– What’s up, Mr. Stein?
– Victor Hugo died yesterday.
– a lot left?
– Six million francs.
– pretty penny. A what?
– In a three percent retired French and Suezach.
– Excellent paper.
Grünspan, a Jewish banker, one of the heroes of” the promised Land “had no doubt that the most important determinant of successful entrepreneurs are the assets they left behind. That life could be considered successful, the assets must be of good quality – to work for its owner, giving a reliable and predictable income not only now, but well into the future. Certainly, on the death of Hugo they were a good investment 30-year bonds Society of the Suez Canal, bear interest at 8 per cent. annually. Sam Suez Canal operates today.
The assets left behind by Jan Kulczyk, are impressive. Their value is estimated at around 15 billion zł. However, he built his wallet did not survive the collision with today’s realities. Business monument Poznan businessman had to be Kulczyk Investments. It was based on four pillars: energy, chemicals, infrastructure and raw materials. Financial holding facilities, ensuring liquidity, and at the same time the most important asset Kulczyk, a stake in SABMiller global beer producer. Sebastian Kulczyk, who even before the death of his father took over the family business, sold in April, half of the shares held by the equivalent of 5.5 billion zł. He announced that it wants to diversify its business, invest in new technologies. Probably you get rid of the second part of the package. In the modified strategy, the company does not see it as the place for the raw material sector. Its not the best state illustrates the behavior of the exchange rate Serinus Energy. This company, which is still Kulczyk introduced to the Warsaw Stock Exchange in 2010. (Then under the name of Kulczyk Oil Ventures). Within six years the price dropped by 90 percent.
Dołuje the energy – exchange quotation management gas power plant Nowa Sarzyna and wind farms the company Polenerga fallen over the last year by half, which is primarily derivative adoption by the Parliament of the so-called. Act windmills. It compels a change of strategy of the company, but with the development of the energy sector Sebastian Kulczyk does not intend to resign. Just as in the chemical industry, which is managed by the company he controls the exchange of Ciech. The second European manufacturer of soda ash was last year’s best financial results ever. The stable is also the infrastructure business Kulczyk leg, which consists of three companies managing the A2 motorway.
business from scratch? No
His fortune Kulczyk built on the interests of the State Treasury today as part of Kulczyk Holding prosper better projects, which are derived from transactions with the public sector than those created by the businessman. Ciech is the last big deal Jan Kulczyk, symbolically which links its business activities. He was already the owner of the international company, well-rooted in global business. All the doors were open for him. And he returned to the privatization transactions, of which competed in big business. Before Ciech acted only as an intermediary, quickly selling the acquired shares or letting of industry investor. This was the case Brewery Wielkopolskich, which bought 40 percent. shares for 20 million zł in 1993. Although one of the conditions of the transaction was the introduction Brewery IPO, Kulczyk increased the share capital by acquiring the majority of the company. A partner acquired South African company SAB, which bought the Tyskie Brewery and combining them with breweries Wielkopolska, created the KP. Purchased in 1999. Warta shares of insurance sold after the Belgian bank KBC. By purchasing shares in Powszechny Bank Credit, he claimed to build a Polish banking and insurance, but also after he sold the shares of the Austrian Creditanstalt. Polish Telecom introduced to France Telecom, also supported the British company Rotch Energy in the privatization of Lotos refinery. The sequel of this transaction was to be a combination of Lotos and PKN Orlen, in which Kulczyk had 6 percent. shares and putting the control of the established company Russian Łukoilowi. At least established Commission of Inquiry. PKN Orlen.
Construction and management of part of the A2 motorway is also a business developed in a government concession, with the support of public money, with the participation of foreign partners.
Creating businesses from scratch was never specialty Jan Kulczyk. He made plans to build a high-energy group of regional importance, including Poland, Ukraine and Belarus. In the north of the country he wanted to build at the cost of several billion power supply Tri-City, but the plans remained only on paper. As repeatedly he talked about the great business future of Africa, so I never got involved there according to their capabilities. Privatization transactions carried out in cooperation with foreign partners, allowed Kulczyk avoid excessive risk. Only purchase Ciech conducted entirely on their own account.
Ironically, the most important work of his own Jan Kulczyk is Poznań Stary Browar – the shopping center, which he built from scratch together with his wife. Today is one of the flagships of the city. After the divorce in 2006. Gallery went to the GK, which late last year sold it for 290 million euros.
The right time, the right place
successes in cooperation with the public side of Kulczyk largely owed close relations with politicians of almost all options. Probably some of them should be considered incompatible with the principles so popular today social responsibility. But for the business community were an expression of Poznan effectiveness of a businessman, a necessity at this scale operations. Jan Kulczyk was the only one of its kind oligarch, though not uwłaszczał up for a song on national wealth formula the east, and the only benefit from turning it. In juggling assets was an extremely talented player – hard to call him a visionary, but it certainly was a man who was in the right place at the right time. I was able to fully utilize not only benefiting from privatization. Also, when in 1994. For 16 million zł consisted of 5 percent. shares in the Polish Telefonia Cyfrowa (today DT Mobile), to five years to sell it for 825 million zł. Or giving completely control Kompania Piwowarska, in exchange for shares in SABMiller, which reached him at global level.
For years, Jan Kulczyk was for the Polish business a natural point of reference, a year after the death of his legend continues it is alive. But that does not mean that the legend is shaping business reality. Myth Kulczyk is not a story of self-made mana, which starting from scratch, had great wealth – the proverbial first million he got from his father, which at the start of the economic transformation gave him a significant advantage. Kulczyk time to transform the economy took advantage of the accelerated accumulation of capital, but it is the way in Poland reserved for the few, now closed. That’s why most elite of Polish entrepreneurs operate according to normal market principles, consistently developing their business. As Dariusz Milek, the largest seller of shoes in Europe, Solange and Krzysztof Olszewski, the owners of Solaris, Rączyńscy brothers, creators of the jewelery company Apart whether Arkadiusz Mus, the largest manufacturer of insulating glass in Poland. Polish business has no face Jan Kulczyk, does not draw from its patterns. Capital accumulation continues in a natural way – the company that congeal on the Polish market, gradually grow to the size of multinational corporations, and the next move some of them will try to move at global level. This is the way planned for the generation that defeated Jan Kulczyk shortcuts.
Myth Kulczyk harder than in the business world lives in the world of politics. For the current government Poznan businessman is a strong candidate for the main character “of the” ruling Polish economy. This role in the previous term of Law and Justice, he was Ryszard Krauze, in the past, one of the richest Poles, creator information Prokom, who lived with the contracts executed for the national institutions and companies. Accused of involvement in the scandal groundwater Krauze has been forced to reduce business activity, which in turn led to his downfall. Now continues the hunt for Kulczyk, the easier that same businessman can not defend. Hence the ongoing four months prosecutorial investigation into the privatization of Ciech. Paradoxically, the most transparent transactions Jan Kulczyk with the state, carried out on the public market, the open curtain. But it does not matter, the point is to realize by Ciech to show how wrong were previously ruling Polish political elite, as superficially work state in which entrepreneurs, according to Justice Minister Zbigniew Ziobro, could use ministers like errand boys. It’s one of the reasons why now it requires a deep repair, and at the same time justify why changes do not bring the expected results – because you have fought hard against a system that exists and resists. Casting Jan Kulczyk in a designated role will also serve the show, how wrong is the private business, which justifies limiting its role and increase state participation in the economy. Possible reprisals against the heirs of Jan Kulczyk will also be served as a deterrent to the world of private business, if he does not want to take the cooperation and stood in the way of good change.
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