Business in Brief
ENERGY
PKN Orlen has failed to form a joint venture with Germany's IVG, which had planned to enter the fuel logistics sector.
Polish Oil and Gas posted a zł.600 million gross profit mainly thanks to lucrative gas extraction in 2003. Preliminary figures show revenues of zł.10.8 billion, up zł.800 million from 2002.
PKN Orlen has submitted a bid to purchase a stake of almost 63 percent in Czech firm Unipetrol.
TELECOMS AND IT
Elektrim, a Warsaw based company, has announced the termination of an agreement that allowed French Vivendi to represent it in arbitration courts during disputes over its shareholding in Elektrim Telekomunikacja, which holds a controlling stake in the Era mobile phone network.
Deloitte & Touche was selected by Tel-Energo to advise on its merger with Telbank.
JTT Computer has won all its legal claims against the tax office. The company is now planning to sue the State Treasury for zł.100 million compensation, as the action of the fiscal office forced JTT into bankruptcy.
Ster-Projekt, a leading IT company, is about to acquire a 30 percent stake in Bydgoszcz based Telmax, which is one of the key suppliers of billing systems to the energy sector.
Górnośląski Bank Gospodarczy's new owners, Getin and JNR Acquisitions, have decided to buy a new IT system for the bank. The value of the purchase is estimated at zł.50 million.
Allegro.pl, the leading Internet based auction platform, has doubled its turnover last year to around zł.370 million. Allegro accounts for over 80 percent of national web based electronic trade.
FOOD AND RETAIL
Żabka Polska, a Poznań based company which runs a chain of small grocery stores, has confirmed that it is planning an IPO. The company is likely to offer a 25-30 percent stake, which will help it raise around zł.150 million.
Biedronka, Poland's largest chain of discount stores, increased its sales by 14 percent last year. It is thought that the good results were partly due to the opening of 34 new outlets.
Wilbo, one of the largest fish processing companies, will soon open its first fish bar. This will be the first step towards creating a nationwide chain of some 40 to 50 restaurants. The company plans to partially finance the project by issuing franchises.
Browary Górnośląskie, a troubled Zabrze based brewer with debts of zł.65 million, is to go on sale for the eleventh time. The last time the plant was on sale, the receiver requested zł.15 million for the purchase, which was half of the amount demanded less than a year earlier.
AUTO AND AVIATION
Daewoo-FSO, the Warsaw-based car producer, saw its Polish sales drop by 56 percent in 2003. The company is now very dependent on securing a new deal with Ukrainian ZAZ in order to produce a new version of its popular Lanos model.
Fiat Auto Poland managed to increase production by 28.5 percent in 2003, with its Tychy plant manufacturing 203,600 cars, of which 159,600 were exported. For the first time in history, FIAT became the leader in the delivery vans sector with sales of 3,700 vehicles.
Link4, a company that sells car insurance over the telephone, sold 60,000 policies last year, generating revenues of zł.40 million. In 2004, the company plans to sell car insurance worth zł.80 million and introduce Internet based sales.
Mszczonów and Modlin have been shortlisted as sites for a new Warsaw airport. A final decision will be taken by the end of the year. The Infrastructure Ministry estimates the cost of the project at between zł.6.2-9.45 billion (€1.3-2 billion).
British Airways has introduced new return fares on its Warsaw-London (Heathrow) and Krakow-London (Gatwick) routes. Prices start at $98, however, flight bookings must be made in advance. As part of the deal, BA has waived certain restrictions such as weekend stay and minimum day requirements.
GetJet, a budget airline, is planning to lease two Airbus 320s and commence operations in February. The carrier will service routes from Warsaw, Katowice and Gdańsk to London, Paris, Rome, Barcelona, and Brussels.
INDUSTRY
Możejki refinery, a Lithuanian company that is 60 percent controlled by Russia's Jukos, announced plans to commence operations in Poland. The company is capable of processing up to 15 million tons of oil annually.
Grupa Kęty, a producer of aluminum goods, intends to use zł.130 million of its zł.160 million cash surplus on investments, mainly on the construction of a plant producing soft drinks packaging in the Tychy Special Economic Zone.
KGHM Polska Miedź, the copper and silver conglomerate, plans to return to its investment projects in Congo and exploit deposits at the Kimpe site.
Zelmer, a white goods producer, has received eight offers through the State Treasury in its search for a privatization advisor.
Whirlpool, an American white goods producer, which took over Wrocław based Polar in 2002 is looking for a site for its zł.750 million $200 million cooker factory. The company will choose a site in either Poland, Slovakia or China.
Elektromontaż-Export, a producer of electrical equipment with debts of zł.140 million, was given the green light from the Industrial Development Agency to go ahead with its restructuring program and obtained a zł.19 million loan from the Agency.
Getin, owned by Leszek Czarnecki and JNR Acquisitions and run by Nathaniel Rothschild, has signed an agreement to purchase large stakes in Górnośląski Bank Gospodarczy from Bank BPH PBK and Kopex.
CeTO, the over-the-counter market, and the Italian bourse listed MTS Group have signed a letter of intent on cooperation. After a due diligence has been completed, the Italian firm will be ready to take over a 20-25 percent of the share capital in the Polish firm.
Kolporter, Poland's largest private press distributor, expects its 2004 revenues to grow by 15 percent and to increase its profits by 50 percent. Its 2003 sales stood at zł.1.85 billion, which was 23 percent up on 2002.
Hexal Polska, a subsidiary of a German pharmaceutical company, has finished constructing its zł.60 million manufacturing and trade center in Warsaw. The company will begin mass production within the next few months. The company is planning to invest a further zł.45-60 million in the next three to five years.
PKN Orlen has failed to form a joint venture with Germany's IVG, which had planned to enter the fuel logistics sector.
Polish Oil and Gas posted a zł.600 million gross profit mainly thanks to lucrative gas extraction in 2003. Preliminary figures show revenues of zł.10.8 billion, up zł.800 million from 2002.
PKN Orlen has submitted a bid to purchase a stake of almost 63 percent in Czech firm Unipetrol.
TELECOMS AND IT
Elektrim, a Warsaw based company, has announced the termination of an agreement that allowed French Vivendi to represent it in arbitration courts during disputes over its shareholding in Elektrim Telekomunikacja, which holds a controlling stake in the Era mobile phone network.
Deloitte & Touche was selected by Tel-Energo to advise on its merger with Telbank.
JTT Computer has won all its legal claims against the tax office. The company is now planning to sue the State Treasury for zł.100 million compensation, as the action of the fiscal office forced JTT into bankruptcy.
Ster-Projekt, a leading IT company, is about to acquire a 30 percent stake in Bydgoszcz based Telmax, which is one of the key suppliers of billing systems to the energy sector.
Górnośląski Bank Gospodarczy's new owners, Getin and JNR Acquisitions, have decided to buy a new IT system for the bank. The value of the purchase is estimated at zł.50 million.
Allegro.pl, the leading Internet based auction platform, has doubled its turnover last year to around zł.370 million. Allegro accounts for over 80 percent of national web based electronic trade.
FOOD AND RETAIL
Żabka Polska, a Poznań based company which runs a chain of small grocery stores, has confirmed that it is planning an IPO. The company is likely to offer a 25-30 percent stake, which will help it raise around zł.150 million.
Biedronka, Poland's largest chain of discount stores, increased its sales by 14 percent last year. It is thought that the good results were partly due to the opening of 34 new outlets.
Wilbo, one of the largest fish processing companies, will soon open its first fish bar. This will be the first step towards creating a nationwide chain of some 40 to 50 restaurants. The company plans to partially finance the project by issuing franchises.
Browary Górnośląskie, a troubled Zabrze based brewer with debts of zł.65 million, is to go on sale for the eleventh time. The last time the plant was on sale, the receiver requested zł.15 million for the purchase, which was half of the amount demanded less than a year earlier.
AUTO AND AVIATION
Daewoo-FSO, the Warsaw-based car producer, saw its Polish sales drop by 56 percent in 2003. The company is now very dependent on securing a new deal with Ukrainian ZAZ in order to produce a new version of its popular Lanos model.
Fiat Auto Poland managed to increase production by 28.5 percent in 2003, with its Tychy plant manufacturing 203,600 cars, of which 159,600 were exported. For the first time in history, FIAT became the leader in the delivery vans sector with sales of 3,700 vehicles.
Link4, a company that sells car insurance over the telephone, sold 60,000 policies last year, generating revenues of zł.40 million. In 2004, the company plans to sell car insurance worth zł.80 million and introduce Internet based sales.
Mszczonów and Modlin have been shortlisted as sites for a new Warsaw airport. A final decision will be taken by the end of the year. The Infrastructure Ministry estimates the cost of the project at between zł.6.2-9.45 billion (€1.3-2 billion).
British Airways has introduced new return fares on its Warsaw-London (Heathrow) and Krakow-London (Gatwick) routes. Prices start at $98, however, flight bookings must be made in advance. As part of the deal, BA has waived certain restrictions such as weekend stay and minimum day requirements.
GetJet, a budget airline, is planning to lease two Airbus 320s and commence operations in February. The carrier will service routes from Warsaw, Katowice and Gdańsk to London, Paris, Rome, Barcelona, and Brussels.
INDUSTRY
Możejki refinery, a Lithuanian company that is 60 percent controlled by Russia's Jukos, announced plans to commence operations in Poland. The company is capable of processing up to 15 million tons of oil annually.
Grupa Kęty, a producer of aluminum goods, intends to use zł.130 million of its zł.160 million cash surplus on investments, mainly on the construction of a plant producing soft drinks packaging in the Tychy Special Economic Zone.
KGHM Polska Miedź, the copper and silver conglomerate, plans to return to its investment projects in Congo and exploit deposits at the Kimpe site.
Zelmer, a white goods producer, has received eight offers through the State Treasury in its search for a privatization advisor.
Whirlpool, an American white goods producer, which took over Wrocław based Polar in 2002 is looking for a site for its zł.750 million $200 million cooker factory. The company will choose a site in either Poland, Slovakia or China.
Elektromontaż-Export, a producer of electrical equipment with debts of zł.140 million, was given the green light from the Industrial Development Agency to go ahead with its restructuring program and obtained a zł.19 million loan from the Agency.
Getin, owned by Leszek Czarnecki and JNR Acquisitions and run by Nathaniel Rothschild, has signed an agreement to purchase large stakes in Górnośląski Bank Gospodarczy from Bank BPH PBK and Kopex.
CeTO, the over-the-counter market, and the Italian bourse listed MTS Group have signed a letter of intent on cooperation. After a due diligence has been completed, the Italian firm will be ready to take over a 20-25 percent of the share capital in the Polish firm.
Kolporter, Poland's largest private press distributor, expects its 2004 revenues to grow by 15 percent and to increase its profits by 50 percent. Its 2003 sales stood at zł.1.85 billion, which was 23 percent up on 2002.
Hexal Polska, a subsidiary of a German pharmaceutical company, has finished constructing its zł.60 million manufacturing and trade center in Warsaw. The company will begin mass production within the next few months. The company is planning to invest a further zł.45-60 million in the next three to five years.
