VOLUME 18, NUMBER 48 • DECEMBER 3-9, 2012 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127

AAggaaiinnsstt tthhee ggrraaiinnPoland’s justice minister has given a harsh verdict

about his party’s plans to bring a former PM to trial

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Since 1994 . Poland’s only business weekly in English

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One man’s trash ... Poland puts too much of its garbagein landfills, but some Poles arecoming up with innovative solutionsto the problem 12-13

MMoonneeyy cchhaannggeerrssThe government has re-jigged the system by

which it calculates its foreign-currency debt

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Poland’s economy is growingat an even slower rate thananalysts had expected

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Climate conundrumThe Doha climate change talks seem doomed to fail.Poland will likely host the next meeting anyway

News . . . . . . . . . . . . . . . . . . . . . . .2-5

Business . . . . . . . . . . . . . . . . . . . . . .6

Finance & Economics . . . . . . . . .8-9

Data in Focus . . . . . . . . . . . . . . . . .10

Opinion & Analysis . . . . . . . . . . . .11

Cover Story . . . . . . . . . . . . . . . .12-13

Law . . . . . . . . . . . . . . . . . . . . . . . . .14

Lokale Immobilia . . . . . . . . . . .15-17

The List . . . . . . . . . . . . . . . . . . . . . .18

Markets . . . . . . . . . . . . . . . . . . . . . .20

Sports . . . . . . . . . . . . . . . . . . . . . . .21

Lifestyle . . . . . . . . . . . . . . . . . . . . .22

Last Word . . . . . . . . . . . . . . . . . . . .23

In this issue

• Atrium Felicity

• Warsaw offices

• HB Reavis: train station

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LLOOKKAALLEEIIMMMMOOBBIILLIIAARREEAALL EESSTTAATTEE

1.4%

Plus• Poles still poor

• E-commerce growth

• MacBook Air review

• Greece aid agreement

• Winter Olympicsin Poland?

• Unemployment rises slightly

0

10

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Franc

e*

Denmark

German

yEU

27

GreeceUK

Czech R

epub

lic

Polan

dLat

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Roman

ia**

DECEMBER 3-9, 2012NNEEWWSS2 www.wbj.pl

PO and

PiS tiedAnother poll from TNS

Polska and another huge

surprise. Last Wednesday

the pollster published its

most recent survey which

shows that both parties

are tied at 28% support.

Poll numbers have swung

dramatically over the past

few months due to a

number of highly

publicized incidents. “We

have this Bruno K.

[attempted bombing]

case, EU budget

negotiations, the motion

to bring Kaczyƒski and

Ziobro before the State

Tribunal – and it’s all

happening at the same

time. Perhaps some time

has to pass before any

stable trends show up in

these polls,” said

sociologist Jaros∏aw Flis.

Popular

president

A significant majority,

66%, of Poles think highly

of President Bronis∏aw

Komorowski, praising him

as the head of state, while

21% are critical of his

actions in office, a

November survey by CBOS

shows. While support for

Mr Komorowski has

dropped by 2 percentage

points since October, the

number of his critics has

remained unchanged.

Competitive

manufacturing

When it comes to

competitiveness in the

production sector, only

Germany is better than

Poland among European

countries in the Global

Manufacturing

Competitiveness Index, a

survey conducted by

Deloitte and the US

Council on

Competitiveness, Puls

Biznesu reported. Besides

Germany, Poland is

outdone in the ranking by

12 other countries.

WSE

bankruptcy

recordA record 20 companies

listed on the Warsaw

Stock Exchange (WSE) or

NewConnect have filed for

bankruptcy this year.

Entering bankruptcy

proceedings does not

mean that investors shy

away from the given

company’s stocks. On the

contrary, they try to make

money on speculating. In

Q3 alone a total of 200

companies (listed and

unlisted) in Poland filed

for bankruptcy. ●

Allegro ..........................6

Alstom ..........................6

Apple ..........................23

ARCAD........................15

Atrium European Real

Estate ........................17

Atrium Poland Real

Estate Management ..17

Bank Gospodarstwa

Krajowego ....................2

Bank Zachodni WBK..10

Biedecki Biedecki i

Partnerzy....................14

Bloomberg ..............3, 4

Bogdanka ....................6

Buddha Machine........23

BZ WBK........................9

Colliers

International ..............15

Cushman

& Wakefield................17

Dantex ........................17

Deloitte ..................2, 12

Echo Investment ........15

Empik ..........................6

Ernst & Young ..............5

Eurocash ......................6

Fiat..............................13

Google ..........................2

Grant Thornton ........2, 9

GRI..............................16

Grupa Waryƒski ........17

HB Reavis ..................15

Holding Tacit

Development ..............15

Home Broker ............17

HSBC ..........................10

Ideal Idea....................17

IKEA..............................6

InterContinental

Hotels Group ..............17

Jasnier........................15

JSW ..............................6

KGHM ........................20

Leroy Merlin ..............17

Lion’s House ..............17

Mo-BRUK ..................12

Morgan Stanley ............9

Mostostal Warszawa..12

Nikon ..........................23

OC&C..............................

Peter Nielsen &

Partners ....................14

PKP Intercity ................6

Plac Katedralny ........15

Poczta Polska ..............4

Polish Hotel

Company ....................17

Polish State

Railways ....................15

Polnord ......................17

PwC ............................15

Raben Group ................5

RED Real Estate

Development ..............17

Rossman ......................6

RTV Euro AGD ............17

Saturn ........................17

Tacit Development ....15

Tieto Poland ..............15

Ventia..........................17

WSE ....................2, 6, 20

X-Trade BrokersDM ..20

Representatives of 193 UNInternational Telecommunica-tion Union (ITU) countrieswill meet in Dubai this month.There, behind closed doors,they’ll vote on a proposed newtreaty on internet regulations,which many say would censorthe web. The Polish govern-ment has said it will not sup-port the changes.

The proposal would handover rights to assign IPaddresses and domain namesto an international body, con-trolled by the UN and itsmembers. It could allow someregimes to control internettraffic in their country andblock content deemed unsuit-able for its citizens.

Controversially, the pro-posal also sets out fees for sitesthat receive visitors fromabroad. The idea is based onregulations regarding interna-tional phone calls, and wouldrequire companies to pay localnetworks for each visitoraccessing their sites from over-seas.

If companies decide thatinternational visitors are tooexpensive to serve, they couldcut off access, leaving peopleliving abroad unable to log onto their websites.

Poland opposes the newregulations, in large part dueto the proposed fees. Compa-nies like Google have startedonline petitions against the

ITU’s treaty. The EuropeanParliament, in a statementissued in November, warnedthat “the ITU, or any othersingle, centralized internation-al institution, is not the appro-priate body to assert regulato-ry authority over either inter-net governance or internettraffic flows.”

According to GazetaWyborcza, the Polish govern-ment has begun negotiationswith other countries to build acoalition opposing the newtreaty. According to the UN,the proposed changes to thetreaty must be unanimousbefore they would come intoforce.

JJaacceekk CCiieessnnoowwsskkii

1.4%is by how much Poland’s economy grew year-on-year

in the third quarter of 2012, coming in well belowexpectations.

86%of CEOs in Poland are pessimistic about the future,

according to a survey by Grant Thornton.

12.5%was Poland’s unemployment rate in October, in line

with forecasts.

€44 billionis the value of the latest aid deal for Greece.

“Basically, this means that future economicgrowth is entirely at the mercy of foreign

demand.”Tomasz Kaczor, chief economist at Bank Gospodarstwa Krajowego in Warsaw,as quoted by Bloomberg, commenting on the Q3 economic growth figures andthe fact that domestic demand has all but dried up.

Quote of the Week

Europe’s dysfunctional growth compactLog on to WBJ.pl to read about some of the steps thatcan be taken to prevent political deadlock in EU budg-et negotiations, while increasing the budget’s flexibil-ity so that it can be used to stimulate growth.

On WBJ.pl

Numbers in the News

Company index

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6 WORKS ON PAPER AUCTIONEvent: An auction of work by well-known Polish

artists is to be held. Many pieces have start-ing prices of under z∏.1,000.

Location: DESA Unicum auction house, ul. Marsza∏kowska 34-50, Warsaw

Web: desa.pl

6 INTERNATIONAL CHRISTMAS MIXER IN KRAKÓWEvent: BPCC’s international Christmas mixer takes

place in Kraków this year, involving a num-ber of other international chambers of com-merce.

Location: Sheraton Hotel, Kraków, ul. PowiÊle 7 Web: bpcc.org.pl

December

Calendar

Poland opposes UNinternet regulations

IN THE SPOTLIGHT

Figures in focusState protectionSocial protection expenditure, 2010, selected EU27 countries,by % of GDP spent

Source: Eurostat

**Lowest in EU27 *Highest in EU27

DECEMBER 3-9, 2012 NNEEWWSS www.wbj.pl 3

Euro zone crisis

Greece reachesdeal for aid fundsEU leaders say theagreement willstrengthen confidencein Europe’s economy

Greece has reached a deal withthe euro zone finance ministersand the International MonetaryFund to reduce its debt andreceive the latest installment ofmuch-needed bailout funding.

Mario Draghi, president ofthe European Central Bank,said the deal would “reduce theuncertainty and strengthen con-fidence” in Europe’s economy.

After the deal wasannounced on Tuesday, Euro-pean markets including theFTSE, the DAX and the CAC-40 saw gains.

According to the agree-ment, Greece will receiveroughly €44 billion in financialaid through March 2013.

Out of the €44 billion, €24billion will go to troubled Greekbanks while some €11 billionwill go into the country’s budg-et. The other €9 billion will begranted in the first quarter ofnext year, if Greece meets cer-tain conditions.

Under the terms of the deal,Greece must reduce its publicdebt from about 150 percent

now to 124 percent of GDP by2020 and below 110 percent by2022, although this would likelybe impossible without somedebt forgiveness from Greece’screditors.

That may be in the cards,though. German Finance Min-ister Wolfgang Schäuble hintedthat countries would considerforgiving some of Greece’s debtif the country met its other tar-gets.

The deal also calls for delaysto loan maturities made byother countries and the eurozone’s bailout fund, the Euro-pean Financial Stability Facility,by 15 years. Interest paymentson loans by the EFSF will bedelayed by 10 years.

Greek Prime Minister Anto-nis Samaras called the latestdeal a “great victory.” “Greeksfought together and tomorrowwill be the beginning of a newera for us,” he added.

Up until now, The troikagroup, which includes the Euro-pean Commission, the Euro-pean Central Bank and theIMF, have agreed on two rescuepackages to the tune of €240billion for Greece, of which thecountry has received €150 bil-lion. RReemmii AAddeekkooyyaa

Budget

Poland aims to easepressure on debt ceiling The government willnow use the averageannual exchange rateto calculate foreign-denominated publicdebt

Poland’s government hasapproved changes to the lawthat will allow it to use theaverage annual exchange rateto calculate public debtdenominated in foreign cur-rencies, thus limiting theimpact of exchange-rate fluctu-ations on the size of the debt.

Currently the z∏oty ratefrom the last day of Decemberis used to value Poland’s for-eign debt, making the currencyprone to high volatility late inthe year.

At the end of 2011 Polandintervened in the currencymarket to stem the weakeningof the z∏oty, which, if left tocontinue, would have madepaying off the country’s debtsin foreign currencies moreexpensive, increasing thethreat of breaching the 55 per-cent debt-to-GDP threshold.

Exceeding this limit would

trigger legally mandated budg-et cuts and tax hikes.

“We’ve been thinking forquite some time on how toavoid the impact of the z∏otyon the level of public debt,”Prime Minister Donald Tusksaid at a news conference lastweek. “I believe we’ve reached

our goal.” According to Bloomberg

data, 31 percent of Poland’sdebt is denominated in foreigncurrencies. At the end of lastyear, the country’s debt camein at 53.5 percent of grossdomestic product, according tothe Finance Ministry.

The government’s decisionstill awaits the approval of par-liament, where it is due to bedebated. Deputy Finance Mi-nister Wojciech Kowalczyksaid in September that the gov-ernment wants the new rules tocome into force this year.

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Prime Minister Tusk believes the government has found a solution to deal with the

threat the volatile z∏oty poses to the national debt

DECEMBER 3-9, 2012NNEEWWSS4 www.wbj.pl

Politics

Justice minister blasts Kaczyƒskipetition, snubs own partyJaros∏aw Gowin hascriticized his ownparty’s decision to puta former primeminister and a formerjustice minister beforethe State Tribunal

Justice Minister Jaros∏awGowin has said he sees “nobasis” for bringing Law andJustice party leader Jaros∏awKaczyƒski, a former primeminister, and Solidarna Polskaleader Zbigniew Ziobro, a for-mer justice minister, beforethe State Tribunal. The state-ments are a direct criticism ofrecent moves by his party,Civic Platform (PO), to do justthat.

Critics say the politiciansbreached the constitutionwhen Mr Kaczyƒski, who wasprime minister from 2006 to2007, gave Mr Ziobro, thenjustice minister, powers thatmade him a “superminister”over other ministers. Lastweek PO introduced a petitionin parliament which, if passed,would bring the two politiciansbefore the State Tribunal for

their actions.Poland’s State Tribunal is

the judicial body that rules onthe constitutional liability ofpeople holding the highestpublic offices. It examinescases concerning the infringe-ment of the constitution bysenior officials.

The petition is backed byopposition parties Palikot’sMovement and the Democrat-ic Left Alliance.

The petition’s supportersaccuse Mr Kaczyƒski and MrZiobro of having indirectlycaused the death of formerTransport Minister Barbara

Blida (of SLD), who commit-ted suicide when secret serviceagents came to arrest her oncorruption charges. Mr Ka-czyƒski’s government madecracking down on corruptionits biggest priority, but criticssaw a witch hunt.

“I am critical of the politi-

cal activities of Jaros∏awKaczyƒski’s government and Iam very critical of what Minis-ter Ziobro did, but they will bejudged by history,” said MrGowin. “If they broke the law,that is what the prosecutor isfor, but I do not see any basisfor putting them before theState Tribunal.” Mr Gowinadded that it was “bad politicalculture” to initiate such actionalmost six years after MrKaczyƒski’s party had lostpower.

Enough support?For PO’s petition to pass, itscoalition partner, the PolishPeople’s Party (PSL), will haveto support it. However, it is farfrom clear how PSL will voteon the issue.

Many in the Polish mediahave speculated that PrimeMinister Tusk, leader of PO, ishimself not happy with thepetition, which may have beenput forward without hisapproval. Earlier this year, MrTusk had said he wouldn’tfavor bringing the two politi-cians before the Tribunal.

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Mr Gowin is one of the more outspoken ministers in the PO government

Climate summit

Deadlock at Doha Climate Change Conference

Many countries,including Poland, areopposed to stricterCO2 emissions targets

This year’s United NationsClimate Change Conference,which started last Monday inDoha, is particularly signifi-cant for Poland, whose econo-my appears far from ready forstricter CO2 emissions tar-gets.

The Kyoto Protocolexpires on December 31, leav-ing the world without any pro-visions to control greenhousegas emissions.

Last year’s summit result-ed in a plan to sign the Global

Climate Change Agreementin 2015, but many observershave noted difficulties thatstand in the way of the dealbeing implemented.

“There are very few opti-mists who actually count onreaching any serious interna-tional agreement. There is theEU, Australia, New Zealand,Switzerland, maybe Norway,who may vote for it, being intotal responsible for onlyabout 15 percent of theworld’s CO2 emissions,” JerzyBuzek, a Polish MEP and for-mer president of the Euro-pean Parliament, told theAIN news agency.

Indeed, China last week

ruled out the idea of restrict-ing growth in fossil-fuel emis-sions from developing nationsbefore 2020, Bloombergreported. EU Climate Com-missioner Connie Hedegaardmeanwhile declined to givedetails about how the Euro-pean Unions plans to meetcommitments for increasingaid for poorer countries tryingto cut emissions.

Being bound by EU guide-lines to apply the Kyoto Pro-tocol, Poland reduced its CO2emissions by the required 6

percent – compared to the1988 level – over the 2008-2012 period.

Warsaw is, however, not infavor of further provisionslimiting emissions, and hasalready twice blocked EUregulations on the matter.The Polish government fearsthat stricter environmentalrequirements would forcethe country to shutter its coalpower stations, resulting inincreased unemploymentand a need for more energyimports. The country relies

heavily on highly pollutingcoal for its energy produc-tion.

“The proposed regulationsare a threat not only toPoland, but to the competi-tiveness of the EuropeanUnion market as a whole. Thematter requires a deep andserious discussion,” said MrBuzek.

The United Nations Cli-mate Change Conferencecomes to an end on Friday,December 7.

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Poland to host UN climate summit

Poland is expected to host the UnitedNations climate summit next year. The offi-cial decision will be made on December 7,but no other country submitted an offer tohost the talks, which makes Poland’s selectionalmost certain, Reuters reported.

Poland formally submitted its offer forWarsaw to host the talks last Wednesday atthis year’s Climate Change Conference inDoha.

Some 20,000 guests from all over theworld are expected to arrive to Warsaw totake part in the summit and other accompa-nying events. The main talks will be held atthe National Stadium and at the Palace ofCulture and Science.

“Poland is a good place to go. What thisconference does is bring the world’s attentionto the host country and encourage that coun-try to actually step up to the plate and do

more,” the head of the UN Climate ChangeSecretariat, Christiana Figueres, toldReuters. ●

Railway unions

to ‘paralyze’

Poland?

Poland’s railway trade

unions could go on

strike before Christmas

and New Year’s Eve,

according to Minister of

Transport, Construction

and Maritime Economy

S∏awomir Nowak.

“Railway unionists will

try to paralyze the

country,” he said. The

cause of the protest is

the announced

reduction, by the

Transport Ministry, of

the number of

pensioners who would

be eligible for

concessionary rail fares

in 2013. Unions want

the minister to keep the

concessionary system

for pensioners

unchanged.

Managers’

earnings

doubleThose holding

managerial positions in

Poland have no reasons

to complain about their

salaries. An average

managerial salary in

Poland comes to

$136,500 annually,

twice as much as in

2001, indicates a study

by consulting firm Hay

Group, which surveyed

14 million workers in

20,000 companies all

over the world. The

largest increase, of

close to 250%, was

recorded in China,

followed by South

Africa (241%), with the

lowest increase in

Mexico (25%) and the

US (38%).

Poczta Polska

to remain a

monopoly?January 1, 2013 was

supposed to mark the end

of the monopoly (for

letters under 50 grams)

of Poczta Polska, the

state-run postal office

network. Meanwhile, the

country’s postal law,

which was hurriedly

amended, will now likely

guarantee Poczta Polska

the position of monopolist

for the next 12 years. The

changes in the postal law

were required by the EU

and were to be aimed at

liberalizing the postal

market and lowering

prices. However, the

government managed to

push through clauses that

give Poczta Polska

exclusive rights to

deliver pension

payments, among other

privileges. ●

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Poland relies on coal for most of its energy. Here, the

highly polluting Belchatów power plant

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Christiana Figureres

Prime MinisterDonald Tusk hasbacked the bid

In December the Polish gov-ernment will decide whetherto support a planned bid bythe city of Kraków to host the2022 Winter Olympics. Kra-ków would host the games incooperation with the moun-tain resort town of Zakopane,also in southern Poland, andChopok in neighboring Slo-vakia.

“I’ll back up this initiative,but the final world will belongto Minister of Finance JacekRostowski,” Mr Tusk said.

According to preliminarycalculations the games wouldcost up to $1.8 billion. Thiswould include a conferencecenter and a multi-purposevenue that could host iceskating events, both of whichare already being built.Regional authorities expectto receive some of the fundsfrom the European Union,which could be used to reno-vate other venues and buildmuch-needed transport infra-structure.

Proponents of the idea sug-gest that most of the infra-structure needed to host theevent is already built or will befinished within the next fewyears. The only missing facili-ties are a luge/bobsleigh trackand a place to host speed skat-ing events. The biggest obsta-cle to overcome, however,would be building new routesbetween Poland and Slovakiaand new roads in southernPoland.

Kraków, the secondlargest city in Poland, wouldhost ice skating events (figureskating, hockey, speed skat-ing) and possibly luge andbobsleigh. Ski jumping, cross-country and biathlon eventswould be held in Zakopane.Chopok in Slovakia wouldhost alpine skiing and snow-boarding events.

Poland has hosted variouswinter sports events in recentyears. Zakopane is a regularstop on the Ski JumpingWorld Cup tour, while a

Cross-Country World Cupevent took place in SzklarskaPor´ba in February 2012. Abid by Kraków would also notbe Poland’s first attempt tohost a Winter Olympics. In1999, Zakopane lost to Turinin the race to host the 2006event.

So far, the other candidateslining up to host the event areBarcelona, Oslo, St. Moritz,Nice and Lvov. The decisionon who will win the race will bemade in 2015.

JJaacceekk CCiieessnnoowwsskkii

Winter Olympics

Kraków wants to bid for2022 Winter Olympics

DECEMBER 3-9, 2012 NNEEWWSS www.wbj.pl 5

World

Entrepreneur

of the Year

Ewald Raben, CEO of

Raben group, is the

winner of the latest

Polish edition of the

World Entrepreneur of

the Year Competition,

organized by Ernst &

Young. Gazeta Wyborcza

reported that the 44-

year-old Dutch

businessman manages

his transport and

logistics company from

its headquarters in Gàdki

near Poznaƒ, where he

started after moving to

Poland from the

Netherlands in 1991. Mr

Raben will represent

Poland in the world final

of the competition.

Consumer

confidence

risesThe mood of Polish

consumers improved in

November for the first

time in a while, according

to the Consumer

Confidence Index (CCI),

prepared by the research

group Ipsos. The CCI has

increased by 6 points

compared to the October

reading, and now stands

at 78.20. ●

Poland’s Constitutional Tri-bunal has banned the ritualslaughter of animals, affect-ing Muslim and Jewish com-munities who carry out thepractice as part of their reli-gious observances.

The ruling, which outlawscutting an animal’s throatand allowing it to bleed todeath without stunning itbeforehand, comes just we-eks before the EU is due toallow ritual slaughter on reli-gious grounds.

It is not certain if the EUlaw will supersede the newruling, although Poland’sAgriculture Minister Stani-s∏aw Kalemba said the EUlaw took precedence, theBBC reported. Mr Kalem-

ba’s ministry has awardedlicenses to at least 17 slaugh-terhouses to carry out ritualkilling of animals.

The court considered thecase following a petition byPolish animal welfare groups,who believe EU law allowsindividual countries to settheir own rules.

The judges reached theverdict that a 2004 amend-ment allowing ritual slaugh-ter on religious grounds wasunconstitutional because itcontravened animal rightslegislation from 1997, whichsays slaughter should only“follow the loss of conscious-ness” after a farm animal isstunned.

GGaarreetthh PPrriiccee

Poland bans the ritualslaughter of animals

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

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Demographic issues

OOppoollsskkiiee vvooiivvooddsshhiipp eessttaabblliisshheess‘‘SSppeecciiaall DDeemmooggrraapphhiicc ZZoonnee’’Poland is trying tofight againstpopulation loss

One region in Poland is look-ing to tackle its demographicproblems head-on – by creat-ing a “Special DemographicZone,” something like the spe-cial economic zones thatregions use to attract investors.The difference is that theincentives in the Opolskievoivodship, in southwesternPoland, where the program isbeing launched, will encouragefamilies to have more children.

The launch of the programwas marked last Monday witha conference on the issue thatwas attended by Prime Minis-ter Donald Tusk. “We have todo everything so that by theyear 2035, Poles have more

children,” he said, referring tothe year at which expertsexpect the number of childrenbeing born in Poland to reacha particularly low level.

By that year, the Opolskievoivodship’s population isexpected to decrease by awhopping 12 percent – asmuch as if the entire city ofOpole (population 120,000),the voivodship’s capital, wereto empty.

The special incentives thatthe region is planning to imple-ment include longer maternityleave, greater employmentguarantees for mothers, andspecial tax breaks for familieswith large numbers of children.

For example, the city ofKluczbork is initiating a pro-gram whereby families willonly have to pay 50 percent of

the cost of sending their thirdchild to preschool. Every childthe family has thereafterwould get to go to preschoolfor free.

Poland as a whole is facingsome difficult economic chal-lenges: experts say that thecountry is set to lose 6 millionof its 38 million populationwithin the next 40 years.Poland’s fertility rate, at 1.3percent, is among the lowest inEurope and emigration hasremained high following EUaccession in 2004.

The national governmentin Warsaw is working on newlegislation that will extendboth maternity and paternityleave and has set aside somez∏.370 million for buildingpreschools and kinder-gartens. EEmmmmaa WWiilllliiaammssoonn

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Zakopane would host ski-jumping competitions

DECEMBER 3-9, 2012BBUUSSIINNEESSSS6 www.wbj.pl

Auction portalAllegro ‘best’ retailer in PolandAllegro, an on-line auctionportal, is the best retailer inPoland, according to a con-sumer survey carried out byOC&C, a management con-sultancy firm.

Allegro was followed byIKEA, Rossman, Empik andBiedronka in the survey’sranking, which took intoaccount factors such as price,quality and range of products,service, trust, and physical or

online retail outlets.Respondents put Allegro at

the top of seven out of the 11categories analyzed.

OC&C analysts empha-sized that Allegro has demon-strated that “competing onlineis not only the preserve of thegiant players, but also forthose with a creative anddynamic offering and ambi-tious plans.”

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Bogdanka gets newmanagement board headZbigniew Stopa has becomethe new president of the man-agement board at Bogdanka, amajor Polish mining companylisted on the Warsaw StockExchange’s blue-chip WIG20.

The previous CEO, Mi-ros∏aw Taras, said goodbye inearly October following a sur-prising and somewhat contro-versial decision by the compa-ny’s supervisory board toremove him.

A not-insignificant numberof managers wanted to take thehelm of the coal miner, but MrStopa was said to be thefavorite from the outset, Parki-

et reported. He knows the com-pany inside out, having workedfor Bogdanka for 28 years.

In other news, rumors thatPolish state-controlled coalminer JSW is considering buy-ing Bogdanka have continuedto circulate. Treasury MinisterMiko∏aj Budzanowski lastWednesday commented onthe rumors, Parkiet reported.“I do not approve of the ideaof JSW’s acquisition of Bog-danka. This company has beensold by the Treasury so nation-alizing it again just doesn’tmake sense to me,” the minis-ter said. GGPP

Rail transport

EECC ppoonnddeerrss ffiinnaanncciinngg ffoorrPPKKPP IInntteerrcciittyy PPeennddoolliinnoossThe EU’s OperationalProgramme mightcover half the cost ofbuying Pendolino-typetrains for PKP Intercity

PKP Intercity, a semi-inde-pendent division of PolishState Railways (PKP), hassigned a contract to buy high-speed Pendolino trains fromFrench firm Alstom. The deal,worth €665 million, alsoincludes the cost of mainte-nance for 17 years.

PKP Intercity is hoping tomeet half of the cost from agovernment-guaranteed Euro-pean Investment Bank loanand the other half from theEU’s Operational ProgrammeInfrastructure & Environment.

However, The EuropeanCommission is hesitating aboutwhether to give the money,because it is afraid PKP Interci-ty might already have an unfairadvantage in the Polish inter-regional market.

The Polish governmentsigned a contract in February2011 allowing PKP Intercity toprovide inter-regional servic-es, giving it z∏.240 million in

funding for this purpose lastyear. Brussels is looking intowhether this can be consideredimpermissible public aid, For-sal.pl reported.

“We’re headed for a finalsettlement. Both parties areset on reaching an agree-ment,” said Janusz Malinows-ki, the president of PKP,Money.pl reported. He alsostated that a compromise dealcan be expected within weeks.Meanwhile, payments to

Alstom are being made byPKP Intercity.

The Pendolino trains,which are able to travel up to250 km/h, are to service theGdaƒsk-Warsaw-Katowice-Kraków route. PKP Intercitywill have to renovate theroute’s infrastructure and isplanning to do so by the end of2014. A new rail traffic man-agement system is to be intro-duced by the end of 2015.

MMaaggddaalleennaa SSaakkoowwsskkaa

Eurocash

expected to

join WIG20

Eurocash might soon join

the WIG20 index, which

lists the largest 20

companies on the WSE,

reported Parkiet.

Eurocash, as one of the

leaders in the Polish

distribution and retail

market, has been posting

some exceptionally strong

results recently. No

wonder, then, that many

analysts are almost sure

it will become the WSE’s

next blue-chip, with many

expecting it to join the

WIG20 in March, 2013.

Generous coal

dividends?

During nine months of

this year, coal companies

registered net profits of

z∏.1.67 billion (z∏.0.12

billion less than last

year). However, Tomasz

Tomczykiewicz, deputy

minister responsible for

mining, says it’s not

impossible coal miner

JSW’s dividend will be

higher than last year’s in

terms of percentage.

Bogdanka’s dividend

strategy will be

published in a strategy

document. ●

CO

UR

TE

SY O

F A

LS

TO

M

A new Alstom Pendolino

DECEMBER 3-9, 20128 www.wbj.pl FFIINNAANNCCEE && EECCOONNOOMMIICCSS

Online shopping

Poland is fastest-growinge-commerce market in Europe

Poles could spend asmuch as z∏.21 billionon internet shoppingthis year

The value of e-commerce inPoland will increase by 24 per-cent, putting Poland in the leadin terms of growth in Europe,according to a new report byForrester Research.

Poles spent z∏.17.5 billion onpurchases made over the inter-net last year. This year, thatamount could reach as much asz∏.21 billion, Gazeta Wyborczareported.

E-commerce in Poland isundergoing a significant surgein growth, even though internetpurchases still amount to only3.1 percent of all sales in Polish

stores. Online grocery storesare experiencing the mostdynamic growth.

Currently, there are 300such stores on the Polish e-com-merce market.

According to a EuromonitorInternational report, Poles willspend z∏.450 million in onlinegrocery stores this year.

RReemmii AAddeekkooyyaa

Most entrepreneurial cities

Poland a top FDI destination

Warsaw, Poznaƒ and Wroc∏aware the most entrepreneurialcities in Poland, according tofigures from the Central Statis-tical Office as analyzed by Dzi-ennik Gazeta Prawna. The leastentrepreneurial cities includeBia∏ystok, Bydgoszcz andToruƒ.

The ranking was compiledby calculating the number ofestablished firms per capita inthe country’s major cities. InPoland’s political and financialcapital, Warsaw, 1 in 5 inhabi-tants has their own company.The city has one of the lowestunemployment rates in thecountry, at just over 4 percent.

Poznaƒ, which is the capitalof the Wielkopolskie voivod-ship, and whose citizens arestereotypically seen as beingparticularly commercial-mind-ed, came in second. Wroclaw,the capital of Lower Silesia anda city with a large number of

academic institutions, placedthird.

Meanwhile Bia∏ystosk, oneof the poorest large cities inPoland, took last place withonly 1 in 10 inhabitants runningtheir own business. The unem-ployment rate in Bia∏ystok is

12.7 percent, just above thenational average.

Bydgoszcz and Toruƒ, theco-capitals of the Kujawsko-Pomorskie voivodship in Po-land’s north, came in second-to-last and third-to-last respec-tively. RRAA

In the first half of 2012 thenumber of foreign direct invest-ment projects initiated globallydropped by 23 percent. Polandhowever was an exception tothe trend, seeing FDI grow,attracting 155 projects worth atotal of $823 million and creat-ing 5,100 jobs, according to a

report prepared by fDi Intelli-gence for the Financial TimesGroup.

“The number of foreignprojects grew in H1 2012 by 3percent compared to H1 in2011,” said the report, as citedby Puls Biznesu.

According to fDi data,

through the end of September219 FDI projects worth close to$1.5 billion had created 8,300jobs in Poland.

That is more jobs createdthan in the whole of 2011, butfar fewer than the 39,000 jobscreated by FDI projects in 2005,a record year. GGPP

SH

UT

TE

RS

TO

CK

E-shopping forms a tiny percentage of Poland’s total retail sales, but it’s growing fast

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Poznaƒ was second in the ranking

DECEMBER 3-9, 2012 FFIINNAANNCCEE && EECCOONNOOMMIICCSS www.wbj.pl 9

Poland’s benchmarkrate currently stands at4.50 percent

The Monetary Policy Council(RPP) will cut Poland’s bench-mark interest rate by 25 basispoints at its meeting this week –the second time it will havedone so in two months, accord-ing to Adam Glapiƒski, a mem-ber of the council.

The RPP cut interest ratesin early November by 25 basispoints to 4.50 percent.

His remarks come as the

country’s economy continues toshow visible signs of a slow-down.

“A quarter-point rate cutnext week has already beendecided,” Mr Glapiƒski toldBloomberg in an interview lastweek. The Monetary PolicyCouncil is due to hold its ratemeeting on December 4-5.

He added that a “third ratecut or fourth rate cut won’t beso obvious, though.”

On November 30, Poland’sCentral Statistical Officeannounced that GDP growth in

the Q3 was just 1.4 percent.Forecasts for Poland’s GDP

growth in 2012 and 2013 havebeen slashed several times byfinancial institutions in recentmonths. The OECD nowexpects 2.5 percent GDPgrowth for Poland in 2012 and1.6 percent next year, downfrom a May forecast of 2.9 per-cent for both years.

Meanwhile, Morgan Stan-ley’s latest forecast is for 2.4percent GDP growth forPoland this year and 1.5 percentnext year. RReemmii AAddeekkooyyaa

Interest rates

RPP member: Decemberrate cut a done deal

Despite steadyeconomic growth,Poland’s GDP percapita will still be oneof the lowest in the EUnext year

In 2013, Poland’s GDP percapita will stand at $13,490,lower than any other country inthe European Union barLatvia, Romania and Bulgaria,according to a ranking pre-pared by The Economist maga-zine.

Poland was beaten out bycountries such as Croatia,Lithuania, Russia and evenHungary, which has seen signif-icant economic upheaval inrecent years.

When the ranking takes intoconsideration purchasing pow-er parity, Poland just managesto slightly edge out the above-mentioned countries.

But it remains significantlypoorer than its Western Euro-pean counterparts, of whom therichest are the Norwegians, theSwiss and the Danes. To com-pare, Poland’s nominal GDPper capita is seven times lowerthan that of Norway.

“I am not surprised by thisranking, you have to rememberthat we started from a very low

base after communism, proba-bly on the same level as Bulgar-ia,” said Piotr Bielski, an econo-mist at BZ WBK.

“In fact, we have madeprogress in recent years narrow-ing that gap, not because oftremendous economic growthbut because others have beenshrinking while we have at leastbeen growing,” he added, say-ing Poland had a chance tocatch up to the rest of Europe“in 10 or 20 years.”

Mr Bielski also said heexpected Poland to continuemaking progress on this front inthe coming years due to steadyeconomic growth.

But The Economist forecasts

a 2.1 percent GDP expansionfor Poland in 2013 – hardly thepace needed for Poland tomake real advances in closingthe gap. Other institutions areeven more pessimistic, expect-ing Poland’s economy to growby around 1.5 percent next year.

“As economic growth fadesand foreign markets wilt, the[Polish] government will con-centrate on shoring up supportfrom creditors. It will be atpains to demonstrate carefulbudget management – themore so since a $29.5 billionIMF credit line lapses early inthe year,” the newspaper wrotein a forecast of trends for 2013.

RReemmii AAddeekkooyyaa

GDP per capita

Poles still among thepoorest in Europe

Polish CEOs mostpessimistic in yearsA whopping 86 percent ofCEOs in Poland are now pes-simistic about the future of thePolish economy, as well as oftheir companies. This is thehighest figure since the globalfinancial crisis started, accord-ing to a survey by Grant

Thornton. However, half of the sur-

veyed CEOs said that despitetheir worries about the future,they would give their employeespay rises. These will, however,be largely symbolic. Only 10percent of CEOs plan to give

their workers a raise above therate of inflation.

According to Grant Thorn-ton, the survey results indicatethat company bosses will notmake drastic moves such asslashing their payrolls or limit-ing production. RRAA

Country Nominal GDP per capita GDP per capita at PPP

Norway $100,340 $63,690

Germany $41,600 $41,550

Greece $21,750 $25,030

Czech Republic $19,050 $26,760

Hungary $13,760 $20,400

Poland $13,490 $21,970

Bulgaria $7,150 $13,930

Ukraine $4,010 $8,010

Source: The Economist

The haves and have-notsSelected 2013 forecasts by The Economist

DECEMBER 3-9, 201210 www.wbj.pl DDAATTAA IINN FFOOCCUUSS

Unemployment risesslightly in OctoberPoland’s unemployment rateinched up to 12.5 percent inOctober from 12.4 percent inSeptember, according to datafrom the country’s CentralStatistical Office.

The data were in line withanalysts’ forecasts. The in-crease was expected due toseasonal factors – as theweather gets colder, construc-tion jobs dry up.

Nevertheless, the econom-ic downturn and the uncer-tainty in Europe have clearlyhit the employment market.In October 2011, unemploy-

ment was at 11.8 percent. InOctober 2010, it was 11.5 per-cent.

This year, unemploymenthovered above 12.5 percentuntil June, when it fell to 12.4percent.

The October data showedsome huge regional differ-ences. The Wielkopolskievoivodship, home to the cityof Poznaƒ, recorded an unem-ployment rate of just 9.2 per-cent, while the Warmiƒsko-Mazurskie voivodship, whereOlsztyn is located, posted awhopping 19.8 percent unem-

ployment rate.Overall in Poland, the

number of people without ajob increased to 1.995 million.

“The data did not changeour baseline scenario of themacroeconomic situation,”said economists from BankZachodni WBK, who addedthat they expect unemploy-ment to reach as high as 13.5percent by year-end. Poland’sMinistry of Labor and Socialpolicy predicts end-of-yearunemployment will come in at13 percent.

AAKK

Economic growth

Surprisingly low GDPgrowth in third quarterPoland’s economygrew by 1.4 percent inthe third quarter,much slower thanexpectedPoland’s gross domestic prod-uct grew by 1.4 percent year-on-year, the country’s CentralStatistical Office announcedon Friday. The growth wasmuch slower than the 1.8 per-cent consensus market fore-cast, and showed a significantslowdown compared with eco-nomic growth of 2.4 percenty/y in the second quarter. Thefigure marks Poland’s slowestrate of growth since the sec-ond quarter of 2009.

The biggest drag on growthwas weaker-than-expected pri-vate consumption – growing atits slowest rate since 2003 atjust 0.1 percent, comparedwith 1.2 percent in the secondquarter. Shrinking domesticdemand (-0.7 percent) andinvestments (-1.5 percent) alsoplayed their part.

Commenting on the weakGDP growth figures AgataUrbaƒska, an economist forEastern Europe at HSBC,said, “This is a second consec-utive big downside surprisefrom GDP data. In the secondquarter that was mostly on theback of inventories but now,more importantly, it is drivenby a strong slowdown of pri-

vate consumption.”“These data call for a

downward revision of fore-casts for the upcoming quar-ters,” said Maciej Reluga,chief economist of BankZachodni WBK. “They alsoprovide strong arguments forfurther monetary policy easing(especially when there is noroom for accommodative fis-cal policy).” He added that thedata release caused the z∏otyto weaken and and the debtmarket to strengthen, amplify-ing market expectations forupcoming interest rate cuts.

Analysts at Danske Bankechoed the expectation formore rate cuts. “Today’s worse-than-expected GDP readingincreases the chances that the[National Bank of Poland] willtake more aggressive steps at

next week’s Monetary PolicyCouncil meeting,” they said inan e-mailed statement.“Although we stick to our expec-tation that the NBP will delivera 25 bp rate cut next week, thechance that it will deliver a larg-er (50 bp) cut is now 50/50. Weactually think that a moreaggressive rate cut would beappropriate given the sharpslowdown of the economy.”

Prime Minister DonaldTusk weighed in on the figuresas well, telling the press, “Wepredicted this not-very-opti-mistic scenario would occur atthe end of the year, and that’swhy we took action to preventa recession from entering thegates of our country.”

(For more on Poland’s GDPand interest rates, see p. 9)

MMMM,, AAKK

Cigarettes, grains and coffeedominate Polish exportsBetween 2004, when Polandacceded to the EuropeanUnion, and 2011, Polish ciga-rette exports have increased by1,201 percent, according torecently released data.

Poland’s statistical agencysaid the country has exported€1.2 billion worth of cigarettesto 72 countries over the period.The majority of these exportshead to Japan, Indonesia andMauritius. Poland is the sec-ond-largest cigarette producerin the EU.

Food has also been a majorPolish export hit in recentyears. Of the 20 fastest-growingPolish export products over thelast seven years, 11 are food-stuffs. The leader is grain –mainly wheat – whose sale wasaround 803 percent higher atthe end of 2011 than when

Poland became an EU memberCoffee exports, meanwhile,

increased by 722 percent dur-ing the same period. Polandimports coffee beans fromBrazil and Vietnam, then

roasts, refines and packagesthem for export.

Since joining the EU, Pol-ish exports have grown by 128percent, from €60 to €137 bil-lion. GGPP

0

300

600

900

1,200

1,500

Spices

Televisi

onsTea

Turbin

es

Pharmace

utical p

roduct

s

Landlin

e telep

honesEgg

sCoffe

eGrain

Cigarett

es

Export kingsPoland's top 10 leading exports by percentage growth between2004 and 2011

Source: Central Statistical Office

11

12

13

14

Oct. '12

Sep. '1

2Aug

. '12

Jul. '12

Jun. '1

2May

'12Apr

. '12

Mar. '12

Feb. '1

2Jan

. '12

Dec. '11

Nov. '11

Oct. '11

Sep. '1

1Aug

. '11

Jul. '11

Jun. '1

1May

'11Apr

. '11

Mar. '11

Feb. '1

1Jan

. '11

Dec. '10

Nov. '10

Oct. '10

Inching upwards, againPoland's unemployment rate, October 2010-October 2012

Source: Central Statistical Office

Retail sales growth holds steadyRetail sales in Poland grewby 3.3 percent in October,slightly faster than the 3.1percent growth in Septemberbut lower than the 3.7 per-cent market consensus pre-diction.

Helping to push the salesfigures up was a significantincrease in car sales, as well asincreases in sales in grocerystores and non-specific retail-ers. Weakness was seen insales of clothing and shoes,and especially in gasoline –though this latter factor wasmostly the result of lowerprices on the market.

“The calendar effect was

very positive in October (+2working days y/y, which addedabout 1.6 percentage points tothe sales reading) and it masksthe weakness of demand,” saidRafa∏ Benecki, chief econo-mist for Poland at ING, in ane-mailed statement.

“Calendar effects shouldstill ensure a positive nominalfigure in November, butDecember should be muchworse as the calendar effect (-2 working days y/y) willamplify the negative underly-ing trend in incomes, so wemay see the slide of sales in y/ynominal terms,” he added.

Most other analysts agree

that sales will continue to showgreater weakness over the nextseveral months.

Between December 2010and May this year, retail salesgrowth never dropped below 8percent. June brought a signif-icant slowdown though, to just5.5 percent growth. Septembermarked the first time it haddropped below 5 percent in 22months.

Poland’s dynamic domesticconsumption is widely creditedas being one of the mostimportant factors to have keptit out of recession during theglobal economic crisis.

AAKK

THE NEXT EDITION OF MADE IN POLAND IS AVAILABLE NOWWARSAW BUSINESS JOURNAL’SANNUAL PUBLICATION ON POLISH EXPORTS

WAP

0

1

2

3

4

5

Q3 2012

Q2 2012

Q1 2012

Q4 2011

Q3 2011

Q2 2011

Q1 2011

Q4 2010

Q3 2010

Q2 2010

Q1 2010

Q4 200

9

Q3 200

9

Steep downward slopePoland's GDP growth rate, Q3 2009-Q3 2012

Source: Central Statistical Office

TThhee CChhrriisstt ooff nnaattiioonnss aanndd PPoollaanndd’’sseennttiittlleemmeenntt mmeennttaalliittyy

DECEMBER 3-9, 2012 OOPPIINNIIOONN && AANNAALLYYSSIISS www.wbj.pl 11

Remi Adekoya

P oland’s politicians and mediahave spent much of their timerecently speculating as to

whether or not Poland will receivethe z∏.300 billion in EU cohesionfunds that Prime Minister DonaldTusk promised he would obtain innegotiations on the 2014-2020 EUbudget.

From the tone of the discussionyou could be forgiven for thinkingthat a few billion z∏oty less wouldmean a humiliating defeat for theprime minister and a slap in the faceof Poland, which after all “deserves”the money for its decades of sufferingunder communism and other histori-cal injustices.

Jaros∏aw Kaczyƒski, a formerprime minister and the current leaderof Poland’s largest opposition party,Law and Justice (PiS), was blunt:“We deserve , without anybody doingus any special favors, about z∏.70 bil-lion more [than we received in the2007-2013 budget].” That wouldcome to about z∏.344 billion, attoday’s exchange rates.

The Christ of nationsMr Kaczyƒski represents those Poleswho believe that Poland is the Jesus

Christ of nations – a theme that haslong been part of Polish national phi-losophy and culture.

When it comes to recent history,the thinking goes like this: Poland, acountry that suffered like no other atthe hands of the Nazis, was betrayedat the post-World War II Yalta con-ference when the victorious alliesessentially condemned it to Sovietdomination, and thus deserves plentyof compensation from WesternEurope.

But what is disheartening is notjust that Mr Kaczyƒski’s nationalistsupporters share this view. The cho-rus of “we deserve it” is present in thelanguage of politicians and journal-ists across the ideological divide. Thissmacks of immaturity, and results inthe conclusion that those WesternEuropean leaders hoping to cut theEU budget are somehow out to cheatPoland out of what it rightly shouldreceive.

Yes, Poland was essentiallybetrayed after World War II. Yes, itwas in Poland that the Solidaritymovement, which was instrumentalin causing the collapse of the commu-nist system, originated. Yes, Polanduses those EU funds more efficiently

than most. But none of that means that lead-

ers like UK Prime Minister DavidCameron or German ChancellorAngela Merkel are somehow tryingto betray Poland. Instead, they aresimply trying to make sure theircountries pay a bit less into the EU’scoffers, an understandable stanceduring an economic crisis. What isreally surprising is that they are notdemanding even deeper cuts.

While the Polish governmentshould certainly fight to get the mostit can out of the next budget, it is timePoles stopped acting as if they hadgranted the EU a loan it needs to payback.

Join the queue The list of countries that have beencheated or betrayed in the past is along one. And not many of them arenow receiving tens of billions of eurosin free money. Poland was given €67billion in EU cohesion funds for theyears 2007-2013. This time it willprobably be given some €70 billion.

Which other country has receivedthat much in the last two decades?It’s time to start appreciating thatfunding, rather than acting like a

spoiled child who thinks two choco-late bars instead of three is a punish-ment. It would be smarter to use theeconomic argument, namely that aricher Poland will mean a better mar-ket for European products, ratherthan playing the victim.

On no other continent would a 27-nation economic and political blochave been possible and on no othercontinent would the idea of inter-country cash transfers have beentaken seriously.

It is true that Poland has sufferedmuch throughout history. But para-doxically enough, its recent sufferinghas resulted in it being showered withbillions of euros. Poland may or maynot be the Christ of nations – but it’stime to stop treating its WesternEuropean allies like Pontius Pilate. ●

Remi Adekoya is WarsawBusiness Journal’s politics editor.

Read his blog, “The business ofpolitics” on WBJ.pl

A little-discussed but crucial fac-tor in the debate over wealthtransfers from Europe’s more

economically sound north to its trou-bled south is the relationshipbetween public debt, GDP, and pri-

vate wealth (households’ financialand non-financial assets, minus theirfinancial liabilities) – in particular,the ratio of private wealth to GDP inthe euro zone countries.

While the European CentralBank’s bond-purchasing scheme hascalmed financial markets to a consid-erable extent, some Europeaneconomies – including Italy, Spain,

Greece, and Portugal – are still atrisk, because they are not growingfast enough to narrow their deficitsand stem the growth of their nationaldebts. The grim irony here is that theratio of private wealth to GDP insome of the countries that are in needof support from the ECB and north-ern euro zone members is equal to orhigher than that in more solventcountries.

Consider Italy, which has the high-est ratio of private wealth to publicdebt of any G-7 country, and is some30 percent to 40 percent higher thanin Germany. Likewise, Italy andFrance share a private wealth/GDPratio of five to one, while Spain’s – atleast before the crisis hit the countryin full – was six to one. By contrast,the ratio in Germany, Europe’slargest creditor, is only 3.5 to one.

This discrepancy is at the heart ofthe question with which Europeanpolicymakers are now grappling:Should taxpayers in debtor countriesexpect “solidarity” – or, more bluntly,

money – from taxpayers in creditorcountries? Why should taxpayers increditor countries have to takeresponsibility for financing the eurocrisis, especially given that high pri-vate wealth/GDP ratios may resultfrom low tax revenues over time,while lower ratios may reflect highertax revenues?

Home frontBefore seeking or accepting help fromthe rest of Europe, countries shouldemploy all available domesticresources. Debtor governments shouldcall upon their own taxpayers to fundsome of the national debt in order toavoid higher interest rates in creditmarkets. They could, for example,offer an incentive in the form of a 3-4percent interest rate on bonds, andeven make them tax-free eventually.This would allow Italy, Spain, and evenGreece to finance their national debtsat a more reasonable, sustainable cost.

Citizens’ voluntary financing oftheir countries’ national debt would

be the most effective means of reduc-ing strain on Europe’s financialresources, while simultaneously serv-ing as a powerful symbol of solidarity.By contrast, turning creditor-countrycitizens’ tax payments into forcedsubsidies of other countries’ debtswould undermine European cohe-sion. Nordic countries, for example,cannot be expected to fund othercountries’ debts in the long term –especially if those countries have notmade full use of their own resources.

In fact, while concerns over theeuro zone’s survival tend to focus onits indebted members, Europe’s mon-etary union is at risk of losing one ofthe few members that still enjoys atriple-A credit rating: Finland. GivenFinland’s difficult domestic politicalsituation, its citizens may look toDenmark and Sweden – which boastrapid growth and low national debt,and do not pay into the EuropeanFinancial Stability Facility or theEuropean Stability Mechanism – anddecide that euro zone membership

costs too much and is no longerworthwhile.

Italy and Spain have enoughresources to rescue themselves, andto secure the time needed to restruc-ture their economies. Indeed, evenafter taking on the entire nationaldebt, their private wealth/GDP ratioswould still be higher than they are insome northern European countries.

Escaping the euro crisis is less amatter of economics than of politicalwill. By calling upon citizens tofinance their own countries’ nationaldebts, southern Europe’s leaders canfix their own economies and strength-en the European principles of soli-darity and subsidiarity. ●

Peter Jungen, an entrepreneur andangel investor who has co-founded

and invested in many start-upcompanies, is a member of the

Governing Board of the Institute for New Economic Thinking.

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

“Before seeking oraccepting help from therest of Europe, countriesshould employ all availabledomestic resources”

PPrriivvaattee wweeaalltthh aanndd EEuurrooppeeaann ssoolliiddaarriittyyPeter Jungen

MANAGING EDITORGARETH PRICE(GPRICE@WBJ.PL)

POLITICS EDITORREMI ADEKOYA(RADEKOYA@WBJ.PL)

REAL ESTATE EDITORADAM ZDRODOWSKI(AZDRODOWSKI@WBJ.PL)

CONTRIBUTORSE. BLAKE BERRYDAVID INGHAMJACEK CIESNOWSKIMACIEJ MI¸OSZKAROLINA ROGOZI¡SKAMAGDALENA SAKOWSKAJAROS¸AW SZEWCZYKPIOTR ÂLUSARSKIRAFA¸ ÂWIÑTEKEMMA WILLIAMSON

COLUMNISTSADAM NARCZEWSKIANDREW NAWROCKI

PRODUCTION MANAGERPIOTR WYSKOKGRAPHIC DESIGNER¸UKASZ MAZUREK

MARKETING &SALES

AGNIESZKA BREJWO MARKETING &SALES DIRECTOR(ABREJWO@WBJ.PL)

MAGDALENA KARPI¡SKA(MKARPINSKA@WBJ.PL)

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PUBLISHER VALKEA MEDIA SA EDITOR-IN-CHIEF ANDREW KURETH (AKURETH@WBJ.PL) MANAGING DIRECTOR MONIKA STAWICKA

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Prenumerata realizowana przez RUCH S.A: Zamówienia na prenumerat´ w wersji papierowej i na e-wydania mo˝na sk∏adaç bezpoÊrednio na stronie www.prenumerata.ruch.com.plEwentualne pytania prosimy kierowaç na adres e-mail: prenumerata@ruch.com.pl lub kontaktujàc si´ z Telefonicznym Biurem Obs∏ugi Klienta pod numerem: 801 800 803 lub 22 717 59 59 – czynne w godzinach 700 – 1800. Koszt po∏àczenia wg taryfy operatora.

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DECEMBER 3-9, 2012CCOOVVEERR SSTTOORRYY12 www.wbj.pl

Energy solutions

Waste is power Piotr Âlusarski

THE BEST SOLUTIONTO AUDIT AND ACCOUNTING

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decisions; assisting clients in changing the legal set up of their business activities e.g. transformation of branches/partnerships into corporations or vice versa, trusteeships as well as business appraisals, economic and financial analysis, due diligences valuation of business within privatization or restructuring procedures, providing trainings.

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Mostostal

Warszawa

woes

Troubled construction

company Mostostal

Warszawa will record a

larger net loss in Q4 2012

than in the period of

January-September,

according to CEO Marek

Józefiak. In the first three

quarters of the year, the

company had z∏.2.45

billion in revenue and a

z∏.33.1 million net loss. In

2011 the group ended the

year with close to z∏.3.4

billion in turnover and a

z∏.124.5 million net loss.

Mr Józefiak said that 2013

will be particularly

difficult for the

construction sector, with a

20-30% drop in the value

of the market expected.

Chopin Airport

investments

Warsaw’s Chopin Airport

is planning to invest more

than z∏.500 million in

2013. The funds will be

used to renovate the long

runway and, in particular,

to reinforce its surface.

The money will also be

used to rebuild taxiways,

to enlarge the airport’s

de-icing platforms and to

construct new ramps. ●

Transforming whatends up in rubbishdumps into energy hasthe potential to turn aproblem into asolution

Kostrzyca, a small village insouthwestern Poland, is hometo an innovative installationthat in a few months is set tobegin transforming waste intohigh-energy liquid fuel. Theproduct is targeted at petrolstations as a biocomponentadded to traditionally pro-duced diesel oil.

Rubber and car tires, allkinds of plastic and PVC, aswell as trash from householdswill be turned into fuel there.The site will accept any mate-rial of organic and mineral ori-gin containing hydrocarbons,in order to make syntheticdiesel, kerosene and benzene.

A prototype technologythat facilitates this process isknown as catalytic pressurelessdepolymerization. So far onlyfour such installations havebeen built in the world – inGermany, where the technolo-

gy comes from, Spain, Canadaand Mexico. Each one of themis able to manufacture 1,000liters of fuel from three and ahalf metric tons of straw.

The investor, AlphakatDiesel, estimates that one literof such fuel will cost z∏.3,including excise. And theproduct’s purity is up to 2.5percent higher than what carsare usually refueled with.

Mo-BRUK, one of the firstPolish companies producingalternative, refuse-derived fu-els (RDF) has just expanded itsfacility in Karsy, Âwi´tokrzyskievoivodship, making it thelargest one in the country. Itcan process up to 350 metrictons of trash a day, a quantitygenerated yearly by a village of1,000 inhabitants. The pellet-type fuel this trash creates isburned as a tenfold-cheapercoal equivalent in the furnacesof cement mills in the south ofPoland. With financial aid fromthe EU Innovative Economyprogram, the site also gener-ates electricity for internal usefrom types of waste that other-wise would have been com-pletely destroyed.

Recover and convert“The amount of waste createdin the EU is rising constantly,creating harmful effects onhuman health and consider-able problems for the environ-ment,” reads a recent state-ment by the European Com-mission, expressing concern atthe three billion tons of trashEurope generates each year.For this reason all members ofthe EU are now being urged toput more emphasis on swiftand planet-friendly wastemanagement. Poland, beingone of the EU’s larger mem-bers, might find its panacea intreating heaps of unsortablegarbage as a powerful, sustain-able resource.

Nearly a decade ago, whileratifying its EU accessiontreaty, Poland made a pledgeto limit the quantity of wastegoing to landfills by half bymid-2013. Over the followingseven years, this amountshould be reduced to 35 per-cent. Moreover, the wastemust be subject to segregationso that only the biodegradablematerial is disposed of, whilethe other materials – glass,paper, plastics or metals – isretrieved and continually uti-lized. What is left from thatshould undergo biological orthermal processing.

But Poland isn’t even closeto fulfilling those goals. InApril this year the EuropeanCommission asked the EUCourt of Justice to impose

financial penalties on Polandamounting to z∏.275,175 perday for the delayed implemen-tation of the EU Waste Frame-work Directive into domesticlaw. Further non-compliancemay lead to larger fines.

In spring of 2012, the WasteAct was passed by the Polishparliament, adjusting Polish reg-ulations to those applicable inthe EU. The document willwork as a “mother act,” mean-ing it will thoroughly regulatethe matter of waste manage-ment and adapt the relevant EUregulations to Polish legislation.

If everything goes asPoland hopes, the EU Court

of Justice is expected to dis-miss the the European Com-mission’s request to finePoland. The Ministry of Envi-ronment has remained calm.“We are confident [that we willbe able] to remove the reasonfor the breach so there will beno financial penalties imposedon Poland,” ministry spokes-person Magdalena Sikorskasaid in a statement.

Cleaning up the messPoland’s plan is to build 11refuse incinerators, one forevery city whose populationexceeds 300,000. They’ll havea total processing capacity of2.4 million tons per year. How-ever, according to businessconsultancy Deloitte, theimplementation of the Frame-

work Directive in Poland willnext year require that thecountry dispose of 4.7 milliontons of unwanted material in amanner other than landfilling.

In the opinion of Micha∏Dàbrowski of the PolishChamber of Waste Manage-ment (PIGO), incineratorsalone will not do the job, sincethey do not apply to therequirement of retrieving andrecycling 50 percent of plastics,metals, paper and glass, whichthe EU obliges Poland to meet.In this context, the Karsyplants, where liquid and solidRDF fuels are made, may be ofcritical value for Poland.

Turning refuse into power could help Poland meet EU regulations on waste

“The amount of waste created in the EU isrising constantly, creating harmful effects

on human health and considerableproblems for the environment”

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Andrzej Bartoszkiewicz, anengineer from Nowa Sól, inthe Lubuskie voivodship,believes he too has a solution.His original system of wastecollection and recycling, calledEko AB, works by buildingspecial pavilions to replace binshelters on Polish housingestates. Employees at thesepavilions would segregate thetrash, and the refuse wouldthen be sold to recycling com-panies and compost produc-ers, while the rest – 20-35 per-cent – goes to a landfill or isincinerated. The system cre-ates jobs thanks to the moneystream generated by sales andwaste transportation fees,which become smaller themore “commodity” gets col-lected and sold.

“Through segregation, EkoAB lets you obtain raw materi-

als for the production of renew-able energy in an amount sever-al times bigger than by bulkincineration,” said Mr Bar-toszkiewicz. “Just 8,000 [pavil-ions] avert the threat of fines,”he said. One such building costsz∏.100,000 and processes up to25 tons per day. An incineratorwith a yearly capacity ofbetween 100,000-200,000 tonscosts z∏.250-700 million.

“Eko AB has been success-fully tested over the course offive years in P∏ock and BytomOdrzaƒski,” said the inventor.Other local governments arewaiting and are consideringvarious options. But there isno time to lose. “Only strongand very consistent actionscould prevent Poland frompaying penalties,” said JanuszMiku∏a, an environmentalspecialist and former deputy

minister of regional develop-ment.

From scraps to watts“Municipal waste is by far thelargest and most environmen-tally problematic type,”explained Dariusz Brodowiczof Ecoon, a waste-to-energytechnology distributor.

Mr Brodowicz points outthat in Poland 40 percent ofmunicipal waste is comprised ofpeelings, rotten fruit and veg-etables, the remains of otherfood or wet paper and card-board. All of these can be trans-formed into an organic pulp,which could become a basis forthe production of biogas andresulting electricity or heat.

Another 60 percent of whatwe throw out, added MrBrodowicz, contains materialssuch as plastics, textiles, woodor non-ferrous metals. Thismaterial can be incinerated toobtain electrical or thermalenergy – or used in facilitieslike cement mills, thermal-electric power stations andbrickyards in the form of high-quality alternative fuel.

Such fuel is made onlyfrom waste that for technicalor economic reasons cannotbe recycled but is still tooprecious to be disposed of.“A classic example is import-ed second-hand clothingunfit to be sold, which, how-ever, is an excellent rawmaterial for manufacturingrefuse-derived fuel,” states

Ârodowisko (Environment), amagazine.

A recent report on wastemanagement in Poland byDeloitte highlights that theaverage energy value of munic-ipal waste is similar to the ener-gy value of lignite available inPoland (8 to 14 MJ/kg) and thatjust one plastic bag allows forthe recovery of enough energyto power a 60-watt bulb for 10minutes. A forecast by thecompany says that if one-thirdof such waste generated annu-ally is thermally treated in atypical incineration plant with aprocessing capacity of 250,000

tons a year, then it is possible toretrieve more than two ter-rawat hours (TWh) of electriccurrent and about 6 TWh ofheat. The said one-third,argues Deloitte, has an energyvalue comparable to 1.3 billioncubic meters of natural gas,which accounts for about 13percent of the annual import ofthis resource to Poland.

“Municipal waste is a valu-able local fuel which may beused for environmentallyfriendly and energy efficientcombined generation of elec-tricity and heat,” reads thereport. ●

DECEMBER 3-9, 2012 CCOOVVEERR SSTTOORRYY www.wbj.pl 13

Fiat production

on hold The Fiat factory in Tychy,

in Poland’s Silesia

voivodship, stayed

completely silent

throughout the whole of

last week, reported

Rzeczpospolita. The

company had decided to

stop all the production

lines at the plant until

November 30. The reason

for the break was the

drastic decrease in the

number of orders. In

October, sales of new

passenger cars in Italy –

the most important

market for the plant in

Tychy – were some 20%

lower than in the

corresponding period of

the previous year.

Polish firms in

South America

Representatives of more

than 50 Polish

companies took part last

week in an economic

forum in Sao Paulo,

Brazil, organized on the

occasion of an official

visit by Poland’s Foreign

Minister Rados∏aw

Sikorski. During his visit,

Mr Sikorski signed

cultural, economic and

legal agreements with

Brazil. ●

Incineration

Biologically treated

Recycled

Landfill

78%

14%

7%

1%

Final destinationWhere Poland's 12 million tons of municipal waste ends up

Source: Eurostat

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Poland plans to build 11 refuse incinerators

DECEMBER 3-9, 201214 www.wbj.pl LLAAWW

Contact: Dorota Zab∏ocka

dz@pnplaw.pl

Legal News

BROUGHT TO YOU BY PETER NIELSEN & PARTNERS LAW OFFICE

Changes to the Civil Procedure CodeThe government has adopted assump-tions related to draft changes to the actgoverning the Civil Procedure Code. Theaim of the proposed changes is tospeed up court proceedings. Moreover,civil proceedings are to be computer-ized to a greater extent, as stipulated inthe draft.

It is assumed that each verdict will besaved in an ICT system and signed with asafe digital signature. Moreover, an elec-tronic procedure for submitting procedur-al writs is to be introduced, not only incases initiated electronically, but alsowhen it comes to traditional civil proceed-ings.

Court proceedings will be sped up as aresult of regulations that make it possibleto prepare justifications of judgements inelectronic form.

Upon the motion of a creditor it will bepossible to conduct an enforcement saleof moveable property through a specialITC system where public auction noticeswill be published.

Additionally, provisions allowing theelectronic seizure of bank accounts areto be introduced, which will lower costsand speed up seizure procedures.Banks will be obliged to create and

launch a system for conductingseizures of claims from accounts.

Foreign exchange draft actThe minister of finance has presenteddraft legislation to change the act onpublic finance and the act on VAT. Theproposed changes are designed to limitthe influence of foreign exchange fluctu-ations on the size of the public debt, andto finance the state budget.

The draft change stipulates the conver-sion of foreign-denominated public debtinto z∏oty using average rates of foreigncurrencies published by the National Bankof Poland. This is to replace the use ofexchange rates taken on the last day ofthe year, which increases the volatility ofthe z∏oty.

In case the calculation shows that theproportion of public debt to GDP is lowerthan 50 percent or 55 percent, spendinglimitations and VAT tax increases stipulat-ed in the act on public finance will notcome in to force.

The above amendments mean that theMinistry of Finance will also be obliged topublish all of the above mentioned data inthe Journal of the Republic of Poland(“Monitor Polski”) at the end of each budg-et year. ●

Jaros∏aw SzewczykAssociate at Biedecki Biedecki i Partnerzy

TTiimmeesshhaarreess ggeett aa nneeww lleeaassee oonn lliiffeeLegal Forum

Just imagine yourself relaxing in thelawns of a stunning villa, savoringthe best Spanish or Bulgarianwines, basking in the sun and rel-ishing the finest holiday ever. Thenenvisage yourself as an owner(actually a part-owner) of thisbreathtaking condo, or at least apermanent tenant. What would yousay if you could use this serenelocation every year for, say, the next20 years?

But what if you’re not keen ontaking vacations abroad? You canalways decide to explore Polishnature in the same manner. Thanksto timeshares it is now easier thanever to do this. Everyone can findthemselves a wonderful place totake a vacation without having toworry each spring about what to doduring the summer and how muchit will set you back.

What if you easily get bored ofthe same location and you want toexplore other enchanting places aswell? You can always exchange

your location with other timeshar-ers, either independently or througha timeshare exchange agency.

What if you are an avid travelerand you need more flexibility? Youwant to take part in various activi-ties, travel to different places andtake advantage of a vast number ofvacation opportunities? You canalways enroll in a benefits systemor enter into a long-term holidayproduct.

The new EC directive Since the timeshare concept hasevolved in recent years and com-pletely new holiday products sim-ilar to it have appeared on themarket, the European Commis-sion decided to initiate works on anew directive on timeshares. As aresult a new directive was enact-ed, called the 2008/122/EC Direc-tive of January 14, 2009 on theprotection of consumers inrespect of certain aspects of time-shares, long-term holidays, prod-

ucts, and resale and exchangecontracts.

Look before you leap The new legislation was needed forseveral reasons:

First of all, after more than adecade from the passage of thefirst directive on timeshares (Direc-tive 94/47/EC) it was obvious thatcertain aspects needed to beupdated and clarified, not just forpreventing the development ofproducts aimed at circumventingthe Directive but also to foster thegrowth of timeshares and ancillaryproducts.

Secondly, due to its being thekind of business where plenty ofsolicitation takes place, salespeoplerush customers or even scamthem, meaning it was necessary toimplement certain safeguards toprotect consumers from predatoryor plainly unfair marketing prac-tices.

Thirdly, existing regulatory gaps

and loopholes impeded the devel-opment of this form of holiday plan-ning. Vast differences betweenmember states made it extremelydifficult to combine timeshareexchange programs established indifferent EU countries.

Fourthly, the new Directive wasaimed at ensuring that consumersare fully aware of all the conse-quences of the contracts they enterinto. The contracts covered by theDirective must be written in plainand intelligible language, they can-not purport to present a holidayproduct as an investment product,they must apprise consumers of allcosts, and include the right to with-draw from an agreement, and dis-close length periods.

Revision of the timeshare law In order to implement the2008/122/EC Directive, Polandenacted in September 2011 a newact on timeshares, which replaced

the previous legislation and tookeffect on April 28, 2012.

Basic consumer rights Within 14 days after entering intoan agreement, each consumer hasthe right to withdraw from thetimeshare contract, long-term holi-day product, or resale andexchange program, without havingto justify the withdrawal and with-out bearing any cost.

Consumers do not have to payany advance payments to tradersor to any third party before the endof the withdrawal period.

For resale contracts, any pay-ment may be due and payable onlyafter the actual sale or the resalehas taken place.

If a consumer withdraws from acontract where the price is coveredby a consumer loan, the creditagreement gets simultaneouslyterminated at no cost to the con-sumer (the same applies to allancillary contracts). ●

Legal Forum is a paid-for module which gives law firms in Poland an opportunity to discuss and inform readers about important developments in the market. The content is created in consultation with Warsaw Business Journal's editorial staff.

Mixed-use investments

HB Reavis and PKP reveal details ofrailway station-office project in Warsaw

LLOOKKAALLEE IIMMMMOOBBIILLIIAAW a r s a w B u s i n e s s J o u r n a l ’s w e e k l y s u p p l e m e n t o n r e a l e s t a t e , c o n s t r u c t i o n a n d d e v e l o p m e n t DECEMBER 3-9, 2012, LI 17/48

Holding Tacit

Development

formed

A new capital group called

Holding Tacit Development

and comprising Tacit

Development, Plac

Katedralny and Jasnier

has recently been

established. Micha∏

Borowski, president of the

former company, has

become head of the new

entity. The value of

Holding Tacit

Development’s own capital

is now estimated at z∏.117

million. The group is

expected to hold assets

worth more than z∏.1

billion in 2014/2015, Tacit

Development said in a

statement. The largest

investments of the holding

include the Cosmopolitan

Twarda 2/4 residential

tower in Warsaw.

Colliers with

new Warsaw

departmentColliers International has

launched a facility

management department

at its Warsaw office. The

department is headed by

building consultancy

director Jonathan Cohen

and will work alongside

the project management

and green buildings

certification departments.

The facility management

department is the third

new department

established by Colliers in

Poland this year. It

provides technical

support, on-site

maintenance, statutory

periodic inspections and

fire monitoring of

buildings. ●

West Station in Warsaw . . . . . .15

West Gate in Wrocław . . . . . . .15

CEE office investment . . . . . . .16

Property-related stocks . . . . . .16

Grupa Waryński plans . . . . . . . .17

Ideal Idea III . . . . . . . . . . . . . . . . .17

Atrium Felicity mall . . . . . . . . . .17

Residential investors . . . . . . . .17

In this issue

1716

Warsaw continues to attract byfar the most office investmentin CEE

Atrium Felicity in Lublin will havethe largest Auchan hypermarketin the region

The scheme will bedeveloped in threephases by the firstquarter of 2018

Developer HB Reavis and Pol-ish State Railways (PKP) haverevealed the details of a jointmixed-use investment whichwill involve the delivery of anew Warsaw West railway sta-tion and a major office com-plex in the Polish capital with-in the next few years.

The new Warsaw West rail-way station building will belocated on Warsaw’s Al. Jero-zolimskie, slightly south of theexisting facility, which, PKPadmits, is today far behind theother Warsaw railway stationsin terms of both aesthetics andfunctionality.

“Cooperation with privateinvestors is giving us a chancefor a radical change and thesuccessful undertakings inPoznaƒ and Katowice areallowing us to hope that amodern Warsaw West will also

welcome passengers in 2015,”said Piotr Ci˝kowicz, a mem-ber of Grupa PKP’s manage-ment board.

He pointed out that thecompany owns hundreds of

thousands of hectares of land,often in key locations in majorPolish cities and agglomera-tions, and wants privateinvestors to help it use theirpotential.

Next to the new WarsawWest railway station a newoffice complex called WestStation and comprising twobuildings offering a total of64,000 sqm of leasable space

and underground parkingspaces for approximately 1,300cars will be developed.

“The new Warsaw Weststation and the West Stationoffice complex are for us oneof the key projects in Poland.We have put much effort [intoensuring] the designed facili-ties [are] friendly and func-tional and meet the higheststandards,” said HB ReavisPoland CEO Stanislav Frnka.

He added that the complexwill be conveniently locatedclose to one of the largest junc-tions in Warsaw and also notfar from the capital’s down-town. The offices are expectedto be BREEAM-certified.

The whole investment is setto be developed in three phas-es, with the new railway stationscheduled to be completed ayear after the building permit isgranted (that’s expected in Q12014). The first office buildingshould be finished by Q1 2016and the second by Q1 2018.

AAddaamm ZZddrrooddoowwsskkii

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The complex will deliver 64,000 sqm of leasable space

Office

EEcchhoo llaauunncchheess WWeesstt GGaattee iinn WWrroocc∏∏aawwThe scheme willdeliver 16,000 sqm ofnew class-A officespace to the city

Warsaw Stock Exchange-listeddeveloper Echo Investmenthas launched construction onits West Gate office project inWroc∏aw, Lower Silesia. Theclass-A scheme will comprise16,000 sqm of leasable space.

The West Gate develop-ment is located at the intersec-tion of the city’s ul. Lotnicza,ul. Na Ostatnim Groszu, ul.Legnicka and ul. Milenijna, anarea which, according to EchoInvestment, ensures easyaccess to Wroc∏aw’s center, aswell as its airport and the A8motorway.

The design of the building,prepared by the Kielce-basedARCAD studio, calls for thedelivery of an L-shaped six-floor structure with an under-ground parking lot whosefacade will be dominated bylarge glazed areas.

“In accordance with EchoInvestment’s policy regardinggreen construction, the projectwill soon obtain a BREEAMcertificate,” Rafa∏ Mazurczak,director of the commercializa-tion and marketing team in theoffice and hotel department ofEcho Investment, said in astatement.

Meanwhile, Echo Invest-ment has just obtained anoccupancy permit for the firstphase of its Aquarius Business

House office project in down-town Wroc∏aw. The schemewill comprise two seven-storeybuildings offering a combined25,000 sqm of office spacewhen completed.

The second phase of thedevelopment is scheduled fordelivery in October next year.Already secured tenants of thecomplex include Tieto Polandand PwC, with the investmentexpected to also feature a num-ber of non-office functions.

The project has recentlyobtained a BREEAM Interimcertificate of energy efficiencyand environmental perform-ance. The company is yet tosecure a final BREEAM eval-uation in the future.

Echo Investment has to

date completed more than 90real estate projects acrossPoland which total approxi-mately 800,000 sqm of space.

The company is also active inthe Hungarian, Romanian andUkrainian markets.

AAddaamm ZZddrrooddoowwsskkii

To subscribe: e-mail subscribe@wbj.pl or call +48 22 639 85 68, ext. 201 and sign up for free two-week no-obligation trial subscription

Warsaw Business Journal presents Real Estate weekly newsletter

• Know about the newest projects before they’re on the market• Keep up to date on the latest tenders and auctions• Learn the latest trends in Poland’s dynamic office, residential and retail sectors • Find out who’s who in Polish real estate

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The scheme is set to be BREEAM-certified

DECEMBER 3-9, 2012LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE16 www.wbj.pl

Security Closing % change 52-week 52-week % change Total Marketprice (week) low high (year) shares value

on Nov 29 (z∏. mln)

BUDIMEX 62.50 4.52 45.85 88.35 -11.97 25,530,098 1,595.63

CELTIC 3.74 -1.58 3.80 19.38 -79.67 34,231,466 128.03

DOMDEV 32.19 7.34 23.51 42.80 0.91 24,715,272 795.58

ECHO 5.20 6.12 3.05 5.20 56.63 420,000,000 2,184.00

ELBUDOWA 114.80 -1.37 87.00 120.00 18.35 4,747,608 545.03

ENERGOPLD 0.31 -8.82 0.17 2.30 -85.97 70,972,001 22.00

ERBUD 17.00 6.58 11.33 23.20 -1.11 12,677,956 215.53

GANT 3.08 7.69 2.68 9.85 -48.49 20,120,000 61.97

GTC 8.52 3.15 5.20 11.40 -5.23 319,372,990 2,721.06

HBPOLSKA 0.02 0.00 0.01 1.43 -97.62 210,558,445 4.21

JWCONSTR 4.17 19.83 3.26 8.40 -13.66 54,073,280 225.49

LCCORP 1.12 2.75 0.85 1.48 23.08 447,558,311 501.27

MARVIPOL 8.68 -1.92 6.20 11.00 -1.92 36,923,400 320.50

MIRBUD 1.26 9.57 0.98 2.68 -42.73 75,000,000 94.50

MOSTALWAR 11.95 -0.83 11.30 22.21 -41.42 20,000,000 239.00

MOSTALZAB 1.15 -2.54 0.81 1.80 -7.26 149,130,538 171.50

ORCOGROUP 10.50 -10.64 6.36 19.55 -26.68 107,840,962 1,132.33

PBG 6.08 40.42 3.36 83.90 -91.44 14,295,000 86.91

PLAZACNTR 1.62 -16.92 1.62 2.94 -16.92 297,181,703 481.43

POLAQUA 3.50 -14.22 3.30 8.18 -49.28 27,500,100 96.25

POLIMEXMS 0.60 -10.45 0.48 2.04 -56.20 521,154,076 312.69

POLNORD 10.60 -4.42 10.00 19.85 -33.29 25,633,027 271.71

RANKPROGR 11.67 3.27 7.10 16.97 32.61 37,183,550 433.93

ROBYG 1.46 -10.98 1.08 1.75 21.67 257,935,500 376.59

RONSON 0.81 -4.71 0.61 1.15 -8.99 272,360,000 220.61

TRAKCJA 0.64 -5.88 0.64 1.44 -48.80 232,105,480 148.55

ULMA 42.00 3.96 37.20 74.80 -31.15 5,255,632 220.74

UNIBEP 4.88 -6.15 3.60 6.28 -6.87 34,021,684 166.03

WARIMPEX 3.61 -2.43 2.64 4.62 -17.01 54,000,000 194.94

ZUE 5.80 7.41 5.07 8.50 -23.18 22,000,000 127.60

Property-related stocks

Office investment

Warsaw still dominant in the CEE regionA lack of prime assetsprevents investorsfrom venturingoutside the Polishcapital

Warsaw is attracting by far themost attention from investorslooking for office buildings inCentral and Eastern Europe,with many of the other majorlocations in the region suffer-ing from the lack of the rightproducts.

“CEE seems to haveshrunk to one city, Warsaw,”said a participant in last week’sNew Europe GRI 2012 realestate event in Warsaw, whosename and company affiliationwe cannot cite due to theChatham House Rule formulaof the meeting.

Representatives of realestate investors active inPoland who took part in the“Offices in CEE – Does thedesert start outside Warsaw?”discussion of the GRI eventpointed out that the lack ofprime office assets is limitinginvestment activity outside thePolish capital.

Most office transactionshave recently been takingplace in Warsaw where thenumber of good assets is high-est. It is also Warsaw that

boasts the largest number ofplanned office projects in thewhole region.

Many developers haveannounced high-rise officeprojects in the Polish capital inrecent months which, if devel-oped, would deliver hundredsof thousands of square metersof new office space in the cityin the upcoming years.

There were some worriesvoiced during the discussionabout whether the Warsawmarket will be able to absorbsuch a large amount of newstock. The worries were, how-ever, countered with the argu-ment that not all of theplanned structures will actual-ly be built.

Some of the companiesbehind the schemes lack thenecessary experience and,even more importantly, funds.However, there were signalsthat some investment fundsare now considering helping inthe creation of new assets bytaking more risk and investingin developer projects.

Regional desertOther CEE capitals have seenless activity of late, not to men-tion the Polish regional citieswhere office investment trans-actions have become very rare.This is not the result of low

investor interest, but ratherthe lack of adequate products.

Buyers looking at regionalcities are only interested inprime assets, and finding themis often a major problem. Thetransactions that are expectedto happen outside Warsaw inthe near future will concernproperty whose owners feartheir assets are getting old buthave no funds to upgradethem.

Of course, there are devel-opers active in the majorregional cities, but the growthof these markets is somewhatlimited due their uncleardemand prospects. Some ofthose markets rely heavily onBPO sector tenants and ques-tions remains about how sus-tainable the demand from thatsector will be.

Meanwhile, the limitednumber of investors in region-al cities means that there isalmost no activity there at all.Even though some majorinvestors would like to be pres-ent in such markets, they haveworries about issues includingexit strategies.

A representative of a largeinvestment fund concededthat for the sake of diversifica-tion his company would gladlyinvest in a regional city. Headded, however, that the fund

has a conservative approachand is not going to be a firstmover.

He also noted that oppor-tunity buyers usually plan tokeep an asset for two to threeyears. In the case of theregional markets, they are

faced with the question ofwhether there will be someoneto sell the asset to after thatperiod. The lack of bench-marks is a problem, too.

The situation could behelped by the emergence oflocal buyers, which will proba-

bly take some time. Pensionfund investment in Poland, forone, is still nascent and thepeople involved in it often donot have an adequate knowl-edge of the real estate market,a participant at the meetingnoted. AAddaamm ZZddrrooddoowwsskkii

SH

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New office towers are set to join the Warsaw skyline in the upcoming years

DAILY EXECUTIVE DIGEST

S i g n u p f o r a 2 - w e e k f r e e - t r i a l ! w w w. p o l a n d a m . p lG e r m a n v e r s i o n : w w w. p o l e n a mm o r g e n . p l

Poland A.M. gives you the biggest Polish stories of the day.

Have the most valuable news delivered to your inbox each weekday morning.

DECEMBER 3-9, 2012 LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE www.wbj.pl 17

Atrium secures Auchanhypermarket for Lublin mallAtrium European Real Estate,the investor behind the under-construction Atrium Felicityshopping center project inLublin in southeastern Poland,has announced that the mallwill be anchored by an Auchanhypermarket.

The retailer’s store willoccupy 20,000 sqm of space inAtrium Felicity. “This will bethe largest facility of this kind inthe region,” Katarzyna Cyz,CEO of Atrium Poland RealEstate Management, said in astatement.

The Atrium Felicity devel-opment is currently almost 80percent commercialized. Majortenants of the investment willinclude DIY retailer LeroyMerlin, consumer electronicsretailer Saturn and consumerelectronics and home appli-ances retailer RTV Euro AGD.

With its 75,000 sqm of

leasable space housing 135stores and points of service,Atrium Felicity will be thelargest shopping center inLublin. The mall is scheduled toopen for business towards theend of 2013.

Atrium European Real

Estate owns 21 operatingshopping centers in Poland.The company’s portfolio inthe country includes the Atri-um Reduta, Promenada andAtrium Targówek malls inWarsaw.

AAddaamm ZZddrrooddoowwsskkii

Construction on IdealIdea III in Warsawgets underwayPolish small-business-unit ware-house and office space develop-er Ideal Idea has launched con-struction on the first phase of itsIdeal Idea III logistics and

officeproject inW a r s a w ’ sW∏ochy district.

The scheme is locat-ed near ul. Dzia∏kowa, closeto the A2 motorway and War-saw’s international airport,where the company previouslydelivered the Ideal Idea andIdeal Idea II warehouse andbusiness developments.

Ideal Idea has recently pur-chased an additional fourhectares of land in the neigh-borhood for the new invest-ment. Ideal Idea III will con-sist of four buildings compris-ing a combined 18,000 sqm ofwarehouse and office space.

The first to be developedwill be two buildings offering atotal of 11,000 sqm of space,including 8,000 sqm of ware-house modules connected with3,000 sqm of class-A office

areas. This phase of the proj-ect is scheduled to be complet-ed in the second quarter of2013.

“After the success of thefirst two schemes, Ideal Idea

continues to invest inthe W∏ochy

district,”Tom Listowski,

partner and head ofindustrial in Poland and cor-porate relations in CEE atCushman & Wakefield, whichbrokered the land purchasenegotiations, said in a state-ment.

“We believe this schemewill again prove to be success-ful and generate interest froma number of different occu-piers from various sectors,” headded. Ideal Idea III is cur-rently being commercializedand has already got its first ten-ant, Ventia, which has leased1,600 sqm of warehouse space.

AAddaamm ZZddrrooddoowwsskkii

First Holiday

Inn Express in

Warsaw

The Polish Hotel

Company has officially

opened the Holiday Inn

Express Warsaw Airport

hospitality facility in the

Polish capital. The newly

delivered investment

comprises 124 rooms.

The Holiday Inn Express

Warsaw Airport hotel is

the first facility of the

brand in Warsaw and the

first out of a planned 17

hotels which the

company intends to

develop in Poland in

cooperation with the

InterContinental Hotels

Group. The facility is

located on ul. Poleczki in

Warsaw’s Ursynów

district, within the under-

construction Poleczki

Business Park office

complex.

Construction

to launch on

Poznaƒ mallDeveloper RED Real

Estate Development is

finishing preparatory

work on its Galeria

D´biec retail project in

Poznaƒ in western

Poland. Construction on

the scheme is set to

launch soon and finish

in the first quarter of

2014. The two-floor

Galeria D´biec

development will be

located on Poznaƒ’s ul.

28 Czerwca 1956 and

will deliver 9,770 sqm of

retail and service space

housing approximately

50 stores. According to

the developer, talks

with the anchor tenants

of the investment are

now being finalized. ●

CO

UR

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The mall will be the largest in Lublin

Mixed-use investments

Grupa Waryƒski selects partnersfor large-scale Warsaw schemeThe project willcomprise residentialand office space

Grupa Waryƒski has selecteddevelopers Polnord and Dan-tex as business partners withwhom it wants to develop amajor residential-office proj-ect in Warsaw within the nextfew years. Investment agree-ments with the companies areexpected to be signed by theend of 2012.

The planned scheme willbe located on ul. Jana Kaz-imierza in the capital’s Woladistrict, on over 70,000 sqm of

land that is fully owned byGrupa Waryƒski. The develop-ment will comprise around100,000 sqm of usable space,approximately 20-30 percentof which will house offices.

Grupa Waryƒski intends tocarry out the investmentthrough two separate jointventures with the selectedpartners. The formula ismeant to optimize profits andensure a sufficient level ofsecurity for the whole under-taking, the company said in astatement.

The choice of the partnerswas largely influenced by their

ample experience in the War-saw market, stated Jaros∏awJankowski, president of thegroup’s management board.“We hope that the selectedpartners will support us in anefficient development of ourland,” Mr Jankowski said.

Formerly a constructionmachinery producer, GrupaWaryƒski wants to becomeincreasingly active in the prop-erty market in the upcomingyears. The company plans todeliver on its own a 9,000-sqmoffice building in Warsaw’sWola district in the first half of2015. AAddaamm ZZddrrooddoowwsskkii

Investors more active inthe residential marketFalling apartment prices andonly a slight downward cor-rection of apartment rentrates are now making theprofitability of apartmentrenting higher than last year,according to a recent reportby Home Broker and Lion’sHouse.

The study said that this

has already been reflected inthe growing activeness ofinvestors in the Polish resi-dential market. According toHome Broker and Lion’sHouse, 7.3 percent of peoplewho have bought an apart-ment this year did so forinvestment purposes.

AAZZ

DECEMBER 3-9, 2012TTHHEE LLIISSTT18 www.wbj.pl

Corporate Services

Catering CompaniesRanked by revenue from catering in 2011 www.bookoflists.pl

Notes: NR = Not Ranked, WND = Would Not Disclose. Research for the list was conducted in Novem-ber 2012. Number of employees is as of November 2012. All information petains to the companies’ activi-ties in Poland. Companies not responding to our survey are not listed.Footnotes: (1) Financial year: September 1 - August 31; (2) Financial year: October 1 - September 30.

To the best of WBJ ’s knowledge, the information is accurate as of press time. While every effort is made to ensure accuracy and thoroughness, omis-sions and typographical errors may occur. Corrections or additions to The List should be sent, on official letterhead, to Warsaw Business Journal, attn.Monika Brysiak, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (+48) 22 639-8569, or via e-mail to wbjbol@wbj.pl. Copyright 2012, Valkea Media SA.The List may not be reprinted or reproduced in whole or in part without prior written permission of the publisher. Reprints are available.

Rank

Company nameAddressTel./FaxE-mailWebsite

Revenuefrom catering

(z∏. mln)

Total revenue(z∏. mln)

Number ofeventsserved

Largest events catered in 2011:Number of participants

Companyactivity:Canteen

operator /Catering /Restaurant

Banquetswith wait

staff /Mass events

BuffetDrink-bar /Smorgas-

bord

Other services offered Type of cuisine

Tota

l num

ber

of

cate

ring e

mplo

yees

/To

tal num

ber

of

em

plo

yees

/Ye

ar

founded in

Pola

nd

Head chefTop localexecutive

Title

1

Sodexo Polska Sp. z o.o. (1)Al. Jerozolimskie 172, 02-486 Warsaw22 338-9600/22 338-9601info.fms.pl@sodexo.comwww.sodexo.pl

80.081.877.1

217.6205.2188.2

50WNDWND

EURO 2012: 15,000; Madonna’s concert:3,000; Google conference: 500

✓✓✓

✓✓

✓✓✓

Comprehensive food services: on-site canteens, catering, business

banquets and conferences, meals togo, lunch delivery, patient nutrition,

food service for schools

All types of cuisine

8442,0741993

WND Yann GontardGeneral Director

2

Eurest Poland Sp. z o.o.(2)ul. Jana Olbrachta 94, 01-102 Warsaw22 463-4400/22 463-4444eurest.poland@eurest.plwww.eurest.pl

75.869.276.0

80.072.976.0

100WNDWND

Picnic: 1,000; holiday events: 20-500

✓✓✓

✓✓

✓✓✓

Facility managementPolish; regional;international;

themed

9309301993

WND Robert ModzelewskiManaging Director

3

Impel Catering Sp. z o.o.ul. Âl´˝na 118, 53-111 Wroc∏aw71 780-9450/71 780-9511cc.info@impel.plwww.impelcatering.pl

45.438.445

WNDWNDWND

WNDWNDWND

Credit Suisse 5th Anniversary: 800; 31stCongress of Polish Gynecological Association

(coffee breaks, lunch, VIP room): 1,600;banquet: 1,400

✓✓✓

✓✓

✓✓✓

Buffet service; event organization;gift basket preparation and delivery

Traditional Polishcuisine; regional;

international;themed

5755752000

WND Marek Ho∏ówkoPresident

4

P. Dussmann Sp. z o.o.ul. Kurpiƒskiego 55A, 02-733 Warsaw22 827-2290/22 827-2298dussmann@dussmann.plwww.dussmann.pl

21.62018

50.048.043.2

226025

Military unit’s festival: 550; Hospital ofPomeranian Medical University in Szczecin

(holiday celebration): 280; Medisystem(holiday celebration for 5 centers): 400

✓✓-

✓✓

✓-✓

Catering for children; catering forwelfare centers; banquets; outdoor

events; employee cantinesWND

5501,2001993

WND Pawe∏ SkwarczowskiPresident

5

MCC Mazurkas Conference Centre &Hotel Sp. z o.o.ul. Poznaƒska 177, 05-850 O˝arów Mazowiecki22 721-4747/22 721-4751kontakt@mazurkashotel.plwww.mazurkashotel.pl

17.316.315

25.9WNDWND

884WNDWND

Polish Presidency of the EU - catering for onemonth in Kraków and one month in Poznaƒ:20,000; event for Jeronimo Martins: 1,000;IBE - Congress of Polish Education EXPO XXI:

4,600; Sony Ericsson banquet: 600

-✓✓

✓✓

✓✓✓

Sound; lighting; attractionsPolish;

Mediterranean;French

3051052001

Bart∏omiej Czerwiƒski

Andrzej BartkowskiPresident

6

Kr´gliccy Restauracje i Cateringul. Foksal 17, 00-099 Warsaw22 826-0109/22 826-0109restauracje@kregliccy.plwww.kregliccy.pl

6.7WNDWND

3.3WNDWND

560WNDWND

Do & Co EURO 2012: 10,000; Gaz System:500; Colgate Palmolive: 300; Ministry of

Culture: 200; Ministry of Interior andAdministration: 150; Ministry of ForeignAffairs: 200; Chancellery of Sejm: 150;Ministry of Sport and Tourism: 200; the

Senate of the Republic of Poland: 150; Cabinetof Poland: 150; TVP: 500; Edipresse: 500

-✓✓

✓✓

✓✓✓

WND All types of cuisines

3005001988

WND WND

7

Art’Impression Catering Sp. z o.o. ul. Karczunkowska 170, 02-871 Warsaw22 736-2711/22 736-2712events@ai-cateringWarsaw.plwww.ai-cateringWarsaw.pl

5.45.34.0

5.4WNDWND

700WNDWND

Warsaw University of Technology(conference): 500; LOT (Christmas Eve): 500;

Mathematics Congress in PKiN: 400; Gaz-System (Easter party): 350; prom: 310;

Medical University of Warsaw (conference):250

✓✓✓

✓✓

✓✓✓

Arrangements; equipment; technicalservice; photography service

Polish; European;international

8080

2004Andrzej Kiko∏a

Wies∏awSpodarzewski

President

8

Grand Cateringul. Koszykowa 1, 00-564 Warsaw698-822-188/22 621-4258kalina.tarasiuk@grandcatering.plwww.grandcatering.pl

5.0WNDWND

5.0WNDWND

54WNDWND

Kisiel Awards - University of Warsaw Library:700; Komputronik 15th Anniversary: 200; theBright Night - event for Pernod Ricard Polska:300; Projekt Pokolenie 1st Anniversary: 600;

Language Gala in Warsaw University ofTechnology: 300; 6 events for Polish Radio

Channel 3: 900

-✓✓

✓✓

✓✓✓

Event organizationMediterranean;French; Polish

2020

2003

JakubPa∏aszewski

Krzysztof Kostro

9

Agencja Cateringowa Party Sp. z o.o.ul. Rakowiecka 36, 02-532 Warsaw22 849-8597/22 849-8597marketing@party.com.plwww.party.com.pl

32.32.5

3.12.42.5

90018771990

Oscar Night 2011 (cocktail): 450; CentralAgricultural Library/Arkady Kubickiego

(conference): 900; Evmaco (conference):1,500; Mazdy CX5 Promotion (banquet): 550;Metro Group Promotion (conference): 1,200

-✓-

✓✓

✓✓✓

Organization of conferences andevents; tents; arrangements;

equipment; entertainment; sound

Polish; European;international;

themed

7373

1992

RobertKaêmierczak

Ludwika Makowiec;El˝bieta Zielonka

Board Members

9

Party Serwis Catering Melon Sp.j.ul. Mineralna 20, 02-274 Warsaw22 644-2811/22 644-7025biuro@partyserwis.plwww.partyserwis.pl

3.04.94.5

3.0WNDWND

700920680

Paszporty Polityki 2011: 1,600; AVONbanquet (Torwar) 4,500; Warsaw Uprising

Anniversary: 3,000; Forum Orange (Torwar):1,000; the Polish Bank Association 20thAnniversary (Warsaw Philharmonic): 950

✓✓✓

✓✓

✓✓✓

Tents; art direction; photographyservice

International;European; sushi

1601601992

DariuszOleszczuk

Emilia Melon,Tomasz Melon

10

Lunch Service D. Cyran, P. Sobczakul. 11 Listopada 28 B, 05-816 Micha∏owice22 578-0880/22 213-3010catering@lunchservice.com.plwww.lunchservice.com.pl

2.02.22.2

2.02.22.2

30190180

RBS: 750; Orange Polska: 460; Polskie Radio:380; Bank Handlowy: 230; Kredyt Bank: 190

-✓-

✓✓

✓✓✓

Comprehensive service: floraldecorations, banquet chairs and

tables, tents, waiter services

Modern andtraditional Polish;

international

2020

1995Dariusz Cyran

Dariusz Cyran; PiotrSobczak

Owners

11

Santa Fe Partners Sp. z o.o.ul. Zajàczkowska 11, 00-785 Warsaw22 851-2323/22 851-2321kontakt@bluecactus.plwww.bluecactus.pl

0.2WNDWND

10.4WNDWND

480WNDWND

Blue Cactus and Iguana Lounge: 600;catering: 2,000

-✓✓

✓-

✓✓✓

Comprehensive event organization(including art direction, sound, artist

suggestions); themed parties;conference organization; cocktails

Southwesterncuisine; custom

3070

1996Jacek Pietryka Piotr Grajewski

President

12

Restauracja Dom Polskiul. Francuska 11, 03-906 Warsaw22 616-2432/22 616-2488restauracjadompolski@wp.plwww.restauracjadompolski.pl

0.10.40.2

3.5WNDWND

87WNDWND

WND

-✓✓

✓-

✓✓✓

WND Polish and custom

3030

1998

KatarzynaWasilewska

Miros∏awWasilewski

NR

Belvedere - Café ¸azienki KrólewskieSp. z o.o.ul. Agrykoli 1, 00-460 Warsaw22 558-6700/22 558-6777catering@belvedere.com.plwww.belvedere.com.pl

WNDWNDWND

WNDWNDWND

2000WNDWND

Ministry of Foreign Affairs - events duringPolish Presidency of the EU: 8,000; EconomicForum in Krynica: 7,000; Journalists Charity

Ball: 600; Ceramika Parady˝: 450

-✓✓

✓✓

✓✓✓

Modern-design catering equipment;comprehensive service

Polish; international;oriental; fusion;original; custom

1041041991

DariuszMuçko

Artur ZymermanGeneral Manager

NR

Restauracje 99 Sp. z o.o.Al. Jana Paw∏a II 23, 00-854 Warsaw22 620-1999/22 620-1998karolina.drabik@restaurant99.comwww.restaurant99.com

WNDWNDWND

WNDWNDWND

WNDWNDWND

Events for: Boig, Brog Marketing, PwC, T-Mobile, Tchibo, Mazurkas Travel,

Wyborowa, Ernst & Young, Nike, Toyota, K&LGates, PZU, Enea.

-✓✓

✓✓

✓✓✓

Equipment and furniture leasing;decorations; live music; lightning;culinary shows; culinary lessons;accepts unconvencional orders

Polish withinternationalinfluences

1525

1997

ErnestJagodziƒski

Karolina Then-Paszkowska

President

NR

Same Smaki Catering Sp. z o.o.ul. Konstruktorska 6/102, 02-676 Warsaw797-894-117catering@samesmaki.euwww.samesmaki.eu

WNDWNDWND

WNDWNDWND

WNDWNDWND

WND

-✓✓

✓✓

✓✓✓

Flair shows; tents; screens; lighting;sound

Polish; international

3333

2009

Dominik Tolak;AndrzejMikityn

Micha∏ Bogus∏awskiPresident

2011 / 2010 / 2009

Type of events served

Combining the most in-depth social media knowledge with the sophisticated insights of consumer behavior

*Attention USA clients

www.valkea-attention.com

don’t think so.But these companies

is just a fad. Maybe social media

*

DECEMBER 3-9, 2012MMAARRKKEETTSS20 www.wbj.pl

SO

UR

CE

: W

SE

PLN-EUR

4

.122

9

4.

1160

4.1

008

4.1

099

4.09

68

4.1

064

23.1

1

26.1

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27.1

1

28.1

1

29.1

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30.1

14.0

4.2 PLN-USD

23.1

1

26.1

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27.1

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28.1

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29.1

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30.1

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3.1

945

3.

1744

3.1

634

3

.179

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3.15

56

3.15

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23.1

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5.08

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5.

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5.

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5.10 PLN-CHF

3.

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3.4

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23.1

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currency rates

Negative

outlook

Currency report

The closer the end of theyear approaches, the moreinteresting events are be-coming. The Eurogroupfinally agreed on a deal forGreece, which is in realitymostly creative accounting(deferring interest on debtby 10 years, a securities buy-back on a lower than nomi-nal value). Markets receivedthe news positively, helpingthe EUR/USD reach amonthly high of $1.3025.

Published macroeconom-ic data from the US andChina was also a factor con-tributing to improved in-vestor sentiment. On thez∏oty market, there wasrather low volatility. De-creased risk aversion and theflow of capital to the Polishmarket helped the local cur-rency. Bond yields remain athistoric lows despite theworsening outlook for the

Polish economy. The unem-ployment rate increased to12.5 percent but the worstnews came on Friday, show-ing that third-quarter GDPincreased by only 1.4 percenty/y (the market expected 1.8percent).

Taking all this into ac-count, it would seem strangeindeed if the Monetary Poli-cy Council did not cut inter-est rates during its nextmeeting. The z∏oty alreadydiscounted one cut, but witha negative economic outlookwe should expect interestrates to be lowered evenmore in Q1 2013.

The EUR/PLN, whichdeclined during the first partof the week, turned aroundon Friday to finish at zl.4.10.The USD/PLN, after reach-ing monthly lows at zl.3.14,bounced back to finish theweek at zl.3.16. ●

Adam NarczewskiX-Trade Brokers DM SA

SO

UR

CE

: N

BP

Major indices

Top 5 Closing % change (week) 52-week high 52-week low

PBG 6.08 40.42 85.80 3.25REGNON 0.04 33.33 0.22 0.03TRITON 1.65 29.92 3.94 1.02DREWEX 0.24 20.00 0.84 0.16JWCONSTR 4.17 19.83 8.56 3.22

WIG 44,787.84 (November 29 close)

Change for the week: 1.51% 52-week high: 44,787.84

Change year to November 29: 16.88% 52-week low: 36,653.28

Top 5 Closing % change (week) 52-week high 52-week low

KERNEL 68.20 6.65 76.00 51.00LOTOS 37.75 5.80 37.79 21.30PGE 17.85 5.62 21.78 16.72BHW 96.40 4.78 96.90 64.15PKNORLEN 47.69 3.67 47.75 31.44

Bottom 5 Closing % change (week) 52-week high 52-week low

EUROMARK 0.10 -28.57 2.39 0.10ADVADIS 0.03 -25.00 0.11 0.03WESTAISIC 0.79 -21.00 4.50 0.42PETROLINV 1.47 -19.23 3.30 0.95ALTERCO 3.15 -18.60 47.98 0.66

Bottom 5 Closing % change (week) 52-week high 52-week low

BOGDANKA 130.80 -2.53 137.00 103.80PZU 385.10 -1.36 396.70 290.10SYNTHOS 5.53 -1.07 6.78 3.93KGHM 176.50 -0.84 184.70 102.40JSW 85.10 0.24 112.50 82.15

WIG20 2,410.79 (November 29 close)

Change for the week: 1.54% 52-week high: 2,417.32

Change year to November 29: 9.88% 52-week low: 2,035.80

mWIG40 2,490.33 (November 29 close)

Change for the week: 1.57% 52-week high: 2,561.94

Change year to November 29: 13.70% 52-week low: 2,076.52

sWIG80 9,956.34 (November 29 close)

Change for the week: 1.49% 52-week high: 10,536.29

Change year to November 29: 15.71% 52-week low: 8,218.71

NewConnect 33.18 (November 29 close)

Change for the week: -1.28% 52-week high: 43.83

Change year to November 29: -20.03% 52-week low: 33.36

WIG-Banki 6,291.35 (November 29 close)

Change for the week: 2.21% 52-week high: 6,495.06

Change year to November 29: 13.50% 52-week low: 5,163.30

DJIA13,021.82 (Nov 29 close)

1.44% (for the week)

CHANGE: 5.04%

(year to Nov 29)

52-week high: 13,661.90

52-week low: 11,735.20

NASDAQ3,012.03 (Nov 29 close)

2.92% (for the week)

CHANGE: 13.72%

(year to Nov 29)

52-week high: 3,196.93

52-week low: 2,518.01

S&P5001,415.95 (Nov 29 close)

1.79% (for the week)

CHANGE: 10.88%

(year to Nov 29)

52-week high: 1,474.51

52-week low: 1,202.37

FTSE1005,870.30 (Nov 29 close)

1.37% (for the week)

CHANGE: 2.99%

(year to Nov 29)

52-week high: 5,989.10

52-week low: 5,229.80

DAX7,400.96 (Nov 29 close)

2.15% (for the week)

CHANGE: 21.82%

(year to Nov 29)

52-week high: 7,478.53

52-week low: 5,366.50

NIKKEI2259,400.88 (Nov 29 close)

0.36% (for the week)

CHANGE: 9.82%

(year to Nov 29)

52-week high: 10,255.20

52-week low: 8,238.96

world stock indices

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Stocks higher despite

negative data

Stocks report

Monday’s trading on theWSE saw some of thebiggest gains in Europe.The session was dominatedby unofficial informationcoming from the summit ofeuro zone finance ministersand the IMF, namely thatanother tranche of financialaid would be given toGreece.

The blue-chip WIG20ended the day 0.31 percenthigher while the WIG madegains of 0.37 percent.KGHM’s shares gained 1.6percent while Lotos was up 2percent. Tuesday was worse,with KGHM leading thelosses. The firm’s shares fellup to 3.5 percent during thesession. At the end of theday, the WIG20 was down0.05 percent.

On Wednesday, Lotosand PKN Orlen led gains,rising 3.4 percent and 2.2percent respectively. Data

on US housing was worsethan expected and theWIG20 ended the day 0.4percent down.

Thursday saw optimismreturn. This was largely dueto a good session in the USthe previous day afterinvestors believed therewould soon be a deal on the“fiscal cliff.” The WIG20ended 0.39 percent up.

On Friday, investors hadto deal with the bad newsthat the Polish economygrew only 1.4 percent y/y inQ3. However, investorsinterpreted this data assomething that would forcethe Monetary Policy Councilto cut Poland’s benchmarkinterest rate by at least 50basis points in December. Inthe end, the WIG20 finishedthe day 0.45 percent upwhile the overall WIG was0.51 percent higher.

RReemmii AAddeekkooyyaa

DECEMBER 3-9, 2012 SSPPOORRTTSS www.wbj.pl 21

Cross-country skiing

PPoooorr ssttaarrtt ttoo sseeaassoonn ffoorrJJuussttyynnaa KKoowwaallcczzyykk

Soccer

Perquis dropsTomaszewskilawsuit The former Polishgoalkeeper calledPolish player DamienPerquis “Frenchtrash”

Poland international soccerplayer Damien Perquis hasdropped legal action againstex-Poland goalkeeper JanTomaszewski, who previouslyreferred to the Real Betisdefender as “French trash”who was not fit to wear thePoland shirt.

Mr Tomaszewski, who isnow a politician for Polishopposition party Law and Jus-tice (PiS), appeared in ¸ódêDistrict Court last week onlyto be told that Mr Perquis hadwritten to the court withdraw-ing the lawsuit and as a resultthe case was being dropped.

The former Poland inter-national, who gained fame forhis amazing display of goal-keeping in a match againstEngland in 1973, accepted thedecision saying that his state-ment was never addresseddirectly to the player, and was

only a metaphor for the situa-tion of the Polish nationalteam.

“If Perquis understandsthat these words are utteredagainst him, I’m sorry,” hesaid.

Mr Tomaszewski has oftenbeen seen as a controversialfigure, well known for his out-spoken views about both soc-cer and politics. In Septemberthis year he was sued by for-mer Poland coach FranciszekSmuda after Polish mediareported him calling the coach“uncouth.” The former ¸KS¸ódê man was found guiltyand ordered to pay z∏.50,000in damages to Mr Smuda.

He was a long-time criticof Poland’s former manager,when the latter was at thehelm of the national team,saying prior to Euro 2012, “Ido not identify with the teamof Smuda. Even if he wins theEuropean Championship Iwill not be cheering for him.I’ll be rooting for Germany,who have a very promisingteam.”

DDaavviidd IInngghhaamm

The Polish skier couldbe in for a toughseason if her formdoesn’t improvequickly

Justyna Kowalczyk finished theinaugural cross-country skiingevent of the winter in 27th place.The 10km race in Gällivare waswon by last year’s overall WorldCup winner, Norway’s MaritBjøergen.

Poland’s top skier oftenstarts the season slowly, withseventh place her highest-everopening day finish, but on theeve of the race Ms Kowalczykhad seemed positive, saying inan interview with fiscrosscoun-try.com, “I hope that this will bea really good season.”

However, following therace, which saw her finish in 23minutes and 55 seconds, almosta minute and a half behind MsBjøergen, the Polish skier’scoach, Aleksander Wierietiel-ny, told sports newspaperPrzeglàd Sportowy, that the onlypositive he could take from herresult was that it couldn’t possi-bly be any worse in the future.

“It will be better, but we’llsee, as we approach the start inFinland, about the intensitywith which we train in the com-ing days,” he added.

Ms Kowalczyk is one ofthe most successful crosscountry skiers of all time. Aswell as winning OlympicGold at the 2010 Vancouver

games, the Pole also has twoWorld Championship goldsand three overall World Cuptitles.

DDaavviidd IInngghhaamm

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Justyna Kowalczyk (front)

DECEMBER 3-9, 2012LLIIFFEESSTTYYLLEE22 www.wbj.pl

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Film festival

HHuummaann ssttoorriieessChristmas market

FFeessttiivvee cchheeeerr

Paradise Lost 3: Purgatory

Christmas MarketUntil January 6Old Town SquareWarsaw

The capital’s much-lovedChristmas market will onceagain provide those in War-saw with the opportunity todrink, eat, and be merry, in ahistoric location this festiveseason.

With over 70 woodenstalls, food outlets and bars tochoose from, and produceprovided by sellers from Aus-tria, Croatia, Germany,Lithuania, Slovakia, as well asPoland, a Yuletide visit to themarket is certainly recom-mended.

Hot bowls of bigos,bratwurst, fried potatoes,smalec and various curedmeats and sausages areamong the delicacies avail-able. Hot mulled wine andregional beers are also onoffer, with an indoor bar withlong wooden tables protectingpatrons from the cold weatheroutside. There will also becarol concerts and nativityscenes, as well as the annualWarsaw Christmas tree out-side the castle, just a few min-utes’ walk away.

And if you’re still unsurewhat to buy relatives for

Christmas, then there arenumerous gift ideas includinghand-crafted decorations, nutcrackers, Russian dolls, andfolk art work, which should

appeal to family membersback home.

The market is open from12 pm to 8 pm daily.

DDaavviidd IInngghhaamm

12th WATCH DOCS festivalDecember 7-16Kino Iluzjon andother venuesWarsaw

One of the oldest festivals ofits kind in Europe, WatchDocs aims to highlight humanrights issues from across theglobe. This year’s event openswith a screening of one part ofacclaimed director WernerHerzog’s film “On DeathRow.” The film focuses onLinda Carty, who was convict-ed of kidnapping and killing a

25-year-old woman.The event will also feature

a retrospective of Iraniandirector Jafar Panahi, whooriginally gained fame throughhis debut feature “The WhiteBalloon” which won the Prixde la Camera d’Or at the 1995Cannes Film Festival.

Among the other must-seescreenings is “Paradise Lost 3:Purgatory,” the final part inthe Paradise Lost trilogy,which details the arrest, mur-der, trial, 18-year imprison-ment, and eventual release of

Damien Echols, Jason Bald-win, and Jessie Misskelley,otherwise known as the WestMemphis Three.

Along with providing theopportunity for viewers to seereal-life events on film, WatchDocs also involves discussionswith filmmakers, NGOactivists, experts, journalistsand politicians.

DDaavviidd IInngghhaamm

For more information,log on to watchdocs.pl

Publication partners: Strategic partner for Spanish & Chinese editions:Conference partners:

w w w . b i l a n s . e u

Media patronage:

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Shop for Christmas goodies at over 70 wooden stalls

In Techeye’s experience, it’s harder tofind good presents for ladies than it isfor menfolk or kids. Rarely do ourgifts please them, and we’ve triedalmost everything, including laserdepilators, monkey-shaped nail dry-ers, heated mittens, techno-aprons,electronic spatulas and even the “She-wee Extreme” (the less said aboutthat, the better).

So this year, even with Christmasstill a ways off, Techeye has been givingserious thought to presents for ourfavorite females. First up: Apple’s lat-est MacBook Air. Yes, this is a gener-ic, mainstream sort of gift. But thelady who finds one of these under thetree is unlikely to react by scratchingout the gift-giver’s eyes.

Two MacBook Air models areavailable, with 11- and 13-inch dis-plays, respectively. The 11-inch modelcomes equipped with a 1.7 GHz, dual-

core Intel Core i5 proces-sor and 64/128 GB of flashstorage ($999/$1,099). Itslarger sibling has a 1.8GHz version of the sameprocessor and 128/256 GBof storage ($1,199/$1,499).Battery life is best-in-class,but on the downsideApple hasn’t gottenaround to equipping theMacBook Air with a Reti-na display.

What makes this a good girl pres-ent? Well, it’s light (just 1.08 or 1.34kg, depending on the model) and it’sabout as lithe as a laptop can get. Thecombination of attractive design andstrong technical performance doesn’thurt either. A word of caution,though: the MacBook Air might notplease an environmentally mindedlady. It uses less power than some

competing products, yes, but itssvelteness comes at a cost, and thatcost includes ease of repairability andrecyclability.

Nikon’s Coolpix S01 is anotherfine gadget for the fairer sex. It’s cuteand wee, almost toy-like in largehands (transvestites take note), andhas a 2.5-inch touchscreen that suitswell-manicured fingers. Moreover,it’s cheerfully colorful and would fitneatly in even a small purse, not thatwomen ever carry small purses.

OK fine, it looks nice, but you’reprobably wondering if it’s a goodcamera. And the answer is: kind of.The Coolpix S01 has a 10.1 MP sen-sor, which is considerably lessimpressive than other mid-price(albeit larger) cameras on the mar-

ket, and there are a few bellsand whistles but nothingexceptional. Picture qualityis adequate, but the flash isweak and some customershave complained the camerais slow to autofocus andshoot.

Also, at $179.95, it’s notthe cheapest mini-cameraout there. But it just mightbe the most adorable.

Last among Techeye’sideas for the Y-chromosome chal-lenged is the Buddha Machine III.According to its maker, China-basedmusicians FM3, the Buddha Machineis “a small plastic box that plays medi-

tative music.” To be precise, it playsfour different loops of Chinese classi-cal music through a little speaker.

It’s not a complicated device, andthat’s the point. The Buddha MachineIII, like its two predecessors, is meantto be simple and straightforward, thevery antithesis of most gadgets thesedays. Its ambient music is an alterna-tive to silence, a soothing aural experi-ence that doesn’t demand active lis-tening.

You can find Buddha Machines onAmazon for $26.99. They come in sev-eral colors, are useful for tuning outnoisy men and children, and, crucially,they aren’t sharp enough to stab with.●

DECEMBER 3-9, 2012 LLAASSTT WWOORRDD www.wbj.pl 23

Presents that (probably) won’t infuriate femalesTech Eye

Ever enraged a lady with a poorly chosen present? Let us know: techeye.wbj@gmail.com

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Centre forContemporary Art atUjazdowski Castle ul. Jazdów 2www.csw.art.pl

Czarna Gallery ul. Marsza∏kowska 4www.czarnagaleria.art.pl

Fibak Galleryul. KrakowskiePrzedmieÊcie 5www.galeriafibak.pl

Galeria 022, DAP, Lufcik ul. Mazowiecka 11awww.owzpap.pl

Galeria 65 ul. Bema 65www.galeria65.com

Galeria Appendix 2ul. Bia∏ostocka 9www.appendix2.com

Galeria Asymetria ul. Nowogrodzka 18awww.asymetria.eu

Galeria Foksal ul. Foksal 1-4www.galeriafoksal.pl

Galeria Milano Rondo Waszyngtona 2Awww.milano.arts.pl

Galeria Schody ul. Nowy Âwiat 39www.galeriaschody.pl

Galeria XX1 Al. Jana Paw∏a II 36www.galeriaxx1.pl

Galeria Zoya ul. Kopernika 32 m.8www.zoya.art.pl

Green Gallery ul. Krzywe Ko∏o 2/4www.greengallery.pl

KatarzynaNapiórkowska Art Galleryul. Âwi´tokrzyska 32, ul. KrakowskiePrzedmieÊcie 42/44and Old Town Square19/21www.napiorkowska.pl

Królikarnia NationalGalleryul. Pu∏awska 113awww.krolikarnia.mnw.art.pl

Le Guern Galleryul. Widok 8, www.leguern.pl

Museum ofIndependenceAleja SolidarnoÊci 62www.muzeumniepodleglosci.art.pl

National Museum inWarsaw Al. Jerozolimskie 3www.mnw.art.pl

Polish National Operaat Teatr WielkiPl. Teatralny 1www.teatrwielki.pl

Pracownia Galeriaul. Emilii Plater 14www.pracowniagaleria.pl

Rempex Art and Auction Houseul. Karowa 31www.rempex.com.pl

Royal CastlePl. Zamkowy 4www.zamek-krolewski.com.pl

Simonis Galleryul. Burakowska 9www.simonisgallery.com

State ArchaeologicalMuseum in Warsawul. D∏uga 52www.pma.pl

State EthnographicMuseumul. Kredytowa 1www.ethnomuseum.website.pl

Historical Museum of Warsaw Old Town Square 28-42www.mhw.pl

History Meeting House of Warsaw ul. Karowa 20www.dsh.waw.pl

Warsaw Philharmonic ul. Jasna 5www.filharmonia.pl

Warsaw RisingMuseum ul. Grzybowska 79www.1944.pl

Wilanów PalaceMuseum and WilanówPoster Museumul. St Kostki Potockiego10/16www.milanow-palac.plwww.postermuseum.pl

Zachęta National ArtGalleryPl. Ma∏achowskiego 3www.zacheta.art.pl

Museums, galleries and venues in Warsaw

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To advertise in WBJ’s classifieds section, contactMs Agnieszka Brejwo, at

(+48) 222-577-526 or abrejwo@wbj.pl