WBJ | Warsaw Business Journal

<!doctype html> <html class='no-js' lang="en" itemscope itemtype="http://schema.org/WebPage"> <head> <title>WBJ | Warsaw Business Journal</title> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta name="keywords" content=""/> <meta name="description" content=""/> <meta property='og:title' content='WBJ'/> <meta property='og:image' content='http://wbj.pl/media/img/og_image.jpg'/> <meta property='og:description' content='Warsaw Business Journal'/> <meta property='og:site_name' content='WBJ'/> <meta property='og:type' content='website'/> <meta property='og:url' content='http://wbj.pl'/> <meta name='twitter:title' content='WBJ'> <meta name='twitter:description' content='Warsaw Business Journal'> <meta name='twitter:image' content='http://wbj.pl/media/img/og_image.jpg'> <meta name='twitter:card' content='http://wbj.pl/media/img/og_image.jpg'> <meta itemprop="name" content="WBJ"> <meta itemprop="description" content="Warsaw Business Journal"> <meta itemprop="image" content="http://wbj.pl/media/img/og_image.jpg"> <meta name="viewport" content="width=device-width, initial-scale=1"> <meta name="apple-mobile-web-app-capable" content="yes"> <meta name="msapplication-tap-highlight" content="no"> <link href="/favicon.ico" rel="shortcut icon" type="image/x-icon"/> <link href="https://fonts.googleapis.com/css?family=PT+Sans:400,700&subset=latin-ext" rel="stylesheet"> <noscript> <link rel="stylesheet" href="/layouts/frontend/css/common/no-script.css"> </noscript>  <script type="text/javascript"> (function (d, w, c) { (w[c] = w[c] || []).push(function () { try { w.yaCounter45726489 = new Ya.Metrika({ id: 45726489, clickmap: true, trackLinks: true, accurateTrackBounce: true, webvisor: true }); } catch (e) { } }); var n = d.getElementsByTagName("script")[0], s = d.createElement("script"), f = function () { n.parentNode.insertBefore(s, n); }; s.type = "text/javascript"; s.async = true; s.src = "https://mc.yandex.ru/metrika/watch.js"; if (w.opera == "[object Opera]") { d.addEventListener("DOMContentLoaded", f, false); } else { f(); } })(document, window, "yandex_metrika_callbacks"); </script> <noscript> <div><img src="https://mc.yandex.ru/watch/45726489" style="position:absolute; left:-9999px;" alt=""/></div> </noscript>   <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-MMG54F');</script>   <script> !function (f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function () { n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments) }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n.version = '2.0'; n.queue = []; t = b.createElement(e); t.async = !0; t.src = v; s = b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t, s) }(window, document, 'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '541066482724256'); fbq('track', 'PageView'); </script> <noscript><img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=541066482724256&ev=PageView&noscript=1" /></noscript>  </head> <body> <link rel="stylesheet" type="text/css" href="/cache/css/frontend/all_header_v_4427b85e8a23c25c946436426c246ac2.css" /> <script type="text/javascript" src="https://cdn.jsdelivr.net/npm/lozad/dist/lozad.min.js"></script> <script type="text/javascript" src="//code.jquery.com/jquery-1.12.4.min.js"></script> <noscript class="no-script-info"> <h1 class="no-script-info"> Do prawidłowego działania strony potrzebna jest przeglądarka z włączoną opcją języka JavaScript </h1> </noscript>  <noscript> <iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MMG54F" height="0" width="0" style="display:none;visibility:hidden"></iframe> </noscript>  <div class="loader-main-wrapper"> <div class="loader-main"> <span></span> <span></span> <span></span> <span></span> </div> </div> <div class="navigation"> <section class="navigation__banner"> <a href="/" class="navigation__logo"> <img src="/layouts/frontend/img/common/logo-red.png" alt=""> </a> <div class="navigation__adv"> <div class="navigation__adv-title"> advertisement </div> <div class="ad-slider"> <a href="https://www.forum-ekonomiczne.pl/en" target="_blank"> <img src="/uploads/images/r4/67b49a22d1c40.jpg" alt="https://www.forum-ekonomiczne.pl/en" title="" class="navigation__adv-img navigation__adv-img--wide"> </a> <a href="https://dlabiznesu.krakow.pl/start/211278,artykul,economic_profile.html" target="_blank"> <img src="/uploads/images/ce/67b5c392cee95.jpg" alt="https://dlabiznesu.krakow.pl/start/211278,artykul,economic_profile.html" title="" class="navigation__adv-img navigation__adv-img--wide"> </a> <a href="https://www.19dzielnica.pl/" target="_blank"> <img src="/uploads/images/gl/67b9a86a479ab.jpg" alt="https://www.19dzielnica.pl/" title="" class="navigation__adv-img navigation__adv-img--wide"> </a> <a href="https://executiveclub.pl/infrastruktura-polska-i-budownictwo/" target="_blank"> <img src="/uploads/images/ge/67c2d4475f5e7.jpg" alt="https://executiveclub.pl/infrastruktura-polska-i-budownictwo/" title="" class="navigation__adv-img navigation__adv-img--wide"> </a> </div> </div> <div class="navigation__links"> <div class="navigation__socials"> <a href="https://pl.linkedin.com/company/warsaw-business-journal" target="_blank"> <img src="/layouts/frontend/img/socials/linkid.png" alt="Linkedin"> </a> <a href="https://www.facebook.com/WarsawBusinessJournal/" target="_blank"> <img src="/layouts/frontend/img/socials/facebook.png" alt="Facebook"> </a> <a href="https://twitter.com/wbjpl" target="_blank"> <img src="/layouts/frontend/img/socials/twitter.png" alt="Twitter"> </a> </div> <div class="navigation__profile"> <a href="/login" class="bold"> Sign in </a> <span>/</span> <a href="/register"> Sign up </a> </div> </div> </section> <div class="d-block d-md-none"> <div class="navigation__mobile-wrapper"> <section class="navigation__mobile"> <button class="hamburger hamburger--squeeze" type="button"> <span class="hamburger-box"> <span class="hamburger-inner"></span> </span> </button> <a href="/"> <img src="/layouts/frontend/img/common/logo-white.png" alt="Logo"> </a> <div class="nav-mobile__search"> <img src="/layouts/frontend/img/menu/loupe.png" alt="Loupe Search"> </div> </section> <nav class="mobile-menu"> <ul class='top-nav' id='top-nav'> <li > <a href="/news" class="" target="">news</a></li> <li > <a href="/magazine" class="" target="">magazine</a></li> <li > <a href="/real-estate" class="" target="">Real Estate</a></li> <li > <a href="/opinion" class="" target="">opinion</a></li> <li > <a href="/lifestyle" class="" target="">lifestyle</a></li> <li > <a href="/shop" class="" target="">shop</a></li> <li > <a href="/about-us" class="" target="">about us</a></li> </ul> <div class="socials"> <a href="https://pl.linkedin.com/company/warsaw-business-journal" target="_blank"> <img src="/layouts/frontend/img/socials/linkid.png" alt="Linkedin"> </a> <a href="https://www.facebook.com/WarsawBusinessJournal/" target="_blank"> <img src="/layouts/frontend/img/socials/facebook.png" alt="Facebook"> </a> <a href="https://twitter.com/wbjpl" target="_blank"> <img src="/layouts/frontend/img/socials/twitter.png" alt="Twitter"> </a> </div> </nav> <div class="mobile-search"> <div class="col-12"> <form id="search-form-mobile" onsubmit="searchMobileAction(); return false;" autocomplete="off"> <input type="search" id="search-input-mobile" class="form-control ds-input" placeholder="Search..."> <input class="search-button-mobile" type="submit" value="Search"> </form> </div> </div> </div> <section class="navigation__mobile-spacer"></section> <section class="navigation__black-bar-mobile"> <div class="black-bar-mobile"> <a href="/login" class="bold"> Sign in </a> </div> </section> <script> function searchMobileAction() { searchValMobile = $('#search-input-mobile').val(); if (searchValMobile !== '') { window.location.href = '/search?phrase=' + searchValMobile; } return false; } </script> </div> <div class="d-none d-md-block"> <section class="navigation__top-bar"> <div class="top-bar__content container"> <div class="top-bar__content-left"> <a href="/" class="top-bar__home"> <img src="/layouts/frontend/img/menu/home.png" alt=""> </a> <ul class='top-nav' id='top-nav'> <li > <a href="/news" class="" target="">news</a></li> <li > <a href="/magazine" class="" target="">magazine</a></li> <li > <a href="/real-estate" class="" target="">Real Estate</a></li> <li > <a href="/opinion" class="" target="">opinion</a></li> <li > <a href="/lifestyle" class="" target="">lifestyle</a></li> <li > <a href="/shop" class="" target="">shop</a></li> <li > <a href="/about-us" class="" target="">about us</a></li> </ul> </div> <div class="top-bar__content-right"> <div class="top-bar__weather"> </div> <div class="top-bar__search"> <form id="search-form" onsubmit="searchAction(); return false;" autocomplete="off"> <label class="search-label" for="search-input">Search</label> <input class="search-input" id="search-input" type="search"> <button class="search-button"> Search </button> </form> </div> </div> </div> </section> <section class="navigation__top-bar-spacer"></section> <script> function searchAction() { searchVal = encodeURI($('.search-input').val()); if (searchVal !== '') { window.location.href = '/search?phrase=' + searchVal; } } $(function () { // $('.top-bar__weather').yahooWeather(); $('#search-input') .click(function () { $('.search-input').toggleClass('search-input--focused').focus(); $('.search-label').toggleClass('d-none'); $('.search-button').toggleClass('d-inline-block'); }); $('#search-input').blur(function () { $('.search-input').toggleClass('search-input--focused'); $('.search-label').toggleClass('d-none'); $('.search-button').toggleClass('d-inline-block'); }); $('.search-button').mousedown(searchAction); }); </script> <div class="navigation__stock-bar d-none d-md-block mb-3"> <div class="">  <div class="tradingview-widget-container"> <div class="tradingview-widget-container__widget"></div> <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-tickers.js" async> { "symbols": [ { "description": "WIG20", "proName": "GPW:WIG20" }, { "description": "WIG", "proName": "GPW:WIG" }, { "description": "DAX", "proName": "INDEX:DAX" }, { "description": "EUR/PLN", "proName": "FX_IDC:EURPLN" }, { "description": "EUR/USD", "proName": "FX:EURUSD" }, { "description": "USD/PLN", "proName": "FX_IDC:USDPLN" }, { "description": "CHF/PLN", "proName": "FOREXCOM:CHFPLN" }, { "description": "GBP/PLN", "proName": "FX_IDC:GBPPLN" } ], "locale": "en", "linkPageTemplate": "https://www.tradingview.com/chart" } </script> </div>  </div> </div> </div> </div> <script> $(function () { navigationHelper = new NavigationHelper(); }) </script> <div class="all-news container"> <div class="row"> <div class="col-12 col-md-9"> <div class="row"> <div class="col-12"> <h1 class="section-header top-20 bottom-20"> From category Book of Lists </h1> </div> <div class="col-12"> <ul class="categories"> <li class="categories__item "> <a href="/news">All news</a> </li> <li class="categories__item parent-1063" id="advertorial"> <a href="/news/category/advertorial">Advertorial</a> </li> <li class="categories__item parent-4" id="book-of-lists"> <a href="/news/category/book-of-lists">Book of Lists</a> </li> <li class="categories__item parent-859" id="business"> <a href="/news/category/business">Business</a> </li> <li class="categories__item parent-2" id="domestic"> <a href="/news/category/domestic">Domestic</a> </li> <li class="categories__item parent-1" id="economy"> <a href="/news/category/economy">Economy</a> </li> <li class="categories__item parent-3650" id="events"> <a href="/news/category/events">Events</a> </li> <li class="categories__item parent-607" id="finance"> <a href="/news/category/finance">Finance</a> </li> <li class="categories__item parent-8" id="international"> <a href="/news/category/international">International</a> </li> <li class="categories__item parent-218" id="legal"> <a href="/news/category/legal">Legal</a> </li> <li class="categories__item parent-3" id="life-style"> <a href="/news/category/life-style">LifeStyle</a> </li> <li class="categories__item parent-5" id="magazine"> <a href="/news/category/magazine">Magazine</a> </li> <li class="categories__item parent-18" id="on-this-day"> <a href="/news/category/on-this-day">On this day</a> </li> <li class="categories__item parent-3064" id="opinion"> <a href="/news/category/opinion">Opinion</a> </li> <li class="categories__item parent-207" id="real-estate"> <a href="/news/category/real-estate">Real estate</a> </li> <li class="categories__item parent-2021" id="warsaw-insider"> <a href="/news/category/warsaw-insider">Warsaw Insider</a> </li> <li class="categories__item parent-2939" id="weekend"> <a href="/news/category/weekend">Weekend</a> </li> </ul> <ul class="categories-child"> <script> $('.parent-').addClass('categories__item--active'); </script> </ul> <hr class="border-major-black"> </div> </div> <div id="vueNews"> <div class="row mt-4" v-if="articlesWithoutPhoto.length > 0 || articlesPhoto.length > 0 "> <div class="col-6"> <article class="article-simple article-simple--news article-simple--news-small article-simple--border-bottom" v-for="(article, index) in articlesWithoutPhoto"> <a :href="article.href" class="article-link"></a> <div class="article-simple__info-row"> <div class="d-flex"> <a :href="domain +'/news/category/' + category.type" class="category-link mr-2" v-for="category in article.categories"> [[category.name]] </a> </div> <div class="article-simple__date">[[article.created_datetime]]</div> </div> <div class="article-simple__title">[[article.name | truncate(80)]]</div> </article> </div> <div class="col-6"> <article class="article-with-img article-with-img--news-medium" v-for="(article, index) in articlesPhoto"> <a :href="article.href" class="article-link"></a> <div class="article-with-img__background" v-bind:style="{ backgroundImage: 'url(' + article.photo + ')' }"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" v-for="category in article.categories" :href="domain +'/news/category/' + category.type" > [[category.name]]</a> </div> <div class="article-with-img__date">[[article.created_datetime]]</div> </div> <div class="article-with-img__title"> <h2>[[article.name]]</h2> </div> </div> </article> </div> </div> <div class="col-12 more-article-wrapper"> <span v-on:click="getArticleByCategory()" class="more-article-link top-30" v-if="!isLast && !isLoading"> get more news <img src="/layouts/frontend/img/common/arrow-down-black.png" alt="Arrow down"> </span> </div> <div class="spinner-wrapper d-flex justify-content-center top-50" v-if="isLoading"> <div class="col-10 col-md-6"> <div class="spinner"> <div></div> <div></div> <div></div> <div></div> </div> </div> </div> <div class="row padding-bottom-50 padding-top-50" v-if="(articlesWithoutPhoto.length > 0 || articlesPhoto.length > 0) && isLast"> <div class="col-12 text-center"> <h2>No more articles in Book of Lists</h2> </div> </div> <div class="row padding-bottom-50 padding-top-50" v-else-if="isLast"> <div class="col-12 text-center"> <h2>No articles in Book of Lists</h2> </div> </div> </div> <script> $(function () { var options = { firstPage: {"status":true,"statusMessage":null,"data":{"first":1,"before":1,"current":1,"last":5,"next":2,"total_pages":5,"articles":[{"article_id":"124745","user_id":"184","author_id":"1","name":"Leasing market review \u2013 Poland","subname":null,"short_description":"Last year proved very successful for the Polish leasing industry. In 2018, companies reporting to the Polish Leasing Association finalised transactions with a total value of PLN 82.6 billion. The investments financed by leasing and loans recorded a growth rate at the level of + 21.8% year-on-year, which is the highest level of growth recorded by the Polish leasing sector in the last 11 years. By Andrzej Sugajski Director General Polish Leasing Association","slider_description":null,"description":"<p><\/p><figure class=\"figure\" style=\"width: 406px;\"><\/figure><p><\/p><p><\/p><p style=\"text-align: left;\"><img src=\"\/uploads\/images\/xa\/5d95ca6ca95bb.jpg\" class=\"note-float-left\" style=\"text-align: center; float: left;\"><\/p><p style=\"text-align: left;\"><b>In co-operation with<\/b><br><\/p><p style=\"text-align: left;\"><img src=\"\/uploads\/images\/07\/5d95ca131f984.jpg\"><\/p><p>The portfolio of all active industry contracts increased in 2018 just as dynamically as the value of the new contracts. According to the data of the Polish Leasing Association, at the end of 2018, the value of contracts serviced by the leasing industry amounted to PLN 146.6 billion, which means a 22.8% increase compared to 2017. These good results can be attributed to, on one hand, a record level of financing of passenger vehicles and trucks up to 3.5 tons (currently, light vehicles make up 48.4% of the whole market) and, on the other hand, entrepreneurs\u2019 unwavering interest in financing machines and other equipment (a 26.3% share), as well as heavy transport vehicles (a market share at the level of 23.7%). Looking at individual areas of activity of Polish leasing companies, it is clearly noticeable that the financing of real estate (a 1.1% share in the market) and other assets (a 0.5% share) play a less important role.<br><\/p><p><b>High dynamics of the vehicle market\u00a0despite tax changes<\/b><\/p><p>In 2018, the value of the contracts for financing of light vehicles, i.e. passenger cars and trucks up to 3.5 tons, amounted to PLN 39.9 billion, which translates into a +30.7% increase year-on-year. The announcement of the tax changes regarding the use of cars in business and the tax changes' entry into force on 1 January 2019 (the next part of the article contains more information on the issue) contributed to a significant increase in the volume of financed passenger vehicles in the fourth quarter of 2018. After analysing the growth rate of light vehicles' financing in the last 5 years (2014 +39%, 2015 +20%, 2016 +30.9%, 2017 +21.9%, 2018 +30.7%), it can be concluded that leasing is the instrument that enjoys unwavering popularity among Polish entrepreneurs regardless of changes in the regulations.<\/p><p><b>The financing of machines, heavy transport and real estate recorded gains<\/b><\/p><p>The 2018 revival on the leasing market was also observed in other market categories: machines and equipment, including IT (+17.7% year-on-year growth rate), heavy transport (+11.4% year-on-year growth rate) and real estate (+4.4% yearon- year growth rate). The total value of machines and equipment financed by the leasing industry last year amounted to PLN 21.7 billion and was higher by +17.7% in comparison with the results from 2017. Heavy transport constitutes another, equally important, segment of the leasing market. This group includes assets such as tractor units, semi-trailers and trailers, trucks weighing over 3.5 tons, buses, airplanes, ships and rolling stock. In 2018, the assets of this type financed by the leasing industry had a total value of PLN 19.5 billion, reaching a 11.4% higher result to the one reported the previous year. Real estate financing constitutes another area of activity of leasing companies. In 2018, the leasing industry financed real estate worth PLN 950 million, with a+ 4.4% growth rate in the segment (yearon-year)<i>.<\/i><\/p><p><img src=\"\/uploads\/images\/4c\/5d95c6e689e21.jpg\"><i><br><\/i><\/p><p><\/p><p><\/p><p><i><b>Table 1<\/b>: Polish leasing market in 2018, Source: PLA.<\/i><\/p><p><img src=\"\/uploads\/images\/ym\/5d95c75db6c85.jpg\" style=\"width: 50%; float: left;\" class=\"note-float-left\">The 25th anniversary of the Polish Leasing Association 2019 is a special year for the leasing industry, because it marks the 25th anniversary of the first Polish leasing organisation's establishment. It was the Leasing Companies Conference which was later transformed into the Polish Leasing Association. Over the last 25 years, the Polish leasing industry has financed investments of companies with a total value of PLN 628.2 billion (cumulative value), with an average annual growth rate of +19%. During this period, the Polish leasing sector advanced from the 16th to the 5th place in the ranking of the European leasing markets. In 1995, the assets financed by leasing companies in investment outlays in the economy stood at the level of 3.2%, while in 2018, the leasing industry was able to finance up to 29.3% of the total domestic investments.<\/p><p><i><b>Table 2<\/b>: The structure of the Polish leasing market \u2013 late 2018, Source: PLA.<\/i><\/p><p><b>High position of the Polish leasing market in Europe <\/b><\/p><p>Preliminary data from Leaseurope (European Federation of Leasing and Automotive Rental Associations) indicates that in 2018 the European leasing market recorded a 7.3% increase compared to the previous year. The Polish leasing industry, thanks to the high level of financing of companies, moved up from the 7th to the 5th place in the European ranking. This is the highest place occupied by the Polish leasing industry in its history. The results achieved by the Polish leasing sector and its advancement in the European ranking make us particularly happy in the context of the 15th anniversary of Poland\u2019s accession to the structures of the European Union and the 25th anniversary of the Polish Leasing Association. New opportunities for leasing were created when Poland became an EU member in 2004. The leasing markets of the old EU member states were at that time much more developed, which meant that Polish companies could draw on foreign experience and standards on a previously impossible scale. The importance of leasing as a form of support in obtaining EU funds grew steadily. Similarly, co-operation between PLA and Leaseurope began almost immediately after the registration of PLA in the Voivodeship Court in Warsaw and has been continuously developing since 1994. Since the beginning of this cooperation, a representative of PLA has been a member of the management board of Leaseurope.<\/p><p><img src=\"\/uploads\/images\/e8\/5d95c7f56723c.jpg\"><br><\/p><p><i><b>Table 3<\/b>: New lease volumes by asset type \u2013 % period on period 2018\/2017 (PLN bn), Source: PLA.<\/i><\/p><p><img src=\"\/uploads\/images\/dm\/5d95c82000e50.jpg\"><br><\/p><p><i><b>Table 4<\/b>: The value of investments financed by the Polish leasing industry in 1995-2018. Source: PLA.<\/i><\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"Book of Lists 2019","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/leasing-market-review---poland\/post\/124745","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124746","user_id":"184","author_id":"1","name":"Poland Warehouse Market Q1 2019","subname":null,"short_description":"The last five years have been unprecedented for the Polish industrial market. Poland\u2019s buoyant economy, rising consumption and further improvements to the nation\u2019s transport infrastructure, combined with the global e-commerce growth, have spurred a demand boom and caused the development activity in the warehouse sector to grow to record highs. As a result, nearly 50% of total stock, i.e. more than eight million sq m, have been delivered to the market over the last five years. Logistics investment volumes have also been on a strong upward trend, hitting a record high of EUR 1.84 bn in 2018, 70% more than in 2017.","slider_description":null,"description":"<h4><img src=\"\/uploads\/images\/pb\/5d95cf2497408.jpg\" class=\"note-float-left\" style=\"float: left;\"><\/h4><h4><img src=\"\/uploads\/images\/yg\/5d95cf93ba748.jpg\"><b><br><\/b><\/h4><p><b>ADRIAN SEMAAN<\/b><\/p><p>RESEARCH CONSULTANT<br>INDUSTRIAL & LOGISTICS AGENCY<\/p><h4><b><br><\/b><\/h4><h4><b>Supply<\/b><\/h4><p>At the end of March 2019, Poland\u2019s total industrial stock amounted to 16.3 million sq m. Of that total, nearly 82% was located in Poland\u2019s five core markets: Warsaw and its suburbs, Upper Silesia, Central Poland, Pozna\u0144 and Wroc\u0142aw. The strength of these markets is confirmed by the fact that of the 2,200,000- plus sq m of warehouse space completed last year, more than 1,500,000 sq m came on stream in Central Poland, Upper Silesia, Wroc\u0142aw and Warsaw\u2019s suburbs. Smaller regional markets such as Tricity and Szczecin, and medium-sized cities, including Boles\u0142awiec, Legnica, Zielona G\u00f3ra, Kielce, Bia\u0142ystok and Gorz\u00f3w Wielkopolski, are also gaining in significance and seeing their investment potential grow thanks to further improvements to Poland\u2019s road network and shrinking labor pools in core logistics hubs.<\/p><h4><b>Take-up<\/b><\/h4><p>Occupier activity remains robust with warehouse take-up reaching nearly 4 million sq m last year and nearly 950,000 sq m in Q1 2019. In 2018, new lease agreements and expansions accounted for 75% of all deals while renegotiations made up the remaining 25%. As in previous years, the take-up came predominantly from logistics operators, retail chains, e-commerce, automotive sector and light manufacturing. More than 1,400,000 sq m, or 36% of the total leasing volume, was transacted by logistics operators, which proves not only good economic conditions, but also a rise of the 3PL sector in Poland (Third Party Logistics, i.e. outsourcing all or some logistics operations).<\/p><p><br><\/p><p><img src=\"\/uploads\/images\/wp\/5d95d37d75694.jpg\"><br><\/p><p> <\/p><h4><img src=\"\/uploads\/images\/9g\/5d95d38fd9a44.jpg\"><b><br><\/b><\/h4><h4><b>Vacancies and development activities<\/b><\/h4><p> Poland\u2019s vacancy rate remains low, supported by a healthy occupier demand, including a substantial share of pre-lets and BTS leases in development projects \u2013 it stood at 5.7% at the end of March 2019, encouraging developers to commence a construction of new projects. At the end of March 2019 there was 2.14 million sq m of warehouse space under construction across 72 projects, marking the strongest development pipeline at the end of the first quarter on record. The highest concentration of new warehouse space under way is in Upper Silesia (568,000 sq m), Central Poland (454,000 sq m), Wroc\u0142aw (221,000 sq m) and Warsaw\u2019s suburbs (197,000 sq m). The development activity also remainsstrong in Tricity, Western Poland, Krak\u00f3w and Pozna\u0144, with more than 90,000 sq m under way in each market.<\/p><h4><b>Rents<\/b><\/h4><p>The highest headline rents, standing at EUR 5.25\/sq m\/month, are in Warsaw\u2019s Inner City with Small Business Units (500-1,500 sq m) accounting for most transactions. On the other hand, bigbox facilities in large suburban industrial parks fetch EUR 2.90-3.70\/sq m\/month. Effective rents are much lower due to financial incentives, such as rent-free periods and financial contributions, and stand at EUR 2.10-3.20\/sq m\/month. Amidst a backdrop of strong occupier demand and a rising land prices, developers have become less willing to negotiate rental rates in some locations. As a result, and due to lower financial lease incentives, the gap between headline rents and effective rents is narrowing.<\/p><h4><b>Outlook<\/b><\/h4><p>Looking ahead, the growth outlook for the Polish industrial market remains positive in 2019. The market continues to be driven by the rapid expansion of e-commerce, which is reporting increased requirements for logistics space to process both domestic and overseas online orders. Developers, in turn, are constantly shifting their focus onto new types of warehouses, such as urban logistics projects. According to the new report called \"How to get the hang of e-commerce in warehouses published\" by Cushman & Wakefield, a global real estate services firm, e-commerce warehouse space in Poland amounts to nearly 4 million sq m accounting for 24.5% of the nation\u2019s total stock.<\/p><p><img src=\"\/uploads\/images\/my\/5d95d6cb18f78.jpg\"><br><\/p><p><img src=\"\/uploads\/images\/gh\/5d95d512528a6.jpg\"><br><\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"Book of Lists 2019","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/poland-warehouse-market-q1-2019\/post\/124746","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124747","user_id":"184","author_id":"1","name":"Family Business is a BRAND. Case Study of Poland","subname":null,"short_description":"They have family values in their blood and social responsibility in their DNA. Profit is the result of their hard work. We have met the most socially responsible family businesses in Poland.","slider_description":null,"description":"<p><img src=\"\/uploads\/images\/33\/5d95dd03e6bd5.jpg\" class=\"note-float-right\" style=\"float: right;\">\u2013 Real leaders do not look at what is best for their companies. They look at what is best for the world. We get to meet such leaders among the participants of the Family Company of the Year competition - summarized dr Adrianna Lewandowska, President of the Family Business Institute, during last year's edition. During the official ceremony on November 29, 2018 in Pozna\u0144, several family businesses were awarded. These companies proved that in today's world it is possible to run a socially responsible business based on values - business families are not indifferent to their surroundings or to the development of the local community. The title of the Family Company of the Year 2018 was awarded to TDJ company.<\/p><h4><img src=\"\/uploads\/images\/ch\/5d95daed709ec.jpg\" class=\"note-float-left\" style=\"float: left;\"><b>Family Company of the Year<\/b><\/h4><p>In the Family Company of the Year competition, the Family Business Institute selects and promotes companies that excel in achieving balance between business efficiency and social responsibility. These are mostly family businesses whose social activities are deeply rooted and who that are sometimes reluctant to sharing these activities because they think it's something natural and that it's in their DNA. They often do more for local communities than other generic corporations that use CSR to improve their image. The secret of socially responsible family businesses is manifested mainly management through values. Over subsequent generations, these values are promoted and nurtured in the business family. <\/p><p>\u2013 Our family business has existed on the market for over 40 years. Nearly 10 years ago, we began to transform TDJ towards an investment company conducting diversified business activities. We are currently implementing our strategy for 2018-2022 with the intention of further development in subsequent projects and industries, both traditional and new. Through the TDJ Foundation we are involved in initiatives supporting education and development of children and youth. This award, which points towards not only the efficiency of our business, but also the values we follow every day, has a special meaning for us - said Tomasz Domoga\u0142a, owner and chairman of the TDJ Supervisory Board, winner of the Family Company of the Year 2018 competition.<\/p><h4><img src=\"\/uploads\/images\/b2\/5d95db250984e.jpg\" style=\"width: 50%; float: right;\" class=\"note-float-right\"><b>Care for the community <\/b><\/h4><p>The concern about community often affects the building of social trust in a family business, in the eyes of the employees, their families and other members of local communities. It also plays a role in preparing for any succession.<\/p><p>\u2013 Owners of family businesses realize that if they want to pass the company onto the next generation, they should develop and maintain a strong reputation among customers, employees, partners and the local community. Often, initiatives are born naturally, as these companies are well aware of the needs of their surroundings, and they understand the problems that plague them. This allows to answer them effectively. Thanks to this, the success of a family enterprise often translates into the success of the place where it operates - comments Piotr Michalczyk, Partner at PwC, the Leader in the Practice of Polish Private Companies.<\/p><p>The awareness of what a family business is has been changing lately, even among the business owners themselves. One of the first large business owners in Poland who realized that his company is a family project with the aspiration for future generations, is Marek Piechocki, the founder of clothing company LPP, based in Gda\u0144sk. He won a special prize for conscious brand building within his family business.<\/p><p><\/p><p><img src=\"\/uploads\/images\/dd\/5d95dc35a877e.jpg\" class=\"note-float-right\" style=\"float: right;\">Many Polish entrepreneurs who started their operations in Poland at the beginning of the transformation period are currently facing the challenge of maintaining the continuity of their businesses. This is a historic moment, but also a big responsibility. For me, the company's development was guaranteed by the decision to maintain its family character. I want to protect the company from getting sold and ensure the future of its employees. At LPP, we build strong brands together, and we intend to become Poland's symbol in the world, proving that we can not only create something valuable that we will be proud of, but also pass it on to future generations - said Marek Piechocki, LPP Board President.<\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"Book of Lists 2019","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/family-business-is-a-brand-case-study-of-poland\/post\/124747","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124694","user_id":"184","author_id":"1","name":"This untapped pool","subname":null,"short_description":"","slider_description":null,"description":"<div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><img src=\"\/uploads\/images\/ab\/5d91c0f61de1d.jpg\" class=\"note-float-left\" style=\"float: left;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\">Society tends to emphasise how men and women are separate identities. <\/span><span style=\"font-family: inherit;\">Women come from Venus and men come from Mars, which implies that<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9ke1t-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"9ke1t-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\">even communication between them is difficult due to gender differences. <\/span><span style=\"font-family: inherit;\">But there's more to that. The idea of a female manager differs significantly <\/span><span style=\"font-family: inherit;\">from the idea of a male manager. And it needs to be said that even though <\/span><span style=\"font-family: inherit;\">the best leaders can be found by selecting people of both genders from <\/span><span style=\"font-family: inherit;\">the largest talent pool, women in Poland are still underrepresented in management <\/span><span style=\"font-family: inherit;\">positions.<\/span><\/div><div data-offset-key=\"9ke1t-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"9ke1t-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\">The world trends are constantly changing, though. According to Grant <\/span><span style=\"font-family: inherit;\">Thornton\u2019s \u201cWomen in Business Report 2019\u201d, this year the largest increase <\/span><span data-offset-key=\"8mqvk-0-0\" style=\"font-family: inherit;\">in the percentage of women in leadership positions around the world was <\/span><span style=\"font-family: inherit;\">recorded. Since 2018, the number of women holding leader positions has <\/span><span data-offset-key=\"9i9tg-0-0\" style=\"font-family: inherit;\">risen by 5 percentage points, from 24 percent to 29 percent. What is more, <\/span><span style=\"font-family: inherit;\">the percentage of women in senior management positions has exceeded <\/span><span style=\"font-family: inherit;\">a quarter for the first time. However, the progress is very slow: ever since <\/span><span style=\"font-family: inherit;\">Grant Thornton's first reports were published in 2004, the number of women <\/span><span style=\"font-family: inherit;\">occupying leading positions has grown by merely 10 percentage points. <\/span><span style=\"font-family: inherit;\">Interestingly, over the past five years, the percentage of global companiesemploying <\/span><span style=\"font-family: inherit;\">at least one senior female has increased by 20 percentagepoints, <\/span><span data-offset-key=\"6qbck-0-0\" style=\"font-family: inherit;\">and last year alone the number has raised by 12 percentage <\/span><span style=\"font-family: inherit;\">points. This being said, females worldwide make up less than 30% of all <\/span><span style=\"font-family: inherit;\">people holding senior positions, which means there is still a lot of room for <\/span><span style=\"font-family: inherit;\">improvement.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9i9tg-0-0\"><div data-offset-key=\"9i9tg-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"9i9tg-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\">According to the report, the biggest obstacle for both men and women was <\/span><span style=\"font-family: inherit;\">the difficulty in finding the time to improve their professional skills. In fact, <\/span><span style=\"font-family: inherit;\">men mentioned that hurdle more often than women.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"951pd-0-0\"><div data-offset-key=\"951pd-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"951pd-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"951pd-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"951pd-0-0\" style=\"font-family: inherit;\">Women's representation in management is higher than ever. Of the nearly <\/span><span style=\"font-family: inherit;\">4.5 million new jobs in management created since 1980, women have <\/span><span data-offset-key=\"88kk3-0-0\" style=\"font-family: inherit;\">obtained most of them. Still it was accompanied by a large increase in the <\/span><span style=\"font-family: inherit;\">professional segregation of managers. Whereas female managers focus <\/span><span data-offset-key=\"dog20-0-0\" style=\"font-family: inherit;\">on areas that emphasize people-centered skills, males tend to be more <\/span><span style=\"font-family: inherit;\">production-oriented. And, unfortunately, the sectors that had been noting <\/span><span data-offset-key=\"6iher-0-0\" style=\"font-family: inherit;\">the biggest number of female managers until 2010 were the ones with the <\/span><span style=\"font-family: inherit;\">biggest gap between men's and women's salaries.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"6iher-0-0\"><div data-offset-key=\"6iher-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"6iher-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\">It's a pity, because there\u2019s a substantial evidence that shows that gender <\/span><span data-offset-key=\"hi9a-0-0\" style=\"font-family: inherit;\">diversity among managers contributes to a company's overall success. <\/span><span style=\"font-family: inherit;\">The Peterson Institute for International Economics completed a survey of <\/span><span style=\"font-family: inherit;\">21,980 firms from 91 countries and found that having women at the C-Suite <\/span><span style=\"font-family: inherit;\">level significantly increases net margins. It\u2019s doesn't necessarily mean that <\/span><span style=\"font-family: inherit;\">women are better at running a business, but it's been proven that a gender <\/span><span style=\"font-family: inherit;\">balance among the decision-making managers has a positive impact on <\/span><span style=\"font-family: inherit;\">companies' performance.<\/span><\/div><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\">\r\n\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Helvetica}\r\np.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 8.0px Helvetica}\r\n<\/style>\r\n\r\n\r\n<div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\"><b>MONIKA LESZKO\u2013CICHOWLAS<\/b><\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"531pj-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"531pj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"531pj-0-0\" style=\"font-family: inherit;\">SALES DIRECTOR<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"80qf3-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"80qf3-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\">DETECTIVE<\/span><\/div><div data-offset-key=\"80qf3-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"9bsie-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"9bsie-0-0\" class=\"_1mf _1mj\" style=\"text-align: right; position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"9bsie-0-0\" style=\"font-family: inherit;\"><b>PARTNER<\/b><\/span><\/div><\/div><div data-block=\"true\" data-editor=\"1473n\" data-offset-key=\"f84s9-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(28,=\"\" 30,=\"\" 33);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"f84s9-0-0\" class=\"_1mf _1mj\" style=\"text-align: right; position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\">BOOK OF LISTS<\/span><\/div><div data-offset-key=\"f84s9-0-0\" class=\"_1mf _1mj\" style=\"text-align: right; position: relative; direction: ltr; font-family: inherit;\"><img src=\"\/uploads\/images\/lq\/5d91c29227a78.jpg\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"f84s9-0-0\" class=\"_1mf _1mj\" style=\"text-align: right; position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><br><\/div><\/div><\/div><div data-offset-key=\"80qf3-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><br><\/div><div data-offset-key=\"80qf3-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"80qf3-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/this-untapped-pool\/post\/124694","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124679","user_id":"184","author_id":"1","name":"Factoring in Poland strengthens its position","subname":null,"short_description":"","slider_description":null,"description":"<div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"7unpq-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><img src=\"\/uploads\/images\/hp\/5d8dfeece9015.jpg\" class=\"note-float-left\" style=\"float: left;\"><\/div><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><br><\/div><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><br><\/div><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"7unpq-0-0\" style=\"font-family: inherit;\">Yet another year has shown that the Polish factoring market holds great <\/span><span style=\"font-family: inherit;\">promise for today\u2019s factors.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"6a2ea-0-0\" style=\"font-family: system-ui, -apple-system, system-ui, \" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"6a2ea-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"6a2ea-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"6a2ea-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"6a2ea-0-0\" style=\"font-family: inherit;\">On the one hand, the factoring industry is still undeveloped (the industry <\/span><span style=\"font-family: inherit;\">is 25 years old), on the other hand, the market is recording significant <\/span><span style=\"font-family: inherit;\">growth. The factoring companies that are members of the Polish Factors <\/span><span style=\"font-family: inherit;\">Association (PFA), achieved a turnover of EUR 56.5 billion in 2018. The <\/span><span style=\"font-family: inherit;\">industry serves about 17 thousand clients.<\/span><\/div><div data-offset-key=\"6a2ea-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"7unpq-0-0\"><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"7unpq-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"7unpq-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"7unpq-0-0\" style=\"font-family: inherit;\">The volumes of factoring turnover have been steadily increasing since <\/span><span data-offset-key=\"60geo-0-0\" style=\"font-family: inherit;\">2008, and it is the most dynamic sector of the Polish financial services <\/span><span data-offset-key=\"4annh-0-0\" style=\"font-family: inherit;\">market. That is evidenced by the market\u2019s growth in 2018, which was <\/span><span data-offset-key=\"6odrk-0-0\" style=\"font-family: inherit;\">more than 25 percent. This was exceptionally impressive and was well <\/span><span data-offset-key=\"7sjf2-0-0\" style=\"font-family: inherit;\">above the economy\u2019s growth rate of about 5.1 percent and above the <\/span><span data-offset-key=\"615eo-0-0\" style=\"font-family: inherit;\">growth rate for the financial services sector which was between 5 percent <\/span><span style=\"font-family: inherit;\">and 10 percent.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"4apup-0-0\"><div data-offset-key=\"4apup-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"4apup-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"4apup-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"4apup-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"4apup-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"4apup-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"4apup-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"4apup-0-0\" style=\"font-family: inherit;\">Non-recourse factoring has become the most popular form of service, as <\/span><span data-offset-key=\"4a3mp-0-0\" style=\"font-family: inherit;\">in other developed European markets. It allows quick access to funds for <\/span><span data-offset-key=\"dqr1r-0-0\" style=\"font-family: inherit;\">day-to-day operations, combined with protection against non-payment for <\/span><span data-offset-key=\"88mlq-0-0\" style=\"font-family: inherit;\">goods or services provided by contractors. It also allows to limit the risk <\/span><span style=\"font-family: inherit;\">associated with fluctuations in exchange rates.<\/span><br><\/div><div data-offset-key=\"4apup-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><img src=\"\/uploads\/images\/z0\/5d8dffc3c69d2.jpg\" style=\"width: 50%; float: right;\" class=\"note-float-right\"><span style=\"font-family: inherit;\"><br><\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"daamj-0-0\"><div data-offset-key=\"daamj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"daamj-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"daamj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"daamj-0-0\" style=\"font-family: inherit;\">The utilisation of factoring services by industry sectors shows, that they <\/span><span data-offset-key=\"2v95s-0-0\" style=\"font-family: inherit;\">are most often used by production and distribution companies. Maintaining <\/span><span data-offset-key=\"49jvd-0-0\" style=\"font-family: inherit;\">financial liquidity in their case decides about survival or development. <\/span><span data-offset-key=\"9ho61-0-0\" style=\"font-family: inherit;\">Factoring allows them to maintain good economic condition, and thus - a <\/span><span style=\"font-family: inherit;\">stable market position and competitive advantage.<\/span><\/div><div data-offset-key=\"daamj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"daamj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\">\r\n\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 18.0px Helvetica}\r\n<\/style>\r\n\r\n\r\n<p class=\"p1\"><b><br><\/b><\/p><p class=\"p1\"><b>RANKING PARTNER<\/b><\/p><p class=\"p1\"><img src=\"\/uploads\/images\/7h\/5d8e001f24812.jpg\" style=\"width: 25%;\"><b><br><\/b><\/p><\/div><\/div><\/div><\/div>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/factoring-in-poland-strengthens-its-position\/post\/124679","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124678","user_id":"184","author_id":"1","name":"Time to pursue the most ambitious objectives","subname":null,"short_description":"","slider_description":null,"description":"<div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"8cbk2-0-0\" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"8cbk2-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><img src=\"\/uploads\/images\/9y\/5d8dfd02ccee6.jpg\" class=\"note-float-left\" style=\"float: left;\"><span data-offset-key=\"8cbk2-0-0\" style=\"font-family: inherit;\">The KRUK Group reported net profit of PLN 330 million, which represents\u00a0<\/span><span style=\"font-family: inherit;\">an increase of 12 percent compared to 2017 and the Group\u2019s best result\u00a0<\/span><span style=\"font-family: inherit;\">on record. In Q4 alone, the net profit totaled PLN 51 million. At the same\u00a0<\/span><span style=\"font-family: inherit;\">time, recoveries\u00a0<\/span><span style=\"font-family: inherit;\">from purchased debt portfolios reached PLN 1.6 billion,\u00a0<\/span><span style=\"font-family: inherit;\">which represents an increase of 15 percent year-on-year.\u00a0<\/span><span style=\"font-family: inherit;\">We continued\u00a0<\/span><span style=\"font-family: inherit;\">to benefit from the growing operational efficiency, supported by the improvement\u00a0<\/span><span style=\"font-family: inherit;\">of macroeconomic situation in all markets.<\/span><br><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"1ds1e-0-0\" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"1ds1e-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"1ds1e-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"1ds1e-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"1ds1e-0-0\" style=\"font-family: inherit;\">At point of 2015-2019 strategy, KRUK doubled its net profit from PLN 152\u00a0<\/span><span style=\"font-family: inherit;\">million in 2014 to PLN 330 million in 2018, delivering an average annualized\u00a0<\/span><span style=\"font-family: inherit;\">EPS growth of 18.3 percent, against the assumed target EPS growth\u00a0<\/span><span style=\"font-family: inherit;\">of at least 15 percent per annum.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"40cvi-0-0\" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"40cvi-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"40cvi-0-0\" style=\"font-family: inherit;\"><br><\/span><\/div><div data-offset-key=\"40cvi-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"40cvi-0-0\" style=\"font-family: inherit;\">We decided to close the 2015\u20132019 strategy a year earlier, following the\u00a0<\/span><span data-offset-key=\"el94c-0-0\" style=\"font-family: inherit;\">completion of a strategic options review. It was an exceptional period for\u00a0<\/span><span style=\"font-family: inherit;\">us, marked by hard work, which we devoted to setting the directions for\u00a0<\/span><span style=\"font-family: inherit;\">KRUK\u2019s further development. We have prepared future growth scenarios\u00a0<\/span><span style=\"font-family: inherit;\">which, I believe, are likely to materialize under the existing ownership\u00a0<\/span><span style=\"font-family: inherit;\">structure. KRUK has sound business fundamentals and does not require\u00a0<\/span><span style=\"font-family: inherit;\">any additional equity to pursue its strategy. I have set clear objectives for\u00a0<\/span><span style=\"font-family: inherit;\">the KRUK team. We are going to focus on continuing to grow dynamically,\u00a0<\/span><span style=\"font-family: inherit;\">maintaining debt at a conservative level and to pay dividends to its<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"dcsmj-0-0\" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"dcsmj-0-0\" class=\"_1mf _1mj\" style=\"position: relative; direction: ltr; font-family: inherit;\"><span data-offset-key=\"dcsmj-0-0\" style=\"font-family: inherit;\">shareholders.<\/span><\/div><\/div><div data-block=\"true\" data-editor=\"7go9v\" data-offset-key=\"7h5c2-0-0\" .sfnstext-regular\",=\"\" sans-serif;=\"\" color:=\"\" rgb(29,=\"\" 33,=\"\" 41);=\"\" white-space:=\"\" pre-wrap;\"=\"\"><div data-offset-key=\"7h5c2-0-0\" class=\"_1mf _1mj\" style=\"font-family: inherit; position: relative; direction: ltr;\"><span data-offset-key=\"7h5c2-0-0\" style=\"font-family: inherit;\">Once again, thank you all for this honor to be listed in the Book of Lists\u00a0<\/span><span style=\"font-family: inherit;\">report.<\/span><br><\/div><div data-offset-key=\"7h5c2-0-0\" class=\"_1mf _1mj\" style=\"font-family: inherit; position: relative; direction: ltr;\"><span style=\"font-family: inherit;\"><b>Robert Krupa - KRUK SA CEO<\/b><\/span><\/div><div data-offset-key=\"7h5c2-0-0\" class=\"_1mf _1mj\" style=\"font-family: inherit; position: relative; direction: ltr;\"><span style=\"font-family: inherit;\"><b><br><\/b><\/span><\/div><div data-offset-key=\"7h5c2-0-0\" class=\"_1mf _1mj\" style=\"font-family: inherit; position: relative; direction: ltr;\">\r\n\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 18.0px Helvetica}\r\n<\/style>\r\n\r\n\r\n<p class=\"p1\" style=\"text-align: right; \"><b>RANKING PARTNER<\/b><\/p><\/div><div data-offset-key=\"7h5c2-0-0\" class=\"_1mf _1mj\" style=\"text-align: right; font-family: inherit; position: relative; direction: ltr;\"><img src=\"\/uploads\/images\/bf\/5d8dfde6b57df.jpg\"><span style=\"font-family: inherit;\"><br><\/span><\/div><\/div>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/time-to-pursue-the-most-ambitious-objectives\/post\/124678","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124674","user_id":"184","author_id":"1","name":"Age-old Polish companies","subname":null,"short_description":"This statement may not provide all the information necessary to carry out any kind of analysis. It holds, however, a great value from the historical point of view.","slider_description":null,"description":"<p class=\"p1\"><img src=\"\/uploads\/images\/1b\/5d8decd7c9fa0.jpg\" class=\"note-float-left\" style=\"float: left;\"><\/p><p>The process of Poland\u2019s recovery after regaining the independence in 1918 meant the necessity to build the economy from scratch which gave room for aspiring entrepreneurs and businessmen. This is the time when pioneers of Polish business opened stores, factories or banks that turned out crucial for the improvement of the country\u2019s poor condition. And in fact, many of those companies and institutions survived the incredibly turbulent century and exist to this day on. Here are some companies that started operating in 1918 or shortly after that year.<\/p><p>The list includes the most important institutions from that time, such as Universal Pension Fund of National Bank (PKO BP), Polish Press Agency (PAP), Polish Security Printing Works (PWPW), and Polish Radio. It also features production companies that still supply their products to the market; however, the products have changed significantly over the last century. This respectable group consists mainly of joint-stock companies, including those whose only or major shareholder is the State Treasury.\u00a0<\/p><p>Around dozen of the listed companies, established as indigenous companies, belong nowadays to foreign owners. They are often open pension funds, such as Aviva and Nationale Nederlanden.\u00a0<\/p><p>Several companies have not decided to disclose the ownership structure, which usually means significant shares of Polish private entrepreneurs.<\/p><p><br><\/p><p><img src=\"\/uploads\/images\/l1\/5d8dee8340bec.jpg\" class=\"note-float-left\" style=\"float: left;\">Besides, any analysis that we can make based on this statement is doomed to failure. Too many changes have taken place over the last 100 years to compare the erstwhile pioneers. Although in the case of the companies from the list, the business profile was not modified, some of Poland\u2019s oldest companies were subjects to transformation that also led to the changes in their names and signs. Therefore, the list is primarily of historical value.<\/p><p>This being said, it must be added that the companies listed in the table are not the oldest companies still operating in Poland. In our country we can still find several companies that were created long before the 18th century\u2019s partition. The oldest known company is the Namys\u0142.w Brewery established in 1538, by Kompania Piwowarska, whose history began in 1629.<\/p><p class=\"p1\"><br><\/p><p class=\"p1\"><br><\/p><style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 9.0px Helvetica}\r\n<\/style><style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 9.0px Helvetica}\r\n<\/style><style type=\"text\/css\">\r\np.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 9.0px Helvetica}\r\n<\/style>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/age-old-polish-companies\/post\/124674","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"122346","user_id":"62","author_id":"1","name":"Leasing market review \u2013 Poland","subname":null,"short_description":"In 2017, leasing companies financed investments of Polish companies with a total value of PLN 67.8 billion. The dynamics of the Polish leasing sector\r\namounting to 15.7 percent proves that the Polish leasing industry has been developing much faster than its European counterparts. And 2018 will be the sixth consecutive year marked by a double-digit pace of its development. By Andrzej Sugajski","slider_description":null,"description":"<p><b>Poland compared to Europe<br><\/b><br>According to preliminary data of the Leaseurope federation, the dynamics of the European leasing industry as at the end of 2017 amounted to +9.5%1 y\/y. Against this backdrop, the Polish leasing sector has been growing at an observably higher rate. Annual average dynamics of the European leasing market in the years 2013-2017 amounted to +7.2%2.Having compared these data with the data of the Polish Leasing Association, one may conclude that in 2017 the Polish leasing sector grew by +15.7 percent, whereas the annual average dynamics for the Polish leasing sector in the last 5 years amounted to +17.7 percent. <\/p><p>The dynamics of the Polish market is considerably higher than the growth observed by the whole European sector. In the last 12 months, the share of the Polish leasing industry in the European market went up from 4.4 to 4.8 percent. While in 2016 the leasing industry financed investments of Polish companies worth PLN 58.6 billion, in 2017 the corresponding rate was as high as PLN 67.8 billion. At the end of 2018, total financing provided by the Polish leasing industry may exceed PLN 83 billion (in the case of the assumed market dynamics reaching the level of 23 percent). Thus, 2018 will be the sixth consecutive year marked by a double-digit growth pace. The role of leasing in the creation of the GDP has been ever more important over recent years. At the end of 2017, the share of the leasing industry in the GDP accounted for 3.4% - twice as high as the EU average rate and higher than in countries with much more mature leasing markets and developed economy such as Great Britain, Germany, France or Spain.<\/p><p>Table 1: Polish leasing market in 2017, Source: PLA.<br><b><img src=\"https:\/\/wbj.pl\/uploads\/images\/5x\/5c77d4ee91c8f.jpg\" style=\"width: 100%;\">Sources of SME financing<br><\/b><br>A study conducted by SAFE published by the European Commission has shown that 60% of company owners from the SME sector declare the intention to use leasing. This is the third highest result in Europe, while the respective average rate for Europe is 48%. For Polish entrepreneurs from this industry, leasing is the most significant source of investment financing. According to the estimates of the Polish Leasing Association, the largest group of leasing customers, accounting for about 71%, are customers with turnover up to PLN 20 million. This group includes micro-businesses and small enterprises. 28.5% are customers whose turnover exceeds PLN 20 million, whereas individual clients make up 0.5%. In the public sector, the use of this form of financing is at a marginal level.<br><\/p><p>Table 2: Assets financed by the leasing companies \u2013 according to annual turnover criteria (estimation), Source: PLA.<br><\/p><p><img src=\"\/uploads\/images\/5f\/5c77d5ae86d5e.jpg\"><b>Customers of leasing companies<br><\/b><br>40% of small enterprises have used leasing services, whereby 81% of leasing customers are satisfied with that form of financing3. Such conclusions can be drawn from a study performed by CBM INDICATOR based on a Poland-wide sample of companies with a turnover rate no higher than PLN 5 million. According to the respondents, the most<br>crucial factors considered when choosing a leasing company included: price rates (73% believed that the price played a big or a very big role), openness for negotiation (69%) and a quick decision- making process (67%).<\/p><p>Table 3: The structure of the Polish leasing market - late 2017, Source: PLA.<\/p><p><img src=\"\/uploads\/images\/78\/5c77d60805add.jpg\"><br><\/p><p><b>Market structure and results for individual product categories<br><\/b><br>In 2017, the customers of leasing companies would typically purchase passenger and commercial vehicles and trucks up to 3.5 tones (45 percent share in the market structure), machines and other equipment including IT (27.2 percent) as well as heavy transport (25.9 percent). Other transactions included real estate (1.3%) and financing other assets (0.6%).<\/p><p><b>Assets financed by the leasing industry in 2017<br><\/b><br>2017 was marked by a revival of three major market categories, i.e.: passenger and commercial vehicles and trucks up to 3.5t (+21.9 percent of dynamics y\/y), machines and other equipment including IT (+20.4 percent of dynamics y\/y) and real estate (+26.5 percent of dynamics y\/y).<\/p><p><br><\/p>","photo":"","slider_photo":"\/uploads\/images\/nn\/5c8a4b3b7aff4.jpg","thumbnail":null,"background_photo":null,"theme":null,"page_title":"Leasing market review \u2013 Poland","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"6 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":null,"href":"\/leasing-market-review---poland\/post\/122346","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"121830","user_id":"184","author_id":"2","name":"Growing need for comprehensive advisory services","subname":null,"short_description":" ","slider_description":null,"description":"<p>It is nowadays a common market practice to collaborate with external advisory firms. As the enterprise grows, so does the complexity of processes related to operating, investing and financing activities, and the need for the related expert knowledge. Finance, law and IT are specific areas in which the enterprise is willing to incur staff hiring costs only when the company's demand for the related services is substantial. Most frequently, as a result of economic calculations, enterprises opt for external professional support. <\/p><p>The growing complexity of the business environment and the general digitalisation tighten the links between different areas of advisory services and trigger the need for collaboration among professionals. Accountants use electronic document flows and cloud solutions developed by IT. The IT infrastructure and the tools used in an enterprise must keep up with legal requirements concerning data security etc. A holistic approach to services gets a new meaning taking into account their complex and cross-border nature.To make a full use of the potential carried by external advisory services one should consider their complementary nature and understand the need for interdisciplinary collaboration of professionals. Accountants record economic transactions. Their work consist of correct and accurate posting and clearing of transactions in a period generally up to one year. As part of management accounting, accountants provide valuable information to managers which the latter need to take day-to-day and future-related decisions. <\/p><p>Legislative changes and changes in the case law need constant monitoring. Management board need to look at all the accounting from a different \u2013 advisory \u2013 perspective. And this is ensured by tax advisers, who identify possible threats to the enterprise and indicate necessary adjustments. They are also responsible, for example, for planning transactions taking into consideration the related tax burdens, in particular if transactions are made abroad.<\/p><p><br><\/p><p>Accounting and tax advisory services are examples of how complementary services translate into measurable performance of an enterprise and how the collaboration of professionals gives an enterprise a competitive edge and produces a synergy effect.<\/p><p style=\"margin-left: 25px;\" align=\"center\"><b>ADVISORY SERVICES<\/b> <b>SECTION PARTNER<\/b><img src=\"data:image\/png;base64,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\" alt=\"\" style=\"width: 25%; float: none;\"><\/p><p style=\"margin-left: 25px;\" align=\"right\"><img src=\"\/uploads\/images\/xl\/5c77cdbd600e8.jpg\" style=\"width: 25%; float: left;\"><\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><b>LILIANE PREUSSER<\/b><br>PARTNER AT R\u00d6DL & PARTNER,<br>LICENSED LEAN PRACTITIONER<br>OF THE LEAN ENTERPRISE<br>INSTITUTE.<\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><img src=\"\/uploads\/images\/fm\/5c77ce7320fad.jpg\" style=\"width: 25%; float: left;\"><\/p><p style=\"margin-left: 25px;\" align=\"center\"><br><\/p><p style=\"margin-left: 25px;\" align=\"center\"><b>MARCIN JAMRO\u017bY<\/b><br>PARTNER AT R\u00d6DL & PARTNER,<br>PHD IN LAW, ADVANCED PHD<br>IN ECONOMICS, ASSOCIATE<br>PROFESSOR (WARSAW SCHOOL<br>OF ECONOMICS), TAX ADVISER,<br>ATTORNEY AT LAW.<br><\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"Growing need for comprehensive advisory services","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"6 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":null,"href":"\/growing-need-for-comprehensive-advisory-services\/post\/121830","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"122045","user_id":"65","author_id":"2","name":"Dear Readers","subname":null,"short_description":"","slider_description":null,"description":"<p><img src=\"\/uploads\/images\/78\/5c543a8e540cf.png\" style=\"width: 50%; float: right;\"><\/p><h2>Dear Readers <\/h2><p>When the zloty denominations were carried out 23 years ago, earnings decreased from PLN 5.328 million to PLN 702 (gross). Four years later the minimum gross amount increased by 100%. The denomination had its supporters and opponents even when it came to the necessity of exchanging old banknotes, of which PLN 184.8 million were never exchanged. Ultimately, however, the reform was carried out to the end and today we are pleased to have useful banknotes.<br>Remembering this fact, I would like to introduce our regular readers to the overhaul which we managed to carry out in the 23rd edition of the Book of Lists. The project has been transformed to a smaller format and, not for any reason, we have given up the printing of data that is now widely available - contact details. After all, who still uses phone books in the age of the Internet?<br><\/p><p><br>Following this idea, we decided to completely refresh the image of the publication and present the most important data from the business\u2019 point of view - in a condensed, though not small, form, the publication being 180 pages long. Tables are considered a perfect way to present such data, in which we rank the TOP companies in nine industries. Among regular rankings and a very extensive Construction & Real Estate section, there were also shortened market analyses - Sector Snapshots. In order to describe these markets, we used our industry reports, complemented by PKD\u2019s industry portfolio analyses from the National Court Register database, which were provided by this year\u2019s publication partner Creditreform Polska Sp z o.o. as part of the publication's revamp, we have prepared several new lists, including: Companies managed by women. I sincerely hope that fans of rankings will also appreciate the ranking of the Largest Companies in Poland, based on sales revenues, and the ranking of the Largest Employers. As it happens, this year markes the 23rd anniversary of our publication, as well as the largest employer's in Poland: Jeronimo Martins'. There are so many reasons to celebrate \u2014 according to the data in the publication, the companies presented in the rankings have seen their revenues grow, while also gaining new customers and markets. Thanking all the respondents for completing the surveys, I wish you success in running the business and I would like to take the opportunity to invite you to take part in our next edition. Finally, I would like to thank the other content partners who supported us by providing materials for the rankings: Analizy online, PRCH, PZL, PZWLP, Cushman & Wakefield.<br><\/p><p><br>I thank the publisher, Mr Morten Lindholn, for his trust and for empowering us to revamp the publication. I'm also grateful to our team of researchers and editors for their immense contribution and devotion to the project.<\/p><p>MONIKA ROZNER<br>PROJECT & RESEARCH MANAGER BOOK OF LISTS<br><\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"6 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":null,"href":"\/dear-readers\/post\/122045","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"122044","user_id":"65","author_id":"2","name":"Introduction","subname":null,"short_description":"","slider_description":null,"description":"<h2><img src=\"\/uploads\/images\/c0\/5c5434044cbdc.png\" style=\"width: 50%; float: right;\">Dear Readers<br><\/h2><p>Book of Lists, 23rd Polish edition, is a unique\u00a0\u00a0\u00a0 opportunity for you, Polish companies and investors to\u00a0\u00a0\u00a0 get an indepth overview of Poland\u2019s business landscape. We take pride in providing a premium printed product that continues to be in high demand, provides exclusive insights and is respected as a confirmation of success by many companies. Adding to the rankings, listings and company information of Poland\u2019s biggest firms we have included valuable opinions by thought leaders, insights from companies, market trends, interesting statistics, and marketplace intelligence concerning this year\u2019s winners, losers and newarrivals.<br><\/p><p><br>The book is the end product of a year\u2019s worth of work. Our staff have spent the last 12 months collecting, compiling, and crunching industry data relating to various companies and businesses. As always, we\u2019ve also teamed up with a number of partners and industry associations, who keep their ear to the ground in their respective areas of expertise, ensuring that the details offered are as complete and precise as possible.<br><\/p><p><br>Among those, we are particularly grateful to Creditreform for their help in verifying the data collected as well as extensive research support. As the only such publication in the country, the accuracy of our work is a great source of pride to us. On a final note, I would like to take the opportunity on the behalf of our staff to extend my gratitude to all those companies that took the time to share their information. I\u2019m certain that this transparency can only lead to the creation of long-lasting business opportunities.<\/p><p>MORTEN LINDHOLM<br>PUBLISHER<br><\/p>","photo":"","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"6 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":null,"href":"\/introduction\/post\/122044","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]}],"photoArticles":[{"article_id":"129186","user_id":"184","author_id":"1","name":"The largest Polish companies under the Book of Lists microscope! Book of Lists 2020\/2021 certificates have been awarded.","subname":null,"short_description":"Work on the jubilee, 25th edition of the Book of Lists magazine has come to an end. After several months of intensive work and data collection, we present you the Guide to Polish Business and Economy. ","slider_description":null,"description":"<p><p class=\"Standard\">This edition was unique not only\r\nbecause of the jubilee, but also because of the current world situation. The\r\nnew reality that we found at the turn of March and April significantly hindered\r\ncommunication with companies and, as a result, delayed the decision-making\r\nprocess regarding participation in the publication. However, thanks to the\r\ncommitment of our team, we collected a sufficient number of applications to\r\ncreate 26 rankings of companies from selected, most important sectors of the\r\nPolish economy.<br><\/p><p class=\"Standard\">\r\nAs every year, the Book of Lists presents the latest financial reports of\r\ncompanies, revenues, market trends and analyzes. Thanks to our professional\r\npartners: Creditreform, IBR, ZPL, Cushman & Wakefield, we have enriched the\r\npublication with statistics and expert insights on individual market sectors.<\/p><p class=\"Standard\"><b>\r\nCongratulations to the winners of the rankings, and we would like to thank the\r\nother companies for their participation. Below is a list of the 1st places in\r\neach Book of Lists 2020\/2021 rankings<\/b>:<\/p><p class=\"Standard\">1. R\u00d6DL & PARTNER (ROEDL OUTSOURCING Sp. z o.o) \u2013 Ranking Accounting Companies<\/p><p class=\"Standard\">2. R\u00d6DL & PARTNER (R\u00d6DL KANCELARIA PRAWNA Sp.k.) \u2013 Ranking Tax Advisory Companies \u2013 large enterprises<\/p>3. MDDP MICHALIK D\u0141USKA DZIEDZIC I PARTNERZY \u2013 Ranking Tax Advisory Companies \u2013 medium enterprises<\/p><p>4. KANCELARIA O\u017b\u00d3G TOMCZYKOWSKI \u2013 Ranking Tax Advisory Companies \u2013 small and micro enterprises<\/p><p>5. MAZARS W POLSCE \u2013 Ranking Audit Companies<\/p><p>6. R\u00d6DL & PARTNER \u2013 Ranking Consulting Companies<\/p><p>7. KRUK SA \u2013 Ranking Receivables Management Companies<\/p><p>8. HAYS POLAND \u2013 Ranking HR Companies \u2013 Executive Search<\/p><p>9. HAYS POLAND \u2013 Ranking HR Companies \u2013 Recruitment & Selection<\/p><p>10. GRUPA PROGRES \u2013 Ranking HR Companies \u2013 Temporary Work Agencies<\/p><p>11. DENTONS EUROPE D\u0104BROWSKI I WSP\u00d3LNICY \u2013 Ranking Law Firms<\/p><p>12. Sii \u2013Ranking IT Consulting Companies<\/p><p>13. LIDEX CENTRUM T\u0141UMACZE\u0143 I OBS\u0141UGI \u2013 Ranking Translation Companies<\/p><p>14. PARTNER OF PROMOTION \u2013 Ranking Public Relations Companies<\/p><p>15. PROFILINGUA SZKO\u0141A J\u0118ZYK\u00d3W OBCYCH \u2013 WSiP SA \u2013 Ranking Language Schools<\/p><p>16. KONSORCJUM SZKOLENIOWO-DORADCZE GAMMA \u2013 Ranking Training Companies<\/p><p>17. MAKOLAB \u2013 Ranking Marketing Agencies<\/p><p>18. SKANSKA \u2013 Ranking Commercial Real Estate Developers<\/p><p>19. CBRE \u2013 Ranking Commercial Real Estate Agencies<\/p><p>20. MURAPOL SA \u2013 Ranking Residential Developers<\/p><p>21. PANATTONI EUROPE \u2013 Ranking Warehouse Space Developers<\/p><p>22. T\u00c9TRIS POLAND \u2013 Ranking Design & Fit Out Companies<\/p><p>23. PM GROUP POLSKA \u2013 Ranking Architectural Firms<\/p><p>24. BUDIMEX SA \u2013 Ranking General Contractors<\/p><p>25. SWECO CONSULTING \u2013 Ranking Construction Project Management Companies<\/p><p>26. SODEXO POLSKA \u2013 Ranking Real Estate Management Companies<\/p><p>27. GRUPA RABEN \u2013 Ranking Transport, Shipping and Logistics Companies<\/p><p>28. GRUPA ASSECO \u2013 Ranking Software Producers and IT Integrators<p class=\"Standard\"><o:p><\/o:p><\/p><\/p>","photo":"\/uploads\/images\/f5\/5fcf86bab0332.jpg","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"4 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/the-largest-polish-companies-under-the-book-of-lists-microscope-book-of-lists-20202021-certificates-have-been-awarded\/post\/129186","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"126633","user_id":"184","author_id":"1","name":"25th jubilee edition of Book of Lists \u2013 project start","subname":null,"short_description":"","slider_description":null,"description":"<p class=\"MsoNormal\" style=\"text-align:justify\"><span class=\"tlid-translation\"><span lang=\"EN\">The system for completing online surveys\r\nof the 25th edition of the <i>Book of Lists<\/i>\r\nhas been opened. To complete the form, please register: <\/span><\/span><a href=\"https:\/\/pgnew.bookoflists.pl\/rejestracja\/\"><span lang=\"EN-US\">https:\/\/ bookoflists.pl\/rejestracja\/<\/span><\/a><span lang=\"EN-US\">. <\/span><span class=\"tlid-translation\"><span lang=\"EN\">What will you\r\ngain by creating an account?<\/span><\/span><span lang=\"EN-US\"><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span lang=\"EN-US\">1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Free<\/span><span class=\"tlid-translation\"><span lang=\"EN\">\r\nparticipation in the <i>Book of Lists 2020<\/i>\r\nproject<o:p><\/o:p><\/span><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span lang=\"EN-US\">2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span class=\"tlid-translation\"><span lang=\"EN\">Possibility\r\nto complete the ranking survey<\/span><\/span><span lang=\"EN-US\"><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span lang=\"EN-US\">3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span class=\"tlid-translation\"><span lang=\"EN\">An\r\nopportunity to present the company standing out against the others in the\r\nindustry<\/span><\/span><span lang=\"EN-US\"><o:p><\/o:p><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span class=\"tlid-translation\"><span lang=\"EN-US\">Supplementing the ranking form is\r\nnecessary for the company's participation in the ranking.<o:p><\/o:p><\/span><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span class=\"tlid-translation\"><span lang=\"EN\">In order to efficiently run the process of\r\ncollecting data and creating publications, we ask you to complete the surveys\r\nwithin the prescribed period \u2013 the first stage will be completed on <b>June 1, 2020<\/b>.<o:p><\/o:p><\/span><\/span><\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span class=\"tlid-translation\"><span lang=\"EN\">If you need to extend the deadline, please\r\ninform us by e-mail or phone \u2013 the option to complete surveys will be disabled\r\non <b>July 15, 2020<\/b>. Until then, the\r\nuser will be able to complete or edit the survey. After this date, the\r\ncorrection process will take place and the materials will be transferred to the\r\ngraphic composition.<o:p><\/o:p><\/span><\/span><\/p><p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<\/p><p class=\"MsoNormal\" style=\"text-align:justify\"><span class=\"tlid-translation\"><span lang=\"EN\">For detailed information and instructions,\r\nplease visit: <\/span><\/span><a href=\"https:\/\/bookoflists.pl\/\"><span lang=\"EN\">https:\/\/<\/span><span lang=\"EN-US\">bookoflists.pl<\/span><\/a><span class=\"tlid-translation\"><span lang=\"EN\"> or contact<\/span><\/span><span lang=\"EN-US\"> Dominik Grudzi\u0144ski, email: <\/span><a href=\"mailto:dgrudzinski@valkea.com\"><span lang=\"EN-US\">dgrudzinski@valkea.com<\/span><\/a><span lang=\"EN-US\">, tel.: 504\u00a0775\u00a0667.\u00a0<o:p><\/o:p><\/span><\/p>","photo":"\/uploads\/images\/1q\/5e8747b4ec861.jpg","slider_photo":"\/uploads\/images\/al\/5e8747db122b3.jpg","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"4 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/25th-jubilee-edition-of-book-of-lists---project-start\/post\/126633","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124744","user_id":"184","author_id":"1","name":"Retail Chains Sector Snapshot","subname":null,"short_description":"Information based on the analysis of 35 leading Polish retail chains: Dino; Piotr i Pawe\u0142; Polomarket; Stokrotka; Our shop; Chata Polska; Top Market; Chorten; Topaz; Gzella; Komfort; Agata Meble; Mila; Martes Sport; Mr\u00f3wka; LPP; Rabat Detal; Eden; Lewiatan; Livio; Sami Swoi; Groszek; Sezamek; PSD \/ Gama; Polish Retail; Polish Shop; PSS Spo\u0142em; Euro Sklep; Neonet; Pionier; Merchant; Mili; Arhelan; Drogerie Natura; Meble VOX","slider_description":null,"description":"<h4>About the Market<\/h4><p>The beginning of the 90s was the time of the largest development of Polish retail chains. It is when most of the recognizable Polish supermarkets such as Topaz, Stokrotka and Arhelan were established. The oldest commercial network currently operating in Poland is PSS Spo\u0142em, whose long-standing traditions date back to 1868. It is worth mentioning that Spo\u0142em is the only network in our country to have buildings of its own. Moreover, it does not base its activity on franchise model. Spo\u0142em has nearly 4,000 branches, and employs approximately 50,000 people. The market of retail chains includes stores with home electronics, household appliances, supermarkets, as well as clothing and food stores. The latter group is by far the most popular and is mostly franchise-based.<\/p><h4><img src=\"\/uploads\/images\/8f\/5d95b732bd555.jpg\" class=\"note-float-left\" style=\"float: left;\">Creditreform Solvency Index (IZP)<\/h4><p>According to the Creditreform Polska analysis, 3\/35 of the companies (8 percent) have an excellent credit standing, ranged from 100 to 199. At the same time, the largest percentage in the sample (28.57%) is represented by companies with medium payment capability (300-349). It needs to be mentioned that the term is somewhat misleading, as evidenced by this year's bankruptcy of the great network Piotr i Pawe\u0142, which was included in the list only last year. The average probability of a company's bankruptcy measured by the median is 0.88%.<\/p><h4>Turnover and sales revenue<\/h4><p>The distribution of retail chains is also based on the space they occupy. In this respect, supermarkets and small-format stores can be distinguished. The data from the Central Statistical Office shows that large-scale establishments account for only 6 percent of all retail chains in Poland. The advantage in the number of franchise stores does not translate into their share in retail trade. The greatest part of the shares (60%) is held by supermarkets. According to the statistics, in 2017, more stores in our country were closed than opened, as almost 13,000 companies terminated their activity. In 2018 the downward trend slowed down, but stores employing less than nine workers still struggle with financial problems.<\/p><h4><img src=\"\/uploads\/images\/em\/5d95b7c6ba460.jpg\" class=\"note-float-right\" style=\"float: right;\"><\/h4><h4><span style=\"color: inherit;\">Employment<\/span><br><\/h4><p>Employment on the market of Polish retail chains is characterized by a great variety. Thirty companies covered by the analysis employ nearly 40,000 people, the other five networks did not disclose the data. The obvious leader in terms of employment is Dino Polska, associating approx. 12,000 employees. The group of retail chains employing over 1,000 people amounts to 25.71% of all the enterprises included in the analysis, while 20% of all companies hire between 250 and 999 employees. The lowest percentage of employers represents the enterprises recruiting from 50 to 249 people. Those companies constitute 8.57% of all the surveyed retail chains. About 20% of companies in the industry employ from 10 to 49 people, while enterprises associating up to nine workers in their companies amount to 11.43%.<\/p><p><br><\/p>","photo":"\/uploads\/images\/6m\/5d95b5fcbb6ac.jpg","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"Book of Lists 2019","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/retail-chains-sector-snapshot\/post\/124744","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]},{"article_id":"124743","user_id":"184","author_id":"1","name":"IT Sector Snapshot","subname":null,"short_description":"Information based on the analysis of 49 IT companies: GlobalLogic; Sii; 3 Software Development Center; IT Kontrakt; Cgi Information Systems And Management; Consultants; Techland; Asseco Data Systems; Billenium ; SID; KAMSOFT ; Milmex Systemy Komputerowe; Lionbridge Poland; Forcom ; Objectivity Bespoke Software Specialists; GFT Poland; Comarch; Kenbit Koenig i Wsp\u00f3lnicy; Evcon; SNP Poland; OPTeam; IQ5; Transition Technologies; EMC Computer Systems Poland; Adva Opitcal Networking; Asseco Poland; Sapiens Software Solutions Poland; S4E; Getresponse; Centralny O\u015brodek Informaatyki; Unit4 Polska; Advatech; SAS Institute; CD Projekt; SAP POLSKA; BLuesoft; Loco Adam Sawczuk; ENERGA Informatyka i Technologie; Future Processing; 7N; CompFort Meridian Polska; Werwanft; Unicredit Business Integrated Solutions; Societa Consortile Per Azioni; Cube.Itg; Dahliamatic; AIUT; ABB Global Business Services; PKP Informatyka; Wasko; Exorigo - Upos","slider_description":null,"description":"<h4><img src=\"\/uploads\/images\/yd\/5d95b248d091b.jpg\" style=\"width: 50%; float: left;\" class=\"note-float-left\">About the Market<\/h4><p>The abbreviation ICT stands for Information and Communication Technologies. The Central Statistical Office (GUS) describes the ICT as \"a family of technologies that process, collect and send information in electronic form\u201d. The more limited information technologies (IT) concern computer and software issues related to computers and software, excluding communication and network technologies. Therefore, the ICT conceptual scope covers all communication methods (the Internet, wireless networks, Bluetooth, fixed-line telephony, mobile telephony, satellite, audio and video communication technologies, radio, television, etc.), the devices enabling information storage (portable memory, hard drives, CD\/ DVD disks, tapes, etc.) and the devices that allow information processing (computers, smartphones, servers, etc.). In addition, ICT technologies cover a whole range of IT applications and complex IT systems enabling data processing and transferring. (source: Glossary of the Concepts of Transport Development Strategy until 2020) In our country, the ICT industry has reached the stage of a rapid development and is growing at a rate of 6.7 percent per annum (according to the PARP data). One of the reasons for this development is the large amount of subsidies from the European Union for computerization of administration and business. The financial sector and trade spend most money on ICT services, while industrial production, transport, energy and mining lag behind. Domestic giants and IT listed companies focus on the sale of infrastructure and the implementation of government orders. Another ways of development on the market are: producing custom-made software and providing employee outsourcing services.<\/p><h4>Creditreform Solvency Index (IZP)<\/h4><p>According to the Creditreform Polska analysis, every seventh company in the industry has excellent payment ability (100-199), and 38 percent of the companies have a very good paying ability. Only 2 percent of companies have the worst condition. This explains why the average probability of the company bankruptcy (PD) measured by the median is only 0.78%.<\/p><p><br><\/p><h4>Turnover and sales revenue <\/h4><p>The total revenue from the sale on the Polish ICT market amounted to PLN 151 billion in 2017. The division was as follows: PLN 117 billion was spent on ICT services, while PLN 34 billion generated production. It is also estimated that the revenue of service providers amounts to 30% of the total industry's revenue. (source: Information society in Poland. Results of statistical surveys from 2014- 2018). However, GUS data includes only companies that employ at least 10 people.<\/p><h4><img src=\"\/uploads\/images\/24\/5d95b1bbef745.jpg\" class=\"note-float-right\" style=\"float: right;\">Employment<\/h4><p>PARP data shows that Poland is the sixth country in Europe in terms of employment in the ICT sector. It hires 430,000 people, and the share of the ICT industry in GDP is around 8 percent. Between 2011 and 2014, the number of companies in the ICT sector increased by 24.5 percent. The number of people working in the sector is growing at a rate of around 6 percent per annum. At the same time, Poland is experiencing one of the highest growth in employment. This parameter suggests both significant pro-development activity of Polish enterprises and high inclination of foreign entities to locate their processes in Poland. It also turns out that despite these increments, according to the estimates, the country is in need of another 50,000 software developers.<\/p>","photo":"\/uploads\/images\/g2\/5d95b2028086e.jpg","slider_photo":"","thumbnail":null,"background_photo":null,"theme":null,"page_title":"","page_description":"","page_keywords":"","active":"1","popular":null,"created_datetime":"5 years ago","promoted":"0","promoted_datetime":null,"paywall":"0","highlights":"0","top_news":"0","is_visible_picture_in_newsletter":"1","photo_label":"","href":"\/it-sector-snapshot\/post\/124743","categories":[{"id":"4","name":"Book of Lists","type":"book-of-lists"}]}]}}, domain: 'https://wbj.pl' }; new NewsHelper(options); }); </script> </div> <div class="col-12 col-md-3"> <div class="row top-80"> <div class="col-12 col-sm-6 col-md-12"> <h1 class="section-header"> <a href="/opinion" class="link-black">opinion</a> </h1> <div class="articles__slider articles-with-author__slider"> <article class="article-with-author"> <a href="/polish-government-plans-to-shift-pay-of-sick-leave-from-employers-to-zus/post/142009" class="article-link"></a> <div class="article-with-author__background" style="background-image: url('/cache/images/resize/290-294/66322466d7767.jpg')"></div> <div class="article-with-author__content"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a href="/opinion" class="category-link mr-1">Opinion</a> </div> <div class="article-with-img__date"></div> </div> <div class="article-with-author__title"> <h2>Polish government plans to shift pay of sick leave from employers to ZUS</h2> </div> <div class="article-with-author__desc"> </div> <div class="article-with-author-author"> <div class="col-3 col-md-5 no-padding"> </div> <div class="col-9 col-md-7 pl-2 pr-0"> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> </a> </p> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> <small></small> </a> </p> </div> </div> </div> </article> <article class="article-with-author"> <a href="/a-year-of-challenges-for-poles/post/137508" class="article-link"></a> <div class="article-with-author__background" style="background-image: url('/cache/images/resize/290-193/6405d9cf866ba.jpg')"></div> <div class="article-with-author__content"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a href="/opinion" class="category-link mr-1">Opinion</a> </div> <div class="article-with-img__date"></div> </div> <div class="article-with-author__title"> <h2>A year of challenges for Poles</h2> </div> <div class="article-with-author__desc"> Inflation, recession, elections – these... </div> <div class="article-with-author-author"> <div class="col-3 col-md-5 no-padding"> </div> <div class="col-9 col-md-7 pl-2 pr-0"> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> </a> </p> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> <small></small> </a> </p> </div> </div> </div> </article> <article class="article-with-author"> <a href="/ai-is-coming/post/137507" class="article-link"></a> <div class="article-with-author__background" style="background-image: url('/cache/images/resize/290-193/6405d938af5d0.jpg')"></div> <div class="article-with-author__content"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a href="/opinion" class="category-link mr-1">Opinion</a> </div> <div class="article-with-img__date"></div> </div> <div class="article-with-author__title"> <h2>AI is coming</h2> </div> <div class="article-with-author__desc"> The race to create self-thinking devices... </div> <div class="article-with-author-author"> <div class="col-3 col-md-5 no-padding"> </div> <div class="col-9 col-md-7 pl-2 pr-0"> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> </a> </p> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> <small></small> </a> </p> </div> </div> </div> </article> <article class="article-with-author"> <a href="/currency-wars/post/135946" class="article-link"></a> <div class="article-with-author__background" style="background-image: url('/cache/images/resize/290-193/633be03e526bc.jpg')"></div> <div class="article-with-author__content"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a href="/opinion" class="category-link mr-1">Opinion</a> </div> <div class="article-with-img__date"></div> </div> <div class="article-with-author__title"> <h2>Currency wars</h2> </div> <div class="article-with-author__desc"> In a way, the world of currencies resembles... </div> <div class="article-with-author-author"> <div class="col-3 col-md-5 no-padding"> </div> <div class="col-9 col-md-7 pl-2 pr-0"> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> </a> </p> <p class="mb-0"> <a href="/opinion-columnist/" title="Go to author page" class="author-link"> <small></small> </a> </p> </div> </div> </div> </article> </div> </div> <div class="col-12 col-sm-6 col-md-12 mt-4"> <h1 class="section-header"> <a href="/real-estate" class="link-black">lokale immobilia</a> </h1> <div class="articles__slider"> <article class="article-with-img article-with-img--news-opinion "> <a href="/the-essence-of-urban-luxury-orkana-apartments-redefine-modern-living-in-warsaw/post/144439" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/uploads/images/d4/6762feb43d874.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/real-estate"> Real estate</a> <a class="category-link mr-1" href="/news/category/lokale-immobilia"> Lokale Immobilia</a> </div> <div class="article-with-img__date">2 months ago</div> </div> <div class=" article-with-img__title "> <h2>The Essence of Urban Luxury: Orkana Apartments Redefine Modern Living in Warsaw</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/bpi-real-estate-redefining-warsaws-premium-living/post/144438" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/uploads/images/09/6762fbdc0f669.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/real-estate"> Real estate</a> <a class="category-link mr-1" href="/news/category/lokale-immobilia"> Lokale Immobilia</a> </div> <div class="article-with-img__date">2 months ago</div> </div> <div class=" article-with-img__title "> <h2>BPI Real Estate: Redefining Warsaw’s Premium Living</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/vastint-poland-unveils-transformative-gdynia-waterfront-project/post/144437" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/uploads/images/42/6762f60f1a70c.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/real-estate"> Real estate</a> <a class="category-link mr-1" href="/news/category/lokale-immobilia"> Lokale Immobilia</a> </div> <div class="article-with-img__date">2 months ago</div> </div> <div class=" article-with-img__title "> <h2>Vastint Poland unveils transformative Gdynia Waterfront project</h2> </div> </div> </article> </div> </div> </div> </div> </div> </div> <section class="homepage__magazine_newsletter"> <div class="col-12"> <div class=" magazine__newsletter container "> <div class="magazine__img--1"> <img src="/layouts/frontend/img/common/newsletter-logo.png" alt=""> </div> <div class="newsletter-form"> <header><div class="editable-container"><span><p>Get the best of “Warsaw Business Journal”  delivered to your inbox daily</p></span></div></header> <form action=""> <input type="email" placeholder="Your e-mail adress" id="newsletterEmailInput"> <button type="submit" class="btn-newsletter" id="newsletterSubmitBtn"> Sign up </button> </form> </div> <div class="magazine__img--2"> <img src="/layouts/frontend/img/homepage/magazines-image.png" alt=""> </div> </div> </div> </section> <div class="homepage container"> <hr class="mt-0 mb-0 d-none d-md-block"> <section class="homepage__other-news"> <div class="row"> <div class="col-12 col-md-9 more-news-container"> <h1 class="section-header"> <a href="/news" class="link-black">More News</a> </h1> <div class="row other-article"> <div class="col-12 col-sm-6 col-md-4"> <h3 style="background-color: #0a2240">Business</h3> <article class="single-news"> <div class="single-news__title"> <a href="/enea-reports-q4-losses-fy-estimates/post/145145" class="link-black">Enea reports Q4 losses, FY estimates</a> </div> <div class="single-news__date"> 2 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/unpaid-liabilities-in-horeca-industry-surpass-pln-441-million/post/145144" class="link-black">Unpaid Liabilities in HoReCa Industry Surpass PLN 441 Million</a> </div> <div class="single-news__date"> 2 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/eu-to-ease-co2-rules-for-automakers/post/145141" class="link-black">EU to ease CO2 rules for automakers</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/polands-pet-food-market-grows/post/145140" class="link-black">Poland’s pet food market grows</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <a href="/news/category/business" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> <div class="col-12 col-sm-6 col-md-4 "> <h3 style="background-color: #002d74">Economy</h3> <article class="single-news"> <div class="single-news__title"> <a href="/polands-eu-presidency-and-green-transition/post/145137" class="link-black">Poland’s EU presidency and green transition</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/polish-women-lead-in-masters-studies/post/145136" class="link-black">Polish women lead in master’s studies</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/eurozone-pmi-rises-slightly/post/145135" class="link-black">Eurozone PMI rises slightly</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/pmi-signals-industrial-revival/post/145134" class="link-black">PMI signals industrial revival</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <a href="/news/category/economy" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> <div class="col-12 col-sm-6 col-md-4 "> <h3 style="background-color: #0033a1">Domestic</h3> <article class="single-news"> <div class="single-news__title"> <a href="/loneliness-and-social-divisions-intensify-among-poles/post/145125" class="link-black">Loneliness and Social Divisions Intensify Among Poles</a> </div> <div class="single-news__date"> 2 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/declining-support-for-lifting-polands-sunday-trading-ban/post/145118" class="link-black">Declining Support for Lifting Poland’s Sunday Trading Ban</a> </div> <div class="single-news__date"> 2 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/budimexs-pln-478m-bid-ranks-highest-for-s11-expressway-project/post/145096" class="link-black">Budimex’s PLN 478M Bid Ranks Highest for S11 Expressway Project</a> </div> <div class="single-news__date"> 4 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/unemployment-is-up-by-03-percentage-points-mm-exceeding-800000/post/145084" class="link-black">Unemployment is up by 0.3 percentage points m/m, exceeding...</a> </div> <div class="single-news__date"> 6 days ago </div> </article> <a href="/news/category/domestic" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> <div class="col-12 col-sm-6 col-md-4 "> <h3 style="background-color: #0071ce">Finance</h3> <article class="single-news"> <div class="single-news__title"> <a href="/pekao-has-200-cases-regarding-wibor-800-regarding-free-loan-sanctions/post/145111" class="link-black">Pekao has 200 cases regarding WIBOR, 800 regarding free loan...</a> </div> <div class="single-news__date"> 4 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/pekao-wants-to-accelerate-digital-banking-services/post/145110" class="link-black">Pekao wants to accelerate digital banking services</a> </div> <div class="single-news__date"> 4 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/orlen-dividend-in-2025-may-be-highest-in-history/post/145100" class="link-black">Orlen dividend in 2025 may be highest in history</a> </div> <div class="single-news__date"> 4 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/pzu-strengthens-oversight-at-alior/post/145098" class="link-black">PZU strengthens oversight at Alior</a> </div> <div class="single-news__date"> 4 days ago </div> </article> <a href="/news/category/finance" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> <div class="col-12 col-sm-6 col-md-4 "> <h3 style="background-color: #6babe5">Real estate</h3> <article class="single-news"> <div class="single-news__title"> <a href="/raben-groups-2024-highlights-expansion-innovation--and--sustainability/post/145143" class="link-black">Raben Group’s 2024 Highlights: Expansion, Innovation & Sustainability</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/shopping-center-activity-rises/post/145132" class="link-black">Shopping center activity rises</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/dom-development-launches-new-projects/post/145131" class="link-black">Dom Development launches new projects</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/innovation-and-continuous-growth-on-the-path-to-green-logistics---raben-group-summarizes-2024/post/145130" class="link-black">Innovation and Continuous Growth on the Path to Green Logistics...</a> </div> <div class="single-news__date"> 4 hours ago </div> </article> <a href="/news/category/real-estate" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> <div class="col-12 col-sm-6 col-md-4 "> <h3 style="background-color: #a6c6ee">International</h3> <article class="single-news"> <div class="single-news__title"> <a href="/neil-young-to-open-tour-in-ukraine/post/145142" class="link-black">Neil Young to open tour in Ukraine</a> </div> <div class="single-news__date"> 3 hours ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/eus-kaja-kallas-calls-for-new-leadership-after-trump-zelenskyy-clash/post/145129" class="link-black">EU's Kaja Kallas Calls for New Leadership After Trump-Zelenskyy...</a> </div> <div class="single-news__date"> 2 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/eu-unveils-clean-industrial-deal-balancing-decarbonization-and-competitiveness/post/145123" class="link-black">EU Unveils Clean Industrial Deal: Balancing Decarbonization...</a> </div> <div class="single-news__date"> 2 days ago </div> </article> <article class="single-news"> <div class="single-news__title"> <a href="/tensions-in-the-white-house-zelensky-leaves-meeting-with-trump-early/post/145122" class="link-black">Tensions in the White House: Zelensky Leaves Meeting with Trump...</a> </div> <div class="single-news__date"> 2 days ago </div> </article> <a href="/news/category/International" class="more-article-link mt-3 mb-3"> get more news <img src="/layouts/frontend/img/common/arrow-right-black.png" alt=""> </a> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="col-12 col-sm-6 col-md-12"> <h1 class="section-header"> <a href="/lifestyle" class="link-black">lifestyle</a> </h1> <div class="articles__slider"> <article class="article-with-img article-with-img--news-opinion "> <a href="/lifestyle/article/145127" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/600-400/67c2eb01e5bb3.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/life-style"> LifeStyle</a> </div> <div class="article-with-img__date">2 days ago</div> </div> <div class=" article-with-img__title "> <h2>Forbes 2025: Poland’s Wealthiest Are All Billionaires</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/lifestyle/article/145047" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/600-400/67b9d5554934b.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/life-style"> LifeStyle</a> </div> <div class="article-with-img__date">9 days ago</div> </div> <div class=" article-with-img__title "> <h2>Super-Luxury Maybach SL 680 Monogram Series Debuts in Poland</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/lifestyle/article/145046" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/600-400/67b9d3781f29b.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/life-style"> LifeStyle</a> </div> <div class="article-with-img__date">9 days ago</div> </div> <div class=" article-with-img__title "> <h2>Karolina Pilarczyk Calls for More Support for Polish Drifters</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/lifestyle/article/144977" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/600-400/67b06e4e256ae.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/life-style"> LifeStyle</a> </div> <div class="article-with-img__date">16 days ago</div> </div> <div class=" article-with-img__title "> <h2>Athletes Avoid Politics but See Its Influence in Sports</h2> </div> </div> </article> </div> </div> <div class="col-12 col-sm-6 col-md-12"> <h1 class="section-header"> <a href="/news/category/book-of-lists" class="link-black">Book of Lists</a> </h1> <div class="articles__slider"> <article class="article-with-img article-with-img--news-opinion "> <a href="/the-largest-polish-companies-under-the-book-of-lists-microscope-book-of-lists-20202021-certificates-have-been-awarded/post/129186" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/290-400/5fcf86bab0332.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/book-of-lists"> Book of Lists</a> </div> <div class="article-with-img__date">4 years ago</div> </div> <div class=" article-with-img__title "> <h2>The largest Polish companies under the Book of Lists microscope! Book of Lists 2020/2021 certificates have been awarded.</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/25th-jubilee-edition-of-book-of-lists---project-start/post/126633" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/583-400/5e8747db122b3.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/book-of-lists"> Book of Lists</a> </div> <div class="article-with-img__date">4 years ago</div> </div> <div class=" article-with-img__title "> <h2>25th jubilee edition of Book of Lists – project start</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/leasing-market-review---poland/post/124745" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/400-400/dummy.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/book-of-lists"> Book of Lists</a> </div> <div class="article-with-img__date">5 years ago</div> </div> <div class=" article-with-img__title "> <h2>Leasing market review – Poland</h2> </div> </div> </article> <article class="article-with-img article-with-img--news-opinion "> <a href="/retail-chains-sector-snapshot/post/124744" class="article-link"></a> <div class="article-with-img__background lozad" data-background-image="/cache/images/resize/873-400/5d95b5fcbb6ac.jpg"></div> <div class="article-with-img__text-box"> <div class="article-with-img__info-row"> <div class="article-with-img__category"> <a class="category-link mr-1" href="/news/category/book-of-lists"> Book of Lists</a> </div> <div class="article-with-img__date">5 years ago</div> </div> <div class=" article-with-img__title "> <h2>Retail Chains Sector Snapshot</h2> </div> </div> </article> </div> </div> </div> </div> </div> </section> </div> <script> $(function () { new HomepageHelper(); }); </script> <div class="footer"> <div class="container"> <div class="row justify-content-center"> <div class="col-sm-4 col-md-3 d-flex align-items-center justify-content-center pb-3"> <a href="https://valkea.com/" title="Valkea"> <img src="/layouts/frontend/img/logos/3.png" alt="Valkea"> </a> </div> <div class="col-sm-4 col-md-3 pb-3 d-flex align-items-center justify-content-center"> <img src="/layouts/frontend/img/logos/2.png" alt="WBJ logo"> </div> <div class="col-sm-4 col-md-3 d-flex align-items-center justify-content-center pb-3"> <a href="http://www.warsawinsider.pl/" title="Warsaw Insider"> <img src="/layouts/frontend/img/logos/1.png" alt="Warsaw insider"> </a> </div> </div> </div> <div class="footer__links"> <div class="footer__item"><div class="editable-container"><span><p><p><span style="color: rgb(192, 192, 192); font-family: " pt="" sans",="" sans-serif;="" font-size:="" 14px;"="">Terms of Service Trademarks Privacy Policy 2018 Warsaw Business Journal. All Rights Reserved</span></p><p><span style="color: rgb(192, 192, 192); font-family: " pt="" sans",="" sans-serif;="" font-size:="" 14px;"=""></span></p><a href="https://alterpage.pl/" target="_blank" style="text-align: center; display: block;">Created by AlterPage</a>.</p></span></div></div> </div> </div> <script type="text/javascript" src="/cache/js/frontend/all_footer_v_4427b85e8a23c25c946436426c246ac2.js"></script> <script> if (typeof Vue == "function") { Vue.config.productionTip = false; Vue.config.devtools = false; } </script> <script> $(function () { var loaderHelper = new LoaderHelper(); $(document).trigger('loader:removeMain'); }); </script> </body> </html>

CINXE.COM

WBJ | Warsaw Business Journal