News Parkiet

Accounting standards

Corporate earnings not affected

by new rules

International Accounting Standards in force since January 1 had relatively little impact on the corporate earnings of top Polish companies, recent survey by PARKIET shows. Fiscal 2004 financial data restated to comply with IAS standards, as reported by eleven blue-chip companies was just 2.5 percent lower than comparable figures produced under Polish accounting standards. Total net equity of the eleven WIG20 stocks rose 1.9 percent.

Three companies that published comparable figures reported a 7.3 percent increase in net debt.

Wine

Ambra IPO fizzles out on Warsaw debut

Rights to shares issued by wine importer Ambra SA fell 2.11 percent to close at 9.3 zloty yesterday, the first day of trading on the Warsaw bourse. Ambra, which is controlled by Germany's Sektkellerei Schloss Wachenheim, sold 6.3 million shares priced at 9.5 zloty each in an IPO that was more than three times oversubscribed by retail investors. However, the IPO size was halved when SSW decided against selling part of its stake in Ambra. The German firm still owns three-quarters of Ambra's outstanding stock.

Packaging

Kęty on track to meet forecast

Aluminum packaging maker Grupa Kęty estimates its second-quarter earnings will drop to about 23 to 24 million zloty, bringing total 1H earnings to about 41 million zloty. Kęty, southern Poland-based company says it expects to meet fiscal 2005 earnings target of 102 million zloty despite economic slowdown and lower sales in Poland. 'Our company is offsetting lower domestic sales with much higher revenues from export sales', acting chief executive Dariusz Mańko said.

Financial services

Nordea buys Sampo's pension and insurance companies

Finland's Sampo financial group has sold its two main Polish businesses, Sampo Life insurer and Sampo PTE pension fund to Nordea for a total of 95 million euros yesterday. Sampo initially paid nearly 178 million euros for the two firms.