Locked content Getin Noble Bank cancels PLN 750 bond program

Getin Noble Bank canceled its PLN 750 million subordinated bond program, two days after securing proper approval by the Financial Supervision Authority KNF. No reason for the cancellation was given. Under the program, established in July last year, the lender planned at least two issues within the n...

Locked content PGE to book PLN 807 mln in impairments

WSE-listed power utility PGE will book PLN 897 million in impairments on its conventional and renewable generation assets in its financial report for last year, the company said in a market filing. The write-downs include PLN 473 million for its power plant in Szczecin and PLN 110 million for select...

Locked content PERN plans to invest PLN 2 bln by 2020

State oil infrastructure operator PERN wants to spend some PLN 2 bln on investments by 2020, according to company’s CEO Igor Wasilewski. Half of this amount, which does not include costs of acquiring land plots, will be spent on a 240 km long second pipeline connecting Gdańsk and Płock. It also plan...

Locked content Biedronka Lfl sales grow 7.6% in Q4

Retailer Biedronka recorded a 7.6 percent increase in Q4 sales y/y in like-for-like stores, while overall sales increased by 13.5 percent y/y to reach €2.97 billion (in PLN the increase amounted to 9.7 percent y/y), owner Jeronimo Martins stated. In 2017, LFL sales rose 8.6 percent y/y, while overal...

Locked content Banks profit could exceed forecasts – KNF

The banking’s sector profit could exceed previous estimations, according to the Financial Supervision Authority (KNF). “As banks adapt well to new conditions by reducing interest on select deposits, increasing margins of select credits, increasing F&C on select services or reducing operating cos...

Locked content PZU hopes to increase its banking assets to PLN 300 bln

WSE-listed insurer PZU plans to increase the value of its banking assets to “at least” PLN 300 billion by 2020, thanks to organic growth, the company’s CFO Tomasz Kulik said. At end-Q3 its value amounted to PLN 236 billion. PZU controls two WSE-listed lenders Pekao and Alior. Asked what percentage o...

Locked content Monnari launches buyback program

WSE-listed fashion retailer Monnari will run a buyback program for up to 20 percent of its shares at a price no higher than PLN 22 per share and not lower than PLN 0.1, the company said in a market filing. The program could last for up to 5 years, the company said. At the end…

Locked content Investment funds with PLN 2.9 bln net inflows in December

Polish investment funds recorded PLN 2.9 billion in net inflows in December, according to data released by Analizy Online and IZFiA. Cash and money market funds recorded over PLN 1.2 billion in net inflows. Mixed funds enjoyed PLN 328 million net inflows. Overall, in 2017, net inflows amounted to PL...

Locked content PGNiG, JSW, Tauron, PGG sign methane production deal

WSE-listed, state-owned companies PGNiG, JSW, Tauron, and PGG signed a framework agreement to develop methane production from coal beds. PGNiG alone plans to spend PLN 300 million within the next three years on the project. The companies hope to increase domestic natural gas production, reduce the c...

Locked content MEPs call to dismiss Czarnecki after Nazi comparison

A number of prominent European politicians, including leaders of four parties are calling to remove Law and Justice (PiS) MEP Ryszard Czarnecki from his position as the deputy president of the European Parliament after he likened fellow Polish MEP to a Nazi collaborator. In a letter sent to Parliame...