12.10.2023
Author: TPA Poland
19.09.2023
We will be at the EXPO REAL, real estate and investment fair
We invite you to EXPO REAL, one of the largest real estate and investment fairs in Europe!
The International Real Estate and Investment Fair EXPO REAL will be held at the Messe München exhibition center from October 4-6, 2023.
You can find us at booth No. 230, in Hall C2.
Representatives of TPA Poland, Baker Tilly TPA and Baker Tilly Legal Poland will participate in the event:
- Wojciech Sztuba, Managing Partner, TPA Poland
- Monika Stachurska-Waga, Tax Advisor, Senior Manager, TPA Poland
- Patrycja Jefimiuk, Tax Advisor, Senior Manager, TPA Poland
- Anita Bis, Partner, Baker Tilly TPA
- Katarzyna Koszel-Zawadka, Attorney-at-law, Partner, Baker Tilly Legal Poland
- Grażyna Kuźma, Attorney-at-law, Partner, Baker Tilly Legal Poland
Trade fair for representatives of the real estate industry from all over the world
The rich conference program of the fair, with about 400 speakers, gives participants valuable insight into the latest trends and innovations in real estate, investment and finance.
See you in Munich!
For more information about the event:
07.08.2023
PEP 2040 update – a key strategic document that defines the directions of energy development
This update of the previous version of PEP 2040 (Poland’s Energy Policy), highlights 2 key messages to the players in the energy industry: a rapid development of RES, especially PV, which will, however, slow down when nuclear power emerges. The transition costs were calculated at PLN 1.2 trillion. Listen to the conversation between Krzysztof Horodko, Managing Partner at Baker Tilly TPA and Maciej Krokosinski, Partner at Baker Tilly TPA, where they discuss the PEP 2040 update.
As we are heading towards zero-emission economy, the role of RES is critical in the next two decades. According to the draft of the Ministry of Climate and Environment, energy production in 2030 is expected to reach 199.9 TWh (in 2022 it was 173.5 TWh). Until that point in time, RESs alone are expected to cover 46.6% of energy needs. This is a big increase when compared 17.4% in 2022. In the target year 2040, PEP 2040 estimates total electricity demand at the level of 244 TWh (173.5 TWh currently) with RES responsible for the production of about 123 TWh, with the share of 50.8%.
“This will give a level of 6,5 GW per million inhabitants – a level of electricity consumption currently achieved in Germany,” commented Krzysztof Horodko.
According to his analysis, the expansion of RES will impact the share of particular RES sector in the energy production mix. Wind farms, which by 2030 are expected to produce 34.4 TWh, will be responsible for 17.2% of annual electricity demand. This represents around 90% increase in energy production when compared to 2022 (18.2 TWh).
In 2040, the electricity production from onshore wind farms is not expected to change significantly, mostly as a result of limitations imposed by 10H Act, even despite currently introduced liberalizations in form of minimum distance of 700 meters. It will be at the level of 34.1 TWh with its share in meeting the annual electricity demand at the level of 14%. Offshore wind farms, according to amended PEP 2040 will be responsible for total energy production amounting to 10.7% in 2030 and 18% in 2040. In quantity terms it will amount to 21,6 TWh (1st phase) and 43,7 TWh (2nd phase).
Photovoltaic sources are expected to produce 25.1 TWh in 2030 and 29TWh in 2040, while biomass and biogas will be responsible for the annual generation of 14.3 TWh which should account for approx. 5.8% of total electricity production.
According to updated PEP 2040, as a result of the energy transition, the level of RES power in 2030 may reach 57%, and in 2040 it will account for about 74% in the structure of power. The CAPEX required to make this shift will amount 440 billion PLN.
“The largest increase in power is expected in solar power plants,” said Krzysztof Horodko. The PV sector is expected to see the greatest increase in power by 27 GW, with CAPEX estimated at PLN 106.4 billion. In the case of offshore RES it will be PLN 221.2 billion (increase by 11 GW from current 0 GW), while for onshore wind farms expected CAPEX amounts to nearly PLN 71.4 billion (increase from 8.3GW currently to 14GW in 2030, to remain at the stable level until 2040). Outlays for new energy storage and pumped storage power plants are expected to amount to more than PLN 57 billion, with the cost of biomass and biogas power plants around PLN 33.4 billion.
“To sum up the update PEP 2040 it is worth mentioning that it reflected the strength of RES as a key driver of the shift to a net zero emission economy. The document also recognized the ambitions of various RES developers and investors operating in the Polish market,” concluded Krzysztof Horodko.
14.06.2023
We have prepared an opinion on the terms of the share tender offer
The Baker Tilly TPA team has prepared a fairness opinion on the fair value of the shares regarding the tender offer for ZPC Otmuchów shares.
Fairness Opinion is an independent opinion on the financial terms of a transaction. The opinion prepared by Baker Tilly TPA addressed the tender offer for ZPC Otmuchów shares announced by the Kervan Gida Group.
“The opinion we prepared supported management and investors in their understanding of the share purchase offering. In the published document, we stated that the price proposed by the offeror does not correspond to the fair value of the company’s shares,” said Tomasz Manowiec, Director, Corporate Finance, Baker Tilly TPA.
Fairness Opinion is a standard document for large transactions or transactions that affect minority shareholders. A fairness opinion is also recommended in the case of a public tender offer for shares, in accordance with Article 80 of the Polish Act on Public Offerings, and in other situations in which it is crucial to maintain the highest standards of corporate governance. In the case of a tender offer for the sale of shares in a public company, the law requires the management board to present an opinion on whether, in their view, the price proposed in the tender offer corresponds to the company’s fair value, with the existing listing on the regulated market not being the sole measure of that value.
The Otmuchów Group is one of Poland’s leading manufacturers of sweets, including mainly jellies, chocolate candies, halva, chocolate-covered marshmallows, candy bars and savory snacks. Since 2010, the company has been listed at the Warsaw Stock Exchange. As of June 2021, the Otmuchów Group is part of the global conglomerate Kervan Gida, the strategic investor.
13.06.2023
Nagrody PSIK 2023 awarded. Baker Tilly TPA was a Partner of this event
Winners of the Nagrody PSIK competition have been chosen. On June 12, awards were presented to private equity/venture capital funds and consulting firms, banks and law firms. The Nagrody PSIK initiative recognizes the achievements of the said companies in the Polish market as well as their social activities. Once again, consulting firm Baker Tilly TPA was a Partner of the event.
This year marks the 6th edition of the PSIK awards competition. Its aim is to promote the highest standards in the private equity/venture capital industry and the contribution of PE/VC investors to the development of Polish companies.
It is the members of the Polish Association of Capital Investors (PSIK) who identify candidates for the awards. The finalists are selected by an independent jury, and the winners in each category are chosen by a vote of the PSIK-affiliated community.
The awards can be given in as many as 12 categories. They are divided into 3 main areas, namely: Private equity, Venture capital, General, and ESG Initiative.
Nominations for the awards could be submitted until March 10, 2023. Also in March, nominees sent detailed questionnaires with reasons for their nominations. In April and May, meetings of 6 independent jury panels were held to select short lists of finalists in each category.
“The gala and awards ceremony was a true celebration for top private equity/venture capital industry professionals. Their knowledge, experience, as well as commitment were appreciated. I am pleased to be granting the award in the VC Legal Advisor of the Year category to Kondracki Celej Law Firm on behalf of Baker Tilly TPA as this is an area close to our daily business. It is a good advisor, be it legal, financial or tax matters, that guarantees the success and completion of a given transaction successfully,” commented Krzysztof Horodko, Partner, Baker Tilly TPA.
Baker Tilly TPA was also represented at the gala by: Anita Bis, Partner, and Maciej Krokosiński, Partner.
28.04.2023
Baker Tilly TPA among the best and biggest audit firms
For the second consecutive year, Baker Tilly TPA is among the best and largest audit firms in Poland. In this year’s list, we rank 8th in terms of revenue from audits and 10th in terms of total revenue.
We have the results of the ranking of audit firms by the ‘Rzeczpospolita’ and ‘Parkiet’ dailies Baker Tilly TPA’s team of experts has every reason to be proud. In terms of audit revenues, we have moved up 1 place and are consistently in the TOP10 of the largest audit firms in Poland in terms of total revenue.
As we can read in the ranking, the total revenue of auditors in 2022 amounted to PLN 5.9 billion, an increase by more than a fifth. The ranking jury noted Baker Tilly TPA’s revenue growth rate of more than 20%, which was above the market dynamics.
“We are very pleased with the results of the ranking. Despite the reported increase in revenue in the audit industry, it should be noted that the number of audit firms is growing year by year, and they are no longer competitive in the face of increasing demands from the regulator and market supervisor, with increasing client expectations for audit quality and downward pressure on prices. Another problem is the constantly decreasing number of people who want to pursue the career of a certified auditor. As a result, a smaller and smaller group of experts have the knowledge, experience and authority to audit financial statements. All the more reason to congratulate our auditors and financial advisors on their promotion and good result in this important ranking, and to thank our clients for their trust and often long-standing cooperation,” commented Krzysztof Horodko, Managing Partner of Baker Tilly TPA.
In addition, we received a distinction in the Education category. Huge congratulations to Tomasz Manowiec, who is the author of the award-winning online course ‘Analyst Package’.
“I am pleased that this project was noticed and awarded by the competition’s jury. From the beginning of a career in finance, one can see how important it is to combine up-to-date knowledge with excellent technical skills. This is what guided us in developing this course. We have created a solution that has become popular because it stands out because of its comprehensive approach. Thank you very much for the award,” commented the author of the course, Tomasz Manowiec.
It is the 22nd edition of the Rzeczpospolita and Parkiet’s ranking of auditors. As every year, the winners were selected on the basis of submitted surveys.
“The published ranking assessed audit firm activity in 2022. It was once again a difficult time, both for the industry and for our clients. Entrepreneurs were still trying to recover from the pandemic, while trying to cope with the effects of the war or the accelerating inflation. All these factors affect the financial statements of companies, and thus one has to approach the audit differently, pay attention to other elements. It is also necessary to keep in mind the amendments to the regulations and standards on the basis of which the audit is conducted. All this contributes to the fact that the work of the auditor is not an easy one,” said Krzysztof Dziekoński, Partner at Baker Tilly TPA.
Monika Tuzimek, Partner, Audit Department added: “Auditing is subject to constant change. Regulations are getting more stringent, and inspections by the authorities are becoming more frequent. Clients’ expectations are also different. They want an audit that is both quicker and more accurate and efficient. All that means that the very method of examination must be different today than it was just a few years ago. It is no longer possible to do without modern tools and technology. At the same time, the importance of the auditor, their knowledge and experience is still considerable. I’m glad that our team has all these resources, the clients are satisfied with our services, with the ranking results being an additional icing on the proverbial cake.”
06.02.2023
CIJ Awards: tax and finance team of TPA Poland and Baker Tilly TPA named the best real estate advisor
Once again, the real estate industry has recognized the team of tax advisors of TPA Poland and financial advisors of Baker Tilly TPA. This time we have been awarded the title of the best tax and financial advisor in the CIJ Awards.
07.11.2022
TPA Tools – a platform with applications and digital business products from TPA Poland and Baker Tilly TPA experts
28.10.2022
TPA Poland and Baker Tilly TPA among the best advisors for the real estate industry
The 12th edition of the CEE Investment Awards is behind us. On October 27, awards were presented to the region’s top companies for their achievements in commercial real estate. It is a great honor that once again the team of experts from TPA Poland and Baker Tilly TPA has received an honorable mention in the Tax & Financial Advisor category.
05.10.2022
Baker Tilly TPA now has a special certificate to examine NGOs
We are extremely pleased to announce that Baker Tilly TPA is on the list of entities authorized to audit non-governmental organizations (NGOs) receiving USAID and other US government funding.
The USAID certification and presence on the list of companies authorized to audit public benefit organizations is a confirmation that the auditing firm provides top quality services. The aforementioned list includes companies outside the US.
Obtaining this certificate is a very meticulous process. It starts with the completion of a questionnaire based on internationally accepted audit quality control standards. Information contained therein is verified by dedicated auditors and confirmed with entities such as professional organizations, donors, former clients of the company and/or regulators who may have information related to the company’s assessment. Based on the information collected, the auditor decides whether the company meets the requirements and standards and can be included in the list of companies recommended to conduct the audit. Importantly, once gained, a certificate is not valid indefinitely. The audit company and the level of its services are constantly monitored, and the list of approved entities is updated.
“Receiving USAID certification is great news for Baker Tilly TPA and confirms that we are providing audit services at the highest level, in accordance with all standards, including in terms to quality. USAID’s certification and support for the NGO audit is also a great honor for us. Few companies outside the United States can boast such certification, and as the market and the practice of auditing companies shows, this is a sought-after quality when selecting an NGO-s auditor. What’s more, we can boast of having completed such projects internationally, and in these cases we were chosen to be the auditor exactly because we had the American certification,” said Monika Tuzimek, Partner, Audit and Business Consulting, Baker Tilly TPA.
