andrzej kopyrski - strona główna · dorms of the jagiellonian university in the ppp formula is...

Ladies and Gentlemen,

Economic forecasts give hope for good conditions for business development, whereas the investment cycle started in 2014 should be continued in the first months of the current year. I am pleased that we will be able to take advan-tage of this potential together.

The first weeks of the year brought the excellent news - Bank Pekao SA was recognized as the Best Trade Finance Provider in the survey carried out by the prestigious Euromoney magazine. I would like to thank all of you who voted for us in the Euromoney Trade Finance Survey!

It is not the only award in this field we received in January – the Global Finance international magazine awarded Bank Pekao a title of the Best Trade Finance Bank in Poland.

In the opinion of both our Clients (Euromoney) and experts (Global Finance) Pekao offers the best trade finance products and services in Poland. We received the other award in the category of trade exchange and supply chain finance. We write about the mechanism and advantages of the latter solution on page 9.

We also start the New Year implementing on a large-scale new products and innova-tive transactions. Bank Pekao was the first bank in Poland and the first from among the largest European banks to have launched mobile proximity payments made by phone in HCE technology. The new solution enables you to make payments with the use of smartphone in terminals equipped with the MasterCard PayPass proximity function. It is another stage of development of PeoPay mobile payments.

As the first bank on the market, we are also pleased to participate in financing the investment concerning the infrastructure of public utility buildings in Public-Private Partnership formula (PPP). After the installation of a municipal waste incineration plant in Poznań, the modernisation of Collegium Medicum dorms of the Jagiellonian University in the PPP formula is another big project implemented in this formula financed by Bank Pekao.

These and other events are covered in the first issue of our magazine this year. Have a nice reading!

Andrzej Kopyrski

Andrzej KopyrskiVice President of the Management Board of Bank Pekao in charge of the Corporate and Investment Banking DivisionMagazine for Corporate Clients of Bank Pekao SA

Quarterly no. 1/2015 (19)

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www.korporacje.pekao.com.plThe presented information does not constitute an offer in understanding of art. 66 and subsequent articles of the Civil Code (JoL from 1964 no. 16, item 93). Bank Polska Kasa Opieki S.A. with the seat in Warsaw, entered into the Register of Entrepreneurs under the KRS no. 0000014843 maintained by the District Court for the Capital City of Warsaw, XII Economic Division of the National Court Register; NIP: 526 00 06 841; amount of statutory capital and paid in capital: 262 470 034 PLN as at 28 December 2012.Kontakt Plus is available on Bank’s website: www.korporacje.pekao.com.pl and in PekaoBIZNES24 system in „Files to download” section.The quaterly is edited by the Communication and Marketing Support Office of Bank Pekao.Editors: [email protected]

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Pekao – the Bank of the year on tradefinance marketBank Pekao ranked no. 1 in Poland in terms of capital strength – confirmed in stress-tests and asset quality review

2014 Eurobuild Awards handed out. Pekao – The Bank of The Year on the commercial real estate market for the fourth time

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PEKAO SA – BANK OF THE YEAR 2014 ON THE COMMERCIAL REAL ESTATE MARKET 13

CONTENTS

2 KONTAKT PLUS | Magazine of Bank Pekao SA | Quarterly no. 1/2015 (19) | www.korporacje.pekao.com.pl

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PAGE

NEWSBANK PEKAO RANKED NO. 1 IN POLAND IN TERMS OF CAPITAL STRENGTH – CONFIRMED IN STRESS-TESTS AND ASSET QUALITY REVIEW

3

PRODUCT OFFER

FOREIGN CURRENCY TRANSFERS – THE BEST OFFER ON THE MARKET 7

PEKAO – THE BANK OF THE YEAR ON TRADE FINANCE MARKET 9

MARKET APPRECIATION2014 EUROBUILD AWARDS HANDED OUT. PEKAO – THE BANK OF THE YEAR ON THE COMMERCIAL REAL ESTATE MARKET FOR THE FOURTH TIME

10

EXPERT'S VIEW

NEW POSITION IN GLOBAL VALUE CHAIN 14

BREAKTHROUGH IN PROXIMITY MOBILE PAYMENTS – NEW FUNCTIONALITY AND EXPANDED PEOPAY ACCEPTANCE NETWORK

4

BANK PEKAO – A PROVED PARTNER OF THE OLDEST INSTITUTION OF HIGHER EDUCATION IN POLAND MODERNISATION OF DORMS OF COLLEGIUM MEDICUM UJ IN PPP FORMULA

5

BANK PEKAO WILL FINANCE DEVELOPMENT OF THE WARSAW CHOPIN AIRPORT 6

THE BEST PREPAID CARD ON THE MARKET F ROM BANK PEKAO 11

PRESTIGIOUS QUALITY INTERNATIONAL AWARD FOR PEKAO VISA INFINITE CARD 12

STATUETTE OF ”DE MINIMIS PROGRAM LEADER” FOR BANK PEKAO 12

BANK PEKAO WITH THE BEST INVESTOR RELATIONS 13

EXPERT'S VIEWPRODUCT OFFER MARKET APPRECIATIONNEWSCONTENTS

http://www.korporacje.pekao.com.pl



The stress-tests performed by the Polish Financial Supervision Authority (PFSA) confirmed Bank Pekao’s no. 1 position in the Polish banking sector. In 2016 the capital adequacy ratio Tier 1 of Bank Pekao will reach 18,07% exceeding the required minimum level more than three times. The Bank remains profitable and assumes it will pay out dividend throughout the tested period, also in the shock scenario.

BANK PEKAO RANKED NO. 1 IN POLAND IN TERMS OF CAPITAL STRENGTH – CONFIRMED IN STRESS-TESTS AND ASSET QUALITY REVIEW

The combined results of stress-tests and assets quality review show that Bank Pekao achieved the best results in the Polish banking sector. The

recapitulation of combined results in 2016:1. Common equity CET 1 at the level of 18,22% in the base scenario2. Common equity CET 1 at the level of 18,07% in the shock scenario vs.

the required level of 5,5%

In the entire period covered by stress-tests, even in the shock scenario, the Bank remains profitable, improves its capital position and is able to assu-me it will pay out dividend.

Assessment methodologiesThe stress-tests and assets quality review were performed by the Polish Fi-nancial Supervision Authority in accordance with the methodologies of the European Central Bank (ECB) and the European Banking Authority (EBA). The aim of tests was to determine the impact of stress-scenarios upon profitability and capital adequacy.

The stress-tests covered the period of 3 years and they were carried out in two scenarios: base and shock scenario. The base scenario provided for a relatively stable economic growth, whereas the shock scenario assumed economic slowdown, GDP drop, higher unemployment and decreased pri-ces of treasury bonds.

Assets quality review was performed based on the selected group of as-sets. For each of the selected portfolios the regulator verified the value of assets and their collaterals, the level of potential impairment charges as well as the impact of assets quality review on the Bank’s capital adequacy. It should be indicated that the ECB methodology differs from the currently existing accounting standards.

BANK PEKAO RANKED NO. 1 IN POLAND IN TERMS OF CAPITAL STRENGTH – CONFIRMED IN STRESS-TESTS

AND ASSET QUALITY REVIEW

BREAKTHROUGH IN PROXIMITY MOBILE PAYMENTS – NEW FUNCTIONALITY AND EXPANDED PEOPAY

ACCEPTANCE NETWORK


BANK PEKAO – A PROVED PARTNER OF THE OLDEST INSTITUTIONOF HIGHER EDUCATION IN POLAND MODERNISATION OF DORMS

OF COLLEGIUM MEDICUM UJ IN PPP FORMULA

BANK PEKAO WILL FINANCE DEVELOPMENT OF THE WARSAW CHOPIN AIRPORT




BREAKTHROUGH IN PROXIMITY MOBILE PAYMENTS – NEW FUNCTIONALITY AND EXPANDED PEOPAY ACCEPTANCE NETWORK

The strategy of Bank Pekao provides for introduction of innovations which will be useful in customers’ everyday life. The new PeoPay func-

tionality is such a solution. The Bank’s aim is to enable users of PeoPay sys-tem to make proximity payments in terminals accepting PayPass all over the country and in the future – also abroad. In Poland, the PayPass tech-nology is accepted in over 280 ths. payment terminals, which accounts for 70% of all terminals in the country.

– The PeoPay system, expanded with a possibility to make proximity trans-actions in payment terminals equipped with PayPass function, is an import-ant step which will contribute to popularisation of mobile payments. Our aim is to enable clients to make payments with the use of PeoPay in major-ity of commercial outlets in Poland, and in the future – also abroad. Imple-mentation and development of modern and convenient payment solutions for clients are the elements of Bank Pekao’s actions for development of cashless turnover in Poland – said Grzegorz Piwowar, Vice President of the Management Board of Bank Pekao.

Bank Pekao is currently launching its own HCE (Host Card Emulation) solution and it will continue developing this service based on MasterCard Cloud Based Payment specification. This technology enables to make se-cure mobile proximity payments, just like with proximity cards, using the NFC communication between a telephone and payment terminal. Unlike the solutions existing on the market, the employed technology allows you to make proximity payments without necessity to establish relationship with a specific mobile phone operator. The card’s data are not stored on the SIM card.

– Polish consumers accepted proximity payments with enthusiasm, and today our country is one of the largest markets in the world in terms of the scale of accepted payments and use of this payment form. We can see a growing interest in subsequent innovative technologies which do not require a physical payment card. The MasterCard Cloud Based Payments technology, based on the HCE standard, is another step towards popular-isation of proximity payments made with the use of mobile phones, and the cooperation with Bank Pekao will allow for quicker popularisation of the new standard – said Bartosz Ciołkowski, General Manager of the Polish Branch of MasterCard Europe.

The PeoPay mobile payments application is distinguished by an intuitive interface. You do not have to activate the application physically in order to pay. As a result, transactions are made as quickly as with the use of payment cards. It is enough to unblock your phone, hold it near a terminal for a moment, just like a proximity card, and approve the transaction in the phone using the PIN-code. The application is secure – it is not possible to make a proximity payment if you keep your phone blocked in the pocket or a bag. The NFC module will not work then.

The solution is addressed to the users of PeoPay mobile payments appli-cation who use the most popular models of smart-phones equipped with Android (4.4 KitKat version) operational system and NFC antenna.

The PeoPay application is available both to Bank Pekao customers who can connect the application to their personal account, and also to other users who can use the application using the pre-paid account.

Bank Pekao is the first bank in Poland and first among the largest European banks to have launched mobile proximity payments with phone in the HCE technology. The new solution allows you to make payments with the use of smartphone in terminals equipped with MasterCard PayPass proximity function. It is the next stage of development of PeoPay mobile payments. The new functionality has been launched in cooperation with MasterCard.




ACCEPTANCE NETWORK








Bank Pekao granted a long-term loan to a company implementing the first in Poland investment concerning public utility buildings infrastructure which is carried out in the formula of Public-Private Partnership. After installation of a municipal waste incineration plant in Poznań, the renovation of dorms in Cracow is another big project financed by Bank Pekao implemented in the PPP formula. The venture is worth about PLN 100 mln.

BANK PEKAO – A PROVED PARTNER OF THE OLDEST INSTITUTION OF HIGHER EDUCATION IN POLAND MODERNISATION OF DORMS OF COLLEGIUM MEDICUM UJ IN PPP FORMULA

Pekao granted loans in total amount of almost PLN 80 mln to a special purpose vehicle, PPP Venture Sp. z o.o., the shareholders of which are

Polskie Inwestycje Rozwojowe, BYPolska Property Development S.A. (Bouy-gues Group) and Cofely Services Sp. z o.o. (GdF Suez Group). The loan was granted for 23 years and the debt becomes due for repayment at the end of 2037.

– Further development of infrastructure in Poland largely depends on po-pularisation of new financing forms, i.e. mainly Public-Private Partnership (PPP). As a leader in financing the infrastructural projects Bank Pekao ac-tively propagates and participates in PPP development. Modernisation of dorms in Cracow is a pioneer project of financing public utility buildings. Thus the investment could not do without Bank Pekao which has set new standards of financing public investments – said Rafał Petsch, Director of the Financial Institutions and Public Sector Department.

Bank Pekao is the sole creditor of the newly established company. It is also the arranger, payment agent and collateral agent as well as it runs the company’s accounts. The transaction structure and the accompanying documentation were prepared by Pekao and the participating in this venture, on the company’s side, renowned international concerns: Bouygues Batiment International SA and GDF Suez Energie Services SA, as well as Polskie Inwestycje Rozwojowe.

The company will use the loan for re-development and fitting-out of three dorms, including the sport and recreational infrastructure. The company, inter alia, will exchange roofs, renovate facades and change installations in the bu-ildings. The sport infrastructure will be developed, including the football pitch and tennis courts. In addition, parking spots for bicycles will be set up.

Great festivity of scienceIn 2014 the Jagiellonian University celebrates the 650th anniversary of its foundation. The celebrations are organised under honorary patronage of President of the Republic of Poland and the patrons of honour include, inter alia, Minister of Culture and National Heritage, Minister of Science and Hi-gher Education, President of Cracow, President of Warsaw and the Governor of Małopolskie Province. The Senate of the Republic of Poland established the year 2014 as the Year of the Grand Jubilee of the Jagiellonian Universi-ty. The Bank as a sponsor of celebrations of the 650th anniversary of the Jagiellonian University actively participates in the Jubilee events.

The Jagiellonian University is the oldest institution of higher education in Po-land and at the same time the biggest in Cracow. The University was establi-shed exactly on 12 May. On that day, in 1364, King Casimir the Great founded a school called Studium Generale. It was modelled on the University in Bologna. It was the second such university in Central Europe, after Prague. It consisted of three faculties: law, medicine and liberal arts. The fourth faculty – theology – was added in 1400 when the University, after a period of discontinued activity,

was restored on the initiative of King Wladyslaw Jagiello after the death of Qu-een Jadwiga who made bequest of all her property to the University.

As of 1817 the University was renamed the Jagiellonian University – to ho-nour a dynasty of the Jagiellonians. The previous names included Cracow Academy, Main Crown School, Main Cracow School or Cracow University.

In 1936, President Ignacy Mościcki awarded the Jagiellonian University with the Commander’s Cross of the Order of Polonia Restituta for ”the invaluable achie-vements recorded over centuries of its existence in the field of Polish science, preserving historic traditions and patriotic upbringing of many generations”.

In 2013 the Jagiellonian University was acclaimed for the second time the best institution of higher education in Poland in the ranking published by the “Perspek-tywy” monthly and ”Rzeczpospolita” daily. At present, the Jagiellonian University is educating nearly 50 ths. students. Didactic and scientific activity is conducted by 540 professors, 730 assistant professors and 2,6 ths. lecturers.

Among others - my team and our team of advisors, for which I would like to thank them.

Gilles LeonardCEO, BYPolska PropertyDevelopment

I am very proud to implement this project in the PPP formula for the Jagiellonian University – Collegium Medicum – and for its students. The success of this project is the result of hard work and commitment of many people.

Gilles Leonard, CEO of BYPolska Property Development (on the left) with Barbara Cendrowska and Sławomir Listkiewicz (Bank Pekao SA).




ACCEPTANCE NETWORK








Bank Pekao and the ”Polish Airports” State Enterprise (PPL) signed an agreement for financing development of the Warsaw Chopin Airport. The carried out works will be financed with the use of bonds issue worth PLN 600 mln maturing in 2022.


The agreement provides that the Bank will arrange financing for the airport development in the form of bonds issue for the amount of PLN 600 mln. The

amount obtained from issued bonds will be disbursed in two tranches: short--term one and long-term one. The final date of redemption of bonds will be 30 December 2022. In this transaction, Bank Pekao is the Guarantor of the Bonds Issue Program, Issuing Agent, Depository, Payment Agent and Security Agent.

– Development of the largest airport in Poland is the key project not only from the perspective of Warsaw but also the whole country. Thus I am pleased even more that we have been chosen as financial partner to carry out this project. Our involvement in the project is the effect of our unique experience we have gained over the last years while financing development of eight regional airports – said Rafał Petsch, Director of the Financial Institutions and Public Sector Depart-ment of Bank Pekao SA.

The funds obtained from issue of long-term bonds will be used, among other things, for development of passenger terminal, modernisation and re-develop-ment of airsides, building of five-star hotel and also refinancing of the existing debt of PPL. The total cost of the investment plan to be accomplished by 2016 will amount to about PLN 800 mln.

– The air traffic in Warsaw is becoming more and more intense year by year. In 2014 we serviced 10,5 mln people at the Warsaw Airport and in 2015 we expect to service by one million more. To maintain the highest quality of service of passengers and airlines, with still more intense air traffic, we want to invest in advance in infrastructure development to continuously improve the comfort and increase capacity of our airport – said Michał Kaczmarzyk, Chief Manager of “Polish Airports” and Director of the Warsaw Chopin Airport.

Financing of development of the Warsaw Chopin Airport infrastructure is an example of another modernisation of the airport in which Bank Pekao is invo-lved. In the previous years, the Bank co-participated in financing the moderni-sation of the airports in Gdańsk, Rzeszów, Modlin and Łódź, as well as in Wro-cław and Poznań. Up till now, Bank Pekao has arranged financing of airports for the total amount of over PLN 2 bln.




ACCEPTANCE NETWORK





Sitting from the left: Michał Nowotny Deputy CEO of “Porty Lotnicze”; Michał Kaczmarzyk CEO of “Porty Lotnicze”; Andrzej Kopyrski Deputy CEO of Bank Pekao SA; Rafał Petsch Managing Director of Financial Institutions and Public Sector Department, Bank Pekao SA.




FOREIGN CURRENCY TRANSFERS – THE BEST OFFER ON THE MARKET

One of the trade financing instruments most frequently used for the pur-poses of settlement of international transactions is foreign exchange

transfer.

The five most important things you need to know about foreign exchange transfers1) Incoming/outgoing transfers are executed via the following systems:

• SWIFT – SWIFT transfers in different currencies• EuroELIXIR – transfers in euro (EUR) – EuroELIXIR transfers (dome-

stic) and SEPA transfers (foreign or domestic)

Foreign transfer orders processing scheme:

2) There are three charging options the Client can choose from:• SHA – the charges of Bank Pekao are paid by the customer, the char-

ges of intermediary banks (if they occur) and the charges of the bene-ficiary bank are paid by the beneficiary. Bank Pekao charges its own commission by way of a separate booking.

• BEN – all the charges are paid by the beneficiary. The commissions are char-ged from the transferred amount. Beneficiary receives the amount decre-ased by the commissions of banks participating in transaction execution.

• OUR – all the charges are paid by the party ordering payment. Bank Pekao charges its own commission by way of a separate booking and, in addi-tion, the lump sum to cover commissions of other banks. Bank Pekao charges the specific amount depending on where the payment is sent.

3) There are three execution modes the Client can choose from:

FOREIGN CURRENCY TRANSFERS – THE BEST OFFERON THE MARKET

An important element in activity of many Polish enterprises is trade exchange with abroad. According to the forecasts, further recovery in trade exchange is going to take place in the coming months, which will translate into increase of exports and imports (by 9% and 8% respectively*). The most important direction of movement of goods and settlements are the member countries of the European Economic Area (EEA**⃰) - EU member states or member states of the European Free Trade Agreement (EFTA), being parties to the EEA agreement. As much as 85% of settlements of large companies and corporations is channelled to the EEA countries, mainly in EUR and in currencies of those countries. Therefore, it is so important to make available the best and most flexible offer in terms of foreign settlements to entrepreneurs.

CLIENT

SWIFT The National Clearing House

SETTLEMENT Clearing

SWIFT MT103 SEPA CT, national EEX

The beneficiary's bank

Any currency EUR only

Beneficiary

Ordinary mode

Urgent mode

Express mode

D+1* (to the EEA countries/EEA currencies

D+2 (other)

D+1 (other)

D+0

Recipient bank

4) Electronic foreign transfer available in 22 currencies:PLN, RUB, HUF, CZK, TRY, ZAR, AUD, JPY, USD, CAD, GBP, DKK, NOK, CHF, SEK, EUR, HRK, AED, BGN, RON,CNY5)

5) Automatic repetition of attempts to execute foreign exchange transfers in the PekaoBIZNES24 systemShould there be no funds on the account, the PekaoBiznes24 system verifies the Client’s account balance 20 times every 30 minutes or until the cut-off time of order execution. After the cut-off time, if there are no funds on the account, the payment will be rejected. The liquidity mill does not service transactions with currency conversion.

The most attractive cut-off time on the market in the EEA (European Economic Area). Thanks to our offer the money transfer in standard mode sent to EEA countries (in as many as 14 EEA currencies – EUR, BGN, CZK, DKK, HUF, ISK, LTL, LVL, NOK, RON, SEK, GBP, PLN, CHF to 31 EEA countries) is executed within a very short time – the beneficiary’s account is credited not later than on the following bu-siness day (D+1), whereas the fee is charged as for ordinary mode (D+2). Such transfers can be ordered until 5:00 p.m.. It is the most attractive cut-off time on the market. A shorter time of execution of money transfers within the European Economic Area (EEA) in currencies of that Area means that a company can use its funds longer and more effectively.

The attractive cut-off time enables the Bank to accept money transfer orders and execute them instantaneously until 5:00 p.m., and if the money transfer is sent after the cut-off time, then the funds remain at the Client’s disposal until the next business day. Should there be no funds on the account to execute money transfer, the bank will automatically repeat an attempt to execute the order until the next cut-off time. Such service is in the standard offer and it is offered free of charge.


PEKAO – THE BANK OF THE YEAR ON TRADE FINANCE MARKET





FOREIGN CURRENCY TRANSFERS – THE BEST OFFER ON THE MARKET The widest range of currenciesCorporate Clients of Bank Pekao SA can order money transfers in paper form in 137 currencies of the world – it is the most extensive offer of currencies on the market, which reduces the number of currency conversions and speeds up funds transfer.

The PekoBiznes24 system allows corporate Clients to effect money transfers in as many as 22 currencies. The latest on the market electronic banking system

for corporations enables you to run accounts in foreign currencies and execute money transfers in those currencies, including non-standard currencies, e.g. CNY (Juan). As a result, the comprehensive settlement in the given currency is possible – opening of accounts and execution of outgoing and incoming money foreign transfers enable to reduce foreign exchange risk (by reducing the number of cur-rency conversions, enhancing the process of financial liquidity management and shortening settlement time).

High level of automatic processing of payment messages (95%), the so-called Straight Through Processing, (without operator’s interference). Such manner gu-arantees that money transfers will be processed quickly.

Comprehensive offer of SEPA transfersBank Pekao S.A. offers a comprehensive solution in terms of execution of SEPA transfers:1) SEPA transfer order both in electronic and paper form 2) SEPA transfer order from the account maintained in any currency3) Currency conversion to EUR4) Negotiable foreign exchange rate

SEPA is the Single Euro Payment Area in which the citizens, entrepreneurs and other entities can settle their accounts both within the borders of member states in Europe and make cross-border payments according to the same transparent principles: law regulations, technical standards and obligations. It is now the most up-to-date method of making payments in Euro on the European Union territory.

Bank Pekao SA accessed SEPA Credit Transfer as of May 2010. Currently, Bank Pekao SA offers the comprehensive execution of SEPA transfers – both received from other banks (SCT-IPO-Incoming SEPA Credit Transfer) and sent to banks participating in this channel (SCT-OPO- Outgoing SEPA Credit Transfer). Bank Pekao SA is a direct participant of settlements performed in the EuroELIXIR system operated by Krajowa Izba Rozliczeniowa SA (Natio-nal Clearing House) thanks to which SCT orders are settled.

FOREIGN CURRENCY TRANSFERS – THE BEST OFFERON THE MARKET

Advantages for Clients using SEPA payments:1) The time of payment execution is defined upfront (in the case of transac-

tions made via PekaoBIZNES24 – maximum 1 business day), it is certified and predictable.

2) Payment is made in full amount – the bank of the ordering party or benefi-ciary is prohibited to charge fees from the transferred amount

3) Full availability in the SEPA area – payments can be made in favour of any beneficiary in any SEPA country, provided that it maintains an account with the bank which accessed the SEPA Credit Transfer System.

4) Payments are processed fully automatically according to common standards – it guarantees promptness and effectiveness and it minimises the risk of error.

5) Attractive cut-off time: 5:00 p.m.6) Possibility to apply negotiable transfer exchange rate 7) Payment executed from the account maintained in any currency 8) Possibility to fix a future date of transfer execution - even up to 90 days in advance.

*data provided by the Ministry of Economy, August 2014; **Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Spain, Holland, Ireland, Island, Liechtenstein, Lithuania, Luxemburg, Latvia, Malta, Germany, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Switzerland, Sweden, Hungary, Great Britain, Italy; ***According to the Act on Payment Services dated 19 August 2011, the Bank effects money transfers to banks having their seat on the territory of countries belonging to the European Economic Area and in currencies of those countries on the next business day the latest and only with the SHA cost option.

OUR ASSETS:• The best cut-off times for execution of money transfers.• The most extensive offer of available currencies in which a foreign

transfer can be made: 137 currencies of the world. Via PekoBiznes24 system: 22 currencies - PLN, RUB, HUF, CZK, LTL, TRY, ZAR, AUD, JPY, USD, CAD, GBP, DKK, NOK, CHF, SEK, EUR, HRK, AED, BGN, RON,CNY).

• On a standard basis, we execute money transfers in the currencies of the European Economic Area (EEA) to the EEA countries in urgent mode (D+1) whereas the fee is charged as for transfers made in ordinary mode (D+2).

• A high level of automatic processing of payment messages (95%), the so-called Straight Through Processing (without operator’s interference). Such manner guarantees that money transfers will be processed quickly and without any errors.

• Possibility to apply negotiable foreign exchange rate for every transfer mode (SWIFT, SEPA, EEX).

• A wide network of correspondent banks.• Automatically repeated attempts to execute foreign exchange

transfers in the PekaoBiznes24 system.• For all types of transfers in PekaoBiznes24 we offer a possibility to

fix the future date of transfer execution – up to 90 days in advance.






The trade finance products and services offered by the Bank received two very important awards at the turn of 2014 and 2015. Both you – the Bank’s Clients and market experts indicated Pekao as the best trade finance provider in Poland. Thank you!


THE BEST TRADE FINANCE PROVIDER IN POLAND ACCORDING TO ENTREPRENEURS SURVEYED BY EUROMONEYBank Pekao SA was recognised as the Best Trade Finance Provider in the survey carried out by the Euromoney prestigious magazine. The Euromoney award is granted based on the survey in which the repre-sentatives of companies select the best in their opinion solutions in terms of domestic and international trade finance. This year, more than 2000 international companies indicated three banks they use for trade finance products. Pekao obtained most of the votes among the banks operating in Poland. This result is a proof of Clients’ satisfaction with the comprehensive range and quality of transaction banking products and services provided by the Bank.

THE BEST TRADE FINANCE BANK IN POLAND ACCORDING TO GLOBAL FINANCE EXPERTSA title of the Best Trade Finance Bank in Poland, granted by the Global Finance Magazine, is the effect of decisions of not only companies’ managers but also trade finance technology experts and industry an-alysts. The Global Finance experts assessed the transaction volumes, scope and range of provided services, customer service and applied

innovative technologies. The competitive pricing of offered products and services was also important. Bank Pekao received the award in the category of trade and supply chain finance.

The trade specifics often result from fast goods turnover. Market con-ditions make wholesalers negotiate deferred dates of payment for goods purchased from the manufacturer, or even additional extension of these dates. A solution can just be the supply chain finance. At the first stage of transaction, the Bank finances the original supplier (manufacturer) paying out cash for delivered goods or services on the date when commercial invoice becomes outstanding, whereas the Re-cipient is offered an additional extension of invoice payment date. The buyer of goods (wholesaler), who acts as intermediary in the transac-tion, sells goods to other entities issuing invoices also with deferred payment date and requests the Bank to buy the invoices out before they become due for payment (discounting of receivables). Enabling suppliers to receive payment for goods and services in advance and Recipients to pay their liabilities in due time, the supply chain finance contributes to intensification and reduction of costs of cooperation be-tween supply chain participants. Electronic exchange of information with the use of PekaoBiznes24 internet banking system saves time and simplifies settlements.

The Bank’s participation in a transaction between trade partners goes beyond traditionally understood financing and this advantage of Pe-kao’s offer was appreciated by the jury of Global Finance competition.

In the past years, Pekao transactional banking was distinguished many times by Clients in the prestigious ranking of Euromoney Cash Manage-ment Survey. Inspired by being in the group of laureates for the consecu-tive four years, we decided to submit ourselves to another verification of Clients, and this time we participated in the European survey concern-ing the quality of trade finance services. Thanks to active participation

and positive opinions of our Clients, we were pleased to learn that Bank Pekao S.A. was recognised as the best trade finance bank in Poland – says Piotr Karwiński, Managing Director of the Transaction Banking Department.

Piotr Karwiński, Managing Director of Transaction Banking Department in Bank Pekao SA (on the right) receives the prize from Joseph D. Giarraputo, the founder and editor of Global Finance.


FOREIGN CURRENCY TRANSFERS – THE BEST OFFERON THE MARKET PEKAO – THE BANK OF THE YEAR ON TRADE FINANCE MARKET




2014 EUROBUILD AWARDS HANDED OUT. PEKAO – THE BANK OF THE YEAR ON THE COMMERCIAL

REAL ESTATE MARKET FOR THE FOURTH TIMETHE BEST PREPAID CARD ON THE

MARKET FROM BANK PEKAOPRESTIGIOUS QUALITY INTERNATIONAL AWARD FOR PEKAO VISA INFINITE CARD

Already for the fourth time in a row, Bank Pekao was awarded a title of the ”Financing Provider of the Year in Poland”, granted by a jury of the Eurobuild monthly – one of the most important specialist magazines in the Commercial Real Estate sector in Central and Eastern Europe. No other bank managed to achieve this in the history of CRE awards in Poland.

2014 EUROBUILD AWARDS HANDED OUT. PEKAO – THE BANK OF THE YEAR ON THE COMMERCIAL REAL ESTATE MARKET FOR THE FOURTH TIME

Eurobuild Awards is a fully objective award of the sector. The award was granted by the jury made up of representatives of prominent compa-

nies operating on the commercial real estate market: developers, investors, consultants, law firms and banks. The selection of candidates for an award and the voting process were overseen by KPMG.

Jury members themselves choose the categories in which they are going to vote (max 5). They cast their votes individually and send them via Internet to the de-dicated e-mail addresses of KPMG, whereas each vote weighs the same. 183 jury members participated in voting this year.

The Eurobuild Awards are given to the best companies operating on the con-struction and commercial real estate market in Central and Eastern Europe. It is a unique initiative which has been listed in the calendar of the most important events on the commercial real estate market and which is recognised both by the ones who attend the awards gala, sponsors and partners as well as the whole market. Eurobuild Awards, being the most prominent event of the year, creates leaders and indicates trends and strong points of the market.

Let us remind that it is another award for Bank Pekao last year which is related to service and financing of corporate real estates. Participation in the most impor-tant real estate projects resulted in two distinctions which were awarded in 2014 by EuropaProperty: the title of Pekao – the Bank of the Year on the commercial real estate market in Central and Eastern Europe and the Bank of the Year in the competition: CEE Investment & Green Building Award which is dedicated to the evolving investment and sustainable development opportunities that are pre-senting themselves to the construction market in Central and Eastern Europe. We give coverage to this last award on page 13. Marek Koziarek, Managing Director, Structured Finance and CRE Financing Department.

STATUETTE OF ”DE MINIMIS PROGRAM LEADER” FOR BANK PEKAO

PEKAO SA – BANK OF THE YEAR 2014 ON THE COMMERCIAL REAL ESTATE MARKET

BANK PEKAO WITH THE BESTINVESTOR RELATIONS





The prepaid card of Bank Pekao dedicated to corporate Clients was ranked on top in the competition for ”The Best Polish Prepaid Card in 2014”.

THE BEST PREPAID CARD ON THE MARKET FROM BANK PEKAO

The competition was an initiative accompanying the Central European Electronic Card International Conference (CEEC) which was held on 26

November last year. The CEEC Conference is a year’s most important me-eting venue for persons and companies representing the widely understood card industry in Poland, and in Central Europe. During a two-day debate over 350 guests from Poland and foreign countries had a chance to get acquain-ted with novelties and trends on the card market. The Conference is the only place of annual meetings of representatives of the institutions and compa-nies most important for development of the card business in Poland and Eu-rope. The CEEC Conference was organised under honorary auspices of, inter alia, the Ministry of Economy and the Polish Bank Association.

The award was collected by Marta Olejniczak, Managing Director of the Transaction Banking Department, in charge of development of transac-tional products – The card was designed in view of increased interest in prepaid cards which are used both for settlement of business expenses and as loyalty or gift cards for employees. Card visualisation refers to the “Agromania” Project under which we offer financial products and services responding to the needs of agricultural-food industry”.

It is worth reminding that the prepaid cards of our Bank are very useful in service of:• loyalty programs for your Clients,• settlements with suppliers,• settlements with employees, also seasonal workers,• payment of benefits,• as fuel cards for employees.

MasterCard Corporate Prepaid Pekao cards are a practical and financially beneficial solution ensuring the same high security level as in the case of

other payment cards issued by the Bank.

Your contractors and employees will certainly appreciate their convenien-ce, functionality and wide use.

The minimum number of cards you can apply for is 20.

We invite you to cooperation.

More information on the Bank’s card offer for corporate Clients can be found at: http://www.pekao.com.pl/corporate/cash_management/Karty/

Information on Agromania program:http://www.pekao.com.pl/Agrostrefa

Visualisation of the card.

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http://www.pekao.com.pl/corporate/cash_management/Karty/

http://www.pekao.com.pl/Agrostrefa

www.pekao.com.pl/mis/kredyty/

http://www.pekao.com.pl/mis/finansowanie_z_poreczeniem_efi/program_instrument_podzialu_ryzyka/


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KONTAKT PLUS | Magazine of Bank Pekao SA | Quarterly no. 1/2015 (19) | www.korporacje.pekao.com.pl

Bank Pekao became the Laureate and received the QI Emblem in the category of QI Product in which the prestigious Pekao Visa Infinite Card was awarded. The award confirms that Bank Pekao offers the top quality products to its customers.

PRESTIGIOUS QUALITY INTERNATIONAL AWARD FOR PEKAO VISA INFINITE CARD

Pekao Visa Infinite credit card is a prestigious product dedicated to Private Banking Customers – the most demanding Custo-

mers of the Bank who appreciate the services of highest quality. The card stands out with the whole package of services useful during travel. Consequently, it is appreciated by active and frequ-ently travelling persons. Customers are covered with insurance against accidents, luggage loss, or equipment damage, whereas the sums provided as insurance are the highest as compared to other products of that type. The card holders can also enjoy many privileges in the best world hotels and when attending cultural, sport and entertainment events. The card ensures access to luxu-ry airport lounges.

Pekao Visa Infinite also ensures other benefits, such as assistance in hotel or transport reservation, delivery of gifts or intermedia-tion in purchase of tickets for any type of cultural or sport events.The Highest Quality International program is the greatest quality competition in Poland which is held under the auspices of the Ministry of Economy, Ministry of Infrastructure and Development, ISO 9000 Polish Forum Club and Polish Agency for Enterprise De-velopment.

The details of the offer regarding Pekao Visa Infinite card can be found at:

Bank Gospodarstwa Krajowego summed up 18 months of implementation of the de minimis guarantees government program addressed to micro, small and mid-sized enterprises. Bank Pekao was awarded the statuette of de minimis Leader for implementation of this program.

STATUETTE OF ”DE MINIMIS PROGRAM LEADER” FOR BANK

Bank Pekao is one of the most active banks participating in the program. As of 2013 the Bank has granted more than 7,1 thousand de minimis guarantees

worth PLN 1,5 bln, whereas in the scale of the whole country the total number of 65 thousand micro, small and mid-sized companies have taken advantage of the program and the total amount of granted guarantees exceeded PLN 13 bln.

The program of de minimis guarantees is the government response to economic slowdown. Under this program micro, small and mid-sized enterprises can obtain guarantees for repayment of loans granted for financing the current and invest-ment activities. It is the first government program in which the risk associated with granted guarantees is taken over by the State Treasury. It is also the program of no precedence in the period of transformation of Polish economy after 1989. De minimis guarantees are the State aid for entrepreneurs which is permitted by the Polish law and EU regulations. They are offered by Bank Gospodarstwa Krajowego through crediting banks.

More

Pekao Visa Infinitecredit card










http://www.pekao.com.pl/private/karty_platnicze/VISA-Infinite/


http://www.pekao.com.pl/mis/kredyty/gwarancja_de_minimis


The Bank became the laureate of the CEE Investment & Green Building Awards competition organised by the EuropaProperty magazine. The event is dedicated to the evolving investments and sustainable development opportunities in Central and Eastern Europe.


Awarding a title of the Bank of the Year, the CEE Investment & Green Building Awards jury recognised our achievements in this sector from the last 12

months. It is worth remembering that it is already the second recognition of EuropaProperty jury members. In spring, Bank Pekao’s activity in financing de-velopment of new shopping centres was recognised with the CEE Retail Award.

The EuropaProperty Gala was attended by the representatives of se-veral hundred key companies operating in the commercial real estate sector – investors, developers, banks as well as law firms and real es-tate agents, whereas the awards were presented by the international jury made up of 50 top real estate decisions-makers from the industry.

The founders of the CEE Investment & Green Building Awards strive to pro-mote investment opportunities that arise in Central and Eastern Europe now when the economic crisis is no longer the main driver for real estate invest-ment and transaction volumes are expected to increase in all the sectors.

Agata Konarska, Master of Ceremony, is handing in the award to Marek Koziarek, Managing Director of the Structured Finance and Commercial Real Estate

In this year’s edition of the ranking organised by the IR Magazine, Bank Pekao received an award in the category: ”Best Investor Relations in Poland”, whereas Dariusz Choryło won in the category: ”Best Investor Relations Officer” in Central and Eastern Europe.

BANK PEKAO WITH THE BEST INVESTOR RELATIONS

Dariusz Choryło has been associated with Bank Pekao since 1993 and as of 2010 he is Executive Director of the Investor Relations and Strategic

Market Analysis Department at Bank Pekao.

The IR Magazine awards are prestigious international distinctions given by the IR Magazine for the highest quality investor relations.

The winners are selected as a result of independent research which consi-sts of third-party surveys and telephone interviews conducted with asset portfolio managers and financial analysts from all over Europe. Based on their opinions the IR Magazine awards the persons and teams that achie-ved the highest quality investor relations within the last 12 months.











NEW POSITION IN GLOBAL VALUE CHAIN

Why do we need internationalisation of Polish companies? The most straightforward answer is: we have no choice. The present paradigm of development of our country has exhausted its potential – in the long run it is impossible to have higher wages and living standard with the low productivity and”everlasting sub-contractor” position. We need a new model of economy, based on creativity and innovation, that would let us attain a different position in the global value chain. Foreign expansion of enterprises can just be a stimulus for this “leap” forward. ”Learning through export” enables companies to increase their competitiveness and technological sophistication, build their international relations and finally stimulate demand inside the country. What do we need to make this happen? The right support for companies in their expansion abroad will certainly be helpful. In the first place, however, we need the will and desire of companies’ owners to learn, change and open to the world.


Internationalisation of companies which now produce only to the local market and the changed form of presence abroad of enterprises that

currently perform the role of sub-contractors can and should be a way to break through development barriers existing in Poland. These processes can support in a natural way development of new competences which the companies operating in Poland need so much. Thus, they would contribute to achieve higher productivity – a basic condition for the increase of wages and improvement of living standard.

Polish companies focus on the so-called ”mid-tier” elements of value chain (production or assembling), whereas the most valuable parts are the ones which are at the beginning (conceptual phase) or at the end of the chain (sale and customer service). Economic development is a continuous process of modernisation of eco-nomy and the capital employed there, both physical and human capital. Ability to generate the so-called “economic surplus” has the key impact upon the pace of this process. This surplus consists of wages (remunera-tion for work) and profits (return on capital). The higher they are, the higher the capability and propensity to invest, i.e. to accumulate physical capital (buildings, machines, vehicles used for transportation, etc.) and human ca-pital (expertise, knowledge). In this context, there is a direct link between international competitiveness of companies operating in the given country and productivity and economic growth of that country. On the one hand, this productivity translates into the scale of economic surplus and invest-ments. On the other – the productivity is positively impacted by moder-nisation of production factors and simultaneously progressing change of economy structure, which is the result of the aforementioned investments. If this process keeps going effectively in the given economy, then this eco-

nomy continuously evolves towards production of goods and provision of services characterised by higher sophistication, whereas the accompany-ing higher productivity allows for higher wages and better living standard. The problem arises when this process is disturbed and the companies and the country itself stuck at a certain stage of development.

In Polish conditions, the economic growth recorded in the recent years resulted from higher involvement of labour. At the same time, the pro-

ductivity of production factors was rising too. However, when compared to other countries, it remains at less than 50%1 of the most developed countries in Europe and the US There are several causes of this situ-ation. Firstly, we manufacture relatively simple goods. A classic exam-ple here is chemical sector where our domestic production consists mainly of “basic chemicals”. At the same time, we import enormous quantities of more complex products.

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NEW POSITION IN GLOBAL VALUE CHAINSecondly, Polish companies focus on the so-called “mid-tier” elements of value chains. They cover the production (or assembling) process itself – often as sub-contractors for international corporations, while today the most valuable parts of value chains – accompanied by the highest produc-tivity and wages – are those which are at the beginning or at the end. The first ones include a substantial added value related to development and research phase. The latter ones are, for instance, the sale and post-sale se-rvices. At the same time, it is worth noting that the mid-tier parts, occupied by the companies operating in Poland, are subject to labour arbitration, i.e. in global economy they are moved to locations where cost of labour is the lowest at the given moment. It may happen that when costs relations change in the future, the production will be moved from Poland to other locations.

Finally, in the case of many small and mid-sized companies a barrier for hi-gher productivity is the mentality of their owners. Many of them are afraid of a sort of ”leap” forward which would require considerable investments and pose challenges resulting from necessity to search for new markets. As a result, most of the processes in those companies rely on cheap labour. Their fixed assets are rather limited and usually outdated. In a situation of increased market pressure (which we have been facing in the recent years) many of those enterprises stay in business only because they operate on the verge or in grey area of economy.

In the case of many small and mid-sized companies a barrier for productivity growth is often mentality of their owners. Those who do not have the will to go global should consider selling their companies. The presence on foreign markets is often an indicator of their chance to survive in the long-term perspective.All the above cited issues can be summarised in the form of an ob-servation that the Polish enterprise sector is characterised by the low technological saturation and low level of innovation – not only tech-nological one but also the organisational and process innovation. It is confirmed by various rankings1. A cause for concern is not only the fact that Poland is ranked low but primarily the lack of any meaningful progress in the recent years. Meanwhile Polish economy is in a delicate

point. Further economic growth through the greater involvement of la-bour will soon be practically impossible. As a consequence of demogra-phic processes the number of people entering the labour market every year will fall down significantly. This is likely to change the balance of powers on the labour market – the bargaining power of employees will be getting stronger, which will lead in turn to increased pressure on wages. In such a situation, the economy based on the low-cost com-petition model may – particularly in the case of some industries – be challenged. To avoid problems we must start building fundamentals of a new paradigm for economy which will be based on creativity and innovation.

Internationalisation – a simple impulse for changesA need to change the model of social and economic development in Po-land is slowly becoming a topic of discussion. There are more and more re-ports about that. However, when it comes to building fundamentals of mo-dern economy, one should not forget about relatively simple mechanisms which can stimulate desirable changes from the bottom-up. One of them is the internationalisation of Polish firms, those which are not yet included in global production processes. Internationalisation can take different forms, starting from export and import, through outsourcing of some processes (here you can either receive outsourcing orders from abroad or place such orders), different forms of cooperation (e.g. technological cooperation), to equity investments (acquisition of foreign companies, building factories abroad, etc.).

If a company starts exporting its goods and thus increases its production volume then it has a greater impact on economy. Its demand for goods and services delivered by sub-contractors or service providers is increasing; new jobs are being created and there is a new purchasing power. How internationalization can affect the modernisation of Polish econo-my? Firstly, entering foreign markets by exporting goods is a chance to bring about the scale effects, thus improving economics and allow for more effective competition. It is a way to increase the aforementioned economic surplus and develop a greater capability to invest (in machi-

nes, research and development, human capital), which in turn transla-tes into productivity and wages. Export is thus a way to get away from the “mediocrity trap” in which many Polish companies are stuck today. Export expansion is beneficial particularly in the present conditions - the research of the National Bank of Poland1 shows that since the outbreak of the global crisis the market exchange rate of Polish currency is several dozen groszy above export profitability level. It means that those who sell abroad get extra bonus (ranging between 5-10%).

Secondly, if a company starts exporting its goods and thus increases its production volume then - bringing about multiplier effects – it has a greater impact on economy. Its demand for goods and services delivered by sub-contractors and service providers is increasing, as a result of which new jobs in economy are being created and the-re is new purchasing power. This is followed by increased domestic demand (resulting from higher income) and secondary benefits for economic situation.

Another argument in favour of internationalisation of companies opera-ting in Poland is the fact that it ensures diversification of sale directions. As a result, economic downturns on individual markets are not able to undermine stability of the company. Numerous international research studies also show that the presence on international markets produces a very positive effect on the operation of companies at micro level. Such company arouses deeper interest in general industry trends, it is enco-uraged to innovate, to cooperate and establish new relations. The effects like these are being described as learning by exporting2, and their result is that exporting companies earmark bigger funds for research and de-velopment, invest more into efficiency enhancing information and com-munication solutions and into their employees (trainings, foreign trips to attend industry events, etc.). These positive effects are further spread in the economy as higher requirements of a foreign market enforce mo-dernisation of not only direct manufacturer but also its sub-contractors which, whether they want it or not, must also adjust themselves to higher requirements.

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NEW POSITION IN GLOBAL VALUE CHAINThe presence on foreign markets arouses deeper interest in general trends in the industry, encourages innovation, gives stimulus to coope-rate and establish new relations. The effects like these are described as learning by exporting, and their result is that exporting companies earmark bigger funds for R+D, invest more into information and com-munication solutions and in their employees.Customers abroad can be used for marketing purposes as they are the evi-dence that a company meets the expectations of not only domestic but also foreign clients.

Benefits for economy, however, are not only connected with export activity of companies present in the given country. Import can also exert a positive in-fluence. It can bring prices down (improving competitiveness and/or econo-mics) or ensure better quality of final goods (if the local suppliers are not able to meet high quality standards in case of inputs). At the same time, it exerts pressure on the local sub-suppliers – it is a signal to them that they stand out from international standards and thus they are forced to modernise.

Internationalisation, and specifically equity investments abroad, can also be a way to address problems resulting from limited presence of Polish companies in the most valuable parts of value chain. Buying companies abroad is an opportunity to position themselves in those parts of the value chain in which the company was absent. It is a chance to acquire brands, patents and research&development base. It is also a way to get direct ac-cess to clients, to offer them post-sale service and to get market expertise.

Finally, the last argument for entering the foreign markets is that in the glo-bal economy you can hardly avoid it anyway. Sooner or later globalisation

will reach every market. In such a situation, instead of waiting passively for what is going to happen it is better to build competences letting you compete on the world market and to learn on foreign ground rather than on one’s own playground.

Internationalisation or sale of the companyForeign activity of Polish companies (especially small and mid-sized ones) is rather unsatisfactory, particularly with regard to technical cooperation and equity investments. Although in our country the percentage of enterprises having any relations with abroad is close to European average then it is the result of simple export-import relations. Poland is the last but three in the European Union in terms of percentage of companies participating in more complex international relations (foreign investments, technological coopera-tion or outsourcing). Thus, the gap to be closed is enormous.

There is a need to make companies aware of the benefits resulting from internationalisation. It is also worth supporting them in this pro-cess. In the first place, however, we need the will and desire of com-panies’ owners to learn, change and open to the world. In many cases it is not an easy decision for them as it requires spending money which may not pay back. Those who do not have the will to take this risk should consider selling their companies. Why? Because in case of manufacturing companies their presence on foreign markets indi-cates their chance to survive in the long run. The general rule is that productivity advantage resulting from operating on foreign markets sooner or later leads to displacement of domestically-oriented, less productive companies. This is because strong, internationally present company attracts resources more easily (e.g. good employees) and

consulting business and he started his professional career in public administration (Ministry of Finance). He is a graduate of Cracow University of Economics and Warsaw University of Technology Business School (Executive MBA). He is an author of numerous studies, reports and articles regarding macroeconomics and finan-cial markets. He also writes a blog dedicated to current economic issues. His passion are topics related to financialisation of the economy, globalization and integration.

Andrzej HalesiakDirector in the Economic Analyses Office, Bank Pekao

Andrzej Halesiak is an economist and manager currently working in the ban-king sector (he is responsible for strategic projects and analyses). Earlier for many years he worked in the

gradually the competences and productivity gaps are getting wider. In this situation a decision to sell the company in the case of those who do not want to take on the risk of internationalization can be benefi-cial for everybody. The seller will not have to be afraid that one day there will be no place for him on the market, whereas for the buyer will get a chance to strengthen its forces.

In the conditions of global economy entering foreign markets is unavoidable. Therefore, it is worth supporting companies in their “going global”. In the first place, however, there must be the will and desire of companies’ owners to learn, change and open to the world.

1 After taking into account the purchasing power parity2 A good example is a very comprehensive ranking: Innovation Union Scoreboard 2014, covering many aspects of innovation. In the latest edition of this ranking, Poland is the last but four among 28 European Union countries.3 Quarterly ”Information on the condition of the enterprise sector with particular focus on economic situation” 4 The literature dedicated to internationalisation of companies’ activities does not present a consistent view as to directions of dependencies; e.g. according to some analyses it is more likely that ”more productive companies become

exporters”, whereas other analyses show that “it is export that makes companies more productive”. These divergences result from different reasons. One of the main reasons is conceptual inconsistency of examined effects connected with international activity – you can come across different types of effects in different reports, i.e. ”learning-by-exporting”, “learning-to-innovate-by-exporting”, “learning-by-doing-exports", or „learning-to-export”. Apart from these methodological differences it is worth noting that a wide range of reports devoted to experiences of countries with a relatively low level of income (development) show that running business activity in cooperation with partners or on the territory of more developed countries brings about positive effects for the companies which enter into these international relations, and thus for the whole economy.




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