Money Buzz! Europa

Category: Warsaw

  • Cordia announces a public tender offer for all remaining shares of Polnord

    Cordia announces a public tender offer for all remaining shares of Polnord

    Cordia International, the 92,92% shareholder of Polnord, has announced a public tender offer to acquire the remaining approximately 7,08% of shares in Polnord SA.

    The goal is to increase Cordia’s stake in Polnord SA to 100% of outstanding shares.

    The tender offer price has been set at 3,55 PLN a share, offering significant upside to the most recent market price.

    At the same time, Cordia has applied for an extraordinary general meeting of shareholders in Polnord SA, in order to make a decision on withdrawing the company’s shares from public trading.

    The subscription period of shares will start on the 21st of December 2020 and last until 20th of January 2021. The day of the transaction is planned for 25th of January 2021 with settlement on the 28th January 2021.

    Cordia has initially acquired a controlling stake in Polnord by subscribing for 63.7 million series ”T” shares in a public share offer in December 2019.

    Later, in February 2020, Cordia announced a public tender offer for the remaining shares and increased its stake further to 92,92%.

    As a consequence of Cordia’s engagement, Polnord’s financial situation has stabilised and has managed to meet all its debt obligations seamlessly.

  • Comarch revenues at PLN 1.06 billion after the Third Quarter of 2020

    Comarch revenues at PLN 1.06 billion after the Third Quarter of 2020

    Comarch generated PLN 1.06 billion in revenue in the first nine months of 2020, an increase of PLN 41.5 million compared to the same period of 2019.

    Operating profit has also increased. Its value was PLN 117.9 million, 5.5 million more than last year.

    EBITDA profit amounted to PLN 182.8 million, PLN 6.7 million higher than in the corresponding period of the previous year.

    The net profit attributable to shareholders of the parent company was lower than a year ago by PLN 2.7 million and amounted to PLN 67 million.

    During the three quarters of 2020, Comarch also increased employment by 277 people.

    At the end of September this year, it employed 6 625 people, including 627 abroad.

    In Q3 2020 alone, Comarch sold products and services with a value of PLN 353.7 million, very similar to that achieved in Q3 of the previous year.

    The operating profit reached PLN 46.1 million and was PLN 20.1 million lower than in the corresponding period in 2019.

  • Nokia extend lease agreements for office space in Wroclaw

    Nokia extend lease agreements for office space in Wroclaw

    Nokia extend its lease agreements with Globalworth for the office space it occupies in the West Gate and West Link office buildings in Wroclaw.

    Nokia moved to West Gate in 2014, where it has opened, among others, a research and development centre for new telecommunications technology.

    Two years later, the company entirely occupied the neighboring office building – West Link, both buildings being owned by Globalworth. 

    Thus, Nokia now leases 14,500 sqm in West Gate and 15,200 sqm in West Link.

    West Gate is a modern, 17,700 sqm GLA office building located in the north-west part of Wrocław.

    West Link, which is adjacent to West Gate, is a modern, five-storey A-class office building situated on ul. Na Ostatnim Groszu in Wroclaw.

  • Abris Capital buys Polish healthcare business Scanmed

    Abris Capital buys Polish healthcare business Scanmed

    Abris Capital signed an agreement to acquire 100% of the shares in Scanmed, a Poland-based healthcare network operator, from Life Healthcare Group Holdings Limited.

    The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2021.

    Scanmed operates in 42 locations across Poland, providing primary healthcare and specialist consultations, advanced diagnostics and hospital treatment.

    Abris plans to support Scanmed in the extension of its service offering and geographic coverage, as well as in the continued improvement of its medical facilities and care in key therapeutic areas.

    The company also plans to increase commercial revenues in orthopedics, ophthalmology, rehabilitation and urogynecology, and to open new labs and surgery units.

    At present, Scanmed operates two multi-specialist hospitals, 13 cardiac centers offering comprehensive diagnostics and cardiological treatment, and a variety of clinics and medical centers across Poland.

    Scanmed also provides outpatient care services in major Polish cities including Warsaw, Kraków, Poznan, Wroclaw, Gdansk and Pabianice.

  • Poland: New measures to support the economy amount to USD 10 billion

    Poland: New measures to support the economy amount to USD 10 billion

    Poland is set to start a program worth about 9-10 billion dollars, meant to help the economy cope with the effects of the second wave of the coronavirus pandemic (Covid-19), Reuters reports.

    The largest economy in CEE has weathered the first wave of the pandemic, but after a strong recovery in the summer it looks set to enter a recession in the fourth quarter, due to the effects of restrictions to stop the increase in confirmed cases of Covid-19.

    The new program will be worth 35-40 billion zlotys ($ 9.33-10.67 billion), of which three billion zlotys for micro-enterprises, five billion zlotys for small businesses and the remaining 24-27 billion zlotys for medium and large companies.

    During the first wave of the pandemic, the Warsaw government and the Central Bank of Poland adopted programs to support the economy, loan guarantees and liquidity measures worth more than 300 billion zlotys.

  • Embracer to pay USD 137.2 million for Poland-based Flying Wild Hog

    Embracer to pay USD 137.2 million for Poland-based Flying Wild Hog

    Embracer Group AB, through Koch Media GmbH, has entered into an agreement to acquire 100 percent of the shares in the Poland-based Flying Wild Hog from Supernova Capital LLP.

    Flying Wild Hog is a growing independent Polish developer of AA+ PC and console games such as the Shadow Warrior series.

    As a result, through the acquisition, Embracer onboards a reputable team of 260+ people across three studios in Poland.

    Purchase price is equivalent to MUSD 137.2 on a cash and debt free basis and is paid in cash to Supernova Capital LLP, an private equity firm in the games sector.

    Also, a management incentive program has been set up in order to align interests going forward.

  • Polish women have an average of 17 pairs of shoes. Poles have 7

    Polish women have an average of 17 pairs of shoes. Poles have 7

    Polish women have an average of 17 pairs of shoes, and Poles 7 pairs, a CCC report shows. Women have an average of 3 pairs of high heels, most often black and beige.

    On the other hand, Poles prefer everyday shoes, all-year-round, often sports shoes.

    2/3 of them declare that they have at least one pair of casual sports shoes and those intended for sports.

    Women most often choose black or beige high heels (75% and 31% respectively), while red is only in third place.

    Poles prefer black shoes, white (especially in sports models), beige and brown (among low shoes) are also popular.

    More than half of Polish men and women have sneakers (53%) and shoes for active sports (as much as 63%) in their wardrobes.

    In turn, the most frequently worn footwear in the 18-45 age group is everyday sneakers.

    According to the study, 2/3 of women buy shoes in sizes 37-39, and 2/3 of men wear sizes 42-44.

  • Sharp contrast between rich and poor purchasing power in Poland

    Sharp contrast between rich and poor purchasing power in Poland

    The average per capita purchasing power in Poland in 2020 is €7,143, just under 49 percent below the European average, as ”GfK Purchasing Power Europe 2020” shows.

    This puts Poland in twenty-eighth place in the European rankings.

    There is an especially large gap between rich and poor in Poland with respect to the distribution of purchasing power in the country’s 380 districts. Only 17 districts have a per capita purchasing power that is at least 20 percent higher than the national average.

    By contrast, 106 districts are at least 20 percent below the national average.

    Warsaw district has the biggest purchasing power

    With a per capita purchasing power of €12,120, the capital city district of Warsaw takes first place. Inhabitants of the capital district have almost 70 percent more money for consumer purchases and saving than the national average. 

    In Szydlowiecki district purchasing power is just €4,721

    At the other end of the district rankings is Szydlowiecki, where the per capita purchasing power is just €4,721. This corresponds to almost 66 percent of the Polish average and 34 percent of the European average.

    Inhabitants of Warsaw have almost 2.6 times more money available than the inhabitants of the least affluent district of Szydlowiecki.

    There has been little change in the top places of the purchasing power rankings this year. The districts of Krakow and Bielsko-Biala switch eighth and ninth places. Gliwice makes it into the top ten with a per capita purchasing power of €9,111, putting it in tenth place and ousting the district of Tychi.

  • Poland’s economy recovered in the third quarter of 2020

    Poland’s economy recovered in the third quarter of 2020

    Poland’s economy has recovered in the third quarter of 2020, according to data released on Friday by the Statistics Office.

    Poland, the largest economy in Central and Eastern Europe, grew by 7.7% in the third quarter of 2020 compared to the previous three months.

    This is slightly below the estimates of analysts interviewed by Reuters, who expected an advance of 8%.

    Also, GDP decreased by 1.6% in the third quarter from the same period in 2019, while analysts forecast a decline of 1.7%.

    Last week, Prime Minister Mateusz Morawiecki announced new support measures to help Poland’s economy survive the second wave of the pandemic, worth 9-10 billion zlotys (2.4-2.6 billion dollars).

    The amount could increase by 5-10 billion zlotys if total restrictions are introduced, the Polish official explained, adding that the Government’s funding needs are already met.

    During the first wave of the pandemic, Poland introduced a support package of more than 300 billion zlotys to help the affected economy and companies.

  • CCC to deliver to customer’s doorstep within 60 minutes from order

    CCC to deliver to customer’s doorstep within 60 minutes from order

    CCC started testing a new service where a product ordered online would be delivered to the customer’s doorstep within 60 minutes from the time of placing the order.

    Products to be delivered would be taken from brick-and-mortar stores. The new service would be available in Warsaw already in November and soon afterwards – in other big cities.

    After entering his or her postal code when placing an online order, a customer would see the available delivery options.

    Orders made in Warsaw would have the ”same-day delivery” filter avaible.

    If this option is chosen, the order will be transferred to a CCC store in the city centre and a courier will be promptly notified via a dedicated app that the order has been packed and is ready to be picked up and delivered to the customer. 

  • Allegro leases 2.100 sqm in the Lubicz Business Centre Krakow

    Allegro leases 2.100 sqm in the Lubicz Business Centre Krakow

    Allegro has leased close to 2.100 sqm in the Lubicz Business Centre in Krakow, a property owned by Globalworth.

    The new offices, where a team comprising mostly engineers is to work to further the development of the platform’s technology, will be ready at the beginning of next year.  

    Allegro is an online shopping platform that was founded in 1999 in Poland. Today over 20 million shoppers a month visit the site while over 117,000 companies base their businesses on the platform.

    Allegro has its headquarters in Poznań and also has offices in Warsaw, Toruń, Wrocław and Krakow. Currently, the company employs over 2,400 people.

  • CCC e-commerce revenue up 61% in Q3 2020

    CCC e-commerce revenue up 61% in Q3 2020

    CCC Group closed Q3 2020 with overall revenue growth of 8% and a surge in e-commerce revenue (up 61%).

    Eobuwie remains the driving engine of online sales at the CCC Group, but the contribution from other platforms to total revenue (23%) is on the rise. In the third quarter, the share of CCC.eu in the Group’s e-commerce revenue grew to 11% (from 3% a year earlier).

    CCC to close 108 stores by the end of this year

    CCC wants to significantly downscale its initial targets for retail space expansion (only +9 thousand m2 at the end of Q3 from the year’s beginning vs the initial plans of +60 thousand m2).

    By the end of this year, the CCC Group will also close down a total of 108 stores.