Balancing the books
Publishing group Wydawnictwa Szkolne i Pedagoiczne (WSiP) announced a mixed bag of results for 2004.
Although the group's income increased to zł.310.5 million from zł.279.4 million the previous year, profits fell from zł.24.2 million in 2003 to zł.8.3 million last year.
The group consists of three companies: WSiP SA, which is the largest educational publisher in Poland, holding almost 30 percent of the market; WKRA, Poland's largest educational books wholesaler; and VERTE Dom Ksiazki, a Warsaw chain of bookstores that is ready to expand to other cities.
However, the president of the management board of WSiP SA, Jan Ruranski, is very satisfied with the company's performance. "The high profit of 2003 was to a large extent due to our opened reserves. The auditor forced us to reduce our reserves, which in turn increased our profits." Ruranski called 2004 a "historic" year for the firm, adding, "all companies have achieved their goals." The increase in sales "proves that the group is moving in the right direction."
As far as the group's plans for 2005 are concerned, Rudnicki confirmed that the group is interested in acquiring Wydawnictwa Naukowo Techniczne-a publisher specializing in technical publications. He also disclosed that "talks are under way with a few other publishers."
In November last year, WSiP became a joint-stock company. Currently, 15 percent of its shares are owned by the Treasury, 10.24 percent by ALICO, 6.6 percent by Pionier Pekao Investment Management, and the remaining 68.16 percent are free-floating.
Although the group's income increased to zł.310.5 million from zł.279.4 million the previous year, profits fell from zł.24.2 million in 2003 to zł.8.3 million last year.
The group consists of three companies: WSiP SA, which is the largest educational publisher in Poland, holding almost 30 percent of the market; WKRA, Poland's largest educational books wholesaler; and VERTE Dom Ksiazki, a Warsaw chain of bookstores that is ready to expand to other cities.
However, the president of the management board of WSiP SA, Jan Ruranski, is very satisfied with the company's performance. "The high profit of 2003 was to a large extent due to our opened reserves. The auditor forced us to reduce our reserves, which in turn increased our profits." Ruranski called 2004 a "historic" year for the firm, adding, "all companies have achieved their goals." The increase in sales "proves that the group is moving in the right direction."
As far as the group's plans for 2005 are concerned, Rudnicki confirmed that the group is interested in acquiring Wydawnictwa Naukowo Techniczne-a publisher specializing in technical publications. He also disclosed that "talks are under way with a few other publishers."
In November last year, WSiP became a joint-stock company. Currently, 15 percent of its shares are owned by the Treasury, 10.24 percent by ALICO, 6.6 percent by Pionier Pekao Investment Management, and the remaining 68.16 percent are free-floating.
