WOOD's Winter in Prague

Total Page:16

File Type:pdf, Size:1020Kb

WOOD's Winter in Prague emerging europe conference WOOD’s Winter in Prague Tuesday 5 December to Friday 8 December 2017 Please join us for our flagship event - now in its6th year - spanning 4 jam-packed days. We expect to host over 180 companies representing more than 15 countries. NEW: attending company (not covered) snapshotsattached! Click here ! For more information please contact your WOOD sales representative: Tuesday: Energy, Industrials and Materials Registration closes Warsaw +48 222 22 1530 Wednesday: TMT and Utilities on 10 November! Prague +420 222 096 453 Thursday: Consumer, Healthcare and Real Estate London +44 20 3530 7685 Friday: Diversified and Financials [email protected] Invited Companies by country Bolded confirmed Austria MOL Group PGNiG Sistema Ukraine AT & S OTP Bank PKN Orlen Tinkoff Bank Astarta Atrium Waberer’s International PKO BP TMK Industrial Milk Erste Group Bank Wizz Air PKP Cargo TransContainer Company Immofinanz PZU VTB Ferrexpo PORR Iraq Tauron X5 Kernel Raiffeisen International Genel Energy Warsaw Stock MHP Strabag Exchange Serbia Telekom Austria Kazakhstan Wirtualna Polska Belgrade Stock United Kingdom Uniqa Insurance Group Nostrum Oil & Gas Work Service Exchange Kaz Minerals Vienna Insurance Steppe Cement NIS Stock Spirits Group Romania Croatia Lithuania Banca Transilvania Slovenia Podravka Siauliu Bankas Bucharest Stock Gorenje Exchange Krka Conpet Czech Republic Poland Petrol SPEAKERS DIGI CEZ Agora Sava Re Ms. Charlotte Ruhe Electrica MD for Central Europe CME Alior Bank Zavarovalnica Triglav Fondul Proprietatea & the Baltics, EBRD CSOB AmRest Medlife Mr. Leszek Balcerowicz Kofola Asseco Poland Sweden Professor, Warsaw Nuclearelectrica Medicover Komercni Banka Bank Millennium School of Economics OMV Petrom Moneta Money Bank Bank Pekao Vostok Emerging and Chairman of FOR Sphera Finance O2 Czech Republic Budimex Mr. Mojmir Hampl Romgaz Unipetrol BZ WBK Vice Governor, Czech Transelectrica Turkey National Bank CCC Transgaz Akbank Georgia CD Projekt Mr. Elias Athanasiou Aselsan CEO, Enterprise Greece BGEO Group Ciech Russia Aygaz Mr. Francesco Daglio Georgia Healthcare Citi Handlowy Executive Director, Group Aeroflot Bizim Toptan Cyfrowy Polsat Country Manager Bank Saint Petersburg Brisa TBC Bank Dino Southern & Eastern Best Price LLC Cimsa Echo Investment Europe, MSCI DIXY Coca-Cola Icecek Greece Energa Etalon Group DP Eurasia N.V ADMIE Holding Eurocash Gazprom Neft Garanti Aegean Airlines GetBack Global Ports Halkbank Alpha Bank Getin Noble Bank Globaltrans Koc Holding Athex Group Globe Trade Centre HMS Group Lokman Hekim Eurobank Grupa Azoty Lenta Mavi Jeans Hellenic Bank Grupa Kety LSR Group Migros Ticaret Hellenic Petroleum Grupa Lotos LUKOIL Otokar Motor Oil Hellas ING Bank Luxoft Sabanci Holding Mytilineos Intercars MMK Sisecam National Bank of Jeronimo Martins Greece Moscow Exchange Tat Gida KGHM OPAP MTS TAV Kruk OTE M.Video Torunlar REIC LPP Piraeus Bank Group NLMK TSKB Mabion Sarantis Norilsk Nickel Turcas Petrol mBank Titan Cement OKEY Group Turk Telekom Medicalgorithmics Polymetal International Turkcell Netia Hungary Rosneft Ulker Orange Polska ANY Rostelecom Vakifbank Pfleiderer Group Budapest Stock Rusal Yapi Kredi Bankasi PGE Exchange Severstal 9-Nov-2017 Invited Companies by sector Bolded confirmed Consumer Motor Oil Hellas TSKB TMK WOOD & CO. ANALYSTS Aegean Airlines NIS Uniqa Insurance Group Consumer Analysts Aeroflot Nostrum Oil & Gas Vakifbank Real Estate Financial Sector Analysts Agora OMV Petrom Vienna Insurance Atrium Greek Research Analyst AmRest Petrol Vostok Emerging Finance Budimex Industrial / Airlines Astarta PGNiG VTB Echo Investment Research Analyst Best Price LLC PKN Orlen Warsaw Stock Exchange Etalon Group Macroeconomic Research Analyst Bizim Toptan Romgaz Yapi Kredi Bankasi Globe Trade Centre Metals/Mining Analyst CCC Rosneft Zavarovalnica Triglav Immofinanz Milan Branch of WOOD Coca-Cola Icecek Turcas Petrol LSR Group & Co. Dino Unipetrol Healthcare PORR European Fixed Income DIXY Georgia Healthcare Torunlar REIC Oil & Gas Analyst Group DP Eurasia N.V Financials Warimpex Real Estate Analyst Krka Eurocash Akbank Romania Research Industrial Milk Company Alior Bank Lokman Hekim TMT Analyst Intercars Alpha Bank Mabion Agora Russia Research Analyst Jeronimo Martins Athex Group Medicalgorithmics Asseco Poland TMT Analyst Kernel Banca Transilvania Medicover AT&S Turkish and Regional Financials Analyst Kofola Bank Millennium Medlife CD Projekt Turkish Research Analyst Lenta Bank Pekao CME Utilities/ LPP Bank Saint Petersburg Industrials Cyfrowy Polsat Pharmaceuticals/Telecom Aselsan Mavi Jeans Belgrade Stock Exchange DIGI Analyst MHP BGEO Group Brisa Luxoft Migros Ticaret Bucharest Stock Cimsa MTS M.Video Exchange Globaltrans Netia OKEY Group Budapest Stock Exchange Gorenje O2 Czech Republic OPAP BZ WBK Grupa Azoty Orange Polska Podravka Citi Handlowy Grupa Kety OTE Sarantis CSOB HMS Group Rostelecom Sphera Erste Group Bank Koc Holding Telekom Austria Stock Spirits Group Eurobank Mytilineos Turk Telekom Tat Gida Garanti Otokar Turkcell Ulker GetBack Pfleiderer Group Wirtualna Polska Waberer’s Getin Noble Bank Polymetal International Wizz Air Halkbank Sisecam Utilities X5 Hellenic Bank Steppe Cement CEZ ING Bank Strabag Conpet Diversified Komercni Banka TAV Electrica Fondul Proprietatea Kruk TransContainer Energa Sabanci Holding mBank Global Ports Sistema Moneta Money Bank Materials Nuclearelectrica Work Service Moscow Exchange ANY PGE National Bank of Greece Ciech PKP Cargo Energy OTP Bank Ferrexpo Tauron ADMIE Holding Piraeus Bank Group Kaz Minerals Transelectrica Aygaz PKO BP MMK Transgaz Gazprom Neft PZU KGHM Genel Energy Raiffeisen International Norilsk Nickel Grupa Lotos Sava Re NLMK Hellenic Petroleum Siauliu Bankas Rusal LUKOIL TBC Bank Severstal MOL Group Tinkoff Bank Titan Cement 9-Nov-2017 Confirmed Companies by day Tuesday 05.12.2017 Sisecam PGE Dixy Ulker OTP Bank ADMIE Holding Sistema PGNiG Duna House Vienna Insurance Group PKO BP ANY Sphera Franchise Group PKP Cargo ECHO WOOD's Analysts PZU Aeroflot TAV PZU Erste Group Warimpex Piraeus Bank Warsaw Stock Exchange Aselsan A.S. TBC Bank Pfleiderer Group Etalon Group Podravka X5 Baltic Capital Titan Cement Raiffeisen International Eurobank Sarantis Group Yapi Kredi Budapest Stock Exchange TransContainer Rosneft Eurocash Sava Re CEZ Transelectrica Rostelecom Garanti Severstal SPEAKER Ciech Turcas Petrol Rusal Gazprom Neft Siauliu Bankas Ms. Charlotte Ruhe Sphera Franchise Group Cimsa Cimento Unipetrol Sabanci Holding Georgia Healthcare Group MD for Central Europe & the Steppe Cement Coca-Cola Icecek WOOD's Analysts Sistema Globe Trade Centre (GTC) Baltics, EBRD TSKB Conpet Waberer´s International Sphera Franchise Group Gorenje Cyfrowy Polsat Wirtualna Polska Holding TBC Bank Tinkoff Bank Immofinanz Friday 08.12.2017 Dixy Work Service TMK Torunlar REIC KOFOLA Akbank Electrica Tauron Transgaz Kernel Alior Bank Turcas Petrol Energa SPEAKER Telekom Austria Alpha Bank Koc Holding Ulker Ferrexpo Mr. Mojmir Hampl Tofas Athens Stock Exchange Komercni Banka VALAMAR RIVIERA d.d. Gazprom Neft Vice Governor, Czech Transelectrica Aygaz Krka VTB Bank Genel Energy National Bank Turcas Petrol BEST PRICE LLC Kruk Vakifbank Global Ports Turk Telekom BGEO Group LPP Vostok Emerging Finance Globaltrans Wednesday 06.12.2017 Turkcell BZ WBK Lenta WOOD's Analysts Grupa Azoty ADMIE Holding WOOD's Analysts Bank Handlowy Lokman Hekim Warsaw Stock Exchange Grupa Lotos AT & S Waberer´s International Bank Millennium Lukoil Wizz Air HMS Group Aeroflot Wirtualna Polska Holding Bank Pekao M.video X5 Hellenic Petroleum Agora Work Service Bank Saint Petersburg MHP Yapi Kredi IMC Aselsan A.S. Zavarovalnica Triglav Belgrade Stock Exchange Medicalgorithmics S.A. Bizim Toptan Intercars Asseco Poland Medicover SPEAKERS CCC Jeronimo Martins Baltic Capital SPEAKER Medlife Mr. Elias Athanasiou CME KGHM Budapest Stock Exchange Mr. Leszek Balcerowicz Mytilineos CEO, Enterprise Greece CD Projekt Professor, Warsaw CSOB Kaz Minerals National Bank of Greece Conpet Kety CEZ School of Economics and Norilsk Nickel Mr. Francesco Daglio DINO Ciech Chairman of FOR Luxoft OKEY Group Executive Director, DP Eurasia N.V. Conpet MMK OPAP Country Manager Duna House Cyfrowy Polsat Thursday 07.12.2017 MOL OTP Bank Southern & Eastern Eurobank DIGI Communications Aegean Airlines Europe, MSCI MTS PORR Amrest Eurocash Migros Ticaret Dixy PZU Fondul Proprietatea Erste Group Astarta Motor Oil Hellas Petrol Athens Stock Exchange Garanti NIS Gazprom Neft Podravka Gazprom Neft Atrium NLMK Globe Trade Centre (GTC) Sarantis Group Getback S. A. Aygaz Norilsk Nickel Grupa Lotos Severstal Getin Noble Bank BEST PRICE LLC Nostrum Oil and Gas Intercars Siauliu Bankas Halkbank BZ WBK Nuclearelectrica KGHM Sistema Hellenic Bank Baltic Capital O2 Czech Republic Kety Sphera Franchise Group ING BSK Banca Transilvania OMV Petrom Lokman Hekim Steppe Cement Koc Holding Bank Millennium Orange Polska Lukoil Stock Spirits Group Komercni Banka Bank Pekao Otokar Luxoft TAT Gida Kruk Bizim Toptan PGNiG MMK TMK LSR Brisa PKN Orlen MOL Tauron Lenta Bucharest Stock Exchange PKP Cargo MTS Tofas MHP Budapest Stock Exchange Pfleiderer Group NLMK Torunlar REIC Mavi Jeans Budimex Polymetal International Netia mBank Transgaz CCC Romgaz Norilsk Nickel Moneta Money Bank Turcas Petrol Conpet Rosneft O2 Czech Republic Moscow Exchange Turkcell Rusal OTE DINO National Bank of Greece UNIQA Insurance Group STRABAG Orange Polska DP Eurasia N.V. OPAP 9 Nov-2017.
Recommended publications
  • UBS News for Banks and Financial Institutions March 03, 2011
    UBS News for Banks and Financial Institutions March 03, 2011 Priority: Urgent – Market: Poland Poland: Change of Custodian UBS Zurich is changing its custodian in the Polish market from SIX SIS AG / Bank Handlowy W Warszawie, Warsaw to Bank PeKAO (UniCredit Group), Warsaw as of trade date March 24, 2011. New settlement instructions Trades with settlement date (SD) until and including March 28, 2011 will be settled with UBS' current sub-custodian Bank Handlowy W Warszawie, Warsaw. Trades with settlement date as from March 29, 2011 need to be submitted with the instruction details of UBS' new custodian Bank PeKAO (UniCredit Group), Warsaw (see below). Settlement instructions (as from SD March 29, 2011) Custodian (NEW) Bank PeKAO, Warsaw SWIFT BIC (NEW) PKOPPLPWCUS SWIFT BIC UBS UBSWCHZH80A Account No. Individual account for each client New cut-off times – client deadlines Equities / Fixed Income DFP/RFP SD; 4 p.m. T-Bills DFP/RFP SD; 1 p.m. Equities / Fixed Income DVP/RVP SD; 8 a.m. T-Bills DVP/RVP SD; 8 a.m. Impact Clients and counterparties are requested to instruct with the new custodian details as from settlement date March 29, 2011. To see full market details, please access the Market Guide Poland. Should you have any questions, please contact your UBS – Source: UBS AG Relationship Manager or Account Manager. UBS AG Securities Services P.O. Box CH-8098 Zurich Switzerland Phone: +41-44-236 61 36 Email: [email protected] While the facts in this publication have been carefully researched, UBS cannot be held responsible for their accuracy.
    [Show full text]
  • TGE and Pgnig Embark on Cooperation with a View to Developing a Biomethane Market in Poland
    Warsaw, 12 January 2021 TGE and PGNiG embark on cooperation with a view to developing a biomethane market in Poland Press Release On 12 January Towarowa Giełda Energii (TGE) and Polish Oil and Gas Company (PGNiG) signed a cooperation agreement aimed at leveraging their mutual expertise and capabilities in creating a biomethane market in Poland. TGE and PGNiG intend to jointly prepare modern solutions supporting the creation and development of a biomethane market in Poland. The expertise of both PGNiG, as a key player on the gas market, and of TGE as a trading platform where the trading in gas and certificates promoting the use of RES are concentrated, should contribute to the transformation of the energy market leading not only to increased significance of green technologies but also the emerging market for alternative fuels, such as biomethane or hydrogen. ‘For over 20 years, TGE has been supporting all transformation processes on the energy market and actively contributing to its development by offering its participants comprehensive solutions and products. The cooperation with PGNiG in creating a biomethane market is an opportunity for the Exchange to further develop the RES segment. Certainly, our registers have a key role to play in this project’ said Piotr Zawistowski, President of the Management Board of TGE. ‘PGNiG has been an active member of the gas exchange market since its inception and continues to contribute to its development, as evidenced, among other things, by the record-high volume of natural gas trading on TGE in 2020. Now we are about to a new chapter of cooperation, which will allow us to create modern market solutions in the field of biomethane trading.
    [Show full text]
  • 2019 Consolidated Annual Report of the GTC Group.Pdf
    CONSOLIDATED ANNUAL REPORT OF GLOBE TRADE CENTRE S.A. CAPITAL GROUP FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 Place and date of publication: Warsaw, 19 March 2020 List of contents: Letter of the Management Board Management Board’s report on the activities of Globe Trade Centre S.A. Capital Group in the financial year ended 31 December 2019 Report on the application of the principles of corporate governance for the financial year ended 31 December 2019 Management Board’s representations Management Board’s information on apoitment of the audit company Supervisory Board’s statement Assessment of the Supervisory Board Consolidated financial statements for the financial year ended 31 December 2019 Independent auditor’s report on the audit of the annual consolidated financial statements 2 Ladies and Gentlemen, 2019 was a rewarding year for the GTC Group. We maintained our well-established position as a leading real estate investor and developer in CEE & SEE. We continued to develop our projects, realized profit by selling two assets, refinanced a number of loans thereby improving the maturity profile and reducing the overall financial costs, and leased a significant space. Our efforts yielded a profit of €75m. Attractive asset portfolio Over the year, our portfolio grew by 80,600 sq m owing to the development of new properties in both the office and retail segments. We currently own five large-scale shopping malls across the region. We put a lot of efforts into enhancing the performance of our retail assets. We are proud to report that the turnover of Galeria Jurajska has improved by 7% over 2018 and that over 60 shops have prolonged their lease, while 15 new shops opened in the mall.
    [Show full text]
  • Investment Property in the Financial Statements of Capital Groups Listed on the Warsaw Stock Exchange
    ISSN 2411-9571 (Print) European Journal of Economics Jan-Apr 2016 ISSN 2411-4073 (online) and Business Studies Vol.4 Nr. 1 Investment Property in the Financial Statements of Capital Groups Listed on the Warsaw Stock Exchange Piotr Prewysz-Kwinto WSB University in Torun, Department of Finance and Accounting Poland, ppqq@poczta. onet. pl Grażyna Voss University of Technology and Life Sciences, Faculty of Management, Bydgoszcz, Poland, gvoss@wp. pl Abstract In recent years, investing in property has become very popular. It is related to a significant decrease in interest rates, which has resulted in a decrease in interest rates on bank deposits and risk-free securities. What is more, this kind of investment seems to be less risky than investing in shares or raw materials due to a steady increase in property prices in Poland in the recent years. Investment property owned by an entity conducting business activity must be properly presented in financial statements, which is next reflected in the evaluation of financial position. Recognition, measurement and presentation of investment property in financial statements have been comprehensively prescribed in International Accounting Standard 40 – Investment Property, which was released in December 2003. It was first applied to financial statements prepared for the reporting period starting after January 1, 2005. The standard was revised twice – first in 2008 and then in 2013. The aim of this paper is to describe the recognition, measurement and disclosure of investment property under polish and international accounting regulations as well as to analyze the presentation of such information in financial statements of the largest companies listed on the Warsaw Stock Exchange.
    [Show full text]
  • Pko Bank Polski Spółka Akcyjna
    This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version. PKO BANK POLSKI SPÓŁKA AKCYJNA PKO BANK POLSKI SA DIRECTORS’ REPORT FOR THE YEAR 2010 WARSAW, MARCH 2011 This document is a translation of a document originally issued in Polish. The only binding version is the original Polish version. PKO Bank Polski SA Directors’ Report for the year 2010 TABLE OF CONTENTS: 1. INTRODUCTION 4 1.1 GENERAL INFORMATION 4 1.2 SELECTED FINANCIAL DATA OF PKO BANK POLSKI SA 5 1.3 PKO BANK POLSKI SA AGAINST ITS PEER GROUP 6 2. EXTERNAL BUSINESS ENVIRONMENT 7 2.1 MACROECONOMIC ENVIRONMENT 7 2.2 THE SITUATION ON THE STOCK EXCHANGE 7 2.3 THE SITUATION OF THE POLISH BANKING SECTOR 8 2.4 REGULATORY ENVIRONMENT 9 3. FINANCIAL RESULTS OF PKO BANK POLSKI SA 10 3.1 FACTORS INFLUENCING RESULTS OF PKO BANK POLSKI SA IN 2010 10 3.2 KEY FINANCIAL INDICATORS 10 3.3 INCOME STATEMENT 10 3.4 STATEMENT OF FINANCIAL POSITION OF PKO BANK POLSKI SA 14 4. BUSINESS DEVELOPMENT 17 4.1 DIRECTIONS OF DEVELOPMENT OF PKO BANK POLSKI SA 17 4.2 MARKET SHARE OF PKO BANK POLSKI SA 18 4.3 BUSINESS SEGMENTS 18 4.3.1 RETAIL SEGMENT 18 4.3.2 CORPORATE SEGMENT 21 4.3.3 INVESTMENT SEGMENT 23 4.4 INTERNATIONAL COOPERATION 25 4.5 ISSUE OF EUROBONDS 25 4.6 ACTIVITIES IN THE AREA OF PROMOTION AND IMAGE BUILDING 26 5. INTERNAL ENVIRONMENT 30 5.1 ORGANISATION OF PKO BANK POLSKI SA 30 5.2 OBJECTIVES AND PRINCIPLES OF RISK MANAGEMENT 30 5.2.1 CREDIT RISK 31 5.2.2 MARKET RISK 33 5.2.3 THE PRICE RISK OF EQUITY SECURITIES 34 5.2.4 DERIVATIVE INSTRUMENTS RISK 35 5.2.5 OPERATIONAL RISK 35 5.2.6 COMPLIANCE RISK 36 5.2.7 STRATEGIC RISK 36 5.2.8 REPUTATION RISK 36 5.2.9 OBJECTIVES AND PRINCIPLES OF CAPITAL ADEQUACY MANAGEMENT 37 Page 2 out of 71 This document is a translation of a document originally issued in Polish.
    [Show full text]
  • Financial Data of Asseco Poland S.A. for the Period of 6 Months Ended 30 June 2021
    Financial data of Asseco Poland S.A. for the period of 6 months ended 30 June 2021 Financial data of Asseco Poland S.A. for the period of 6 months ended 30 June 2021 FINANCIAL HIGHLIGHTS ......................................................................................................................................... 4 INTERIM CONDENSED FINANCIAL STATEMENTS OF ASSECO POLAND S.A. FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2021 ............................................................................................................................ 5 INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME ............................................................ 6 INTERIM STATEMENT OF FINANCIAL POSITION ........................................................................................................... 7 INTERIM STATEMENT OF CHANGES IN EQUITY ............................................................................................................ 9 INTERIM STATEMENT OF CASH FLOWS .................................................................................................................... 10 EXPLANATORY NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS ................................................................. 12 1. GENERAL INFORMATION ......................................................................................................................................... 12 2. BASIS FOR THE PREPARATION OF INTERIM CONDENSED FINANCIAL STATEMENTS .............................................. 13
    [Show full text]
  • Management Board's Report on Operations Of
    Asseco Group Annual Report for the year ended December 31, 2019 Present in Sales revenues 56 countries 10 667 mPLN 26 843 Net profit attributable highly commited to the parent employees company's shareholders 322.4 mPLN Order backlog for 2020 5.3 bPLN 7 601 mPLN market capitalization 1) 1) As at December 30, 2019 Asseco Group in 2019 non-IFRS measures (unaudited data) Non-IFRS figures presented below have not been audited or reviewed by an independent auditor. Non-IFRS figures are not financial data in accordance with EU IFRS. Non-IFRS data are not uniformly defined or calculated by other entities, and consequently they may not be comparable to data presented by other entities, including those operating in the same sector as the Asseco Group. Such financial information should be analyzed only as additional information and not as a replacement for financial information prepared in accordance with EU IFRS. Non-IFRS data should not be assigned a higher level of significance than measures directly resulting from the Consolidated Financial Statements. Financial and operational summary: • Dynamic organic growth and through acquisitions – increase in revenues by 14.4% to 10 667.4 mPLN and in operating profit by 22.5% to 976.2 mPLN (1 204.4 mPLN EBIT non-IFRS – increase by 14.9%) • International markets are the Group’s growth engine – 89% of revenues generated on these markets • Double-digit increase in sales in the Formula Systems and Asseco International segments • 81% of revenues from the sales of proprietary software and services • Strong business diversification (geographical, sectoral, product) Selected consolidated financial data for 2019 on a non-IFRS basis For the assessment of the financial position and business development of the Asseco Group, the basic data published on a non-IFRS basis constitute an important piece of information.
    [Show full text]
  • Full Funding for Polimery Police Secured Under Agreements
    04.06.2020 Full funding for Polimery Police secured under agreements Grupa Azoty S.A., Grupa Azoty ZCh Police, Grupa Azoty Polyolefins, Grupa LOTOS, Hyundai Engineering Co., and Korea Overseas Infrastructure & Urban Development Corporation (KIND) have signed agreements for the financing of the Polimery Police project. Also, Grupa Azoty Polyolefins, the SPV formed to implement the project, which is of key importance to the entire chemical industry, has signed a credit facility agreement with a syndicate of domestic and foreign financial institutions. The total project budget is estimated at over EUR 1.5bn. The construction phase is scheduled for completion in 2022. ‘Today marks the end of many months of work to raise funding for Polimery Police, one of the largest industrial projects currently under way in Poland and wider Europe. The project is in progress, with Hyundai, our equity partner and general contractor, having entered the construction site earlier this year. Polimery Police is important to us and to the entire economy. It will help us to strategically diversify our revenue sources and Poland to turn from a net importer to a net exporter of polypropylene,’ said Wojciech Wardacki, President of the Grupa Azoty S.A. Management Board. The press conference held in Police to announce the signing of the agreements was attended by Polish President Andrzej Duda and Minister of State Assets Jacek Sasin. ‘A mechanism was created to implement a project worth PLN 7bn. It really is an incredibly huge and cost- intensive project. But what makes it so cost-intensive is that it is a world-class state-of-the-art facility,’ noted President Andrzej Duda.
    [Show full text]
  • Is Capm an Efficient Model? Advanced Versus Emerging Markets
    IS CAPM AN EFFICIENT MODEL? ADVANCED VERSUS EMERGING MARKETS Iulian IHNATOV *, Nicu SPRINCEAN** Abstract: CAPM is one of the financial models most widely used by the investors all over the world for analyzing the correlation between risk and return, being considered a milestone in financial literature. However, in recently years it has been criticized for the unrealistic assumptions it is based on and for the fact that the expected returns it forecasts are wrong. The aim of this paper is to test statistically CAPM for a set of shares listed on New York Stock Exchange, Nasdaq, Warsaw Stock Exchange and Bucharest Stock Exchange (developed markets vs. emerging markets) and to compare the expected returns resulted from CAPM with the actually returns. Thereby, we intend to verify whether the model is verified for Central and Eastern Europe capital market, mostly dominated by Poland, and whether the Polish and Romanian stock market index may faithfully be represented as market portfolios. Moreover, we intend to make a comparison between the results for Poland and Romania. After carrying out the analysis, the results confirm that the CAPM is statistically verified for all three capital markets, but it fails to correctly forecast the expected returns. This means that the investors can take wrong investments, bringing large loses to them. Keywords: CAPM; risk; portfolio return; capital market Introduction and literature review For a modern investor the investment decision is based on a detailed study of financial instruments, trying in this way to find the perfect combination between the risk and return in order to build an optimal and efficient portfolio.
    [Show full text]
  • Inflated Hopes Or a Promising Alternative? Evaluating Impact of LNG on Polish Energy Security
    University of Pennsylvania ScholarlyCommons Wharton Research Scholars Wharton Undergraduate Research 5-2019 Inflated Hopes or a Promising Alternative? Evaluating Impact of LNG on Polish Energy Security Przemyslaw Stefan Macholak University of Pennsylvania Follow this and additional works at: https://repository.upenn.edu/wharton_research_scholars Part of the Business Commons Macholak, Przemyslaw Stefan, "Inflated Hopes or a Promising Alternative? Evaluating Impact of LNG on Polish Energy Security" (2019). Wharton Research Scholars. 179. https://repository.upenn.edu/wharton_research_scholars/179 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/wharton_research_scholars/179 For more information, please contact [email protected]. Inflated Hopes or a Promising Alternative? Evaluating Impact of LNG on Polish Energy Security Keywords energy security, LNG Disciplines Business This thesis or dissertation is available at ScholarlyCommons: https://repository.upenn.edu/ wharton_research_scholars/179 INFLATED HOPES OR A PROMISING ALTERNATIVE? EVALUATING IMPACT OF LNG ON POLISH ENERGY SECURITY. By Przemyslaw Stefan Macholak An Undergraduate Thesis submitted in partial fulfillment of the requirements for the WHARTON RESEARCH SCHOLARS Faculty Advisor: Anna Mikulska Ph.D. Senior Fellow at Kleinman Center for Energy Policy THE HUNTSMAN PROGRAM IN INTERNATIONAL STUDIES AND BUSINESS THE WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIA MAY 2019 1. Introduction Over the last 10 years, global energy landscape has been significantly
    [Show full text]
  • Equity Outlook
    ECONOMIC & STRATEGY RESEARCH 10 April 2017 Equity Research Extract from a report Equity Outlook Global equity market gets the green light ■ The global stock market followed its successful final quarter of last year and Miroslav Frayer shares also grew in 1Q17. The MSCI world equity index has increased more than (420) 222 008 567 miroslav_ frayer @kb.cz 6% since the beginning of the year. Richard Miřátský ■ The PSE’s PX index has slightly surpassed the performance of major U.S. and (420) 222 008 560 [email protected] European indexes. It has added more than 6% since January. In comparison with Jana Steckerová regional competitors, the Polish WIG20 became a clear winner, jumping 15%. On the (420) 222 008 524 jana _steckerova @kb.cz contrary, the Hungarian BUX’s profit of less than 1.5% has not enthused investors. ■ A positive for the PSE is the fact that we have found no company whose shares remained in the red in the first quarter of the year. Shares of petrochemical group Unipetrol became a clear winner, on the contrary, the largest issuance, CEZ, added the smallest gains from the Prague peloton. ■ The average daily trading volume for the past two quarters was more volatile. Nevertheless, it is evident that Moneta Money Bank’s entry supported trading activity on the domestic market. For the first three months, the newcomer became the No. 1 among the most traded stocks on the Prague Stock Exchange. ■ SG increased the weight of equities in its global portfolio from 58% to 63%. Improving macroeconomic environment, reflation and the structural switch from monetary to fiscal policy impetus in developed countries are strong incentives for investors to switch out of expensive bonds into equities.
    [Show full text]
  • €30.0M €147.7M €68.8M €28.1M €274.6M
    A leading owner and producer of premium branded spirits and liqueurs that are sold principally in Central and Eastern Europe Over 45 brands, exporting to more than Capitalising on key consumer trends 50 countries worldwide through own driving growth in spirits value in rd 1 distribution and 3 party arrangements Central and Eastern Europe: Global sales volumes total over 115 • Premiumisation million litres per year1 • Diversification of drinking occasions • Growing confidence in local provenance Wholly owned operations in Poland, the Czech Republic, Slovakia, Italy, Croatia and Bosnia & Herzegovina #2 in Poland in clear vodka and #1 in flavoured vodka and 2 State of the art production facilities in vodka-based liqueurs Poland, the Czech Republic and Germany #1 in the Czech Republic in spirits, rum, bitters and vodka3 Listed on the main market of the London #1 in Italy in vodka, vodka-based Stock Exchange liqueurs, limoncello, #2 in brandy4 Primary Markets 100% 54% 25% 10% 11% €274.6m €147.7m €68.8m €28.1m €30.0m 2016: €261.0m 2016: €136.9m 2016: €63.2m 2016: €29.4m 2016: €31.5m Group Poland Czech Republic Italy Other Stock Spirits Group No. 2 in vodka with No. 1 in spirits with 33.6% No.1 in vodka, flavoured Slovakia, Croatia, Bosnia is headquartered in 26.7% value share5 value share6 vodka-based liqueurs and and Herzegovina. the UK Core categories: vodka, Core categories: rum, limoncello. 5.6% value International exports: USA, flavoured vodka-based bitters, vodka, flavoured share of spirits7 Germany, Canada, UK, liqueurs, whisky vodka-based liqueurs, Core categories: vodka, Slovenia and other Balkan whisky flavoured vodka-based countries liqueurs, limoncello, brandy Sources 1.
    [Show full text]