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The Warsaw Voice » Other » November 18, 2009
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Privatisation on Track Despite Crisis
November 18, 2009   
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The sectors with companies slated for privatisation are in good condition and have encouraging market prospects. Analysts say that state-run companies have to be privatised if they want to develop as this is the only way to obtain a substantial cash boost.

The Privatisation Plan for 2008-2011 is part of the privatisation strategy of the Civic Platform (PO) and Polish People's Party (PSL) coalition government. In his policy statement at the start of the year, Prime Minister Donald Tusk announced a "complete unblocking" of privatisation and work on a plan for the privatisation of key sectors of the economy.

The Privatisation Plan differs from similar drafts presented by previous government coalitions. Earlier plans assumed that "strategic sectors" would be limited and privatisation would involve companies from key sectors of the economy such as financial institutions, energy, chemicals and the oil industry. In many cases, privatisation was not begun at all, or was halted for political reasons.

Privatisation in the banking/financial sector

Poland's banking sector is the biggest in Central and Eastern Europe and comprises 80 banks accounting for 28 percent of the region's total assets.

Until the crisis of 2007/2008, the sector developed twice as fast as the economy as a whole. Today, despite the crisis plaguing the global banking system, Standard and Poor's rating agency says the Polish banking sector is doing well. According to the company's analyst Kai Stukenbrock, there are only "question marks" as to individual mechanisms in the sector's functioning, but it is still in much better condition than its equivalents in Central and Eastern Europe or the "old" European Union.

According to Standard and Poor's, it is probable that the sector's asset growth will be maintained at 16.6 percent on average in 2007-2011. Analysts believe that, paradoxically, the Polish banking sector has managed to avoid a major crisis due to its relatively low level of development; it lacked advanced financial instruments. Loan debts have had little impact on the sector's condition; mortgage loans in Poland in 2009 accounted for just 14.1 percent of the GDP, while the EU average was 40-50 percent.

The banking market in Poland is still fragmented and far from saturated. The dominant role is played by UniCredit (Pekao SA) and PKO BP banks with a combined 25-percent market share. The five biggest banks account for almost 53 percent of the market.

The insurance sector is dominated by PZU SA in which the Treasury holds a majority stake. The recently resolved dispute with Eureko BV will enable PZU SA to be privatised by having its shares traded on the stock exchange.

The most important upcoming privatisation project in the banking sector is the sale of the Warsaw Stock Exchange. It is scheduled to take place by the end of 2010. Today the Treasury holds a 98.82-percent stake in the Warsaw Stock Exchange.

The second-largest project planned for 2010 is the privatisation of PKO BP SA bank, which is 51.49 percent owned by the Treasury. In order to increase its equity, the bank has launched a new share issue. Next year will also see the sale of the Treasury's minority stake in Bank Handlowy SA (2.49 percent on the regulated market).

Privatisation in the chemical sector

There are about 20 large production companies in the Polish chemical sector and about 100 smaller firms.

Today the global market is feeling a slowdown caused by the economic and financial crisis. The Polish market is concentrated around a few companies representing the "Great Chemical Synthesis" (bulk chemicals) sector, which is controlled by the state. Poland is the world's only producer of chemical products such as TDI and EPI (Ciech), oxo-alcohols (ZAK), melamine (ZAP), and titanium white (Police).

Most of the large chemical companies are listed on the Warsaw Stock Exchange. The biggest listed chemical company is the Ciech group. It includes over 30 companies, among them Soda Polska, ZCh Zachem, ZCh Organika, Vitrosilicon, Gdańskie Zakłady Nawozów Fosforowych, and ZCh Alwernia SA. Ciech is a leading company on the Polish market for epoxy and polyester resins, TDI and calcined soda. The group also produces phosphorus fertilizers.

The leading company in Poland's chemical fertilizer sector is Zakłady Azotowe Puławy. The company makes fertilizers as well as melamine and caprolactam.

The leading producer of multi-component mineral fertilizers for agriculture and the country's sole producer of titanium white (titanium dioxide), a product used in many different industries, is Zakłady Chemiczne Police.

Zakłady Azotowe w Tarnowie-Mościcach SA is a leading producer of polyamides, acetate copolymers, fluoride plastic materials and caprolactam. The company also makes plastics, materials for the production of plastics, mineral fertilizers, and chemicals.

Analysts with BZ WBK bank say that given Poland's economic growth in 2009, the market for chemical products will gradually improve in this country. The recession in the subsequent period will be shallow, and the raw materials market will become stable again.

Three companies from what is known as the First Chemical Group are slated for privatisation by the end of this year: Ciech SA, ZAK SA (formerly Zakłady Azotowe Kędzierzyn SA) and ZAT SA (Zakłady Azotowe w Tarnowie-Mościcach SA). Plans provide for the sale of 36.68 percent of Ciech SA, 85 percent of ZAK SA, and 52.15 percent of ZAT SA. This privatisation is to take place by way of negotiations conducted by Nafta Polska SA under an agreement with the Treasury.

Plans for 2010 provide for the privatisation, through negotiations, of two other chemical companies, Zakłady Azotowe Puławy SA (ZAP), where 50.12 percent of the Treasury's 50.70-percent stake will be sold, and Zakłady Chemiczne Police SA, where 59.23 percent of the 59.41 percent held by the Treasury has been earmarked for sale.

In 2010, the Ministry of the Treasury plans to sell, through negotiations, 85 percent of its 100-percent interest in Azoty-Adipol SA, Kopalnie i Zakłady Chemiczne Siarki Siarkopol SA in Grzybów, and Zakłady Tworzyw Sztucznych Gamrat SA. Next year will also see the completion of ownership changes in the chemical sector, which means the sale of the Bydgoskie Zakłady Przemysłu Gumowego Stomil SA rubber production facility in Bydgoszcz and the Ośrodek Badawczo-Rozwojowy Przemysłu Oponiarskiego Stomil Sp. z o.o research and development centre.

Privatisation in the energy sector

The energy/power sector in Poland is dominated by four holding companies controlled by the Treasury. According to Fitch Ratings, the picture of the energy sector in 2009 and 2010 will depend on the implementation of investment programs, an increasing presence of the European energy sector thanks to privatisation and direct investment and growing funds for investment outlays. The market structure is expected to remain unchanged, with four companies in leading positions (Enea, PGE, Tauron, and Energa) and limited competition.

PGE is the biggest member of Central Europe's leading energy group. Enea, meanwhile, a company listed on the Warsaw Stock Exchange since November 2008, is the owner of the Kozienice power plant-the largest coal-fired power unit in this country-and of Enea Operator, a company whose network covers about 20 percent of Poland's area. Tauron, which comprises 94 smaller entities, is the second-largest power generation company in Poland; the third-largest is Enea with 44 entities.

The power generation sector also includes the largest companies of the sector's European market: Vattenfall, RWE and EDF. Fitch Ratings says that despite RWE and EDF Suez having withdrawn from the privatisation of Enea after the due diligence stage, these European players have defined Poland as a target market and assigned large sums for long-term investment plans in Central and Eastern Europe. They are also interested in carrying out large investment projects in the Polish energy sector.

The sector is in need of substantial outlays. The economic growth of the past decade has translated into a previously unheard-of growth in demand for electricity. Consumption increased from 96 TWh in 1995 to 118 TWh in 2007, and is expected to reach 130 TWh in 2010. Per capita consumption of electricity is 3.1 MWh. Poland is the seventh-largest power market in Europe.

Privatisation of the Companies from the energy sector is at the top of the agenda of the Ministry of Treasury. PGE Grupa Energetyczna SA was floated on the Warsaw Stock Exchange in November 2009. It was the highest IPO in Europe this year. The Ministry of Treasury will retain a controlling interest in the Polska Grupa Energetyczna SA. Grupa Energetyczna is 85-percent owned by the Treasury. Next year, the Treasury intends to sell some of the stock in Grupa Tauron Polska Energia SA through negotiations with strategic investors from the sector. However, the Treasury wants to keep control of the company of which it is now the sole owner. Under the sector's privatisation program, 67.05 percent of the Treasury's 76.48-percent stake in Enea SA will also be sold.

Another major privatisation project is the sale of the Pątnów-Adamów-Konin SA (PAK) power plant complex. This is Poland's second-largest power generation company running on lignite. Most likely 50 percent of the shares will be sold, which is the Treasury's entire stake; a combined sale with shares in the Adamów and Konin lignite mines is being considered.

Other important privatisation plans in the sector include the sale-through negotiations following a public invitation-of shares in Wojewódzkie Przedsiębiorstwo Energetyki Cieplnej w Legnicy SA (Legnica province heating company), Elektrociepłownia Zabrze SA (heat and power generation plant in Zabrze), Nadwiślańska Spółka Energetyczna SA (power company in Tychy), and Zespół Elektrowni Bytom SA (power plant complex in Bytom). Twelve more companies from the sector are also slated for privatisation, including two heating companies, a power market agency, a hydroelectric power plant complex, a commodity market for electricity, power plants and power and heat generation plants.

Privatisation in the mining sector

The mining sector in Poland is composed mainly of giant coal mining holding companies. They are Kompania Węglowa, Jastrzębska Spółka Węglowa, Katowicki Holding Węglowy, and Południowy Koncern Węglowy.

Most lignite mines are a part of power companies, such as PGE, while the Adamów and Konin lignite mines are under the state's direct administration.

In 2008, Poland's coal mining sector posted a net profit of PLN 741.5 million, more than a year earlier when mines made a total of PLN 87.5 million. The 2008 profit was largely due to the good results of Jastrzębska Spółka Węglowa and the Lubelski Węgiel Bogdanka mine. Katowicki Holding Węglowy posted a net profit of PLN 7.6 million in 2008, and Kompania Węglowa reported PLN 24.7 million.

Companies in the lignite mining sector have been doing well, too, and are expected to report good results for 2009. Coal (including both hard coal and brown coal, or lignite) is the dominant raw material in the Polish energy sector, accounting for 90 percent of total energy generation.

The privatisation program for this sector provides for the sale of the remaining state-owned shares in the Lubelski Węgiel Bogdanka mine. The mine is listed among Poland's 40 largest companies on the Warsaw Stock Exchange. Either through negotiations or on the regulated market, 55.97 percent of the mine's stock will be sold.

Also up for sale is 85 percent of the Treasury's 100-percent stake in Kopalnia Węgla Brunatnego Konin SA and Kopalnia Węgla Brunatnego Adamów SA lignite mines. Plans for 2011 include the sale of eight other companies from the hard coal mining sector or affiliated to mining and coking, such as coking plants, chemical coking plants, mining equipment manufacturers and repairers, a research centre and a design office.

Privatisation in the metallurgical sector

Polish metallurgy has felt the slowdown caused by the global crisis. Even so, the crisis has not impeded the development of companies strong in capital, according to Robert Wojdyna, chairman of the board at Konsorcjum Stali SA. Companies have managed to adapt their plans to the new market situation, Wojdyna says.

According to Bartosz Skwarczek, chairman of the board at Progres steel trading company, Polish companies are using the slump as a time to "tidy up" and look carefully at the metallurgical market, also in terms of possible takeovers.

Plans for 2010 provide for the sale of up to 10 percent of KGHM Polska Miedź SA copper company, with the state retaining control over the company.

The regulated market will be where 4.52 percent of the state-owned shares in Grupa Kęty SA and 85 percent of the Treasury's 100-percent stake in the Centrozłom Wrocław SA and Zakłady Górniczo-Hutnicze Bolesław SA companies will be sold. Centrozłom Wrocław shares will be sold through negotiations.

A further 19 companies from the iron and steel industry and non-ferrous metallurgy are scheduled to be privatised by 2011, including seven foundries.

In the rock raw materials mining sector, companies for sale include an aggregate producer, two mineral mines, rock, marble, dolomite and quartzite mines as well as open-pit mines that extract road-building materials.

The Silesia Financial Society was established to restructure the sector by supporting the process of ownership changes in financial assets linked to this sector. The privatisation plan provides for the complete sale of all companies except copper producer KGHM in which the Treasury currently holds 41 percent of the stock.

Privatisation n the defense sector

The Polish arms industry is still undergoing transformation. Major changes have occurred in the defense sector over the past 10 years.

The sector is dominated by one arms group, strongly consolidated and grouped around Bumar SA. It comprises 19 companies. In the wake of its expansion, the group wants to double its sales in the coming years, from the current annual figure of PLN 2.8-2.9 billion. The group says it will be looking for partners in other countries.

Plans for privatising the defense sector include the sale-through negotiations in 2010-of the Treasury's entire 56.82-percent stake in Huta Stalowa Wola SA steelworks. The Treasury also plans to sell 53.94 percent of Wytwórnia Sprzętu Komunikacyjnego PZL Kalisz SA through negotiations. The company supplies equipment and parts for the aircraft and automotive industries. Plans provide for the privatisation of 27 other companies from the defense sector by 2011, including factories producing electronic, electrical engineering, precision and transport equipment, a rolling-bearing factory, ship repair yards, a power-unit factory, a tool factory, two research and development centres, and a design office.

Privatisation in the pharmaceutical sector

Poland is the sixth-largest sales market for pharmaceuticals in Europe in terms of population. Despite the visible crisis, the pharmaceutical sector is among the most rapidly developing segments of the Polish economy, one that has resisted negative economic trends and has excellent prospects for growth.

There are more than 300 companies making pharmaceutical products in Poland (with some estimates putting the total number at 700), including about 150 foreign-owned. Most are small private businesses active in regional markets and making parapharmaceuticals or herbal products. It is commonly accepted that the largest 15 companies control about 50 percent of the market.

The privatisation program for the sector assumes that next year 41.65 percent of the Treasury's 49-percent stake in Cefarm Rzeszów SA will be sold in a public tender. The privatisation of three factories from the former Polfa chain: Pabianickie Zakłady Farmaceutyczne Polfa SA, Tarchomińskie Zakłady Farmaceutyczne Polfa SA and Warszawskie Zakłady Farmaceutyczne Polfa SA is being handled by Polski Holding Farmaceutyczny (PHF). PHF plans to sell 85.04 percent of the shares in Polfa Pabianice, 85.71 percent in Polfa Tarchomin and 85.14 percent in Polfa Warsaw. The privatisation of 85 percent of Warsaw-based pharmaceutical wholesaler Centrala Farmaceutyczna Cefarm SA and serum and vaccine producer Wytwórnia Surowic i Szczepionek Biomed Sp. z o.o. is scheduled to be completed by the end of 2010.

Privatisation in the construction sector-Euro 2012 approaches

Poland's construction sector has huge potential for further growth in connection with the rapid development of the economy and the acceleration of decisions on public spending and investment projects related to the Euro 2012 European soccer championships that Poland will host together with Ukraine.

According to a study the PMR market research company carried out for a report entitled Construction Sector in Poland First Half of 2009-Forecasts for 2009-2011, the financial condition of the biggest companies in the construction sector is still viewed as positive: 60 percent of those surveyed shared this view. At the same time, 28 percent of those polled said that at the end of 2009 their company's financial condition would be better than in 2008. The construction sector is expected to be boosted by planned substantial spending on roads (PLN 104 billion) and railways (PLN 45 billion) up to 2012 and a rapid influx of European Union funding (67 billion euros up to 2013).

The Polish construction sector has been 95 percent privatised, leaving only small companies of local importance for sale, such as road and bridge building companies, waterway and industrial construction companies, construction ceramics and stoneware factories, porcelain factories and waterway equipment electrification and maintenance businesses.

Under the privatisation plan for this sector, the main sales transactions will involve the Treasury's minority stakes in Cersanit SA (2.12 percent) and Elektrobudowa SA (3.50 percent). Plans provide for the privatisation of 39 other companies from the construction, building materials and ceramics sector by 2011.

Privatisation in the transport sector

Transport is a sector that has felt the economic slowdown in the wake of the crisis quite severely. The crisis in this sector began earlier and is greater than in other sectors of the Polish economy. Symptoms of the crisis in transport came from the West, and the main causes are being sought in a sudden drop in orders for goods. Falling fuel prices are helping, as they significantly reduce running costs, often saving companies from total bankruptcy.

The four-year privatisation program includes plans for the sale of 112 companies from the transport sector, including 74 regional passenger road transport (PKS) companies as well as goods transport and taxi companies. Privatisation projects in this sector also include Polskie Linie Lotnicze LOT SA (LOT Polish Airlines), in which the Treasury holds 93 percent when you count the shares of TF Silesia Sp. z o.o., and Polska Żegluga Bałtycka SA (shipping), 85 percent of which is being put up for sale. Another nine companies from the shipping and port sector will be sold by 2011, including ocean lines, a seaport, a fishing port, and a company providing radio and rescue services in shipping.

Privatisation in the machine-building, metal and electric engineering sector

The machine and metal industry is an area that foreign companies invest in often and willingly. As the Polish Information and Foreign Investment Agency (PAIIZ) wrote in a report on foreign investment in the Polish economy, this sector is among the most popular, with five large investment projects in 2009.

In the metal industry, which has largely been privatised, the most important area is the production of metals and metal alloys, and large revenue is generated by the production of finished metal goods.

Employment in the sector is increasing due to the growing demand for steel and goods, which is expected to reach 9.1 million metric tons in 2010.

Most of the companies slated for privatisation in the metal industry are foundries and companies that process metal alloys, such as manufacturers of electric cables, wires, couplings, tools as well as railway surface facilities.

The production of machinery in Poland is dispersed. The sector's products are of high quality and technologically advanced, and the sector itself is important for other areas of the economy. The demand for machinery is estimated to grow by about 150 percent over the next five years.

The Ministry of Treasury plans to sell 85 percent of its 100 percent stake in Remag SA through negotiations.

Another major project is the privatisation of Zakłady Górniczo-Metalowe Zębiec SA; the method of selling the shares is yet to be decided.

Privatisation will encompass another 48 companies from the machine-building industry and 11 from the metal industry by the end of 2011. In the machine-building sector, these are mainly manufacturers of machinery for mining, road-building, agriculture and the wood industry, tool manufacturers and ship engine producer H. Cegielski Poznań SA.

Other entities being put up for sale include factories that make grinding machines, parts for textile machinery, electric medical equipment, lift trucks, metal molds, road machinery, machine tools, steel structures, fans, clocks and measuring equipment, chemical and catering equipment as well as research and development centres.

In the electrical engineering sector, the Treasury plans to sell 85 percent of Lubuskie Zakłady Elektrotechniczne Lumel SA in 2010 and follow up with shares in 16 other companies from the sector by the end of 2011. The companies slated for privatisation include three orthopedic equipment factories, an inductive equipment factory, telecommunications electronics factories, institutes of automated control and vacuum technology.

There are also plans to privatise the Polish mint, Mennica Polska, through the sale of 31.64 percent of its shares on the regulated market.

Privatisation in the retail/services and health resort sectors

According to the Purchasing Managers Index (PMI) based on a survey of entrepreneurs, economic situation indices and Central Statistical Office (GUS) data, the crisis in Poland's retail/services sector is starting to subside. In fact, GUS data show that the economic situation in the sector has improved. The overall mood in trade and services is currently the best since last November, though at that time the tendency was a clearly downward one. The last time the mood was so good during an upward trend was in early 2007.

The privatisation program for the sector provides for the sale of 3.21 percent of Kopex SA on the regulated market. In 2010, a method known as "a response to a call preceded by negotiations" will be used to sell the Treasury's entire 55.07-percent stake in Ruch SA. This company is Poland's leading distributor of the press and fast moving consumer goods (FMCG).

The same year will see the sale of shares in four companies involved in real estate management: Towarzystwo Obrotu Nieruchomościami Agro SA, Intraco SA, 85 percent of the Treasury's 100-percent stake in Dipservice SA, and 96.47 percent of Nadwiślańska Spółka Mieszkaniowa Sp. z o.o.

The Treasury will also sell 15 trading companies and 12 enterprise agencies by the end of 2011. Gliwicka Agencja Turystyczna SA will see 100 percent of its shares sold at an auction, and Wojewódzkie Przedsiębiorstwo Usług Turystycznych Sp. z o.o. will be 85 percent sold. The privatisation program also includes plans for the sale of 11 tourist businesses, a hotel chain, a sports and recreation centre, 27 service firms and Wars SA, a company specializing in railway catering.

In the exhibition sector, the Poznań and Katowice international trade fair companies will be privatised. Other planned privatisations involve water supply and sewage companies, land improvement companies, the Institute of Industrial Design, centres dealing with environmental and geophysical studies, geological companies, surveying and mapping companies, drilling companies and companies involved in the conservation of historic buildings and objects.

In 2010, the Treasury plans to sell 85 percent of Zespół Uzdrowisk Kłodzkich SA, a complex of health resorts in Kłodzko, through negotiations. The negotiation method is planned for the sale of majority stakes in five other health resorts, including Ustka, Kamień Pomorski, Wieniec Zdrój and Przerzeczyn Zdrój. The same privatisation path will be used for health resorts in Ustroń, Wysowa, Połczyn, Inowrocław, Jelenia Góra, Świeradów and Szczawno Zdrój. The Treasury holds 100 percent of the shares in 24 health resorts, and a majority stake in one. So far, the health resort in Nałęczów has been successfully privatised.

Privatisation in the food processing and agricultural sectors

In the food processing sector, which is one of few sectors that have escaped the crisis, privatisation will encompass local foodstuffs companies, with 46 slated for privatisation by 2011. These include six potato industry companies, five refrigerating plants, four seed businesses, three grain milling facilities, two confectionery plants, two fruit and vegetable processing plants, meat processing plants, tobacco processing plants, dairies plus a milk evaluation laboratory as well as agricultural produce markets and seven vodka producers. The biggest privatisation in this sector will be the sale of 59.32 percent of Warszawski Rolno-Spożywczy Rynek Hurtowy SA wholesale market for produce and Fabryka Osłonek Białkowych Fabios SA collagen casings producer, where the privatisation method is yet to be chosen. In the agricultural sector, privatisation plans involve 16 companies from the animal and plant sectors, including plant seed companies, fish and forest farms, fisheries, animal breeding centres, animal trading companies, stud farms, biotechnology and plant breeding centres.

Privatisation in the paper making and publishing industry and telecommunications

Both these sectors have largely been privatised. By the end of 2011, the Treasury plans to sell 18 publishing houses and printing companies, including scientific and technology publishers, a music publisher, an agriculture and forestry publisher, a tourism institute and a book repository. In this market segment, the biggest privatisation will be the sale of shares in Zakłady Graficzne Dom Słowa Polskiego SA printing house.

In the telecommunications sector, one of the most advanced and most rapidly developing sectors of the Polish economy, the Treasury plans to sell its 4.15-percent stake in Telekomunikacja Polska SA on the regulated market.

Expert opinion

In a recent report by the Economist Intelligence Unit (EIU), Poland was described as one of the most attractive investment locations in Europe. At the same time, the report suggests that companies thinking of moving some of their business to Poland should focus on regions where labor costs can be up to 30 percent lower than in Warsaw or Cracow but which still offer a good supply of qualified employees.

Ernst & Young's annual report European Attractiveness Survey 2008 confirms that foreign investors are happy to include Poland in their investment plans. According to Ernst & Young, Poland is among European leaders in terms of job creation, ranking second after Britain.
Marek Mejssner

Department of Ownership Supervision and Privatisation I
tel. (+48) 22 695-87-92, fax (+48) 22 629-80-97
Industries and sectors supervised by the Department of Ownership Supervision and Privatisation I:
- coking industry;
- Jastrzębska Spółka Węglowa SA coal company (privatisation);
- gas industry (mining, distribution, trade);
- oil industry;
- heavy chemicals industry;
- chemicals and plastics industry;
- mining and mineral/ore extraction industry;
- transportation;
- passenger transportation industry;
- media;
- Towarzystwo Finansowe Silesia Sp. z o.o.;
- Regionalny Fundusz Gospodarczy SA.

Department of Ownership Supervision and Privatisation II
tel. (+48) 22 695-87-04, fax (+48) 22 629-54-04
Industries and sectors supervised by the Department of Ownership Supervision and Privatisation II:
- steel industry except for Towarzystwo Finansowe Silesia Sp. z o.o. and Regionalny Fundusz Gospodarczy SA;
- metal industry;
- machine industry;
- shipbuilding industry;
- KGHM Polska Miedź SA;
- Industrial Development Agency SA
- air transportation and aviation industry except for PLL LOT SA;
- Mennica Polska SA (Mint of Poland);
- Polish Security Printing Works;
- Chemia Polska Sp. z o.o.;
- Międzynarodowa Korporacja Gwarancyjna Sp. z o.o.

Department of Ownership Supervision and Privatisation III
tel. (+48) 22 695-87-22, fax (+48) 22 629-57-09
Industries and sectors supervised by the Department of Ownership Supervision and Privatisation III:
- power industry;
- electronic industry;
- electrical engineering industry;
- mining industry;
- navigation and ports;
- pharmaceutical industry and distribution of medicines;
- construction industry;
- construction and ceramic materials;
- foreign trade enterprises and centers except for Chemia Polska Sp. z o.o., Międzynarodowa Korporacja Gwarancyjna Sp. z o.o. and Intraco SA;
- trade enterprises and others, except for Towarzystwo Obrotu Nieruchomościami AGRO SA.

Department of Ownership Supervision and Privatisation IV

tel. (+48) 22 695-87-10, fax (+48) 22 629-87-09
Industries and sectors supervised by the Department of Ownership Supervision and Privatisation IV:
- animal breeding and plant growing;
- health resorts;
- sugar industry;
- farming and agricultural support enterprises;
- spirits industry;
- food processing industry;
- meat processing industry;
- wood and paper industry;
- furniture industry;
- clothing industry;
- clothing materials industry;
- leather industry.

Department of Ownership Supervision and Privatisation V
tel. (+48) 22 695-81-75,
fax (+48) 22 629-76-37
Industries and sectors supervised by the Department of Ownership Supervision and Privatisation V:
- defense industry;
- entrepreneurial agencies;
- Polska Agencja Informacji i Inwestycji Zagranicznych SA (Polish Information and Foreign Investment Agency);
- telecommunications;
- publishing and printing;
- RUCH SA press distribution company;
- tourist enterprises;
- service enterprises and entities except for Dipservice w Warszawie SA.

Department of Financial Institutions
tel. (+48) 22 695-87-52, fax (+48) 22 695-87-01
Industries and sectors supervised by the Department of Financial Institutions:
- National Investment Funds and companies participating in the program;
- banking, financial and capital market institutions;
- insurance companies;
- foundations;
- games of chance and betting;
- horse racing;
- Centrum Bankowo-Finansowe SA;
- Intraco SA;
- Towarzystwo Obrotu Nieruchomościami AGRO SA;
- Dipservice w Warszawie SA.

Department of Privatisation Projects
tel. (+48) 22 695-87-05, fax (+48) 22 695-88-18
Department of State Real Property and Minority Stakes
tel. (+48) 22 695-87-72, fax (+48) 22 628-32-99
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