VOLUME 19, NUMBER 1 • JANUARY 14-20, 2013 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127

CCuutt,, ccuutt,, ccuuttPoland’s rate setters slashed borrowingcosts for the third time in a row. Are morecuts on the way? 4

Since 1994 . Poland’s only business weekly in English

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Poland’s national airlinehad big ambitions but, itturns out, even biggerdebts. WBJ investigateswhether it will survive.

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FFaammiillyy mmaannPrime Minister Donald Tusk has put familyfriendly policy at the top of his list ofpriorities for this year 3

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Golden z∏otyThose who invested in Poland’s currency

last year had plenty of cause to cheer4

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

Finance & Economics . . . . . . . . . . .6

Business . . . . . . . . . . . . . . . . . . . . . .7

Interview . . . . . . . . . . . . . . . . . . .8-9

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

Lokale Immobilia . . . . . . . . . .14-17

The List . . . . . . . . . . . . . . . . . . . . . .19

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

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

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

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

In this issue

• Self-service hotel

• RREEF’s €94 mln deal

• Ten years of CEEQA

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LLOOKKAALLEEIIMMMMOOBBIILLIIAARREEAALL EESSTTAATTEE GGrroouunnddeedd??

WBJ speaks with Sweden’sambassador in Poland aboutrelations between the twocountries and EU matters

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Bulgar

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Poland

Lithuan

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ingdom

Czech R

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France

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bourg

Germany

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**Highest in the EU27*Lowest in the EU27

JANUARY 14-20, 2013NNEEWWSS2 www.wbj.pl

Poland

received

€35 billion in

EU fundsOf the €68 billion

assigned to Poland in the

EU budget for 2007-2013,

the country has already

received €35 billion in

down payments and

refunds, the Ministry of

Regional Development

announced. This makes

Poland the biggest

receiver of EU funds,

ahead of Spain and

Germany which received

€17.9 billion and €13.8

billion, respectively. In

2012, Poland certified

spending for a total of

€55.7 billion and the

ministry plans for that to

rise to €63.7 billion this

year.

Palikot founds

Europa Plus

MovementThe leader of the liberal

Palikot’s Movement,

Janusz Palikot, and MEP

Marek Siwec have

announced the

foundation of the Europa

Plus Movement, which is

meant to froster a

discussion on closer

European integration.

The politicians said they

would start a series of

meetings across Poland

devoted to European

integration and related

issues. In February, they

will present the program

of the new movement to

former Polish President

Aleksander KwaÊniewski.

Poland up in

economic free-

dom rankingPoland placed 57th in the

2013 edition of the ranking

of economic freedom

compiled by the Heritage

Foundation and The Wall

Street Journal. Compared

to 2012, Poland moved up

7 places. Out of the 43

European countries

included in the ranking,

Poland placed 26th.

Baltona moves

to WSE

Baltona, the largest

operator of duty free

stores in Poland, already

listed on NewConnect, will

debut on the Warsaw

Stock Exchange on

January 15. The company

will not issue new shares,

only existing A to E series

shares will be traded.

Baltona group operates 34

stores in 11 locations in

Poland, as well as in

France, Romania and

Ukraine. ●

Air France ..................................................13

Allianz Real Estate ....................................14

Aviva ..........................................................14

Avon ............................................................6

Azymut ......................................................14

Baltona ........................................................2

Bank Millennium ........................................6

Biedecki ......................................................5

Bloomberg ................................................14

Boeing........................................................12

British Airways ..........................................13

BZ WBK ......................................................3

CA Immo....................................................14

Coface Poland ............................................7

Colliers International ................................14

Cushman & Wakefield ..............................14

Deloitte ......................................................16

EC Harris ..................................................16

Energa........................................................12

Ernst & Young..............................................7

Euler Hermes ..............................................7

Export Credit Insurance Corporation ........7

Fiat ..............................................................6

Fulton Innovation ......................................23

Ghelamco ..................................................16

Globe Trade Center ..................................14

Google........................................................14

Grant Thornton..........................................14

Grupa Azoty ................................................3

GTC ............................................................16

Jones Lang LaSalle ............................14, 16

JSK Architekci ..........................................17

Legends Hotels and Spa ..........................17

Leo Burnett ..............................................14

Levi Strauss ..............................................14

LOT ............................................................12

Lufthansa ..................................................13

MasterCard................................................14

Nordea Bank ..............................................3

Nordea Group ............................................14

Panasonic ..................................................14

Peter Nielsen & Partners ..........................6

Peugeot......................................................14

PKN Orlen..................................................20

Polska Telefonia Cyfrowa............................4

Polskie LNG ..............................................12

Pramerica Real Estate Investors..............14

RREEF........................................................14

Saatchi & Saatchi Poland ..................................14

SAB ............................................................14

Samar ..........................................................7

Samsung....................................................23

Siemens ......................................................6

Skanska Property Poland ........................14

Société Générale ........................................6

TriGranit ....................................................16

Tristan Capital Partners............................14

Warsaw Stock Exchange ..........................2, 12

Wyborowa ..................................................14

X-Trade Brokers ....................................6, 20

Agnieszka Radwaƒska, Po-land’s best tennis player, is intop form before the AustralianOpen, which kicks off on Jan-uary 14 and could provide thePolish star her first GrandSlam victory. Currently ranked4th in WTA rankings, Ms Rad-waƒska has won two tourna-ments this year, without losinga single set.

Even though AgnieszkaRadwaƒska has been a world-class tennis player for yearsnow, she usually isn’t consid-ered a favorite at grand slamtournaments. But her recentrun has transformed her into

the top contender for the tro-phy in Melbourne. “Her tacti-cal skills, anticipation, subtletyand general court craft haveearned her comparisons withMartina Hingis and she hasadded another element tothose attributes over the lastcouple of weeks – form,”Reuters wrote regarding herrecent performances.

In preparation for theAustralian Open, Ms Rad-waƒska has played two tour-naments and won both. InAuckland she beat Belgiums’Yanina Wickmayer in thefinal and in the Sydney final

she demolished DominikaCibulkova from Slovakiawithout losing a single game.Agnieszka Radwaƒska’sbiggest success so far wasadvancing to the Wimbledonfinal last year, where she wasdefeated by American tennislegend, Serena Williams.

Now she wants more. “I’mvery happy with my perform-ance, I have been playing mybest tennis so far this year andI plan to keep it that way inMelbourne,” Ms Radwaƒskasaid after her winning streakin early January.

Her biggest rival in Mel-bourne will be VictoriaAzarenka from Belarus,whom she played against sixtimes in 2012, losing everymatch, including one in thequarterfinal of the AustralianOpen, which the Belarusianeventually won.

But the defending champi-on and top seed for the tour-nament faces health issuesbefore the start of the firstGrand Slam of 2013. She hasalready been forced to pullout of a tournament this yearand it is not clear what herform will be like in this year’sAustralian Open.

Agnieszka Radwaƒskaisn’t the only Pole playing inMelbourne. Her younger sis-ter Urszula, seeded 31st, andJerzy Janowicz, seeded 24th,will also play in the tourna-ment, as will ¸ukasz Kubot(unseeded).

JJaacceekk CCiieessnnoowwsskkii

€35 billionis the amount of EU funds that have been transferred

to Poland since 2007.

4%is the new benchmark interest rate set by the

Monetary Policy Council last week.

9.5 millionis how many passengers checked in at Warsaw’s

Chopin Airport in 2012.

57this how high Poland ranked in the 2013 Index of

Economic Freedom.

“Ending the round of rate cuts at this stagewould be a serious mistake.”

Finance Minister Jacek Rostowski commenting on the Monetary Policy Coun-cil’s January decision to cut interest rates for the third consecutive time.

Quote of the Week

The end of cheap financeLog on to WBJ.pl to read about howand when the world’s economistswill raise interest rates. And whatdoes the US debt to China have todo with it?

On WBJ.pl

Numbers in the News

Company index

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15 3RD KGHM TAX AND ACCOUNTING CONGRESSEvent: The Congress will cover the most important

issues in taxes and accounting, news in VAT,forthcoming amendments to PIT and CIT reg-ulations and key changes in IFRS and IASincluding their practical implementation inaccounting.

Location: Hilton Warsaw Hotel, ul. Grzybowska 63,Warsaw

Web: kpmg.pl

17 THE TAX ASPECTS OF ONLINE MARKETINGACTIVITY

Event: The BPCC Academy: “Online Law” series, a set of five half-day workshops focused onthe legal aspects of online marketing, willstart on January 17 and finish on February16. The first event will cover the tax aspectsof online marketing activity.

Location: BPCC Boardroom, Al. Szucha 3/14, WarsawWeb: bpcc.org.pl

29 INTERNATIONAL CONSTRUCTION FAIRBUDMA 2013

Event: The fair’s theme is “Construction of theFuture. Intelligent Architecture.” It will host,among others, Testing Zone with presenta-tions of tools, products and machinery, thisyear’s building premieres as well as talks byinternationally renowned architects.

Location: Poznaƒ International Fair, ul. G∏ogowska 14,Poznaƒ

Web: budma.pl

24 “GERMANY AS BUSINESS TRAVEL DESTINATION” SEMINAR

Event: The seminar, organized by the GermanNational Tourist Board, will present Germanyas a world leader in various industries, sci-ence and new technologies.

Location: Conference Room C, Expo XXI Center, ul.Pràdzyƒskiego 12/14, Warszawa

Web: germany.travel

January

Calendar

Agnieszka RadwaƒskaIN THE SPOTLIGHT

Figures in focusThinking aheadEU enterprises with innovation activity (% of all enterprises)

Source: Eurostat

JANUARY 14-20, 2013 NNEEWWSS www.wbj.pl 3

Poles taxed

dry? A report conducted by

KPMG shows that the real

taxation level in Poland is

currently set at 35%, just

5% less than in Sweden.

The report analyzed taxes

and other deductions from

Poles’ income, including

social security

contributions.

Grupa Azoty

going to

Africa?Grupa Azoty, the second-

largest producer of

mineral fertilizers in the

EU, wants to open a

factory in Kenya, which is

the third-largest

exporter of roses in the

world. Preliminary talks

with the Kenyan

government started last

year but are far from

completion.

IMF to extend

credit line

On January 18th, the

International Monetary

Fund’s executive board

will consider Poland’s

application for prolonging

its flexible credit line,

which was due to expire

this month. Currently the

FCL amounts to $30

billion.

Polish vodka a

hit in the US

Poland exported over 12

million liters of vodka to

the US from January to

September 2012,

according to data

provided by the Distilled

Spirits Council of the

United States. Compared

to the corresponding

period of 2011, volume

rose by 15.30%.

Record year

for Warsaw

Chopin AirportIn 2012, over 9.5 million

passengers checked in at

Warsaw's airport, which is

a 2.7% improvement from

2011. This year, however,

will probably be worse,

the airport's

spokesperson

Przemys∏aw Przybylski

told Gazeta Wyborcza. ●

Politics

‘‘SSttaalliinniisstt’’ ccoommppaarriissoonn ccaauusseess uupprrooaarrIgor Tuleya ruffledsome feathers when hecomparedprosecutorial methodsused in a case in 2007to those employed inthe darkest days ofSoviet communism

While reading out his verdictin the case of Dr Miros∏awG., a doctor infamouslyarrested for corruption in2007, Judge Igor Tuleya saidthat some of the investigativetechniques used by prosecu-tors in the doctor’s case“could remind one of Stalin-ist methods.”

The judge was referring tomarathon interrogations con-ducted at night, depriving thesuspect of sleep. Judge Tuleyaalso said he would report forfurther investigation what hedeemed “false testimonies”given by witnesses brought for-ward by Poland’s Central Anti-corruption Bureau (CBA) inMiros∏aw G.’s case.

Miros∏aw G. was a well-

known cardiologist working ina hospital owned by the Min-istry of Internal Affairs beforehis apprehension. He wasarrested by the CBA in 2007on charges of corruption,namely that he had receivedbribes from patients and theirfamilies.

The sum of z∏.90,000 incash was found in the doctor’shome on the day of his arrestas well as expensive gifts, the

CBA said were bribes the doc-tor had received.

The CBA was created in2006 to fight corruption inPoland. But it quickly startedreceiving criticism for what itsopponents deemed its politicalnature. It has been describedas a political weapon used byLaw and Justice, which ruledin the years 2005-07, to battleits political enemies and wagepropaganda wars.

Paranoia plus powerIgor Tuleya’s statements criti-cizing the CBA and in effect,the justice system in 2007,caused an immediate uproar.

Zbigniew Ziobro, leader ofSolidarna Polska, and ministerof justice in the years 2005-07,called the judge’s words“unwise” and said he wouldfile for disciplinary actionagainst Mr Tuleya. JusticeMinister Jaros∏aw Gowin alsocriticized the judge saying MrTuleya had behaved “inappro-priately” but added that hewould not intervene in thematter.

But the judge did findsome support for his words.

Jerzy St´pien, a retiredjudge and the former head ofthe Constitutional Tribunal,said the police methods usedin those years were indeed“Stalinist” in nature and thatMr Tuleya had not said any-thing inappropriate. He saidpractices such as marathonquestionings and deprivingsuspects of sleep were meth-ods reminiscent of the darkest

days in Soviet history.Meanwhile, Leszek Miller,

head of the Democratic LeftAlliance and a former primeminister said that althoughthe Stalin reference wasindeed “inappropriate,” thePiS-led government was char-acterized by paranoia. “Para-noia plus power equalsdegeneration,” said MrMiller.

The National Council ofthe Judiciary of Poland(KRS), a supervisory body forjudges, said the media wasmisquoting Mr Tuleya.“Between reminding one ofStalinist measures and defini-tively describing methods asStalinist is a big gulf,” saidJarema Sawiƒski, deputychair of the KRS, adding thatit would take no disciplinarymeasures against the judge.

As for Miros∏aw G., he wasfound guilty by Mr Tuleya’scourt and given a one-yearsuspended sentence. He wasalso fined z∏.72,000 for receiv-ing z∏.17,500 in bribes.

RReemmii AAddeekkooyyaa

Politics

PPMM aannnnoouunncceess pprriioorriittiieess ffoorr 22001133The Polishgovernment plans tospend nearly z∏.30 billion oninfrastructure projectsand create 400,000new jobs this year

Prime Minister Donald Tuskhas announced that the toppriorities for his governmentin the current year will be tack-ling unemployment, increasinginvestment levels in Polandand creating family-friendlypolicies.

“We want to stop the trendof increasing unemploymentin the second half of 2013 andto see a decline in unemploy-ment by the end of the year,compared to H1,” said MrTusk, adding that the govern-ment hoped to create 400,000new jobs this year.

‘Polish Investments’ a panacea?The jobs are to be created large-ly thanks to the government’s

proposed “Polish Investments”program, which is a huge publicspending scheme spread outover the next few years.

The program was an-nounced in October last yearand aims to support invest-ments and GDP growth, aswell as create new jobs. Assetsof selected state-owned com-panies will be leveraged toprovide financing needed tosupport investments in Poland.

The government will thenspend, among other sums, z∏.10billion to upgrade Poland’s rail-way system and z∏.19 billion onroad construction. Also, z∏.3.2billion has been earmarked forinvestments in the gas networkand gas storage facilities.

Is the jobs target feasible?“Creating 400,000 work placesis realistic but nobody hasasked the prime ministerwhether he is talking of grossor net employment. Every yearthousands of work places arecreated but what is important

is the net effect, namely thenumber of new job placesminus the lost jobs in that peri-od,” said Piotr Bujak, chiefeconomist at Nordea Bank.

Meanwhile, Piotr Bielski, aneconomist at BZ WBK, de-scribes the ”Polish Invest-ments” program as “interest-ing.”

“The government is tryingto solve the problems it is fac-ing and to increase investmentin the country, but there is arisk that the program mightnot take off as quickly as thegovernment hopes due tocomplicated legal processes ordifficulties in finding part-ners,” he added.

Deregulation badlyneededMr Tusk also declared that thegovernment will proposederegulation of labor lawssuch as an introduction ofmore flexible work schedules.

He added that this year maybe a breakthrough year formany families in several

aspects. The government plansto introduce one-year-longmaternity leave, cheaperkindergartens thanks to a z∏.320million subsidy from the statebudget, and an additional z∏.50million from the state budgetfor the construction of new day

care centers. The subsidies willbe granted only to families withlow incomes. The project alsoincludes a higher tax break for athird and then each subsequentchild, and reimbursement for invitro fertilization.

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Mr Tusk has ambitious plans for reducing unemployment

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JANUARY 14-20, 2013NNEEWWSS4 www.wbj.pl

Heyah pulls Lenin ads after protestsHeyah, Polska TelefoniaCyfrowa’s prepaid brand, hasceased a controversial adcampaign featuring commu-nist revolutionary VladimirLenin after heated protests.

The ads, in which a Leninlookalike proclaims thebeginning of a “revolution” inphone call prices, aired foronly a few days. They imme-diately sparked publicprotests about using theimage of a man many Polesblame for the deaths of mil-lions of their countrymenwho suffered under commu-nism.

“It is irresponsible andtrivializes mass crimes and

their victims,” said ¸ukaszKamiƒski, head of the Insti-tute of National Remem-brance (IPN), an institutionthat investigates past crimesagainst Polish citizens.

The public outcry resultedin Facebook pages being cre-ated where people expressedtheir disapproval of the cam-paign and advised customersto contact PTC and Heyah toexpress their outrage over theusage of Mr Lenin’s image.The campaign was successful.

“In view of the unfavor-able comments that havebeen expressed against thecampaign, as well as theemergence of ideological

threads in the discussion, wehave decided to end [thecampaign],” Heyah con-firmed in a statement, pullingthe ads off the air.

This is not the first case ofa company using the image ofa communist icon in anadvertisement in Poland. In2005, an image of Ernesto“Che” Guevara was used onthe packaging of Tymbarkjuices and in 2008, an imageof the Argentinian revolu-tionary was also used by Play,another mobile operator, inadvertisements. In both thesecases, the ads sparked a pub-lic outcry.

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Heyah’s controversial ad

Interest rates

RPP cuts rates thirdconsecutive timePoland’s MonetaryPolicy Council (RPP)has cut the NationalBank of Poland’sbenchmark interestrate by 25 basis pointsto 4.00 percent

The RPP’s decision to cutPoland’s main interest rate by25 basis points for the thirdtime in as many months cameas no surprise to many econo-mists, since inflation and eco-nomic activity have declinedrecently. Industrial and con-struction output have alsoremained weak over recentmonths and annual retail salesgrowth has continued to runbelow 3.5 percent. The RPPalso points out that in recentmonths, household and corpo-rate lending growth have con-tinued to weaken.

It is hoped that the cut willsupport and stimulate econom-ic activity, and eliminate therisk of inflation falling belowtarget. In an official statement,the RPP did not rule out thepossibility of further reductionsin interest rates if the upcomingdata confirm a lasting econom-

ic slowdown. However, MarekBelka, the president of theNBP said, “This round of cutsis drawing to an end.” This sug-gested that the RPP was notcertain to cut rates at its Febru-ary meeting.

The announcement has fur-ther strengthened the z∏otyagainst the euro and the USdollar. Finance Minister JacekRostowski, hopes, however,that the RPP will continue tocut interest rates. “I’m happywith the RPP’s decision, and Ihope for further cuts in theupcoming months. Ending theround of cuts at this stage

would be a serious mistake, andcould have a negative effect onunemployment,” read a pressrelease from Mr Rostowski’soffice.

Some economists are nottoo bullish about further reduc-tions. “I don’t see a majority inthe RPP that would want to cutinterest rates more drasticallythan 25 basis points at a time.For many, the 4 percent level isa barrier that shouldn’t be bro-ken and they might oppose fur-ther and bigger cuts,” Jaros∏awJanecki, chief economist atSociété Générale told WBJ.

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Marek Belka, president of the National Bank of Poland

JANUARY 14-20, 2013 NNEEWWSS www.wbj.pl 5

Anniversary

CCoommmmuunniisstt lleeaaddeerr ttoo bbee hhoonnoorreedd??SLD’s proposal tohonor late communistleader Edward Gierekis controversial amongpoliticians but may beacceptable to ordinaryPoles

The Democratic Left Alliance(SLD) wants 2013 to bedeclared the year of EdwardGierek, who was first secretaryof the communist party from1970 till 1980. The party said itwill prepare a relevant resolu-tion to be passed by the Sejm.

At a press conferenceorganized on the eve of the100th anniversary of MrGierek’s birth, SLD politicianssaid they would form a com-mittee to organize eventsmarking the jubilee. They alsosuggested that one of War-saw’s roundabouts should bearthe name of the communistleader. This, however, is sub-ject to decisions of the city’slocal authorities.

SLD claims that Mr Gierekwas unique among the leaders

of communist Poland, as hisrule was a time of economicdevelopment and investment.

But while it is true that thestandard of living increasedmarkedly in Poland in the1970s under Mr Gierek, mostof this was financed by loansfrom the West, which Polandonly managed to finally pay offin October last year.

Year of the familyPoliticians from other partieswere not so eager to supportthe idea. Commenting on theproposal, Prime MinisterDonald Tusk said that 2013should be named the year ofthe family, rather than of MrGierek, in accordance withthe government’s priorities forthe year.

“With all due respect to theintentions of all people behindthe idea, 2013 should be theyear of the family in Poland,”the prime minister said.

Tomasz Na∏´cz, a formercommunist party member andcurrent presidential advisor,also said he is against the idea,

as is the conservative Law andJustice (PiS) party. The social-ly liberal Palikot’s Movementhas been the only party to sup-port SLD’s idea so far.

Public thinks differentlyfrom politicians?But SLD claims it has publicopinion on its side.

The party commissionedpollster TNS OBOP to con-duct a survey asking peopletheir opinion of Mr Gierek’stime in power.

As Krzysztof Gawkowski,SLD secretary general, toldWBJ, the survey revealed that54 percent of Poles have apositive view of Mr Gierek’srule, while 22 percent have anegative opinion. Also, 48percent are in favor of someform of honoring the commu-nist leader’s memory, while 27percent are against it.

“This shows that the socie-ty thinks that it was not a losttime for Poland,” Mr Gaw-kowski said.

PiS, meanwhile, wants2013 to be named the year of

the 1863 January Uprising,which happened during theperiod when Poland wascarved up among foreignpowers and had ceased to

exist on the map. Regardless of official reso-

lutions made in parliament,SLD plans its own celebra-tions throughout 2013, start-

ing with a conference in Sos-nowiec, where Mr Gierek wasborn and is still revered bymany, at the end of January.

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Leftist party SLD says Edward Gierek (center) is viewed favorably by Poles

Ludomir BiedeckiPartner

SSaannccttiioonnss ffoorr nnoott iinnffoorrmmiinngg ooff aannaaccqquuiissiittiioonn

Legal Forum

The devil is in the details, or sothe saying goes, and this appliesto investing in shares as well. Ahappy smile after a well-placedinvestment and an expectedhandsome return could quicklyturn into a frown if an investorforgets to comply with certainsimple, yet important notifica-tion obligations.

According to the Polish Codeof Commercial Companies, afirm that has become a holdingcompany should inform itsnewly acquired subsidiary of thefact that it is now controlled by anew entity. A controlling compa-ny, or using the exact languageof the Code of CommercialCompanies, the dominant com-pany is an entity:• holding directly or indirectly

(e.g. through its subsidiary),including on the basis ofagreements with third parties,a majority of votes at the sub-sidiary’s shareholders’ meet-ing, also as a pledgee orusufructuary, or in its manage-ment board; and/or

• entitled to appoint or dismiss,also under agreements with

third parties, a majority ofmembers of the subsidiary’smanagement board or super-visory board (if any); and/or

• in which management boardmembers constitute morethan half of all members of thesubsidiary’s managementboard; and/or

• has a decisive influence on theactivity of the subsidiary, inparticular but not limited to,on the basis of a managementagreement or agreement onthe transfer of profits. The notification made by the

newly dominant companyshould in principle only indicatethat control is exercised by anew entity. However, it is advis-able to inform which of theabove-mentioned criteria hasbeen met. It should be sent tothe management board, proxy(Polish: prokurent) or anotherrepresentative of the subsidiarywithin two weeks from the dateany of the above took place.

Failing to comply with thenotification obligation can havepainful consequences. If thesubsidiary is not notified, the

Code of Commercial Companiesmakes it impossible for theacquiring firm to exercise votingrights representing more than33 percent of the subsidiary’sshare capital.

If, for example, an investoracquires 66 percent of a firm, itwill still only be able to castvotes representing 33 percentof the shares if it has failed tocomply with the notificationrequirement.

The good news is that thissanction is suspended once thesubsidiary is duly notified. Inother words, once the holdingcompany has complied with itsobligations, it will be allowedvoting rights equal to the shareof the company it owns.

A similar obligation isimposed on a shareholder thathas been asked by anothershareholder of the same compa-ny, a member of its managementboard and/or supervisory boardto report whether it is controlledby or exercising control overanother firm holding shares inthe company. The reply shouldbe provided within 10 days from

receipt of the request. If therequest has been received lessthan two weeks before the dateof a shareholders’ meeting, thenthe 10-day period runs from theday following the date on whichthe shareholders’ meeting ends.

The same notification obliga-tions apply to the situation whenone company ceases to controlanother company.

If the investment is made inshares of listed companies thepurchaser (whether being anindividual or a corporation)should notify both the PolishFinancial Supervision Authority(Polish Komisja Nadzoru Finan-

sowego) and the target compa-ny every time the threshold of 5,10, 15, 20, 25, 33, 33.33, 50, 75or 90 percent of voting rightshas been reached or exceeded.The notification obligation ap-plies also in the case of:

• change of the share in votingrights exceeding 10 percentby at least:- 2 percent – in a company list-

ed on the main market of theWarsaw Stock Exchange;

- 5 percent – in a companylisted on another regulatedmarket; and

• change of the share in votingrights exceeding 33 percentby at least 1 percent.The sanction for failing to

comply with the above obliga-tion is serious too – the acquir-er will not be able to use thefull voting rights representingthe share acquired, dependingon the threshold breached.

For example, if an investorheld 3.5 percent of votingrights and purchased 1.5 per-cent in a subsequent transac-tion, that investor would not beallowed to vote from this 1.5percent. In this case, a late noti-fication will not lift the sanc-tion.

Acquisition transactions areusually well-documented and ifassisted by professional advi-sors investors should not worryabout the requirements dis-cussed here. These require-ments should be remembered,however, since failure to com-ply entails serious negativeconsequences.●

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.

JANUARY 14-20, 2013FFIINNAANNCCEE && EECCOONNOOMMIICCSS6 www.wbj.pl

The Polish currencyoffered the largest totalreturn gains amongstworld currencies lastyear

In 2012, the z∏oty proved a goodinvestment, gaining 14.99 per-cent against the euro in totalreturn terms according to aranking compiled by Bloo-mberg. It outperformed theHungarian forint, which made a13.95 percent gain against theeuro, and the Turkish lira, whichregistered a 13.36 percent gain.Total return calculates aninvestor’s profit plus the interestrate differential between cur-rencies.

The main reason for thestrong performance of the Pol-ish and Hungarian currenciesare the high interest rates inboth countries. In Poland, thebenchmark interest rate is cur-rently set at 4.00 percent, whilein Hungary it is 5.75 percent.

At the other end of the rank-ing was the Japanese yen, whichdepreciated 12.12 percentagainst the euro and the Brazil-ian real, which registered a 3.68percent loss.

A double-edged swordJaros∏aw Janecki, chief econo-mist at Société Générale, toldWBJ that in 2013, the z∏otycould grow stronger. “Interestrates in Poland are still high.

Lowering them below 3 percentcould weaken the currency, butI don’t see the Monetary PolicyCouncil doing that.”

“I can see euro droppingbelow z∏.4 by the end of 2013,”he said, adding that “even withthe Polish economy slowingdown, the projected figures, likeGDP growth, are higher than inmost EU countries, and thatwill keep attracting foreigninvestments.”

But a strong currency is notsolely good news for Poland.On one hand it attracts foreign

capital and lowers the value ofthe country’s foreign-currencydebt, but on the other it damp-ens the competitive edge of Pol-ish exports.

With this likely in mind,Finance Minister Jacek Ros-towski told the Senate lastweek that he does not expect a“a significant appreciation” ofthe z∏oty in 2013. “At the endof 2012, the z∏oty was 4.08 tothe euro. At the end of thisyear, we expect it to be 4.05,”he said.

JJaacceekk CCiieessnnoowwsskkii

Contact: Miros∏aw Stefanik

ms@pnplaw.pl

Legal News

BROUGHT TO YOU BY PETER NIELSEN & PARTNERS LAW OFFICE

Release from court costs inbankruptcy proceedings On January 8 the government adopted draft leg-islation that should make it possible for indebtedentrepreneurs to submit an application to courtfor a release from the court costs in proceedingsregarding a declaration of bankruptcy.

Faster indemnification for per-sons deprived of real property On January 4, 2013 the parliament accept-ed a draft of amendments that concernestablishing indemnification for personswho have been deprived of real estate byway of a decision on permission for per-formance of a road investment with imme-diate enforceability. Upon an application ofa person authorized to receive indemnifica-tion for the real estate, it will be possible topay out an advance payment of 70 percentof the indemnification, as agreed by the rel-evant authority, within 30 days upon thedate of submission of the application.

Abolition of provisions discrim-inating against the disabled On January 8 the president signed a change

to the act on environmental protection andthe act on professional and social rehabilita-tion as well as the employment of disabledpersons. The changes are aimed at abolish-ing limitations for disabled persons withassisting dogs to enter national parks andwildlife sanctuaries as well as to beachesand bathing beaches.

Lack of basic regulations forrecruitment to kindergartensand public schools On January 8 the Constitutional Tribunalrecognized the motion of the Ombuds-man concerning the lack of statutory reg-ulations concerning recruitment tokindergartens and public schools. TheConstitutional Tribunal stated that theregulations concerning criteria and pro-cedures with regard to accepting chil-dren to schools and kindergartens in theordinance issued without sufficient statu-tory basis, is against the Constitution.The charged provision will cease to bebinding after 12 months have passedfrom the day of the publication of the ver-dict in the Journal of Laws. ●

Only two weeks left for entrepreneursto join the Zacznij.biz competition!Zacznij.biz – idea – business – success, is a business competition organized by the Polish Confederation of Private Employers Lewiatan and Lewiatan Business Angels. On December 1, 2012, the third edition of the Zacznij.biz competition was launched. The deadline for submit-ting projects is January 31, 2013.

Those who enter their ideas into the Zacznij.biz competition will have the possibility to take part in several free training sessions and workshops conducted by experienced experts cooperating with Lewiatan Business Angels. In addition, participants will have a chance to prepare a comprehensive business plan and acquire the knowledge and skills for effective presentation of their business ideas. Finally, the best ideas will be presented to attract interest of potential investors from Lewiatan Business Angels.

Zacznij.biz – idea – business – success, is aimed at:• micro and small enterprises with big growth potential, operating in the hi-tech sector,

seeking to raise capital for development and implementation of new technologies• academics: researchers, graduate students and students of technical universities, who want

to commercialize their innovative ideas• entrepreneurs with projects operating in the ICT sector with global growth potential

To participate in the competition, just register at www.zacznij.biz.pl and fill in the proper form available on the website. Applications are being accepted until January 31, 2013. The most sound and promising ideas will be presented at the Final Gala in May, 2013.

Members of Jury of Honour of the Zacznij.biz competition are: Bożena Lublińska-Kasprzak, President of the Polish Agency for Enterprise Development; Henryka Bochniarz, President of the Polish Confederation of Private Employers Lewiatan and Professor Jan Kurzydłowski, Director of the National Centre for Research and Development.

Join Zacznij.biz – idea – business – success at www.zacznij.biz.pl

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Unemployment

Jobless rate to rise in2013, say economistsAnalysts expectPoland’s already highunemployment rate togo up this year

The unemployment rate inPoland at the end of December2012 stood at 13.3 percent com-pared to 12.5 percent a yearearlier, according to the Min-istry of Labor. And while thegovernment’s budget assump-tions put the jobless rate at 13percent by the end of 2013,experts are less optimistic.

Monika Zakrzewska, anexpert at Lewiatan, an employ-ers association, said in a pressstatement that Poland willprobably end 2013 with a higherunemployment rate than 13.3percent.

“The first months of thisyear will most certainly bring afurther deterioration on thelabor market and a rise inunemployment. Even beforethe end of the previous yearmany companies, such as Fiat,Avon, Siemens, announcedplans for group layoffs in 2013,”Ms Zakrzewska said.

These negative trends, how-ever, should be reversed in thesecond half of 2013, she said.This will be thanks to new

work-time laws and an anti-cri-sis package intended to attractmore foreign investment.

Over 14 percentunemployment?Meanwhile, Grzegorz Mali-szewski, chief economist atBank Millennium, told WBJthat the unemployment ratewill surpass 14 percent in Jan-uary 2013 and will be at leastthat high at the end of the year.

“A change in the negativetrend is possible in the secondhalf of the year at the earliest,”said Mr Maliszewski, addingthat improvement may befueled by the launch of projectsfinanced from the state-funded“Polish Investments” program.

Przemys∏aw Kwiecieƒ, chiefeconomist at X-Trade Brokers,also expects the unemploy-ment rate in 2013 to reachhigher than 14 percent, as boththe seasonal and economiccycles are contributing to itsincrease.

“It is possible that in earlyspring, the unemployment ratewill be over 14 percent,” MrKwiecieƒ said, adding that ifthe Polish economy growsslower than its potential,unemployment will surely rise.This means that a rise inemployment figures may onlybe expected some time afterPoland’s economy starts mov-ing faster again, possibly in2014. KKWW,, JJCC

Currency

Z∏oty a greatinvestment in 2012

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RS

TO

CK

0

3

6

9

12

15

2008 2009 2010 2011 2012

Rising tide in unemploymentJobless rate in recent years

Source: Coface Poland

The z∏oty, like interest rates, remains strong

JANUARY 14-20, 2013 BBUUSSIINNEESSSS www.wbj.pl 7

Poland a majorexporter offurniturePoland is a world power

in furniture exports,

placing fourth, after

China, Germany and

Italy, according to Jacek

Twaróg, president of

the national association

of furniture makers.

Last year, Polish

furniture exports

totaled $9 billion. Some

90 percent of Polish

furniture production is

exported, mostly to

Germany.

Polish auto

industry at

six-year lowIn 2012, less than

636,000 cars and trucks

rolled out from Polish

factories, the lowest

number since 2005.

December production

reached 38,100

automobiles, a 33% drop

year-on-year according

to industry expert

Samar. In annual terms,

the country’s 2012

automotive production

is down 23% compared

to 2011. Experts

believe the sector’s

troubles will ripple

through to the broader

economy. ●

More than 1,300businesses will gounder this year,experts predict

In 2012, 941 companies wentout of business in Poland, themost since 2004, according toEuler Hermes. What’s worse,the number of bankruptciesmight be even higher in 2013.

Analysts from the ExportCredit Insurance Corporation(KUKE) predict that thenumber of insolvencies will

exceed 1,300 in 2013. Theworst period will be the firsttwo quarters of the year, theKUKE report predicts.

Last year was particularlytough for construction compa-nies, as 259 of them declaredbankruptcy between Januaryand November, among themfirms that built highways andstadiums for Euro 2012.

But construction wasn’t theonly sector that fell on hardtimes last year. Numerouscompanies in the machinery,

foodstuffs and transport indus-tries also went out of business.The sales sector also suffered.

The biggest reason for therecent wave of bankruptcies iscompanies’ lack of liquidity.The number of reportedunpaid receivables has beengrowing since Q3 2011. By Q32012 it was double what it hadbeen at the beginning of 2008,which is when the current eco-nomic downturn started,reports Coface Poland.

JJaacceekk CCiieessnnoowwsskkii

Transportation

Other

Sales

Construction

Production

28%

24%23%

21%

4%

Dropping like fliesPercentage of bankrupt companies by sector, Q1-Q3 2012

Source: Coface Poland

Investments

Poland more attractive than UK for investorsThe CEE’s largesteconomy is viewedfavorably byinternational finance

A 2012 analysis of the invest-ment attitudes of 500 interna-tional decision makers byErnst & Young found that 10percent favor Poland as a des-tination for large investmentsin Europe, ahead of the UKby 2 percent. The most popu-lar destination in Europe isGermany, with 35 percentfavoring the continent’s eco-nomic powerhouse.

Even though the UK is cur-rently Europe’s top destinationfor foreign direct investment interms of the number of proj-ects, based on E&Y’s figuresfrom 2011, Germany couldovertake it within two years.

However, the attractivenessof a market for potentialinvestors doesn’t necessarilytranslate into actual invest-ments. In 2011, Poland’s sharein the number of FDI projectsin Europe was only 3 percent.Germany and the UK’s sharewere 15 percent and 17 percentrespectively. Usually it takes

many years in gestation beforeFDI projects are announcedand completed. Potentialinvestors who think that Polandis an attractive country, mayinvest here in the future, pro-vided it will sustain its attrac-tiveness in the coming years.

In 2012, despite the eco-nomic crisis, Poland noticed a6 percent increase in FDIcompared with 2011, reportsthe Polish Information andForeign Investment Agency(PAIiIZ). In 2012, it oversaw53 projects worth a total valueof €1.2 billion, which were

expected to create nearly10,000 new jobs.

Among the completedprojects the majority werefinanced by investors from theUS (15 projects), then Japan(7), Germany (6), and the UK(5). The main sectors forinvestment are BPO (19) andautomotive (18). In addition,PAIiIZ is currently working on155 investments worth a totalvalue of nearly €5 billion, withmost of the projects comingfrom companies from the US,Germany, the UK and China.

JJaacceekk CCiieessnnoowwsskkii

Bankruptcies

Over 1,000 companies to go bankrupt in 2013?

0

5

10

15

20

25

30

35

SpainFranceRussiaUKPolandGermany

Favorable destinationsMost attractive countries inEurope for investors

Source: Ernst & Young

JANUARY 14-20, 20138 www.wbj.pl IINNTTEERRVVIIEEWW

Ewa Boniecka: The [Novem-ber] EU summit which wasmeant to decide the next EUbudget ended in failure. Howdo you asses this developmentfrom a Swedish point of view?Staffan Herrström: Honestlyspeaking, I am not sure that itwas a failure, although itwould obviously have beenmuch better if a compromisehad been reached. We havehad several very difficult nego-tiations in the EU in the lastdecades – not only about thebudget, but also on otherissues, and in all cases the EUhas eventually managed toachieve successful outcomes.So I don’t think it is necessaryto see that [November] sum-mit as very dramatic.

I definitely believe that it isimportant to reach an agree-ment, which means that theEU budget for 2014-2020

should be kept within reason-able limits and be focused notleast on growth and innova-tion. Only growth-oriented dy-namic measures will be able tomove the EU economy for-ward in this time of crisis.

The Swedish economy is oneof the strongest in the EU. Youhave had positive GDP growthand are not suffering from acrisis. Yet Sweden, along withBritain and other net-payers,formed a coalition thatpushed for cuts in the EUbudget. What happened tosolidarity with poorer EUmembers and member statesaffected by the crisis?There are various groups hold-ing different positions on dif-ferent issues with regards tothe budget. Sweden stronglybelieves that one of the majorpurposes of the EU budget is

to provide solidarity to poorer,less fortunate member states.For example, there are strongarguments in favor of a cohe-sion policy directed towardsless developed regions, includ-ing regions in Poland.

But we must rememberthat a large part of the EUbudget – almost 40 percent – isstill used for the CommonAgriculture Policy and Swedendoes not believe that this is thebest way to spend our taxpay-ers’ money. And it is definitelynot the best way to speed upgrowth in Europe. There arearguments backing change inthe agricultural policy, that itneeds to be reformed and thecosts reduced. Talking aboutcuts, we have to rememberthat the first proposal of theEU Commission meant a realincrease in expenditures in thenext budget period by 7 percent. That number wasreduced in the following pro-posals, but it is still quite a lotin a situation where most ofmembers need to implementdifficult decisions to limit theirbudgets at home.

Will Sweden stay in a coali-

Polish - Swedish relations

Hardly Poles apart

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Staffan Herrström, Sweden’s ambassador to Poland

WBJ sits down with Staffan Herrström,Sweden’s ambassador to Poland, to talk abouthis country's view on possible cuts to the nextEU budget, its attitude towards changes in theEU, areas of cooperation with Poland onEuropean policy and bilateral relations betweenthe two countries

JANUARY 14-20, 2013 IINNTTEERRVVIIEEWW www.wbj.pl 9

tion with other EU net payersin the budget debate at thenext summit?We were cooperating with thatgroup of countries and Ibelieve that this cooperationwill continue. As net-payerswe are engaged in this process,because of the responsibility ofour governments to look afterour own taxpayer’s money – tomake sure the money is spentwisely and on growth-enhanc-ing measures.

Sweden is not in the eurozone. What do you think ofthe further integration of theeuro zone, the banking unionand the idea of establishing aseparate budget for euro zonemembers?All those issues are now beingdebated. It is important forSweden, as it is for Poland,that decisions about the eurozone, which do affect all of usthrough, for example, the sin-gle market, are not made with-out other non-euro EU mem-bers.

Sweden and Poland initiatedthe Eastern Partnership pro-gram, which now seems to belacking EU interest. What doyou make of that?The European Union woulddefinitely like the EasternPartnership to move forwardwith all the partner countries.In several ways it still is. It ismaking progress in Moldovaand Georgia, for example –significant progress in fact.Ukraine has also continued todeclare its ambition to inte-grate with Europe even ifthere are obvious obstaclesthere, relating to core EU val-ues, which are crucial ele-ments in the Eastern Partner-ship. Definitely it is in theinterest of Europe to continueits mission of spreading demo-cratic values and to integratethe Eastern European coun-tries, which want to join EU,as well as the Western Balkanstates, into the Europeaneconomy.

What is Sweden’s attitudetowards possible changes inEU’s political architecture,such as deeper integration,which is rejected by somemembers?Sweden is in favor of furtherintegration in the EU. Howev-er, it is important not to rushahead as there are still impor-tant measures which have notyet been implemented. Overthe past years, many decisionshave been made in order toimprove the economic gover-nance of the union. Thosemeasures need to be imple-mented first. I am mainlyreferring to the Six Pack, theFiscal Compact and the Two-pack. We should make surethat those decisions are imple-mented, rather than makingsome long list of new measureswhich need to be introduced.The fundamental frameworkis partly already there, and theimportant continuous devel-

opment of the single market isalso ongoing and should besped up. Also, it is importantthat great attention be given tothe democratic legitimacy ofthe EU. At all times citizensneed to be on board whenleaders move towards deeperintegration. Poland, as onemember state, has suggestedsome innovative ideas on howto deal with this question.

But regarding furtherenlargement of the EuropeanUnion, the original enthusi-asm seems to have waned ...The fact is that Croatia willbecome an EU member thisyear. Recently, Serbia gainedthe status of official EU candi-date, so enlargement is stilltaking place. Historically,enlargement of the EU hasbeen a great success. It is acore idea of the EuropeanUnion to spread peace anddemocracy in Europe. I havebeen to the Balkans and I haveseen what the prospect of EUintegration has meant forthose countries. Without it,we would not be witnessingthe democratic changes thatare currently going on theretoday.

Relations between Swedenand Poland are traditionallygood and our countries neverlook back to our wars in the18th century. How are our tiesdeveloping now?Swedish-Polish relations aredeveloping very dynamically inall fields. I would like to pointto the state visit of our KingCarl XVI Gustaf to Poland inMay 2011, which was a mani-festation of our close friend-ship. During that visit a decla-ration on mutual cooperationwas signed, and cooperationhas really sped up. There aredaily contacts between Polesand Swedes working on theEastern Partnership and theBaltic Sea Strategy. We coop-erate on security and defensepolicy. There are a number ofSwedish people of Polish ori-gin who are doing very well inall areas of life in Sweden,which also strengthens oursocial ties. Currently, 1,000young Swedish people arestudying mainly at medicaluniversities in Poland, andover 300 Poles are studying inSweden through the Erasmusprogram.

What about trade?Our trade is developing verypositively and its value hasdoubled since 2004. In 2011, itexceeded €7 billion and thebalance is almost 50-50 inimport and export on bothsides. In the same year – 2011 -Sweden was number fiveamong foreign investors inPoland. Even with the slowereconomic development in theEU, there is huge potential forincreasing trade between Swe-den and Poland. There areopportunities in the clean techsector, particularly when itcomes to energy and other

environmental issues. Betterwaste utilization, and especial-ly, waste-to-energy solutionshave enormous potential inPoland. There are substantialmonetary gains to be made forPoland in this sphere, accord-ing to some estimates even z∏.4billion.

Sweden is a model for Polandin developing our family ori-ented policies and we envySweden for its excellent healthand child-care systems, aswell as the promotion ofwomen in the workforce. Whatis the basis for success of yoursystem?The welfare system can func-tion well only when there arestrong incentives for womenand men to be active on thelabor market and thus providethe tax base for welfare which isneeded to fund public services.Additionally, any system needsto be incrementally and contin-uously improved in order toface new challenges. If a systemis misused and it has negativeeffects on public finances, thegovernment should do some-thing about that, as we did dur-ing our financial crisis in the1990s. The high level of femaleemployment is a key asset forthe economy and is clearly facil-itated by the access to highquality and affordable childcare, as well as the sharing ofparental responsibilities be-tween women and men, notleast through shared parentalleave, that is, increased paterni-ty leave. Gender equality issmart economics. One of ourMinistries recently conducted astudy which shows that EUGDP could increase by as muchas 27 percent if women played amore active role in the labormarket in the entire EU.

Yet now one of the mainproblems in the EU is highunemployment. Both menand women cannot find workin many member countries.Young people are bitterlydisillusioned about the polit-ical and economic establish-ments in the EuropeanUnion, what is your view?It is not surprising that peo-ple get disappointed in thesedifficult times, but the major-ity of people value the free-doms of the EU more thanthey despise the drawbacks –for example the freedom ofmovement across the EU andthe possibility of finding jobsin countries other than theirown, which may not be strug-gling as much with unem-ployment. The EuropeanUnion, which was rightlyawarded the Nobel PeacePrize in 2012, is needed forall of us, richer and poorermembers, and we shouldseize the moment to consoli-date our efforts to make it abetter functioning union ofstates – in the spirit of soli-darity and common responsi-bility for democracy, peaceand security on our conti-nent. ●

JANUARY 14-20, 2013 OOPPIINNIIOONN && AANNAALLYYSSIISS www.wbj.pl 11

A t high-level gatherings of theEuropean Union elite, one oftenhears the following type of state-

ment: “Europe must integrate andcentralize economic governance inorder to defend its social model in anage of globalization.” European Com-mission President José Manuel Bar-roso and his counterpart at the Euro-pean Council, Herman Van Rompuy,are particularly keen on this argument.

But the claim that only deeper EUintegration can save the “European”social model from the onslaught ofemerging markets is not true. Yes,globalization represents a challenge toall EU member states; but it is notclear how more integration would helpthem to confront it. More Europeaneconomic governance is not a panacea.

Which model?In fact, it is not even clear which Euro-pean social model needs to be saved.There are enormous differencesamong EU members in terms of thesize of their public sectors, the flexibil-ity of their labor markets, and almostany socio-economic indicator that onecan think of. The common elementsthat are usually identified with the

“European” social model are a questfor equality and a strong welfare state.

But neither of the main problemsconfronting Europe’s social-securitysystems – slow economic growth andaging populations (a function of lowfertility) – can be addressed at theEuropean level. This is obvious forfertility, which is determined by deep-er social and demographic trends thatcannot really be influenced by gov-ernment action. And, while agingcould be transformed into an oppor-tunity if the elderly could be mademore productive, this requires actionat the national and societal levels, notmore European integration.

It is understandable that Euro-pean leaders talk so much aboutglobalization, given that the Euro-pean economy is rather open for itssize, with exports amounting to about20 percent of GDP, compared to just12 percent in the US. The (re-)emer-gence of big economies like China isthus bound to have a greater impacton Europe than on the US.

More harm than goodEconomists long ago recognized thatit is theoretically possible that the

emergence of new growth polesabroad does more harm than good toan economy. This can happen if thenew economic powers are moreimportant as competitors than theyare as customers. But this does notseem to be the case, even with respectto China. The EU does have a bilat-eral trade deficit with China, but italso exports a lot to the Chinese mar-ket – much more than the US does.

More importantly, even if oneaccepts the view that globalizationconstitutes a threat to Europe’s socialmodel, there is little scope for furtherintegration, given that trade policy isalready fully unified at the EU level.In any case, the EU has generallycontributed constructively to allmajor rounds of global trade liberal-ization.

With the EU helping to keep glob-al markets open, European exportshave held up rather well, with the EUmaintaining its market share.Although it has lost ground relativeto the emerging markets (especiallyChina), it has far outperformed otherdeveloped economies like the USand Japan. This is true even in servic-es, despite slow productivity growth

in Europe. It is thus wrong to assumethat economies based on cheap laborare massively outcompeting the EU.Moreover, this relatively good tradeperformance has been achieved witha much lower increase in wageinequality in Europe than in the US.

The various European socialmodels have thus been, on average,quite robust – most likely because ofthe absence of a master plan fromBrussels on how to respond to global-ization. Each member country hashad to adapt in its own way, knowingthat it could not bend the rules of thegame in its own favor. Not all suc-ceeded; but the successes (Germany,for example) far outweigh the fail-ures (see Greece).

Growth is the keyThe key to ensuring the future ofEurope’s social security systems, andthus its social model, is faster growth.And, again, it is difficult to see howmore Europe would improve the situ-ation. The obstacles to growth arewell known, and have existed for along time without being removed.The reason is quite simple: if therewere a politically easy way to gener-

ate growth, it would have been imple-mented already.

Moreover, most national policy-makers have a tendency to blame“Brussels” for all of their difficultchoices, thus creating the impressionat home that the economy wouldimprove if economic affairs could bemanaged without EU interference.More integration is preached at theEuropean level, but implicitly por-trayed at home as an obstacle togrowth.

This double-speak on the part ofnational political elites is perceived assuch by voters, whose trust in bothnational and EU institutions is natu-rally declining. The claim that Europeneeds more integration to save itssocial model has long lost credibility.Integration is irrelevant to that ques-tion, and, in those areas where deeperintegration really would benefitEurope, it appears to be the last thingthat national leaders want. ●

Daniel Gros is Director of theCenter for European Policy Studies.

Copyright: Project Syndicate, 2013.project-syndicate.org

E uropean Union leaders con-cluded 2012 with a landmarkagreement that places all euro

zone banks under a single supervisor.But the difficult negotiations that ledto the agreement eclipsed EuropeanCouncil President Herman VanRompuy’s recent report, “Towards aGenuine Economic and MonetaryUnion,” which calls for unity farbeyond a banking union. Although“no door was closed,” in the words ofEuropean Commission PresidentJosé Manuel Barroso, EU leadershave clearly refused, at least for now,to hold a serious discussion aboutdeeper integration.

Mr Van Rompuy’s report raises afundamental question: What factorsare preventing the euro zone fromfunctioning as everyone would wish?Answering this question requires, firstand foremost, a comparison of thedynamics at play during the euro’sfirst decade, 1999-2009, when theeuro zone ostensibly performed well,with those of the last three years,which have been marred by crisis.

Controlling the leversAt first, the euro zone seemed tofunction like a true currency union:

capital-market integration was accel-erated; cross-border activityincreased; and the per capita incomegap between member countriesdecreased. But, unlike in a completecurrency union, such as that of theUnited States, euro zone membersretained full financial sovereignty,meaning that they controlled all ofthe levers of macroeconomic policy.

Without external constraints, pub-lic and private expenditure grew pre-cipitously in many countries on theeuro zone periphery, while wagesrose faster than productivity. Asthese countries posted current-account deficits, northern Europeancountries accumulated current-account surpluses, exposing a widen-ing competitiveness gap.

In a genuine currency union,wealth transfers and automatic stabi-lizers mean that such discrepanciesdo not pose a problem. With the eurozone as a whole benefiting from a rel-atively solid balance-of-paymentsposition, European leaders initiallyfailed to foresee the risk incurred byletting competitiveness differentialsgrow, and underestimated the threatposed by some countries’ accumula-tion of significant external debt.

Indeed, for 10 years, north-to-southincome transfers and lending financedexcessive aggregate demand, makingthe euro zone seem stable. As marketsunderpriced risk in order to lend toincreasingly indebted countries, pres-sure on interest rates diminished.

Flaw exposedThe global financial crisis exposedthe euro zone’s underlying flaw.Meanwhile, international bodies,including the International MonetaryFund and the G-20, encouragedstruggling countries to implementloose fiscal policies, claiming thatthey were needed to overcome thecrisis. But fiscal stimulus merelyaggravated the problem.

Financial investors soon recog-nized that risk had been underesti-mated in some countries, causinginterest rates to rise, sometimes tounsustainable levels, as in Greece,Portugal, and Ireland. While thedecline in aggregate demand led toreduced imports, the combination ofhigher interest rates, lower publicexpenditure, tax increases, and wagedeflation boosted unemployment andtriggered recession.

Normally, by decreasing prices

relative to their more fiscally soundneighbors, struggling countries canboost exports, thereby reducing theircurrent-account deficits. But, in thecase of the euro crisis, price stickinesscaused inflation to increase more indebtor countries than in creditorcountries, making adjustment evenmore painful.

Shock absorptionIn this context, Mr Van Rompuy’sreport is crucial. It maps out thearchitecture needed to “guaranteethe minimum level of convergencerequired for the EMU to functioneffectively,” and calls for a more inte-grated financial, budgetary, and eco-nomic policy framework. Specifically,the report highlights the need for theeuro zone to make two fundamentalcommitments.

First, euro zone countries mustimplement reforms aimed at boostingwage and price flexibility throughenhanced competition and improvedlabor and capital mobility within andbetween member countries. Second,wealth transfers to peripheral coun-tries, while controversial, are necessary.

To surmount the associated politi-cal hurdles, euro zone leaders must

create a limited “fiscal capacity,”which should act as a “common butlimited shock-absorption function”that would “contribute to cushioningthe impact of country-specific shocksand help to prevent contagion acrossthe euro area and beyond.” Thismechanism should also providefinancial support for structuralreforms through “limited, temporary,flexible, and targeted financial incen-tives.”

But Mr Van Rompuy’s minimalproposal may be insufficient. Curren-cy unions require a mechanism forpermanent transfers to poorerregions. The EU budget should facil-itate such transfers in the euro zone,using structural funds. Tax transfersshould also act as an automatic stabi-lizer in the case of asymmetricshocks.

Such reforms undoubtedly requirea much more politically integrated, orfederalized, euro zone. ●

Edmond Alphandéry, a formerFrench finance minister (1993-1995),

is president of the Euro 50 Group.

Copyright: Project Syndicate, 2013.project-syndicate.org

WWiillll mmoorree iinntteeggrraattiioonn ssaavvee EEuurrooppee’’ss ssoocciiaall mmooddeell??

TThhee eeuurroo zzoonnee’’ss aaggeennddaa iinn 22001133Edmmond Alphandéry

MANAGING EDITORJACEK CIESNOWSKI(JCIESNOWSKI@WBJ.PL)

POLITICS EDITORREMI ADEKOYA(RADEKOYA@WBJ.PL)

REAL ESTATE EDITORKAROLINA KOWALSKA(KKOWALSKA@WBJ.PL)

REPORTERKAMILA WAJSZCZUKCOPY EDITORBEATA SOCHAINTERNMARTA MARDOSZCONTRIBUTORSE. BLAKE BERRYEWA BONIECKADAVID INGHAM

COLUMNISTSADAM NARCZEWSKIANDREW NAWROCKI

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MARKETING &SALES

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

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

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

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

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.

Daniel Gros

JANUARY 14-20, 2013CCOOVVEERR SSTTOORRYY12

LNG terminal

gets extra

financing

Polskie LNG said that its

EU grant for building the

ÂwinoujÊcie LNG

terminal has been

increased by nearly

z∏.100 million, from

z∏.456 million to z∏.551.8

million. The total cost of

the project, which is set

to be completed in 2014,

is estimated at z∏.2.6

billion.

Inflation to hit

RPP target

According to predictions

made by analysts, prices

in Poland increased

around 2.5% in

December, reaching the

target set by the

Monetary Policy Council

(RPP) for the first time

since September 2010.

Experts feel this could

be a long-term trend this

time.

Treasury

working on

Energa IPOPoland’s Treasury

Ministry is seeking a

legal advisor for the

planned IPO of Energa

and it will soon also

begin looking for a

financial advisor.

Treasury Minister

Miko∏aj Budzanowski

earlier said the company

could make a debut on

the Warsaw Stock

Exchange as early as

mid-2013. The offer will

involve selling part of

the Treasury’s stake and

possibly a new issue. ●

www.wbj.pl

Airlines

A LOT of trouble2013 will be a make-or-break year for LOT

With one of the most modernfleets on the continent, Poland’sstate-owned air carrier LOThad dreams of conquering theskies. Instead it now needs mil-lions in state aid to survive.

Waves were made back inNovember 2012 when the firstBoeing 787 Dreamliner inEurope was delivered to LOT.The new aircraft was the firstof eight to join the airline’sfleet as a replacement for theoutdated Boeing 767s.

The airline will pay signif-icantly higher lease pay-ments for its new toys whencompared to the old planes,as much as z∏.900,000 month-ly according to data obtainedby Forbes from an unnamedsource. Still, the same sourceclaims that a transatlanticflight with the 787 will bringz∏.150,000 more in ticket rev-enue, with savings on fuelcosts on service to New Yorkrunning z∏.50,000 toz∏.60,000.

Also, LOT was heavilyadvertising the fact that itsDreamliner is the very first onthe continent. The nationalcarrier promised it would makegood on its claims to takeadvantage of this particularwindow of opportunity tostrengthen its position onNorth American and Asiandestinations, especially consid-ering heavy competition fromLufthansa, which already has afleet of larger B747s and willhave its own Dreamliners byspring.

Wake-up callToday though, the facts do notpaint an optimistic picture.The company is in deepertrouble than any new airplanecan fix. LOT has asked thegovernment for as much as z∏.1billion in aid to get back on itsfeet, starting with a z∏.400 mil-lion tranche to pay off currentobligations, which was recentlypaid out.

Marcin Piróg was promptlydismissed from his post asCEO after Treasury MinisterMiko∏aj Budzanowski blamedhim directly for the state ofaffairs at the airline. The boardof directors designated Zbig-niew Mazur, in charge of finan-cial affairs, to assume leader-

ship of LOT until a new CEOis appointed. His top priorityfor now is the implementationof restructuring measures toget the airline out of its five-year-long losing streak.

Airspace is a battlefieldOf course, it was no secret toindustry experts and analyststhat the Polish national airlineis in dire straits. Just as theshining Dreamliner was touch-ing ground at Warsaw’s ChopinAirport, transportation expertAdrian Furgalski firmly statedin a radio interview that therewas no chance that the new787s would save the Polish air-line.

He agreed that the new

plane will save money and pro-vide more comfort, but notedthat presenting eight new air-craft as the only solution wasclearly an overstatement. MrFurgalski also pointed out thatno progress has been made interms of privatization and withtime, the company is becomingless and less attractive for anyinvestor with its whoppingz∏.150 million loss in 2011 andno hope of getting out of thered this year.

Analysts also doubted thesuccess of the strategy present-ed by then-CEO Marcin Piróg,who insisted that having thefirst Dreamliners on the conti-nent “will allow us to movefrom a slightly defensive posi-

tion to the offense, since wehave a product which is defi-nitely better than what thecompetition has. The secondairline to receive a Dreamlinerin Europe is British Airways –and they will have the plane 9months later than LOT.”

The problem here, though,is that while LOT will in facthave the 787s waiting to takepassengers to North Americaand Asia, it will have a hardtime expanding its domesticand European service. That inturn is needed to bring in pas-sengers to the hub in Warsaw,since customers from the capi-tal or other Polish cities aloneare not enough to fill the seatson transatlantic flights.

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JANUARY 14-20, 2013 CCOOVVEERR SSTTOORRYY www.wbj.pl 13

Another major issue is thatthe network of flights fromEurope to the US, China orJapan is a battlefield with play-ers much mightier than LOT.The competition has bettertransfer hubs and bigger fleets.Airlines the likes of Air France,British Airways or Lufthansacan easily bring in passengersfrom a number of regional air-

ports. Besides, says Marek Ser-afin, editor-in-chief of thePRTL.pl aviation web portal,these airlines use larger planes,such as the Airbus A380 or theBoeing 777 for intercontinentalservice, in which the per-pas-senger cost is much lower thanthat of the 787.

2013 not looking too rosyIn an interview for PRTL.pl, El˝-bieta Marciszewska, a professorat the department of transporta-tion at the Warsaw School ofEconomics said that the eco-nomic outlook will not helpLOT. “2013 will be a difficultyear for the Polish aviationindustry. It is difficult to assesswhether the new Dreamlinersalone will be effective enough topromote long-haul service. WillLOT manage to intercept transittraffic, especially in the lucrativebusiness and premium classes?”

Ms Marciszewska notedthat air carriers from the Per-sian Gulf are targeting theregion. Moreover, Norwegianis announcing the launch of aninexpensive transatlantic serv-ice using their fleet of Dream-liner 787s, not to mentionLOT’s Star Group partnerLufthansa, which is graduallyincreasing its presence at Pol-

ish airports. The traffic to andfrom the US could increase ifvisa-free travel for Poles wereto be approved, but LOTshouldn’t count on filling itspremium and business classseats here.

What’s next?The Treasury Ministry hasagreed to provide the nation-al airline with financial aid inexchange for some radicalchanges in its operations. Aspart of this, LOT is set toimplement job cuts thatwould see at least 600 peoplelose employment. These cutsare expected to save the com-pany as much as z∏.300 mil-lion annually.

According to Rzecz-pospolita, the reductionswould mainly affect thecompany’s ground staff. Thenational air carrier will also

reduce the number of flightsoperated and the Embraer170 and Boeing 737 aircraftused by LOT would bereturned to the leasing com-pany. All in all, the reduc-tions could bring in savingsof about z∏.600 millionannually.

That may not be enough,says aviation expert Sebast-

ian GoÊciniarek. He recallshow during the past year,LOT sold off nearly all of itsassets to avoid bankruptcy,so it has nothing more to liq-uidate. The situation is diffi-cult, he says, but it is hard toassess how difficult, sinceLOT has not disclosed muchdata over the past fewmonths. Dziennik Gazeta

Prawna obtained insiderinformation suggesting thatthe z∏.1 billion promised willnot solve all the problems.LOT is a bottomless pit, oneemployee familiar with thecompany’s financial situationwas anonymously quoted assaying and added that in2012, the company sold realestate, stock and shares in

subsidiaries for z∏.900 mil-lion, which it managed toquickly spend. Mr Furgalskistrongly feels that nothingwill save a company that hasbeen bringing losses yearafter year and suggests thatLOT should very simplydeclare bankruptcy.

Yet the Polish govern-ment, as the major share-holder of the national airline,remains optimistic as toLOT’s future. Treasury Min-ister Miko∏aj Budzanowskipresented three availableoptions: bankruptcy and liq-uidation of the carrier; priva-tization; or restructuring fol-lowed by privatization. Hesaid that the State Treasurychooses to go with the thirdoption. As a result, LOT willreceive the needed financingand a detailed plan for far-reaching restructuring will beprepared, which will includeheadcount reduction andtrimming of non-profitabledestinations and outdatedmachines. Only after thatphase is complete will theTreasury return to the searchfor a suitable strategic sectorinvestor, who would retainthe LOT brand name oncethe company is privatized.

Will they succeed thistime around? Or will LOTjoin the likes of Hungariannational carrier Malev andbecome a page in aviationhistory? 2013 will likely bethe year we find out. ●

“2013 will be a difficult year forthe Polish aviation industry”

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Polish Treasury Minister Miko∏aj Budzanowski is pushing LOT to restructure

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 JANUARY 14-20, 2013, LI 18/01

Poland CEE

investment

leader

“We forecast investment

volumes in the region to

be marginally ahead in

2013, with Poland

continuing to be the

clear leader,” Charles

Taylor, Partner at

Cushman & Wakefield

said, commenting on

investment activity in the

core Central European

markets. According to a

Cushman & Wakefield

report, Poland, the

Czech Republic,

Hungary, Romania and

Slovakia significantly

increased their

investment activity in Q4

2012 to €1.8 billion,

almost matching 2007

levels, and much more

than the €536 million

invested in the previous

quarter.

Residential-

office complex

in PragaOffice buildings of 8, 19

and 25 storeys and

apartment buildings of

7 to 9 storeys will form

a new residential-office

complex planned in the

area of ul.

Ostrobramska and ul.

Kokoryczki in Warsaw’s

Praga Po∏udnie district.

The developer –

Azymut – is currently

preparing for land

development. The

complex will comprise

397 underground

parking spaces and 515

on the ground. The

start date for

investment has not

been disclosed ●

Colliers to manage

two properties . . . . . . . . . . . . . .14

Skanska sells office complex .14

CEEQA 10th anniversary . . . . .16

Warsaw’s first

self-service hotel . . . . . . . . . . . .17

Property-related stocks . . . . . .17

In this issue

1716

Richard Hallward talks aboutCEEQA’s 10th anniversary celebration

The first self-service hotel inWarsaw will open this spring

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

or

Skyscrapers

WWFFCC aanndd PPllaattiinniiuummBBuussiinneessss PPaarrkk ggeett aaddmmiinniissttrraattoorrColliers Internationalhas won tenders tomanage twoprestigious officebuildings in Warsaw –Warsaw FinancialCenter (WFC) andPlatinium BusinessPark

The 24-storey Warsaw Finan-cial Center is one of the signa-ture high-rise buildings of theSródmiescie district skyline,standing 144 meters high. Sit-uated at the intersection of ul.Emilii Plater and ul. Âwi´-tokrzyska, in the vicinity ofthe Palace of Culture and theCentral Railway Station, itattracts top-rank tenants suchas Bloomberg, Google, SAB,Wyborowa and MasterCard.

The complex comprises

50,000 sqm of leasable spaceand is one of Warsaw’s primeoffice addresses. Its purchaselast August was one of thebiggest office transactions inin Europe in 2012. A jointventure between Allianz RealEstate and an investmentfund managed by Tristan Cap-ital Partners acquired it fromCA Immo and PramericaReal Estate Investors for€210 million.

Platinium Business Park isa mixed-use complex locatedat the intersection of ul.Wo∏oska and ul. Domaniews-ka, in the very heart of theMokotów office district. Theproperty, comprising six class-A buildings and containing56,000 sqm of space, is locat-ed in the immediate neigh-borhood of Galeria Mokotówand has a 98 percent occupan-

cy rate. Allianz Real EstateGroup acquired it fromGlobe Trade Center for€138.8 million in late October2012, making it the third-largest office-complex deal inPoland last year. Aviva,Saatchi & Saatchi Poland,Leo Burnett, Panasonic, LeviStrauss and Peugeot, areamong the current tenants inthe building.

“Property managment isone of our key businesses. Wecurrently manage 700,000sqm of commercial space inPoland and over 1 millionsqm all over Central andEastern Europe. In the lastthree years, we have won ten-ders to manage 30 buildings,”said Monika Rajska-Woliƒs-ka, managing partner at Col-liers International in Poland.

KKaarroolliinnaa KKoowwaallsskkaa

Offices

RREEF makes multi-million euro purchaseThe real estateinvestment fund hasacquired NordeaHouse and GreenCorner in Warsaw'sWola district for €94.6million

The last days of 2012 broughtanother multi-million eurooffice deal, as RREEFbought Nordea House andGreen Corner complex fromSkanska Property Poland for€94.6 million. The newlycompleted investment con-sists of 27,000 sqm of totalleasable area and is located inWarsaw’s Wola district, nearthe second line of the city’ssubway, which is currentlybeing built. The scheme,located at the intersection oful. Ch∏odna and ul. Widok,already provides access to

public transportation such asbus and tram lines.

Its first tenants moved inlate December after the dealhad been sealed. One of thebiggest contracts, for 7,600sqm, was signed with NordeaGroup, which will occupyNordea House. Other tenantsof the glazed-facade propertyare Grant Thornton and JonesLang LaSalle. Green Corner,meanwhile, has been fullyleased to one of the Polishcentral administration author-ities. Nordea House andGreen Corner are managed byJones Lang LaSalle.

Colliers International wasthe exclusive agent in the sale.

According to WaldemarOlbryk, president of SkanskaProperty Poland, the complexwas quick to find tenants aftercompletion because of Skans-ka buildings’ reputation as

attractive workplaces andgreat investment opportuni-ties.

Both Nordea House andGreen Corner have beenLEED pre-certified with the

highest Platinum rating andfeature ecological solutions.

Skanska Property Polandis currently constructinganother office scheme in War-saw, Atrium 1, which is sup-

posed to be the greenestbuilding in Poland. The 15-storey scheme will provide18,000 sqm of leasable spacein March 2014.

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JANUARY 14-20, 2013LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE16 www.wbj.pl

Media patronage

CCEEEEQQAA 1100tthh aannnniivveerrssaarryy

This year is the tenth anniver-sary of CEEQA, do you haveanything special planned tocommemorate this milestone?Richard Hallward: We’re work-ing on a lot of interesting ideas,on the business content side ofthings as well as on the brightlights and hospitality side. Ourfirst priority is always the busi-ness delivery, the “why are wedoing this and who are wedoing it for?” question. In asense we, alongside the Finan-cial Times, are fighting so the“post-communist” group ofcountries in this part of theworld can present their case forcommercial real estate invest-ment to the international arenain a thoughtful yet attractivemanner. That mission is drivingall our thinking and develop-ment, particularly so for theyear ahead.

Can you mention any specificplans yet?We like to stage our announce-ments carefully for buildup so Ican’t give too much away yet.On the awards side, I can saythere will be one or two “best ofthe decade” awards decidedfrom past winners of CEEQAawards between 2003 and 2013,which should be interesting aswell as some fun. We’re alsoannouncing a new award forBuilding of the Year SoutheastEurope, which we think is theright move to make now as wefactor in future ideas about thedirection of the market placeand try to strengthen CEEQA’sappeal to companies active inthe SEE markets.

What about the events them-selves, CEEQA has quite a rep-utation to live up to. Anyexciting plans?We’re having a lot of fun plan-ning the bright lights side ofthings. One of the most inter-

esting developments is ourCEEQA@MIPIM event at theglobal real estate fair in Cannesin March, 2013. The event was abig success for us last year butnext time round we will not onlyannounce the awards short list,we will also present our fourCEEQA RealGreen awards forgreen building investment andservices at the reception. Andthe reception itself will be pre-ceded by a whole afternoon ofpanels called “Back to theFuture – The next ten years forthe CEE & SEE property mar-kets.” This fits in with ourtheme for the year but also addsa lot of content as well as show-case value for our sector, whichwe’re excited about.

Additionally, in the pream-ble to the CEEQA Gala inApril, we will have an annualdinner and final meeting of thisyear’s jury as usual, but we willalso host a special anniversary

lunch for all past and presentjurors, partners and sponsors.This should bring a few oldfaces out of the woodwork.

Are you stressed out about theCEEQA Gala this year?Terrified. But also excited. Ican’t reveal too much yet exceptthat it will be in a very differentlocation to previous years, in apurpose-built building at theRoyal ¸azienki Park in the cen-ter of Warsaw, walking distance

from the Hyatt hotel.This is partly why we’ve

slowly moved the CEEQAGala to later in the spring, tobypass the cold weather. It willprobably cost a little more butwill give us the freedom to dowhat we want and how we want,with as much space as we wantso we can make sure everybodyhas a good view of the awardsceremony and entertainmentand there is plenty of space toparty or to talk in private. It willbe closer to our vision of whatthe CEEQA Gala should beand will hopefully build on itsreputation as one of the bestbusiness events in Europe.

CEEQA is well known for pro-viding top quality entertain-ment. Who have been thestandout performers? And whatdo you have in store for 2013?That’s a difficult question, wehave a lot of favorites. GloriaGaynor was a bit special at lastyear’s CEEQA@MIPIM re-ception. At the Gala, I thinkBananarama and Sister Sledgewere probably the most memo-rable. A lot of people liked

Audiofeels a few years ago. TheErrol Linton blues jam in thechampagne reception two yearsago was a personal favoritewhile Tara McDonald andKlaudia Kulovic were also greatthree years ago.

Wet Fingers last year was arisky call as they’re more clubland than corporate land butthey did a spectacular showwith Nick Sinckler and EwaJach and it was the first time wereally got the crowd dancing till

dawn. I can’t mention our 2013plans specifically yet but, inkeeping with our campaigntheme, we want to bring backsome of the best highlights fromthe past decade as well as somenew surprises, but it’s still tooearly to release details. Itshould be fun.

But if we go back to the begin-ning, what were your aims whenyou came up with the concept forthe first ever CEEQA awards,and did you expect that youcould make it the success thatyou have done over the 10 years?I did and I didn’t. The aim wasalways to create a positive,world-class showcase for thesector on the internationalstage. Let’s be frank, businessevents can be a little drab and10 years ago in Eastern Europethey were outstandingly drab.On a brief visit to the region toassist on an event in Prague, itdidn’t take me long to figureout there was a gap in the mar-ket for something like this andeverything has been gearedaround making it happen. Thejourney itself wasn’t a walk inthe park, but if you ask any ofour numerous sponsors whohave been alongside us sinceday one, they will tell you Iwalked into their office one dayand gave them that vision.

CEEQA has been a visionaryplayer on the CEE real estatemarket over the last decade,helping to predict trends andforesee major changes beforethey happened. What furtherchallenges and developmentsdo you expect over the next 10years?As I said, retrospection andcrystal-ball gazing is a naturalchoice as a theme for theanniversary year, but in anycase this is a very good time tobe taking stock and doing

some crystal-ball gazing.We’re probably on the tail endof an almighty financial andeconomic storm yet, by andlarge, certainly in the CEEmarkets, the past four or fiveyears have been the mostimportant in terms of “nor-malization” after two decadesof regeneration and awaken-ing – social and political aswell as economic. In someways the shocks of the pastfew years, and there havebeen many, have served as atest of the resolve for thisprogress and helped build use-ful muscles for the future.

We’ve certainly had somesuccess in calling major trendsand issues for our marketplace,even the wider economic pic-ture. The Tropical Storm inBudapest in 2008 where wecalled the credit crunch standsout. Hopefully, we’ll makesome worthwhile calls at ourCEEQA@MIPIM forum inMarch but if you want our pre-dictions, in the short term thereare a few fires to put out but inthe medium term we’ll see astabilization of the financialmarkets and the global econo-my over the next few years. Inthe longer term, CentralEurope, particularly Poland,will gather further momentum.But the interesting issues forinvestors in the next decade arethe future of retail, the future ofdebt finance and the future ofthe SEE markets.

For you personally what arethe main highlights of the first10 years of CEEQA? And havethere been any surprises?I think everyone remembersDavid Mitzner’s LifetimeAchievement award speechnine years ago, followed byhis speech for Eli Alroy a fewyears later. Jason Sharman’sreaction to winning the Office

Agency award with KingSturge was memorable andstands out as a nice butdeserved surprise, as was Bar-bara Topolska’s Industry Pro-fessional of the Year awardlast year. Colliers have donevery well the past few years,winning three awards lastyear, which surprised a fewpeople but not us who knowhow the judging works andthat business results are notthe sole criteria. The multipleawards won by the likes ofGTC, TriGranit, Ghelamco,Jones Lang LaSalle and ECHarris have been less of a sur-prise but a clear indicator oftheir contribution to the mar-ket place. Bringing Deloitte inas supervisor of the awardsprocess has undoubtedly beenone of our best moves.They’ve made a really bigcontribution, strengtheningtransparency and tighteningup our processes.

If you had the opportunityagain would you do anythingdifferently?I would have hired MonikaRichardson to do the present-ing much sooner. She hasbeen a godsend behind thescenes as well as on stage inprofessionalizing our events.

If you had to choose some ofthe most important CEE realestate “legends” of the lastdecade who would they be?And what impact have theyhad on the CEE market as awhole?I don’t think I should answerthat question, I think weshould wait and see what themarket thinks about the leg-ends of the past decade at thenext CEEQA Gala. ●

Warsaw Business Journalis a media partner of CEEQA.

Lokale Immobilia sits down with RichardHallward, managing director of Imagine LiveMedia and founder of CEEQA, to talk aboutplans for the event this year and some of themost memorable moments in CEEQA history

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CEEQA founder Richard Hallward, says the CEE real estate market has gone through

an important “normalization” process over the past four or five years

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Last year’s CEEQA Gala

“10 years ago in EasternEurope [business

events] wereoutstandingly drab”

JANUARY 14-20, 2013 LLOOKKAALLEE IIMMMMOOBBIILLIIAA –– RREEAALL EESSTTAATTEE www.wbj.pl 17

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

on Jan 10 (z∏. mln)

BUDIMEX 68.00 -2.79 45.85 88.35 -11.97 25,530,098 1,736.05

CELTIC 5.25 16.67 3.74 19.38 -70.03 34,231,466 179.72

DOMDEV 34.20 -3.66 23.51 42.80 17.77 24,715,272 845.26

ECHO 5.10 0.00 3.42 5.48 50 420,000,000 2,142.00

ELBUDOWA 117.00 8.74 88.80 120.00 18.18 4,747,608 555.47

ENERGOPLD 0.34 30.77 0.17 2.30 -83.41 70,972,001 24.13

ERBUD 14.50 3.65 11.33 23.20 -20.77 12,677,956 183.83

GANT 3.82 1.87 2.68 9.85 -46.2 22,070,000 84.31

GTC 9.36 0.65 5.2 11.40 14.15 319,372,990 2,989.33

HBPOLSKA 0.02 0.00 0.01 1.43 -97.78 210,558,445 4.21

JWCONSTR 4.12 -0.24 3.26 8.40 -33.97 54,073,280 222.78

LCCORP 1.15 -3.36 0.87 1.48 25 447,558,311 514.69

MARVIPOL 9.35 -1.68 6.20 11.00 6.25 36,923,400 345.23

MIRBUD 1.15 -7.26 0.98 2.68 -43.63 75,000,000 86.25

MOSTALWAR 13.98 1.30 11.30 22.21 -13.7 20,000,000 279.60

MOSTALZAB 1.22 0.00 0.81 1.80 -14.69 149,130,538 181.94

ORCOGROUP 10.80 1.89 6.36 19.55 -29.41 107,840,962 1,164.68

PBG 6.02 12.52 3.36 83.90 -92.44 14,295,000 86.06

PLAZACNTR 1.48 6.47 1.34 2.94 -27.09 297,181,703 439.83

POLAQUA 3.50 -2.23 3.20 8.18 -32.04 27,500,100 96.25

POLIMEXMS 0.59 -3.28 0.48 2.04 -67.22 521,154,076 307.48

POLNORD 11.57 -0.60 10.00 19.85 -18.12 25,633,027 296.57

RANKPROGR 10.71 -5.89 7.10 16.97 9.73 37,183,550 398.24

ROBYG 1.50 7.14 1.09 1.75 33.93 257,935,500 386.90

RONSON 0.91 10.98 0.61 1.15 13.75 272,360,000 247.85

TRAKCJA 0.64 -5.88 0.56 1.44 -35.35 232,105,480 148.55

ULMA 42.85 -1.04 37.20 74.80 -33.46 5,255,632 225.20

UNIBEP 5.00 -0.79 3.60 6.28 -10.71 34,021,684 170.11

WARIMPEX 4.75 20.25 2.64 4.75 48.44 54,000,000 256.50

ZUE 6.01 -10.03 5.39 8.50 9.27 22,000,000 132.22

Property-related stocks

First self-service hotel in WarsawSound Garden Hotelis set to launch thisSpring

A total of 206 rooms on fivefloors will be available to theguests of Sound GardenHotel, which is scheduled toopen this spring at the inter-section of ul. ˚wirki i Wiguryand ul. 1 Sierpnia, near War-saw’s Chopin Airport. Thefacility, owned and operatedby Legends Hotels and Spa, isthe first self-service hotel inthe capital and the second inPoland. It is situated withinthe seven-building BusinessGarden office complex,designed by JSK Architekci.

The idea behind the estab-lishment is to make clients’

lives easier by speeding upprocedures. All rooms can bebooked online and check-inwill be conducted by the guesthimself at one of four digitalkiosks at the hotel. There willbe no need to check out – theguest simply has to leave theroom. A receptionist on dutywill be available at all times incase of emergencies.

The hotel is still expectinga rating that should rankbetween two and three stars,though hotel representativesstress that the quality of itemslike towels and linen is of afive-star standard. The roomsare furnished with glass, woodand mosaics and there is free300 Mb/s wi-fi in each one.

The Sound Garden Hotel

offers a musical theme, witheach floor devoted to a differ-ent style: lounge, classic, rock,pop, nature sounds andsilence. Guests can also listento music through specialapplications available via aninteractive television system.

The hotel will providenine conference rooms thatare currently getting theirfinal touches, as well as a ter-race overlooking the garden.“We should be opening inApril,” said Mi∏osz Stani-s∏awski, sales and marketingdirector at Sound GardenHotel. Average prices shouldbe comparable to those intwo- to three-star hotelchains.

KKaarroolliinnaa KKoowwaallsskkaaC

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Each room will boast free wi-fi internet access

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

*

JANUARY 14-20, 2013 TTHHEE LLIISSTT www.wbj.pl 19

A guide to Polish business and industry Przewodnik po polskim biznesie i gospodarce

Corporate Services

Tax Advisory CompaniesRanked by number of tax advisors (as of December 2012) www.bookoflists.pl

Notes: Notes: WND = Would Not Disclose. Research for The List was conducted in January 2013. Number ofemployees and ownership structure are as of December 2012. All information pertains to the companies’ activitiesin Poland. Only the first 14 companies which answered our survey are listed. The full list is available onbookoflists.pl. Footnotes: (1) Financial year: July 1 - June 30; (2) Financial year: September 1 - August 31.

To the best of WBJ ’s knowledge, the information is accurate as of press time. While every effort is made to ensure accuracy and thoroughness,omissions and typographical errors may occur. Corrections or additions to The List should be sent, on official letterhead, to Warsaw Business Journal,attn. Monika Brysiak, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (+48) 22 639-8569, or via e-mail to wbjbol@wbj.pl. Copyright 2012, ValkeaMedia 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-mailWeb page

Number of taxadvisors:

Dec 2012 /2011 /2010 /2009

Revenue fromtax advisory

(z∏. mln)

Total revenue(z∏. mln)

Services offered Sector specializations

Number of personsdealing with taxes /Number of lawyersand legal advisors

Total number ofemployees /

Year founded inPoland

Top local executive /Title

1

PwC(1)

Al. Armii Ludowej 14, 00-638 Warsaw22 523-4000/22 523-4040podatki@pl.pwc.com, www.pwc.pl

137124118108

125.7115.6109.9

453.7399.7388.8

Tax optimization of income, indirect, employee taxes, social security,transfer pricing and enviromnental taxes; IT-based tax consulting;tax reporting services; tax policies and procedures; mergers and

acquisitions; international tax planning; tax workshops; publishing ofreports and analysis; taxonline.pl – specialized online tax portal

Pharmaceuticals; health care; chemicals;financial services; real estate; trade and

distribution; energy; transport and logistics;technology; communication; media andentertainment; public sector; specialized

teams dedicated to clients from: Germany,France, Scandinavia, China, Japan, South

Korea

37715

1,6741990

Iwona SmithManaging Partner in Tax Department

2

Deloitte Doradztwo Podatkowe Sp. z o.o.Al. Jana Paw∏a II 19, 00-854 Warsaw22 511-0812/22 511-0813deloittetaxpl@deloittece.comwww.deloitte.com/pl/podatki

1181099692

WND106.7106.0

WNDWNDWND

CIT; VAT; PIT; excise; customs; tax and court proceedings; transferpricing; international tax law; mergers and acquisitions; suspended

tax; tax risk management; advisory for companies in SEZ;investment grants and incentives; incentives for R&D; IT and

technological aspects of tax transactions; workshops, conferencesand tax trainings; internet publication and complimentary tax

services www.deloitte.com/pl/subskrypcje

Real estate; finance; fuel and energy;mining and metallurgy; automotive;

pharmaceuticals; chemicals; FMCG andretail; telecom; IT; technology; transport,

shipping and logistics; specialized languageteams: German Desk, French Desk, Korean

Desk, Japanese Desk, Spanish Desk

WNDWND

WND1990

Krzysztof MoczulskiManaging Partner

3

KPMGul. Ch∏odna 51, 00-867 Warsaw22 528-1100/22 528-1009kpmg@kpmg.pl, www.kpmg.pl

104979685

108.792.0113.0

447.2407.0455.0

VAT; CIT; PIT; social security; mergers and acquisitions; taxpayerdefense and financial risk management; bank and financial tax

regulations; international tax; transfer pricing; customs and excise;grants and incentives; EU Funds; tax and court proceedings

Banks and financial institutions; automotive;building and construction; market for

consumer goods; fuel and energy; telecom;pharmaceuticals; public sector

27315

1,3991990

Andrzej Âcis∏owskiManaging Partner

4

Ernst & Young Doradztwo Podatkowe Sp. z o.o.(1)

Rondo ONZ 1, 00-124 Warsaw22 557-7000/22 557-7071ernst.young@pl.ey.com, www.ey.com/pl

92837975

141.3119.8113.5

553.2497.0402.0

Advisory on: tax on goods and services, income tax, internationaltax, social security, tax and court proceedings, mergers and

acquisitions, transfer pricing, customs and excise, investment grantsand incentives, tax reporting

IT and new technologies; telecom; financialsolutions; construction and real estate;

pharmaceuticals; fuel and energy; FMCG;foreign investments; media; heavy industry;

public sector; mining; automotive

31116

1,4861990

Jacek K´dziorManaging Partner

5

MDDP Michalik D∏uska Dziedzic i Partnerzyspó∏ka doradztwa podatkowego Sp. z o.o.ul. Mokotowska 49, 00-542 Warsaw22 322-6888/22 322-6889biuro@mddp.pl, www.mddp.pl

27302826

27.324.624.6

WNDWNDWND

VAT; CIT; PIT; excise; customs; international tax; tax and courtproceedings; social security; tax planning; tax risk management

Real estate; pharmaceuticals; FMCG;finance; media and technologies;

automotive; energy

556

652004

Renata D∏uska

6

Instytut Studiów Podatkowych Modzelews-ki i Wspólnicy Sp. z o.o. - Grupa ISPul. Kaleƒska 8, 04-367 Warsaw22 517-3060/22 870-4178biuro@isp-modzelewski.plwww.isp-modzelewski.pl

22242622

21.120.119.1

29.829.829.5

Tax and law consulting; tax optimization; transfer pricing; taxproceedings; tax audits; trainings; tax specialist publications;business expertise and legislative process; issuing reports;

www.isp-modzelewski.pl

Building and construction; chemicals; fueland energy; pharmaceuticals; IT; mining;

medical; automotive; food industry; publicsector; education; transport and shipping;

tourism; finance; publishing

686

1151996

Witold ModzelewskiPresident

7

Roedl, Majchrowicz-Bàczyk KancelariaPrawna Sp.k.ul. Sienna 73, 00-833 Warsaw22 696-2800/22 696-2801warszawa@roedl.pl, www.roedl.com/pl

21162018

9.19.010.0

17.115.617.6

Regular tax and law advisory; structural tax and legal advisory;international transactions and investments; innovative remunerationsystem; CIT; PIT; VAT; transactions in real estate; loan security; taxand legal due diligence; establishing of companies and branches;

company liquidations; acquisition and sale of businesses; executiveHR services; tranfer pricing; DTAA consulting; tax proceedings;

advisory on activities in SEZ; advisory on renewable energy

All sectors2014

771992

Aneta Majchrowicz-BàczykLegal Advisor; Partner

8

Grupa Gumu∏ka - Kancelaria Prawa Finansowego Sp. z o.o.ul. Jana Matejki 4, 40-077 Katowice32 790-2295/32 201-1765grupa@gumulka.pl, www.gumulka.pl

1919189

3.33.22.1

8.68.65.9

Tax optimization; transfer pricing; tax audits; mergers andacquisitions; tax proceedings; risk management; services for foreign

companies

Metallurgy; fuel and energy; building &construction; transport and logistics;

municipal; food industry; R&D; aviation;public administration

355

701993

Rados∏aw Gumu∏kaPresindent

8 TPA Horwath Sztuba Kaczmarek Sp. z o.o.ul. Murawa 12-18, 61-655 Poznaƒ61 630-0500/61 630-0502office@tpa-horwath.pl, www.tpa-horwath.pl

19191715

11.511.19.3

26.221.818.2

International tax planning; transactions and investments handling;tax risk management; tax and court proceedings; tax outsourcing;

transfer pricing; tax on real estate

Construction and real estate; energy;municipal; retail; transport and logistics

34-

1402005

Wojciech Sztuba; Krzysztof Kaczmarek

Managing Partners

9

GWW TAX (GWW Ladziƒski, Cmoch i Wspólnicy Sp.k.)ul. Pi´kna 18, 00-549 Warsaw22 212-0000/22 212-0001warszawa@gww.pl, www.gww.pl

141297

6.86.56.5

28.829.037.2

Full legal advisory; complex transactions service; corporate services;legal consulting for entities on regulated markets; real estate law

and investment process; construction law; intellectual property law

TMT; fuel and energy; infrastrutcure;construction and real estate; wastemanagement; public sector; finance;

transport, shipping and logistics; FMCG;sports

344

1151996

Andrzej Ladziƒski; Artur CmochManaging Partners; Tax Advisors

10

Spó∏ka Doradztwa Podatkowego O˝óg i Wspólnicy Sp. z o.o.ul. Sienna 39, 00-121 Warsaw22 480-8100/22 480-8118info@ozog.pl, www.ozog.pl

13151513

12.28.28.5

12.28.28.5

VAT; CIT; PIT; excise; tax planning and optimization; SEZ; tax andcourt proceedings; transfer pricing

Energy; building & construction;pharmaceuticals; finance; media &

telecoms

252

312003

Irena O˝óg; Pawe∏ TomczykowskiManaging Partners

11

Grant Thornton Fràckowiak Sp. z o.o., Sp.k.(1)

ul. Abpa Antoniego Baraniaka 88E, 61-131 Poznaƒ61 625-1100/61 625-1101krzysztof.podborowski@pl.gt.comwww.grantthornton.pl

111098

17.815.413.0

35.433.834.6

Tax assistance; tax optimization; transfer pricing; benchmarking; taxaudits; tax proceedings; tax advisory for expatriates; tax

compliance; submissions to the Ministry of Finance; tax and legaladvisory on capital transactions; due diligence; structural and

transactional optimization; advisory on foreign start-ups; advisory onestablishing companies and branches

Food industry; trade; building andconstruction; technologies; energy

1042

3161993

Cecylia Pol; Tomasz WróblewskiPresident; Vice President

12

Salans D. Oleszczuk Kancelaria PrawniczaSp.k.Rondo ONZ 1, 00-124 Warsaw22 242-5252/22 242-5242warsaw@salans.com, www.salans.com

911109

7.86.54.8

138.5109.593.4

Full tax advisory service; tax assistance; transaction advisory;transfer pricing; tax proceedings

Pharmaceuticals; real estate; energy; IT;finance and banking; capital markets

1278

2901991

Tomasz DàbrowskiManaging Partner

13

Mazars w Polsce(2)

ul. Pi´kna 18, 00-549 Warsaw22 255-5200/22 255-5299main@mazars.pl, www.mazars.pl

865

WND

2.82.8

WND

41.041.0WND

VAT; transfer pricing; CIT; tax proceedings; PIT; pre-purchaseresearch

All sectors10-

1841992

Michel Kiviatkowski;Krystyna Szyd∏owska

Managing Partner; Tax Advisory Department Director

13

RSM Poland KZWS Spó∏ka DoradztwaPodatkowego SAStary Rynek 38-39, 61-772 Poznaƒ61 851-5766/61 851-5761biuro@rsmi.pl, www.rsmi.pl

810108

WND4.63.4

WND6.85.5

Tax advisory; transfer pricing; advisory on transactions; businessvaluation; financial audit; accounting outsourcing; IAS/IFRS; US

GAAP

Real estate; conventional and greenenergy; IT; retail; transport, shipping and

logistics; automotive; hi-tech manufacturing

142

1151992

Bartosz Mi∏aszewskiPresident

2011 / 2010 / 2009

JANUARY 14-20, 2013MMAARRKKEETTSS20 www.wbj.pl

SO

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: W

SE

PLN-EUR

4.12

48

4.12

18

4.12

63

4.11

92

4.07

60

4.09

96

04.0

1

07.0

1

08.0

1

09.0

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10.0

1

11.0

14.0

4.2 PLN-USD

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

11.0

1

3.17

00

3.16

18

3.14

57

3.15

16

3.11

21

3.08

90

3.0

3.5 PLN-GBP

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

11.0

1

5.08

73

5.07

67

5.06

05

5.06

42

4.99

17

4.97

83

4.9

PLN-CHF

3.41

06

3.40

94

3.41

23

3.40

75

3.37

18

3.36

93

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

11.0

13.0

3.5 PLN-RUB

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

11.0

1

0.10

41

0.10

39

0.10

40

0.10

36

0.10

26

0.10

20

0.10

0.12 PLN-100JPY

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

11.0

1

3.59

48

3.60

22

3.59

81

3.60

09

3.52

95

3.47

39

3.0

3.5

4.0

currency rates

RPP boosts

z∏oty

Currency report

Currency markets started thenew year in strong fashion.Global events increasedvolatility, which is the fueltraders need. The EuropeanCentral Bank kept interestrates unchanged, but at apress conference none of theECB members proposed aninterest rate cut, which eurobulls had been fearing.

The common currencyrallied, lifting the EUR/USDfrom levels just above $1.30all the way to its nine-monthhigh of $1.334.

The situation on the z∏otymarket was also interesting.The Monetary Policy Council(RPP) decided to cut interestrates by 25 basis points to 4percent, a move widelyexpected by investors. Mar-ket reaction was modest, theimpulse for the appreciationof the z∏oty came at a pressconference.

The RPP’s head,National Bank of Polandpresident Marek Belka,stated that after only oneor two more cuts (so to 3.50percent), the RPP will haltthe process to see how theeconomy evolves. Sinceinvestors expected thecycle to continue until ratesreach 3.25 percent, thenews strengthened thez∏oty.

By the end of the week,when risk aversionincreased, the z∏oty hadgiven up some of its weeklygains. Overall, throughoutthe week, the EUR/PLNdeclined from z∏.4.12 toz∏.4.10. The weakness of thedollar could be observedagainst all the major curren-cies, as well as the z∏oty: theUSD/PLN rate declinedfrom z∏.3.17 all the way toz∏.3.07. ●

Adam NarczewskiX-Trade Brokers DM SA

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Major indices

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

ONE2ONE 0.50 150 3.46 0.14BNPPL 131.40 123.47 131.40 44.00ABMSOLID 0.27 107.69 4.75 0.11REINHOLD 0.50 92.31 1.99 0.24DELKO 2.85 39.02 5.80 1.78

WIG 47,546.91 (January 10 close)

Change for the week: -1.40% 52-week high: 48,107.89

Change year to January 10: -1.17% 52-week low: 36,653.28

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

TPSA 12.79 5.44 18.08 11.56PGNIG 5.43 3.43 5.50 3.61GTC 9.36 0.65 11.47 5.13BOGDANKA 137.80 0.58 143.00 106.10TAURONPE 4.85 0.41 5.61 4.08

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

EUROMARK 0.11 -35.29 2.39 0.06RUBICON 0.17 -22.73 0.68 0.16WILBO 0.38 -22.45 1.06 0.09POLJADLO 0.19 -17.39 0.77 0.17INTAKUS 0.35 -16.67 1.04 0.12

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

LOTOS 39.20 -7.02 43.78 21.31PKNORLEN 48.75 -6.97 53.70 31.44KERNEL 62.95 -6.25 76.00 51.00TVN 9.45 -5.41 12.40 5.90PZU 419.00 -4.23 442.00 290.10

WIG20 2,573.62 (January 10 close)

Change for the week: -2.08% 52-week high: 2,628.36

Change year to January 10: -2.00% 52-week low: 2,035.80

mWIG40 2,592.53 (January 10 close)

Change for the week: 0.15% 52-week high: 2,625.96

Change year to January 10: 0.93% 52-week low: 2,147.52

sWIG80 10,496.80 (January 10 close)

Change for the week: -0.54% 52-week high: 10,554.18

Change year to January 10: -0.33% 52-week low: 8,657.29

NewConnect 33.33 (January 10 close)

Change for the week: -0.45% 52-week high: 43.83

Change year to January 10: 0.33% 52-week low: 32.54

WIG-Banki 6,551.72 (January 10 close)

Change for the week: -2.25% 52-week high: 6,723.16

Change year to January 10: -2.55% 52-week low: 5,163.30

DJIA13,471.22 (Jan 10 close)

0.60% (for the week)

CHANGE: 0.44%

(year to Jan 10)

52-week high: 13,661.90

52-week low: 12,035.10

NASDAQ3,121.76 (Jan 10 close)

0.68% (for the week)

CHANGE: 0.31%

(year to Jan 10)

52-week high: 3,196.93

52-week low: 2,689.58

S&P5001,472.12 (Jan 10 close)

0.87% (for the week)

CHANGE: 0.66%

(year to Jan 10)

52-week high: 1,474.51

52-week low: 1,266.74

FTSE1006,101.50 (Jan 10 close)

0.90% (for the week)

CHANGE: 1.23%

(year to Jan 10)

52-week high: 6,118.30

52-week low: 5,229.80

DAX7,708.47 (Jan 10 close)

-0.62% (for the week)

CHANGE: -0.90%

(year to Jan 10)

52-week high: 7,789.94

52-week low: 5,914.43

NIKKEI10,652.64 (Jan 10 close)

-0.33% (for the week)

CHANGE: -0.33%

(year to Jan 10)

52-week high: 10,743.70

52-week low: 8,238.96

world stock indices

07.1

2

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

45,000

45,800

46,600

47,400

48,200

49,00007

.12

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

2,400

2,460

2,520

2,580

2,640

2,700

07.1

2

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

2,500

2,540

2,580

2,620

2,660

2,700

07.1

2

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

10,000

10,120

10,240

10,360

10,480

10,600

07.1

2

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

32.0

32.4

32.8

33.2

33.6

34.0

07.1

2

10.1

2

11.1

2

12.1

2

13.1

2

14.1

2

17.1

2

18.1

2

19.1

2

20.1

2

21.1

2

27.1

2

28.1

2

02.0

1

03.0

1

04.0

1

07.0

1

08.0

1

09.0

1

10.0

1

6,400

6,480

6,560

6,640

6,720

6,800

Other indices

Cashing in

early

Stocks report

The first full week of 2013saw investors cash in onrecent gains. The start ofthe week saw blue chips fallover 1.5 percent, withfinancials and oil & gasfirms taking large hits.Monday saw the largestdeclines, with the WIG20blue-chip index falling 0.89percent. Shares of Lotoswere hit hardest. TheGdaƒsk-based refiner sawits shares decline by 4.7percent, while shares ofPKN Orlen fell 3.1 percent.

Investors continued theprofit taking on Tuesday,with both Lotos and PKNOrlen again shedding nearly1.25 percent. Faring betterwere small- and medium-capstocks, with the small-capsWIG80 up 0.12 percent,while the mWIG40 index ofmedium-sized firms man-aged to close nearly flat.

Wednesday broughtgood news to markets, withEuropean equities re-bounding on the back ofbetter-than-expected cor-porate results overseas.After uplifting remarksfrom Alcoa in the UnitedStates, blue chips in War-saw gained strength, withfinancials PKO BP (1.1 per-cent) and PZU (1.2 per-cent) leading in gains.

Despite strong gains onThursday Polish equities,stocks pulled back one hourbefore the close as rumors ofa possible credit downgradefor a European countryscared investors.

On Friday, both themain WIG index and theWIG20 ended the day withlosses, of 0.22 percent and0.61 percent respectively,on the back of low tradeturnover. ●

Andrew Nawrocki WBJ market analyst

JANUARY 14-20, 2013 SSPPOORRTTSS www.wbj.pl 21

Cross-country skiing

Kowalczyk wins Tour de Ski titleS

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Justyna Kowalczyk

The victory markedthe celebrated Polishskier’s fourthconsecutive Tour deSki win

Justyna Kowalczyk won theTour de Ski in Val di Fiemme,Italy, at the start of January,her fourth consecutive victoryof the series.

Ms Kowalczyk finished sev-enth in the 9km Free FinalClimb Pursuit, the final race ofthis year’s tour, but it was stillenough to ensure she took theoverall title. Her combinedtotal time over the seven stages

was 27.9 seconds ahead ofNorwegian skier ThereseJohaug, who took secondplace.

Victory for the 29-year-oldOlympic champion made herthe most successful athlete(male or female) in the compe-tition’s history. It also maintainsher lead at the top of the overallFIS Cross-Country World Cupstandings. Ms Kowalczyk cur-rently has 1,222 points, which is370 more than Ms Johang, whois second in the current ranking.

“Once again, it’s been a fan-tastic Tour de Ski. For thefourth time I took first placeand I’m so happy,” she told fis-

crosscountry.com. “Every race and every Tour

have their own story and thehardest one was probably thefirst one I won.”

“I like Val di Fiemme a lotand it’s going to be a greatWorld Championship nextmonth. Usually I ski better afterthe Tour de Ski, I hope it will bethe same this year,” she added.

If the Pole does win theoverall World Cup title this yearit will put her one champi-onship victory ahead of hergreat rival Marit Bjoergen, withboth women currently boastingthree titles each.

DDaavviidd IInngghhaamm

Soccer

Olisadebe hangs up his bootsThe Nigerian-bornstriker helped Polandreach the 2002 WorldCup

Former Polonia Warszawa andPoland striker EmmanuelOlisadebe decided to call timeon his professional career atthe start of 2013. The 34-year-old, who was born in Warri,Nigeria became an unlikelyhero in Poland after he wassigned by Polonia from Niger-ian side Jasper United in 1997.

After a quiet start to hisEkstraklasa career, MrOlisadebe went on to play aleading role in the most suc-

cessful period in Polonia’s his-tory, helping them to win the1999/2000 Ekstraklasa title, theteam’s first in 50 years, as wellas the Polish League Cup, Pol-ish Super Cup and one yearlater, the Polish Cup. Knownfor his lightning pace, MrOlisadebe scored 12 leaguegoals during the title-winningcampaign, including the onlygoal in a 1-0 away win overarch rival Legia Warszawa.

His success in Warsaw didnot go unnoticed and in 2000he was offered Polish citizen-ship, enabling him to representhis adopted nation’s nationalteam in the 2002 World Cup

qualifying campaign. It was amove that ultimately helpedsecure Poland’s first WorldCup appearance in 16 years, ashe scored eight times to helpPoland top its group. He thenwent on to score the opener ina 3-1 victory over the UnitedStates in the group stages ofthe final tournament.

“I am very grateful toPoland,” Mr Olisadebe toldUEFA.com. “I started myproper career here, met mywife and played for the nation-al team. I will never forget thisbeautiful experience.”

He went on to play forGreek side Panathinaikos, alsohelping them win a league titlebefore injuries blighted thelater part of his career. Butdespite some suggesting hefailed to fulfill his full poten-tial, the former Polonia mandeclared himself happy withhis achievements.

“If it weren’t for the kneeinjuries, I could have done bet-ter, but I am still satisfied withwhat I achieved,” he said. “Iam a boy from Nigeria whowent to do something inEurope and pulled it off. I havea lot of fantastic moments inmy memory and nobody cantake them away from me,” hesaid.

DDaavviidd IInngghhaammEmmanuel Olisadebe

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JANUARY 14-20, 2013LLIIFFEESSTTYYLLEE22 www.wbj.pl

Ballet

A timeless tale

Swan Lake

Swan LakeJanuary 13, 11 amand February 25, 10 amTeatr Palladiumul. Z∏ota 9,Warsaw

Tchaikovsky’s classic ballet isbased on an old Russian folk-tale and tells the story of aprincess named Odette who istransformed into a swan by thecurse of evil sorcerer Von Roth-bart. Odette is forced to live by

a lake that was created from thetears of her grieving motherand can only regain her humanform at night. But one evening,the young Prince Siegfried seesOdette transform from herswan form into her former selfand after a night at the laketogether, he vows to loveOdette for eternity.

First premiered at Moscow’sBolshoi Theatre in 1877, thisspectacle has gone on tobecome arguably the world’s

most famous ballet. It is a time-less tale of the struggle betweengood and evil, and tells how thepower of love cannot be dim-med by death.

For this adaptation theorchestra is led by Piotr Czaj-kowski, with Anna Wujkowskachoreographing the dancers.Tickets are priced from z∏.47.

DDaavviidd IInngghhaamm

For more information logon to teatrpalladium.com

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Concert

Let it bleedThieves Like UsSeptember 19Klub Powi´kszenieul. Nowy Âwiat 27, Warsaw

This group started out in 2002when Swedish musicians Pon-tus Berghe and Björn Ber-glund met the Americanvocalist Andy Grier in Berlin.Named after a song by thehugely influential 1980s Man-chester band New Order, thiselectro outfit has been

through various lineupchanges since its formation,with Andy Grier the only ever-present member.

The band’s fourth studioalbum, “Bleed Bleed Bleed,”was released last year andcontains the type of dark 80ssound and catchy pop hooksthat you’d expect from musi-cians with links to New Order.However, the group is keen todistance itself from its moreillustrious peers, with mem-

bers saying in a recent inter-view that while the band’sname has helped promoterecords, they aren’t actuallyNew Order fans.

This concert is part of athree-date Polish tour that willalso see the group perform inPoznaƒ and Wroc∏aw on Jan-uary 18 and 20 respectively.

DDaavviidd IInngghhaamm

For more information log onto klubpowiekszenie.pl

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Thieves Like Us

Techeye greeted 2013 with a strongsuspicion that it’s going to suck. Badly.

We awoke in our own bed with nohangover, no difficulty reconstructingthe events of the night before, no glo-rious sense of self-disgust, and nounexplained rashes. A terrible prece-dent for the new year, in other words.If 2013 continues this way, Techeyemay die of boredom by June.

There is a glimmer of hope,though. The 2013 International Con-sumer Electronics Show (CES)kicked off last week and some of thenew gadgets on show suggest thefuture will be interesting.

If you’re not familiar with it, CESis a huge event, but an odd one. It’s amassive technological chimera thatincludes everything from automotiveaccessories to tablets and smart-phones to, uh, lamps.

There’s always an amusing assort-ment of garbage as well, such as2011’s infamous ioPrego ElectronicRosary, which sounds like a guilt-exacerbating pregnancy test forunwed Catholics but was, in fact, farless useful. They’re hard to find thesedays – apparently the market forcreepy, beadless, talking rosaries wassmaller than expected.

Anyway, there are so many prod-ucts at CES – good and bad – that it’simpossible to discuss them all; asalways, Techeye will cover the high-lights over a few columns. So let’s startoff with something from Fulton Inno-vation.

This forward-looking Americanfirm doesn’t sell much consumer tech-nology right now, or at least not thekind you’d notice in your local elec-tronics shop. Among other things, it’sheavily invested in wireless charging, afeature which has only recently begunto appear in tablets and smartphones.

At CES 2013, Fulton showed off anew technology it calls “two-way wire-

less power,” which enables power tobe transferred between two deviceswhen they’re placed back-to-back.This could come in handy right now if,like Techeye, you’ve got a number ofmobile devices around the house, allcompeting for a limited number ofchargers.

Fulton is looking even furtherahead, though, to applications involv-ing smart furniture (tables-as-charg-ers, for example), wireless kitchenappliances, and even smart packagingor smart posters. Fascinating stuff.And no, you can’t buy it yet. Butexpect to see more features like two-way wireless power creeping intohigh-end consumer goods over thenext few years.

For its part, Samsung was asimpressively present at CES as usual,though not all of its gadgets were

impressive. As usual.

The Korean jug-gernaut brought cameras, computers,TVs, audio equipment and even anew robotic vacuum cleaner. Amid all

that, the first thing that caught ourattention was the Vacuum TubeSoundbar, a long, thin speaker thatcan be placed horizontally or vertical-ly in your home entertainment center.The speaker’s design incorporates aninternal gyroscope to optimize soundquality regardless of position.

Samsung makes two major claimswith the

Vacuum TubeSoundbar – that it’s the “first

soundbar to feature a built-in vacuumtube to maximize sound quality,” andthat it’s “the world’s first soundbarthat can wirelessly connect with a TVvia Bluetooth.” Isn’t that amazing?

Er … maybe. We’re not reallysure what constitutes an impressive“world’s first” when it comes tosomething as niche as a soundbar.But if you’re looking to enrich your

home theater with a soundbaroffering “pure power andwarm, natural sound” alongwith an additional subwoofer,then you might want to checkthis product out. No word onprice yet; expect Samsung topublish this info in the nearishfuture.

Is the Vacuum Tube Sound-bar the kind of product thatcould make 2013 an interestingyear? Sure, why not. After thekind of boring New Year thatTecheye had, even vacuum-tubetechnology seems pretty excit-ing. ●

JANUARY 14-20, 2013 LLAASSTT WWOORRDD www.wbj.pl 23

The New Year excites, after a tepid startTech Eye

In the market for a creepy, beadless, talking rosary? Let us know: techeye.wbj@gmail.com

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 C

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Vacuum Tube Soundbar

To advertise in WBJ’s classifieds section, contact

Agnieszka Brejwo, at(+48) 222-577-526 or abrejwo@wbj.pl