News Parkiet

Banks

BRE Bank lost millions on broker?s

transaction

BRE Bank, one of the largest Polish investments banks, had 17.5 mln zloty in capital market losses after a broker made an improper transaction. It remains unclear how it happened. The case is under investigation by the KPWiG, Polish Securities and Exchanges Commission. The loss won?t impact the bank?s financial results because it will be covered by an insurance policy, the Warsaw-based bank said in a statement. For the last year BRE Bank posted a net income of only 5.5 mln zloty, a year earlier it had a loss of 381 mln zloty.

Stock exchanges

56 new companies listed in Europe

In the first quarter of this year 56 companies debuted on the main bourses in Europe, while in the corresponding period of 2003 only 15 were listed. The value of the initial public offerings (IPOs) exceeded 5.2 bln euros, while in the first quarter of 2003 it amounted to 77 mln euros. Belgacom?s IPO, valued at 3.3 bln euros, was the largest. The company admitted to trading on the Euronext. Most of the newcomers, 35 companies, were listed on the Alternative Investment Market (AIM) of the London Stock Exchange. Warsaw Stock Exchange, included in the report published by PricewaterhouseCoopers for the first time, had 3 IPOs in the quarter ended in March.

Chemicals

Paint makers? sales rose

Polifarb Cieszyn-Wrocław and Śnieżka, the leading paint and varnish makers in Poland, announced preliminary results for the first quarter. Polifarb sales were up 16% in comparison to the same period of 2003. Śnieżka?s sales rose 35% in the quarter. The company, which recently debuted on the WSE, expects to post an increase in profit, but not as strong as in sales. Piotr Wiśniewski, an analyst at AmerBrokers brokerage, said the surge in the sales reported by paint makers is related to the introduction of a higher VAT rate for building materials, which will occur on May 1st, and the economical revival. Wojciech Solarski, the Polifarb?s CEO, agreed. Witold Waśko, Śnieżka?s CFO, added his company benefited from the WSE listing.

Tourism

Travelplanet.pl plans next year IPO

Travelplanet.pl, the operator of the largest Polish internet portal for tourists, considers an IPO. The Wrocław-based company seeks to start trading on the WSE next year. It plans to raise some 20 mln zloty from the IPO. It plans to use the money for the expansion to the East. Since it was created in 2000, Travelplanet.pl have posted increase in its revenue at 300% per year on average. Through its websites the company sells trip tickets, airline tickets and travel insurance.

Pension funds

Bankowy OFE performed best

During previous 24 months, the accounting unit?s value of the Bankowy OFE open-end pension fund had the biggest increase. It gained 32%. Second best performer was Polsat OFE. All the pension funds posted increases in the unit?s value greater than the minimal required level, which was set at 12.9%. On average the units gained almost 26%. The pension fund society which is managing the Bankowy OFE may collect the premium for the best results. It will be granted in September for the results achieved over the three-year period. Currently the premium would amount to some 420 thousand zloty.