23.06.2025

Baker Tilly TPA supports Schmitz Cargobull AG in the acquisition of shares in GT Trailers sp. z o.o. with financial and ESG due diligence

The Baker Tilly TPA team had the pleasure of supporting Schmitz Cargobull AG in the acquisition of shares in GT Trailers sp. z o.o., providing comprehensive financial and ESG due diligence services.

The financial due diligence was led by Baker Tilly TPA experts Anita Bis and Tomasz Martyniuk. Concurrently, ESG due diligence was conducted by Katarzyna Chwalibińska-Kusek, assisted by Łukasz Błaszczyk.

As part of this comprehensive due diligence project, our client, Schmitz Cargobull, requested the inclusion of ESG due diligence as a core component of the entire evaluation process. This proactive approach reflects the client’s deep understanding of the critical role ESG factors play in shaping the overall valuation and future prospects of the acquired company.

Our team ensured seamless integration of ESG considerations with financial, legal, and operational analyses, reflecting the interconnected nature of these areas and perfectly aligning with the client’s strategic vision.

Thanks to this collaborative and thorough approach, we delivered a detailed and insightful ESG due diligence report that complemented and enriched the broader evaluation. By demonstrating how ESG factors influence financial and legal risks as well as growth opportunities—and how these elements interrelate—we provided a holistic view that supported the client in making an informed decision.

The scope of advisory services included comprehensive due diligence—legal, tax, financial, and ESG compliance—as well as transaction structuring, preparation, and negotiation of transaction documentation, including the investment agreement and the shareholders’ agreement. The transaction required clearance from the President of the Polish Office of Competition and Consumer Protection.

The entire process was coordinated by Grzegorz Gajda from Baker Tilly Legal Poland. Tax advisory was provided by Wojciech Sztuba and Monika Stachurska-Waga from TPA Poland.

***

About Schmitz Cargobull

Schmitz Cargobull is a leading manufacturer of semi-trailers for temperature-controlled freight, general cargo, and bulk goods in Europe, as well as a pioneer in digital solutions for trailer services and enhanced connectivity. The company also produces transport refrigeration units for refrigerated box body semi-trailers designed for temperature-sensitive cargo. With a comprehensive service offering—including financing, spare parts supply, service contracts, telematics solutions, and used vehicle trading—Schmitz Cargobull supports its customers in optimising total cost of ownership (TCO) and driving digital transformation.

About GT Trailers sp. z o.o.

GT Trailers sp. z o.o. is a Polish family-owned company and one of the national leaders in the production of trailers and bodies for the transport industry. GTT specializes in high-capacity trailer sets and innovative solutions for rigid chassis, including curtain siders, box bodies, and refrigerated structures.

10.06.2025

Premiere of the 12th edition of the report “Wind Energy in Poland” – now available!

We are pleased to announce the premiere of the latest 12th edition of the report “Wind Energy in Poland” 2025, prepared by experts from TPA Poland / Baker Tilly TPA, the Polish Wind Energy Association and the DWF law firm.

For years, the report has been the most comprehensive and reliable source of knowledge about the industry, detailing the potential for the development of onshore and offshore wind farms, new investment opportunities and the barriers that continue to slow Poland’s energy transition.

This year’s edition highlights the dynamic growth of the Polish wind industry, which is becoming a pillar of the green transition and a key component of the country’s energy security. In 2024, the share of wind energy in Poland’s energy mix will reach a record 14.7% – the highest among all renewable energy sources. The report also analyzes the impact of new regulations on investment plans, project profitability and financing challenges, especially in the context of high interest rates. A special supplement of the 12th edition is dedicated to industrial policy and the development of Poland’s offshore industry, providing a roadmap and recommendations on education, innovation, financing and port infrastructure.

Wind project financing – analysis by Baker Tilly TPA experts

For the latest edition of the report, experts from Baker Tilly TPA have prepared a detailed analysis of wind project financing. The study includes an overview of available financing sources, such as bank loans, green bonds or public-private partnerships, and discusses the current challenges of raising capital in a high interest rate environment. The authors of this section of the report point out changes in banks’ approaches to securing income, the growing role of PPAs, and the impact of new tax interpretations on the ability to account for financing costs. This is essential reading for anyone interested in the economic aspects of wind power investment.

We invite you to download the report and read the latest data, analysis and forecasts for the wind sector in Poland.

DOWNLOAD REPORT

21.05.2025

Join us for a webinar on water management prior of World Environment Day 2025!

World Environment Day, celebrated globally on June 5th and led by the United Nations Environment Programme (UNEP), is the largest platform for environmental action and awareness. This year’s focus includes critical environmental challenges where water management plays a key role.

Discover the business risks and opportunities linked to water management and learn how to reduce your company’s water footprint while gaining a competitive edge. Our experts, including a special guest from the Mota-Engil, the UNEP/GRID-Warsaw and the Goodwill-management, will guide you through water footprint management, ESG reporting, and practical case studies on water efficiency and reuse.

Don’t miss this opportunity to engage with sustainability leaders and prepare your business for a water-conscious future.

Event details CHECK HERE

REGISTER

13.05.2025

Webinar: Let’s focus on water today! Are you ready to manage water and reduce water footprints in your business model?

🗓️ 3.06

🕚 10.30-12.00

Are you aware of the business risks and opportunities related to water management? Let’s meet prior to the #WorldEnvironmentDay and discuss the importance of water management for business and how to save water and build competitive advantage.

If you want to understand what water footprint management is and how to reduce your business’ water footprint, join our experts in this online workshop and panel discussion.

#WorldEnvironmentDay is the biggest international day for the environment. Led by the United Nations Environment Programme (UNEP), and held annually since 1973, it has grown to be the largest global platform for environmental outreach. It is celebrated by millions of people across the world.

We are thrilled to be joined by an expert from UNEP/GRID-Warsaw at our online event organised as our celebration of the #WorldEnvironmentDay to stress the importance of environmental risks and the role of business in mitigating them.

Register

Agenda:

10:30 – 10:40 Welcome and experts introduction, Katarzyna Chwalbińska-Kusek, Baker Tilly TPA
10:40 – 10:50 Monika Michalska, Sustainability Project Manager, UNEP/GRID Warszawa
10:50 – 11:00 “Water in ESG strategy – why and where do we need to report our water footprint?’, Sarah Bougeard, CSR Consulting Manager, Goodwill-management & Łukasz Błaszczyk, Baker Tilly TPA
11:00 – 11:20 “How to improve water footprint? – case studies from water efficiency to reuse – presentation”, Vanda Soares, Mota-Engil ATIV
11:20 – 12:00 Online panel discussion with questions from the audience,

Vanda Soares, Mota-Engil ATIV
Monika Michalska, Sustainability Project Manager, UNEP/GRID Warszawa
Sarah Bougeard, CSR Consulting Manager, Goodwill-management
Łukasz Błaszczyk, Baker Tilly TPA
moderator: Katarzyna Chwalbińska-Kusek, Baker Tilly TPA

Our experts:

Katarzyna Chwalbińska-Kusek
Partner, Head of ESG Advisory
Baker Tilly TPA

18 years of experience in ESG
since 2007, actively creating sustainable development strategies that mitigate financial, operational, product and reputation risks tobuid long-term values
one of 15 experts on the Polish market with official Global Reporting Initiative accreditation (GRI Certified Sustainability Professional)
supports clients in sustainability reporting based on international standards and frameworks (GRI, ESRS, TCFDamong others)
expert of the Real Estate Committee of the Polish Chamber of Commerce
In 2023, chair of the working group that developed sectoral guidelines for the EU Taxonomy at the Ministry of Infrastructure and Development
Lecturer in postgraduate studies in ESG and business coach

Vanda Soares
Assistant Production Director in the Water & Industry Department
Mota-Engil ATIV

Environmental Engineer with over 20 years of experience in the water and environmental sectors
currently serving as Assistant Production Director in the Water & Industry Department at MOTA-ENGIL ATIV
Experienced in the design, operation and maintenance of municipal and industrial wastewater treatment plants, integrating circular economy strategies to maximize resource recovery and environmental sustainability

Monika Michalska
Sustainability Project Manager
UNEP/GRID Warszawa

9 years of experience in engineering, environmental protection and sustainable development
member of the Sustainable Finance Platform at the Ministry of Finance, Polish Green Building Council and Polish Public Relations Association
knowsledge expert for Climate Leadership and C.H. Beck Publishing
implemented sustainability reporting projects and developed business strategies in compliance with ESRS, TCFD, TNFD, GRI, and ISO standards
specializes in ESG data analysis, including resilience assessment, climate risk analysis, water resource management, biodiversity evaluation and cross-sectoral supply chain analyses
conducted ESG training sessions for beginners, corporate executives and project teams. Supports educational initiatives through expertise and academic engagements, including delivering lectures at universities

Sarah Bougeard
CSR Consulting Manager
Goodwill-management

6 years’ experience in coaching and training managers on environmental issues
leading ESG consulting assignments: CSRD, carbon footprint, triple accounting
former entrepreneur who created a Social Solidarity Economy structure (still in existence) in the environmental field
trained as an agricultural engineer

Łukasz Błaszczyk
Manager, ESG Advisory
Baker Tilly TPA

over 7 years of experience in ESG reporting, business strategy development, financial analysis, and investor relations
implemented ESG projects in the public and private sectors, including in accordance with GRI, TCFD, ESRS, and EU Taxonomy standards
advised financial sector entities on the implementation of SFDR requirements
conducted training and academic lectures on topics including ESG, climate transition, and business strategies

Partners:

Register

12.05.2025

Embracing the EU’s Simplification Omnibus package: Our view, your next steps

The EU’s Omnibus proposal is set to reduce short-term reporting pressure — but the push for sustainability reporting is far from over.

Here’s our perspective on what’s changing and how businesses should respond.

While the EU’s Omnibus proposal aims to reduce the number of companies within the scope of the Corporate Sustainability Reporting Directive (CSRD) by an estimated 80%, it also aims to streamline regulatory demands and give wave 2 and 3 companies more time — helping businesses focus more effectively on sustainability.

The ‘stop-the-clock’ directive has officially been approved by the European Parliament and brings the following changes to the previously approved reporting schedule:

wave 1 – NFRD companies: no change, reporting on FY 2024
wave 2 – Lare companies: two-year postponement, now reporting on FY 2027
wave 3 – Listed SMEs: two-year postponement, now reporting on FY 2028.

Clients tell us that the lack of clear regulatory direction is causing confusion.

Our advice? Continue integrating sustainability into your strategy and operations — building momentum now will pay off when clearer guidance emerges.

READ OUR INSIGHTS

Contact us:

Katarzyna Chwalbińska-Kusek
Partner, Head of ESG Advisory
+48 735 256 848
katarzyna.chwalbinska-kusek@bakertilly-tpa.pl

Łukasz Błaszczyk
Manager, ESG Advisory
+48 735 256 842
lukasz.blaszczyk@bakertilly-tpa.pl

16.04.2025

Baker Tilly TPA consistently among the best auditing companies in Poland – results of the 24th edition of the Auditors Ranking

We have confirmed our strong position in the Polish audit market, ranking 12th in the audit revenue category and 8th in total revenue in the 24th edition of the Auditors Ranking organised by Rzeczpospolita and Parkiet magazines.

The year 2024 has brought changes in the regulatory and business environment, requiring audit firms to be responsive, flexible and highly competent. The results of this year’s ranking confirm that we, as Baker Tilly TPA, are effectively responding to these challenges by consistently providing high quality services tailored to current market needs.

“This year’s results are a testament to the commitment and professionalism of our entire team. We are able to respond effectively to dynamically changing economic conditions while maintaining the highest standards of work. I would like to thank all our employees for their contribution to this success and our clients for the trust they place in us,” said Krzysztof Horodko, Managing Partner of Baker Tilly TPA.

In the face of further market changes, including stricter regulations and ongoing industry consolidation, Baker Tilly TPA continues to maintain a strong position among audit firms in Poland, developing its competencies and strengthening its relationships with clients.

More info (in polish): https://rankingi.rp.pl/rankingaudytorow/2025

05.02.2025

Baker Tilly TPA strengthens M&A practice with partnership with JP Weber and Iwona Penwarden

Baker Tilly TPA has entered into a strategic partnership with JP Weber, an advisory firm specializing in global M&A transactions. As part of the partnership, Iwona Penwarden joins the Baker Tilly TPA team as M&A Director.

Iwona Penwarden is an experienced M&A professional with extensive experience in cross-border transactions. Her expertise and practice in cross-border transactions will be key to the further development of Baker Tilly TPA’s offering in the domestic and international markets.

“I am convinced that the combination of our skills will significantly enrich the offering of both firms, allowing us to better respond to our clients’ needs. In a dynamic business environment, the synergy of knowledge and experience is critical to the successful execution of complex M&A transactions. Baker Tilly TPA is now able to offer comprehensive support at every stage of the process, both in Poland and on international markets”. – comments Iwona Penwarden.

Iwona Penwarden

M&A Director

iwona.penwarden@bakertilly-tpa.pl

17.12.2024

The magic of Christmas encapsulated in music – a unique Christmas gift from TPA Poland, Baker Tilly TPA and BakerTilly Legal

Christmas is a time when we want to share the best of ourselves and stop for a moment to celebrate moments together. This year, we decided to celebrate this special time in an unusual way – by preparing a Christmas song that comes straight from the heart and carries a message of harmony, joy and togetherness.

The song “Christmas is here” is the result of our commitment to promoting young musical talent. It was created in collaboration with Junior Jazz Festival winner Zuzanna Ocieczek, who delighted us with her passion and talent. The first opportunity to showcase her extraordinary musical talent in collaboration with our company took place during an event celebrating our 20th anniversary in Poland, which we organised for our customers and business partners in October this year. The song “Christmas is here” is the next stage of our cooperation and support for the development of Zuzanna’s talent, which we will continue to support.

Spotify | Apple Music | Tidal | YouTube Music

06.11.2024

Katarzyna Chwalbińska-Kusek joins Baker Tilly TPA and expands our ESG Advisory offering!

We are proud to announce that Katarzyna Chwalbińska-Kusek, a new Partner, has joined the Baker Tilly TPA team in November to take on the role of Head of ESG Advisory. Katarzyna is an expert with nearly 20 years of experience in sustainability, decarbonization and building long-term business value.

What does this mean for our clients?

Katarzyna will lead a multi-disciplinary team of specialists to help companies implement ESG strategies, both in terms of regulatory compliance and competitive advantage. Through Baker Tilly International’s international network, our clients will have access to proven solutions from more advanced markets in this area, tailored to their local needs.

Innovation and International Collaboration

Our ESG consulting team will focus on comprehensive sustainability consulting, including risk analysis, decarbonization of business models, and preparation and implementation of CSRD-compliant strategies and reporting to address the pressing needs of our clients.

Katarzyna describes her plans: “I intend to focus on building an offering that combines expertise in different areas to address the real needs of the firm’s clients. They are trying to navigate a market and regulatory landscape that is often new to them. As we guide clients through business transformation, including the decarbonization of their business models, and then report on these activities, we will focus the team on innovation and technology. I am looking forward to leveraging the extensive experience of the Baker Tilly International network in this area to bring tangible value to our clients.

We welcome Katarzyna and look forward to the new challenges that joining Baker Tilly TPA will bring!

Katarzyna Chwalbińska-Kusek

Partner, Head of ESG Advisory

katarzyna.chwalbinska-kusek@bakertilly-tpa.pl

05.06.2024

Where is Polish wind energy and where is it going?

Where is Polish wind energy and where is it going?

2/3 of investors who took part in the survey indicated an improvement in the overall situation of the onshore wind energy market in Poland in 2023 compared to the previous year, mainly influenced by the liberalization of the 10H distance standard.

Half of the investors assess the prospects for the onshore wind market in Poland in 2024 as good or very good, while only 20% of the respondents expect the conditions for wind farm investments to deteriorate. The rest do not expect any significant changes.

These are just some of the conclusions of the survey conducted for the preparation of the 11th edition of the report “Wind Energy in Poland”, prepared by experts from the Polish Wind Energy Association (PWEA), TPA Poland / Baker Tilly TPA and DWF Law Firm. The document can be downloaded from the website: Wind Energy in Poland 2024. The report is enriched with the results of a survey conducted by TPA / Baker Tilly TPA among a group of 40 representatives of the wind energy industry in Poland.

The study has been recognized for years not only by industry representatives as the most complete, up-to-date and detailed compendium of knowledge and key information on the current state of the wind energy industry in Poland, its development prospects, as well as trends and future of the sector. This year’s special supplement was dedicated to the wind industry, a supply chain that already represents a significant part of Poland’s GDP and whose technological progress and dynamics of expected development will have a significant impact on the entire Polish economy.

This year’s edition of the report includes a special supplement dedicated to the wind industry sensu largo, i.e. to companies from various industries involved in the supply chain for installations of both types, both in Poland and abroad. The supplement, developed jointly by Wind Industry HUB Foundation, established to support the development of the Polish industry, and the Polish Investment and Trade Agency (PAIH), as well as PWEA and TPA, presents the current state of the sector and investment incentives, including subsidies and tax breaks and exemptions, for this specialized industry.