Tomek Mrozowski

Infortar shares were +10.5% in last 2 days and 2 main news were out: - agreement to purchase Polish natural gas distribution company with negative (close to 0) 2023 EBITDA figure; - Q3 results with Tallink Grupp already consolidated, as in Q3 Infortar increased its share from <50% to 68%; All in all I've got valuation figures (6 months vs. 9 months) with today's closing price. Nothing exciting, to be honest. Note: adjustments (deductions) from bottom-line were made: - profit from other financial investments - change in deferred tax - unsettled gain on derivative financial instruments 0.5x

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The opening of Orange Polska's deregulated fibre-optic access network is an important step, demonstrating the maturity of the Polish telco market. Historically unimaginable (we all remember how much T-Mobile had to pay upfront for the privilege of priority of access to a part of these resources...) has become a fact. Bravo Orange Polska for forward-looking approach! Less overlapped investments mean better health for the whole sector. https://lnkd.in/dyRbnYCs

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We are pleased to inform that Toyota Leasing Polska Sp. z o.o. issued PLN 500 million of 3-year bonds series TLP0527. The bonds issue was carried out by mBank S.A. in cooperation with a consortium of banks, under the bond issuance program up to PLN 1 billion. It was the largest single issue of debt securities placed on the Polish market by a Toyota group company to date. The transaction attracted strong interest from institutional investors, resulting in an oversubscription. Such result shows great confidence in the Issuer's activities.   Congratulations to the Issuer's Management Board, Krystian Berezanski and Michal Misiowiec on successful results! It was a real pleasure for us to be a part of the transaction.  Many thanks to mBank’s team: Sebastian Komendołowicz, Jakub Chomicki, Jan Jeleniewicz, Filip Rybołowik and other members of mBank’s team.    This announcement is disclosed for the purposes of advertising and promotion of @mBank S.A. services. This information is not an offer in the meaning of law. #dcm #obligacje #bonds #gpwcatalyst #finance #banking #capitalmarkets #mbank      

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No doubt that last month #IPO of Żabka Polska was a great success of all parties involved, including CVC, EBRD and #team of Żabka. But was it equally beneficial to the Polish financial market? – well I put a question mark here. Over last 4 years we have witnessed IPOs of 3 successful modern companies originated from #Poland that were among the largest public listings in Europe at the time. These were: Allegro, InPost and Żabka Polska. What do they have in common: -       All were created from scratch after the transition of the economy -       All are quite successful in expanding outside of #Poland -       All keep generating a lot of Polish taxes -       All were listed as entities registered in #Luxembourg, while InPost is not even traded in #Warsaw, but in #Amsterdam The last point shows weakness of our industry. It is now 20 years or so after setting up Warsaw City 2010 Agenda in the Polish government. I see this programme led by Igor Chalupec as the only one in history successfully setting strategy for our market. Clearly, our financial market in 2010 was in much better shape than in 2004 and became #CEE leader. What happened after that, has stopped the development for years and benefited other markets. We have not used the opportunity neither with the crisis in #Cyprus nor with #Brexit (I tend to see #Luxembourg as a big winner of the situation). So, ahead of our #IndependenceDay coming in a week, I wish to see some strategic vision implemented now to shift #Poland from subcontracting mood to agenda setters within #EU with respect to the financial markets. What do you think? CFA Society Poland Izba Domów Maklerskich Izba Zarządzających Funduszami i Aktywami PSIK, the Polish Private Equity & Venture Capital Association

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Poland’s privatization launched in the 1990s had resulted in the creation of a vibrant and competitive economy that has been delivering growth well above EUs average, since then. Consecutive governments slowed down and reversed the process, increasing the role of the state in the Polish economy. Did this process alter the competitive conditions of doing business in Poland? Did it impact the Warsaw Stock Exchange and the influx of foreign investment? What was the planned role of Polish Development Fund in supporting the Polish enterprises and how it played out? I will have an opportunity to give a private-equity perspective on these issues during a panel discussion at the European Economic Congress in Katowice on May 7th at 14:00, along with Prof Leszek Balcerowicz of Civil Development Forum, the author of the Polish economic reform and Jacek Bartmiński, the Deputy Minister of State Assets Ministry. 

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🌍 CZECHIA’s ECONOMIC LANDSCAPEAND NPL TRENDS Czechia continues to demonstrate adaptability in a complex global environment. Here's a snapshot of its economic and financial landscape: Economic Insights Despite global headwinds, Czechia’s economy has exhibited resilience, balancing modest growth with high inflation. Strategic government interventions - ranging from fiscal stimulus to infrastructure investment - have laid the foundation for recovery. The labor market remains a stronghold, with unemployment rates among the lowest in the region. Looking ahead, a cautiously optimistic forecast suggests controlled inflation and sustainable growth, supported by prudent monetary easing by the Central Bank and disciplined fiscal consolidation. Czechia's banking sector demonstrated effective credit risk management, as the NPL ratio has consistently declined, underscoring the resilience amid economic fluctuations. Financial institutions in the country adopted more robust risk assessment and management strategies. These changes framed in an effective regulatory framework have contributed to the constant reduction of the NPL ratio. #NPL #EconomicResilience #FinancialStability #BankingExcellence #CzechiaGrowth #ArcRatings

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Part 2 of wealth creation in Poland: In the first part we have learned a bit about our history and also preferences in terms of assets we like to invest in as a nation.🧠 In this part I will focus more on the measurable data such as GDP growth, Investments in the country and number of Businesses and their potential for growth.📈 We will also focus on the projection of having more HNWI’s in Poland in the next few years.🤔 From 1989 we have became essentially a free country with an opened economy. This created a lot of new opportunities to explore new markets and since comparing to western european countries we were also much cheaper than competitors. With a combination of a high quality education and EU membership since 2004 you can see as on the graph that we had pretty much a very stable growth. This scenario allowed for more small and medium sized businesses to be created. There were huge market opportunities that before were only availible in foreign western countries. To give you an example, my parents used to tell me that in shops there used to be sugar and vinigar😬 opened market and also at a later stage EU single market allowed Poland to become a competitor with high quality goods and services internationally and domestically we could also start to import goods from abroad. Many people tried a lot of things for the first time and we also took a lot of examples from cinematography which became widely availible. As an interesting point during the financial crisis in 2008 Poland was named as the green island as we did not encounter recession like other EU members. Connected with a high amount if EU financed investments as represented on the graph we grew between 2%-4% almost every year until the pandemic. This event unfortunately did not avoid us either where we could see a negative growth up to 9%. The reason for that is we are still very much dependant on other economies like Germany. Adding poor government decisions I think personally we will feel the consequences for atleast another 5 years. We are 4 years after the pandemic and for the past few years we still see a negative growth in the number of newly opened businesses vs closed businesses… What is interesting in this subject is that more companies were closed between 2022-2023 than in the pandemic. The reson for that mainly is that our economy is full of small businesses or micro businesses. During those years the PIS government implemented a Tax reform which was very much a nail do the coffin of many small businesses. In 2020 we closed 141k businesses In 2021 we closed 175k businesses In 2022 we closed 192k businesses In 2023 we closed 196k businesses What is positive is that the trend is slowing down which can project a recovery but I wouldnt be so optimistic at the moment. We have now a new government which atleast during the campain showed signals of changing the Tax reform to promote Entrepreneurship.

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Very good information from EBRD Bank 🏦 regarding Polish Economy, which uplifts GDP growth prospects for Poland 🇵🇱 to 2.9% this year and possibly 3,5% next year 💸🔝 That corresponds with high results of FDI inveyinto Poland in the 1st Q 24 💰⚙️ Hopefully we will deliver excellent performance ✅ in all key areas of the Polish Economy 🇵🇱🇪🇺 in the coming quarters, with controllable inflation ⚖️ and no external major shocks, which may will divert us from fast growth scenario 📈💵 Probably more good news for Poland & Poles coming as this is just the beginning of the growth cycle in Europe however we need to act now & fast locally to accelerate it 🔌💡

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Lietuvos bankas | Bank of Lithuania has appointed a temporary representative to oversee the operations at kevin. The Bank of Lithuania has appointed a temporary representative to oversee the operations of #Kevin EU, UAB due to concerns about the company's financial stability and consumer interests. Kevin EU, UAB, has delayed the submission of its audited annual financial statements for nearly four months, repeatedly extending the deadlines and failing to provide necessary information to auditors. Additionally, the company has not met the capital adequacy requirements and lacks proper internal controls. To address these issues, the Bank of Lithuania has assigned the private limited company Valnetas to supervise Kevin EU, UAB's activities. The company is required to submit the audited 2023 annual reports, shareholders' meeting decisions on profit (loss) distribution, the auditor’s opinion, and the audit report to the Bank of Lithuania by August 30, 2024. The appointment of a temporary representative means that all decisions related to the company's activities must be approved by the representative, who will regularly report to the Bank of Lithuania. However, this does not affect the company's management nor its existing customers' ability to use its services. Additionally, the Bank of Lithuania has instructed Kevin to cease providing payment services to new clients until the company meets the capital adequacy requirements. Kevin, which has faced challenges in maintaining financial transparency and stability, now has a clear deadline to rectify these issues. This move by the Bank of Lithuania aims to ensure the company's compliance with regulatory standards and protect consumer interests. The involvement of Valnetas is a crucial step in stabilizing Kevin EU, UAB and ensuring its operational integrity. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

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Sector knowledge is one of key pillars in Wholesale Banking business strategy in ING Polska so I took the opportunity to take part in interesting 19th Congress of Automotive Industry and Market perfectly organised by Stowarzyszenie Dystrybutorów i Producentów Części Motoryzacyjnych (SDCM) that took place on 21st November 2024 in Warsaw. My key takeaways are 💡: 🚗 European automotive market is losing its competitive advantage and suffers from high production costs (eg. automatization became a common thing, labour costs are under pressure of trade unions), excess of production capacity and overregulation. 🚗 Car industry faces globally increasing protectionism and trade barriers in times where supply chains are more integrated than ever before. 🚗 As per Boston Consulting Group (BCG) analysis: 🔎 European car park is expected to grow with CAGR of 0.5% in ‘24-‘35 vs. 1% noted in period ‘11-‘23, with share of older cars (over 8Y) to increase to nearly 70% vs. around 60% nowadays 🔎 EV share varies by country with Netherlands, Belgium and UK reaching almost 40% in 2035, while Poland starts shift later and reaches only ~15% 🔎 Aftermarket growth slows after 2026 to 0.4% CAGR ’26-’35 vs. 2.9% in period ’11-‘26 mainly driven by shift to EV with lower spend per vehicle.

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#BakerMcKenziePolska made a significant impact at the Private Equity Insights conference, the premier event in the #CEE region. Held in Warsaw on May 23, 2024, this gathering brought together over #500 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐥𝐞𝐚𝐝𝐞𝐫𝐬, including top professionals and asset managers.   Filip Uziębło and Łukasz Targoszyński, two of our transactional partners, actively participated in panel discussions: ➡️ “As a moderator for the ‘𝐅𝐮𝐧𝐝𝐫𝐚𝐢𝐬𝐢𝐧𝐠: 𝐂𝐚𝐩𝐭𝐮𝐫𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐀𝐩𝐩𝐞𝐭𝐢𝐭𝐞’ panel, I had the privilege of steering a pivotal discussion among top-tier professionals regarding the current fundraising landscape, certain headwinds it encounters and opportunities it provides. Our conversations underscored the CEE region’s allure as an investment hub. With inflation stabilizing and a plethora of businesses exhibiting an entrepreneurial spirit and hunger for growth, the potential for generating satisfactory returns is immense. Baker McKenzie’s strong presence at the conference is a testament to our commitment to the #PEindustry." – commented Filip Uziębło   ➡️ "We had an inspiring discussion with market leaders from ABRIS, Innova Capital, Invalda INVL and MCI Capital on whether the current market is good for the exits. The panelists pointed out that successful investments are exitable irrespective of the current market conditions, as there will always be investors for good companies. What stood out from the discussion is that there are a couple of universal factors, which make the investments successful: ➟ first: you need to find the right company, one which has good growth prospects and will not be reliant on short-term trends and geopolitical risks, ➟ second: if you already have such a company, you need good management to develop the business and help you navigate to the exit, and ➟ third: you need to think and build on the equity story from the very beginning. The panelists also agreed that the sector could benefit from more secondary transactions and more liquidity on the Warsaw Stock Exchange (GPW)." – commented Łukasz Targoszyński   𝐁𝐚𝐤𝐞𝐫 𝐌𝐜𝐊𝐞𝐧𝐳𝐢𝐞’𝐬 𝐜𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭: Our strong presence at the conference, featuring 10 representatives from Baker McKenzie Polska: Marcin Chyliński, Marcin Iwaniszyn, Tomasz Krzyzowski, Filip Uziębło, Łukasz Targoszyński, Katarzyna Grodziewicz, Magdalena Medyńska, Marcin Płonka, Radzym Wójcik and Jakub Czerka, underscores our unwavering commitment to the private equity (#PE) industry. As a global law firm, we recognize the importance of staying at the forefront of #PE trends and fostering meaningful discussions among professionals.   Learn more about the conference: https://lnkd.in/d77TaqpH #BakerMcKEnziePolska #TransactionalPowerHouse #CEE #PE

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Krystian Strabanik Adam Kosmala PKO Bank Polski finances the development of open fibre optic networks in Poland Together with a consortium of seven financial institutions, we have signed a loan agreement with a total value of PLN 2.8 billion with Fiberhost, INEA and related companies. Our stake amounts to PLN 600 million. "Open fibre networks are one of the most effective ways to introduce digital services in areas where residents have limited or no access to high-speed fibre internet. Such infrastructure and the services provided through it are crucial for the effective digital transformation of our country and the pursuit of climate neutrality, in line with the assumptions of the European Green Deal. That is why we are glad that we can financially support Fiberhost and INEA in the implementation of their business targets," says Marcin Majewski, Head of the Corporate Clients Relationship Division at PKO Bank Polski PKO Bank Polski supports its corporate clients in the implementation of investment projects. The financing will be used to achieve the group's strategic objectives, a.o. the development of a multi-fibre network, the expansion of the range of services on open networks and the refinancing of existing debt. #PKOBankPolski #PKOBP #loanmarkets #projectfinance #investment

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Efficient #data sharing and seamless access to securities data is crucial for maintaining good communication and transparency in the securities flow. I had an insightful discussion on the topic with State Street Daniel Hickey, UniCredit Katalin Bota, SEB Jesper Linden and Bank Pekao Bartlomiej Brzezinski at The Network Forum annual meeting in Warsaw last week. #DataAsAnAsset #DataStrategy #Securities #SCL_Advisory

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Tha paper "The impact of energy price increases on the Polish economy", coauthored with Janusz Jablonowski, Michal Sasiela and Zbigniew Żółkiewski (also available as NBP Working Paper) has just been published in Energy Economics! You may read it here: https://lnkd.in/dW_4G4k2 Abstract: The aim of this paper is to assess the impact on the Polish economy of energy price shocks arising after the Russian invasion of Ukraine. We computed both the impact of the energy shocks (separately for gas, oil and coal prices) on the real side of the economy, and the pass-through of energy prices to the overall price level. The former part of the analysis was simulated using a computable general equilibrium (CGE) model of the Polish economy while the price effects of the shocks were simulated using a dual Leontief price model. Additionally, the price model was augmented with the mechanism of nominal wage adjustment suggested by the theory. This methodological novelty is our original contribution to empirical economics. Our simulations indicate that the price shock for all energy goods of the magnitude observed in 2022 resulted in a decrease in GDP of about 2.8% relative to the baseline solution. Moreover, we document a strong pro-inflationary effect of rising energy prices. After a combined shock to energy prices the consumption deflator increases by 10.3% (when we include the spreading the price increases across the industries), but the effect is simulated at 15.4%, when we account for an additional nominal wage adjustments (ensuring no real wage changes). We show that due to the differences in forward and backward propagation of shocks, the oil price shock had the strongest impact on real aggregates, whereas prices were hit the strongest by the gas price shock.

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Our Bank, the Eurasian Development Bank, has thoroughly studied the development of Eurasian transport corridors and routes and presented its concept - and a map - of the Eurasian Transport Network. Take a look at below.   How can this project be described simply and well defined?   To me, each word in the definition of the Eurasian Transport Network carries significance. When we say ‘Eurasian’, we think about its coverage of the entire vast region. The word ‘Transport’ refers to all modes of transport, including railways, roads, inland waterways, ports and airports. And lastly - ‘Network’ - which implies a solid backbone for the development of regional industries and international trade.”   Key effects of the #EurasianTransportNetwork include:   ·    Synergies from interconnectedness, enabling an up to 40% increase in freight traffic through additional transit; ·    The transport cross-roads effect, as the East–West corridors are enhanced with the new North–South transport links;  ·    The effect of shifting freight traffic to land routes as insurance for Asia–Europe supply chains, benefitting all exporters and importers in case of disruptions to deep-sea routes. If you would like to read about this project in detail, please find the full report on our website by following the link: https://lnkd.in/dHy5nD5D   #transport #CentralAsia #sustainabledevelopment #trade #transportroutes

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💡🌿 What is the current landscape of the ESG data in the Polish banking sector? We examined this matter in a report that I had the pleasure to co-author. FTB - Forum Technologii Bankowych Związek Banków Polskich

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It is critical moment for the Polish capital markets development. We need much more diversified and much broader investors base than we have at present including return of retail investors. It is important task for WSE and market regulators to encourage development of new classes of investors active on the market in Poland.

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The European Commission's latest economic forecast for Poland supports a robust recovery in property investment activity over the next 2 years. Real GDP growth is projected to rebound to 2.8% in 2024, increasing to 3.4% in 2025. Private consumption is set to remain the key driver of growth amid accelerating EU-funded investment. Headline inflation is forecast to significantly ease to 4.3% in 2024 and 4.2% in 2025. #Poland #propertyinvestment #centraleurope #warsaw

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PrivatBank and Ukrgasbank Lead the Way in Joining EBRD’s Energy Security Support Facility Ukrgasbank and PrivatBank have become the first Ukrainian banks to participate in the European Bank for Reconstruction and Development’s (EBRD) Energy Security Support Facility (ESSF), a key initiative aimed at enhancing access to financing for energy security projects in the country. The ESSF is designed to strengthen Ukraine’s energy resilience amidst the ongoing war and escalating Russian attacks on its energy infrastructure. The EBRD is extending portfolio-risk-sharing facilities to both banks, with Ukrgasbank receiving €150 million and PrivatBank €175 million. These funds will be directed towards financing small and medium-sized enterprises (SMEs), medium-sized corporate clients, regional municipalities, and private households […] Read the full story here: https://lnkd.in/g8wwhPbD #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #ebrd #energysecurity #europe #smefinancing #ukraine #ukrgasbank

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