan

.skRe

struc

turin

g of la

rges

t Slov

ak co

nstru

c-tio

n com

pany

Dop

rasta

v, a.s

.l

Advis

ing m

ajor i

nter

natio

nal in

vestm

ent

grou

p in a

ppro

x. €4

00 m

il. law

suit.

lRe

pres

entin

g priv

ate cl

ient in

appr

ox.

€235

mil.

inter

natio

nal a

rbitr

ation

(V

IAC)

disp

ute.

lRe

pres

entin

g Slov

ak Te

lekom

, a.s.

in

appr

ox. €

110 m

il. da

mag

es la

wsuit

.l

Repr

esen

ting N

ation

al Pr

oper

ty Fu

nd in

ap

prox

. €65

mil.

dam

ages

laws

uit.

ll

Advo

kátsk

a kan

celár

ia RE

LEVA

NS s.

r.o.

www.

relev

ans.s

kPr

ovidi

ng le

gal s

ervic

es to

the s

eller

s on

the t

rans

fer of

DNV

logis

tics p

ark.

lRe

pres

entat

ion of

Hen

bury

Dev

elopm

ent,

s.r.o.

in re

lation

to th

e cas

es re

gard

ing

dem

olitio

n of P

KO, c

ompe

nsati

on of

da

mag

es an

d unju

st en

richm

ent.

lPr

ovidi

ng le

gal s

ervic

es to

the a

rrang

er

in re

lation

to th

e issu

e of b

onds

(issu

e siz

e €13

5 mil.)

and d

raftin

g of r

elated

do

cum

entat

ion.

lAd

vising

J&T

REAL

ESTA

TE, a

.s. on

fin

ancin

g, de

velop

men

t and

com

plex

cont

ractu

al ag

enda

of th

e mult

ifunc

tiona

l cit

y cen

tre Z

ucke

rman

del.

lPr

ovidi

ng le

gal s

ervic

es to

the b

orro

wer

on th

e refi

nanc

ing of

the a

dmini

strati

ve

build

ing To

wer 1

15 (c

omm

on fu

nd in

str

uctu

re of

the b

orro

wer).

l

Allen

& O

very

Bra

tislav

a, s.r

.o.

www.

allen

over

y.com

Slova

k Tele

kom

on its

prop

osed

IPO

and

listin

g of s

hare

s and

GDR

s on t

he LS

E (a

borte

d due

to tr

ade s

ale).

lInf

raca

pital,

the i

nfra

struc

ture

inve

stmen

t ar

m of

M&G

Inve

stmen

ts, on

the a

cquis

i-tio

n of t

he Sl

ovak

utilit

y gro

up G

GE.

lTa

tra ba

nka,

a.s. a

s the

lead

man

ager

on

a €30

mil.

bond

issu

e by t

he In

terna

tiona

l Inv

estm

ent B

ank.

lIN

G Ba

nk on

the i

nfor

mal

and f

orm

al re

struc

turin

g of D

opra

stav,

a.s., a

lead

ing

cons

tructi

on co

mpa

ny.

lSlo

vens

ké el

ektrá

rne,

a.s. a

s plai

ntiff

in a €

94 m

il. da

mag

es cl

aim ag

ainst

the

Slova

k Rep

ublic

caus

ed by

unlaw

ful

electr

icity

price

regu

lation

.

l

BOĽO

Š & PA

RTNE

RS s.

r.o.

www.

bolos

partn

ers.s

kLe

gal a

dviso

ry, re

pres

entat

ion of

main

se

cure

d cre

ditor

/ban

k in b

ankr

uptcy

pro-

ceed

ing of

Slov

ak co

mpa

ny w

ith tr

aditio

n in

meta

llurg

y and

engin

eerin

g.

lLe

gal a

dviso

ry to

a de

velop

men

t co

mpa

ny –

an in

terna

tiona

l inve

stor –

in

restr

uctu

ring o

f its p

ortfo

lio in

Hun

gary.

lLe

gal a

dviso

ry an

d rep

rese

ntati

on of

main

se

cure

d cre

ditor

/ban

k in b

ankr

uptcy

pr

ocee

dings

of a

leadin

g pro

duce

r of

wago

ns fo

r rail

freig

ht in

Polan

d.

lW

e con

tinue

to pr

ovide

lega

l adv

isory

to

the a

ppoin

ted tr

ustee

of a

chem

ical fa

cto-

ry in

the l

arge

st ba

nkru

ptcy

proc

eedin

g in

rece

nt hi

story.

lRe

struc

turin

g pro

ceed

ing of

one o

f the

lar

gest

dom

estic

man

ufac

ture

rs of

plas

tic

and a

lumini

um w

indow

s, do

ors a

nd

spec

ial co

nstru

ction

s.

l

Deloi

tte Le

gal s

. r. o.

, adv

okát

ska k

ance

lária

www.

deloi

tteleg

al.sk

Repr

esen

tation

and a

dviso

ry se

rvice

s for

NE

Prop

erty

in re

lation

to th

eir ac

quisi

tion

of A

upar

k Koš

ice sh

oppin

g cen

tre an

d ad

mini

strati

ve bu

ilding

.

lLe

gal a

udit a

nd in

terna

l poli

cy se

tup i

n th

e are

a per

sona

l data

prot

ectio

n and

go

vern

ance

at a

majo

r Slov

ak ba

nk.

lCo

mpr

ehen

sive m

anag

emen

t of c

losing

of

a m

anuf

actu

ring c

ompa

ny –

dism

issals

, leg

al ad

visor

y, liq

uidati

on.

lRe

vision

and s

etup o

f man

agem

ent r

enu-

mer

ation

polic

ies at

a m

ajor S

lovak

bank

.l

Com

preh

ensiv

e reg

ulato

ry au

dit of

pe

rsona

l data

prot

ectio

n setu

p at a

majo

r Slo

vak e

mplo

yer.

l

Dent

ons E

urop

e CS L

LP, o

rgan

izačn

á zlož

ka

www.

dent

ons.c

omSb

erba

nk Sl

oven

sko:

Advis

ing on

synd

i-ca

ted fa

cilitie

s in t

he va

lue of

€87

0 mil.

to

Slove

nske

elek

trarn

e for

the c

omple

tion

of M

ocho

vce N

PP.

lNA

Y: A

dvisi

ng a

Slova

k spe

cialis

t elec

trica

l re

tailer

on th

e acq

uisitio

n of E

lectro

W

orld

chain

of 26

shop

s in t

he Sl

ovak

and

Czec

h Rep

ublic

s.

lGG

E: Ad

vising

on th

e con

templa

ted fir

st pu

blic o

fferin

g of s

hare

s (IP

O) on

the

War

saw

Stoc

k Exc

hang

e.

lpb

b Deu

tsche

Pfan

dbrie

fban

k and

Un

iCre

dit B

ank A

ustri

a: Ad

vising

on th

eir

€215

mil.

facilit

y to r

efina

nce t

he P3

po

rtfoli

o in C

Z, SK

and P

ol.

lHe

itman

: Adv

ising

on th

e sale

of a

mult

i--co

untry

portf

olio o

f thr

ee lo

gistic

s par

ks

to Pr

ologis

in th

ree c

ount

ries:

Slova

kia

(Sen

ec D

C), C

R an

d Pol.

l

Ham

ala K

luch V

íglas

ký s.

r.o.

www.

hkv.s

kJo

hnso

n Con

trols

- Aut

omot

ive Ex

perie

n-ce

spino

ff. Hi

gh-p

rofile

cros

s-bor

der M

&A

and c

orpo

rate

restr

uctu

ring t

rans

actio

n.

lll

lSa

le of

state

's sha

reho

lding

in Sl

ovak

Te

lekom

to D

eutsc

he Te

lekom

- com

plex

M&A

/priv

atisa

tion t

rans

actio

n with

pu

rchas

e pric

e of €

900 m

il.

lNa

tiona

l Pro

perty

Fund

- leg

al se

rvice

s in

resp

ect t

o ter

mina

tion o

f its a

ctivit

ies,

includ

ing le

gislat

ion am

endm

ents

and

com

plex l

egal

analy

ses.

ll

€196

mil.

synd

icated

acqu

isitio

n fina

ncing

ar

rang

ed by

ING

Bank

, HSB

C an

d SLS

P to

finan

ce ac

quisi

tion o

f larg

e rail

cars

fleet

by C

argo

Wag

on.

lSlo

vens

ké el

ektrá

rne -

com

plex r

egula

to-

ry, co

rpor

ate, M

&A an

d fina

cing s

ervic

es,

includ

ing €

150 m

il. co

rpor

ate fin

ancin

g by

Ban

k of A

mer

ica.

l

Have

l, Holá

sek &

Partn

ers s

.r.o.,

advo

kátsk

a kan

celár

ia

www.

have

lholas

ek.cz

Com

preh

ensiv

e leg

al ad

vice t

o ČSO

B Gr

oup i

n con

necti

on w

ith th

e acq

uisitio

n of

VB

Leas

ing.

lCo

mpr

ehen

sive l

egal

advic

e to A

hold

on

its ex

it fro

m th

e Slov

ak m

arke

t.

lCo

mpr

ehen

sive l

egal

advic

e rela

ted to

th

e acq

uisitio

n of a

listed

Slov

ak ph

arm

a co

mpa

ny.

lCo

mpr

ehen

sive l

egal

advic

e to C

inewo

rld

in co

nnec

tion w

ith th

e acq

uisitio

n of t

he

Slova

k par

t of t

he pa

n-Eu

rope

an C

inem

a Ci

ty gr

oup,a

cine

ma o

pera

tor.

lLe

gal a

dvice

to m

ajor w

aste

dispo

sal c

om-

pany

in co

nnec

tion w

ith th

e acq

uisitio

n of

a Slo

vak s

ubsid

iary o

f an i

nter

natio

nal

waste

disp

osal

oper

ator.

l

Kins

tellar

, s.r.

o.

www.

kinste

llar.c

omCe

rner

Cor

pora

tion o

n the

$1.3

bn ac

qui-

sition

of Si

emen

s Hea

lth Se

rvice

s, th

e he

alth I

T bu

sines

s unit

of Si

emen

s AG.

lAd

vising

UNI

CRED

IT B

ANK

SLOV

AKIA

on fin

ancin

g pro

vided

to

Pent

a Inv

estm

ents

for t

he co

nstru

ction

of

a re

al es

tate p

rojec

t (BO

RY M

ALL)

in

Brati

slava

.

lAd

vising

Point

Park

Prop

ertie

s on €

215

mil.

in re

finan

cing o

f sub

sidiar

ies of

P3

Grou

p in C

R, Sl

ovak

ia an

d Pola

nd an

d th

eir Lu

xem

bour

g sha

reho

lder.

lBa

llym

ore P

rope

rties

Lim

ited o

n the

sale

of th

eir ri

verfr

ont r

etail,

office

, hot

el &

re-

siden

tial p

rope

rty EU

ROVE

A in

Brati

slava

to

Tren

esm

a Lim

ited.

lPo

rsche

AG

on th

e acq

uisitio

n of K

UKA

Enco

Wer

kzeu

gbau

in Sl

ovak

ia.

l

Kriva

k & C

o, s.r

.o.

www.

kriva

k.sk

Repr

esen

ting M

inistr

y of E

cono

my i

n liti

gatio

n cas

e of a

lmos

t €10

0 mil.

initia

ted

by Sl

oven

ské e

lektrá

rne.

ll

Repr

esen

ting m

ajor S

lovak

bank

in lit

iga-

tion c

ase o

f €10

mil.

initia

ted by

a fo

rmer

cli

ent in

conn

ectio

n with

com

mitt

ed

credit

facil

ity.

ll

€12 m

il. se

cure

d Cre

dit Fa

cility

and

Rece

ivable

Assi

gnm

ent T

rans

actio

n. l

€30 m

il. se

cure

d Cre

dit Fa

cility

with

spec

i-fic

featu

res o

f priv

ate in

terna

tiona

l law.

l

Advis

ing on

passp

ortis

ation

of pu

blic

offer

of se

curit

ies is

sued

by a

fore

ign

inves

tmen

t ban

k.

l

LEGA

TE, s

.r.o.

www.

legate

.skLe

ad co

unse

l to A

NSPs

from

6 jur

isdic-

tions

in fo

rmati

on of

a co

mm

on in

-hou

se

entit

y und

er th

e Clas

sic D

irecti

ve an

d as

per S

ES le

gislat

ion (F

AB).

lAd

vising

the g

as tr

ansm

ission

oper

ator

in re

gard

s to t

he in

vesto

r ent

ry th

roug

h co

ntrib

ution

to th

e res

erve

fund

in

amou

nt of

€1.8

bn.

lRe

pres

entat

ion of

the g

as tr

ansit

carri

er

in co

mm

ercia

l litig

ation

amou

nting

to

mor

e tha

n €40

mil.

due t

o unp

aid

trans

miss

ion fe

es.

lDe

fence

of th

e clie

nt at

the I

CA in

Paris

as

per I

CC ru

les in

a m

atter

value

d at

mor

e tha

n €4 m

il. du

e to a

cont

ract

imple

men

ted in

Cub

a.

lLo

cal le

gal c

ouns

el to

ASP

EN Ph

arm

acar

e Ho

lding

s in a

cquis

ition o

f par

t of t

he

enter

prise

from

Glax

o Sm

ith K

line.

l

PETE

RKA

& PA

RTNE

RS ad

voká

tska k

ance

lária

s.r.o.

orga

nizač

ná zl

ožka

www.

peter

kapa

rtner

s.com

Advis

ing PC

A Slo

vakia

on re

struc

turin

g of

the a

ccom

mod

ation

syste

m sc

hem

e fro

m

the l

egal

as w

ell as

finan

cial p

oint o

f view

, inc

luding

tax i

ssues

.

lLe

gal s

ervic

es to

SKAN

SKA,

relat

ed to

co

rpor

ate an

d com

mer

cial a

spec

ts of

a s

trictl

y tim

ed de

al of

a co

mpli

cated

leg

al na

ture

.

lAs

sistan

ce to

City

-Are

na fr

om Eu

ro M

AX

Slova

kia G

roup

with

a de

velop

men

t pr

oject

of a

foot

ball s

tadium

and m

ulti-

purp

ose c

entre

wor

th ap

prox

. €45

mil.

lAd

vising

Dec

ours

& Ca

baud

with

the

acqu

isitio

n of a

majo

r Slov

akia-

base

d gr

oup.

The d

eal w

as sp

ecific

due t

o mult

i--ju

risdic

tiona

l asp

ects.

lRe

pres

entin

g Niel

sen C

ompa

ny as

the

CEE a

dviso

r coo

rdina

ting w

ork i

n sev

eral

coun

tries

, in th

e acq

uisitio

n of B

rand

bank

inc

luding

cond

uctin

g leg

al DD

.

l

PRK

Partn

ers s

.r.o.

www.

prkp

artn

ers.c

omPr

ovidi

ng co

mple

x leg

al ad

vice t

o th

e Con

sorti

um co

nsist

ing of

Cint

ra,

Mac

quire

and P

orr i

n rela

tion t

o the

PPP

D4/R

7 Pro

ject.

ll

Actin

g as l

egal

coun

sel to

Hew

lett-P

acka

rd

in th

e pro

cess

of th

e wor

ldwide

inter

nal

restr

uctu

ring i

nvolv

ing ce

rtain

busin

ess

activ

ities a

nd co

mpa

nies.

lLe

gal a

dvice

to a

globa

l cem

ent p

rodu

cer

in co

nnec

tion w

ith di

vestm

ent o

f its S

lo-va

k acti

vities

in co

nnec

tion w

ith m

erge

r be

twee

n Holc

im an

d Lafa

rge.

lLo

cal le

gal a

dvice

to N

ovar

tis on

the

sale

of ov

er-th

e-cou

nter

and o

ncolo

gy

divisi

ons o

f this

phar

ma g

iant t

o Gla-

xoSm

ithKl

ine.

lLe

gal a

dvice

to Z

huzh

ou Ti

mes

New

M

ateria

l Tec

hnolo

gy w

ith its

acqu

isitio

n of

ZF B

oge,

enga

ged i

n aut

omot

ive in

dustr

y pr

oduc

tion.

l

Ružič

ka C

seke

s s.r.

o.

www.

rc-cm

s.sk

Advis

ed th

e Slov

ak M

inistr

y of H

ealth

on

the s

electi

on of

a co

nces

siona

ire fo

r an

appr

ox. €

6 bn D

BFOT

PPP p

rojec

t for a

ne

w un

iversi

ty ho

spita

l.

lAd

vised

the c

onso

rtium

of H

ocht

ief,

Iridiu

m &

DIF

on pa

rticip

ation

in a

€4 bn

DB

FOT

PPP t

ende

r for

alm

ost 6

0 km

of

mot

orwa

ys (M

inistr

y of T

rans

port)

.

lAd

vised

Vých

odos

loven

ská e

nerg

etika

Ho

lding

, a.s.

, on t

he ac

quisi

tion o

f the

se

cond

-larg

est g

as su

pplie

r in S

lovak

ia,

RWE G

AS Sl

oven

sko.

lAd

vised

Siem

ens G

roup

on a

com

plex

reor

ganis

ation

of its

healt

hcar

e bus

iness

in

Slova

kia.

lAd

vised

BAU

MAX

AG

on th

e sale

of its

ac

tivitie

s in S

lovak

ia inc

l. sha

re sa

les,

ongo

ing bu

sines

s tra

nsfer

, em

ploye

es,

real

estat

e, etc

.

l

Škub

la &

Partn

eri s

. r. o.

www.

skub

la.sk

Advis

ing on

the s

ale of

shar

es in

a m

ajor

Slova

k ene

rgy c

ompa

ny an

d on t

he

finan

cing o

f this

tran

sacti

on.

ll

Advis

ing th

e deb

tor i

n syn

dicate

d fin

ancin

g of c

onstr

uctio

n of s

hopp

ing &

en

tertai

nmen

t cen

ter B

ory M

all w

ith to

tal

cons

tructi

on co

sts ap

prox

.€15

0 mil.

lCo

mpr

ehen

sive l

egal

advic

e to c

lient

re

gard

ing th

e con

struc

tion o

f res

ident

ial

proje

ct Re

ziden

cia pr

i mýte

(Bra

tislav

a).

lAd

vising

on ac

quisi

tion o

f asse

ts of

seve

ral

med

ia ou

tlets

and p

ublis

hing h

ouse

s inc

l. su

bseq

uent

corp

orate

restr

uctu

ring a

nd

mer

ger c

leara

nce.

lAd

vised

a ke

y CE p

rodu

cer r

egar

ding

reim

burse

men

t of e

xces

s VAT

unde

r a ta

x au

dit;pr

epar

ation

of le

gal a

rgum

ents

in co

oper

ation

with

its ad

visor

y tea

m.

l

SOUK

ENÍK

– ŠT

RPKA

, s. r.

o.

www.

akss.

skAd

vising

VOD

OHOS

PODÁ

RSKA

VÝ

STAV

BA on

the s

ettlem

ent o

f pro

perty

/leg

al iss

ues r

elatin

g to t

he hy

droe

lectri

c po

wer p

lant G

abcik

ovo-

Nagy

mar

os

(€14

6 mil.)

lAd

vising

Slov

ensk

á elek

triza

čná p

reno

-so

vá sú

stava

, a.s.

on th

e €95

mil.

finan

ce

cont

ract

with

EIB

for m

oder

nising

the

electr

icity

netw

ork.

ll

Advis

ing th

e clie

nt on

the s

ale of

larg

e re

tail c

entre

to a

fore

ign re

al es

tate f

und

(valu

e €89

.5 m

il.).

lAd

vising

Teplá

reň K

ošice

, a.s.

on th

e €7

8.4 m

il. inv

estm

ent lo

an fa

cility

for

the c

onstr

uctio

n of g

as de

sulph

urisa

tion

equip

men

t.

lAd

vising

ESIN

grou

p, a.s

. in co

nnec

tion

with

the d

evelo

pmen

t of a

new

cent

re of

Ta

trans

ka Lo

mnic

a (ho

tel/r

etail/

park

ing

prem

ises)

€20 m

il.

l

Taylo

rWes

sing e

/n/w

/c ad

voká

ti s. r.

o.

www.

taylor

wessi

ng.co

mAc

ting f

or C

zech

Expo

rt Ba

nk pr

ovidi

ng

strate

gic ad

vice o

n han

dling

of th

e re

struc

turin

g of S

lovak

ia St

eel M

ills

(volu

me o

f cre

dits €

170 m

il.).

lRe

pres

entin

g Lag

ardè

re U

nlim

ited (

lea-

ding s

ports

mar

ketin

g and

man

agem

ent

com

pany

) in a

cquis

ition o

f spo

rts ri

ghts

agen

cy U

fa Sp

orts

(RTL

Gro

up).

lRe

pres

entin

g ind

ustri

al ro

bot m

aker

Kuk

a in

sale

of its

mac

hine t

ool u

nit to

Porsc

he,

includ

ing bu

yout

of its

loca

l mino

rity

shar

ehold

er.

lAd

vising

ARK

ON on

deve

lopm

ent o

f a

23.00

0 m2 s

hopp

ing ce

ntre

(OC

Galer

ia)

in Lu

cene

c, inc

luding

cons

tructi

on,

finan

cing a

nd le

asing

issu

es.

lAd

vising

Sales

ianer

Miet

tex (a

lead

ing

textile

man

agem

ent p

rovid

er) o

n dev

e-lop

men

t of a

n ind

ustri

al lau

ndry

serv

ice

in Br

atisla

va.

ll

Whit

e & C

ase s

.r.o.

www.

white

case

.com

Repr

esen

ting G

rafo

bal G

roup

in

the s

ale of

GGE

to an

infra

struc

ture

fu

nd ba

sed i

n Lon

don.

lRe

pres

entin

g a co

nsor

tium

of ba

nks

in co

nnec

tion w

ith th

e sale

of

a 49

% st

ake i

n Slov

ak Te

lekom

.

lRe

pres

entin

g a gr

oup o

f ban

ks in

co

nnec

tion w

ith th

e acq

uisitio

n fin

ancin

g for

the p

urch

ase o

f a

railc

ar po

rtfoli

o.

lRe

pres

entin

g a co

nsor

tium

of ba

nks

in co

nnec

tion w

ith th

e €50

0 mil.

issua

nce o

f not

es by

SPP –

distr

i-bú

cia, a

.s. EM

EA A

ward

for B

est

Corp

orate

Bon

d.

lAc

ting a

s leg

al co

unse

l to th

e Slo

vak R

epub

lic in

the I

nter

natio

nal

Inves

tmen

t Arb

itrati

on in

volvi

ng

Euro

Gas/

Belm

ont.

l

2014

/201

5 To

p 5

Dea

ls o

f the

Lar

gest

Law

Fir

ms

in S

lova

kia

Thr

ee fa

ctor

s w

ith d

iffer

ent w

eigh

ts w

ere

used

for

the

sele

ctio

n of

law

firm

s fo

r th

is li

st: n

umbe

r of

att

orne

ys w

orki

ng fo

r th

e la

w fi

rm in

Slo

vaki

a in

201

4 (4

0% w

eigh

t); s

ales

rev

enue

of t

he la

w fi

rm in

20

14 (

30%

wei

ght)

; net

pro

fit p

er p

artn

er in

201

4 (3

0% w

eigh

t). T

wo

law

firm

s de

cide

d no

t to

prov

ide

info

rmat

ion

and

are

not l

iste

d: K

OVA

L &

spo

l., a

dvok

átsk

a ka

ncel

ária

, s.r.

o.; M

ETIS

Leg

al s

.r.o.

Inve

stm

ent_

na v

ysku

_tab

ulky

.indd

1

21. 1

1. 2

015

10:

49:3

0

49InternatIonal laW fIrms

Názov (v abecednom poradí) Adresa Mesto PSČ E-mail Company (Listed alphabetically) Address City, Postal code E-mail

www Telefón Fax

www Phone Fax

Riaditeľ Telefón E-mail Chief executive officer Phone E-mail Ye

ar of

estab

lish./ N

o. of

lawyer

s (leg

al trai

nees)

in 20

14/

Lang

uages

Ro

k zalo

ženia /

Počet

právn

ikov (

koncip

ientov

) v r. 2

014 /

Jaz

yky

No. o

f atto

rneys

in SR (

no. o

f forei

gn) in

2014

/ No.

of att

orneys

wo

rldwid

e / No

. of b

ranche

s in SR

/ Poč.

advok

átov v

SR (z

ahran

ič-nýc

h) v r.

2014

/ poč.

advok

átov v

o svet

e / po

č. pob

očiek

v SR

Three sectors, in which your law firm has the most clients / Tri sektory, z ktorých má vaša kancelária najviac klientov Est

ablish

ment

M&A

Litiga

tion &

arbit

ration

Bank

ruptcy

law

Contr

actua

l & co

mmerc

ial law

Comp

etitio

n

Intelle

ctual p

ropert

y

Labo

ur law

Publi

c proc

ureme

nt & P

PP pr

ojects

Admi

nistra

tive la

w & re

gulat

ion

Credit

relat

ions

Secur

ities &

transa

ctions

Othe

rEn

viron

ment

/ Tax/

Due d

iligen

ce Živ

. pros

tredie

/ Dan

e / Du

e dilig

ence

Crimi

nal /

Sport

s / Fa

mily l

aw

Trestn

é / Šp

ortové

/ Rod

inné p

rávo

1 Havel, Holásek & Partners s.r.o., advokátska kancelária Jaroslav Havel PREMIuM LISTINg Mlynské nivy 49, Block H Bratislava 821 09 [email protected]

www.havelholasek.cz +421(0)2 3211-3900 +421(0)2 3211-3901

+421(0)2 3211-3900 [email protected]

2008 30 (15) E, F, H, G, R, I, S,

15 (3) 103 1

real estate, industry, trade

l l l l l

no yes yes

no yes yes

2 Lansky, ganzger & Partner Rechtsanwälte, spol. s r.o. Štefan Holý PREMIuM LISTINgZámocké schody 2/A Bratislava - Staré Mesto 811 01 [email protected]

www.lansky.sk +421(0)2 5930-8061 +421(0)2 5441-4039

+421(0)911 543-128 [email protected]

2007 15 (3) E, G, R,

12 (2) 60 1

real estate, industry, health care

l l l l l

yes yes yes

no no no

3 Noerr s.r.o. Pavol Rak PREMIuM LISTINgPalisády 29/A Bratislava - Staré Mesto 811 06 [email protected]

www.noerr.com +421(0)2 5910-1010 +421(0)2 5910-1011

+421(0)2 5910-1010 [email protected]

2004 10 (4) E, G,

6 (4) 510 1

real estate, industry, trade

l l l l l

no no yes

no no no

4 PETERKA & PARTNERS advokátska kancelária s.r.o. organizačná zložka Ján Makara, Andrea Butašová PREMIuM LISTINg

Kapitulská 18/A Bratislava - Staré Mesto 811 01 [email protected]

www.peterkapartners.com +421(0)2 5441-8700 +421(0)2 5441-8701

+421(0)2 5441-8700 [email protected]; [email protected]

2001 20 (5) E, Bul, F, H, G, R, Pl,

15 (2) 150 1

real estate, banking & finance, industry

l l l l l

yes yes yes

no yes no

5 PRK Partners s.r.o. Martin Kříž PREMIuM LISTINgHurbanovo námestie 3 Bratislava - Staré Mesto 811 06 [email protected]

www.prkpartners.com +421(0)2 3233-3232 +421(0)2 3233-3222

+421(0)2 3233-3232 [email protected]

2006 18 (5) E, F, G, R,

13 (2) 150 1

banking & finance, energy, trade

l l l l l

no yes yes

no no no

6 Allen & Overy Bratislava, s.r.o. Martin MagálEurovea Central 1, Pribinova 4 Bratislava - Staré Mesto 811 09 [email protected]

www.allenovery.com +421(0)2 5920-2400 +421(0)2 5920-2424

+421(0)2 5920-2400 [email protected]

1999 18 (5) E, F, G, R,

13 (1) 2700 1

real estate, banking & finance, energy l l l l l

yes no yes

no no no

7 Balcar, Polanský & Spol. s.r.o. Marek OlekšákPribinova 25 Bratislava - Staré Mesto 811 09 [email protected]

www.balcarpolansky.sk +421(0)2 2025-1311 +421(0)2 2025-1312

+421(0)2 2025-1305 [email protected]

2004 5 (1) E, G, I,

4 (NA) NA 1

banking & finance, industry, trade l l l l l

no no yes

no no yes

8 bnt attorneys-at-law Margareta SovovaCintorínska 7 Bratislava - Staré Mesto 811 08 [email protected]

www.bnt.eu +421(0)2 5788-0088 +421(0)2 5788-0089

+421(0)2 5788-0088 [email protected]

2004 14 (4) E, G,

10 (1) 100 1

real estate, banking & finance, trade l l l l l

yes yes yes

no no no

9 bpv Braun Partners s.r.o., o.z. Igor AugustiničSuché mýto 1 Bratislava - Staré Mesto 811 03 [email protected]

www.bpv-bp.com +421(0)2 3388-8880 +421(0)2 2091-0844

+421(0)2 3388-8880 [email protected]

2009 9 (3) E, H, G, I,

6 (3) 40 1


yes no yes

no yes no

10 Deloitte Legal s. r. o., advokátska kancelária Miroslava Terem greštiakováDigital Park II, Einsteinova 23 Bratislava - Petržalka 851 01 [email protected]

www.deloittelegal.sk +421(0)2 5824-9111 +421(0)2 5824-9222

+421(0)2 5824-9111 [email protected]

2010 21 (6) E, K, G,

15 (3) 1500 1


no yes yes

no no no

11 Dentons Europe CS LLP, organizačná zložka Peter KubinaŠtefánikova 15 Bratislava - Staré Mesto 811 05 [email protected]

www.dentons.com +421(0)2 2066-0111 +421(0)2 2066-0999

+421(0)2 2066-0223 [email protected]

1996 13 (4) E, F, H, G, R, Pl,

9 (1) 3000 1

real estate, banking & finance, trade

l l l l l

no yes yes

no no no

12 Kinstellar, s.r.o. Patrik BolfHviezdoslavovo nám. 13 Bratislava - Staré Mesto 811 02 [email protected]

www.kinstellar.com +421(0)2 5929-1111 +421(0)2 5929-1210

+421(0)2 5929-1111 [email protected]

2000 17 (5) E, F, H, G, R,

12 (2) 140 1


yes yes yes

no no no

13 ROWAN LEgAL s.r.o. Ľudovít MičinskýNámestie slobody 11 Bratislava - Staré Mesto 811 06 [email protected]

www.rowanlegal.com +421(0)2 3266-2696 +421(0)2 3266-2699

+421(0)2 3266-2696 [email protected]

2003 15 (4) E, F, G, R,

11 (7) 40 1

IT, industry, public administration l l l l l

yes yes yes

no yes no

14 Schönherr Rechtsanwälte gmbH, organizačná zložka Stanislav KovárPrievozská 4/A (Apollo II) Bratislava - Ružinov 821 09 [email protected]

www.schoenherr.eu +421(0)2 5710-0701 +421(0)2 5710-0702

+421(0)2 5710-0701 [email protected]

2009 10 (3) E, G,

7 (3) 300 1


yes no yes

no no no

15 Squire Patton Boggs s.r.o. Tatiana ProkopováZochova 5 Bratislava - Staré Mesto 811 03 [email protected]

www.squirepb.com +421(0)2 5930-3411 +421(0)2 5930-3415

+421(0)2 5930-3411 [email protected]

1991 8 (3) E, F, G, R,

5 (0) 1500 1


l l l l l

yes yes yes

yes yes yes

16 TaylorWessing e/n/w/c advokáti s. r. o. Andrej LeontievPanenská 6 Bratislava - Staré Mesto 811 03 [email protected]

www.taylorwessing.com +421(0)2 5263-2804 +421(0)2 5263-2677

+421(0)910 966-262 [email protected]

2004 25 (8) E, G,

17 (2) 1200 1

IT, industry, tradel l l l l

yes no yes

no no no

17 White & Case s.r.o. Marek StaroňHlavné námestie 5 Bratislava - Staré Mesto 811 01 [email protected]

www.whitecase.com +421(0)2 5441-5100 +421(0)2 5441-6100

+421(0)2 5441-5100 [email protected]

1997 15 (3) E, F, G, R, S,

12 (0) 2000 1

banking & finance, energy, industry l l l l l

no yes yes

no no no

Five areas, which account for the greatest proportion of the law firm's business in 2015 / Päť oblasti, ktoré v agende právnickej firmy mali v roku 2015 najväčší podiel

Other services / Ostatné služby

NA- not available, Ar-Arabic, Bul-Bulgarian, Cr-Croatian, D-Dutch, E-English, F-French, G-German, H-Hungarian, Chi-Chinese, I-Italian, J-Japanese, K-Korean, N-Norwegian, Pl-Polish, P-Portuguese, R-Russian, Sl-Slovenian, S-Spanish Compiled by The Slovak Spectator Team

An international law firm has headquarters outside of Slovakia or is in association with / integrated into an international group (network) of law firms that helps in a significant way to apply systems and processes.

10 LARGEST INTERNATIONAL LAW FIRMS IN SLOVAKIA 2015An international law firm has headquarters outside of Slovakia or is in association with / integrated into an international

group (network) of law firms that helps in a significant way to apply systems and processes

1. Allen & Overy Bratislava2. Kinstellar

3. White & Case4. PETERKA & PARTNERS

5. TaylorWessing e/n/w/c advokáti6. PRK Partners

7. Havel, Holásek & Partners8. Dentons Europe CS LLP

9. Deloitte Legal10. bnt attorneys-at-law

This ranking of the 10 largest international law firms in Slovakia was created based on three factors to which we gave different weights: number of attorneys working for the law firm in Slovakia in 2014 (40% weight); sales revenue of the law firm in 2014 (30% weight); net profit per partner in 2014 (30% weight). A few law firms decided not to provide information and were not analysed in this ranking.


internationaL Law firmS

in SLoVaKia 2015

in SLoVaKia

2015

numberof

attorneyS


10 LargeSt internationaL

Law firmS

SaLeSreVenue

in SLoVaKia

2015


Law firmS

profit per

partnerin SLoVaKia

2015

10 LARGEST INTERNATIONAL LAW FIRMS BY REVENUE1. Allen & Overy Bratislava

2. Kinstellar

3. White & Case

4. Havel, Holásek & Partners

5. PRK Partners

6. PETERKA & PARTNERS

7. Squire Patton Boggs

8. Dentons Europe CS LLP

9. TaylorWessing e/n/w/c advokáti

10. bnt attorneys-at-law


10 LARGEST INTERNATIONAL LAW FIRMS BY PPP*

1. Kinstellar


3. White & Case

4. PETERKA & PARTNERS

5. PRK Partners

6. Dentons Europe CS LLP

7. TaylorWessing e/n/w/c advokáti

8. bnt attorneys-at-law

9. Balcar, Polanský & Spol.

10. ROWAN LEGAL

* net profit in 2014, ** includes only partners with share on profit

10 LARGEST INTERNATIONAL LAW FIRMS BY NUMBER OF ATTORNEYS* Number of attorneys

1. TaylorWessing e/n/w/c advokáti 17

2-4. Deloitte Legal 15

2-4. Havel, Holásek & Partners 15

2-4. PETERKA & PARTNERS 15

5-6. Allen & Overy Bratislava 13

5-6. PRK Partners 13

7-9. Kinstellar 12

7-9. Lansky, Ganzger & Partner Rechtsanwälte 12

7-9. White & Case 12

10. ROWAN LEGAL 11


largest InternatIonal laW fIrms In slovakIa48


Law firmS

50 51largest slovak laW fIrms

SP70

374/00

1

1/1inhouse

profit per

partner

2015

10 LargeSt SLoVaK

Law firmS

10 LARGEST SLOVAK LAW FIRMS 2015A Slovak law firm has headquarters in Slovakia and is not in association with / integrated into an international group

(network) of law firms that helps in a significant way to apply systems and processes

1. Advokátska kancelária Ecker-Kán & Partners2. Ružička Csekes

3. SOUKENÍK – ŠTRPKA4. Škubla & Partneri

5. Advokátska kancelária RELEVANS6. Krivak & Co

7. Hamala Kluch Víglaský8. KOVAL & spol., advokátska kancelária

9. BOĽOŠ & PARTNERS10. HMG & PARTNERS

This ranking of the 10 largest Slovak law firms was created based on three factors to which we gave different weights: number of attorneys working for the law firm in Slovakia in 2014 (40% weight); sales revenue of the law firm in 2014 (30% weight); net profit per partner in 2014 (30% weight). A few law firms decided not to provide information and were not analysed in this ranking.


SLoVaK Law firmS

2015

2015

numberof

attorneyS


10 LargeSt SLoVaK

Law firmS

2015

10 LARGEST SLOVAK LAW FIRMS BY REVENUE1. Advokátska kancelária Ecker-Kán & Partners

2. Ružička Csekes

3. SOUKENíK – ŠTRPKA

4. Hamala Kluch Víglaský

5. BOĽOŠ & PARTNERS



8. Krivak & Co

9. HMG & PARTNERS

10. ČECHOVÁ & PARTNERS


10 LARGEST SLOVAK LAW FIRMS BY PPP**


2. Krivak & Co

3. KOVAL & spol., advokátska kancelária



6. LEGATE

7. BOĽOŠ & PARTNERS

8. CLS Čavojský & Partners

9. Valko Marián & partners

10. Advokátska kancelária Bugala - Ďurček

* net profit in 2014, ** includes only partners with share on profit

10 LARGEST SLOVAK LAW FIRMS BY NUMBER OF ATTORNEYS* Number of attorneys

1. Ružička Csekes 34

2. SOUKENíK – ŠTRPKA 23

3. Škubla & Partneri 16

4. Advokátska kancelária RELEVANS 13

5-6. Advokátska kancelária Ecker-Kán & Partners 12

5-6. G. Lehnert 12

7-11. HMG & PARTNERS

7-11. Futej & Partners

7-11. DEDÁK & Partners

7-11. alianciaadvokátov

7-11. Advokátska kancelária agner & partners

11


10 LargeSt SLoVaK Law

firmS

SaLeSreVenue

Key to main symbols

addressÅ phone walking distance (for sites in Bratislava from

Main Square; for sites in Košice from St Elizabeth’s Cathedral) driving from the relevant tourism hub a opening hours throughout the yearR opening hours summer seasonT opening hours outside summer seasonU religious service admission charge for adults¯ live musicé wheelchair accessä restaurantå café, bare gift shopG museum gallery® theatreu train stop (station) - sometimes also distance from the stop to the relevant sight is publishedv bus stop (station) - sometimes also distance from the stop to the relevant sight is published

public transport: stop or numbers - sometimes also distance from the stop to the relevant sight is publishedQ airport N page references for sights described in greater detail elsewhere in the guide populationi i information centre¤ events

estimated time for touring the sight P parking1 1 ref. number for sights from Bratislava Region1 1 ref. number for sights from western Slovakia1 1 ref. number for sights from central Slovakia1 1 ref. number for sights from northern Slovakia1 1 ref. number for sights from eastern Slovakia1 1 ref. number for sights part of relevant city

V a must-see sight church castle manor house, mansion castle ruins cave ski resort UNESCO site

railway highway 1st-class road 2nd-class road 3rd-class road

border crossing road number

golf water park

animals cable car hiking spa wine

park, natural beauty

ConVeRsionsDistances

1 km = 0.62 mile (km = mile / 0.62137)1 mile = 1.61 km (mile = km x 0.62137)

temperature0°C = 32°F (°C = (°F -32)/1.8)32°F = 0°C (°F = °C x 1.8+32)

Weight1 kg = 2.2 lb (kg = lb/2.2046)

1 lb = 0.45 kg (lb = kg x 2.2046)

© 2014 The Rock, s.r.o. All rights reserved. Any reproduction in whole or in part without permission is prohibited by the law. The authors of the articles published in this issue, represented by the publisher, reserve the right to give their approval for reproducing and public transmission of articles marked © The Slovak Spectator/ Spectacular Slovakia as well as for the public circulation of reproductions of these articles in compliance with the 33rd article and 1st paragraph of the Copyright Law. Media Monitoring is provided by Newton, IT, SMA and Slovakia Online with the approval of the publisher. Advertising material contained herein is the responsibility of the advertiser and is not written or implied sponsorship, endorsement or investigation of such commercial enterprises or ventures by The Slovak Spectator or The Rock, s.r.o., ISBN 978-80-971719-0-2; Address: The Rock, s.r.o. Lazaretská 12, 811 08 Bratislava

tRaVel GuiDe speCtaCulaR sloVaKiawww.spectator.sk © 2014 The Rock, s.r.o.; address: The Rock, s.r.o. Lazaretská 12, 811 08 Bratislava, Slovakia. publisher: Ján Pallo; editor-in-chief: Beata Balogová; editor: Benjamin Cunningham; Cover photo: Spiš Castle and the High Tatras (Peter Baňas); layout: Peter Malatinec, Miroslav Čech, Ján Pallo Content advisor: Slovak Tourist Board (SACR); partners: Bratislava Tourist Board, Bratislava Region Tourism, Slovnaft

authors and contributors: Beata Balogová, Nadia Beard, Tímea Becková, Benjamin Cunningham, Roman Cuprik, Michaela Džome-ková, Beata Fojtíková, Michaela Gedaiová, Miroslava Germanová, Kristína Hamárová, Jozef Hámorský, Lenka Hudáková, Monika Kacejová, Kristína Krupčíková, Filip Lehotský, Jana Liptáková, Martin Majdák, Zuzana Matkovská, Karina Miartanová, Radka Minarecho-vá, Peter Nagy, Lukáš Onderčanin, Ján Pallo, Jitka Parobeková, Michaela Pástorová, Ján Pestún, Martina Raabová, Lucia Rusnáková, Lenka Sabová, Natália Semianová, Donald Stoll, Patricia Stoll, Howard Swains, Michaela Terenzani, James Thomson, Alica Tkáčová, Zuzana Vilikovská, Viktória Vincejová, Carmen Virágová

photos: Peter Baňas, Nadia Beard, Tímea Becková, Tomáš Benedikovič, Miroslava Cibulková, Roman Cuprik, Yuri Dojc, Eva Dučaiová, Dušan Dudík, Michaela Džomeková, Pavol Funtál, Michaela Gedaiová, Miroslava Germanová, Michal Glonek, Noro Halabuk, Kristína Hamárová, Katarína Hudačinová, Lenka Hudáková, Peter Jánošdeák, Kristína Krupčíková, Gabriel Kuchta, Sanela Kurtek, Filip Lehotský, Jana Liptáková, Manik, Zuzana Martinková, Zuzana Matkovská, Cyril Meňuš, Karina Miartanová, Roman Millan, Radka Minarechová, Miriam Molnár, Peter Nagy, Lukáš Onderčanin, Ján Pallo, Jitka Parobeková, Chris Perkins, Jaroslav Pilát, Christian Prandl, Martina Raabová, Erik Rédli, Michal Rengevič, Amanda Rivkin, Lucia Rusnáková, Lenka Sabová, Martin Sárossy, Natália Semianová, Stanislava Smadišová, Martina Smolková, Peter Snadík, Tibor Somogyi, Jaroslav Stankovič, Donald Stoll, Patricia Stoll, Ján Svrček, Howard Swains, Vladimír Šimíček, Viera Šramková, Miro Švec, Emanuele Terenzani, James Thomson, Lukáš Varšík, Jana Vašašová, Viktória Vincejová, Carmen Virágová, Gabriela Zigová; media: Korzár, SITA, SME, TASR

photo permissions from companies and institutions: Abeland, Amade Château, AquaCity Poprad, Balónová fiesta, Black River Golf Resort, CBS Maľované mapy , Dubova Colonorum, EnjoyRacing, Ernest Zmeták Art Gallery Nové Zámky, Galéria mesta Bratislavy, Galéria Jána Koniareka, Golf International, Golf Park Rajec, Gray Bear Golf Resort, Historické múzeum - Slovenské národné múzeum, Hubert, J&J Ostrožovič, Košice Gurmán Fest, Maratónsky klub Košice, Milosrdné sestry Svätého kríža, Múzeum Stará Ľubovňa, Múzeum Bojnice - Slovenské národné múzeum, Múzeum mesta Bratislavy, National Science and Technology Medals Foundation, Park Snow Donovaly, Penati Golf Resort, Plte na Orave, Privat Juma, Ranč u Trapera, Simplicissimus vydavateľstvo, Skalica Golf Resort, Ski Kubínská hoľa, Slovakia Ring, Slovenská národná galéria, Slovenská správa jaskýň, Slovenské elektrárne, Slovenské národné múzeum, Smolenice village, Sosna, Spa Piešťany, Spa Rajecké Teplice, Spa Sklenené Teplice, Sygic, TIC Senec, Tatry Mountain Resorts, Volkswagen Slovakia, Východoslovenské múzeum, White Eurovalley Golf Park, www.slovakmountainguide.sk, XCHNG, Zaježová, Židovské komunitné múzeum

Copy editors: Benjamin Cunningham, Russel Lunday, Donald Stoll, Patricia Stoll, Jeff Whiteaker; maps: CBS Painted maps (CBS Maľované mapy), Kartografie HP. Drawings of architectural monuments are the work of the following authors: Bratislava Castle, construction and drawing Bouda a Masár architektonická kancelária, s.r.o.; St Martin’s Cathedral, digital drawings Vojtech Jakab, architecture student; Old Town Hall, construction and drawing Martina Poláková, architecture student; creative design Pavol Martinický, architect; change of proportions and structures Peter Horanský, conservationist; Primate’s Palace, construction and drawing Tomáš Flak, design student; Jelka – Watermill on Posts, construction and drawing Gabriel Gyenes, architecture student; Častá – Castle Červený Kameň, construction and drawing Michal Škrovina jun., architect; Topoľčianky – Manor House, construction and drawing Miroslava Kemeňová, architecture student; Svätý Anton – Manor House, digital imaging Lukáš Cesnak, architecture student; creative finishing and changes Iveta Chovanová, architect; finishing Peter Horanský, conservationist. All other historical monuments are done by Matúš Pniak based on photos by CBS Painted maps (CBS Maľované mapy) and Fly media. ISBN 978-80-971719-0-2

Region colour codesBratislava Region (pages 26 – 59)

Western Slovakia (pages 60 – 95)

Central Slovakia (pages 96 – 117)

Northern Slovakia (pages 118 – 165)

Eastern Slovakia (pages 166 – 197)

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1 Advokátska kancelária RELEVANS s.r.o. Alexander Kadela PREMIuM LISTINgDvořákovo nábrežie 8A Bratislava - Staré Mesto 811 02 [email protected]

www.relevans.sk +421(0)2 3235-4602 +421(0)2 5941-8115

+421(0)917 803-736 [email protected]

2011 20 (7) E,

13 (0) 13 1


l l l l l

no no yes

no no no

2 BEATOW PARTNERS s. r. o. Peter Mikletič, Branislav Brocko PREMIuM LISTINgPanenská 23 Bratislava - Staré Mesto 811 03 [email protected]

www.beatow.com +421(0)2 5273-1235 +421(0)2 5273-3329

+421(0)2 5273-1235 [email protected] [email protected]

2010 10 (2) E, F, G, R,

8 (0) 8 1

real estate, banking & finance, health care

l l l l l

yes yes yes

no no yes

3 Hamala Kluch Víglaský s.r.o. Roman Hamala, Martin Kluch, Peter Víglaský PREMIuM LISTINgPoštová 3 Bratislava - Staré Mesto 811 06 [email protected]

www.hkv.sk +421(0)2 5441-0160 +421(0)2 5441-0761

+421(0)2 5441-0160 [email protected]

2006 15 (5) E, F, G, R,

10 (0) 10 1

corporate / M&A, banking & finance, real estate

l l l l l

yes yes yes

no yes no

4 LEgATE, s.r.o. Peter Vrábel PREMIuM LISTINg Dvořákovo nábrežie 8/a Bratislava - Staré Mesto 811 02 [email protected]

www.legate.sk +421(0)2 6252-7561 +421(0)2 6252-7562

+421(0)2 6252-7561 [email protected]

2004 7 (2) E, G, R, S,

5 (0) 5 1

energy, public administra-tion, other

l l l l l

yes yes yes

no no no

5 MAREK & PARTNERS, s. r. o. Ľubomír Marek PREMIuM LISTINgPalisády 36 Bratislava - Staré Mesto 811 06 [email protected]

www.marek.sk +421(0)2 5441-8894 +421(0)2 5441-8889

+421(0)2 5441-8894 [email protected]

1997 12 (4) E, G,

8 (0) 8 1

banking & finance, IT, trade

l l l l l

yes no yes

no no no

6 PROSMAN A PAVLOVIČ advokátska kancelária s.r.o. Tomáš Pavlovič PREMIuM LISTINgHlavná 31 Trnava 917 01 [email protected], [email protected]

www.prosman-pavlovic.sk +421(0)33 533-2388 +421(0)33 533-2389

+421(0)908 116-232 pavlovic@ppak

2009 13 (7) E, H, G,

6 (0) 6 3

real estate, trade, trans-port & logistics

l l l l l

yes yes yes

no no yes

7 SOuKENÍK – ŠTRPKA, s. r. o. David, Soukeník, Peter Štrpka, Miroslav Hlivák PREMIuM LISTINg

Šoltésovej 14 Bratislava - Staré Mesto 811 08 [email protected]

www.akss.sk +421(0)2 3220-2111 +421(0)2 3220-2110

+421(0)2 3220-2111 [email protected]

2003 50 (27) E, H, G,

23 (0) 23 5

real estate, energy, trade

l l l l l

yes yes yes

no yes yes

8 Advokátska kancelária agner & partners, s.r.o. Vojtech Agner

Špitálska 10 Bratislava - Staré Mesto 811 08 [email protected]

www.agnerpartners.sk +421(0)2 5296-1089 +421(0)2 5296-3577

+421(0)2 5296-1089 [email protected]

2006 22 (11) E,

11 (0) 11 6

banking & finance, IT, industry l l l l l

no no no

no no yes

9 Advokátska kancelária Bugala - Ďurček, s.r.o. Juraj Bugala, Peter Ďurček

Drotárska cesta 102 Bratislava - Staré Mesto 811 02 [email protected]

www.akbd.sk +421(0)2 5443-0253

+421(0)2 5443-0253 [email protected]

1999 10 (7) E,

3 (0) 3 1

real estate, energy, otherl l l

no yes yes

no yes yes

10 Advokátska kancelária Ecker-Kán & Partners, s.r.o. Matej Kán

Nám. M. Benku 9/C1 Bratislava - Staré Mesto 811 07 [email protected]

www.ecker-kan.sk +421(0)2 5020-2911 +421(0)2 5020-2914

+421(0)2 5020-2911 [email protected]

1990 20 (8) E, F, G, R,

12 (0) 12 1

banking & finance, public administration, trade l l l l l

no yes yes

no no no

11 alianciaadvokátov ak, s.r.o. gerta Sámelová Flassiková

Vlčkova 8/A Bratislava - Staré Mesto 811 05 [email protected]

www.aliancia.sk +421(0)2 5710-1313 +421(0)2 5245-3071

+421(0)2 5710-1313 [email protected]

1990 14 (3) E, F, H, G, R, I,

11 (0) 11 1

real estate, health care, trade l l l l l

yes no yes

no no no

12 Bartošík Šváby s.r.o. Peter Bartošík, Boris Šváby

Plynárenská 7/A Bratislava - Ružinov 821 09 [email protected]

www.bartosiksvaby.sk +421(0)2 5244-2181 +421(0)2 5244-2182


2005 20 (11) E, F, G, S,

9 (0) 9 1

real estate, banking & finance, industry l l l l l

yes no yes

no no yes

13 Böhm & Partners, advokátska kancelária Allan Böhm

Jesenského 2 Bratislava - Staré Mesto 811 02 [email protected]

www.lawfirm.sk +421(0)2 5441-7424 +421(0)2 5441-8981

+421(0)2 5441-7455 [email protected]

1998 8 (2) E, G,

6 (0) 6 1


no yes yes

no no no

14 BOĽOŠ & PARTNERS s.r.o. Matúš Boľoš

Horná 23 Banská Bystrica 974 01 [email protected]

www.bolospartners.sk +421(0)48 414-3534 +421(0)48 414-3533

+421(0)48 414-3534 [email protected]

2010 14 (10) E,

4 (0) 4 2


no no yes

yes no yes

15 CLS Čavojský & Partners, s.r.o. Peter ČavojskýZochova 6-8 Bratislava - Staré Mesto 811 03 [email protected]

www.clscp.sk +421(0)2 5564-3365 +421(0)2 5564-3361

+421(0)2 5564-3365 [email protected]

2006 12 (6) E, F, G, S,

6 (0) 6 2

banking & finance, energy, industry l l l l l

no no yes

no no no


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16 ČECHOVÁ & PARTNERS s. r. o. Tomáš Rybár

Štúrova 4 Bratislava - Staré Mesto 811 02 [email protected]

www.cechova.sk +421(0)2 5441-4441 +421(0)2 5443-4598

+421(0)2 5441-4441 [email protected]

1990 15 (6) E, F, G, R,

9 (1) 9 1

banking & finance, industry, health care l l l l l

no no yes

no no no

17 DEDÁK & Partners, s.r.o. Pavol Blahušiak

Mlynské Nivy 45 Bratislava - Ružinov 821 09 [email protected]

www.dedak.com +421(0)2 5828-2828 +421(0)2 5828-2829

+421(0)2 5828-2802 [email protected]

1991 18 (7) E, G,

11 (0) 11 1

real estate, IT, tradel l l l l

yes yes yes

yes yes yes

18 Futej & Partners, s.r.o. Daniel Futej

Radlinského 2 Bratislava - Staré Mesto 811 07 [email protected]

www.futej.sk +421(0)2 5263-3161 +421(0)2 5263-3163

+421(0)2 5263-3161 [email protected]

2001 20 (9) E, F, K, H, G, R, I, S,

11 (NA) NA 1

real estate, industry, health care

l l l l l

yes yes yes

yes yes yes

19 g. Lehnert, k.s. Ján Ondruš

Budova ORBIS, Rajská 7 Bratislava - Staré Mesto 811 08 [email protected]

www.lehnert.sk +421(0)2 5980-0411 +421(0)2 5980-0400

+421(0)2 5980-0411 [email protected]

1993 14 (2) E,

12 (0) 12 2

real estate, industry, tradel l l l l

yes yes yes

no yes yes

20 Hillbridges, s.r.o. Zuzana Bartošovičová, Zora Mistríková, Miroslav Trenčan

Sedlárska 1 Bratislava - Staré Mesto 811 01 [email protected]

www.hillbridges.sk +421(0)2 3219-1111 +421(0)2 3214-4888

+421(0)2 3219-1111 [email protected]

2008 13 (5) E, G,

8 (1) 8 1

real estate, energy, industry l l l l l

yes no yes

no no no

21 HMg & PARTNERS, s.r.o. Ján gajan

Štefanovičova 12 Bratislava - Staré Mesto 811 04 [email protected]

www.hmg.sk +421(0)2 5752-7700

+421(0)2 5752-7700 [email protected]

2004 26 (15) E, F, G, R,

11 (0) 11 2

real estate, banking & finance, industry l l l l l

yes no yes

yes no yes

22 KOVAL & spol., advokátska kancelária, s.r.o. Juraj Koval

Komenského 3 Banská Bystrica 974 01 [email protected]

www.kovallawyers.sk +421(0)48 415-4992

+421(0)48 415-4992 [email protected]

1991 7 (2) E,

5 (0) 5 1

industry, public administ-ration, other l l l

no yes no

yes no no

23 Krivak & Co, s.r.o. Martin Krivák

Gajova 13 Bratislava - Staré Mesto 810 00 [email protected]

www.krivak.sk +421(0)2 5710-0411 +421(0)2 5410-0410

+421(0)2 5710-0411 [email protected]

1996 6 (2) E,

4 (0) 4 1

banking & finance, energy, trade l l l l l

no no yes

no no yes

24 NITSCHNEIDER & PARTNERS, advokátska kancelária, s.r.o.

Dušan Nitschneider

Cintorínska 3/A Bratislava - Staré Mesto 811 08 [email protected]

www.nitschneider.com +421(0)2 2092-1210

+421(0)2 2092-1210 [email protected]

2004 14 (6) E, G, I, S,

8 (2) 8 1

real estate, IT, tradel l l l l

no no yes

no no no

25 NOVICKÝ advokátska kancelária s.r.o. Jaroslav Novický

Františkánska 5 Košice - Staré Mesto 040 01 [email protected]

www.aknovicky.cz +421(0)55 727-5225 +421(0)55 727-5113

+421(0)907 880-086 [email protected]

2009 3 (1) E, G,

2 (0) 2 1


no no yes

no no yes

26 Ružička Csekes s.r.o. Jaroslav Ružička, Erika Csekes

Vysoká 2/B Bratislava - Staré Mesto 811 06 [email protected]

www.rc-cms.sk +421(0)2 3233-3444 +421(0)2 3233-3443


1992 38 (4) E, H, G, R,

34 (2) 3000 1

energy, public administra-tion, trade l l l l l

yes yes yes

yes no yes

27 SCHWEIZER LEgAL, s.r.o. Igor Schweizer

Palisády 32 Bratislava - Staré Mesto 811 06 [email protected]

www.schlegal.sk +421(0)2 5441-0496

+421(0)2 5441-0496 [email protected]

2006 7 (5) E, G, I,

2 (0) 2 1

real estate, industry, tradel l l

no no yes

no no no

28 SKLegal s.r.o. Milan Banas, Andrea Čiková, Pavel Poliak

Mostová 2 Bratislava - Staré Mesto 821 02 [email protected]

www.sklegal.sk +421(0)2 5920-8611 +421(0)2 5920-8633

+421(0)2 5920-8612 [email protected]

1993 15 (5) E, G, S,

10 (0) 10 2

real estate, energy, tradel l l l l

yes no yes

no no no

29 Škubla & Partneri s. r. o. Martin Škubla

Digital Park II, Einsteinova25 Bratislava - Petržalka 851 01 [email protected]

www.skubla.sk +421(0)2 5778-8800 +421(0)2 5778-8055

+421(0)2 5778-8800 [email protected]

2002 23 (7) E, G,

16 (0) 16 1

real estate, banking & finance, health care l l l l l

yes yes yes

yes no no

30 Valko Marián & partners, s.r.o. Marián Valko

Porubského 2 Bratislava - Staré Mesto 811 06 [email protected]

www.mvalko.sk +421(0)2 3231-3820 +421(0)2 5441-1141

+421(0)2 3231-3820 [email protected]

1991 11 (4) E, F, G,

7 (0) 7 1


yes yes yes

no yes yes





NA- not available, Ar-Arabic, Bul-Bulgarian, Cr-Croatian, D-Dutch, E-English, F-French, G-German, H-Hungarian, Chi-Chinese, I-Italian, J-Japanese, K-Korean, N-Norwegian, Pl-Polish, P-Portuguese, R-Russian, Sl-Slovenian, S-Spanish Compiled by The Slovak Spectator Team NA- not available, Ar-Arabic, Bul-Bulgarian, Cr-Croatian, D-Dutch, E-English, F-French, G-German, H-Hungarian, Chi-Chinese, I-Italian, J-Japanese, K-Korean, N-Norwegian, Pl-Polish, P-Portuguese, R-Russian, Sl-Slovenian, S-Spanish Compiled by The Slovak Spectator Team

A Slovak law firm has headquarters in Slovakia and is not in association with / integrated into an international group (network) of law firms that helps in a significant way to apply systems and processes.A Slovak law firm has headquarters in Slovakia and is not in association with / integrated into an international group (network) of law firms that helps in a significant way to apply systems and processes.

54 55eConomy & busIness envIronmenteConomy & busIness envIronment

Slovak economy should continue doing well, supported by domestic demand The Slovak economy has been faring

well in 2015, surpassing expectations and results of an already upbeat

2014. GDP growth picked up from 2.4 percent last year to over 3 percent by mid-2015, the fastest from among all eurozone member countries. Job growth at the same time doubled its pace of last year to over 2.5 percent, thus allowing employment to finally recover back to the pre-2008 crisis level. The unemployment rate meanwhile dropped to 11.2 percent, 2 percentage points below the level of a year earlier and the lowest in the past seven years.

Investment dynamics distorted by EU fundsThe caveat, however, is that this year’s

acceleration in GDP and job creation owes to a large extent to a temporary, EU-funded surge in investment spending rather than a sustainable upshift of economic gears. Indeed, driven by last minute efforts to utilise EU funds from the 2007-2013 programming period available only until the end of 2015, public investment in the second quarter shot up in Slovakia to unprecedented 80 percent year-on-year growth, which itself contributed nearly half of the GDP gain of 3.2 percent. As drawing on EU funds next year returns back to or even below the previous levels, one would expect that the associated downward correction in public investment becomes a drag on growth in 2016. Note that intensive investment activity oiled by EU funds boosts also Slovakia’s neighbouring economies, notably the Czech Republic and Poland, which currently rank in GDP growth even above Slovakia. And following 2015’s

boom, payback in public investment next year looks likely in these countries as well.

Construction is supported by recovering housing market

Private firms investments meanwhile are likely to continue to gradually recover, for example in the manufacturing sector, which is reporting rising capacity utilisation. Recover-ing to pre-investments in residential property also appears to be nearing pre-crisis levels, as documented in the rise of new housing projects (see the chart). The rise in housing construc-tion and, even more so, the increase in public infrastructure projects have turned around the long-depressed construction sector. Confidence in this sector recovered to pre-crisis levels (see the chart) and its output is currently growing at a rate of around 15 percent year-on-year. Such a growth pace is nonetheless exceptional and as EU-funded infrastructure projects next year return closer to average levels of the previous years, expansion in this sector is likely to slow down.

Automotive sector weighed down by uncertainty over vW

In the automotive industry, the dominant Slovak manufacturing sector, two recent pieces of news will shape next year. First, there are potentially huge positive implications stemming from the intended arrival of Land Rover Jaguar in Slovakia. If this investment, potentially the largest over the past decade, becomes reality, one would expect private investment next year and automotive production later on to receive a significant boost. The second piece of news,

however, could pour cold water on automo-tive expansion. Indeed, the recent emission scandal of Volkswagen will probably lead to a freeze of new investment by Europe’s dominant carmaker, which has a significant production unit in Slovakia.

Considering all these fluid developments, our best guess is that incremental investments by the private sector next year will probably only match the inevitable decline in public in-vestment. The combined public and private in-

vestment activity would thus repeat the level of 2015 and contribute nil to GDP growth. Note, though, that this would still be a smoother outcome than in 2011/2012, when investment went through a boom-and-bust mini-cycle driven by overly generous government subsidies to quickly build photovoltaic energy capacity in the country.

Consumption should remain supportive of GDP growth

Relative to the volatile investment development, consumption will likely maintain its current steady uptrend and contribute to the overall GDP growth probably as much as it did this year and last. Consumption should benefit from continuous improvement in the labour market and consumer confidence. Judging by business surveys, hiring intentions of local employers are the most positive in recent history (see the chart). The number of jobs in the economy will thus continue to grow, however, probably less than in 2014-2015 when temporary measures boosted employment in the public sector.

Consumption, nevertheless, will be boosted by fiscal electioneering ahead of the parliamentary elections in the spring

2016, that will bring about, for example, an increase in the minimum wage and a decline in VAT on basic foodstuffs. Real incomes of households meanwhile will continue to be boosted by declining costs of energy, which will keep consumer price inflation close to zero. Households, moreover, will also continue to benefit from declining interest rates, which allow them to refinance their mortgages and consumer loans at lower costs, leaving them thus with more income to spend and save. Hitherto, households have been rather cautious and, while borrowing and spending more they also saved more. Indeed, their saving rate in 2015 increased to the highest level in 15 years even as interest rates declined to historic lows. As the labour market tightens and households gain more confidence in their job safety, it is likely that propensity to consume will also increase.

Global uncertainty pushes growth outlook downForeign demand, the long-time key growth

driver of the Slovak economy has recently moderated as global economy and trade flows slowed. Contribution of net foreign trade to GDP growth has even turned negative as, growth-wise, imports, fuelled by rising invest-ment activity, overtook exports. Next year, the

dynamics of the two should switch on payback in public investment activity and related im-ports. Exports, nonetheless, will also decelerate as the global economy moderates further due to an ongoing slowdown of emerging coun-tries, especially China. The magnitude of this slowdown, moreover, is subject to increasing pessimism against the downward revisions of global economic growth, lately, for example, by the IMF.

Importantly, for the time being at least, the outlook for Germany, Slovakia’s key trading partner, remains relatively positive. Growth in the eurozone overall should be supported by a loose fiscal stance, improvement in financial conditions, and lower oil prices. Our col-leagues in the Intesa Sanpaolo research project predict for the eurozone in 2016 growth of 1.7 percent, up from 1.5 percent expected this year. As things stand, hence, our baseline scenario counts on small, yet positive contribution of net exports to Slovak real GDP growth in 2016 (see chart for quantitative details). Clearly though, uncertainty is very high and we may have to re-visit this assumption should the global economy falter even more.

By Zdenko Štefanides, chief economist with VÚB bank

0.0

0.5

0.5

0.5

0.8

1.0

1.1

1.2

1.4

1.5

1.5

1.8

1.8

2.1

2.3

2.4

2.7

2.8

2.8

2.9

2.9

3.0

3.5

3.8

4.2

0.0 1.0 2.0 3.0 4.0

FI

IT

CY

AT

HR

FR

GR

BE

GE

LI

PT

DE

EE

BG

NL

LV

SL

SW

UK

HU

ES

SK

PL

RO

CZ

0

5 000

10 000

15 000

20 000

25 000

30 000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

E*

-60

-50

-40

-30

-20

-10

0

10

-50-50

-40-40

-30-30

-20-20

-10-10

0

10

20

30

1-13 7-13 1-14 7-14 1-15 7-15

Industry Construction

Retail trade Services

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

2011 / 01 2012 / 01 2013 / 01 2014 / 01 2015 / 0111.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

mortgages

consumer loans, rhs

1.3

2.3

1.1

1.3

1.5

0.00.0

0.50.5

1.0

1.5

2.02.0

2.52.5

2014 2015E 2016F 2017F 2018F

EU-funds on Capital Expenditures: actual and forecast (€bn)

GDP growth in comparison (%y/y, 1H2015)

Slovak GDP growth composition: actual and expected (% pt contribution to YoY growth)

Housing starts (number of units)

Expected employment in sectors (seasonally adjusted, % balance) Interest rates on loans (% p.a., incl. fees, new business)

Confidence in construction (% balance, seasonally adjusted)

Source: IFP (MF SR) Source: ŠÚ SR, VÚB

Source: Eurostat, VÚB* 2

015

expe

cted

valu

e bas

ed o

n 1H

gro

wth

of 2

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Source: ŠÚ SR, VÚB


Source: NBS



2.4

-1.0 -1.3

-0.8 -0.6

2.0 1.81.7

5.8

-000..222 -0.9

1.2

1.6

22.8

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2.60.4

1.8

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1.4

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11.22

4.4 2.7 1.6 1.4 2.7 3.5 3.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

2010 2011 2012 2013 2014 2015F 2016F


Fixed invevev stments

Net exportrtr

Consumption

Changes in invenvenv tories

GDP total

56 57eConomy & busIness envIronmenteConomy & busIness envIronment

Availability of skilled workforce still among Slovakia’s main strengths Slovakia no longer offers the 19-percent

corporate tax and low labour costs that attracted many investors in the country

a decade ago. However, it still boasts tradition in a number of industries that investors find a useful basis for their businesses in the country, as well as labour force with, for instance, decent language skills. The Slovak Spectator spoke to Norbert Brath, general manager of Embraco, Nima Motazed, head of Global Services Brati-slava, Swiss Re, Eek-Hee Lee, president of Kia Motors Slovakia, and Ivan Dubovan, HR team director at Samsung Electronics Slovakia, about Slovakia’s attractiveness as an investment destina-tion, about the advantages and disadvantages of local versus expat management, and about reasons for their companies to maintain their investments in the country.

The Slovak Spectator (TSS): In Slovakia, as well as in other countries of the region, foreign investors usually start their busi-nesses with imported management, and then gradually replace the managers with locals. Has this been the case for your company? If so, have you found sufficient human resources in Slovakia for the managerial positions in your company? What are the advantages and disadvantages of having expats in managerial positions?

Norbert Brath (NB): Yes, it is absolutely our situation. Embraco started in the late 1990’s, having majority of leadership positions covered by expats. However, the Spišská Nová Ves plant followed with a good development and gradually rose to the position of the largest employer in the Spiš region with more local representatives in leadership positions.

The local managers proved to be very suit-able for all positions and in 2010, our plant became the first one with a non-Brazilian CEO, a manager who grew up with the company. To-day top management team is purely represented by local professionals, with the majority of them working for the company for more than 10 years. This is a very good base for the stability of the company, as they have a better knowledge of the local culture.

Having expats in managerial positions, however, can be a good step in reinforcing the multi-national culture of the global company, who can bring new ideas and experience.

Eek-Hee Lee (EHL): Yes, we do the same at Kia Motors Slovakia. We have also started with up to 70 Korean managers at the beginning. Nowadays only 42 expats and nine local Korean managers work in our plant. Currently, Korean managers work for our company mainly as coordinators. It means that the main responsibil-ity is in the hands of Slovak managers now. The goal of such replacement is so-called localisation of managing positions in order to replace the expats with Slovak managers who are having much greater responsibility now compared with the past. Compared with the year 2012, the number of Slovak managers has increased from 48 to today’s 81. It represents a good moti-vational tool how to encourage employees to work on themselves and to improve their own competencies. Job rotation to various depart-ments and promoting are among the other ways in which to find a proper replacement of manag-ing positions. At the same time, communication of Slovak managers with governmental bodies, business partners and local authorities can be more effective.

We employ a sufficient number of employ-ees who are willing to improve their skills and enhance their competencies. So we can replace the leaving Korean colleagues with people who know our working environment and processes in the company well. We offer and encourage our employees to participate in a complex education programme to enhance their skills and enrich their knowledge (e.g. language courses, internal

MBA programme, Talent academy, coaching, mentoring, etc.). Employees in managing posi-tions can also participate in our exchange pro-gramme, which means they have an opportunity to spend several weeks (occasionally months) at Korean or European headquarters, Research & Developing centre or overseas plants to share experiences with their colleagues, with the goal to make processes smoother on both sides.

Nima Motazed (NM): In Swiss Re we have a mix of managers that are both local and international and have continued this as we have grown as an organisation. We have used the mix of both local and international managers to build the infrastructure of the growing manage-ment team in Swiss Re and used international assignees in the Bratislava location to import their knowledge and expertise into the loca-tion. Over the longer term, the mix of local and international managers will shift more towards a higher number of local Slovak managers. Also as an organisation we have benefited from our local Slovak employees taking the opportunity of assignments in our other locations to build their knowledge and skill set globally. As an organi-sation we have found that some of the mid-management level roles can be more difficult to fill, however, our experience has shown that blending our recruitment activity at this level with hiring potential and developing the skill set of our employees internally has created the right environment for us to move forward and grow as an organisation.

Ivan Dubovan (ID): Samsung Electronics is a global leader in consumer electronics, which builds its success on continuous innovation. We operate in more than 80 countries and each market is given appropriate consideration. Global activity is reflected also in the manage-ment structure with a mix of Korean and Slovak people. Sufficient human resources, especially talented and experienced people for manage-ment, is a major challenge for all the industry sectors. This requires active management habits and skills to be developed during their education at school.

TSS: Some of the companies that arrived

to Slovakia over the past years have selected this destination due to the tradition that ex-isted in the country’s regions in their business sector. Was this the reason for your company too? Was there a tradition of your sector’s industry in the region where your company is based? If so, how did this help in establishing and running your business in Slovakia?

NB: The machine engineering tradition certainly helped establish Embraco as a strong player in the Spiš region, drawing also from the good location which hosted an engineering plant in the past. The workforce was available in the region too – mostly machinery experts and maintenance workers. Another important reason was positive previous experience of Whirlpool Corporation with their company in Poprad. Stability and growth of the company in Spišská Nová Ves is proof of a good environment and qualified workforce in the Spiš region.

EHL: Kia selected Slovakia and the Žilina region for its first European plant not only because of the long traditional history of engi-neering and machinery/heavy industry in the Žilina region. Among the other factors were: an advantageous geographical location (car distribution to all of Europe), transportation infrastructure, qualified workforce, stable politi-cal situation, country’s membership in European institutions, the automotive parts supply chain available in the region, the commitment shown by the Slovak Republic, the best environment for the new plant within the region, the kindness and positive approach of the people in Žilina. Back in 2004, our company also appreciated a flat 19 percent corporate tax (increased to 22 percent now; however, we still consider its value high compared with other surrounding countries in this region). Especially the Žilina region is well-known for its long history of engineering and machinery/heavy industry. There are many skilled labourers, machinists and engineers as well as a strong tradition in machinery. The

unemployment rate was quite high, therefore we expected high demand for labour and we decided to locate our only European production plant here.

NM: The reason for Swiss Re coming to this location was largely due to Bratislava having a cluster of similar international organisations within the area and its close proximity to other Europeans areas. In addition, the language skills found within the labour market also provide great benefits to organisations like Swiss Re who operate globally.

ID: Strong tradition of electronics industry was one of the key reasons for investment selec-tion, as well as the advanced supply network and possible expansion in the region of Europe.

TSS: For several years now marketwatch-

ers have been saying that Slovakia needs to focus on research and innovation because it is losing some of the characteristics that make it attractive in the eyes of foreign investors, such as the cost-effective labour force. Has Slovakia lost any of its attractiveness as an investment destination since your company’s arrival? What keeps your company here in Slovakia?

NB: Innovation has been providing tre-mendous impetus for development of Embraco Slovakia in recent years. Successes in upgrading some products led to elevating Embraco Slovakia Research & Development team among the best in the global corporation. The recent investment in the hi-tech centre with great added value, including the expansion of laboratories, will help us to be even more competitive. Talking about other supporting activities, Embraco Slovakia was successful in this front as well, being chosen for managing Global Business Support Centre

for all Embraco companies – at the very begin-ning in the area of finance and human resources processes.

So far, the Slovak plant has been a successful story, being a production plant in eastern Slova-kia with enhanced company culture, including profound corporate responsibility projects.

EHL: The Slovak Republic has lost part of its attractiveness since 2004, when Kia Motors decided to establish its business here. Some changes done throughout the last years didn’t have a positive impact on Slovakia’s attractive-ness. For example the flat 19 percent corporate tax rate has increased to 22 percent, delayed highway completion, constantly increasing aver-age and minimum wage in the industrial sector – those can be considered a disadvantage. Despite these facts we still consider Slovakia an attractive country thanks to its educated and skilled work force and existing network of suppliers.

NM: Research and innovation is a key part of any business and organisation regardless of where it is based. From our perspective the ben-efits of what brought us to Slovakia in terms of location include economic and political stability, its position within Europe and the proximity of the site to Swiss Re’s other European offices, the education background including strong language skills and accessibility of the workforce locally from other internal organisations.

ID: The business environment is still devel-oping. It is true that some necessary issues and long-term weaknesses are slowly being solved and implemented as we demand. Special atten-tion is required mainly in the areas of research and development, innovation, education, justice, building law, tax and insurance rates.

By Michaela Terenzani, Spectator staff

Source: TASR

Source: TASR

58 59eConomy & busIness envIronment eConomy & busIness envIronment

Investment highlightsn JANUARy

In 2014 Slovakia failed to garner as much foreign investment as in 2013, but new projects should create more new jobs. The Slovak Invest-ment and Trade Development Agency (SARIO) and the Economy Ministry participated in 25 projects worth €170 million in 2014, while in 2013 it was 18 investment intentions worth €422 million. The 2014 projects should, how-ever, create 4,675 new jobs, one quarter more than in 2013. The new jobs will be generated mostly in industry, services and IT.

n FEBRUARyThe EC cleared state aid to the Šaľa-based

Duslo chemical plant. The Agrofert company of the Slovak-born Czech Finance Minister Andrej Babiš is going to invest €310 million into build-ing a plant for ammoniac production while the state plans to support it with tax relief of €58 million. The project may not guarantee an in-crease in jobs as originally expected. Duslo Šaľa promised the Slovak government not to cut the number of employees under 1,800 for the next 10 years. Duslo plans to commence the building process at the end of 2015. The trial operation is slated to begin in late 2017.

Several companies active in Slovakia unveiled plans to launch business service centres in Slovakia. Firstly the Dutch ING Bank announced in February that it plans to open a shared service centre in Slovakia responsible for all 40 countries in which ING operates. It will employ a total of 300

people. By the end of 2015, they plan to have hired 220 people.

In April Osram Slovakia unveiled its plans to launch its service shared centre in Nitra and create about 200 work places within three years. Within six months before ING Bank, the Swiss Re re-insurance company, Deutsche Telekom and Swiss Holcim companies announced similar plans to open shared service centres in Slovakia.

n mARCHIrish low-cost airline Ryanair opened its

base at Bratislava’s M. R. Štefánik Airport. The investment was projected at $200 million when the plan was announced in November 2014. The base features two specially based aircrafts. Ryanair also continued to open new routes from Bratislava, including Berlin, while from April 2016 new links to Manchester and Brussels-Zaventem will be set up.

n APRILPresident Andrej Kiska signed legislation

enabling a bigger bailout of small creditors into law. Consequently in May the court officially passed the restructuring plan of Váhostav-SK, an ill-fated construction company linked to tycoon Juraj Široký owing millions of euros to its creditors and on the brink of bankruptcy. Under this plan banks should get back 85 percent of their claims in the next five years, while small unsecured creditors will obtain 18.75 per-cent. This means that during the restructuring process Váhostav-SK will settle 32.3 percent of

recognised claims of €136 million. The Robert Fico government has also offered to buy claims of small creditors and pay them 50 percent of their nominal value. Other companies that recently underwent restructuring processes were Doprastav and TSS Grade.

n mAyThe financial and energy group China

Energy Company (CEFC) based in Shanghai acquired a 5-percent share in one of the biggest Czech-Slovak financial groups, J&T – for about €78.95 million. The only two shareholders until now, Jozef Tkáč and Ivan Jakabovič, have kept 47.5 percent of shares each. The CEFC shall allegedly gradually acquire a 30-percent share in J&T, worth about €700 million.

Slovakia sold its minority stake of 49 percent in the telecommunications company Slovak Telekom (ST) for €900 million to the German telecom operator Deutsche Telekom after Prime Minister Robert Fico’s government scrapped its plan to sell the shares in ST on the stock exchange arguing it would gain a bigger profit this way. According to the final agreement, Slovakia will receive €800 million, and is to get €100 million more within eight years if the firm does not lose any lawsuit. The Germans will allegedly pay for the stake at least €50 million more than Slovakia would have obtained from a sale on the stock exchange. The purchase also solved the problem of unpaid dividends by DT, as the Germans will pay dividends within the final sum.

The carmaker Volkswagen Slovakia launched operations in its new body shop when this big-gest one-off investment in the 24-year history of Volkswagen Slovakia required €600 million. The body shop employing 966 robots and more than 1,000 highly qualified workers produces bodies for a new model of Audi Q7, but it can be easily adapted to production of bodies of other models manufactured by VW. Volkswagen Slovakia continues investing in Bratislava when it laid the founding stone of the new body shop worth €500 million in April and has other plans in the pipeline. However, the investment plans might be endangered by the emission scandal related to Volkswagen diesel engines. It remains to be seen whether, or how, the scandal will impact the carmaker and its Slovak plant.

The Robert Fico cabinet unveiled the second package of social measures. The package with the price tag of €200 million includes reduction of VAT to 10 percent on selected foodstuffs, a

system of assistance and support for poor regions with high unemployment, increase of the mini-mum wage while other measures are focused on energy efficiency and families with children. The measures should be gradually launched by the parliamentary elections scheduled for spring 2016.

n JUNEFour European consortia around companies

Vinci, Cintra, Hochtief, and Strabag advanced to the second round of the public tender for constructing a bypass around Bratislava via the so-called PPP (public-private partnership). The winner of the project with the expected price tag of about €4.5 billion should be selected in the final quarter of this year, and the contract is expected to be signed by the end of 2015. The project includes construction of D4 highway Jarovce - Ivanka, north - Rača and R7 dual carriageway Prievoz - Ketelec - Dunajská Lužná - Holice totalling 59 kilometres and the assumed annual instalment of the state may amount to €135 million, while construction costs are estimated at €1.325 billion. The think tank Eco-nomic and Social Reforms Institute (INEKO) warned in October that the project might be overpriced by as much as €1 billion.

Works on the 7.5-kilometre Višňové tunnel near Žilina, part of the 13.5-kilometre stretch of the cross-country D1 highway Lietavská Lúčka – Dubná Skala, began. It will cost nearly €410 million and it is planned to be finished by the end of 2019.

The Hungarian low-cost airline Wizz Air opened its base at the Košice airport, basing there an Airbus A320. From Košice it operates routes to Milan-Bergamo airport, Doncaster Sheffield, London Luton and Bristol in the UK.

n JULyBratislava-based company AeroMobil R&D

developing a flying car was granted invest-ment assistance of €6 million from the state for research and development activities. AeroMobil R&D should invest €8 million.

n AUGUSTThe Jaguar Land Rover carmaker (JLR) an-

nounced on August 11 selection of Nitra as the preferred location for a new €1.4 billion plant while it had already signed a letter of intent with the Slovak government for the potential develop-ment of a new manufacturing plant. The final decision about the plant with the capacity of up to 300,000 luxury cars annually is expected by the end of 2015 while state incentives are one of the hot issues under discussion.

Spanish company Funderia Condals will try its luck in southern Slovakia after its plans in eastern Slovakia failed. Its new foundry should be built in the town of Štúrovo. The investment worth over €24 million will give work to 70 people in the first phase, later an increase to 350 is expected.

South Korean-owned Sungwoo Hitech Slo-vakia unveiled its plans to build a new produc-tion facility to increase its production capacity to manufacture components for the automotive industry in Žilina. As a consequence the labour force should increase from the current 760 by 300. In October a construction inspection found that the company launched construction without necessary permissions.

The new €30 million football stadium was opened in Trnava. The stadium with a capacity of 19,000 people and directly connected to the shopping mall is the first in Slovakia to meet the UEFA criteria. Aside from football matches, the stadium will also host other events, like concerts.

n SEPTEmBERBrazilian producer of compressors, Embraco

company, started building its first shared service centre in the world in Košice, investing €5 mil-lion and employing 150 people.

Bratislava-based refinery Slovnaft completed the installation of new technology to produce low-density polyethylene (LDPE) in which it invested more than €300 million. The new pro-duction unit will replace all its previous premises where polyethylene was produced. It will enable the manufacturing of new polyethylene types of higher quality, with minimum emissions, higher security and lower energy consumption. Slovnaft plans to launch production in the beginning of 2016.

The biggest private Russian bank Alfa Bank acquired the loss-making internet bank Zuno operating in Slovakia and the Czech Repub-lic, from Austrian Raiffeisen Bank Interna-tional. Details of the transaction have not been revealed. By acquiring Zuno, the Russians obtained an innovative banking house without branch offices, with 250,000 clients and an incomplete portfolio of provided services.

n OCTOBERAfter the Slovak-Hungarian consortium

lost interest in Slovakia’s largest power producer, Slovenské Elektrárne (SE), the Czech-based Energetický a Průmyslový Holding (EPH) remained the only official potential buyer, while it allegedly reached a general agreement with the Italian energy group Enel over the purchase of about a 30-percent stake in SE in October. In the meantime the Slovak cabinet continued ana-lysing its possibilities for increasing its interest in SE to 51 percent and criticising SE for slow construction of the remaining two units of the nuclear power station in Mochovce.

After 20 years on the Slovak market, Austrian DIY Baumax retail chain was taken over by the German chain Obi. Baumax operated 14 stores throughout Slovakia and their price may be below €1 million. They close down by October 31.

The investment group Penta became the sole owner of the health insurance company Dôvera taking over the stake of the other shareholder, Cypriot Prefto Holding Limited; with the ap-proval of the Antimonopoly Office. The final transfer of shares was concluded in October. The amount has not been disclosed.

State-owned Slovak Post (Slovenská Pošta) launched the newest mobile operator called Štvorka or 4ka (number four in English). The fourth mobile operator in Slovakia began its operation with offering prepaid services only, but available at each of the 1,500 post offices across the country.

Transport Minister Ján Počiatek opened a 9 kilometre stretch of the D1 between Spišský Štvrtok and Levoča (Prešov Region). Earlier in 2015 Počiatek opened the 16.5 km Dubná Ska-la-Turany section. Ribbon-cutting ceremonies and the opening of new highways has been an unambiguous signal that parliamentary elections are coming while dozens of kilometres of high-ways and dual carriageways will be opened by elections scheduled for March 2016. Neverthe-less, a complete D1 backbone 450-km highway connecting Bratislava and Košice remains far off. The 13.5 km Turany-Hubová portion of the route, because of environmental concerns, has not yet been set. Compiled by Spectator staff

Sour

ce: V

W

Source: Courtesy of Aeromobil

60 61Chambers of CommerCe ConsultIng – management

SP013339/001

NA- not available, Ar-Arabic, Bul-Bulgarian, Cr-Croatian, D-Dutch, E-English, F-French, G-German, H-Hungarian, Chi-Chinese, I-Italian, J-Japanese, K-Korean, N-Norwegian, Pl-Polish, P-Portuguese, R-Russian, Sl-Slovenian, S-Spanish Compiled by The Slovak Spectator Team NA- not available, Ar-Arabic, Bul-Bulgarian, Cr-Croatian, D-Dutch, E-English, F-French, G-German, H-Hungarian, Chi-Chinese, I-Italian, J-Japanese, K-Korean, N-Norwegian, Pl-Polish, P-Portuguese, R-Russian, Sl-Slovenian, S-Spanish Compiled by The Slovak Spectator Team


www Telefón Fax www Phone Fax

Riaditeľ Telefón E-mail

Chief executive officer Phone E-mail Ye

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Annual membership fee Ročný členský poplatok

Membership conditions Podmienky pre členstvo

Services and activities Služby a aktivity

1 American Chamber of Commerce in the Slovak Republic Jake C. Slegers

Hodžovo námestie 2 - Hotel Crowne Plaza Bratislava - Staré Mesto 811 06 [email protected]

www.amcham.sk +421(0)2 5464-0534 +421(0)2 5464-0535

+421(0)2 5464-0534 director@ amcham.sk

1994 331 E,

patron EUR4,000; corporate EUR2,300; general EUR850; NGO/Individual EUR500

AmCham's main pillars: information, networ-king and advocacy

contacts; information; events; facilitation of trade and investment opportunities

2 Austrian - Slovak Chamber of Commerce Mária Berithová

Kutlíková 17, P.O.BOX 228 Bratislava - Petržalka 814 99 [email protected]

www.sohk.sk +421(0)2 6353-6787 +421(0)2 6353-6789

+421(0)917 450-964 berithova@ sohk.sk

1996 200 E, G,

depending on number of employees business entities, companies with Slovak and Austrian connections

event organisation; seminars; business networking; contacts and information for members; publication; meetings; lobbying

3 British Chamber of Commerce in the Slovak Republic Christopher Plant


www.britcham.sk +421(0)2 3266-1940

+421(0)2 3266-1940 info@ bsbc.sk

1998 100 E, G,

EUR590-1,330 depending on the number of employees

application complete, board approval, inte-rest in gaining UK and SK connections

services for SK / UK business to enter the UK / SK market; business and social events; partnership proposal; business promotion

4 Canadian Chamber of Commerce Joseph Burza

Mariánska 12 Bratislava - Staré Mesto 811 08 [email protected], [email protected], [email protected]

www.kanada.sk, www.ksok.sk, www.cancham.sk, www.kanadaexclusive.com +421(0)2 5293-2895 +421(0)2 5293-2896

+421(0)2 5293-1622 joseph.burza@ ksok.sk

2001 64

E, H, S,

corporate EUR1,000; individual EUR350 application form, board approval, mem-bership fee

lobbying; contacts and information for members; assistance to market entry

5 French - Slovak Chamber of Commerce Zuzana Desvergnes

BBC1, Plynárenska 1 Bratislava - Ružinov 821 09 [email protected]

www.fsok.sk +421(0)2 5910-3411

+421(0)2 5910-3411 fsok@ fsok.sk

1994 135 E, F,

depending on size of company registration form, board approval assistance in business entry; networking events; business breakfasts; seminars

6 german - Slovak Chamber of Industry and Commerce guido glania

Suché mýto 1 Bratislava - Staré Mesto 811 03 [email protected]

www.dsihk.sk +421(0)2 2085-0620 +421(0)2 2085-0632

+421(0)2 2085-0620 info@ dsihk.sk

2005 380 E, G,

large companies EUR550; small companies EUR380; institutions EUR220

interest in German-Slovak business community

assistance in market entry; organisation of member events; support in fair trade participation

7 Hispanic - Slovak Chamber of Commerce Francisco de la Sierra

Laurinská 2 Bratislava - Staré Mesto 811 01 [email protected]

www.camaradecomercio.sk +421(0)2 5249-3005

+421(0)2 5249-3005 fdelasierra@ camaradecomercio.sk

2009 26

E, S,

individuals EUR150; small companies EUR500; big companies EUR1,000

application form, membership fee support of commercial relations between Slo-vak and Spanish companies through contacts, information, events and discounts

8 Chinese and Slovak Chamber of Commerce Sinaco Marian Farkaš

Boženy Nemcovej 8 Bratislava - Staré Mesto 811 04 [email protected]

www.sinaco.eu +421(0)2 5413-1225 +421(0)2 5413-1225

+421(0)2 5413-1225 farkas@ sinaco.eu

2009 -

E, Chi, H, R,

from EUR500 application form, membership fee lobbying; events; meetings; setting up compa-nies; info and consulting services; assistance in market entry

9 Indian - Slovak Chamber of Partnership Slavomír Hatina

Ventúrska 7 Bratislava - Staré Mesto 811 01 [email protected]

www.slovind.com +421(0)944 493-267 +421(0)2 5930-1226

+421(0)2 5930-1211 office@ slovind.com

2013 10 E,

by agreement board approval development of commercial, social and cultu-ral relations between Slovakia and India

10 Italian - Slovak Chamber of Commerce giorgio Dovigi

Michalská 7 Bratislava - Staré Mesto 811 01 [email protected]

www.camit.sk +421(0)2 5413-1290

+421(0)2 5413-1290 g.dovigi@ camitslovakia.sk

1997 200 E, I,

EUR500 application form, membership fee lobbying; events; meetings; setting up compa-nies; info and consulting services; assistance in market entry

11 Japan - Slovak Chamber of Commerce Peter Bohov

Račianska 22/A Bratislava - Staré Mesto 831 02 [email protected]

www.sjok.sk +421(0)2 4437-1899 +421(0)2 4437-1899

+421(0)2 4437-1899 bohov@ sjok.sk

2006 10

E, J,

EUR665 company must be registered at Slovak business register or similar register abroad, membership fee

business consulting; networking; trade and market promotion; individual and group business trips

12 Netherlands Chamber of Commerce in the Slovak Republic Miroslava Tvarogová Michalková


www.netherlandschamber.sk +421(0)944 308-441

+421(0)944 308-441 director@ netherlandschamber.sk

1997 -

E,

individual EUR200; corporate EUR830; patron EUR1,500

application form, board approval, mem-bership fee

business contacts; networking; consulting; business and social events; seminars; events in Slovakia and in the Netherlands

13 Polish - Slovak Chamber of Commerce Stanislav Kučírek

Hálkova 31 Žilina 010 01 [email protected]

www.spok.sk +421(0)41 723-5102 +421(0)41 723-5653

+421(0)41 723-5102 zahrza@ za.scci.sk

1996 35

E, Pl,

EUR166 + VAT company established in Slovak Republic and Poland

search for business partners; presentation of members; organisation of trade missions; exhibitions; seminars; etc.

14 Slovak Chamber of Commerce and Industry Peter Mihók

Gorkého 9 Bratislava - Staré Mesto 816 03 [email protected]

www.sopk.sk +421(0)2 5413-1228 +421(0)2 5413-1159

+421(0)2 5413-1228 predseda@ sopk.sk

1992 -

E, F, G,

EUR199-8,630 depending on size of company NA contacts for firms; business trips; arbitration court; seminars; trainings; legal and customs consulting; publication

15 Swedish Chamber of Commerce in the Slovak Republic Jan Norrman

Kalinčiakova 27 Bratislava - Nové Mesto 831 04 [email protected]

www.sweden.sk +421(0)917 750-884

+421(0)907 586-991 jan.norrman@ sweden.sk

1997 33 E,

companies up to 10 empl. EUR415; from 11 empl. EUR830; individuals EUR100

submit application form, pay annual member-ship fee, attend events

seminars; breakfast meetings and presentati-ons; social and sports events; networking

16 Swiss - Slovak Chamber of Commerce Zsolt Kajtor

Michalská 12 Bratislava - Staré Mesto 811 01 [email protected]

www.hssr.sk +421(0)903 476-538

+421(0)905 227-891 zsolt.kajtor@ novartis.com

2000 36

E, G, R,

EUR500-1,200 board approval NA


www Telefón Fax

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Major clients Hlavní klienti

1 ASB Slovakia, s.r.o. Zuzana KolárováLaurinská 18 Bratislava - Staré Mesto 811 01 [email protected]

www.asbgroup.eu +421(0)2 5464-1187

+421(0)2 5464-1187 zkolarova@ asbgroup.eu

2006 1 / 3 E, G,

10 8 - l l l l

accounting, payroll, company ad-ministration, property management and tax related services

real estate investors, international retail chains, multinational corpo-rations, energy companies, ICT companies

2 Capgemini Slovensko, s.r.o. Ivo PetrenčíkPrievozská 2/B Bratislava - Ružinov 821 09 [email protected]

www.sk.capgemini.com +421(0)2 4445-5678

+421(0)2 4445-5678 ivo.petrencik@ capgemini.com

1998 1 / 40 E, H, G,

25 19 0 l l

mgmt. consult., transform. consult., business process mgmt., busin. intelligence, SWdevel

key players operating in the banking, energy and utilities sector, automotive sector, public sector, IT sector

3 Centire s. r. o. Renáta KiselicováZáhradnícka 72 Bratislava - Ružinov 821 08 [email protected]

www.centire.com +421(0)2 5010-9800 +421(0)2 5010-9888

+421(0)2 5010-9800 renata.kiselicova@ centire.com

1994 1 / 1 E, G, R,

20 3 0 l l l l

process management, grant consulting, international projects, IT consulting

Slovak Telekom, Hotel Amade Château, Slovak University of Technology in Bratislava, The Pontis Foundation

4 Deloitte Advisory s.r.o. Marián HudákDigital Park II, Einsteinova 23 Bratislava - Petržalka 851 01 [email protected]

www.deloitte.sk +421(0)2 5824-9111 +421(0)2 5824-9222

+421(0)2 5824-9111 deloitteSK@ deloitteCE.com

1991 3 / 150 E, G, R,

250 NA NA

l l l l lenterprise risk services, forensic investigations, transaction advisory, project management

NA

5 Európske partnerstvo pre verejné stratégie - EPPP Martin KrekáčŠtefanovičova 12 Bratislava - Staré Mesto 811 04 [email protected]

www.eppp.sk +421(0)2 5443-6001 +421(0)2 5443-6004

+421(0)2 5443-6001 slovakia@ eppp.sk

1998 1 / 2 E, F, H, G, R,

5 15 2

l l leducation, research & develop-ment, entrepreneurship, social science

private sector, public sector, EU institutions

6 Fipra - Public Policy & Regulatory Advisers Patrik ZoltványŠtefanovičova 12 Bratislava - Staré Mesto 811 04 [email protected]

www.fipra.sk +421(0)2 5443-6001 +421(0)2 5443-6004

+421(0)2 5443-6001 slovakia@ fipra.com

2007 1 / 60 E, F, H, G, R,

8 8

167 l l

public affairs, government relations, regulatory affairs, competition policy, consumer policy

energy, health, transport, trade, public procurement, innovation, industrial and consumer policy and finance

7 Innovative Management Partner Consulting s.r.o. Milan HánDevín Palace, Gunduličova 4 Bratislava - Staré Mesto 811 05 [email protected]

www.impconsulting.com +421(0)2 5464-8552

+421(0)2 5464-8552 m.han@ imp-consulting.sk

2004 1 / 6 E, G, R,

3 2 - l l l l

NA Transpetrol, SACR, Bramac, Siemens IT, S&S, Slovenská pošta, Orange Slovensko, Bionorica, GlaxoSmithKline CZ

8 Ivan Perlaki Consulting, s.r.o. Ivan PerlakiMartinengova 8 Bratislava - Staré Mesto 811 02 [email protected]

www.perlaki.sk +421(0)2 6280-1193

+421(0)2 6280-1193 iperlaki@ perlaki.sk

1994 1 / 1 E,

2 6 0

l lstrategy, strat. & org. development, change mgmt., exec. coaching, customer centricity, HR

NA

9 Jenewein group Martin KrekáčŠtefanovičova 12 Bratislava - Staré Mesto 811 04 [email protected]

www.jeneweingroup.com +421(0)2 5443-6001 +421(0)2 5443-6004

+421(0)2 5443-6001 slovakia@ jeneweingroup.com

1990 1 / 1 E, F, H, G, R,

45 88 15

l l lstrategic management consulting, EU consulting, investment advisory, government relations

foreign investors, MNCs and leading local companies, public sector, EU institutions, NGOs

10 Larive Slovakia s.r.o. Ľubomír ŠestákPanská 18 Bratislava - Staré Mesto 811 01 [email protected]

www.larive.sk +421(0)2 5293-1583 +421(0)2 5293-1583

+421(0)2 5293-1583 lubomir.sestak@ larive.sk

1995 1 / 30 E, G, R,

- 2 0

l l l lcorporate advisory, strategic advisory, statutory advisory

various Slovak water management companies, LWM, SD Worx, Gnosjogruppen, Burg Groep

11 MARKETiN CEE s.r.o. Pavol KopecLichnerova 41 Senec 903 01 [email protected]

www.marketincee.com +421(0)2 2020-0030 +421(0)2 2020-0031

+421(0)2 2020-0030 kopec@ marketincee.com

2003 1 / 1 E, G, S,

4 4 1 l l

market entry, export, M&A, part-nership, competitiveness, business development in CEE region

ABB, Atlas Copco, Deloitte, DHL, DIBD, Hörle Trad, Ribe, Schenker Storen, Switzerland Global Enterprise, Trocellen, etc.

12 Menkyna & Partners Management Consulting, s.r.o. Róbert BaldovičPalisády 47 Bratislava - Staré Mesto 811 06 [email protected]

www.menkyna.com +421(0)2 5441-2718

+421(0)905 631-112 robert.baldovic@ menkyna.com

2006 1 / 1 E, F, H, G, P, R, Pl, I, S,

16 16 0 l l

executive search, leadership eva-luation and development, coaching, management consulting

NA

13 Mercuri International, s.r.o. Radoslav SimonDúbravská cesta 2 Bratislava - Karlova Ves 841 04 [email protected]

www.mercuri.sk +421(0)2 4446-2674 +421(0)2 4446-2677

+421(0)2 4446-2674 mercuri@ mercuri.sk

1995 1 / 54 E,

9 6 -

l l lsales process optimising, result oriented consulting

NA

14 TMF Services Slovakia s.r.o. Ján ŠeligaDvořákovo nábrežie 4 Bratislava - Staré Mesto 811 02 [email protected]

www.tmf-group.com +421(0)2 5942-0000 +421(0)2 5942-0001

+421(0)2 5942-0000 slovakia@ tmf-group.com

1992 1 / 86 E, G,

57 NA NA

l l l laccounting, reporting, HR and payroll services, corporate secreta-rial services

NA

62 63ConsultIng - fInanCe and taxConsultIng - fInanCe and tax



www Telefón Fax

www Phone Fax


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Other Iné


1 Renaudit Juraj Matuška PREMIuM LISTINg

Vajanského 3 Nitra 949 01 [email protected]

www.renaudit.sk +421(0)37 655-0281 +421(0)37 655-0458

+421(0)37 655-0281 matuska@ renaudit.sk

1991 1 / 1 E, G, S,

16 10 0 l l

audit of financial statements, accounting Cikautxo, Koppert, Muehlbauer Techno-logies, Leder&Schuh, DS Smith Slovakia, Ansaldo Nucleare, MC-Bauchemie, Takko Fashion

2 Accace k.s. Peter Pašek

AC Petržalka, Röntgenova 26 Bratislava - Petržalka 851 01 [email protected]

www.accace.com +421(0)2 3255-3000 +421(0)2 3255-3001

+421(0)2 3255-3000 slovakia@ accace.com

2002 1 / 7 E, G,

85 50 l l l l

accounting & reporting, payroll & HR administration, tax advisory, corporate and legal services

NA

3 ACCEPT AuDIT & CONSuLTINg, s.r.o. Ivan Bošela

Blumentálska 16 Bratislava - Staré Mesto 811 07 [email protected]

www.acceptaudit.sk +421(0)2 4445-0515 +421(0)51 772-3849

+421(0)911 632-729 ibosela@ acceptaudit.sk

1995 3 / 1 E, F, G, R,

20 5 2

l l l l laudit, accounting, payroll services, wages and salaries, valuation of assets and companies

NA

4 AT Partners - geneva group International Marián Augustín

Stromová 54 Bratislava - Nové Mesto 831 01 [email protected]

www.atpartners.sk; www.ggi.com +421(0)2 5296-6955 +421(0)2 5296-6956

+421(0)2 5296-6955 marian.augustin@ atpartners.sk

2003 1 / 118 E, G,

9 9 0

laudit, accounting services, payroll services, consulting, outsourcing, due diligence

NA

5 Baker Tilly Slovakia s.r.o. Kristína Drábiková

City Business Center V, Karadžičova 16 Bratislava - Staré Mesto 821 08 [email protected]

www.bakertilly.sk +421(0)2 5020-3302 +421(0)2 5464-5032

+421(0)2 5020-3303 kdrabikova@ tgc.eu

2012 1 / 3 E, G,

8 1 0

l l ltax advisory, accounting and reporting, payroll, startups

IBM, SwissRe, Huawei Technologies, Svittex, GE Equipment, Hyundai Motor

6 BDR, spol. s r.o. Ľudmila Svätojánska Kiňová

M. M. Hodžu 3 Banská Bystrica 974 01 [email protected]

www.bdrbb.sk +421(0)48 470-0041 +421(0)48 415-3117

+421(0)48 470-0041 bdr@ bdrbb.sk

1991 2 / 103 E, Cr, F, H, G,

40 21 0

l l l laudit, tax advice, customs, corporate, financial consultancy, accounting, transfer pricing

NA

7 BMB Leitner Renáta Bláhová

Zámocká 32 Bratislava - Staré Mesto 811 01 [email protected]

www.leitnerleitner.com +421(0)2 5910-1800 +421(0)2 5910-1850

+421(0)2 5910-1807 renata.blahova@ bmbleitner.sk

1996 1 / 9 E, G,

76 50 l

audit, corporate services, financial advisory NA

8 CCS Tax, k.s. Denisa Ružičková

Tomášikova 50/E Bratislava - Nové Mesto 831 04 [email protected]

www.ccstax.sk +421(0)2 3260-6512 +421(0)2 3214-4000

+421(0)2 3260-6512 ruzickova@ ccstax.sk

2009 1 / 2 E, H, G,

17 5 l l

business consulting, accounting, payroll, corporate services, audit

Baumax, Austrian Airlines, Raiffeisen Leasing

9 CLOSER, s.r.o. Martin Orlíček

Tomášikova 19 Bratislava - Ružinov 821 02 [email protected]

www.closerconsulting.sk +421(0)911 441-100

+421(0)911 441-100 morlicek@ closerconsulting.sk

2007 1 / 1 E, G, R,

2 2 0

l l l l lbusiness plans, loan advisory, investment opportunities, real estate

real estate developers, retailers, wholesa-lers, service providers

10 EY Matej Bošňák

Hodžovo námestie 1A Bratislava - Staré Mesto 811 06 [email protected]

www.ey.com/sk +421(0)2 3333-9111 +421(0)2 3333-9112

+421(0)2 3333-9111 marketing@ sk.ey.com

1991 2 / 150 E,

210 13 0

l ltransaction services, business consulting NA

11 IB grant Thornton Consulting, k.s. Wilfried Serles

Križkova 9 Bratislava - Staré Mesto 811 04 [email protected]

www.grantthornton.sk +421(0)2 5930-0400 +421(0)2 5930-0410

+421(0)2 5930-0400 wilfried.serles@ sk.gt.com

1991 2 / 8 E, G,

50 4 2

l laccounting services, transfer pricing, payroll services

NA

12 KPMg Slovensko, spol. s r.o. Kenneth Ryan

Dvořákovo nábrežie 10 Bratislava - Staré Mesto 811 02 [email protected]

www.kpmg.sk +421(0)2 5998-4111

+421(0)2 5998-4111 skmarketing@ kpmg.sk

1991 2 / 155 E, F, K, H, G, R,

320 71 3

l l l l laudit, tax, transactions and restructuring, management consulting, risk consulting, legal services

NA

13 Monarex Audit Consulting, s.r.o. Ladislav Pompura

ČSA 24 Banská Bystrica 974 01 [email protected]

www.monarex.sk/en +421(0)48 470-1513 +421(0)48 470-1523

+421(0)905 323-949 pompura@ monarex.sk

1996 1 / 1 E, G, R,

15 8 0

laudit, accounting, payroll, valuation of businesses

NA

14 PF/ACT, s.r.o. Martin Papánek

Sládkovičova 858/7 Bratislava - Staré Mesto 811 06 [email protected]

www.pfact.sk +421(0)2 3211-7811

+421(0)2 3211-7811 martin.papanek@ pfact.sk

2009 1 / 1 E, G,

4 2 l l

NA NA

15 PwC Todd Bradshaw

Nám. 1 mája 18 Bratislava - Staré Mesto 815 32 [email protected]

www.pwc.com/sk +421(0)2 5935-0111 +421(0)2 5935-0222

+421(0)2 5935-0600 todd.bradshaw@ sk.pwc.com

1991 2 / 157 E, G,

480 225 25

l l l l lassurance services NA


www Telefón Fax

www Phone Fax


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Other Iné


16 RSM TACOMA Consulting s.r.o. Radka Svobodová

Galvaniho 7/D Bratislava - Ružinov 821 04 [email protected]

www.rsmsk.sk +421(0)2 3214-1862 +421(0)2 3214-1863

+421(0)914 320-590 radka.svobodova@ rsmsk.sk

2008 1 / 111 E,

5 5 l l

business valuation; real estate valuation; business consulting

NA

17 Sahesa s.r.o. Blažena Szabová

Miletičova 21 Bratislava - Ružinov 821 08 [email protected]

www.sahesa.sk +421(0)2 4464-4188 +421(0)2 4464-4189

+421(0)2 4464-4188 szabova@ sahesa.sk

1993 2 / 1 E, G, R,

12 3 l l l l

due diligence business and production companies, foundations, local governments, grants

18 SEIPA, s.r.o. Soňa Bošelová

Baštová, 38 Prešov 080 01 [email protected]

www.acceptaudit.sk +421(0)51 772-3849 +421(0)51 772-3849

+421(0)948 818-368 sboselova@ acceptaudit.com

1995 3 / - E, Cr, F, N, G, R, Pl, Sl,

20 2 2 l l l l l

special use valution, damage assessing, valuation of companies and their parts

NA

19 Symsite Research, s.r.o. Vladimír Dohnal

Športová 63 Limbach 900 91 [email protected]

www.symsite.sk +421(0)917 517-652

+421(0)905 643-055 vdohnal@ symsite.sk

1994 1 / 1 E,

5 5 0

l lnews services, financial services, real estate Accenture, Adidas, Clifford Chance, Con-

tinental, ING, Hewlet Packard, Hyundai, PSA, Siemens, VÚB, White&Case

20 TPA Horwath A&A, s.r.o. Ivan Paule

Pribinova 4195/25 Bratislava - Staré Mesto 811 09 [email protected]

www.tpa-horwath.sk +421(0)2 573-5111

+421(0)2 573-5111 ivan.paule@ tpa-horwath.sk

2001 2 / 10 E, G,

50 6 l l l l

acquisitions, investment aid, accounting NA

21 VgD - AVOS AuDIT s.r.o. Bart Waterloos

Moskovská 13 Bratislava - Staré Mesto 811 08 [email protected]

www.vgd.eu +421(0)2 5541-0624

+421(0)905 570-566 bart.waterloos@ vgd.eu

2002 2 / 9 E, F, D, G,

90 65 1

l laudit and payroll processing, M&A NA


Telefón Fax www Phone Fax www


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Other Iné


Consulting - grant and subsidy1 EuROFORMES, a. s. Rastislav Horvát

Vysokoškolákov 41 Žilina 010 08 [email protected]

www.euroformes.eu +421(0)41 525-2000 +421(0)41 525-2000

+421(0)907 258-497 horvat@ euroformes.eu

2004 - / 15 E, F, R, Pl, I,

10 10 5

lNA NA

2 PNO SK s.r.o. Kvetoslava PapanováPlynárenská 1 Bratislava - Ružinov 821 09 [email protected]

www.pnocee.com +421(0)2 3214-4811

+421(0)2 3214-4844 kvetoslava.papanova@ pnocee.com

2004 1 / 25 E, G,

3 7 5

l lEU funds, grant & finance advisory, business development, innovation management

private sector, public sector, NGOs

Consulting - IT1 Accenture, s.r.o. Peter Škodný

Plynárenská 7/C Bratislava - Ružinov 821 09 [email protected]

www.accenture.com +421(0)2 5929-0290 +421(0)2 5929-0291

+421(0)2 5929-0290 peter.skodny@ accenture.com

1992 1 / 54 E,

1,500 - -

l lsystems integration consulting; technology consulting

world’s leading companies and govern-ments, including 89 companies listed in Fortune Global 100

2 itelligence Slovakia, s.r.o. Rajmund PavlaPrievozská 4/C Bratislava - Ružinov 821 09 [email protected]

www.itelligence.sk +421(0)2 2091-1111

+421(0)2 2091-1111 rajmund.pavla@ itelligence.cz

2013 1 / 22 E, G,

30 30 l l

BPM, SOA, EAM, B2B integration; ARIS, webMethods, SAP, BellaDati, Metasonic

Orange, SPP, Transpetrol, Nafta, VšZP, Východoslovenská energetika, Západoslo-venská energetika, Železnice SR

HR Marketing1 PMP Marketing, s.r.o. Martin Onofrej

Hurbanovo námestie 1 Bratislava - Staré Mesto 811 06 [email protected]

www.group-pmp.com +421(0)2 3307-0031

+421(0)2 3307-0031 martin.onofrej@ group-pmp.com

1999 1 / 1 E,

10 5 l l

internal communication, crisis communica-tion, HR marketing, B2B & B2C marketing

Accenture, EY (Ernst & Young), ING Bank, Johnson Controls, Kinstellar, incl. their other Central European branches

ConsultIng – speCIalIsed

64 65labour market & eduCatIonlabour market & eduCatIon

Unemployment rate continues to fallEmployer groups contend that more labour policy reforms are still needed

The reviving economy has helped reduce the number of jobless in Slovakia, em-ployers agree. But they remain critical of

some legislative measures adopted by Prime Min-ister Robert Fico’s government, which employers contend limit flexibility and slow hiring.

“The slight increase in employment, which results from the gradual economic revival, can be considered a positive,” Martin Hošták, secretary of the National Union of Employers (RÚZ), told The Slovak Spectator.

Despite the drop in the number of jobless, there is still a problem with a disproportionate number of the unemployed living outside the capital city. There is an effort to prefer the job creation in these regions, said Ján Žačko, deputy chair of the Federation of Employers’ Associations (AZZZ).

“The creation of new jobs however does not automatically mean the reduction of unemploy-ment as the question of labour market’s needs and specialisations of graduates is not solved,” Žačko told The Slovak Spectator. On the other hand, the labour market’s needs have been defined, which lays basis for focusing on graduates placement based on their specialisation, he added.

Hošták also points to the restriction of tem-porary employment as “the last flexibility element in our employment legislation”, which together with other anti-market factors “neutralises the improving situation in the labour market”.

Unemployment fallingThe jobless rate declined for most of the

first nine months of 2015. Though it increased slightly in September, due to the number of graduates that were registered with the labour offices, it still remained at a six-year low. The jobless rate amounted to 11.38 percent in September, up by 0.06 percentage point month-on-month. In annual terms it decreased by 1.06 percentage points, according to the Central Office of Labour, Social Affairs and Family (ÚPSVaR).

Labour offices registered a total of 307,054 people ready to take a job immediately, which was 1,867 more than in August. Compared to September 2014, the number dropped by 28,666 people.

The total number of the unemployed amounted to 12.95 percent (349,137 people), which is 0.09 percentage points (2,166 people)

more than in August, and 1.06 percentage points (28,883 people) less than in September 2014.

The September data confirmed the trend of previous months as the decline in the number of unemployed slowed down compared to spring. In particular the number of jobseekers who found work decreased, according to Ľubomír Koršňák, analyst with UniCredit Bank Czech Republic and Slovakia.

The current situation in the Slovak labour market is affected by the worse mood among Slovak industry, negatively influenced by the Greek crisis and fear from the Chinese economic slowdown, Koršňák said.

“We expect that the rising economy will continue creating room for new jobs and after seasonal adjustments unemployment will slightly decrease in following months,” Koršňák wrote in his memo.

Fico defends minimum wageTThe Fico cabinet has increased the

minimum monthly wage by €25 a month to €405 as of 2016, satisfying trade unions but disappointing employers. In passing the hike, the cabinet took into consideration recommendations of international institutions for the minimum wage to equate to 60 percent of the average salary, according to Labour

Minister Ján Richter. This rate currently stands in Slovakia at around 50 percent. Richter calculated that the rate will be 51.03 percent next year, with an average salary of €906, the TASR newswire reported.

“We will never agree with the opinion that it [the minimum wage] should be abolished,” Fico said, as quoted by TASR. “On the contrary, we will always be creating conditions for its further increase.”

He also stressed that if they remain in the cabinet also after the 2016 parliamentary elections, they will insist on raising the minimum wage further.

The Confederation of Trade Unions (KOZ) has welcomed the minimum wage increase, claiming that each increase of the minimum wage enables people to live in a dignified way. They see the minimum wage as a motivation for people to work and not live on social benefits and maintain that no minimum wage hike has caused layoffs thus far.

“We are glad that the cabinet did not listen to calamity howlers’ voices saying that each increase will have a negative impact on companies and employment and that due to the minimum wage competitiveness decreases,” KOZ spokeswoman Martina Nemethová said, adding that the minimum wage “acts as a stabilising factor, motivates people to work,

reduces fluctuation and has a positive influence on economic development”.

On the other hand, the AZZZ has pointed out that the cabinet has increased the minimum wage from €352 to €405 over recent years, amounting to a 15-percent increase. In its opinion such a steep increase could result in problems for people with low qualifications to find work. The AZZZ claims that an excessively steep increase of the minimum wage balloons wage costs and that companies active in sectors of the economy employing mostly workers with incomes around the minimum wage could have problems coping with such an increase. Some companies might be endangered by the hike and others will be forced to adopt cost saving measures. Moreover, the minimum wage may neutralise the improving situation in the labour market, Hošták said.

“In economically weaker regions it will make it harder for the unemployed to enter the labour market,” he added.

Both employers and trade unions perceive the increase of the minimum wage as a political decision and they would like annual increases of the minimum wage to follow an agreed-upon formula.

Wages and employment increaseMeanwhile, both employment and the

average wage continued increasing in August 2015. This was mostly the result of the con-tinuing economic growth, said analysts of the National Bank of Slovakia (NBS), the country’s central bank.

The average nominal monthly wage in-creased in August 2015 in all sectors monitored by the Statistics Office compared to the previ-ous year. During the first eight months of 2015, the highest salaries went to employees in the IT and communication sector: €1,742 a month on average, while in industry the average nominal monthly wage amounted to €938.

A further increase in wages may be sup-ported by the activities in the labour market, as well as higher overtime payments and bonuses, NBS analysts said.

As for employment, it increased in August by 0.14 percent month-on-month in se-lected sectors. The annual dynamics in August amounted to 1.7 percent growth, while in July it was 1.6 percent, according to the NBS analysts.

Despite the increase, it is improbable that the quarter-on-quarter rise in employment will

be as significant as in the second quarter of the year, the analysts added. While there was no increase in employment in the service sector, employment rose in the trade sector.

“The performance of the real economy continues growing, which supports the labour market also,” NBS analysts said.

Employers seek more measuresRÚZ officials insist more changes are needed

to improve the overall business environment. “We expect the adoption of measures that

would increase the competitiveness of Slovak companies, from making the labour legislation more flexible, through reducing the regulated components of energy prices for industry, to improving the law enforceability,” Hošták said.

Žačko of the AZZZ said the harmonisa-tion between the labour market needs and the education system is lacking. The government has adopted a new law on vocational education, which he considers a base for filling the gap.

“This is only part of the whole education transformation process, which is time demand-ing, but necessary for securing the needs of the labour market,” Žačko said.

By Radka Minarechová, Spectator staff

SP015092/001

1/2nietsch-neider

Did agency employment come to end in Slovakia?An amendment to the Slo-

vak Labor Code effective from 1 March 2015 limits the possi-bilities of temporary assignment of employees. As was earlier indicated by official sources, it was prepared in order to limit the current possibilities of tem-porary assignment of employees (especially by temporary em-ployment agencies). This article provides a brief overview of the main changes and modifications in recruitment of temporarily as-signed employees.

By this amendment, length of the temporary assignment of an employee is limited up to 24 months. The assignment to the same user employer may be extended or repeatedly agreed upon within 24 months no more than four times. This applies also in case of assignment of the same employee by another agency to the same user employer.

If an employee is temporarily

assigned for a longer period, the employment between employee and agency is terminated. In this case new employment for an in-definite period of time between employee and user employer is created. The work conditions shall be governed by the agree-ment of temporary assignment or by the employee´s original employment contract. In such a case the user employer is obliged to issue a written announcement of creation of employment stated above.

The amendment establishes higher employee protection in the area of wage conditions. If

the agency does not provide the assigned employee with a wage at least equally favorable as to a comparable user employer´s employee, the user employer is obliged to provide the employee with such a wage in the agreed period or with the difference aris-ing from the above. Such provi-sion shall protect the employee from abuse of equal treatment but on the other hand it imposes more obligations for the user em-ployee.

Other interesting news is that temporary assignment shall not be agreed upon for perfor-mance of jobs that are classified by the relevant public health au-thority and included in the list of most risky types of jobs and the employers are required to keep evidence of temporarily assigned employees as well as of work-ing time, overtime work, night-work, etc.

In conclusion, it is hard to

define whether the current legal environment supports the tem-porary assignment or not. The law pushes the employers to hire employees as permanent em-ployees and the flexibility of the temporary assignment gradually disappears.

Dušan Nitschneider Managing partner

Nitschneider_186x132.indd 1 23. 11. 2015 8:06:58

Source: TASR

66 67labour market & eduCatIonlabour market & eduCatIon

Employment in sectors of economy in 2Q/2015 Economically active population by education in 2Q/2015

Basic information about Slovakia’s regions

Slovakia Bratislava Region Trnava Region Trenčín Region Nitra Region Žilina Region B. Bystrica Region Prešov Region Košice RegionPopulation 31.12.2014 5,421,349 625,167 558,677 591,233 684,922 690,449 655,359 819,977 795,565

Size (in square kilometres) 49,034 2,054 4,147 4,501 6,344 6,811 9,454 8,972 6,751

Share of Slovak GDP creation 2013 100.00% 27.82% 11.20% 9.61% 11.13% 10.94% 8.83% 9.00% 11.47%


Average monthly wage in 2014 based on the National Classification of Economic Activities (NACE)*

Slovakia Bratislava Region Trnava Region Trenčín Region Nitra Region Žilina Region B. Bystrica Region Prešov Region Košice RegionEconomy total €957 €1,286 €892 €863 €829 €875 €837 €767 €908

A Agriculture, fishing & forestry €776 €847 €826 €796 €780 €736 €806 €701 €740

B Mining and quarrying €986 €1,160 €1,043 €920 €948 €941 €976 €724 €835

C Manufacturing €974 €1,429 €1,006 €924 €866 €966 €829 €757 €1,007

D Electricity, gas, steam supply €1,475 €2,045 €1,496 €1,339 €1,596 €1,337 €1,223 €1,032 €1,321

E Water supply and waste €862 €1,257 €991 €743 €790 €851 €781 €705 €865

F Construction €851 €1,082 €803 €815 €733 €784 €778 €683 €880

G Wholesale and retail trade; Repair of motor vehicles €915 €1,241 €803 €805 €766 €769 €844 €694 €789

H Transport and storage €864 €1,093 €791 €758 €740 €775 €752 €811 €819

I Accommodation, food services €580 €639 €550 €567 €482 €592 €571 €535 €547J Information & communication €1,791 €2,108 €1,142 €1,153 €939 €1,350 €1,407 €1,263 €1,445

K Financial & insurance act. €1,627 €1,864 €1,209 €1,285 €1,274 €1,263 €1,195 €1,118 €1,334

L Real estate activities €973 €1,308 €928 €763 €808 €765 €842 €733 €789

M Professional, scientific and technical activities €1,271 €1,475 €1,056 €831 €1,016 €914 €880 €945 €938

N Administrative & support services €669 €756 €659 €590 €558 €620 €586 €587 €706

O Public administration, defence & social security €986 €1,236 €928 €938 €850 €950 €940 €871 €920

P Education €807 €869 €798 €766 €802 €779 €768 €811 €825

Q Health and social work €924 €1,107 €802 €854 €946 €944 €847 €829 €919

R Arts, entertainment, recreation €732 €900 €636 €666 €620 €651 €661 €650 €607

S - U Other €721 €984 €624 €557 €504 €667 €660 €476 €608

Wages & Labour Costs*Slovakia Bratislava Region Trnava Region Trenčín Region Nitra Region Žilina Region B. Bystrica Region Prešov Region Košice Region

Average nominal monthly wage for the first half of 2015 €858 €1,109 €780 €776 €701 €746 €727 €647 €781

Avg. nominal monthly wage 2014 €858 €1,107 €772 €779 €705 €750 €730 €657 €775

Avg. nominal monthly wage 2013 €824 €1,049 €745 €750 €680 €732 €706 €636 €758

Monthly wage costs per employee 2013" €1,252 €1,642 €1,127 €1,104 €1,045 €1,149 €1,065 €982 €1,192

* based on the statistical data for quarters (estimation of wages of self employed included) Source: Statistical Office of the Slovak Republic

unemployment & economic activity rate in Slovakia’s regions in 2Q/2015*

Slovakia Bratislava Region

Trnava Region

Trenčín Region

Nitra Region

ŽilinaRegion

B. Bystrica Region

Prešov Region

Košice Region

Economically active population 2,722,300 335,200 303,200 290,800 343,600 339,600 339,600 395,700 374,500

Unemployment rate 13.2% 5.0% 11.7% 6.9% 10.5% 9.6% 15.9% 16.7% 11.7%

Unemployed 305,500 16,900 35,500 20,200 36,200 32,700 54,100 66,000 43,900

Economic activity rate in % 59.3% 63.3% 63.0% 56.7% 57.9% 58.2% 60.7% 58.8% 56.8%

unemployment rate*


Trnava Region

Trenčín Region

Nitra Region

Žilina Region

B. Bystrica Region

Prešov Region

Košice Region

2002 18.5% 8.6% 16.1% 11.3% 23.8% 17.3% 25.2% 20.1% 24.1%

2003 17.4% 6.9% 13.2% 9.2% 23.4% 17.2% 23.8% 20.4% 23.0%

2004 18.1% 8.2% 12.5% 8.6% 20.3% 17.5% 26.6% 22.9% 25.2%

2005 16.2% 5.2% 10.4% 8.1% 17.8% 15.2% 23.8% 21.5% 24.7%

2006 13.3% 4.3% 8.8% 7.1% 13.2% 11.8% 21.1% 18.1% 20.3%

2007 11.0% 4.2% 6.5% 5.7% 10.7% 10.1% 20.0% 13.8% 15.9%

2008 9.6% 3.6% 6.2% 4.7% 8.8% 7.7% 18.2% 13.0% 13.5%

2009 12.1% 4.7% 9.1% 7.3% 13.0% 10.6% 18.8% 16.2% 15.5%

2010 14.4% 6.1% 12.0% 10.2% 15.4% 14.5% 18.6% 18.6% 18.3%

2011 13.5% 5.8% 10.6% 8.7% 12.5% 14.3% 17.5% 17.8% 19.6%

2012 14.0% 5.6% 11.4% 9.0% 13.3% 14.3% 18.0% 18.3% 19.7%

2013 14.2% 6.4% 12.2% 9.5% 13.2% 14.0% 19.6% 18.2% 18.7%

2014 13.2% 6.0% 12.4% 8.6% 11.9% 13.6% 18.3% 17.5% 15.6%

2Q/2015 11.2% 5.0% 11.7% 6.9% 10.5% 9.6% 15.9% 16.7% 11.7%

unemployment rate by education in 2Q/2015*


Trnava Region

Trenčín Region

Nitra Region

Žilina Region

B. Bystrica Region

Prešov Region

Košice Region

Unemployed 305,500 (100%) 16,900 (100%) 35,500 (100%) 20,200 (100%) 36,200 (100%) 32,700 (100%) 54,100 (100%) 66,000 (100%) 43,900 (100%)

Elementary and without education 62,400 (20.4%) 1,900 (11.2%) 8,500 (23.9%) 700 (3.5%) 6,300 (17.4%) 3,700 (11.3%) 11,700 (21.6%) 20,200 (30.6%) 9,300 (21.2%)

Secondary without A grade 102,000 (33.4%) 4,500 (26.6%) 13,000 (36.6%) 9,100 (45.0%) 12,700 (35.1%) 12,000 (36.7%) 18,300 (33.8%) 19,500 (29.5%) 12,900 (29.4%)

High school with A grade 109,900 (36.0%) 6,700 (39.6%) 11,800 (33.2%) 6,900 (34.2%) 13,900 (38.4%) 14,300 (43.7%) 20,800 (38.4%) 19,700 (29.8%) 16,100 (36.7%)

University 31,300 (10.2%) 3,600 (21.3%) 2,200 (6.2%) 3,600 (17.8%) 3,500 (9.7%) 2,700 (8.3%) 3,400 (6.3%) 6,600 (10.0%) 5,600 (12.8%)

Economically active population by education in 2Q/2015*


Trnava Region

Trenčín Region

Nitra Region

Žilina Region

B. Bystrica Region

Prešov Region

Košice Region

Economically active population 2,722,300 (100%) 335,200 (100%) 303,200 (100%) 290,800 (100%) 343,600 (100%) 339,600 (100%) 339,600 (100%) 395,700 (100%) 374,500 (100%)Elementary and without education 157,800 (5.8%) 11,800 (3.5%) 16,600 (5.5%) 8,800 (3.0%) 18,300 (5.3%) 9,900 (2.9%) 31,600 (9.3%) 29,900 (7.6%) 30,900 (8.3%)Secondary without A grade 769,000 (28.2%) 55,100 (16.4%) 97,900 (32.3%) 94,400 (32.5%) 115,000 (33.5%) 106,300 (31.3%) 92,500 (27.2%) 108,700 (27.5%) 99,100 (26.5%)High school with A grade 1,216,800 (44.7%) 144,400 (43.1%) 139,800 (46.1%) 128,800 (44.3%) 152,500 (44.4%) 157,600 (46.4%) 151,400 (44.6%) 177,200 (44.8%) 165,100 (44.1%)University 578,600 (21.3%) 123,800 (36.9%) 48,900 (16.1%) 58,900 (20.3%) 57,900 (16.9%) 65,700 (19.3%) 64,000 (18.8%) 80,100 (20.2%) 79,400 (21.2%)

Employment in sectors of economy in 2Q/2015 based on the National Classification of Economic Activities (NACE)*


Trnava Region

TrenčínRegion

Nitra Region

Žilina Region

B. Bystrica Region

PrešovRegion

KošiceRegion

Economy total 2,416,800 (100.0%) 318,300 (100.0%) 267,800 (100.0%) 270,600 (100.0%) 307,300 (100.0%) 306,900 (100.0%) 285,600 (100.0%) 329,800 (100.0%) 330,600 (100.0%)A Agriculture, fishing & forestry 77,400 (3.2%) 6,300 (2.0%) 12,000 (4.5%) 4,700 (1.7%) 12,700 (4.1%) 9,400 (3.1%) 12,200 (4.3%) 10,600 (3.2%) 9,500 (2.9%)B Mining and quarrying 11,700 (0.5%) 800 (0.3%) 900 (0.3%) 5,500 (2.0%) 800 (0.3%) 1,000 (0.3%) 1,000 (0.4%) 800 (0.2%) 900 (0.3%)C Manufacturing 598,600 (24.8%) 45,200 (14.2%) 65,900 (24.6%) 109,700 (40.5%) 88,100 (28.7%) 83,400 (27.2%) 64,800 (22.7%) 71,800 (21.8%) 69,700 (21.1%)D Electricity, gas, steam supply 25,300 (1.0%) 2,000 (0.6%) 7,100 (2.7%) 500 (0.2%) 6,400 (2.1%) 3,500 (1.1%) 1,800 (0.6%) 2,000 (0.6%) 2,100 (0.6%)E Water supply and waste 25,800 (1.1%) 1,700 (0.5%) 3,200 (1.2%) 2,000 (0.7%) 6,000 (2.0%) 2,500 (0.8%) 3,700 (1.3%) 3,100 (0.9%) 3,600 (1.1%)F Construction 212,000 (8.8%) 17,100 (5.4%) 23,300 (8.7%) 20,800 (7.7%) 23,900 (7.8%) 43,200 (14.1%) 16,700 (5.8%) 41,700 (12.6%) 25,500 (7.7%)G Wholesale and retail trade; Repair of motor vehicles 292,300 (12.1%) 44,000 (13.8%) 39,600 (14.8%) 26,400 (9.8%) 38,300 (12.5%) 32,400 (10.6%) 34,500 (12.1%) 40,100 (12.2%) 37,000 (11.2%)H Transport and storage 159,000 (6.6%) 24,700 (7.8%) 18,200 (6.8%) 14,400 (5.3%) 24,300 (7.9%) 17,100 (5.6%) 15,100 (5.3%) 20,200 (6.1%) 25,000 (7.6%)I Accommodation, food services 116,800 (4.8%) 11,600 (3.6%) 14,500 (5.4%) 12,500 (4.6%) 14,900 (4.8%) 18,000 (5.9%) 10,200 (3.6%) 21,300 (6.5%) 13,900 (4.2%)J Information & communication 64,700 (2.7%) 23,500 (7.4%) 4,700 (1.8%) 3,600 (1.3%) 3,800 (1.2%) 7,500 (2.4%) 7,200 (2.5%) 3,600 (1.1%) 10,800 (3.3%)K Financial & insurance activities 38,800 (1.6%) 11,500 (3.6%) 5,000 (1.9%) 3,100 (1.1%) 4,900 (1.6%) 4,200 (1.4%) 3,400 (1.2%) 4,100 (1.2%) 2,600 (0.8%)L Real estate activities 11,700 (0.5%) 3,000 (0.9%) 400 (0.1%) 800 (0.3%) 2,000 (0.7%) 1,300 (0.4%) 800 (0.3%) 2,000 (0.6%) 1,300 (0.4%)M Professional, scientific and technical activities 75,600 (3.1%) 24,700 (7.8%) 6,300 (2.4%) 10,100 (3.7%) 5,700 (1.9%) 6,400 (2.1%) 7,100 (2.5%) 6,600 (2.0%) 8,700 (2.6%)N Administrative & support services 64,200 (2.7%) 12,000 (3.8%) 6,100 (2.3%) 4,100 (1.5%) 7,000 (2.3%) 3,400 (1.1%) 6,400 (2.2%) 8,000 (2.4%) 17,200 (5.2%)O Public administration,defence & social security 215,100 (8.9%) 29,000 (9.1%) 15,300 (5.7%) 15,300 (5.7%) 17,600 (5.7%) 24,300 (7.9%) 47,000 (16.5%) 27,600 (8.4%) 39,000 (11.8%)P Education 176,500 (7.3%) 24,100 (7.6%) 16,000 (6.0%) 18,300 (6.8%) 19,500 (6.3%) 22,800 (7.4%) 24,100 (8.4%) 25,800 (7.8%) 25,900 (7.8%)Q Health and social work 181,900 (7.5%) 20,800 (6.5%) 18,700 (7.0%) 14,900 (5.5%) 23,100 (7.5%) 21,000 (6.8%) 19,700 (6.9%) 33,600 (10.2%) 30,200 (9.1%)R Arts, entertainment, recreation 35,700 (1.5%) 11,000 (3.5%) 5,600 (2.1%) 3,200 (1.2%) 2,900 (0.9%) 3,900 (1.3%) 4,400 (1.5%) 2,200 (0.7%) 2,500 (0.8%)S - U Other 33,700 (1.4%) 5,200 (1.6%) 5,100 (1.9%) 1,000 (0.4%) 5,300 (1.7%) 1,600 (0.5%) 5,400 (1.9%) 4,700 (1.4%) 5,400 (1.6%)

* data based on a labour force sample survey (LFS) Source: Statistical Office of the Slovak Republic



* data based on a labour force survey (LFS) Source: Statistical Office of the Slovak Republic

n Manufacturingn Wholesale and retail trade; Repair of

motor vehiclesn Constructionn Public administration, defence & social

securityn Health and social work

n Educationn Transport and storagen Accommodation, food servicesn Agriculture, fishing & forestryn Professional, scientific and technical

activitiesn Other

24.8%

5.8%

28.2%

44.7 %

21.3%

12.1%

8.8%

8.9%7.5%

7.3%

6.6%

4.8%

3.2%

3.1%

13%

Elementary and without education Secondary without A grade High school with A grade University

* collected through workplace method (estimation of wages of self employed not included) Source: Statistical Office of the Slovak Republic


68 69labour market & eduCatIon labour market & eduCatIon

Dual education startsBut students are not as interested as expected

It should have been one of the biggest education reforms passed by the current government, but the number of pupils

that participate in the dual education is not as high as it was originally expected. The Education Ministry and also schools however expect that the interest will be higher next year, after they will see the first results.

The dual education scheme, which the Edu-cation Ministry modelled on programmes from German-speaking countries, allows students to study theoretical knowledge at vocational schools while combining that with work experience.

“The reform of the vocational education with the aim to achieve better placement of graduates has not ended, it is a continual process with tasks and aims until 2020,” Education Minister Juraj Draxler said after the new law on dual education passed in March.

A total of 89 companies and 422 students have joined the programme during the first year. The Trenčín, Nitra and Košice regions have the highest interest, and most employers are based in those places as well. The fewest students joined the scheme in Prešov Region, according to Education Ministry statistics. Meanwhile, the professional organisations registered the applica-tions to participate in the scheme from another 261 companies.

The dual education scheme was to be the ministry’s flagship, but it seems that this ship has sunk or, better said, it has not even sailed, Róbert Chovanculiak, analyst with the Institute for Economic and Social Studies (INESS), wrote in his blog.

He referred especially to low student interest in joining the scheme, as just one-third of the

expected number of participants took part the school year 2015/2016. The ministry points to insufficient promotional campaigns by employers at schools and expects the numbers will be higher in the future.

Employers are, however, satisfied and say that additional changes to the programme will lure more students in the future.

Both practice and rewardsUnder the new rules, theoretical education

takes place at schools, while practical training is entrusted to companies. Employers who join the project will enter into learning contracts with secondary school students. The time spent in the company may range from 60 to 80 percent of the total number of lessons.

Moreover, companies can reward students attending practical training with payment for one hour of productive work is 50 and 100 percent of the minimum wage (€1.09-€2.18 per hour). Students can receive a scholarship from the state budget of between 25 and 65 percent of the sub-sistence level (€22.61-€58.77) per month depend-ing on their results in the school, plus a monthly scholarship from the company, up to four-fold the subsistence level, €361.68 per month.

Participating companies are also entitled to tax relief of up to €3,200 per student that they provide practical training of more than 400 hours annually.

The German-Slovak Chamber of Commerce and Industry (SNOPK) welcomes the changes. Though its members say that the current version of the law is not perfect, they consider it “a good start for companies”, Željka Šenkovič of SNOPK told The Slovak Spectator.

Lacking promotionThe Education Ministry was however

surprised by the low number of students who applied for the jobs offered by the companies. It originally expected some 1,500 pupils to sign up.

“We explain the lower interest of pupils with the shorter time the employers had for appropriate PR in the regions,” Education Ministry spokes-woman Beáta Dupaľová Ksenzsighová told The Slovak Spectator. Employers, however, claim they have done everything to promote the new system.

“We obtained exact instructions how and when to become involved in PR activities since these projects are co-financed by European funds and the activities are strictly controlled,” Roman Conorto, an expert in education in the Federation of Employers’ Associations (AZZZ), told The Slovak Spectator. The National Union of Employers (RÚZ) considers it a success that despite such a short time for administrating the launch of the dual education scheme, 400 pupils have joined, its secretary Martin Hošták told The Slovak Spectator. Also Šenkovič of SNOPK regards the interest as surprisingly high since there was not much time to launch a proper informa-tion campaign. Despite the lower interest, the ministry expects it will be higher next year, not only for more time, but also for the initial real results of the system’s operation.

Not enough motivation for schoolsMartin Maták of the school trade unions,

who is responsible for secondary schools, however says that there may be other reasons for low interest of students. Pupils may not accept the fact they need to sign agreements with companies as they are afraid of a “certain type of limitation”, he said. Also parents lack information about the benefits of the dual education scheme.

Moreover, both schools and companies may be distracted to join. The former receive less mon-ey for students joining the scheme, as they will receive money directly from employers, while the latter may be discouraged by the low contribution from the state, which amounts only to €70 per student per month, Maták added.

Also Chovanculiak points to some deficien-cies in the system. Regarding the agreements signed between the companies and the pupils, the latter promise to work at least three years after graduating in the company. Otherwise they will have to pay for part of the costs the companies had contributed to their studies, he pointed out.

“It is probably useless to stress that not all pupils want to give up the possibility to continue in their studies, travel abroad to obtain some experience, or to launch their own business,” Chovanculiak wrote.

Uniformity considered a problemAnother problem is that the self-governing

regions decide on what private secondary schools will be able to open the classes, which means they decide about their own rivals, and profes-sional organisations representing employers also check the capability of participating companies, Chovanculiak continued.

He also criticised the fact that the law unifies the rules for everybody, making it unable to adapt to diverse needs of schools, pupils and employ-ers. There is also a question whether all parties discussing the dual education scheme had their points of view taken with the same weight when the final version was created. The rules are a result of various pressures “where different interests have different power and the result does not have to offer the optimal cooperation model”, Chovan-culiak wrote.

The long-term cooperation however requires the comprehensive agreement which will reflect the time and place particularities, he continued, adding that dual education should not only be about training people for the automotive sector.

Employers complain tooThough Conorto of AZZZ considers the

dual education system “the first fundamental step in the transformation of vocational education and

the education sector as a whole”, he says that the new law has not fulfilled the expectations.

“We are convinced that the interest of em-ployers is big, though this agenda is accompanied with further financial and administrative duties, not to mention responsibility for the whole process”, Conorto added.

He suggests reducing the administrative burden for employers joining the scheme and increasing the financial participation of the state in the whole process.

Moreover, Klub 500, which unites compa-nies with more than 500 employees, proposes to introduce the central model of process man-agement, with clear rules, competences and responsibility. Currently, there are 13 professional associations that are responsible for the scheme, which may result in chaos, said Tibor Gregor, executive director of Klub 500, as reported by the TASR newswire.

The minister did not accept the proposal of employers’ associations to operate the vocational

education system centrally, by the State Institute of Vocational Education, with full participation of employers, he continued.

It is also necessary to reduce the administra-tive burden and introduce some kind of motiva-tion for schools and employers, Gregor said, as reported by TASR.

Other ways to helpŠenkovič of SNOPK says it is necessary to

promote the advantages of the system. Moreover, parents are not interested in vocational education as they want their children to continue in studies. The pupils, however, often graduate from speciali-sations that are not needed in the labour market, according to Šenkovič.

“There was really a very short time to do some information campaign for children and parents,” she continued, adding that they will start with informing eighth- and ninth-grade pupils about the dual education and its benefits in late October with an eye on next school year.

It will be also important to focus on educa-tional and career counselling, which has many defects, according to Maták. Career counsellors lack the space and motivation to do their job properly.

“It is necessary to link them more with PR activities of the companies in regions,” Maták said, adding it is also necessary to promote the technical specialisations in sixth and seventh grade of elementary schools.

By Radka Minarechová, Spectator staff

Some schools participating in the programmeBRATISLAvA REGIONAmong the first schools in Slovakia to introduce the dual education system is the Secondary Voca-tional School (SOŠ) of Trade and Services of Samuel Jurkovič in Bratislava, which cooperates with DM Drogerie Markt and Tesco Stores.Headmistress Tatiana Mókosová hopes the dual education will increase the interest of students in vocational schools. Though its introduction was accompanied with administrative burdens, the positives prevail, she said, as reported by the TASR newswire.Another two schools in Bratislava Region which joined the system was the SOŠ Automotive and SOŠ Polygraph, TASR wrote.

kOšICE REGIONSOŠ Automotive in Košice opened its first dual education class too, attended by 25 pupils. It signed agreements with eight car repair shops.“Pupils will be part of the professional team with all benefits, including the financial motivation whose amount will depend on school results,

starting the very first year,” headmaster Jozef Eperješi said, as quoted by TASR.Other schools in the region participating in dual education include Secondary Industrial School (SPŠ) Electrotechnical in Košice, SOŠ Technical in Michalovce, and SOŠ Spišská Nová Ves.

NITRA REGIONIn Nitra Region, secondary vocational schools in several towns, like Zlaté Moravce, Šurany, Topoľčany, Nové Zámky, Levice, Vráble, and Nitra, joined the scheme, signing agreements with 30 firms altogether. This kind of education is one of the ways to improve the quality of vocational education. It will also help students be better prepared to start their first job, said Oľga Prekopová, spokeswoman for the regional governor.“The automotive industry will need highly quali-fied workers,” Prekopová added, as quoted by TASR, adding that their priority is that the pupils work directly in companies.

TRENčíN REGIONIn Trenčín Region dual education was launched at seven schools, with 99 students participating. One of them is SOŠ in Nové Mesto nad Váhom where students follow the German dual education model.German State Secretary of the Education Ministry Georg Schütte, who visited the school in late Septem-ber with Education Minister Juraj Draxler, called this pilot project a good example of quality vocational education which shows the businesses possibilities they have when investing into dual education. Moreo-ver, it offers young people real alternatives for their studies, reads the SNOPK press release.Schütte and Draxler also signed a memorandum on cooperation which focuses on areas where the two countries want to start and support educational pro-jects, in which schools, companies and other partners will participate.

Other schools include SOŠ Mechanical in Považská Bystrica, SOŠ Dubnica nad Váhom, SOŠ Prievidza, and SOŠ Handlová, TASR wrote.

SCHOOLS AND COMPANIES INVOLVED IN DUAL EDUCATION

RegionVocational secondary

schools

Partici-pating

employers

Partici-pating

students

Žilina 5 11 62Trnava 2 5 31Trenčín 7 13 99nitra 7 30 93košice 5 13 73Bratislava 3 7 29Banská Bystrica 1 7 26Prešov 1 3 9Together 31 89 422

Source: Education Ministry, September 1, 2015

Sour

ce: T

ASR

70 71ConsultIng – human CapItallabour market & eduCatIon

Employment relations in SlovakiaEmPLOymENT CONTRACT

Working relations must always be based on a written employment contract with at least two signed copies – one for the employer and one for the employee. In the contract, the employee commits himself or herself to performing the tasks defined by the employer, and the employer commits to paying wages for the performed work.

The contract must contain at least the following conditions and provisions: job description, location of the work, the starting date, the amount of the salary and the date it is paid, the working hours, the number of days off and the notice period for termination of the contract.

TyPES OF EmPLOymENT CONTRACTSSlovak law allows employers and

employees to agree upon one of two basic types of job contract:

Fixed-term employment contractFixed-term employment is limited to up

to two years. The fixed-term contract can be prolonged or renewed, but only twice within two years.

Employment contract for unlimited time This contract does not state a fixed period for the contract’s validity.

In addition to these, two basic forms of employment contract there are other agreements which can serve as the basis for employment relations in an agreement on performing certain tasks; an agreement on working activity; and an agreement on seasonal work for students.

An agreement on performing certain tasks can be signed between an employer and a natural person, provided the performance of the tasks stated in the contract does not exceed 350 hours in a year.

An agreement on working activity can serve as a basis for performing work not exceeding 10 hours per week.

An agreement on seasonal work for students can be signed between employers and a natural person who is a student. This contract can be used for performing tasks that do not require, on average, more than half of the standard weekly working hours and the agreement must be accompanied by proof that the employee is a student.

These three types of agreement must be in written form and be signed in order to become valid.

SICk LEAvEIn the event of a temporary sick leave,

an employee is entitled to sickness insurance benefits only beginning from the 11th day of the leave, at 55 percent of the daily assessment basis. Until that point, the employee is entitled to an income substitute as defined by the law.

The income substitute is paid by the employer from the first day until the end of the temporary sick leave, up to the 10th day. For the first three days, it is 25 percent of the daily assessment basis and from the fourth until the 10th day, it is 55 percent of the daily assessment basis. In order to receive the income substitute, the employee is required to provide confirmation of temporary sick leave.

TERmINATING AN EmPLOymENT RELATIONSHIP

By mutual agreement between the employer and the employee.

A termination notice from either the employer or the employee. In the case of the employer, the reason must be stated in the notice. If an employer terminates an employee on the basis of redundancy, the employer is not allowed to fill the same position during the following two months.

Immediate termination of an employment relation.

The employer is entitled to do so if the employee was sentenced for committing a crime or for severely violating working rules. An employee can terminate a contract immediately for personal health reasons, if an employer does not pay the salary, or if the employee’s life or health is at risk at work.

Termination of the fixed-term employ-ment contract is automatic after the term passes if the contract is not extended.

Terminating an employment contract in the probationary period can be done by either party for any reason.

A mass layoff is when an employer is-sues termination notices or agrees on the ter-mination of employment relations with 10 or more employees (or 10 percent or more of the total workforce depending on the size of the company) within a 30 day period.

Source: www.employment.gov.sk, www.socpoist.sk

Job portals & HR companies in SlovakiaJob portals: www.brigady.sk; www.job.sk; www.jobagent.sk; www.kariera.zoznam.sk; www.mojapraca.sk; www.praca.sme.sk; www.profesia.skExEcutivE sEarch firmsaccord group ceska: www.accord-ece.comaquinti (slovakia): www.aquinti.skarthur Hunt: www.arthur-hunt.comBusiness essentials spol. s r.o.: www.essentials.skBlechova management consultingwww.blechovaconsulting.skcna international - slovakia: consilium consulting: www.consilium.skdr. pendl & dr. piswanger management con-sulting: www.pendlpiswanger.skisg: www.isg.skmenkyna & partners management consulting: www.menkyna.compedersen & partners: www.pedersenandpartners.comperson: www.person.sksam Headhunting slovakia: www.samheadhunting.sktarget executive search slovakia: www.targetexecutivesearch.comteamconsult sr: www.teamconsult.sktheXecutives: www.thexecutives.comrEcruitmEnt agEnciEsadecco slovakia: www.adecco.skago europe: www.ago.skarios - personálne služby: www.arios.skBalanced Hr: www.balanced-hr.comcpl Jobs: www.cpljobs.skgrafton recruitment slovakia: www.grafton.skHrc slovakia: www.hrconsulting.skHr-people: www.hr-people.sklugera & maklér: www.lugerarepublic.skluto automotive: www.lutoautomotive.comp. J. servis: www.pjservis.skpersonel efekt: www.personelefekt.skphoenix Quality services: www.phoenixqs.comr. i. consultancy services (slovakia): www.recruitment.skrandstad: www.randstad.skrecagent: www.dobryflek.skstegmann slovakia: www.stegmann-personal.sksynergie slovakia: www.synergie.sktop consult group: www.tcg.sktrenkwalder: www.trenkwalder.sktrigon consulting: www.trigon-consulting.sktEmporary EmploymEnt agEnciEsindeX nosluŠ: www.indexnoslus.skmanpoWer slovensKo: www.manpower.skproact people slovensko: www.proactpeople.skstart people: www.startpeople.skWork service slovakia: www.workservice.eu.sk




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1 MENITY gROuP s. r. o. Peter Nemčok PREMIuM LISTINg

Karadžičova 8/A Bratislava - Staré Mesto 821 08 [email protected]

www.menity-group.com +421(0)2 5939-6263 +421(0)2 5939-6200

+421(0)2 5939-6263 nemcok@ menity-group.com

2007 USA E, G, R,

3 3 27 l l l

banking/finance, business services, FMCG, technology and telecommunications, software and IT l

2 A-OMEgA, s.r.o. Katarína Ikrényiová

Radlinského 2751 Malacky 901 01 [email protected]

www.a-omega.sk +421(0)34 772-2336 +421(0)34 772-2336

+421(0)905 303-291 katarina@ a-omega.sk

2005 Slovakia E, G,

3 11 0

l l l l l lcareer and professional counselling, organisati-onal and personnel counselling l l

3 Amrop - Leaders For What´s Next Igor Šulík, Mario Fondati, Martin Krekáč

Štefanovičova 12 Bratislava - Staré Mesto 811 04 [email protected]

www.amrop.sk +421(0)2 5443-6001 +421(0)2 5443-6004

+421(0)2 5443-6001 slovakia@ amrop.sk

1990 worldwide network E, F, H, G, R,

25 21 230 l l l l l l l

automotive & industrial, energy & infrastructu-re, consumer markets, technology, financial services l

4 AuJob s.r.o. Zuzana Krutilova

Jelenia 11 Bratislava - Staré Mesto 811 05 [email protected]

www.aujob.eu +421(0)2 5296-6882 +421(0)2 5296-6882

+421(0)904 356-444 director@ aujob.sk

2004 SR / Swiss E, F, H, G, Pl,

20 20 0

l l l l l l ltechnologies and IT sector, banking/financial sector, sales and marketing, production l l l

5 For Business Excellence - FBE Daniel Laco

Liptovská 10 Bratislava - Ružinov 821 09 [email protected]

www.fbe.sk +421(0)2 5441-8513 +421(0)2 5441-8515

+421(0)2 5441-8513 fbe@ fbe.sk

1991 Slovakia E, G,

13 20 10

l l l l lautomotive industry, banking/financial sector, production companies, retail, IT & telecom

6 gd - Team, a.s. Erik gottschall

Moyzesova 4/A Pezinok 902 01 [email protected]

www.gd-team.sk +421(0)33 641-4173

+421(0)33 641-4173 obchod@ gd-team.sk

2005 Slovakia E, G,

27 17 10

lutilities, public sector, industry

l

7 HR Management s.r.o. Dušan Antoš

Hargašova 21 Bratislava - Záhorská Bystrica 841 06 [email protected]

www.hr-management.sk +421(0)903 778-325

+421(0)903 778-325 antos@ hr-management.sk

2011 Slovakia E, R,

3 2 1

l l l l l l lHR processes implementation, personal cost optimisation, management audit, interim HR management

l

8 HRman, s.r.o. Pavel uhrinčať

Piaristická 2 Nitra 949 01 [email protected]

www.hrman.sk +421(0)37 655-8888

+421(0)903 556-655 uhrincat@ hrman.sk

2003 Slovakia E,

12 12 0

l l l l l lautomotive, FMCG, medical and pharma

l l l

9 Human Dynamic Central & Eastern Europe s.r.o. Miriam Lachová

Dobšinského 14 Bratislava - Staré Mesto 811 05 [email protected]

www.humandynamic.sk +421(0)911 844-977

+421(0)911 844-988 miriam.lachova@ humandynamic.com

2009 Hong Kong E, Bul, Cr, Chi, J, K, H, G, Pl, S,

7 20 35 l l l l l l

technology & IT, banking & finance, manufactu-ring, consumer goods

10 KINgFISHER Executive Search, s. r. o. Radomír Mako

Pribinova 4 Bratislava - Staré Mesto 811 09 -

www.kingfisherexecutive.com +421(0)2 3810-1819

+421(0)2 3810-1819 mako@ kingfisherexecutive.com

2009 Slovakia E, G,

5 2 3

l l l lfinancial & professional services, media & technology, energy & infrastructure l

11 KNO SLOVENSKO s.r.o. Steven J. Kelly

Leškova 3/A Bratislava - Staré Mesto 811 04 [email protected]

www.kno.sk +421(0)2 5443-2303

+421(0)2 5443-2303 kno@ kno.sk

1993 USA E, R,

8 6 2

l l l l lenergy, IT, banking&finance, manufacturing

12 KORN/FERRY company Jana Kupkovičová

Tomášikova 64 Bratislava - Nové Mesto 831 03 [email protected]

www.kornferry.com +421(0)2 4911-4912 +421(0)2 4911-4927

+421(0)2 4911-4914 jana.kupkovicova@ kornferry.com

1996 USA E, H, G, R,

5 - 600

l l l l lleadership assessment solutions, talent manage-ment, performance management, coaching

13 Libellius s.r.o. Martin Chinoracký

Hattalova 19 Bratislava - Nové Mesto 831 03 [email protected]

www.libellius.com +421(0)2 4463-6366 +421(0)2 4463-6367

+421(0)905 700-228 martin.chinoracky@ libellius.com

2004 Slovakia E, G,

5 7 0

l l l lNA

14 Maxman Consultants, s.r.o. Lukáš Bakoš

Gajova 4, P.O. Box 5 Bratislava - Staré Mesto 820 04 [email protected]

www.maxman-consultants.com +421(0)2 5263-1515

+421(0)2 5263-1515 bakos@ maxman-consultants.com

1994 Slovakia E, G, R, Pl, I,

13 10 -

l l l l l lIT/telecom, finance and banking, manu-facturing

15 McROY Slovakia, a. s. Luboš Sirota

Pribinova 4 Bratislava - Staré Mesto 811 09 [email protected]

www.mcroygroup.com +421(0)2 5720-0250

+421(0)2 5720-0200 info@ mcroygroup.com

2011 United Kingdom E, H, G,

70 7 4

l l l l l l lNA

l l l l

16 nebotra s.r.o. Miroslav Miartuš

Jakubovo námestie 13 Bratislava - Staré Mesto 811 09 [email protected]

www.nebotra.com +421(0)905 421-905

+421(0)905 421-905 miroslav.miartus@ nebotra.com

2005 Slovakia E, F, G,

2 9 3

l l l lindustrial/production companies, administrati-on, procurement, project management


http://www.portal.gov.sk

72 73real estatereal estate

Mixed developments in real estate The real estate market is experiencing

mixed development with the industrial sector reviving. The office sector reports a

relatively high vacancy rate with only one project to be launched in 2015, but many more in the pipeline. The retail market reflects improved economic prospects as several new retail projects opened in 2015 and reconstruction is a way forward for those trying to keep pace. A growing economy, low interest rates and accessible mort-gages are driving residential real estate prices up.

Industrial real estate primedThough the industrial sector remains one

of the most conservative parts of the real estate market, the year 2015 has brought a significant increase in new clients and logistics premises. The Bratislava region remains the most popular locality for industrial real estate but places like Košice, Žilina, Trnava and the region along the Váh River are also gaining interest.

“Compared to last year, the demand highly exceeds acreage of offered premises,” Martin Hudák, senior negotiator in Cushman & Wake-field Property Services Slovakia, told The Slovak Spectator. “The revival of sites such as Nové Mesto nad Váhom, which has been left behind thus far, confirms the growing market potential.”

Martin Stratov, head of the Industrial Agency for Jones Lang LaSalle (JLL), says that the car-maker Volkswagen Slovakia has driven demand to places next to the D2 highway leading from Brati-slava westwards to Brno in the Czech Republic.

“We have also seen new warehouses in eastern Slovakia and around Žilina,” Stratov said.

Great potential for the future lies also in the Považie region along the Váh River because of cheap labour, according to Peter Šmitala from the Karimpol Real Estate Group.

Still, the most sought logistic hub remains Bratislava and its vicinity, with approximately 80 percent of all Slovak industrial premises built there.

According to Peter Jánoši, director of P3 for the Slovak market, other regions suffer from a lack of infrastructure and the unfinished D1 Bratislava-Košice highway. However, in the future the role of regions with an available qualified labour force and recently announced foreign investments will surely grow, Jánoši said.

Automotive still dominating Automotive businesses still have the greatest

influence on the market, however, e-commerce and construction of e-shop XXL hubs have been

also attractive, according to warehouse and logis-tics space providers.

“Shopping via the internet creates demand not only for the facilities that are closer to city centres but also for new distribution centres for parcel carriers,” Jánoši said. “Currently, parcel car-riers tend to centralise their distribution centres for the entire CEE region.”

Among the companies operating on the mar-ket with a vacancy rate below 4 percent, Prologis continues to be the biggest with a nearly 40 per-cent market share and plans for further expansion, based on the JLL statistics.

Martin Baláž, director of Prologis for construction and lease in Slovakia and the Czech Republic, says that based on the recent pick-up in market demand and the low long-term vacancy rate of its entire Slovak portfolio, Prologis Park Bratislava began development of three speculative (without pre-lease contracts) facilities totalling 22,300 square metres earlier this year.

Another market player, P3, is constructing build-to-suit (BTS) industrial real estate. BTS projects allow fulfilling the specific needs of the customer for its new premises, Jánoši said. He added that P3 has also planned to build premises with smaller capacity in the speculative way.

“It is still advantageous for developers to keep the so-called healthy vacancy rate, between 5 and 10 percent of premises,” Jánoši said, adding that these free premises can be used by existing clients who for certain reasons do not want or cannot wait for new projects.

While there has been no significant change in the market share rankings so far, Stratov noticed that in addition to the established companies

like Prologis, P3, Goodman, Karimpol and VGP, Czech developer CTP has also entered the market.

“CTP acquired a logistic park in Devínska Nová Ves near Bratislava during summer and initiated the construction of premises in Voderady close to Trnava and in Žilina,” Stratov said. “We expect further expansion of the industrial real estate portfolio of the company.”

The Slovak market has been significantly affected by the CEE region’s growth as a logistics centre for all of Europe.

“Slovakia provides great access to CEE markets as well as Germany and Austria and offers an often required skilled labour force,” said Baláž of Prologis. “In addition, we believe that the industrial property sector will still be regarded as a solid asset with an attractive risk/return profile with relatively low volatility or downside risk.”

Jánoši of P3 points to an increasing completion from neighbouring countries.

“When we look back in history, Slovakia used to be in the focus of investors especially between 2005 and 2007,” said Jánoši. “Thus it entered the crisis with a very low, about 7 percent vacancy rate.”

Compared to this, the Czech Republic or Poland were facing vacancy rates of 15-20 percent and thus developers in these countries were under great pressure that resulted in an increase of their activity.

“This activity drew new investors,” said Jánoši. “Thus Slovakia was not confronted with the crisis in such a scope and it fell asleep a little and the new wave of investors’ interest has missed it.”

But the fact is, according to Jánoši, that Slo-

vakia has an ideal position within Europe and the market is gradually reviving.

“The volume of construction from last year is gradually nearing that of the golden years of industrial development,” said Jánoši.

Hudák added that as Slovakia reinforces its position in the automotive industry, it remains attractive for suppliers and logistics companies. Moreover, the possible arrival of another higher-end car company (Jaguar Land Rover in Nitra) will spur demand again.

In the near future, market watchers expect increased construction, including speculative building.

“We hope that increased demand as well as the arrival of new developers will ensure revival of other regions in Slovakia such as Trnava,” Hudák said.

Šmitala expects that the end of 2015 and the beginning of 2016 will be very dynamic.

“The year of 2014 was followed by the dynamic year of 2015 when a number of new inquiries arrived,” said Šmitala, adding that the summer of 2015 was relatively inactive when clients used it for collecting information and thus it may be expected that they will now make final decisions. “During this period of time there may be assumed clinching of some significant deals.”

Office sector revivesProblems surrounding the Apollo Business

Center 1 in Bratislava would rank high on any list of significant office market events. After a stress analysis indicated that the building was overbur-dened by 10-50 percent in some parts, its owner started reconstruction work. But while it firstly intended to do the work during normal opera-tion of the building, the building instead closed in mid-October forcing tenants to move out and look for new premises within days.

In the meantime caution and high vacancy rates have limited the launch of new projects.

“The only completed construction this year will be the first building of the Twin City project of about 16,000 square metres,” Dalibor Surový of JLL told The Slovak Spectator.

Speaking about Bratislava, Ján Bryndza of Cushman & Wakefield Property Services Slovakia added that the new supply of modern office build-ings had gradually fallen since 2010, where the av-erage new supply used to be about 60,000 square metres annually. In 2013 and 2014 it dropped below 40,000 square metres while the drop was a result of weakening demand from tenants and therefore increasing vacancy on the market from about 9 percent in 2010 to 15 percent in 2013. This vacancy equated to more than 200,000 square metres in modern space.

“The developers and investors had reacted to the market conditions and reduced or postponed their new development plans resulting in new supply of office buildings in 2015 reaching record low volume in more than five years,” Bryndza told The Slovak Spectator, adding that the building is a part of larger development by HB Reavis, around the main bus station, which should significantly improve and revive the entire area.

The market of occupiers has, however, recovered since 2013, when the take-up was only 90,000 square metres to more than double volume in 2014, about the same level expected in 2015.

“Besides several large renewal transactions, like with HP and Eset, we saw expansion of oc-cupiers filling surplus space in buildings like Polus Towers and BBC V, but also new market entries where, for example, the company Genpact we worked with came and employed 150 people,” said Bryndza. “This year is also unique due to large relocations of public organisations, for example NDS, VšZP, SBA, tax offices and others.”

Surový agrees specifying that the state health insurer VšZP moved into Panon Office and the NDS has moved from the ill-fated Apollo to Westend Gate.

“In 2015 the activity of tenants nears to com-parably good results achieved in 2014 – these were more than two times better compared to previous years,” said Surový. “This only confirms the fact that companies are looking for new premises when their existing offices do not meet their require-ments any more and harmonise their locations in case they have more addresses in the city.”

This impressive improvement in take-up volume and improved general economic condi-tions have bred confidence and boosted activity, according to Bryndza.

“We now see projects under construction which should bring new supply back to 60,000 square meters annually in 2016 and even higher in 2017,” said Bryndza. “We expect the vacancy rate

to go down to 11 percent at the end of the 2015, possibly driving the rent levels up after many years of stagnation.”

Steady demand from the occupier’s side is a key driver pacing the way to a new project being successful and keeping the office market vacancy on a healthier level.

“New developments planned for completion in 2016 like Twin City B-C by HB Reavis and Rosum by Penta, should be supplemented in 2017 by Zuckermandel and Panorama Business by J&T and several smaller projects currently under construction,” Bryndza said.

Surový added that the market has been experi-encing conditions similar to those before the crisis.

“In general older buildings, unless they invest into modernisation, will start to lag behind newly constructed buildings that are more effective and with newer technologies,” said Surový.

Retail market: new supply and reconstructions

The retail market has witnessed the opening of several new projects over 2015 as reconstruction has also picked up for existing retailers hoping to keep pace.

“The year of 2015 was very rich in new arriv-als,” Matúš Furman, head of the retail depart-ment at Cushman & Wakefield Property Services Slovakia, told The Slovak Spectator.

In August, the City Arena shopping mall - with a football stadium and a retail area of 29,500 square metres - opened in Trnava, and the Fórum Poprad, 23,500 square metres large, opened on the pedestrian zone in the city centre in late October.

“The project [of City Arena] is by its connec-tion with a football stadium unique not only in Slovakia but also in central Europe,” said Furman.

By the end of 2015 another project, Galéria Lučenec in the town’s centre 11,000 square metres large and Avenue Humenné 5,000 square metres large will open.

Source: Sme

Source: Sme

74 75real estatereal estate

Brand new construction law out of sight Instead of new legislation existing law is amended

A wider overhaul to Slovakia’s 40-year-old construction law remains on hold, while the parliament has continued adopting

partial revisions, the last being passed on Septem-ber 30 with the goal of easing the potential ar-rival of carmaker Jaguar Land Rover’s new plant.

Preparation of a brand new construction law has been on the government’s agenda for years, and work on the current version began in 2012. But it now looks like the plan to make it effective as of July 2016, already postponed from 2015, will fail. Minister of Transport, Construc-tion and Regional Development Ján Počiatek withdrew the bill, which would replace a 1976 law, from discussion in parliament on September 22 after criticism from the opposition. The min-istry has reiterated that this draft bill represents the greatest possible consensus.

“Citizens deserved after almost 40 years a brand new construction law, which would give clear rules to construction and make their life easier when dealing with their issues at construc-tion offices,” Martin Kóňa, Transport Ministry spokesman, told The Slovak Spectator. “The draft bill solved the issues of illegal construction, ad construction, professionalisation of workers at construction offices and many other fields that have been lacking clear oversight. A consequence is that the currently valid construction law, which does not address the current needs of the construction sector will continue to be in effect.”

The Urban Development Institute (IUR), a non-profit association representing professionals involved in the area of land development and planning, perceived the withdrawal of the draft bill from the parliament in the given situation as the best and professional solution.

“The withdrawal of the bill has neither a negative nor a positive impact on the construc-tion sector,” Juraj Suchánek, executive director of IUR, told The Slovak Spectator, adding that if the bill is adopted in haste and with hidden mistakes, related negative impacts would occur in practice in a short period of time.

Suchánek warned that it is unimaginable that the draft bill would be radically changed during the discussion in parliament given its scope, complexity and importance of processes it adjusts. During such a course such changes might have been adopted whose impacts may not be thoroughly analysed and which in the end might have had negative impacts on the quality of the law.

“We really appreciate the stance of Minister

Počiatek and assess positively also his call and expert cooperation during completing the bill,” Suchánek told The Slovak Spectator. “IUR has been participating in preparation of the draft bill since 2012 and we have been investing not a small effort to improve the draft bill. Also now we are prepared to provide our expertise as well as experiences from practice. We believe that the withdrawal of the bill [from parliament] has cre-ated space for making it better in the future.”

While the Construction Ministry has reiter-ated that it would continue to look for broad sup-port of the new law, yet it is questionable whether it will manage to do this by the next parliamen-tary elections scheduled for March 2016.

“We will continue to look for solutions in order to find strong support for the law across the whole political spectrum while discussions should be led on an expert level and not on the basis of interests of lobbyist groups,” said Kóňa.

Amending the construction law The aim of the revision adopted on

September 30 is to make permission processes more effective, and in this way to improve the attractiveness of the business environment in Slovakia, according to the Ministry of Transport, Construction and Regional Development that prepared it.

Thus significant investments should receive permission for construction projects within the shortest possible time period. President Andrej Kiska signed the amendment into law on October 14. The revision will become effective the day it is published in the Collection of Laws “because of urgent general interest”.

The draft revision, which also solved land expropriation, went through the discussion in parliament via a fast-track proceeding aim-ing at easing the arrival of Jaguar Land Rover (JLR) which looks set to build a new plant near Nitra in western Slovakia and invest hundreds of millions of euros. The cabinet estimates that talks with JLR should be completed by the end of 2015 while works on a so-called strategic park where the investment may land are already underway.

JLR, owned by India’s Tata Group, an-nounced its selection as its preferred location for a new plant on August 11 while it has already signed a letter of intent with the Slovak govern-ment for the potential development of the new plant.

Opposition deputies criticised the fast-track proceedings, arguing that there was no reason to hurry. They warned that the revision creates space for speculation with land and that it might be unconstitutional.

The legal think tank Via Iuris called on deputies not to pass the revision due to its significant negative features and argued that it falls outside Slovakia’s larger construction laws. It pointed out that the revision omits the duty to carry out the so-called development permit process in cases of so-called strategic parks. Thus one of the permission processes within which projects are assessed against local master plans are cut out, without being replaced. Via Iuris also fears that the environmental impact assess-ment will be only formal.

By Jana Liptáková Spectator Staff

All these new projects highlight new develop-ment in areas with low saturation thus far.

“It is exactly saturation and over-saturation of the retail market, which has the biggest influence over the new development,” Daniel Kúth, senior consultant from the retail real estate department at Jones Lang LaSalle in Slovakia, told The Slovak Spectator.

Andrej Mardiak, senior associate of the retail agency at Colliers International, added that today the primary interest in locality from the side of key tenants is the most important for investors.

Market watchers agree that it was the sound economic development in Slovakia accompanied by the reduction of unemployment and the rise in real wages pushing retail sales up that stimulated the retail real estate market as well.

“The appetite of retailers to expand grew signifi-cantly in 2015 compared with previous years which is a reflection of retail sales,” said Furman, adding that retail sales are expected to increase by 2.4 percent in 2015 and even 4 percent in 2016. “The growth of the economy and continual reduction of unemployment are good signs for the future.”

For JLL, the year 2015 was the first since the crisis when they registered an increased interest from tenants in expansion.

Market watchers also positively perceive the interest of international concepts entering the Slovak market either directly or via partners. Here Furman pointed out the Danish creative concept Tiger that has already opened two shops in Bratislava, one in Eurovea and the second at the shopping street Obchodná, Croatian bakeries Starý Mlyn with three shops (two in Bratislava, Obchodná and Hodžovo square, and one in Trnava, in City Arena), and fashion retail chain Piazza Italia that will open its shops in Bory Mall and Zlaté Piesky Shopping Palace in Bratislava. Other arrivals include Silvian Heach in Aupark, Decathlon sports gear and equipment with two outlets in Bratislava, and a complex portfolio of brands of Poland’s LPP including fashion labels like Reserved, Cropp, House, Mojito and Sinsay.

“Apart from those we are currently negotiat-ing the arrival on the Slovak market with about 10 international well-known brands from fashion, services and gastronomy that have not been pre-sent on the Slovak market yet,” Furman said.

market expectations While there is no significant retail project

under construction, several are in the pipeline. Furman cited Forum Prešov by Multi Develop-ment, Nivy Mall by HB Reavis, Eperia Prešov of J&T, and Terminal Gallery with a retail park in Banská Bystrica by InterCora.

Mardiak expects investors to focus on smaller

regional towns that lack existing retail schemes. In these regions smaller and less demanding, from the viewpoint of investment, retail parks 2,000-4,000 square metres in size are expected.

“But we perceive that for future years the trend will be especially modernisation and exten-sions of existing centres that want to keep their dominant position or to overrun or halt competi-tion,” said Furman.

New development is expected especially in regions where there is still space for such activities, according to Kúth. He also confirms the remodel-ling trend under way pointing to revamps of Aupark or Avion in Bratislava.

Aupark completed its €15.5 million recon-struction in October 2015 using Urban Chic design. The new energy saving regime lists Aupark among the most energy effective shopping centres in the world. It is the only one in Slovakia to obtain the BREEAM in-use certificate with an ‘Excellent’ evaluation.

Avion Shopping Park in Bratislava projected for 2015 a reconstruction too, a €5 million face-lift for a 13-year-old section.

Stress will be put also on possible extension of existing centres as the space for new development is gradually shrinking.

“Simultaneously we register increased interest in the centre of Bratislava – Obchodná street,” said Kúth.

Residential may overheat The sound economic development as well as

increased ability to get a mortgage are increasing the prices for residential real estate in Slovakia. Several residential projects are being sold even before they are built. Real estate brokers estimate that prices have increased by 5-10 percent during the first 10 months of 2015.

“The last year is a record from the viewpoint of demand,” Ján Bošácky, analyst of the market research department at JLL, told The Slovak Spectator.

In Bratislava alone more than 2,000 apart-ments were sold during the May-October 2015 period when during the October 2014-October 2015 period almost 3,800 apartments were sold, he said.

“Regional cities, especially Košice, are also experiencing a not insignificant increase in the number of sold apartments as well as the number of launched projects,” Bošácky added.

Supply is also significant, according to Bošácky, when there are plenty of new and relaunched projects, though most are not huge. As the current demand is unsustainable from a longer point of view, most developers launch their projects in phases.

Daniela Danihel Rážová, director of real estate agency Bond Reality and head of Slovakia’s Association of Real Estate Brokers, who follows the Bratislava market, confirms the appetite of people to buy their own housing while demand has been significantly prevailing over supply over the last year.

“Because of this, prices of residential real estate have increased significantly in the most wanted localities,” Danihel Rážová told The Slovak Specta-tor.

Danihel Rážová does not expect any signifi-cant change in demand in 2016, but she sees the prices to be increasing too much and not very healthy.

“The situation on the market and prices are nearing the conditions before the burst of the real estate bubble in 2009,” said Danihel Rážová. “It may be a large sign of caution for the sellers that prices they require, in spite of the large demand, have their limits. Paradoxically, new projects set their prices more realistically and because of this prices of apartments in new constructions are very similar to those in old ones.”

By Jana Liptáková

and Peter Adamovský, Spectator staff

Source: Courtesy of Aupark

Source: TASR

76 77R

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78 79real estate ConsultIngConstruCtIon fIrms




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sti

Other Iné


1 CBRE s.r.o. Tomáš HegedüšNám.1 mája 18 Bratislava - Staré Mesto 811 06 [email protected]

www.cbre.sk +421(0)2 3255-3318

+421(0)2 3255-3302 tomas.hegedus@ cbre.com

2005 1 / 66

E, Cr, F, H, G, R,

100 25 0 l

NA IAC, Lear, Panasonic, DHL, Shell, AT&T, Accen-ture, Johnson Controls, IBM, Eset, SwissRE, Dell, Oracle, Novartis, HB Reavis

2 Colliers International spol. s r.o. Ermanno BoerisSuché Mýto 1 Bratislava - Staré Mesto 811 03 [email protected]

www.colliers.com +421(0)2 5998-0980 +421(0)2 5998-0981

+421(0)2 5998-0980 ermanno.boeris@ colliers.com

2003 1 / 61

E, G, I, S,

17 12 2

lreal estate financing consultancy NA

3 Consilium Business Services, s.r.o. Branislav SirotaŠtefanovičova 18 Bratislava - Staré Mesto 811 04 [email protected]

www.cbh.sk +421(0)2 5443-4873 +421(0)2 5441-0272

+421(0)2 5443-4873 sirota@ consilium.sk

2006 1 / 1

E,

2 3 0

lworkplace solutions,short-term office space rental,provision of office residence

NA

4 Cushman & Wakefield Property Services Slovakia, s.r.o. Cristina DumitrachePribinova 10 Bratislava - Staré Mesto 811 09 [email protected]

www.cushmanwakefield.sk +421(0)2 5920-9333 +421(0)2 5920-9334

+421(0)2 5920-9340 cristina.dumitrache@ cushwake.com

2005 1 / 60

E, F, G, R, I,

35 16 2 l

investment: acquisitions/sales, valuation, property and project management

Euromax, Reico, P3, PROLOGIS, Goodman, HB Reavis, MTK, Eurovea, CA Immo, Immofinanz, Mint Investment, Multi Development, Penta, J&T,NEPI

5 gleeds Slovensko Kamil BaďoVysoká 26 Bratislava - Staré Mesto 811 06 [email protected]

www.gleeds.com +421(0)2 5292-2320 +421(0)2 5292-2341

+421(0)2 5292-2320 kamil.bado@ gleeds.sk

1999 1 / 22

E, Bul, F, G, I,

20 20 l l

management and construction consulting

Immocap, Ballymore Properties, Slovenská spo-riteľňa, CBE Development, Orco, J&T, Discovery Group, Tesco, TriGranit, Penta

6 Jones Lang LaSalle s. r. o. Miroslav BarnášHodžovo nám. 1/A Bratislava - Staré Mesto 811 06 [email protected]

www.jll.sk +421(0)2 5920-9911 +421(0)2 5920-9910

+421(0)2 5920-9912 miroslav.barnas@ eu.jll.com

2006 1 / 80

E, H, G, R, Pl,

29 35 0

l l linvestment, valuation, property and project management, market research

NA

7 Modesta, s.r.o. Peter MiščíkHviezdoslavovo námestie 7 Bratislava - Staré Mesto 811 02 [email protected]

www.modestagroup.com +421(0)2 3240-8888

+421(0)2 3240-8888 miscik@ modestagroup.com

2007 1 / 2 E, G,

2 3 4

lbrokerage, corporate real estate services, valuation, investment

Sony, Rolls-Royce, Prologis, Karimpol, Baker Tilly International, Czech Airlines, Otis, Aston Lloyd & Partners, Wolters Kluwer


SP01

5096

/001

1/4colliers

SP015101/001

1/2NARKS




Generálny riaditeľ Telefón E-mail Chief executive officer Phone E-mail Ye

ar of

estab

lishme

nt / N

o. of

emplo

yees

Rok z

aložen

ia v SR

/ Poče

t zame

stnan

cov

Reven

ues 2

014/

Reven

ues 2

013

Tržby

v r. 20

14 / T

ržby v

r. 201

3

Contr

act br

eakdo

wn (%

) Pub

lic/Pri

vate/F

oreign

Skl

adba

objed

návok

(%) V

erejné

/Súkro

mné/Z

ahr.

Civil/O

bčian

skeRe

siden

tial/O

bytné

Indust

rial/P

riemy

selné

Water

works

/Vodn

éPip

elines/

Potru

bné

Transp

ort/D

oprav

néun

dergr

ound

/Podze

mné

Envir

onme

ntal/E

kolog

ické

Prope

rty re

novat

ion/R

ekonšt

rukcie

Projects in 2014 / 2015 Zákazky v r. 2014 / 2015


Quality certificates Certifikát kvality

1 CESTY NITRA, a.s. Juraj ServaMurgašova 6 Nitra 949 78 [email protected]

www.cestynitra.sk +421(0)37 692-0500 +421(0)37 692-0517

+421(0)37 692-0516 headoffice@ cestynitra.sk

1953 219

22.60 mil. EUR 26.50 mil. EUR

61 39 0

l l l lReconstruction of roads in Trenčín; reconstrucion of roads in Nitra reg.

NDS,a.s.; SSC,a.s.; SUÚC Nitra a.s.; TTSK; municipalities

ISO 9001, 14001; ISO 10006; OHSAS18001

2 Chemkostav, a.s. Tibor MačugaK. Kuzmanyho 22 Michalovce 071 01 [email protected]

www.chemkostav.eu +421(0)56 688-0811 +421(0)56 688-0833

+421(0)56 688-0811 chemkostav@ chemkostav.eu

1996 194


- - - l l l l l l l l l

Šafranová záhrada - II.phase , Košice, PANORAMA CITY, BA - I. phase

NA ISO 9001, 14001; OHSAS 18001; ISO/IES 27001

3 Doprastav, a.s. Juraj AndrovičDrieňová 27 Bratislava - Ružinov 826 56 [email protected]

www.doprastav.sk +421(0)2 4827-1252 +421(0)2 4827-1563

+421(0)2 4827-1500 juraj.androvic@ doprastav.sk

1993 1,215

167.20 mil. EUR 208.50 mil. EUR

- - - l l l l l l l l l

NA Národná diaľničná spo-ločnosť; ŽSR; Slovenská správa ciest

STN EN ISO 9001:2009; STN EN ISO 14001:2005; OHSAS 18001:2009

4 EuROVIA SK, a.s. Róbert ŠinályOsloboditeľov 66 Košice - Barca 040 17 [email protected]

www.eurovia.sk +421(0)55 726-1101

+421(0)55 726-1101 sekrss@ eurovia.sk

1952 493


68 32 0

l l l lTram tracks, recon-struction of highways & roads, sawerages

Národná diaľničná spoločnosť; Slovenská správa ciest; VÚC

ISO 9001, 14000, 18000

5 Inžinierske stavby, a. s. Philippe CorbelPriemyselná 7 Košice - Staré Mesto 042 45 [email protected]

www.iske.sk +421(0)55 633-2157 +421(0)55 632-7831

+421(0)55 633-2157 kgr@ iske.sk

1951 1,095


- - - l l l l l l l l

NA Národná diaľničná spoločnosť; Slovenská správa ciest; SE-Enel; VVS, a .s.

ISO 9001:2008, 14001:2004; OHSAS 18001:2007

6 Metrostav Slovakia a.s. Robert PátekMlynské nivy 68 Bratislava - Ružinov 824 77 [email protected]

www.metrostav.sk +421(0)2 5825-7111 +421(0)2 5825-7114

+421(0)2 5825-7102 robert.patek@ metrostavsk.sk

2004 128


25 75 0l l l l l l

Swimming pool Petržal-ka, OC Kaufland - Veľký Krtíš, CityPark Ružinov

Slovaktual; Trebišov town; Kaufland; Bratislava-Petr-žalka (district); SAV

QMS; EMS; SMS; ISO 9001, 14001; OHSAS 18001

7 Skanska SK a.s. Magdaléna DobišováKrajná 29 Bratislava - Ružinov 821 04 [email protected]

www.skanska.sk +421(0)2 4829-5111 +421(0)2 4829-5112

+421(0)2 4829-5111 magdalena.dobisova@ skanska.sk

1999 673


50 32 18 l l l l l l l l l

ŽST Trebišov, I/73 Šarišský Štiavnik, Jégeho Alej IV., Nové Šuty, Záhradné vily

NDS a.s; SSC; ŽSR; BVS; municipalities; private investors; developers

quality certificate

8 STRABAg Pozemné a inžinierske staviteľstvo s.r.o. Juraj HirnerMlynské nivy 61/A Bratislava - Ružinov 820 15 [email protected]

www.strabag-pozemne.sk +421(0)2 3262-1111 +421(0)2 3262-3341

+421(0)2 3262-1111 juraj.hirner@ strabag.com

1993 706

234.80 mil. EUR 204.60 mil. EUR

- - - l l l l l l

CITY ARENA Trnava - Stadium of A. Mala-tinského, Continental Púchov, Honeywell

Lidl; VW; TESCO Stores; Slovenské elektrárne; INA; IKEA; Real Estate; Gebrüder Weiss

ISO 9001:2009, ISO 14001:2005, BS OHSAS 18001:2009

9 Strabag s.r.o Branislav LukáčMlynské nivy 61/A Bratislava - Ružinov 825 18 [email protected]

www.strabag.com +421(0)2 3262-1040 +421(0)2 3262-3341

+421(0)2 3262-1026 strabag@ strabag.com

1991 601

169.90 mil. EUR 109.30 mil. EUR

90 10 0 l l l l l l l l

D1 Fričovce-Svinia, H.Podh.-L.Lúčka; D3 Svrčinovec-Skalité, R2 Pstruša-Kriváň

NDS; SSC; ŽSR; VÚC; Ministry of Economy

ISO 9001, 14001, 10006; OHSAS 18001; STN EN 13108-21

10 TuBAu, a.s. Vladimír OndrišBytčická 89 Žilina 010 09 [email protected]

www.tubau.sk +421(0)41 723-5585 +421(0)41 723-5900

+421(0)41 723-5585 vladimir.ondris@ tubau.sk

2006 760


- - - l l l

Mine PG Silesia, Tunnel Turecký Vrch, Tunnel Šibeník

Národná dialničná spoločnosť; Železnice Slovenskej republiky; Mine PG Silesia

ISO 9001:2009, ISO 14001:2005, OHSAS 18001:2009

11 VÁHOSTAV - SK, a.s. Marián MoravčíkPriemyselná 6 Bratislava - Ružinov 821 09 [email protected]

www.vahostav-sk.sk +421(0)41 517-1111

+421(0)2 4922-6204 sekretariat_gr@ vahostav-sk.sk

1993 1,291

114.50 mil. EUR 140.80 mil. EUR

- - - l l l l l l l l l

Highways: D3 Srvčinovec-Skalité, R2 Pstruša-Kriváň, D1 Dubná Skala-Turany

NDS, a.s.; SEVAK,a.s.; NR SR; ŽSR; SVP, š.p. Bratislava; SSC

ISO 9001:2008, 14001:2004; BSi SAS 18001:2007

REAL ESTATE ADVISORS

MAIN +421 2 59 980 980FAX +421 2 59 980 981

EMAIL [email protected] Accelerating success.

Our specialised knowledge of Slovakia market opens up great investment opportunities for our clients.

80 81real estate agenCIesdevelopers




ar of

estab

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o. of

branch

es in S

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f emp

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k zalo

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Office

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Logis

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Hotel

s & lei

sure /

Hotely

a voľn

ý čas

1 1. národná aukčná spoločnosť, s.r.o. Adriena LitomerickáPanská 27 Bratislava - Staré Mesto 811 01 [email protected]

www.1nas.sk +421(0)2 5443-5845 +421(0)2 5443-5852

+421(0)903 703-850 [email protected] 1993

E, F, H, G, R, 1 / 11

l l l l l l l l

3-5% 8.3% - 1 month

rent

8 8 l l l l l

2 ADMS, s. r. o. Stanislav HaviarKuzmányho 8 Žilina 010 01 [email protected]

www.adms.sk +421(0)903 711-394

+421(0)903 711-394 [email protected]

1998 E, G, 1 / 6

l l- -

3 - l l l l

3 Arthur Real Estate Company s.r.o. Erik MikurčíkLaurinská 2 Bratislava - Staré Mesto 811 01 [email protected]

www.arec.sk +421(0)911 444-820

+421(0)911 444-820 [email protected]

2000 E, Cr, H, G,

R, I, S, 2 / 1

l l l l l l l l l2-5%

1 month rent 4

29 l l l l l

4 Axis real, spol. s r.o. Ľuboš SiglKoceľova 17 Bratislava - Ružinov 821 08 [email protected]

www.axisreal.sk +421(0)2 5556-1936 +421(0)2 5556-1936

+421(0)2 5556-1936 [email protected]

2002 E, G, R, 2 / 10

l l l l2%

1 month rent 2

10 l l l l

5 BOND Reality, s. r. o. Daniela Danihel RážováMedená 6 Bratislava - Staré Mesto 811 02 [email protected]

www.bondreality.sk +421(0)905 333-333 +421(0)2 6345-1248

+421(0)905 333-333 [email protected]

2001 E, Bul, F, H,

G, R, I, 1 / 25

l l l l lby agreement by agreement

25 25 l l l l l

6 CASSOVIA REALITAS Košice s.r.o. Jozef TomčoTolstého 2 Košice - Sever 040 01 [email protected]

www.cassoviarealitas.sk +421(0)917 333-134 +421(0)55 728-8586

+421(0)907 190-000 [email protected]

2007 E, H, G, I,

5 / 10 l l l l l l

3% 1 month rent

12 13 l l

7 Compra s.r.o. D. Lešková, M. KapušováMierová 83 Bratislava - Ružinov 821 05 [email protected]

www.compra.sk +421(0)2 4342-7088 +421(0)2 4342-7088

+421(0)2 4342-7088 [email protected]

2004 E, G, I, 1 / 2

l l l l l3%

1 month rent 6 6 l l l l l

8 Direct Real, spol. s r.o. Marian PatakŽitná 1 Bratislava - Rača 831 05 [email protected]

www.directreal.sk +421(0)905 338-877

+421(0)918 410-663 [email protected]

2007 E, G,

30 / 200 l l l l

3% 100%

50 180 l l l l

9 IuRIS, spol. s r.o. Pavel BaginPanenská 6 Bratislava - Staré Mesto 811 03 [email protected]

www.iuris.sk +421(0)2 5998-0580 +421(0)2 5998-0590

+421(0)2 5998-0599 [email protected]

1991 E, G,

1 / 19 l l l l l

by agreement by agreement

1 4 l l l l

10 LEXXuS, a.s. Slávka MichaličkováLaurinská 18 Bratislava - Staré Mesto 811 01 [email protected]

www.lexxus.sk +421(0)2 5464-5363

+421(0)2 5464-5363 [email protected]

2004 E, I,

1 / 50 l l l l

2-3% 1 month rent

15 25 l l l l l

11 Madison Jozef SemjanPrešovská 39 Bratislava - Ružinov 821 08 [email protected]

www.madison.sk +421(0)2 5556-9798

+421(0)905 659-156 [email protected]

1993 E, G, R,

1 / 3 l l l

3-4% 1 month rent

1 2 l l

12 Národná asociácia realitných kancelárií Slovenska Ján PalenčárGalvaniho 17/C Bratislava - Ružinov 821 04 [email protected]

www.narks.sk +421(0)902 952-391

+421(0)902 952-391 [email protected]

1992 E, G,

150 members / 2

l- -

- - l l l l l

13 Office House SE Soňa KováčováZámocká 30 Bratislava - Staré Mesto 811 01 [email protected]

www.officehouse.sk +421(0)2 2054-5012 +421(0)2 2054-5022

+421(0)2 2054-5012 [email protected]

2001 E,

3 / 12

- -

6 6 l l

14 Pergo s.r.o. Jakub DemáčekMliekarenská 7 Bratislava - Ružinov 821 09 [email protected]

www.pergo.sk +421(0)2 2090-2022

+421(0)908 788-878 [email protected]

2007 E, G, 1 / 9

l l l l l l3%

1 month rent - 4 l

15 RE/MAX Slovakia Richard ChurýCesta na Senec 2/A Bratislava - Ružinov 821 04 [email protected]

www.re-max.sk +421(0)2 4924-4301

+421(0)2 4924-4301 [email protected]

2006 E,

47 / 4 l l

by agreement by agreement

300 300 l l l l l

16 RK SPIRIT, s.r.o. Dušan ŠtricBelopotockého 720/2 Liptovský Mikuláš 031 01 [email protected]

www.rkspirit.sk +421(0)915 797-979

+421(0)915 797-979 [email protected]

2002 E, R, 5 / 4

l l l3-5%

1-3 month rent 6 6 l l l l l

17 Top Reality - Real Estate - Immobilien, s.r.o. Daniela Maxim

Černyševského 40-46 Bratislava - Petržalka 851 01 [email protected]

www.topreality.net +421(0)905 255-402

+421(0)905 255-402 daniela.maxim@ topreality.net

2003 E, G, R, I,

1 / 4 l l l l l l

2-5% 1 month rent

2 2 l l l l

Provided services / Poskytované služby Active in sectors /Špecializácia na sektory



www Telefón Fax

www Phone Fax

Generálny riaditeľ Telefón E-mail Chief executive officer Phone E-mail Nu

mber

of em

ployee

s / Ye

ar of

estab

lishme

nt /

Coun

try of

origin

Po

čet za

mestn

ancov

/ Rok

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nia v S

R /

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a

Total

prop

erty a

rea (s

q m)

Celko

vá vým

era pr

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Resid

entia

l / Ob

ytné

Indust

rial &

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cs / P

riemy

sel. a

logisti

cké

Retai

l & en

tertai

nmen

t / MO

a záb

ava

Office

/ Kan

celárs

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Othe

r / In

é

Invest

or sea

rch / V

yhľad

anie i

nvesto

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h / Vy

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nie po

zemkov

Projec

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Pláno

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Projec

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nt / R

iadeni

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/ Sprá

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Ongoing and completed projects Prebiehajúce a ukončené stavby

1 Avestus Real Estate (Slovakia) s. r. o. Roger DunlopVentúrska 14 Bratislava - Staré Mesto 811 01 [email protected]

www.avestusrealestate.com +421(0)2 2075-5725

+420(0)2 2533-7777 rdunlop@ avestusrealestate.com

4 2005 Ireland

100,000 m² 50 0 20 30 0l l l

III Towers, South City

2 CEHIP s.r.o. Alex HubrechtDoležalova 1 Nitra 949 01 [email protected]

www.cehip.eu +421(0)917 702-356 +421(0)37 793-0088

+421(0)917 702-356 alex.hubrecht@ rft.be

1 2007 Belgium

55,000 m² 0 100 0 0 0l

1 hall of 6000m² is rented by CESAM sro; 2 halls of 4000m² by PALL sro; 8000m² aivalable

3 CRESCO gROuP, a.s. Štefan BelešPoštová 3 Bratislava - Staré Mesto 811 06 [email protected]

www.cresco.sk +421(0)2 2086-4321

+421(0)2 2086-4321 beles@ crescogroup.sk

25 1992 Slovakia

300,000 m² 80 0 10 10 0

l l

Slnečnice, Staromestská Offices (UNIQ by Cresco), III Towers, Galéria Delta, Apartment houses in Oščadnica, residential houses in Rusovce

4 CTP Invest SK, s.r.o. Remon L. VosDlhé Hony 5031/6 Poprad 058 01 [email protected]

www.ctp.eu +421(0)911 660-535

+420(0)565 533-501 remon.vos@ ctp.eu

- 2007 The Czech Rep.

175,000 m² 0 86 0 14 0

l l l l l l

CTPark Prešov, CTPark Martin

5 HB Reavis Slovakia a.s. Pavel TrenkaKaradžičova 12 Bratislava - Ružinov 821 08 [email protected]

www.hbreavis.com +421(0)2 5830-3030 +421(0)2 5830-3000

+421(0)2 5830-3030 hbreavis@ hbreavis.com

250 1993 Slovakia

820,000 m² 0 25 15 65 0l l l l l

NA

6 J&T REAL ESTATE, a.s. Pavel PelikánRIVER PARK, Dvořákovo nábrežie 10 Bratislava - Staré Mesto 811 02 [email protected]

www.jtre.sk +421(0)2 5941-8200 +421(0)2 5941-8201

+421(0)2 5941-8200 pelikan@ jtre.sk

90 1996 Slovakia

525,000 m² NA NA NA NA NA

l l l l l l

River Park, Westend Square, Panorama City, Grand Hotel Kempinski High Tatras, Westend Gate, Zelené Terasy Devín, Karloveské rameno, Zuckermandel

7 Karimpol International Slovakia k.s. Edik T. PlätzerObchodná 2 Bratislava - Staré Mesto 811 06 [email protected]

www.karimpol.com +421(0)2 5720-6011 +421(0)2 5720-6019

+421(0)2 5720-6011 office.sk@ karimpol.com

4 2004 Austria

68,000 m² 0 100 0 0 0l l l l l

Bratislava Logistics Park

8 Penta Investments, s.r.o. Jozef OravkinDigital Park II, Einsteinova 25 Bratislava - Petržalka 851 01 [email protected]

www.pentainvestments.com +421(0)2 5778-8111 +421(0)2 5778-8050

+421(0)2 5778-8111 bratislava@ pentainvestments.com

130 1994 Slovakia

- NA NA NA NA NAl l l l l

Digital Park, Bory Retail Zone, Bory Mall, Záhorské sady, Nová terasa, Florentinum, Waltrovka, Rezidencie Pri Mýte

9 Prologis Martin PolákDiaľničná cesta 24 Bernolákovo 903 01 [email protected]

www.prologiscee.com +421(0)904 661-044 +421(0)2 3217-0001

+421(0)904 661-044 mpolak@ prologis.com

2 2005 USA

495,000 m² 0 100 0 0 0l l l l

Prologis Park Bratislava, Prologis Park Galan-ta-Gáň, Prologis Park Nové Mesto

10 Strabag Development s. r. o. Peter ČerníkMlynské nivy 61/A Bratislava - Ružinov 820 15 [email protected]

www.strabagdevelop-ment.sk +421(0)2 3262-2821 +421(0)2 3262-3352

+421(0)2 3262-2821 peter.cernik@ strabag.com

15 1993 Austria

77,400 m² 80 0 10 10 0

l l l l

Manhattan Bratislava, Zipava Stupava, Vienna Gate Bratislava, Rezidencie Machnáč Bratislava

11 YIT Reding a.s. Milan MurckoRačianska 153 Bratislava - Rača 831 54 [email protected]

www.yit.sk +421(0)2 5027-7110

+421(0)2 5027-7402 info@ yit.sk

130 2010 Finland

- 80 0 10 10 0

l l l l

Tarjanne Dúbravka, Byty Villinki, Byty Kivikko, Tammi Dúbravka; Offices: Reding Tower 2; Construction: Slovak Embassy in Finland, Hotel Abba

SP01

5070

/001


82 83foreIgners In slovakIa

Finding a new home in Slovakia

Foreigners moving to Slovakia must start planning their journey much earlier than packing their suitcases. If they want to

avoid potential difficulties, they should prepare all necessary documents and arrange several things in advance and then report to the re-spective authorities as soon as they arrive in the country, the experts in relocation recommend.

They stress that not only nationals from countries outside the European Union, but also EU residents should find information before moving here.

“Foreigners from non-visa countries are often wrong when they think that if they do not need a visa and request a stay in Slovakia, they can be here without limitations,” Ivona Demáčková from Pro Relocation company told The Slovak Spectator.

After having obtained a job or a course of study in Slovakia, it is advisable to search for due accommodation. The quality of the rental market and the availability of temporary housing have been improving, but it still may not reach the level of housing offered by some other devel-oped countries; the perception of what standard means can vary, as well. Many of the villas and houses in Slovakia are not furnished, while most

apartments are rented with furnishings included. For those outside the EU who wish to bring their own furniture, it is advisable to stay in Slo-vakia for two years at least and have a residency permit, so that they can avoid having to pay du-ties. It usually takes four to five weeks to obtain it from the foreign police, Jeremie Cohen from AGS Bratislava International Movers told The Slovak Spectator.

Prepare for paperworkSlovakia has had a rich history in red tape

– since the Austro-Hungarian Empire, in fact – and moving here from a foreign country means a lot of paperwork. However, the conditions for a citizen of the EU, the European Economic Area (EEA) or the Swiss Confederation versus those for citizens of other countries differ quite mark-edly. Another decisive aspect is the intended length of stay in Slovakia, of which there are three categories: temporary residency (more than 90 days), or permanent residency (for a duration of five years, for an unlimited period of time, or the stay of third-country national with acknowl-edged status of a person with long-term stay in the EU, i.e. long-term residence). The third type of stay is the so-called tolerated residence which

applies to third-country nationals under special conditions and is temporary by definition.

For inhabitants of the EU/EEA member states and the Swiss Confederation, the rules are the simplest. For temporary stay, they have to announce their place of residence, and if they intend to be employed here, also to register this with the labour office (their employer can do this for them). If they intend to stay in Slovakia for longer than 90 days, they should report this with the Alien Police, confirming their address and the purpose of their stay. To stay in Slovakia for longer than 90 days, there should be a spe-cific purpose stated, such as employment, study, research, family reunion, or to stay as a person with granted status of a Slovak living abroad.

The documents necessary to register resi-dence with the Alien Police (within 10 days after arrival in Slovakia) for an EU citizen include a passport or other ID document; a written state-ment or work contract from the employer if they intend to be employed; a document confirm-ing self-employment, if applicable; documents or other evidence proving the applicants have enough resources for themselves and their fam-ily; and a document proving health insurance. If necessary, the applicants must submit further

Phot

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Tom

áš B

ened

ikovč

foreIgners In slovakIa

useful contact detailsBanks in Slovakia with web pages in EnglishCitibank: www.citibank.com/slovakiaInG Bank: www.ingcommercialbanking.skkomerční banka (Member of Société Générale): www.koba.skOTP Bank: www.otpbanka.skPrivatbanka: www.privatbanka.skSBERBAnk: www.sberbank.skSlovenská sporiteľňa (Member of Erste Group Bank): www.slsp.skTatra banka (Member of Raiffeisen Bank International): www.tatrabanka.skUniCredit Bank: www.unicreditbank.skVšeobecná úverová banka (Member of Intesa Sanpaolo): www.vub.sk

Private international schools & kindergartensBilingual English Slovak School (Trnava): www.besst.skThe British International School (Bratislava): www.bis.skCambridge International School (Bratislava): www.cambridgeschool.euEnglish International School (Bratislava): www.eisb.skGALILEO SCHOOL (Bratislava): www.galileoschool.skQSI International School (Bratislava): www.bratislava.qsischool.orgQSI International School (košice): www.qsi.org/slovakia/ksc

International kindergartens (only)BlueBerry Hill (košice): www.bbhill.skBrilliant Stars Intl. kindergarten (Bratislava, Stupava): www.brilliantstars.skThe Children´s House - International Montessori kinder-garten (Bratislava): www.montessori-bratislava.skEnglish kindergarten kIDS (košice): www.anglickaskolkakids.skEnglish / German kindergarten Wonderland (Bratislava): www.wonderland.skUnity House International Montessori kindergarten (Bratislava): www.unity-house.sk

Universities in SlovakiaAcademy of Arts in Banská Bystrica (AU): www.aku.skAcademy of Performing Arts (VŠMU): www.vsmu.skAlexander Dubček University of Trenčín: www.tnuni.skCatholic University in Ružomberok: www.ku.skCollege of Management / City University of Seattle: www.vsm.skComenius University in Bratislava (Uk): www.uniba.skConstantine the Philosopher University in nitra (UkF): www.ukf.skMatej Bel University in Banská Bystrica (UMB): www.umb.skPan-European University: www.paneurouni.comPavol Jozef Šafárik University in košice (UPJŠ): www.upjs.skPolice Academy in Bratislava (Akadémia PZ): www.akademiapz.skSlovak University of Agriculture in nitra (SPU): www.uniag.skSlovak University of Technology in Bratislava (STU): www.stuba.skTechnical University in Zvolen (TU ZVO): www.tuzvo.skTechnical University of košice (TUkE): www.tuke.skUniversity of Cyril & Methodius in Trnava (UCM): www.ucm.skUniversity of Economics in Bratislava (EU BA): www.euba.skUniversity of Prešov: www.unipo.skUniversity of Trnava (TU TT): www.truni.skUniversity of Veterinary Medicine and Pharmacy (UVLF): www.uvlf.skUniversity of Žilina (ŽU): www.uniza.sk

documents proving they are going to study in Slovakia and have enough resources to do so, or documents proving family ties of accompanying family members, all of which must be officially translated and notarised.

If the EU/EEA citizen comes to Slovakia for the purpose of employment, the employer is obliged to notify the local office of labour, social affairs and family within seven days of the start of the employment by sending a so-called infor-mation card, according to the slovak-republic.org website. Students wishing to stay in Slovakia must prove they have enough finances to pay for their health insurance, which is obligatory in Slovakia, and support their stay.

Conditions for stays differFor permanent residence, foreigners have

to fulfil certain conditions: to be a spouse or a child of a citizen of Slovakia with permanent residence in Slovakia; a child of a foreigner who is married to a Slovak citizen with permanent residence; to be married for at least three years to a foreigner with residence for at least three years, or to be his/her child; or to be here for an uninterrupted period of at least 10 years doing business or being employed, or to be married to such a person or be their child. The last instance is when it is in the interest of Slovak foreign policy.

The first permission for permanent stay is granted for five years, and the Alien Police must decide within 90 days after the application submission, and within 180 days in complicated cases. The next permission can be granted for an unlimited period of time. The application for the next permission must be submitted by the foreigner personally, on an official form at a police department, 60 days before the first per-mission elapses at the latest. The permission can

be, however, cancelled by police under certain conditions, or expire, as stipulated by law.

Citizens of countries outside the EU fall un-der a different category. When coming to Slova-kia for a brief period of time, they should notify the Alien Police. If they are accommodated in a hotel or boarding house, this will be done for them; if they are accommodated privately, they should do it themselves. When staying for longer than 90 days, they should ask for a temporary stay, contacting the Slovak representation in their home country.

A third country national must enter the territory of Slovakia within 180 days after having been granted temporary residence, the International Organisation for Migration (IOM) writes on its website. Within three working days from their arrival in Slovakia, the third country national must report the begin-ning of their residence at the Alien Police, and within three working days from obtaining the residence document he or she has to secure a health insurance policy. Within 30 days from obtaining the residence document, it is also necessary to submit at the competent Alien Police department a document on health insur-ance in Slovakia and a medical report not older than 30 days confirming that the third country national does not suffer from any disease en-dangering public health. In case of temporary residence for the purpose of business, the for-eign national must also submit a Commercial Registry Extract within 60 days from collecting the residence document, according to IOM.

It is important to note that the Alien Police have a 30-day deadline to handle the application for work permit and 90 days to handle the ap-plication for residence permit. If the application form was filed by an embassy, add two more weeks for the diplomatic post.

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Pav

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84 85

Frequently asked questions(answers related to residency permit you can find in the article on pages 82-84)

Q: Is Slovakia safe? What are the safest and the most dangerous places for living in Bratislava?A: Slovakia ranked 23rd out of 162 countries in the 2015 Global Peace Index, and 18th out of the 36 countries in Europe. The crime, violence and vandalism rate, based on data from Eurostat is one of the lowest in Europe, at the same level as among nordic countries. As in other bigger cities in Europe, also Bratislava has its small areas with poorer reputations Stavbárska street, called Pentagon by locals, in Podunajské Biskupice borough and kopčianska street in Petržalka district.Q: What is the average wage in Slovakia?A: €858 (according to the 2014 figures).Q: Where can my children study?A: Several international schools are active in Slovakia and more universities have several programmes in English (see page 83).Q: What should I know about health care in Slovakia?A: An emergency medical service is accessible to patients within 15 minutes across the whole country. Health care in public hospitals is paid for via public health insurance. Every employed foreigner in Slovakia is entitled for public health insurance, however, he/she needs to register with one of three health insurers who offer more information for foreigners in English on their web pages: www.vszp.sk, www.dovera.sk, www.union.sk. The last one provides special health insurance also for those foreigners who are not entitled to public health insurance. Many public hospitals are before reconstruction, English is still not common and it is why foreigners prefer to use private clinics where most of the services are not free of charge. Q: How much does a four-member family need for a decent living in Slovakia?A: About €900 (according to the 2014 survey of the Milan Šimečka Foundation).Q: Where can I learn Slovak and how long does it take?A: Slovak is a bit easier for foreigners coming from the Slavic group of languages as some words may be similar. Slovake.eu is a multilingual free-of-charge website where foreigners can learn Slovak. Q: Where can I find job offers?A: There are several job portals with offers in Slovakia. The biggest is Profesia.sk.Q: What should I do to make calls in Slovakia?A: There are four mobile operators in Slovakia: Slovak Telekom, Orange, O2 and Štvorka (4ka). Each of them has many branches around the country. To obtain a new number with rechargeable credit foreigners need their passport or ID (applicable only for EU resident).Q: What conditions should I meet to get a bank account?A: A person willing to get an account should be older than 18 years (in case of student accounts the age limit is reduced to 15). Banks like VÚB, Tatra banka or ČSOB offer the easiest way to open an account: foreigners need only their passport or ID (the latter is applicable only for EU residents). Legal entities need to have an extract from the business register and an ID (in case of companies), or the trade licence, concession license/application to assign company ID and ID (in case of self-employed), plus a minimum deposit.Q: When can I obtain Slovak citizenship?A: Foreigners can obtain Slovak citizenship by adoption (applies to children) or granting. The latter means that the applicant has to meet several conditions, including having permanent residency in the country for eight years (check www.mzv.sk for more details).

The questions were collected from the survey carried out among the relocation companies Pro Relocation, Slova-kia Invest, and AGS Bratislava International Movers.

Názov (v abecednom poradí) Adresa Mesto, PSČ E-mail Company (Listed alphabetically) Address City, Postal code E-mail

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1 AgS Bratislava International Movers Jeremie CohenPrístavná 10 Bratislava - Ružinov 821 09 [email protected]

www.agsmovers.com +421(0)2 5341-9227 +421(0)2 5827-1196

+421(0)2 5341-2090 manager-bratislava@ agsmovers.com

1999 1 / 127 E, F, K, G, Pl,

10 12 85

linternational move of household goods by road, air and sea; storage

YN, UNICEF, Embassies, UNDP

2 Assistance for Expats Katarína OstatníkováGrösslingova 30 Bratislava - Staré Mesto 811 09 [email protected]

www.4expat.eu +421(0)903 013-113

+421(0)903 013-113 expat@ 4expat.eu

2008 1 / 1 E, R,

1 2 l

relocation services, housing search business companies, embassies, internati-onal schools and institutions, international students

3 Move One, s.r.o. Vladimir VrzovskiÚdernícka 5 Bratislava - Petržalka 851 01 [email protected]

www.moveoneinc.com +421(0)2 6353-1303 +421(0)2 6353-1400

+420(0)233 321-406 vladimir.vrzovski@ moveoneinc.com

2004 1 / 26 E, H, G, S,

4 5 1

l lrelocation and moving services NA

4 Pro Relocation s.r.o. Ivona DemáčkováMliekarenská 7 Bratislava - Ružinov 821 09 [email protected]

www.prorelo.com +421(0)2 2090-2020

+421(0)2 2090-2020 ivona.demackova@ prorelo.com

2004 1 / 2 E,

10 1 l l

immigration and relocation services adidas, Accenture, Bekart, IBM, DELL, Mondelez, TESCO, VÚB, Microsoft, Novartis

5 SlovakiaInvest group s.r.o. Milan KurotaŠpitálska 53 Bratislava - Staré Mesto 811 01 [email protected]

www.slovakiainvest.eu +421(0)2 3214-4901

+421(0)2 3214-4901 slovakiainvest@ slovakiainvest.sk

2009 1 / 1 E, H, R, I,

18 1 l l l l l l

audit, accounting, investment advisory NA

Reporting to authorities necessaryEven if already having started the due pro-

cedures from the country of origin, all foreigners must report to the Alien Police within three days after they arrive, Demáčková said. When striving to get a permit for permanent residence, the place of stay must be confirmed by a rental contract, an official invitation, or in any other written form.

All people with permanent residence in Slo-vakia have to pay a health insurance policy, un-less, for example, they are employed abroad and have health insurance there. Generally, health insurance is obligatory for everyone with perma-nent residence in Slovakia, including those who are self-employed, students, asylum holders, chil-dren without legal guardians, or those detained in Slovakia. However, sometimes the employer or the (Slovak) state can pay the insurance, so it is advisable to check with the IOM or with the health insurance companies (state-owned vszp.sk; union.sk – both also in English; and dovera.sk, in Slovak only).

To apply for a residence permit for a stay longer than 90 days – i.e. temporary or perma-nent residence – foreigners have to go to the next department of Alien Police and bring: a filled-in form of reporting a residence, com-pleted in Slovak, available in seven languages at minv.sk/?pobyt-cudzinca; a criminal background check; an ID/passport; and a work permit or a work statement. Most foreigners have also to report with the Alien Police if they leave Slovakia for abroad for longer than 180 days or leave their stated place of residence for more than 30 days within five days.

Some information on arriving to Slovakia and on the conditions necessary for a longer stay can be also found at the Foreign Ministry’s website (mzv.sk), also in English.

Nationals of third countries generally need a visa to stay in Slovakia, but it is recommended to check at the due Slovak consulate in their home

country. Visa applications can be filed three months prior to the planned trip at the earliest, and granting the visa may take between 15 and 60 days. Citizens of countries in the Schengen area do not need a Slovak visa. The rules sur-rounding visas to enter the Schengen area can be found at ec.europa.eu/immigration.

Foreigners can get helpForeigners who are busy or who need to

concentrate rather on business issues than on the arrangements concerning their stay in Slovakia can turn to relocation compa-nies specialising in procuring all documents, accommodation and other pre-requisites, as well as facilitating the first steps and getting accustomed in a new country. Among the most frequent questions foreigners ask are the living costs, the location of schools or places to meet other foreigners, information about medical as-sistance, or the attitude to foreigners, relocation companies say. They can also help with moving in family members, including pets, finding out about Do’s and Don’ts, insurances, available health care, schools, driving licences, expats’ clubs, religious services in foreign languages, and more.

Those already coming to Slovakia still com-plain about the heavy administration process which requires many documents to be certi-fied by a notary, Cohen and Demáčková agree. Another problem is the Border and Alien Police, especially in Bratislava, Demáčková said.

Though it may sound contradictory, the situation at the Border and Alien Police in Bratislava has improved in past 10 years, though minimally, she added, stressing it would be good if the Interior Ministry allocated some money for this facility.

By Zuzana Vilikovská & Radka Minarechová, Spectator staff (Sources: euroinfo.gov.sk, 4expat.com,

slovak-republic.org, mic.iom.sk, minv.sk, mzv.sk, )

reloCatIon CompanIes

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foreIgners In slovakIa reloCatIon CompanIesSP015097/001

1/2 slovakia invest


OUTSOURCING INVESTMENTS RELOCATION

www.slovakiainvest.eu www.slovakiainvest.ru www.slovakiainvest.sk www.slovakiainvest.com.ua

Skype: slovakiainvest.ruE-mail: [email protected]

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Experience with clients from over 30 countries including EU member states, USA, Ukraine, Russia, India, Israel, St. Kitts & Nevis, Argentina, Armenia, Turkey, Iran, Syria etc.Temporary residence permit for all purposes, EU blue card, permanent residencyExperience with opening bank accounts for legal persons from countries even like Cyprus, Hong Kong, Panama, Belize, BVI etc.Audit, accounting, payroll, company establishmentReal-estate servicesFinding investment opportunities that suit your individual preferencesFinding investment opportunities that suit your individual preferences

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A1. národná aukčná spoločnosť ........................81Accace .............................................................62Accenture ........................................................63ACCEPT AUDIT & CONSULTING .................62ADMS ..............................................................81Advokátska kancelária agner & partners .......................................51, 52Advokátska kancelária Bugala - Ďurček .........................................51, 52Advokátska kancelária Ecker-Kán & Partners... 41, 44-45, 46-47, 51, 52

Advokátska kancelária RELEVANS ........41, 42-43, 44-45, 46-47, 51, 52AGS Bratislava International Movers ..............85alianciaadvokátov ak .................................51, 52Allen & Overy Bratislava ...................... 41, 44-45, 46-47, 48, 49American Chamber of Commerce in the Slovak Republic .....................................60Amrop - Leaders For What´s Next ..................71A-OMEGA .......................................................71Arthur Real Estate Company ...........................81ASB Slovakia ...................................................61Assistance for Expats .......................................85AT Partners - Geneva Group International ......62AuJob ...............................................................71Austrian - Slovak Chamber of Commerce .......60Avestus Real Estate (Slovakia) ........................80Axis real ...........................................................81BBaker Tilly Slovakia .........................................62Balcar, Polanský & Spol. ...........................48, 49

Bartošík Šváby.................................................52BDR .................................................................62

BEATOW PARTNERS .....................................52BMB Leitner ....................................................62bnt attorneys-at-law ..................................48, 49Böhm & Partners.............................................52BOĽOŠ & PARTNERS........................ 41, 44-45, 46-47, 51, 52BOND Reality .................................................81

bpv Braun Partners .........................................49British Chamber of Commerce in the Slovak Republic .....................................60C, čCanadian Chamber of Commerce ...................60Capgemini Slovensko ......................................61CASSOVIA REALITAS Košice .........................81CBRE ...............................................................79CCS Tax ...........................................................62CEHIP ..............................................................80Centire .............................................................61CESTY NITRA .................................................78CLOSER ..........................................................62

CLS Čavojský & Partners...........................51, 52Colliers International .......................................79Compra............................................................81Consilium Business Services ...........................79CRESCO GROUP ............................................80CTP Invest SK..................................................80Cushman & Wakefield Property Services Slovakia .............................................79

ČECHOVÁ & PARTNERS..........................51, 53DDEDÁK & Partners ...................................51, 53Deloitte Advisory .............................................61Deloitte Legal ............... 41, 44-45, 46-47, 48, 49Dentons Europe CS LLP ..... 44-45, 46-47, 48, 49Direct Real .......................................................81Doprastav ........................................................78EEUROFORMES ...............................................63Európske partnerstvo pre verejné stratégie - EPPP..............................................................61EUROVIA SK ...................................................78EY ....................................................................62F, GFipra - Public Policy & Regulatory Advisers ....61For Business Excellence - FBE .........................71French - Slovak Chamber of Commerce ..........60Futej & Partners ........................................51, 53G. Lehnert .................................................51, 53gd - Team .........................................................71German - Slovak Chamber of Industry and Commerce .......................................................60Gleeds Slovensko ............................................79H, CHHamala Kluch Víglaský .................. 34, 41, 44-45, 46-47, 51, 52Havel, Holásek & Partners .................... 41, 44-45, 46-47, 48, 49HB Reavis Slovakia ..........................................80Hillbridges .......................................................53Hispanic - Slovak Chamber of Commerce .......60HMG & PARTNERS ..................................51, 53HR Management .............................................71HRman ............................................................71Human Dynamic Central & Eastern Europe ...71Chemkostav .....................................................78Chinese and Slovak Chamber of Commerce Sinaco ..............................................................60I, JIB Grant Thornton Consulting ........................62Indian - Slovak Chamber of Partnership .........60Innovative Management Partner Consulting .......................................................61Inžinierske stavby ............................................78Italian - Slovak Chamber of Commerce ...........60itelligence Slovakia ..........................................63IURIS ...............................................................81Ivan Perlaki Consulting ...................................61J&T REAL ESTATE ..........................................80Japan - Slovak Chamber of Commerce ............60Jenewein Group ...............................................61Jones Lang LaSalle ..........................................79kKarimpol International Slovakia .....................80

KINGFISHER Executive Search ......................71Kinstellar ...................... 41, 44-45, 46-47, 48, 49

KNO SLOVENSKO .........................................71KORN/FERRY company .................................71KOVAL & spol., advokátska kancelária .........................41, 51, 53KPMG Slovensko ............................................62

Krivak & Co .................. 41, 44-45, 46-47, 51, 52LLansky, Ganzger & Partner Rechtsanwälte .....................................37, 48, 49Larive Slovakia ................................................61LEGATE ........................ 41, 44-45, 46-47, 51, 53LExxUS ..........................................................81Libellius ...........................................................71mMadison ..........................................................81

MAREK & PARTNERS ....................................52MARKETiN CEE ..............................................61Maxman Consultants ......................................71McROY Slovakia .............................................71

MENITY GROUP ............................................71Menkyna & Partners Management Consulting .......................................................61Mercuri International ......................................61Metrostav Slovakia ..........................................78Modesta ..........................................................79Monarex Audit Consulting ..............................62Move One ........................................................85N, ONárodná asociácia realitných kancelárií Slovenska ........................................81nebotra ............................................................71Netherlands Chamber of Commerce in the Slovak Republic .....................................60NITSCHNEIDER & PARTNERS, advokátska kancelária ...............................53, 65

Noerr .........................................................29, 49

NOVICKÝ advokátska kancelária ...................53Office House SE ..............................................81PPenta Investments ...........................................80Pergo ...............................................................81PETERKA & PARTNERS, advokátska kancelária ............... 40, 41, 44-45, 46-47, 48, 49PF/ACT ............................................................62PMP Marketing ...............................................63

PNO SK ...........................................................63

Polish - Slovak Chamber of Commerce ...........60

PRK Partners ............................ 44-45, 46-47, 49Pro Relocation .................................................85Prologis ...........................................................80PROSMAN A PAVLOVIČ advokátska kancelária .....................................52PwC .................................................................62RRE/MAx Slovakia ...........................................81

auditREN R

Renaudit ..........................................................62RK SPIRIT .......................................................81ROWAN LEGAL ........................................48, 49RSM TACOMA Consulting ..............................63Ružička Csekes ............. 41, 44-45, 46-47, 51, 53S, š

Sahesa .............................................................63SEIPA...............................................................63

Schönherr ........................................................49SCHWEIZER LEGAL .......................................53Skanska SK ......................................................78SKLegal ...........................................................53Slovak Chamber of Commerce and Industry ....................................................60SlovakiaInvest Group ......................................85

SOUKENíK – ŠTRPKA, advokátska kancelária ..................... 41, 44-45, 46-47, 51, 52Squire Patton Boggs..................................48, 49Strabag ............................................................78Strabag Development .....................................80STRABAG Pozemné a inžinierske staviteľstvo ......................................................78Swedish Chamber of Commerce in the Slovak Republic .....................................60Swiss - Slovak Chamber of Commerce ............60Symsite Research ............................................63Škubla & Partneri ......... 41, 44-45, 46-47, 51, 53T-yTaylorWessing e/n/w/c advokáti ........................ 41, 44-45, 46-47, 48, 49TMF Services Slovakia.....................................61Top Reality - Real Estate - Immobilien .............81TPA Horwath A&A ..........................................63TUBAU ............................................................78VÁHOSTAV - SK ..............................................78

Valko Marián & partners .................................53

VGD - AVOS AUDIT ........................................63White & Case ............... 41, 44-45, 46-47, 48, 49YIT Reding ......................................................80

Index of companiesAPPEARING IN THE INvEsTmENT AdvIsoRy GuIdE 2015/2016

Investment Advisory GuidePublisher: Ján PalloEditor-in-chief: Michaela TerenzaniContributors: Peter Adamovský, Roman Cuprik, Lucia Guzlejová, Jana Liptáková, Radka Minarechová, Zdenko Štefanides, Michaela Terenzani, Zuzana VilikovskáCopy editors: Benjamin Cunningham, Raub Murray, Donald SpatzCover page: Jana Liptáková, Layout: Peter MalatinecSales executives: Jozef Hámorský, Stanislav SlosarčíkTable section managers: Radka Minarechová, Table section assistant: Alžbeta StrakošováPrinted in: Alfa print, s.r.o.

© 2015 The Rock, s.r.o. All rights reserved. Any reproduction in whole or in part without permission is prohibited by the law. The authors of the articles published in this issue, rep-resented by the publisher, reserve the right to give their approval for reproducing and public transmission of articles marked © The Slovak Spectator/ Spectacular Slovakia as well as for the public circulation of reproductionsof these articles in compliance with the 33rd article and 1st paragraph of the Copyright Law. Media Monitoring is provided by Newton, IT, SMA and Slovakia Online with the approval of the publisher. Advertising material contained herein is the responsibility of the advertiser and is not written or implied sponsorship, endorsement or investigation of such commercial enterprises or ventures by The Slovak Spectator or The Rock, s.r.o., Address: The Rock, s.r.o. Lazaretská 12, 811 08 Bratislava.

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