Effectiveness is most important - Bank Pekao SA · Bank Polska Kasa Opieki S.A. with the seat in...

Ladies and Gentlemen

I am handing over to you the first in this year edition of our Kontakt Plus quarterly.

In the recent days we were pleased to present the information on results of Bank Pekao for 2012 to our Clients, partners and journalists. Thanks to the effort of nearly 20 ths. employees of the Pekao Group we achieved the results much better than our competitors. This success is even more important because we achieved it in a very difficult economic environment. These results guarantee security for your cash flows and investments.

After summing up the past year, full of football emotions, we are coming back for good to our everyday business reality. Although the big investments in sport-related projects are over, the financial needs of municipal units are not diminishing. These needs have always had a special place in philosophy of Bank Pekao. I encourage you to read the interview with Rafał Petsch, who is in charge of servicing and supporting public sector at our Bank, about the phenomena and legislative changes that will exert the strongest impact upon financial policy of municipalities in the next months.

We also dedicate a separate article to another, special and demanding group of corporate Clients, i.e. non-governmental organisations. Bank Pekao is building up its experience in this field servicing 400 non-profit organisations on everyday basis.

Finally, I encourage you to read the article about the sources of capital alternative to loans. Bonds issue or leasing are becoming more and more the hot issues not only on the Polish market.

With kind regards

Andrzej KopyrskiVice President of the Management Board of Bank Pekao in charge of the Corporate and Investment Banking DivisionMagazine for Corporate Clients of Bank Pekao SA

Quarterly no. 1/2013 (13)

2012 financial wrap up

If not loan then what? – about alternative sources of financing current activities

Effectiveness is most important – we talk with Rafał Petsch in charge of cooperation with the public sector at Bank Pekao

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CONTENTS >>

www.korporacje.pekao.com.plThe presented information does not constitute an offer in understanding of art. 66 and subsequent articles of the Civil Code (JoL from 1964 no. 16, item 93). Bank Polska Kasa Opieki S.A. with the seat in Warsaw, entered into the Register of Entrepreneurs under the KRS no. 0000014843 maintained by the District Court for the Capital City of Warsaw, XII Economic Division of the National Court Register; NIP: 526 00 06 841; amount of statutory capital and paid in capital: 262 470 034 PLN as at 28 December 2012.Kontakt Plus is available on Bank’s website: www.korporacje.pekao.com.pl and in PekaoBIZNES24 system in „Files to download” section.The quaterly is edited by the Communication and Marketing Support Office of Bank Pekao.Editors: [email protected]

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CONTENTS

2 KONTAKT PLUS | Magazine of Bank Pekao SA | Quarterly no. 1/2013 (13) | www.korporacje.pekao.com.pl

NEWS

10EffECTivENESS iS mOST impOrTaNT – we talk with Rafał Petsch in charge of cooperation with the public sector at Bank Pekao

QUarTErLY HiGHLiGHT

marKET apprECiaTiON

BaNK pEKaO aWardEd aGaiN BY THE WarSaW STOCK ExCHaNGE 15

2012 fiNaNCiaL Wrap Up 3

➡ www.pekao.com.pl ➡ www.korporacje.pekao.com.pl

BaCK TO TiTLE

paGE

prOdUCT OffEr

if NOT LOaN THEN WHaT? – aBOUT aLTErNaTivE SOUrCES Of fiNaNCiNG CUrrENT aCTiviTiES 8

BaNKiNG fOrUm 2013. WHaT’S Up iN THE WOrLd Of fiNaNCE? 4

KEY TraNSaCTiONS

fiNaNCiaL aSSiSTaNCE TO LOTOS S.a. GrOUp 12

BaNK pEKaO fiNaNCES iNvESTmENT iN THE HEarT Of THE TaTra mOUNTaiNS 13

BaNK pEKaO – THE BEST fOrEiGN ExCHaNGE prOvidEr iN pOLaNd 15

marKET apprECiaTiONprOdUCT OffEr QUarTErLY HiGHLiGHT KEY TraNSaCTiONS CLiENT SErviCENEWSCONTENTS

WHY arE WE BULLiSH: THE „GrEaT riSK NOrmaLizaTiON” prOCESS 5

20 YEarS Of “paSzpOrTY pOLiTYKi” – a paSS TO THE WOrLd Of arT 6

TWENTY firST aNNivErSarY Of THE GrEaT OrCHESTra Of CHriSTmaS CHariTY 7

CLIENT SERVICE

THird SECTOr BaNKiNG NEEdS 14

UNiCrEdiT aGaiN THE BEST CaSH maNaGEmENT prOvidEr iN CENTraL aNd EaSTErN EUrOpE 16


www.pekao.com.pl




On 15 March, at the press conference for the analysts and journalists, President Luigi Lovaglio announced the results of Bank Pekao for 2012.

2012 fiNaNCiaL Wrap Up

It was certainly an exceptional year for us, among other things, due to con-siderable share of the Bank in financing the most important infrastructural investments in Poland and sponsorship of UEFA EURO 2012TM as well as brand refreshment and new visualisation of the Bank’s logo in white-red colours.

At the same time, an economic slowdown could be observed both on the European market and in Poland, which caused that majority of stock exchange listed companies did not forecast good results.

However, 2012 was a good year for our Bank. President Lovaglio emphasised that the net profit in the amount of 2 956 mln PLN (1,9% y/y) was generated thanks to early preparation for economic slowdown and our ability to adjust quickly to a new economic environment. Just like the year before, the net profit increase was largely driven by 6,0% growth of operating profit.

We have also confirmed our leadership position in risk management, with cost at 0,72% and NPL ratio at 7,5%, even in environment of growing sec-tor-wide pressure on corporate asset quality.

Our operating costs remained under strict control and they dropped by 1,3% as compared to 2011. The Bank recorded a strong increase of retail loans by 10,2% y/y which reached the amount of 40 485 mln PLN. We ended 2012 with the Core Tier 1 ratio at a very high level of 19% (the minimum required by EBA is 9%).

The volume of PLN mortgage loans grew by 22,6%, reaching 22 868 mln PLN, while consumer loans increased by 4,5% to 7 131 mln PLN. Strategic corporate loans increased by 0,3% to 33 077 mln PLN, while total corpo-rate loans decreased by 2,0% to 62 679 mln PLN. Retail savings grew by 3,2% y/y, reaching 64 723 mln PLN. Corporate deposits increased in 2012 by 0,7% and reached 62 993 mln PLN.

We are proud of defending our top position in corporate banking both in terms of bonds issue as well as financing and service of public sector.

President of Bank Pekao also announced that he would propose at the Ge-

neral Meeting to adopt a resolution on paying out dividend of as much as 8,39 PLN per share, which means that 75% of the company’s profits will be earmarked for that purpose. The level of proposed dividend is one of the highest in the recent years.

LeAding BAnk in energy SeCtor LeAder in PuBLiC SeCtor

13 bln exposures 12 bln exposures

Pekao 58%

Pekao 67%

Pekao 50%

Pekao 30%

Bank 2 16%

Bank 3 12%

Others 42%

Leader in corporate bonds issue

Banker of 7 out of 12 biggest Polish cities

Financing of 6 out of 9 regional airports

Financing of urban transport in 6 out of 12 biggest Polish cities


2012 fiNaNCiaL Wrap Up BaNKiNG fOrUm 2013. WHaT’S Up iN THE WOrLd Of fiNaNCE?

WHY arE WE BULLiSH: THE „GrEaT riSK NOrmaLizaTiON” prOCESS

20 YEarS Of “paSzpOrTY pOLiTYKi” – a paSS TO THE WOrLd Of arT

TWENTY firST aNNivErSarY Of THE GrEaT OrCHESTra Of CHriSTmaS CHariTY

Pkn orlen

1 000 000 000 PLn7-year senior bonds issue

Arranger,

Joint bookrunner

Pgnig

2 500 000 000 PLn5-year senior bonds issue

Arranger,

Joint bookrunner




BaNKiNG fOrUm 2013. WHaT’S Up iN THE WOrLd Of fiNaNCE?This year’s Banking Forum, titled “Financing Polish Economy During Economic Slowdown and Numerous New Regulatory Initiatives”, was held on 13 March at the Sheraton Hotel in Warsaw. The bank top managers, representatives of state authorities and scientific circles discussed the most important challenges the banking sector is facing in the coming years.

F orum is the annual conference of banking community organised by the Polish Banks Association (PBA) at which the current issues, vital to the

world of finance, are discussed.

The debates were opened by Krzysztof Pietraszkiewicz – President of PBA, whereas the guests of this year’s forum included: • dr Janusz Piechociński – Deputy Prime Minister, Minister of Economy,

who touched on the issue of challenges that banks are facing in the era of crisis and the role banks play in providing financing to economy;

• Janusz Cichoń – Deputy Minister of Finance, who presented the report on financial situation of Poland and the prospects for the coming years;

• prof. Marek Belka – President of the National Bank of Poland, who in-troduced the participants to the debate about the challenges for banks resulting from new prudential regulations;

• Paweł Tamborski – Undersecretary of State in the Ministry of State Treasury, who discussed the solutions and action plan devised for the Polish Development Investments company which is to be responsible – together with Bank Gospodarstwa Krajowego – for the announced Polish infrastructure development program.

During the Banking Forum there were discussion panels, attended by presidents of management boards of banks operating in Poland, devoted to business strategy of banks at the time of economic slowdown and the challenges resulting from neces-sity to perform financial restructuring of both individual and institutional Clients.

Bank Pekao was represented by Andrzej Kopyrski, Vice President of the Management Board supervising the Corporate and Investment Banking Division, who emphasised that: the banking sector is capable of providing financing to companies, whereas the level of debt in that area in relation to GDP amounts to 16% in Poland as compared to 46% in Western Europe. A positive aspect of such a low level of economic leverage is the flexibility of companies in crisis situation.

The economic situation and unemployment rate as well as social engi-neering, such as communication via media or behaviours of financial in-stitutions that impact companies’ investment decisions, were regarded by Forum participants as the key factors affecting demand and credit activity.

The bankers anticipate that launching of the ”Polish Development Invest-ments” program (which is to stimulate development of domestic infra-

structure, creation of new work posts and GDP growth), mitigation of Rec-ommendation T (a set of good practices in terms of credit risk) and the announced mitigation of Recommendation S (the lists of good practices for banks in sale of mortgage loans), decrease of interest rates and de mini-mis guarantee program may give together a fresh impetus to enlivening of credit activity.






Panel on business strategy of banks at the time of economic slowdown (from the left): Sławomir Sikora – CEO, Bank Handlowy w Warszawie, Dariusz Daniluk – CEO, Bank Gospodarstwa Krajowego, Bartosz Drabikowski – Vice President of the Management Board, PKO BP SA, Andrzej Kopyrski – Vice President of the Management Board, Bank Pekao, Mieczysław Groszek – Vice President of PBA (moderator).




WHY arE WE BULLiSH: THE „GrEaT riSK NOrmaLizaTiON” prOCESSFor many years, Bank Pekao has enjoyed a high esteem on the foreign exchange market and as a Dealer of Treasury Securities. This is confirmed, among other things, by the titles awarded by both Polish authorities (Ministry of Finance) and the renowned international magazines, such as Global Finance. Our services are used by the biggest financial institutions and corporations and the experts, acting on behalf of those institutions, who expect professional support in investments. We extend this support not only by providing modern customised products and current service at the highest level but also by sharing with you our professional knowledge and know-how.






OUr ExpErTS'

viEW

Erik F. Nielsen, Chief Economist of UniCredit

A ll the operations performed by dealers on the market must be based on solid knowledge of macroeconomic trends and forecasts prepared

by experienced analysts. Our Clients eagerly reach out for bank publications, and sometimes they participate in the international seminars, which is an occasion for direct contacts and exchange of observations with economists.

The Chief Economist of UniCredit, who gained experience working, among other things, for Goldman Sachs, the World Bank and International Mon-etary Fund, belongs certainly to the group of recognized experts in finan-cial markets. Erik F. Nielsen, referred to above, paid a visit to Poland on 13 March 2013 and participated in the seminar organised for corporate Clients of Bank Pekao.

His presentation – Why are we bullish: The "Great risk normalization" pro-cess – was devoted to the analysis of key trends on financial markets in the next months. Erik F. Nielsen expressed a fairly positive opinion that the market is stabilising and the surplus of funds will incline the investors to take on slightly higher risk, e.g. in the form of more aggressive purchases on the stock market. In this context it is also important that the debt mar-kets bear no signs of further appreciation, whereas the bonds of the most stabilised economy in Europe – Germany – already bear interest lower than inflation.

The above-presentation was supplemented by presentations delivered by Marcin Mrowiec, Chief Economist of Bank Pekao, and Tomasz Piałucha, Global Head of CEE Trading in UniCredit. Tomasz Piałucha presented the situation on financial markets in Central and Eastern Europe from a trader’s perspective. Marcin Mrowiec talked about the forecasts concerning Polish economy in 2013 and about the expected economic rebound already as

of the second quarter this year. According to the forecasts, clearer signals of this rebound should be seen at the end of June, whereas each next quarter in the following year should be better and better. The scale of economic recovery, however, is likely to be very moderate. This will primarily result from weak domestic labour market (and the related pri-vate consumption), aversion of private sector to start new investments and the prospect of negative dynamics of EU investments in the current year, as compared to the year before.

In the opinion of guests participating in the semi-nar, mainly the representatives of investment funds, insurance companies and large corpora-tions, such meetings are an excellent opportunity to share opinions and experiences.

The Bank Pekao’s position on the financial market results primarily from the Clients’ confidence. It is owed to professionalism and experience of our traders. We try to build this confidence also with the use of meetings, such as the one organised in March.

We warmly encourage those of you who did not participate in the seminar with Erik F. Nielsen to read the interview with him published in one of the coming issue of the Polityka weekly.




Paszporty Polityki (Polityka Passports) is one of the most prestigious cultural awards in Poland. The Gala at which Passports were handed in to the most promising artists last year was attended by the award winners, nominees, representatives of government and a big group of journalists. The Gala of Paszporty Polityki was held on 15 January 2013 in the Grand Theatre – National Opera House in Warsaw.


P olityka handed in its Passports already for the twentieth time. The award is granted in six categories: literature, film, theatre, classical mu-

sic, pop music and visual arts. A special award titled “Creator of Culture” has also been handed in to the outstanding artists since 2002.

Paszporty Polityki are received by young artists, promising or already outstan-ding in their fields. The award is a mark of recognition for their artistic identity and European rank of their works, artistic courage and perseverance. The so far laureates of Paszporty Polityki belong currently to the top Polish artists. They include among others: Tadeusz Różewicz, Krzysztof Krauze, Mariusz Treliński, Małgorzata Szumowska, Maria Peszek, Fisz and Emade, Michał Witkowski, Woj-tek Smarzowski and Leon Tarasewicz.

An important difference of this year’s competition was the changed me-thod of selecting the winners – apart from critics and journalists working for Polityka the winners could also be selected by the weekly readers.

This year, the editors of Polityka awarded a special, double commendation to Elżbieta and Krzysztof Penderecki. The special award called ”Laurel for the Creator of Culture” has been handed in for 11 years to the persons whose works and activity in the field of culture affect others, inspire and contribute to promotion of Polish art. The so far laureates of this category include: Andrzej Wajda, Jerzy Owsiak, Maria Janion and Mariusz Adamiak.

The musical setting of the evening (both a short concert and the jingles announcing particular categories) was created by the Skalpel duet, consi-sting of Marcin Cichy and Igor Pudło (laureates of Paszporty Polityki in the category of pop music for 2005), and Piotr Orzechowski – who performs under the pseudonym “Pianohooligan”.

Bank Pekao – already for the fifth time – was a partner of the competition and sponsor of the Paszporty Polityki Gala. As usual the Gala was broadcast on TVP2.

FILM

Marcin DorocińskiFor the main roles in the films: ”Róża” (Rose) and ”Obława” (The Hunt). For the absolute actor’s pitch that protects him from commercial and rubbish art, and for the fact that he is developing his artistic skills year by year, film by film.

LITERATURE

Szczepan TwardochFor ”Morfina” (Morphine) – an outstanding novel. Twar-doch’s gloomy grotesque shines like a precious stone against the boring and grey background of identity search in Polish literature of the recent years.

POP MUSIC

Très.bFor the group’s ability to perfectly combine melody and climate with energy and precision. For intelligent pop music – chatty, intimate, modest – that fills up the gap on our indie rock scene.

CLASSICAL MUSIC

TWOgether DuoFor the very mature and distinctive interpretations of con-temporary repertoire. For artistic courage, undertaken risk and for being consistent. For building the repertoire for the extraordinary set of instruments. For stimulating our

imagination, concert creations and cogency.

THEATRE

Iwan WyrypajewFor reminding Polish theatre that scenic art can also be a po-etry. For believing – contrary to existing trends – in the power of story and firm construction of the text. For his ability to bring out a new tone from actors, experimenting with their scenic “ego”.

VISUAL ARTS

Julita WójcikFor creativity hidden both in simple actions and interper-sonal relations. For being consistent in proving that life can be art, and for resisting the attacks.

CREATOR OF CULTURE

Elżbieta PendereckaFor organisation of important musical events, including primarily the Ludwig van Beethoven Easter Festival. For bringing out to daylight the manuscripts of great compos-ers maintained in the Library of Jagiellonian University. For

support given to Sinfonietta Cracovia and the Beethoven Academy Orchestra. For great merits to the Polish music life of which she is a creator and good spirit.

Krzysztof PendereckiFor outstanding and innovatory musical compositions thanks to which Polish mu-sic gained international renown. For the avant-garde compositions, such as ”Tren” (Threnody), ”Anaklaksis”, ”Polymorphia”, ”Pasja” (Passion) and ”Jutrznia” (Matins), but also for the ones in which he arranged his musical universe: operas, sympho-nies, ”Polish Requiem”, chamber music. For many years of his pedagogical work and fruitful cooperation with young artists who discover his music anew, and he is a Master and partner inspiring them to set off on creative search.

Laureats of Paszporty Polityki 2012








http://www.polityka.pl/paszportypolityki/nominacje2012/1532117,1,film-2012-nominowany-marcin-dorocinski.read

http://www.polityka.pl/paszportypolityki/1533503,1,literatura-2012-nominowany-szczepan-twardoch.read

http://www.polityka.pl/paszportypolityki/nominacje2012/1533317,1,muzyka-popularna-2012-nominowane-trsb.read

http://www.polityka.pl/paszportypolityki/nominacje2012/1532519,1,teatr-2012-nominowany-iwan-wyrypajew.read


Already 21 years have passed since the first spontaneous money collection campaign aimed at raising funds for the Children’s Cardiac Surgery Ward in Centrum Zdrowia Dziecka (Children’s Memorial Health Institute). Our Bank has been cooperating with the Orchestra since 1999 and it remains the greatest charitable venture of Bank Pekao taking into consideration the financial and organisational involvement in this project. Every year about 1800 employees and our 150 branches all over Poland work for the Foundation.


F or over 20 years of its activity, the Great Orchestra of Christmas Charity

(GOCC) has provided clinics and hospi-tals with medical equipment indispen-sable for saving lives and effective medi-cal treatment of small children, and the Orchestra has gained a great deal of ex-

perience in this respect. This year, for the first time, the Foundation will earmark a part of the collected amount for decent treatment of elderly people.

The January Grand Finale was summed up during the press conference held on 6 March 2013, to which Jerzy Owsiak also invited the Minis-ter of Health. The GOCC headquarters were to complete settlement of funds by the end of February and it turned out that the collected amount of 50,6 mln PLN is a little bit higher than the amount raised the year be-fore. When this amount is added to the funds raised in previous editions than we receive an impressive amount of over 540 mln PLN. The money allowed the Foundation to provide 650 medical units in Poland with medi-cal equipment, conduct trainings under the campaign titled “We Save Life

and We Teach How to Save It” and launch a number of medical programs supporting prevention and treatment of chronic diseases among children.

WE PLAY WITH THE ORCHESTRAJust like in the previous year, Bank Pekao transferred a donation of 2 mln PLN in favour of the Foundation. Traditionally, the Bank issued a special payment card on the occasion of the Grand Finale. Using the card actively, every holder of an account maintained with the Bank supports the Foundation all year long. However, we are pleased most with the fact that our employees are willing to make their personal contribution to organization of such a big venture as the Great Orchestra of Christmas Charity.

Every year, the branches of our Bank, which is the Official Banker of the GOCC, are used by the Foundation as the Orchestra’s headquarters. On the second Sunday in January, over 1800 employees undertake to count and segregate the collected money. 80% of donations are coins where apart from Polish zlotys you can find dollars, euro, Swiss francs, British pounds and many other currencies. In addition, Poles hand over to vol-unteers their valuables in the form of jewellery, watches, silver cutlery or paintings. Our employees also hand over their individual donations the value of which is increased thanks to support of Unidea Foundation.

Creativity of Jurek Owsiak makes that the Grand Finale takes us by surprise with something new every year. We are already waiting for the next emotions in January 2014. We are full of enthusiasm and we hope that we will play with the Orchestra until the end of the world and a day longer.

We write more about Bank Pekao’s cooperation with non-profit or-ganisations in the Client Service section (page 14).

XXi FinALe in nuMBerSCollected amount 50 657 747 PLnGolden heart no. 1 150 000 PLnGOCC internet auctions 3 402 686 PLNDonation of Bank Pekao 2 000 000 PLnDonation of Bank’s employees and Unidea Foundation 104 750 PLn

Number of volunteers of Bank Pekao 1898








http://www.wosp.org.pl

if NOT LOaN THEN WHaT?...


if NOT LOaN THEN WHaT? – aBOUT aLTErNaTivE SOUrCES Of fiNaNCiNG CUrrENT aCTiviTiESWorking capital loan – for whom?The Bank grants working capital loans to finance the current needs result-ing from Clients’ business activity. Thus, the loan is often used to cover the company’s expenditures connected with purchase of supplies necessary for running business, execution of current payments and financing the pur-chase of the so-called low-value fixed assets.

In vast majority of cases, the working capital loan is a short-term liability with a tenor not longer than one year. However, the Bank can extend a loan for the period up to three years. Working capital loan is granted both in PLN and in convertible currencies – depending on Clients’ needs. The Bank registers such loans on a dedicated credit account.

Characteristics of working capital loan:• it is granted in the form of revolving or non-revolving loan,• its amount depends on the Client’s demand for working capital,• its form and repayment period depend on production-trading cycle of

the given entity,• the loan currency depends on the currencies in which contractors per-

form their settlements.

How to tailor the loan?The specifics of the given transaction decide about the loan amount, crediting period and loan cost. Thinking about the most appropriate method of financing, the potential borrower should take into considera-tion not only the amount of liability but also the conditions he has to meet to be able to use the available loan (one-time disbursement, dis-bursement in tranches, credit line). The loan amount is also inseparably connected with the currency in which this loan is made available to the borrower which should be consistent with the purpose for which the ob-tained funds are to be used. The loan currency should also be chosen depending on the currency in which the contracting parties perform their settlements. Any inconsistencies in this respect may result in consider-

able deviations from the assumed plan of expenditures and envisaged demand for external funds, and it may lead to occurrence or increase of foreign exchange risk.

Another issue which should be analysed is the tenor of the loan and its cost understood both as the interest rate and commission rates relating to this loan. The appropriate structuring of the transaction may impact the final cost of the loan and the economic benefits derived by the company which applies for financing.

Summing up, the working capital loan can be a good solution for those companies which want to adjust to or outrun a dynamically developing market and at the same time they want to avoid payment gridlocks in current activity before due amounts are paid by contrac-tors.

When should you consider an alternative?Working capital loan is an excellent form of financing the current expen-ditures connected with conducted business activity. It can be extended on a one-time basis or as the so-called credit line in which the entrepreneur may incur debt up to the specific amount.

The companies which look for financing to purchase fixed assets or they want to acquire assets-based financing can use leasing. It is the product which can replace investment loan or working capital loan secured with mortgage (real estate leasing) or pledge on movable property (sale-and-leaseback of machines and vehicles).

The major difference between leasing and loan lies in the ownership of the acquired asset or piece of equipment. The standard is that the leased asset does not belong to the user before the agreement expires, whereas in the case of loan – the ownership is transferred to the user since the beginning of validity of the agreement. ➡




if NOT LOaN THEN WHaT?...


It is worth paying attention also to other differences between these forms of financing:• Leasing does not require such a precise assessment of creditworthi-

ness;• In the case of operating lease, settlement covers the periodically paid

rent, whereas in the case of credited assets – the costs include interest paid and value of depreciation instalments; the value of the loan itself does not affect tax settlements;

• Up-front fees, insurance fees etc., connected with purchase of an asset on credit, are included in initial value of this asset and they cannot be settled on a one-time basis; whereas in the case of leasing it is justifi-able to include those fees in costs on a one-time basis;

• Both leasing (finance and operating lease) and loan, with reference to a passenger vehicle, guarantee the right to recognise these costs as a tax-deductible expense without necessity to maintain a register of total distance travelled (in km). In the first case, it happens although the car is not owned by the entrepreneur, in the latter case – it happens provided that the car is entered into the fixed assets register.

Leasing is a service for companies which apply active tax policy. It is because operating lease allows the company to account monthly leasing instalments to operational costs, which accelerates depre-ciation of fixed asset and finances VAT tax that is also settled by a leasing company. One of leasing advantages is duration of lease agreement which allows for mid-term financing. Leasing companies, applying standardised methods, assess transactions quickly. When concluding a lease agreement you can also take advantage of some extra services, such as: insurance of leased asset on beneficial terms, assistance and legal protection insurances, which guarantee coverage of contractual liabilities in case of any unfavourable changes, e.g. for-eign exchange rates, or administration of settlements with the insurer by the leasing company.

Another very good solution alternative to working capital loan is factoring. If the entrepreneur needs funds that he wants to use for current business activity, i.e. to make payments for the ordered goods, production, to pay the amounts due to suppliers or sub-contractors – then factoring is a per-fect solution. It allows you to obtain funds equal to the value of monthly

receivables resulting from sold goods or services. The standard collaterals required by the factor include, apart from invoices issued by the Client, the signed promissory note and authorisation to use the Client’s bank account. Factoring is an off-balance sheet liability. In the profit and loss account it is shown in financial costs because it only ”exchanges” receivables into cash and it is not considered as inflow of new funds to the enterprise. Thus fac-toring improves financial ratios, financial liquidity and credibility towards financial institutions.

Summing up, the common feature of the loan and factoring is the fact that both services are a source of capital but the purpose of this capital is differ-ent, and the amount of obtained funds – in the case of loan – is based on earlier developed resources, whereas in the case of factoring it results from present activities of the company.

The loan amount depends solely on financial standing of the enterprise and its creditworthiness – it cannot exceed this value. It is usually the smaller one from among two values: 2-3 times average monthly turnovers or average annual income. The factoring limit depends on the standing of enterprise’s contractors, volume of turnovers and timely nature of transac-tions – in other words, the amount of factoring limit is not directly corre-lated with the company’s creditworthiness. The factoring limits are usually higher than the limits of proposed credit lines.

These two forms of financing – factoring and working capital loan – can very well exist together bringing measurable benefits to the enterprise.

The company may choose to issue debt securities taking into consideration the benefits of this form of financing, as compared to traditional bank loan. Bonds issue, however, is usually an alternative to investment financing rather than to working capital financing.

The bonds issue is a solution for companies of stable standing which gen-erally do not have any problems with access to different forms of financ-ing. Bonds serve to optimise the financing structure. Loan is the capital acquired by the bank from investors and made available to the company. Issue of bonds is based on transferring capital to the company directly by investors – without bank’s participation.

When using debt securities to provide funds for investments it is very im-portant to know the time structure and trends in levels of interest rates in economy. They are influenced by such factors as: state budget policy, amount of budget deficit, trade balance or inflation level. The basic differ-ence between bond and loan lies in the fact that there are no collaterals in the case of bonds issue and the conditions of acquired financing are slightly more favourable to the issuer.

Funds provided to finance current activity may originate from different sources. Therefore it is very important to choose in a rational way the ad-equate forms of capital and ways to create it which will allow to achieve strategic goals – maximisation of benefits to the owners and increase of market value of the enterprise. The comprehensive offer of companies from our Capital Group – Bank Pekao, Pekao Leasing, Pekao Faktoring – al-lows to satisfy your needs both in terms of financing and selection of opti-mum financial solutions. We encourage you to contact the Relationship Manager dedicated to your company or talk directly with the special-ists from Pekao Leasing and Pekao Faktoring.

Pekao Faktoring Hotline:

801 800 079 www.pekaofaktoring.com.pl e-mail: [email protected]

Pekao Leasing Hotline:

800 506 441 www.pekaoleasing.com.pl e-mail: [email protected]




http://www.pekaofaktoring.com.pl

mailto:[email protected]

pekaoleasing.com.pl

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Effectiveness is most important – we talk with Rafał Petsch in charge of cooperation with the public sector at Bank Pekao

QUarTErLY

HiGHLiGHT

What are the bank services that municipalities use most often? All the municipal units are obliged to service their budgets with banks. The practice from the recent years shows that actually all municipalities also use external financing either to finance their budget deficit in the given year or to implement municipal investments. The above-mentioned ser-vices have undergone a long evolution to provide municipalities – apart from their basic functions – with extra solutions enhancing budget man-agement and effective accomplishment of “urban tasks”.

Can you give a few examples?With reference to the current budget service we have already forgotten a long time ago about the offer that comprises maintenance of accounts and exe-cution of money transfers. Virtual consolidation of accounts of both the city itself and all the state-budget entities or individual expenditure limits set on accounts of those entities have become a standard today. Those solutions al-low to achieve considerable scale and synergy effects. We should remember that managing the city budget is like managing a big enterprise. The budget of Cracow, for instance, exceeds 3,5 bln PLN and comprises over 1500 accounts…

A number of bank services virtually relieve municipalities of their duties. Identification of mass payments can serve as an example here. The pay-ment date and amount of due tax from an average citizen are immediately identified. If the tax due is not paid on time it is possible to react to this situation already on the first day following the payment date. Let us re-member that the city has hundreds of thousands and sometimes millions of ”Clients”, i.e. tax payers. Manual registration is impossible here.

Do such sophisticated solutions also refer to financing of municipalities? It is the area which the bank can exploit even more. Obviously, the over-draft facility or loan for municipal budget are not a challenge, although the

amounts as high as hundreds of millions significantly limit the possibility of participation and interest of some banks. However, a real test is financing of capital intensive infrastructural investments. What is needed here is the bank’s high capital (e.g. 600 mln PLN was required to finance development of the Cracow Airport), long tenor of financing but primarily know-how. The current economic situation of municipalities and restrictions in incur-ring debts make that we must look for effective off-the-budget sources of capital for investments. For instance, Bank Pekao has financed 5 regional airports (Cracow, Poznań, Wrocław, Łódź, Modlin), stadium in Gdańsk, city transport in Łódź, Gdańsk, trams in Silesia, Łódź Agglomeration Railways and those cities did not draw a penny of debt. It requires a real skill to de-vise such a financing structure where a municipality becomes creditworthy on its own to acquire such enormous funds.

What are the major problems of municipalities? To put it shortly, the basic problems are the enormous amount of invest-ment needs and continually new tasks entrusted by central administra-tion juxtaposed to lack of sufficient funds and restrictions imposed upon municipalities in terms of incurring debts. The Act on Public Finances has introduced the so-called individual debt service ratio which municipalities cannot exceed. It turns out that in spite of factual creditworthiness, i.e. the ability of municipalities to incur and repay debt, they cannot do it due to the level of the above-mentioned ratio. As a consequence, municipalities are deprived of the ability to implement subsequent projects and regret-tably it is hard to give up the investments that are needed, especially the ones that are co-financed with EU funds. Obviously, municipalities have two ways to handle this: either factually give up or defer investments in time or to think about implementation of those ventures by special pur-pose vehicles (SPV). The success of the latter solution is possible but only with a reliable financial partner.

How does bank service differ in the case of municipality and corporate entity? In order to cooperate with municipalities you have to learn their specific needs, legal conditions in which they operate and the philosophy of their activity. The bank which will consider a city or municipality as an enterprise is doomed to failure from the start. Both the city and municipality do not ➡


Rafał Petsch • I am with the Bank since: July 2009

• I am in charge of: the Public Sector and Financial Institutions

• I aspire to: participate in interesting projects resulting in development of infrastructure and Public Sector in Poland

• my motto in life: "Victory isn't defined by wins or losses. It is defined by effort. If you can truthfully say, 'I did the best I could, I gave everything I had,' then you're a winner." – Wolfgang Schadler

• I like best: to have sufficient means

• my first work: catching mice on the field in Switzerland

• I spend my holidays: with children and a cell phone in my hand

tel.: 22 524 62 91, 669 460 997

e-mail: [email protected]



mailto:Rafal.Petsch%40pekao.com.pl?subject=


act for profit and their general aim is to satisfy the needs of local com-munity. The standard assessment of creditworthiness of such Client will never be satisfactory.

What is the impact of municipal investments financed by Pekao upon environment? All the investments in which we participate have neutral or positive im-pact on environment. From the ecological perspective, the most beneficial are the investments in the area of waste management, water supply and sewerage system. Here the environmental effect is obvious. However, the investments in railway, road or air transport infrastructure are also benefi-cial because the more efficient transport of goods and people is the less consumption of fossil fuels, although calculation of those effects is not that simple.

What marks out the cooperation of Pekao with municipalities in comparison with competitive banks? Pekao was one of the first banks in Poland to establish within its struc-tures a department dedicated to service municipal units, which came up to specific expectations of this sector. We realised already a long time ago that municipalities do not need a service provider. They need a financial partner which instead of fetching ready-made products from the shelf will listen intently to individual needs and will provide tailored solutions. We understand that partnership is not only profit but also social responsibility. We support sustainable growth of cities and regions. We assist them in taking advantage of the unprecedented opportunity which is the inflow of EU funds.

Pekao finances difficult, higher risk projects that local communities also need. We do not turn our back on financing the ventures such as sport arenas, exhibition halls or aqua-parks, because we understand the needs of municipalities in this respect. Those investments increase attractiveness of regions and cities. They have a positive impact on migration processes and they attract businesses.

A modern city is not only the efficient transport system, clean water and generally accessible sewerage system but also sport and recreation infra-structure as well as the presence of public space of adequate quality. The quality of life of local communities translates into city or region develop-ment and ultimately it has a positive influence on finances. We have car-

ried out so far over 25 significant transactions financing municipal invest-ment projects and we have effectively supported Poland’s infrastructural readiness to host UEFA EURO 2012TM. Personally, I am proud of the success that Bank Pekao has achieved together with the public sector in Poland in the recent years. We are changing our country together!

What is the key to your success in cooperation with municipal units?I must say that this success would not have been possible without involvement of many people at the Bank. History condemned us to adopt positivist attitudes and our ”glass houses” are just repayment of debt we owe to romantics who once sacrificed a lot so that we could live in a free Poland. I am very grateful to my wonderful Team, colleagues from the Sales network, Risk area, Lawyers and Product Specialists who participated in every project financed by the Bank. Obviously, the participation of the Management Board should also be noticed

and appreciated as they included a statement in the Bank’s strategy on finan-cing Polish municipalities, in the period which is very difficult for banks to take up new challenges. I hope that we are showing everyone that the Bank plays an important social role as an institution and that we are truly a Polish bank.

What are your further plans?We are looking forward to launching of the Polish Investments program an-nounced by the Prime Minister. As nobody else we are ready to support BGK and the Polish Development Investments. We have adequate know-how and capital to participate in the projects of key and strategic significance to Poland. Polish economy is going through some more difficult moments so the time matters. Financing the vast majority of infrastructural projects in Poland, we have proved that we are highly effective – and this is vital to make this important to Poland program successful.


BaNKEr Of 7 OUT Of 12 BiGGEST pOLiSH CiTiES

Traminfrastructure

in Wrocław

Silesian Trams

Łódź Agglomeration

Railways

ModlinAirport City of

Białystok

City of Gdańsk

Traminfrastructure

in Gdańsk

City of Bydgoszcz

Poznań Airport

WrocławAirport

ŁódźAirport

Businfrastructure

in Warsaw

MZA Warsaw

City of Gdańsk

ŁódźAirport

fiNaNCiNG Of 6 OUT Of 9 rEGiONaL airpOrTS

fiNaNCiNG Of UrBaN TraNSpOrT iN 6 OUT Of 12 BiGGEST pOLiSH CiTiES

Silesian Trams

City of Szczecin

City of Rzeszów

City of Lublin

City ofCracow

CracowAirport

Traminfrastructure in Bydgoszcz




The LOTOS S.A. Group concluded a loan agreement with the consortium of banks, the agent of which is Bank Pekao, providing for refinancing the earlier loan granted for financing the Company’s inventories.

fiNaNCiaL aSSiSTaNCE TO LOTOS S.a. GrOUp

The concluded agreement refers to revolving loan for the amount of 400 mln USD. The tenor of the loan is one year but the parties may extend

it for subsequent 12-month periods.

The consortium of creditors included: Bank Pekao, BRE Bank, ING Bank Śląski, Nordea Bank AB (publ.) and Societe Generale. The new contract re-places the agreement concluded on 20 December 2007.

The LOTOS S.A. Group has been using the financial solutions offered by Bank Pekao for years, including the package of programs for financing short-term trade receivables. As of 2010 the Client has been using the eFi-nancing service. The current limit amount equals hundreds millions of PLN. It is the biggest deal of that type signed by Bank Pekao. Thanks to this solu-tion, the LOTOS S.A. Group discounts the receivables due from its biggest recipients. In addition, as the Bank purchases those receivables without recourse, the Client avoids the risk of insolvency of its contractors. In com-parison with 2010 the current limit amount increased by 100%, which is


BaNK pEKaO fiNaNCES iNvESTmENT iN THE HEarT Of THE TaTra mOUNTaiNS

the evidence of gradual increase of sales of the LOTOS S.A. Group as well as growing confidence in this product and its usefulness in operational liquid-ity management.

The LOTOS Capital Group is the oil concern involved in exploration and extraction of crude oil, its processing as well as wholesale and retail sale

of oil products. LOTOS is one of top Polish producers and suppliers of unleaded petrol, diesel fuel and jet fuel on the Polish market. It is also the leader in production and sale of engine oils, modified asphalts and paraffins in Poland. The LOTOS S.A. Group owns a country-wide network of fuel stations which is operated under LOTOS brand.

Mariusz MachajewskiVice President and Finance & Economic Director of the LOTOS S.A. Group

The concluded loan agreement fulfils our needs in terms of maintenance of obligatory reserves. We are pleased with the fact that we can continue our co-operation with proven partners from the

banking sector. We decided to use that financial instrument after an in-depth market analysis. Today it is the most cost-effective solution for LOTOS.




http://www.lotos.pl/en/


In February this year Bank Pekao financed the transaction of purchase of Mercure Kasprowy Hotel by a company owned by the family of Adam Bachleda-Curuś, one of the top Polish businessmen.


The transaction was based on granting by Bank Pekao a financing pac-kage including a long-term acquisition loan for purchase of the hotel

from Orbis SA and the working capital loan for financing the current activity of this hotel.

The three-star Mercure Zakopane Kasprowy is a very prominent building si-tuated on the Szymoszkowa Glade – in the neighbourhood of the chairlift operated all year long and geothermal baths. Thanks to its excellent location the hotel offers a magnificent view of the entire panorama of the High Tatry.

The Kasprowy Hotel is the only building in Zakopane operating under the brand of a well-known international hotel network, and its purchase is one of the biggest deals concluded in Zakopane in the recent years. According to the long-term franchise agreement signed by the new owner, the Hotel will still operate under Mercure brand owned by Accor.

Andrzej Bachleda-CuruśPresident of Bachleda Grupa Inwestycyjna sp. z o.o. sp. k

We would like to breathe our Highlander Family “Spirit” into the Mercure Kasprowy Zakopane Hotel. For the Bachleda-Curuś family this transaction is a vital step on the path of development, inscribed into long-

term strategy of our family business. I would like to emphasise that without the fruitful cooperation, prompt reaction and understanding on the part of Pekao the purchase would not have been possible. We hope that for the Bank, Bachleda-Curuś family and Zakopane it is an important and symbolic transaction with the prospect of many years of cooperation beneficial to all parties involved.

It is the first transaction of Bank Pekao with the Bachleda Investment Gro-up. As a result of financed acquisition the Bank acquired for service the company: Bachleda Hotel Sp. z o.o. which operates the Mercure Kasprowy Hotel.

Besides the Wersal Hotel in Zakopane, Mercure Kasprowy is the second hotel owned by the Bachleda-Curuś family. In addition, through the Bachle-da Investment Group, the family manages assets worth hundreds of mil-

lions of PLN, including real estates in Zakopane and other Polish cities, e.g. the elegant Fashion Street Krupówki 29. At the same time, the Group is developing clothing brands in Poland, such as Carolina Herrera and Purifi-cacion Garcia, and it is the exclusive distributor of Carmex lipstick.

The Bank’s exposure to the hotel sector amounts to 1 bln PLN, which me-ans that Pekao is the major bank financing investments on the hotel mar-ket in Poland.






http://www.en.kasprowy.pl


THird SECTOr BaNKiNG NEEdS

This specific group of Clients most often use a wide range of transac-tional services: starting from maintenance of bank accounts (in PLN

and in foreign currencies), domestic and foreign money transfers, through electronic banking tools to funds collection management with the use of cash deposits (Pekao Collect) or Direct Debit.

The useful tool in work of non-profit organisations are payment cards is-sued by the Bank, e.g. prepaid cards are used to pay out – in a convenient and modern way – the benefits and allowances to beneficiaries. Further-more, the non-governmental organisations order the Bank to place and invest their capital, e.g. using term deposits and other instruments that allow to increase funds gathered as a result of the campaign of write-off of 1% of personal income tax. The Bank also performs foreign exchange transactions in their favour.

The Relationship Managers working with the third sector organisations concordantly confirm that these are the Clients which require a very in-dividualised approach and customised offer adjusted to their specific needs. Tailored solutions belong to the major competences of Bank Pekao. A specific interpersonal “chemistry” is also required to cooperate with non-governmental organisations – Relationship Managers must feel and under-stand the mission and style of operation of the given organisation.

The Bank’s cooperation with non-profit organisations often has another, spe-cial, non-business aspect. The employees have got involved for years in activ-ity of those organisations as donators and volunteers, and the Bank supports them with funds earmarked for charitable actions. Pekao’s employees are the volunteers of the Great Orchestra of Christmas Charity since the start of its activity (you can read more on this topic on page 7). They provide tangible and financial support to the persons entrusted to our Clients’ care, collecting and gathering food for the poor, buying Christmas presents for children and co-financing summer holidays for those who are most in need.

The Pekao Corporate Banking Division currently cooperates with nearly 400 largest non-profit organisations in Poland. These are the entities belonging to the so-called NGO group of enterprises which, according to the latest analyses, account for about 7% of all non-governmental organisations in Poland. They include foundations, associations as well as religious associations, trade unions, professional societies, housing cooperatives or municipal communities (e.g. associations of communes).

THird SECTOr BaNKiNG NEEdS

Both the number of non-profit organisations in Poland, involvement of citizens in their activity and still greater cooperation of business circles with these organisa-tions are the evidence of developed civic society. The combined activities of commercial institutions, public administration and non-governmental organisations create the complete model of social-business activity in modern European states.


Aleksandra GranadaDirector of Fundraising and Promotion of the SOS Children’s Villages Association in Poland

Our SOS Children’s Villages Association has been the faithful Client of Bank Pekao for more than dozen years. We use bank accounts, term deposits, direct debit, cards, domestic and foreign money transfers, cheques, foreign exchange and other services offered by the Bank. Our core activity involves assistance to children whose parents, for various reasons, cannot take care of them. The Association has 1275 children under its care. For a few years Bank Pekao has been supporting children en-trusted to the SOS Children’s Villages Associa-tion with donations which allow to provide a safe home to them.

38%Fields of activity of Polish non-governmental organisations

17%14%

6%6%

5%14%

CULTURE AND ART

EDUCATION AND UPBRINGING

HEALTHCARE

SOCIAL SERvICES, SOCIAL SECURITY, HUMANITARIAN AID, EMERGENCY MEDICAL SERvICESLOCAL DEvELOPMENT IN SOCIAL AND ECONOMIC ASPECTS

OTHER ACTIvITIES

The sources of financing most frequently used by non-governmental organisations

61%49%30%29%17%17%

Membership fees

Funds from municipalities

Donations from institutions and enterprises

Donations from individuals

Interest on deposits

Funds obtained from ”1%” of personal income tax

Based on the report titled: Polish non-governmental organisations, Warsaw 2012

SPoRT, TouRISM, REcREaTIoN, HoBBIES




BaNK pEKaO – THE BEST fOrEiGN ExCHaNGE prOvidEr iN pOLaNd

BaNK pEKaO aWardEd aGaiN BY THE WarSaW STOCK ExCHaNGE

BaNK pEKaO aWardEd aGaiN BY THE WarSaW STOCK ExCHaNGEBank Pekao became the best arranger of bonds issues on the Catalyst market in 2012. The Bank received the award for the “value of arranged and issued debt instruments”. It is another award for Bank Pekao related to capital market. Last year, the Bank won a title of the ”Market Leader in Activity on Treasury BondSpot Poland in 2002-2012”.

L ast year, Bank Pekao arranged for its Clients the issues of mid-term cor-porate bonds worth more than 5,5 bln PLN. It accounts for as much as

40% of the value of all last year’s mid-term corporate bonds issued on the Polish market. The vast majority of the issued bonds – over 80%, were subsequently introduced to trading on the Catalyst market. Almost 70% of all corporate bonds listed on Catalyst were placed through Bank Pekao.

Bank Pekao also participated in the three biggest bonds issue programs last year: PKN ORLEN (1 bln PLN), PGNiG (2,5 bln PLN), Energa (1 bln PLN). However, Bank Pekao did not only arrange huge bonds issues for enter-prises from the petroleum-energy sector but it also arranged bonds issue programs for such companies as: Europejski Fundusz Leasingowy, Dom Development, GTC, Wydawnictwa Szkolne i Pedagogiczne, LC Corp or Can Pack. Pekao – with the market share of 30% – is the leader on the market of mid-term corporate debt securities.

Maciej TarnawskiDirector of the Capital Markets Office, Bank Pekao

It is hard to imagine a big transaction on the bonds market in Poland without participation of Bank Pekao. This method of capital acquisition is becoming more and more important

for our Clients. Therefore, we are consistently increasing our share in this market. We want to be the first-choice bank for Clients looking for financing with the use of bonds.

On behalf of Bank Pekao the award was picked up by Andrzej Kopyrski, Vice President of the Management Board in charge of the Corporate and Investment Banking Division.

BaNK pEKaO – THE BEST fOrEiGN ExCHaNGE prOvidEr iN pOLaNdBank Pekao, for the sixth time in a row, won a title of the ”Best Foreign Exchange Provider 2013” in Poland. We owe this success to the Financial Markets Department.

The Global Finance magazine selected the lau-reates based on opinions of industry analysts, corporate executives and technology experts. The criteria for choosing the winners included: transaction volume, market share, scope of glo-bal coverage, customer service, competitive pri-cing and innovative technologies.

– We consider the title of the ”Best FX Provider 2013” as a confirma-tion of our domineering position on the interbank foreign exchange market (EUR/PLN and USD/PLN). The Foreign Exchange Desk has been consistently building up this position for over ten years, preserving the highest standards and customs existing on this market. In the conditions of increased competition on the part of other market parti-cipants our Clients appreciate competitive prices of foreign exchange instruments that we offer – says Mariusz Trzpil, head of the best FX desk in Poland.

FX pairs are quoted by the Foreign Exchange Desk of Bank Pekao

57


UNiCrEdiT aGaiN THE BEST CaSH maNaGEmENT prOvidEr iN CENTraL aNd EaSTErN EUrOpE



http://www.gfmag.com



F or its international activity, our Group – for the fourth time in a row – has won a title of the Best Overall Bank for Cash Management in CEE

2013, which is the evidence of a strong position of UniCredit companies against the background of its European competitors. For the sixth time in a row we can also enjoy a title of the Best Bank for Payments & Collections in CEE 2013.

The laureates of the competition were selected based on the input from industry analysts, corporate executives and technology experts. The crite-ria used for choosing the winners included: profitability, market share, cu-stomer service, product innovation and competitive pricing as well as the extent to which treasury and cash management providers have success-fully differentiated themselves from their competitors. In addition, for the first time, a poll of Global Finance’s corporate readership was conducted in order to increase the accuracy and reliability of the results.

Bank Pekao is consistently improving its offer so that it should suit your needs. As the leader in providing Cash Management services in Poland in 2011-2012 according to Clients surveyed in the ”Euromoney Cash Mana-gement Survey” we have a great influence on strengthening the leadership position of UniCredit in our part of Europe.

The UniCredit Group achieved a double success in the rankings for the ”World’s Best Treasury & Cash Management Providers 2013” published by the Global Finance magazine. Achievements of individual Group members – including Bank Pekao – in the Cash Management area contributed to victory at the regional level.

Marta OlejniczakManaging Director supervising the Area of Funds Management in the Transaction Banking Department, Bank Pekao

The award for innovation and effectiveness of Cash Management products is particularly valuable for the Group and Bank Pekao. We aspire to offer state-of-the-art solutions as well as high quality and effective products customised to corporate needs.

The fact that UniCredit has won in the region motivates us to further improve our transaction banking offer customised both to local and international needs which are gradually increasing as Polish companies enter more and more foreign markets. We want to be close to you enhancing collection of receivables, payment of liabilities and current cash management, at the same time being concerned with the highest security standards.

The position among the top world players is our commitment and it proves that we can be an excellent partner in transactional business for every company.


BaNK pEKaO – THE BEST fOrEiGN ExCHaNGE prOvidEr iN pOLaNd

BaNK pEKaO aWardEd aGaiN BY THE WarSaW STOCK ExCHaNGE


PekaoBIZNES24

Best Corporate/ Institutional Internet Bank in Poland and CEE 2012



http://www.gfmag.com

http://www.pekao.com.pl/corporate_clients/electronic_banking/pekaobiznes24/?s%2Cmain%2Clanguage=EN

Masters of Corporate Banking

BANK PEKAOPROvED PARTNER OF MUNICIPALITIES

city of cracow

Bonds issue of total

nominal value

300 mln PLN

Sole Arranger, Guarantor

city of Elbląg

Municipal bonds issue of total

nominal value

107 mln PLN


City of olsztyn

Short-term loan in the amount of

31 mln PLN

Sole Lender

city of Poznań

3 short-term loan in the amount of

128,3 mln PLN Sole Lender

city of Łódź

Long-term loan in the amount of

47,1 mln PLN Sole Lender

city of Bydgoszcz

Overdraft facility in the amount of

90 mln PLN with service of the city and its

organisational units

Sole Lender

Łódź agglomeration Railways

Secured bonds issue program

worth

155 mln PLN Sole Arranger,

Guarantor

MZa Warsaw

Secured bonds issue program worth

301 mln PLN Sole Arranger,

Guarantor

Kraków Balice airport


615 mln PLN


Silesian Trams


320 mln PLN


Fordon Tram in Bydgoszczy

Revenue bonds and secured bonds

issue program worth

222,3 mln PLN


Waste utilisation Plant in Szczecin

Secured bonds

issue program worth

35 mln PLN


www.korporacje.pekao.com.plPekao BusinessLine: 801 400 500 or +48 22 591 2 591 (fee according to the operator's price list)

The presented information does not constitute an offer in understanding of art. 66 and subsequent articles of the Civil Code (JoL from 1964 no. 16, item 93).

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