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Frogs anywhere, is good to speak loudly?TRANSCRIPT
Interview with Ivo Překlasa / 8Good Living through Challenge and Development / 12Housing for Those in Need / 15The Unpopular Road to Happiness / 16
THE MAGA ZINE OF THE BR IT ISH CHAMBER OF COMMERCE IN THE CZECH REPUBLIC 5/2006
BCC – Working for a better business environment
Good LivingReal Estate / 11
Focus on
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EditorialEditorial
Board of Directors of the British Chamber of CommerceH o no ra r y C ha i rman
Linda Duffield, British AmbassadorH o no ra r y V i c e - C ha i rman
Karen Stanton, British Embassy – Head of Trade and Investment SectionC ha i rman
Jo Weaver, JWAV ic e - C ha i rman
Mike Al-Nassir, Pedersen & PartnersTre asu re r
Andrew Sutherland, KPMGB oard o f D i re c to r s
Miroslav Sedlák, Provident Financial Jan Valdinger, Fairway Petr Palička, Bovis Lend Lease Jan Grozdanovič, JGA Legal – Jan Grozdanovič, advokát Marek Kučera, PrintSoft Česká republika Eva Williams, Tesco Stores CRE xe cu t i ve D i re c to r
Renata Scharfová
ACT IV IT Y AR E AS AN D B OAR D R ES P O N S I B I L I T I ES
C o rp o ra te S o c i a l R e s p o ns ib i l i t y
Miroslav SedlákIn te r C hamb e r G roup ing
Mike Al-NassirImp rov i ng the D e l i ve r y o f J u s t i c e
Jan Grozdanovič, Petr PaličkaF inanc e /Admin i s t ra t i o n
Andrew SutherlandPub l i c a t i o ns
Jan ValdingerPa t ro ns / M e mb e rs h ip
Mike Al-NassirN B EN/Eve n t s
Marek Kučera, Eva WilliamsS p e c i a l P ro j e c t s
Jo Weaver
PATR O N S
• Allen & Overy • BAE Systems • Bovis Lend Lease • Clifford Chance • Cushman & Wakefield • DHL • Egon Zehnder International • Flow East • HSBC • International Power • Linklaters • LogicaCMG • Lovells • PricewaterhouseCoopers • Provident Financial • Tesco • Travelex • Zátiší Catering Group
C HAM B ER O FF I C E
Renata Scharfová, Executive Director Lenka Péčová, Assistant/Events Coordinator Jitka Pohlová, PR and Publications Manager
British Chamber of Commerce in the Czech Republic IBC, Pobřežní 3, 186 00 Praha 8 Tel.: (+420) 224 835 161, Fax: (+420) 224 835 162 E: [email protected], [email protected] www.britishchamber.cz
FOCU S 5 – SE P TE M B E R / OCTO B E R 2006The magazine is published bythe British Chamber of Commerce in the Czech Republic.
Should you wish to place an article, advertise or contribute in any way to the magazine please contact Jitka Pohlová at [email protected] or call +420 224 835 165
Editor & Advertising: Jitka Pohlová, tel.: 224 835 165, e-mail: [email protected], ISSN 1212-5156Copy editing: WriteOn! Editing Services, tel.: 608 676 035, e-mail: [email protected]: Atelijèur Půda, s.r.o., tel./fax: 271 961 788, tel. : 777 343 555, e-mail: [email protected]
FOCUS is registered with the Ministry of Culture, MK ČR E 13335© British Chamber of Commerce in the Czech Republic 2006
It’s fantastic to live in the Czech Republic. The country offers you everything
you need and would require. Great entertainment, world class dining, a wealth
of different architectures, parks for walking, an abundance of sporting venues
– Prague and the Czech Republic have it all. And what’s more, it’s great to
show off to family and friends when they visit. Many of those coming here for
work or to visit choose to stay, either extending their original visit or as many
have done, take residency and stay for many years. Being here can really
be a life changing experience, many fall in love either with the place or its
people or both – one thing is for sure, being in the Czech Republic is one
of life’s great rewards.
The hot summer that we have been enjoying allows us to experience the
fantastic countryside and history of the Czech Republic – less than an hour
away from the buzz of the city centre there is some of the most beautiful
countryside in Europe. Haven’t you joined in with all the cyclists you see on the
road yet? We Czechs ski in the winter and are out on our bikes in the summer.
We love our countryside and discovering the best places to escape to and
perhaps even buying a summer house to enjoy for years to come.
And wouldn’t it be great if we could also find some time to do what we
want to do to help others to enjoy all this. Of course we want to help. If we get
stopped on the street we donate a hundred crowns and buy a red nose, a yellow
flower, a badge or a Nový Prostor magazine. Wouldn’t it be nice if from time
to time we didn’t wait to be stopped but stop ourselves and did something for
those less fortunate? It doesn’t need to be anything spectacular; you know
that every little helps.
Eva Williams
The magazine of the British Chamber of Commerce in the Czech Republic The BCC – Working for a better business environmentThe magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 14-4
Starting 19th June, Clifford Chance will have an office in Bucharest, through an association with Romanian law firm Badea & Asociatii.
�e Bucharest office has 24 staff members and will be part of the Central and Eastern European practice of Clifford Chance, which already has offices in Budapest, Moscow,Prague and Warsaw. Nick Fletcher, ManagingPartner of the Warsaw office of Clifford Chance, will be a partner in the associated firm and be responsible for the integration of the Bucharest team within the Clifford Chance network. “Joining Clifford Chance is a natural fit on both sides and formalises an already excellent working relationship,” said Daniel Badea, Managing Partner of Badea & Asociatii in Bucharest. “Since we founded the firm in 2002, our focus has been on major international investors into Romania, and we have already partnered with Clifford Chance in many transactions.”
Queen’s Award for Enterprise places Irish Recruitment Group amongst top UK companies.
Gra�on Recruitment, the world’s largest Irish-owned recruitment group, has for the second time been awarded one of the highest accolades in British industry – the Queen’s Award for Enterprise. Gra�on was the first recruitment company from Ireland to win the award in 2002. Since
then business has continued to grow into an international network of 64 offices in 16 countries that has seen its overseas business increase by 500% since 2003, rising to a projected GBP 45 million for this financial year. James Kilbane, Chairman of the Gra�onRecruitment Group said: “Winning the
Queen’s Award for a second time is a tremendous achievement. We are delighted to have received this award in recognition of the increasing amount of international trade being generated by the Gra�on Group. �e award positions us as one of the top performing businesses in the UK. Our staff across Ireland and overseas have worked ceaselessly to bring Gra�on to this point – this award is an endorsement of those efforts.”
Orco Property Group won the tender for a plot of 27 hectares in Prague 7 in Bubny district, originally announced by Správa železniční dopravní cesty (SŽDC) and has already signed the contract for CZK 1.1 billion.
�e plot, which has stood vacant and neglected for the last 20 years, is the only area of such a type and size in central Prague. As such, one of Orco’s main goals is the rejuvenation and revitalisation of Bubny. �e estimated investment into this project stands at CZK 20 billion. Aleš Vobruba, Senior Vice President of Orco Property Group, states: “We are obviously delighted to have won such an important tender in the very heart of the Czech capital. We are highly aware of the critical role this 27-hectare plot will play in the revitalisation of the surrounding area. Our goal over the next 10-15 years is to develop a mixed-use area on the site, inclusive of: a number of quality apartments, space for leisure activities, a sports and shopping centre,and high standard office space – essentially a new, modern and lively district of 21st Century Prague.”
Catering Services Certification was granted to the Hilton Prague by the NationalFederation of Hotels and Restaurants in the Czech Republic (NFHR CR).
Hilton Prague received the certificate on thebasis of the results of an audit carried outby HASAP Gastro Consulting s.r.o., whichproved the compliance of the Hilton Praguewith the legal regulations as per the applicablehygienic norms and standards of the NFHR CR and therefore confirms the HACCP (Hazard Analysis Critical and Control Point) system being applied in the food and beverage operation of the hotel. �e aim of the HACCP – Hazard Analysis Critical and Control Point – is to control the critical points during the food and meal production and processing. It is a preventative system helping the operator ensure safe food processing and meal preparation. �erefore, the operator can guarantee the meals are healthy from the hygienic standards point of view. �is is all due to timely disclosure and control of critical moments in any of the food
processing stages. �e system is based on the European standards, and all food and
meal processors are required to implement the system of critical points within their operations. �e Hilton Prague joined the other six hotels and catering companies in the Czech Republic that have so far received the certificate.
President Hotel organised an unusualsummer party ‘Bongo Bongo Cocktail Night’ for its closest business partners. The hotel’s Presidential Suite with its large terrace decorated in the voodoo style became an exotic scene of the party on 2nd August.
Master Bartender Roman Uhlíř and his R.U. Shop Bartending School prepared an original barman show and guided the guests through the world of exotic cocktails. �eguests could also compete in the ‘Bongo’
dance, and the creator of the most interesting costume in the ‘Bongo Bongo’ style won a stay for two in the Presidential Suite. Probably the greatest attraction in the tropical summer evening was the ‘Bongo Bongo Bath’ in a whirlpool. During the bath a special Mai Tai orchid cocktail and grilled jumbo shrimp were served. Since the event was extremely successful, the President Hotel plans on creating a special ‘Bongo Bongo Cocktail Night Package’ for companies who would like to organise a non-traditional party for
In Brief
The magazine of the British Chamber of Commerce in the Czech RepublicThe magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 54-5
Clifford Chance Opens Office in Romania
James Kilbane, Chairman of the Grafton Recruitment Group
Grafton Export Achievements Recognised Once Again
Catering Services Certification for Hilton Prague
From left: Ivana Havelková, HASAP Consulting analyst; Miloš Žáček, General Manager, HASAP Consulting; Ing. Pavel Hlinka, President NFHR CR; Mgr. Ivona Šustová, commercial hygienist; Armin Zerunyan, General Manager, Hilton Prague; Tomáš Mařík, Executive Sous Chef, Hilton Prague; Markéta Šebková, Marketing & PR Manager, Hilton Prague
Orco Property Group Wins Tender for Prague – Bubny Site
Bongo Bongo Cocktail NightPresident Hotel – Presidential Suite
Cont’d on page 6
Bongo Bongo Cocktail Night
The magazine of the British Chamber of Commerce in the Czech Republic The BCC – Working for a better business environmentThe magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 14-4
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In Brief
their business partners or employees. �e exclusive setting in the Presidential Suite with a unique view of the Prague Castle and the Vltava River makes the party idea even more attractive.
When on 1st July 1995 the Hilton Interna-tional officially took over the operation of the Atrium Hotel, the management of the hotel decided to choose the first baby that was born on that day in Prague 8 (the district of Prague where the hotel is located) as the Hilton Baby and to celebrate his birthday at the Hilton Prague until the age of 18. �e lucky boy born in Bulovka Hospital was Marek Benda, now 11 years old.
Since then Hilton Prague has been hosting the Hilton Baby birthday celebration every year. A birthday cake and a gi� were not missing either, this year Marek got a Play-station as a gi� from the hotel. �e entire Benda family enjoyed the event very much.
As of 1st August, Orco Property Group has obtained planning permission for its Radio Free Europe project.
�e exclusive ‘build-to-lease’ agreement with Radio Free Europe/Radio Liberty concerns a 15-year lease of 23,000 sq.m with an option to extend by a further 30 years.
�is new development will be located in the Hagibor district of Prague 10, between Vinohradská and Izraelská street and close to the Želivského metro station. “Orco Property Group is immensely proud to have been chosen as developer of this exciting and high-profile project. Radio Free Europe/Radio Liberty is very well knownnot only in the Czech Republic, but throughout Europe and the rest of the world too. �is upcoming development will be a chance for Orco Property Group to make a significant contribution to the social, political and cultural landscape of the Czech capital. We are currently working very closely with the authorities of Prague 10 in order to avoid any inconvenience to the local community,” states Steven Davis, Senior Vice President of Orco Property Group. Radio Free Europe will be relocated to the building, which will be built to the highest specifications as requested by Radio Free Europe. �e new Radio Free Europe/Radio Liberty headquarters will consist of a five-floor main building, a main entrance building and a service entrance building; outside there will be two ponds. �e new building will be easily accessible by public transport. Cigler Marani Architects was appointed as the project designer. �e project is scheduled for completion in 2008.
Hilton Baby – 11th Birthday Celebration Planning Permission for Radio Free Europe/Radio Liberty
Cont’d from page 4
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Introducing New Members
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The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 58-9
Interview
Jitka Pohlová: How has the real estate market developed in the last 15 years?Ivo Překlasa: During the last 15 years, the domestic real estate market has developed from the point of view of the quantity and quality of the real estate available, the associated services and especially the prices. �e stabilisation that gradually took root in the mid 1990s replaced significant price chaos that had especially affected tenement blocks. New components have entered the legislation, such as for example ‘tenant associations’. �e insufficient legal regulation and the association members’ method of understanding and behaviour have, of course, brought many pitfalls in daily practise. New construction developed at the turn of the century at a great pace. �is has brought with it rapidly increasing interest in acquiring housing and a boom inmortgage loans and building savings. �e number of sold flats and the prices for them went up by tens of per cent every year.
�e boom also applied to the family house and building plot segment. �e large price boom of recent years was o�en surprisingly accompanied by the not overly sophisticated decisions of purchasers, which led to the highsaleability of even low quality products. 2003 was a year of further significant price increases for new and old flats and tenement blocks and slight increases also occurred in the prices for family houses. At the same time, the amount of the market rentals began to fall as a result of the increasein sales. Mortgages were at a lower level in that period. �e expected rapid increase in real estate prices a�er the accession to the EU did not occur.
JP: LEXXUS is associated with the sale of highly luxurious real estate. Do you also work on other projects? IP: �e mediation of sales of luxury real estate was our company’s main orientation, but that has not been the case since the turn of the century when LEXXUS opened
an entire section of new residential projects. �is means that we are associated with the developers from the very beginning of the preparation of the project (the selection of the locality, the standard and the type of flats and commercial areas, etc.) and we are also responsible for the saleability of the new residential areas. A further new area is second-hand flats where we see great potential and we want to maintain our high quality services and to apply them in a sphere where there have not been good experiences with regular real estate offices and where the entire salesprocess for flats and the purchase of housing is so complicated that it puts people off.
JP: What interest is there in luxury housing in Prague and also in localities outside Prague?IP: Some very interesting projects are being prepared outside Prague. �ese areo�en for people with above average earnings, but the truly rich want luxurious and discrete housing inside Prague (the areas of Karlovy Vary and Český Krumlov are also interesting).
JP: What is the interest of international developers in the Czech Republic? IP: �e interest of international developers in the Czech Republic is large, it is based on their many years of experience and they have applied this experience here and have had very good results here. �ey also know which localities can be used advantageously, including those that seem to us to be unusable (such as future marinas in Holešovice and Karlín)… �ey are not afraid to invest in these areas. We cooperate with a number of excellent developers. A current interesting project has been established in cooperation with the company Ballymore in Statenice. Ballymore – one of the top international developers – offers quality housing herefor demanding customers and at a corres-ponding price.
JP: What are the current trends in the residential real estate market?IP: �ere is an excess of supply over the demand for new flats and it is expected that this will continue to grow. A�er 10 years, the demand is only now concentrating on a bigger category of flats. �e interest has fallen not only in the lowest category (1 + kitchen), but partially also in the 2 + kitchen category. It is possible to monitor a shi� in interest from the 2 + kitchen category to the 3 + kitchen or 4 + kitchen categories in residential localities which aresuitable for family housing in association with the increased purchasing potential of the population.
Luxury Services with LEXXUS
Ivo Překlasa, Managing Director, is responsible for the overall management of the LEXXUS Groups, as well as for its strategic development. In his previous employment, he was the Marketing Manager for Xerox Czech Republic and he was later in charge of the marketing for Xerox in the countries of Central Europe, Turkey, Israel and Egypt.
Name: Ivo Překlasa Position: Managing Director Organisation: LEXXUS
BCC – Working for a better business environment
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�e growth in prices is not currently so marked, though it is possible to expectgrowth in demand caused by the plannedincrease in VAT for residential construction from 5% to 19% at the beginning of 2008. At the same time, however, the supply of new flats has increased significantly, so the growth in prices will not be so marked. �e average flat price is, however, different in the various parts of Prague. Whereas some areas are experiencing a fall in prices, the traditional residential localities and some developing areas (for example, Karlín) are undergoing increased growth. In the area of highly luxurious housing, the demand is outstripping supply.Interest in mortgages and building savings has been growing over the long term and this has manifested itself in the greater number and greater competition of new projects and also the increased demands of clients. �e interest in older prefabricated blocks of flats has fallen and the prices for the flats in this segment have also fallen slightly.
JP: How do you estimate the development of the real estate market?IP: We expect further growth in demand for new flats in association with the amountof VAT on construction work from 2008, the increased competition for new projects
(again in relation to the increased VAT) and the continuation of advantageous conditions for mortgage financing.
JP: Social housing is on the other side from luxury housing. How do you think that a flat should be defined? By its quality, price or area?IP: �e price unequivocally designates the boundary for social housing. �e definition according to square metres would only lead
to smaller flats being built. I consider the definition of the quality standard to be the least suitable way of designating social flats.
JP: What is your personal goal in your new position as the managing director of LEXXUS?IP: Mainly I want to maintain the quality of the services that LEXXUS provides. In the area of luxury housing, this involves the maintenance of professionalism. In the areaof the construction of new houses, we do not want to remain only in the phase of sales mediation. We also want to be with the customer up to the handover phase, and also in the case of any eventual complaints or other customer needs. In the second-hand area, we would like to prepare a simple system, in which the complicated bureaucratic process will not deter potential parties interested in new housing. We would like to take care of this process ourselves and to allow the customer to concentrate on the new housing. I see great potential here. I am not the first who has come with this idea, but nobody has yet taken it to its conclusion. Naturally, I would also wish that everybody is satisfied in their housing and that this does not merely mean that the rest of their lives will be reduced to merely repaying mortgages.
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Focus.indd 1 11.7.2006 16:06:58
Focus on …
BCC – Working for a better business environment
Jitka: Statenický Mlýn is your first project in the CR. How did you decide on this country?Maria Browne: Ballymore’s development strategy is to spot emerging property markets and be at the forefront of regeneration. Over the past three years we have recognised the importance and potential economic growth of the Central European market. Ballymore has watched the Czech Republic develop into a key European location for property. It is also a beautiful country and we wanted to come here with something very special that has not been here before and use all the innovations that we have learnt in the UK and Ireland. J: Did you do any research to learn more about Czech culture?MB: Yes, we did a lot of research on your architecture, current standards of living and consumer demand.
J: So the design of houses is different from those in UK?MB: Yes, absolutely different, inspired
by the Functionalist style of the 1920s and combined with sharp geometric shapes.
J: What can we read from the houses about their owners?MB: �e Czech Republic is full of business men and women, who have worked hard toachieve success and will want somewhere comfortable and relaxing to live. Statenický Mlýn is the ideal hideaway, allowing residents to enjoy a good quality of life in a peaceful environment. Statenický Mlýn has been extensively landscaped, incorporating leisure facilities on site and is only a short commute to the centre of Prague.
J: You have launched the sale. What feedback have you received so far?MB: Interest in the luxurious development has been high, a lot of which has come fromCzech residents. �e feedback has been positive as such a high standard of property has not been available before in the Czech Republic before. Ballymore is looking to develop more projects within the country in the future.
Good Living – Real EstateDiscover the Finest Homes in PragueStatenický Mlýn has been created by the international architects Lewis and Hickey and has the same high quality interior design that is synonymous with Ballymore’s projects.
Maria Browne, a sales manager of Ballymore Properties in the UK, arrived at Statenický Mlýn and met with Jitka Pohlová of the Chamber for a short discussion.
�e company goes to considerable lengths to maximise the available space and source new materials to create the best finishes. �e result is highly stylised apartments that are practical and comfortable to live in. Statenický Mlýn is located in Statenice, in the picturesque valley of Únětický Stream, an area renowned for its natural beauty, offering residents an abundance of outdoor activities such as cycling and hiking. �e location perfectly combines the best of metropolitan and country living with the city centre of Prague just 20 minutes away. It is an ideal get away for jetsetters with the international airport under seven km
away and for more permanent residents the International School and Riverside School just eight km away. �e project will comprise of 21 townhouses and 37 apartments arranged around a new village square, incorporating a patisserie and coffee shop, florist, kindergarten, fully equipped gymnasium, health and beauty spa as well as a waterside restaurant. �ere will be a further 32 luxury family villas.�e villas pay homage to the Functionalist style evolved in the 1920s – with sharp geometric shapes and extensive floor-to-ceiling windows. �e interiors, by Carter Tyberghein, support Ballymore’s reputation
for cutting edge design, with custom-builtkitchens, fully integrated stainless steel appliances and polished marble work surfaces. �e main bathrooms have walls and floors clad in natural stone, limed oak wash stands with twin hand basins and freestanding baths designed by Philip Starck. �e attention to detail is confirmed by the quality of the engineered oak wood strip flooring, lighting systems and layout, which maximises the space. Sliding walls of glass separate the large living areas and wooden decked gardens, re-affirming the claim to offering the finest homes in Prague.
Focus on …
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 512-13
Good Living through Challenge and DevelopmentRolf-Jan Zweep, who ranks highly in the the premier league in banking, disscussed his views of good living with Jitka Pohlová of the Chamber.
Jitka Pohlová: You are known as an excellentleader (ING Bank) as well as an excellent football player, both very demanding pursuits. Is it important in your life to have challenges?Rolf-Jan Zweep: I played football for a long time at a relatively high level, operating at the top of my ability in a highly competitive environment and I learnt a lot during that period of my life. It was a challenge for me, and challenges attract me. A�er that I decided to study for a university degree and that influenced me to pursue other directions and other challenges… I like and need to develop and improve myself. I would be unhappy to reach some status quo and then have nothing more to improve; hopefully it will not happen…Personal development is very important for me, even developing simple things. I dislike staying at one point. Naturally you cannot aim at things that are not within your reach but what I do dislike is being satisfied with average performances.
JP: How do you relax? Is it also a challenge for you?RJZ: It’s no challenge in itself, I do relax mainly through sports like football, golf,
skiing… and I need to try to perform my best otherwise I do not like to do sports. Performing is what motivates me, what attracts me. Sport without a challenge to achieve something, to improve, would be boring for me.
JP: What is your opinion on this year’s football World Cup? Did you watch it?RJZ: I watched the World Cup as a formerplayer and also because ING was sponsoring both the Czech and Dutch National teams. Based on my experience in football I’ve seenonly a few, and too many poor performances. �is Championship was not the best ever, disappointing in terms of the quality of the games. At least one of the best teams won, though it wasn’t one of my favourites.
JP: What experience from the ‘football world’ can you use in the ‘banking world’? RJZ: I can use a lot I’ve learnt in football in banking as it is both about people, staff/players and clients/fans, in a highlycompetitive environment. If you understand how to work with people, what you can expect in terms of behaviour and attitude and its impact on performances then you can do a very good job.
Having differing and complimentary qualities in team members, whether in a football team or management team, is very important. Very o�en you can see that CEOs tend to look for people with the same qualities as it seems to be more comfortable and easier to deal with, but it is not the best solution… Business teams made up of people with only the same qualities will miss certain qualities and therefore have weaknesses. In order to be successful you need players or staff with different qualities in the team; you won’t win a match with ten Beckhams. It isdifficult for the CEO to have different people as you have to understand them and trust that they can do a great job their way, but it is worth it…
JP: Is this the first time you have worked abroad for a long period of time? Are you content here?RJZ: It is the first time I have actually lived and worked abroad. I have a three to five year assignment. I guess I will stay at least four years… as so far I have enjoyed what I do, and where I live. I am pretty satisfied here. Of course there are differences between the Czech Republic and the Netherlands, economically, politically and socially. �is is not about good or bad, it is just different and I feel positive about bridging it.
JP: What does a ‘good living’ mean to you?RJZ: First of all I like to have interesting people around me; it is very important for me. Of course my job helps me to meet very interesting people. �e city of Prague itself is a very beautiful city and an international place that offers great opportunities to meet interesting people. Also good living for me means spending time with my seven year old daughter, who more and more tends to shed interesting light on life.
JP: Could you name some things that would increase your quality of life?RJZ: It is all about my daughter. She is a special character (as every proud father would say). It is very interesting to watch her develop, she can feel absolutely free and supported by me in her choices and whatever she wants to achieve… when she develops in a positive way that increases the quality of my life.
JP: You like a challenge, you like achieving reasonable aims. What would you like to achieve in your business?RJZ: We want ING Bank in the CR to be among the top three corporate and investment banks. It is a level we actually have achieved for insiders, but it is not enough. We want not only our clients (global clients like Shell, Unilever or Philips, subsidiaries of multinational
Rolf-Jan Zweep, CEO of the Prague branch of ING Bank N.V. and general manager of ING Wholesale Banking has been working for ING Bank, of the Netherlands, since 1992. In 1987 he received a B.S. in economics and business administration at the University of Groningen, The Netherlands, and in 1992 a M.S. in business administration at the same university.
Name: Rolf-Jan Zweep Position: General Manager Organisation: ING Wholesale Banking
companies, domestic corporate clients like ČEZ and financial institutions) to know about our excellent services but we also want the corporate market in general including potential clients to become aware of this. �at is what we want to achieve now.
JP: Banking is about money. What would you recommend to people who do not want to let their money sleep?RJZ: First of all you must decide if you willneed your savings sooner or later… If soonerthen you may simply deposit your money at a savings account with easy access. �e return is quite low but without risk. If you can leave your money for a somewhat longer period of time you can invest it in government or corporate bonds, the rate is good and you can have a nice return but it is slightly more risky. If you have more money and will not need it for more than five years you can leave it to professionals and invest it into mutual funds. For the long term you can invest in real estate but then you must be in a position that you don’tneed any returns soon. �e most important question to decide upon is when and to what extent you expect to need your savings.
JP: I wish you the best in maintaining your enthusiasm to go further still and achieve more and more even in small drops.
Vox Populi
Name five items that would dramatically increase the quality of your life
1. If I inherited CZK 200 million – I would become independent of earnings and I could really do only what I wanted, for the people I wanted and with the people I wanted. 2. If I had more children. As I have got older, I have discovered that two are not enough and that having a large family has an exceptional quality. �is does not mean, of course, that I would consider it a good idea to have any more children at my time of life, as some people do. �ere is a time for everything. 3. If I found the strength to build a nice and comfortable home, something which I have been thinking about for years. 4. If I climbed a 7,000 metre mountain – it is one of the things I would love to do. I would fulfil one of my great wishes and from experience I know that the fulfilment of a great lifetime wish changes one’s life.5. If I learnt to play the saxophone – once again, I would fulfil one of my great wishes and moreover it would give me a pleasant way to pass through my occasional melancholic early evening moods.
Petr Palička, Managing Director Bovis Lend Lease
1. Less work (even a four-day working week would be fine)2. Longer holidays (a week is not enough)3. Significantly less Czech bureaucracy 4. Cooler summers, longer nights in the winter5. More money! Colin WaddellManaging DirectorCB Richard Ellis s.r.o.
1. A Tesco Metro or a Marks & Spencer Simply Food store 2. Cleaning up Wenceslas Square (by night) – our offices are located at Můstek! 3. Service with a smile – not always the case particularly in certain restaurants! 4. More baby shops with choice and pricing comparable to Western Europe!5. Taking a taxi with confidence of not being extorted (ripped-off)!
Jonathan HallettPartnerCushman & Wakefield
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�e investment markets of Central Europe five years ago saw only a handful of deals, with typical deals trading at yields of around 10-12%. �ese yields have now rapidly fallen over the last few years to levels of around 6% for prime offices, 7% for shopping centres and 8% for logistics. �is hardening of yields in all the prime sectors was caused largely by the change in the perception of risk in the region but also by the weight of capital entering the region. More importantly this has led to the development of a two-tier market, with opportunities now becoming more apparent in the secondary investment market, where yields o�en trade 100 to 200 basis points above prime. Strong investor demand has largely followed keen occupier interest, with a large number of global companies choosing Central Europe for their base because of significant cost savings, a large skilled and multi-lingual workforce, good geo-
graphical location, as well as strong and improving economies. Recent examples of this include ExxonMobil, DHL and SAP in the Czech Republic as well as Phillips in Poland and GE and Nokia in Hungary. �e property investment market still remains small by Western European standards with around EUR 3 billion trading per year in the core markets of the Czech Republic, Poland and Hungary. �ere is however a far larger amount of capital chasing all of these markets, at the last count some EUR 13 billion, and this has led to the development of new Eastern European markets such as Romania, the Baltics, Ukraine and even further east to Russia. As investors observe the increased opportunities, trading also increases, quickly reaching similiar trading levels to those found in the larger Western economies. �e original investors were either German or Austrian cross-border funds,
US/UK opportunistic investors seeking quite high leveraged returns, as well as some Irish or Israeli private equity. However as core yields have fallen these investors have gradually chased yield further east and been replaced by more core European funds, with lower IRR (Internal Rate of Return) requirements who have bolted eastern European investments onto their existing European portfolios. Bank Funding or Leverage has always been an important part of property investing and banks were less flexible in the region five years ago, with low loan to values and higher margins above base rates only achievable. However, better deals of 75-90% LTV and margins of down to 100 basis points above euro rates, have meant that higher returns than in Western Europe can now be achieved.
Angus WadeManaging Director, King Sturge s.r.o.
CEE Investment MarketThe property investment market in Central Europe has seen a huge shift over the last five years from emerging new paradigm to that of a core Western European basis. Entry into the European Union by most of the main Eastern European countries in 2004 allowed significantly more investment capital to enter the region which has ultimately driven yields (the relationship of income to capital value) closer to Western European levels.
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�e aim of the SOS Children’s Villages is to provide children, who find themselves separated from their own families and who do not have the opportunity of being placed in adoptive or individual foster care, with thepossibility of growing up in a family envi-ronment and having a suitable place to live. �ere are four levels of childcare: the SOS Children’s Village, the Youth Community (this specifically means enabling the young people to be well prepared for a profession according to their abilities, to have employ-ment, to be mature, to know how to managetheir finances independently and to havesecured accommodation), Semi-Independent Living (the goal of which is to strengthen and improve the abilities which the young people will require for an independent life: work habits, social skills, life skills and managing finances) and Financial Support during the acquisition of their own accommodation (the goal of which is for the young people to live in their own flats which they subsequently pay off or for which they have concluded a long-term lease contract).
Lenka Pospíchalová, Manager of the SOS Children’s Villages Association, says:“�is project was established as a reaction to the fact that the process of becoming independent was not always completely successful with the young people who le� the SOS Children’s Villages. Apart from work and the acquisition of a sufficient education, we saw the securing of accommodation as being one of the conditions for becoming successfully independent. All of the children have admittedly been building up savingaccounts (where the funds from the inter-national SOS KDI Sponsoring programme are deposited), but this was not sufficient to secure their accommodation. �e Subsequent Care project consists of three connected programmes and it is mainly oriented towards habits, the acquisition of independent accommodation and the strengthening of social and life skills. A young person, who has finished his or her education and has found employment, has the option of enrolling in the Trial Flat Programme. �is involves the rental of a small flat or an independent room.
�e programme lasts for three years and during the first year the young person pays one-third of the costs associated with the accommodation and SOS pays the remaining two-thirds. During the second year, the young person pays two-thirds of the costs and SOS pays one-third. In the last year, the young person covers all of the costs. All of the young person’s payments are deposited into his or her personal account and, if the person is successful during the stay in the accommodation, he or she can use this money to acquire his or her own accommodation or indefinite lease contract. In that case, the person in question signs up for the Accommodation Support Programme. �e options for support from SOS are considered according to the person’s specific financial situation. It is usually the case that the young person pays 30% of the costs for the acquisition of the flat and, SOS contributes the remaining 70%.”
Irena Jelínková SOS Children’s Villages
Housing for Those in NeedThe SOS Children’s Village was established by Hermann Gmeiner, who said, “We are not doing anything special. We only want to give our children that which other children have long had.”
BCC – Working for a better business environment
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A few Words of Advice…
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 516-17
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�ere are people who seek them simply for self-indulgent and gourmand reasons, and then there are other people who patronise them because they have the money to do so,it is modern or they want to be seen visiting them. However I will not pay any attention to that group. �e reason for visiting this restaurant from the point of view of a chef is that if youenjoy food, you will definitely appreciate the taste and quality of fresh ingredients, professional approach and experience of the chef.
In order to appreciate food in a restaurant of this type, you must eat. In other words,to be able to appreciate the taste of a freshly prepared tuna fish which is brought to thecountry as quickly as possible and stored at a constant temperature from the moment it is caught to the moment of the preparation of the dish, you must first eat frozen, tinned orover-frozen tuna, and then you can compareand understand the difference. I do not mindif people start with top quality restaurants without the initial bad experience, however, I am sure that the moment of surprise is not as profound. Of course it may happen that the restau-rateurs only pretend to provide fine dining and use this only for marketing purposes. �en the customer, expecting quality and fresh ingredients, is unpleasantly surprised that everything is the same; the only difference is the considerably higher price. As far as the price is concerned, you can hardly be surprised that the prices in thesefacilities are considerably higher than inother restaurants. �e prices are not exag-gerated, even if it could seem so. Consider that dishes are prepared from really fresh ingredients and at the same time the suppliers
do their best to bring in fish, vegetables, etc. from different parts of the world under very strict sanitary criteria and currently also of organic quality – and all this is underscored by the work of top chefs and their teams. �e objective of fine dining restaurants is to surprise their customers in a pleasant way, satisfy their taste buds, and arouse their thirst for knowledge. If you seek a fine dining restaurant, ask for a recommendation from someone well accustomed to them. You will receive a bit of advice arising from personal experience. It can be quite useful to monitor also the popularity of particular fine dining restaurants so that you do not happen to come across one that freezes high quality ingredients or depreciates them in any other way due to a drop in the number of customers. �ere are a few good restaurants in the Czech Republic, but only a few. I hope that you will find the right one if you decide to go to one. May you make a good choice.
Radek PálkaCrowne Plaza Prague
Fine DiningIt is not easy to answer the question of why people seek top quality restaurants…
�ere is no definite recipe for happiness. People’s ideas of personal happiness change depending on their age and personal circumstances. �ey, too, o�en include specific goals (i.e., “If I only had a better job…” or “If I only had a better partner…”) that are either unattainable or fail to deliver the wishful bliss when reached. Happiness is not some destination on our life journey. Happiness is an attitude, a wayof looking at things and perceiving all there is, inside and outside. �roughout my practice as a psychologist I have learned to respect certain causal occurrences that have proved to be helpful guidelines on our journeys to personal happiness (the long-term feeling of content and satisfaction). I have summarised them into 15 tips. �ey are not listed in any particular order of importance, but some are more inter-related than others. Here they are: 1. Remain open-minded. Be willing to get rid of your well-fixed ideas or beliefs if there is enough evidence to change them or make alterations. 2. Welcome new stimuli and new knowledge. �e internal growth it may elicit will create personal satisfaction.3. Look for beauty. Only occasionally will you get beauty delivered to you, and yet
there is so much of it around us. It is your responsibility to look for it.4. Be kind to others. Giving kindness will make you feel good. It will also make you a better person. And if not, you can always catch up with your better image.5. Remain active. More active people are generally more satisfied than those who are rather passive.6. Do charity. Even little acts of uncondi- tional help to others (like helping someone onto a tram or buying a magazine from a vendor in recovery) will do.7. Get to know yourself. Accept your shortcomings. �e lack of dedication to be truthful to themselves o�en hinders people from living satisfying lives. Dedication to the truth will also help you to be successful in the following endeavor.8. Set realistic goals for yourself. When you cannot reach your (unrealistic) goal, a feeling of personal failure easily sets in and further influences your self-esteem. If you set realistic goals, you will increase your confidence and personal satisfaction. Do not rely on material things. Certainly a purchase of a nice car can make you feel happy for several weeks, but that is just about the longest life expectancy of happiness stemming from a newly obtained object.
9. Take care of your body. You are stuck with your body for the rest of your life. You have to learn to like it in order to like yourself. By taking care of it, you are also caring for your psyche. 10. Do not underestimate the connection between the body and your psyche. Some people will go as far as to say that all physical illnesses are only signals that our psyche is suffering. 11. Respect nature and our fatal connection with it. Nature will guide you in many avenues of life if you acknowledge its wisdom. 12. Delay gratification. People who are able to delay gratification are usually able to achieve much more rewarding goals.14. Maintain balance in everything. Very simple but not always simple to follow.15. Accept that life is not easy. As M. Scott said, “Life is difficult.” But once you accept it, you don’t have to bother with it. At the same time, life is also full of joy.
�ese tips are neither original nor difficult to grasp. �e problem remains in our willingness to take responsibility for our own happiness. Just do it!
PhDr. Veronika SvobodaUNICARE Medical Center
The Unpopular Road to HappinessThe problem which presents itself when people ask how to be happy is that there is no ‘easy-to-follow’ instruction sheet I can hand to them with the words “Please follow steps one through five (more might already be too lengthy) and you will get there.”
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Whether you are interested in buying an industrial site (e.g. existing production facility), selling an office building or petrol station, advising on the reconstruction of a storage place, operating a manufacturing facility or renting out property, you should be aware of existing and potential environ-mental risks associated with your activities. Environmental legislation has become very complex over the past decade, and any non-compliance can bring large fines once environmental inspectors visit the site. Current impacts on the environment can be tackled quite easily. �e larger burden and risk is associated with historic activities andpollution of water, land, air and consequently flora, fauna and humans. Historic pollution is not so well addressed by legislation because it is hard to trace the source of pollution and the responsible party. But it’s a big issue in land and property transfers, as the potential buyer naturally aims to minimise future problems and decrease in property value due to past pollution. �e EDD audit covers both current and historic activities on a site, through site visits,review of available site documentation including
building and operation permits, review ofrelevant public pollution databases such as air quality levels, geology and hydrogeology maps, radon risk maps and environmental conditions set by development plans for county or local areas. �e information obtained isassessed using the risk assessment methodo-logy in order to find an existing or potential impact of the pollution. From our experience with performing the EDD audits across the Czech Republic, Slovakia and several Eastern European countries, we can say that the most frequent pollution issues are caused by:• poor management and handling of chemicals and waste, • insufficient knowledge of relevant environmental legislation, e.g. the ban on use of oils with PCB,• ignorance of historic contamination.
�e issue identified is then quantified in terms of abatement or risk minimisation measures. �is gives the client (investor) information on how much it will cost to mitigate the environmental risk and legal non-compliance. In more serious cases it’s
necessary to analyse samples of water or soil to assess the potential contamination.Except purely environmental regulation the EU legislation has been addressing the energy efficiency in industry and recently also in buildings. One of the upcoming requirements is the energy certificate of buildings introduced by the EC directive no. 2002/91/ES. �e certificate will be required as of 1st January 2009. To minimise the environmental and energy risk on any site it’s recommended to monitor and review the energy and material flows, which can be achieved for example by the Monitoring & Targeting method. Whether you are interested in a single environmental risk assessment or in the prevention of environmental pollution, it’s worthwhile to invite an external environ-mental or energy auditor for consultation and identification of the existing or potential pollution and inefficiency.
Monika PřibylováDirector of Environmental Division
Enviros s.r.o., Praha
Minimising Environmental Risk in Property TransactionsEnvironmental risk is a great unknown. Over the past two decades, investors have been learning to work with it in a similar way to other risks. The most commonly used tool for addressing the environmental risk of site acquisition is the Environmental Due Diligence (EDD) audit, sometimes called an environmental audit.
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 518-19
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Company nameAddress
Tel./Fax E-mailWeb site
No of Employeesin the CR
BusinessSpecification
Top Level Executive
MEMBERS’ LISTINGS – REAL ESTATE, PROPERTY-RELATED SERVICES AND CONSULTANCY
T: 227 133 111F: 227 133 122
Developer of office buildings, residential, commercial and logistic centres.
Uri Heller, Managing DirectorABLON s.r.o.Na Žertvách 2247/29, 180 00 Praha 8
15
T: 224 220 050F: 224 220 053
Developer of residential housing schemes, retail-related investment projects and commercial
and office projects.Paul Kemp, General Manager
Ballymore Properties s.r.o.Hybernská 12, 110 00 Praha 1
5
T: 224 362 500F: 224 362 515
Provider of property and financial management of companies and real estate assets.
Christopher John Barrow, BSc. Dip. ARICS Director
BarHill Real s.r.o.Burzovní palác, Rybná 682/14, 110 05 Praha 1
N/D
T: 221 775 211F: 221 775 212
Provider of services for entire project lifecycle.
Petr Palička, Managing DirectorBovis Lend Lease a.s.Peckova 9, 186 00 Praha 8
120
T: 224 840 060F: 224 814 111
Provider of strategic advice and execution for property sales and leasing.
Colin Waddell, Managing DirectorCB Richard Ellis s.r.o.Klimentská 46, 110 02 Praha 1
24
T: 272 143 513F: N/D
Specialist in sales in residential market. Nigel Mort, DirectorCentral European Real Estate Services, s.r.o.Na Příkopě 15, 110 00 Praha 1
140
T: 296 788 111F: 296 788 222
Provider of self-storage solutions. Soňa Fialová, General ManagerCity Self-Storage s.r.o.Argentinská 516/40, 170 00 Praha 7
7
T: 221 451 518F: 221 451 514
Provider of industrial & office leasing, tenant representation, investment purchasing
& sales, valuation and consulting. Peter Chatfield, Managing Director
Colliers International s.r.o.Slovanský dům, Na Příkopě 859/22, 110 00 Praha 1
26
T: 565 535 565F: 565 533 501
Provider of full-service, turn-key developments of production, logistic and office facilities.
Remon L. Vos, Managing DirectorCTP Invest, spol. s r.o.CTPark Humpolec, 396 01 Humpolec
50
T: 221 899 159F: 221 899 109
Provider of off-market investments opportunities.
Christophe Beaujard, Managing DirectorCzechEuro s.r.o.Na Poříčí 10, 110 00 Praha 1
1
T: 234 603 603F: 234 603 604
Provider of all types of commerical property advice and services.
Jonathan Hallett, Managing PartnerCushman & Wakefield, s.r.o.Na Příkopě 1, 110 00 Praha 1
66
T: 226 209 100F: 222 322 134
Provider of full spectrum of real estate requirements.
Jaromír Smetana, Managing DirectorDTZ Praha, spol. s r.o.IBC Building, Pobřežní 3, 186 00 Praha 8
20
T: 241 485 959F: 241 485 445
Provider of comprehensive range of relocation services for expats.
JUDr. Eva BogrenováEBOBaarova 35, 140 00 Praha 4
6
T: 222 316 992F: 222 311 382
Owner and manager of commercial, retail and residential space in Prague and its
surrounding areas.James Woolf
Flow East a.s.Václavské náměstí 11, 110 00 Praha 1
100
T: 224 217 648F: 224 235 512
Provider of residential rentals and sales as well as commercial leasing and sales.
Frank Hanečák, FRI, CRB, CMRManaging Director
HANEX GROUP s.r.o.Římská 16, 120 00 Praha 2
14
T: 222 726 197F: 222 726 202
Provider of property-related services and consultancy.
Ben Anderson, DirectorIdentity Ltd., s.r.o.Mánesova 83, 120 00 Praha 2
6
T: 224 315 849F: 224 316 126
Independent realty and problems consultants.Miloslav P. Jokl, Partner,
Principal ConsultantJokl AppraisalNa Ořechovce 60, 162 00 Praha 6
3
T: 224 234 809F: 224 239 520
Provider of integrated real estate and money management services.
Lukáš Schirl, Joint Managing DirectorJones Lang LaSalleMyslbek, Na Příkopě 19, 117 19 Praha 1
32
T: 234 703 333F: 234 703 334
Specialist in commercial real estate services. Angus Wade, Managing DirectorKing Sturge s.r.o.Bredovský dvůr, Olivova 4, 110 00 Praha 1
37
T: 224 812 611F: 224 814 477
Provider of professional services in real estate market.
Ivo Překlasa, Chairman of the BoardLEXXUS a.s.Panská 895/6, 110 00 Praha 1
50
T: 257 530 071F: 257 530 072
Developer of both commercial and residential real estate projects.
Jonathan Jackson, Managing DirectorLordship Estates spol. s r.o.V Jámě 1, 110 00 Praha 1
35
T: 221 451 640F: 221 451 641
Specialist in development and investment in real estate.
Mark Oram, DirectorMayfield Management s.r.o.Na Příkopě 859/22, 110 00 Praha 1
10
T: 224 818 677F: 224 818 678
Property consultant and agent.Nigel Young F.R.I.C.S.
Managing DirectorMIPA Real Estate, s.r.o.Klimentská 1212/24, 110 00 Praha 1
9
T: 222 710 064F: 222 724 991
Expert in relocation services. Jeffrey Albone, Country DirectorMove One relocationsPřemyslovská 13, 130 00 Praha 3
14
T: 221 416 311F: 221 416 312
Investor, developer and asset manager in the CE real estate and hospitality market.
Jean-Francois Ott, CEOORCO Property GroupAnglická 26, 120 00 Praha 2
200
T: 257 314 511F: 257 310 126
Specialist in the service sector in the property market.
Barbora Borská, PartnerORION Realit s.r.o.Holečkova 31, 150 00 Praha 5
10
T: 221 582 111F: 222 515 521
Specialist in construction and reconstruction of office and apartment buildings.
Zbyněk PasserChairman of the Supervisory Board
PASSERINVEST GROUP, a.s.BB Centrum, Building ALPHA, Vyskočilova 1461/2a140 00 Praha 4
31
T: 224 835 000F: 222 323 723
Provider of comprehensive property management services.
Jerome Spanek, Managing DirectorPBW Czech Republic s.r.o. IBC, Pobřežní 3, 186 00 Praha 8
30
T: 224 934 680F: 224 934 982
Specialist in complete real estate services. Tomáš Duda, DirectorProfessionals s.r.o.V Celnici 4, 110 00 Praha 1
25
T: 225 952 510F: 225 952 516
Provider of a full spectrum of real estate services.
Roger Dunlop, CEOQuinlan Private GolubKarlovo naměstí 10, 120 00 Praha 2
27
T: 222 191 100F: 222 191 200
Operator of business centres. Ivona Hronová, Area Sales ManagerRegus Business Centre, s.r.o.Klimentská 46, 110 02 Praha 1
16
T: 222 518 870F: 222 518 897
Specialist in construction consultancy. Richard Edwards, DirectorSavant (Czech) s.r.o.Jungmannova 34, 110 00 Praha 1
20
T: 224 234 963F: 224 237 073
Provider of business space and developer of logistic centres.
Andrew TuckettCountry Manager, Czech Republic
Slough Estates ČR, s.r.o.Na Přikopě 9/11, 110 00 Praha 1
3
T: 547 423 611F: 547 243 780
Developer and operator of the Olympia centre Brno.
Pavla Bumbálková, Centre ManagerSomerston Olympia CZ, s.r.o. U Dálnice 777, 664 42 Modřice
10
T: 257 318 247F: 257 318 247
Provider of property-related services and consultancy.
Michael Barnett, PresidentZlatý Lihovar, a.s.Lihovar Smíchov, Nádražní 2, 150 00 Praha 5
N/A
�e panelists gave their views on the pre-election battle, election results and the options that the government has for the future. We were particularly pleased that experts such as Michal Petrman (Office Managing Partner, Deloitte Czech Republic) and Bořivoj Hnízdo (Head of the
Institute of Political Science CR) were present, as well as Jan Herzmann (Managing Director, Factum Invenio), who spoke about the role of statistics in the elections and presented the results of Factum Invenio’s latest post-election survey.
“Czech Elections 2006 – What Comes Next?”Breakfast Briefing held at the Hotel Renaissance Prague on Thursday, 22nd June.
Events Round-up
ELECTION REFLECTIONCzech political Top 5• ODS: Euro-sceptic right-wing pseudo-conservative reformist• KDU-ČSL: Euro-optimistic Christian right-centre• Green Party: Who knows?• ČSSD: Euro-optimistic left-wing pseudo-reformist• KSČM: Euro-sceptic extreme-left conservative
2006 election turnout• Unexpectedly high: 64.47% Driven by last-decade election campaign
RIGHT WIN IN VOTES, DEADLOCK IN SEATS
ODS + KDU-ČSL + GP ČSSD + KSČM
Votes 48.89% 45.13%Mandates 50% 50%
Election forecasts and party preferences• Mostly wrong• Unlike Germany, two different types of mistakes:• SC&C overestimated ODS both in the pre-election forecast and in the exit poll• All the others underestimated the ‘double’
last-minute swing and gave too much to ‘small’ and ‘smaller’ parties• The only relatively good election forecast: Factum Invenio 101 : 99
Why?• The impact of the top two parties’ campaign was unexpectedly high• Nobody expected the intensity and focus of the last-decade election campaign• TV stations simulated the two-party struggle in the U.S. • Small parties suffered from a lack of media coverage
Voting motivation Influencing factors: TV and radio discussions Political advertisement Experience in meetings Published pre-election pollsWhy?• Professional PSB campaign increased the ČSSD’s chances and pulled swing voters from KSČM to ČSSD• The improved television performance of M. Topolánek combined with the ‘Kubice case’ increased support for ODS • No other party was strong enough to compete
Many Czech leftists voted right• Already in 1990, surveys showed that many Czechs claim to stick to the right but in fact their value orientation is a leftist one • Some of these people must have voted right• Apparently, they voted for the pendulum to swing
Future government design• The grand coalition is not very popular, but…• KSČM participation splits the nation• Acceptable outcomes:• Right centre in power right away• Grand coalition or similar much later
Four concluding remarks• The voters did not want any substantial changes; only half of them did• Statistical miracle does not mean any political surprise, no previous Czech government was really strong• There are too many politicians who prefer the status quo represented by the great coalition• Whatever the government, do not expect deep reforms
Jan Herzmann, Managing Director, Factum Invenio
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Michal Petrman, Office Managing Partner,Deloitte Czech Republic
Bořivoj Hnízdo, Head of the Institute of Political Science CR Jan Herzmann, Managing Director, Factum Invenio
Events Round-up
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Everybody enjoyed an evening of live jazz music – performed by the famous Tina Fišerová Quartet – petanque, children’s activities, a relaxed atmosphere and, of course, great food, drinks and cocktails! �e winning teams of petanque were awarded with presents prepared by Tesco. �e winners were: Team 1 – Gregory Olsak (Gerim), Olivier Clerc-Pasquier (Royal Canin SA), Simon Lefevre (Gerim).
Summer 2006 Party!This summer’s greatest event was organised jointly by the Chambers of Commerce of Great Britain, France and Canada. The party was held on 26th August at the Letenský zámeček.
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THINGS YOU DID NOT KNOW ABOUT HSBC
• Prague branch opened in 1997• Bratislava branch opened in 2005
• Provider of wholesale banking services• Profit attributable to shareholders rose by 15% in first half of 2006
Strong 1H 2006 Results and Mind Set on Further Global Growth
PERSONAL INVESTMENT PRODUCTS HSBCPrague intermediates a wide range of HSBC Group investment products, including International Capital Secured Growth Funds and Global Investment Funds. �is is complemented by fixed-term deposit accounts,which are available in Czech koruna and all major currencies.
CORPORATE AND INSTITUTIONAL BANKINGHSBC in the Czech Republic provides banking services to major Czech corporates, local subsidiaries of multinational companies, state-owned companies, local financial institutions, HSBC Group clients and
middle-ranking domestic companies of goodstanding. Services offered include a full range of bank accounts, credit facilities, local and international payments, syndications andletters of guarantee. Short-term trade-relatedproducts provided include import and export documentary credits, bills for collection, acceptances and confirmations. Traditional payments and cash management services are supported by the SAP-compatible electronic system, Multicash.
TREASURY AND CAPITAL MARKETS�e HSBC Treasury team in Prague provides corporate and institutional customers with a range of local Czech koruna treasury products, as well as all major currencies, and is supported by HSBC’s main European dealing room in London. �e branch is licensed by the Czech authorities to deal in securities as well as sell other Group products locally.
HSBC and its results for the first half of 2006Pre-tax profits increased by 18% to USD 12.5 billion from USD 10.6 billion in 2005. Net operating income grew by USD 4.5 billion, or 14%, to USD 28.3 billion. �e cost:efficiency ratio improved to 50.1% from 51.4% in the first half of 2005. Underlying growth, which exceeded USD 1 billion, was approximately two and a half times the
level of underlying growth in the first half of 2005. Profit attributable to shareholders rose by 15% to USD 8.7 billion – a new high – and represents earnings per share of USD 0.78, a rise of 13% over the same period last year. �ese results reflect a very strong performance across geographical boundaries and lines of business around the Group.
HSBC’s ‘Managing for Growth’ strategyHSBC’s ‘Managing for Growth’ strategy is built on growing the business organically and much of the growth achieved during the period was achieved in that way, notably in CIBM (Corporate, Investment Banking and Markets), in PFS (Personal Financial Services) and in direct channels like HSBCdirect in the USA. �ere was real momentum in CIBMin the first half of 2006, with its investment spend considerably lower and, most encou-ragingly, performance-related compensation higher, as previous investment generated revenue growth. In PFS, the Group continued to invest in areas designed to grow the customer base. In the UK, a GBP 400 million programme was started to upgrade the branch network,making it the single largest branch impro-vement programme in the UK. Branches in the USA, Mexico, Turkey and China are also being improved. �ere has been a huge rise in the use of direct channels, which are an integral part of HSBC’s approach to growing its business in both developed and developing markets. Our core markets remain Hong Kong, the United States and the UK. But three other businesses – Mexico, France and the Middle East, including Saudi Arabia – are now also generating pre-tax profits in excess of USD 1 billion on an annualised basis, with Canada not far behind. However strong the results are, thereare always opportunities for further progress,and despite the success of HSBCdirect, Stephen Green, Group Chairman, believes that we are still in the ‘foothills’ of direct banking. He also believes that the bank could make better use of its worldwide distribution network. Increasing concern about consumer credit in some markets is the other key area for attention. �e UKfor example, has witnessed enormous
growth in consumer borrowing. It is at a very high level in relation to people’s incomes and to the size of the economy as a whole, and that rate of growth is not sustainable. We have a responsibility to ensure that we are lending on an appropriate and suitable basis, and, from a straightforward credit concern, that our loans will be repaid. HSBC was the first major UK bank to share comprehensive credit information and has deliberately reduced the market share of unsecured lending in the UK.
Looking to the futureLooking to the future, the Group has just announced an agreement to acquire Central America’s leading banking and insurance group, Grupo Banistmo, for USD 1.77 billion. �e acquisition would give HSBC control of a network that extends into Costa Rica, Colombia, Nicaragua and El Salvador. �e region has a population of 83 million – large sections of which do not currently have bank accounts – and strong economic growth prospects. But the overall strategy remains the same. �ere is a plenty of growth potential on the extraordinary platform that HSBC already has. �at doesn’t exclude any more acquisitions, but it does mean they are not the centre of the game plan. �e global operating environment has been broadly favourable, with a stable USeconomy and a resurgent Japan counter-balancing the tightening effect of higher interest rates in most countries and increased energy costs. Regardless of a number of economic uncertainties, especially in the US and UK, HSBC will continue to position itself to take best advantage of the changing nature of the world’s economy.
František KopřivaCEO, HSBC
HSBC Bank plc – pobočka PrahaMillennium Plaza, V Celnici 10117 21 Praha 1T: +420 221 033 500, F: +420 221 033 520E: [email protected]
HSBC Bank plc opened its Prague branch in May 1997 and now provides a range of wholesale banking services focusing on top-tier companies and private investors.
BCC – Working for a better business environment
Events Round-up
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 522-23
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192X136 FOCUS.QXD 31.8.2006 13:33 Stránka 1
Andrea Downing from St. James Language Centre threw in some good hints for improving written communication at a workshop given to the Chamber members in Hotel Jalta on 9th August. Choosing the right words in correspon-dence is the key to success, she explained. Most communication can be made through simple words and phrases. Why use ‘appro-ximately’ if you can say ‘about’? Doesn’t ‘end’ sound better than ‘finalise’? Even in business you should not use many long and complicated words if there is an easier alternative which is just as effective. Fluency in writing is also important – and one needs a lot of practice to gain it. According to Ms. Downing, you can o�en use set phrases and choose an appropriate layout. Again, you should keep sentences simple. One very important rule is that we should make sure that our letter does not offend the reader, but has a positive impact (though the content may be negative!). In order to make workshop attendees aware of possible mistakes, Ms. Downing
listed the most common business correspondence difficulties:1. Lack of polite words and phrases2. Unnatural word choice3. Unnatural word order
4. Sentences are too long and confusing5. Lack of conventional taglines6. Tone is curt, seen as rude7. Grammatical slips
Czech people sometimes use a directive tone of voice and do not use polite phrases such as ‘�ank you for your interest…’, or ‘I apologise for the delayed response…’, etc. It is also a good idea to use conventional taglines such as ‘Dear’, ‘I look forward to hearing from you’, etc. At the end of the workshop Ms. Downing stressed that regardless of how good our spoken English is, by using wrong words or an unfriendly approach in writing we can ruin the basis of a generally good relationship with our business partners or clients. We should therefore be very careful about how we write. Management should also ensure that all company staff members required to communicate in English are well trained in business correspondence.
Breakfast Briefing – Business CorrespondenceIn business, we can express what we need to say to our business partners not just through facts and figures, but also by adding facial expressions and body language. This is not possible in written communication, so we must learn to use the right words and phrases to express exactly what we mean.
Andrea Downing, St. James Language Centre
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Name: Thu Nga Haškovcová Position: Partner Company: bpv Braun Haškovcová, sdružení advokátů Marital Status: Single parent, one daughter Hobbies: Reading, hiking, travelling
Thu Nga Haškovcová was born in Hanoi, Vietnam in 1969. At 17 she left for Moscow where she studied law at the Institute of International Relationships, (MGIMO). She moved to Prague in 1991 to continue her legal studies at the Law Faculty of the Charles University. She received her PhD in law in 2001. From 1994 until 2001 she worked for Haarmann Hemmelrath, first in Prague and then in Singapore, returning to Prague in 2001 as a partner in the firm. In 2006 Haškovcová, together with her partner, Arthur Braun, moved to set up their own legal firm, bpv Braun Haškovcová which already has 30 staff members.
What are you best at? I am quite good at team work, involving the right people and motivating them to push for the same course. As a lawyer by profession, I am good at logic and strategy.
What has been your most important life decision? My decision to leave Haarmann Hemmelrath and to open my own law practice together with my partner.
Why did you decide to go into law? Strangely enough, it was by mere chance. I went to university when I was just 17, and at that age one could hardly take a well-weighted decision. But I don’t regret it at all.
What do you think about the state of Czech politics? In general I think that the Czechs have gonea long way since the fall of the Wall. I was herefor the first time in 1988, and one can reallysee material changes a�er 1989 on the political scene. Coming from my background, I perceiveCzech politics, although it is undergoing a difficult time now to reach a consensus in order to form a functional government, as truly democratic.
Which of your past work did you enjoy most? I liked the bit when I moved to Singapore on my former firm’s assignment. I was there for two years, as an offshore lawyer. It was a completely different environment, and one
had to adapt to different working and living conditions. It was fun and challenging.
There are very few foreign women lawyers in the Czech Republic. How easy has it been for you to learn the language and to now be in overall charge of your new firm?�e language part was the easiest for me. I studied Russian before, so learning anotherSlavonic language was not so difficult. Pursuinga career as a foreign woman lawyer is much more challenging. I had to learn to cope withstereotypes and to overcome cultural differ-ences. But I was lucky enough to be able to work with colleagues who have tutored me and helped me out in the past, and now I have a team of very professional lawyers who give me continual support. I guess I would not make it alone without them.
Who do you admire most in the business world in the Czech Republic? I don’t have anyone whom I secretly admire and want to follow. I do however admire generous business decisions. One of these was Petr Kellner’s decision to open a boarding school with a UK curriculum for talented Czech children. It’s a great investment for the future. Who do you think admires you? I don’t think that lawyers seek admiration in our work. Boring as it may sound, we do want to make sure that our clients are happy and come back to us and that our people are happy to be with us.
Do you plan to stay in the Czech Republic or would you like to go back home one day?I feel at home here, and as I am developing a business here, the Czech Republic is my long-term plan. On the other hand I don’t want to lose my Vietnamese background and would like to keep it with me as much as possible.
How do you keep your body and mind fit? I try to do some sport whenever I have time – swimming, walking, jogging, biking. I like to read, but it’s more for entertainment than to keep my mind fit.
Where do you like to spend your holidays? In the country, far away from air-con and anything reminding me of an office.
What is your favourite literature? I like travel-related books about various world destinations and cultures.
What is your favourite Czech phrase? Tichá voda břehy mele.
What three items would you take with you to a deserted island? A book, my PDA (and pray that I will have a signal!) and a digital camera.
What is your life credo? �ere is always room for improvement.
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Year on year investment into commercial realestate in the Czech Republic and elsewhere in Central Europe continues to rise, with inboundforeign investors thus far dominating the field.While to date there has been a certain amount of interest from indigenous investors, what has been lacking is the availability of local fund and collective investment vehicles to allow a fuller participation in the markets. Key investors for the region have come from a number of territories and different sources – pan-European investment funds, German open and closed end funds, private equity and high net worth individuals have all figured prominently. Given large deal sizes, commercial property investment has generally not been possible for individuals in the general public. �e acquisition of real estate via Czech funds has to date been restricted by a restric-tive legal framework. With new legislation passed in April, this now looks set to change, allowing individuals to invest indirectly into the commercial property market. Below we outline the basic mechanics of collective investment and summarise the main changes in the Czech Act on Collective Investments related to new real estate investments via either ‘Real Estate Funds’ or ‘Funds of Qualified Investors’.
Outline of the mechanics of the collective investmentCzech legislation allows for the establishment of open-end and closed-end unit funds by investment companies and investment funds. An investment fund can be established as a legal entity in the form of a closed-end joint stock company. A unit fund is a special legal form governed by the collective investment legislation. Open-end funds have a variable number of units depending on the demand of investors, whereas closed-end unit funds issue a fixed number of units. A unit fund is not a legal entity separate from the investment company. �e assets belonging to the unit fund are the joint property of the unit holders, and each unit holder is entitled to exercise his rights against the investment company. By the statute of the unit fund, its assets are entrusted for management by the
investment company, which acts in its own name but on the account of the unit holders. �e investment company keeps a separate set of accounts for each unit fund. Open-end funds are considered to be more flexible for the general public, as the unit holders can practically at any time sell the units back to the fund (redeem them). �ese funds may invest in assets pre-defined in their statutes, including real estate.
Amended legislation With new legislation passed in April, the Czech Republic is considered a regional leader in the development of specialised real estate vehicles. �e updated Czech Act on Collective Investments allows for real estate investments via either ‘Real Estate Funds’ – generally for retail investors or ‘Funds ofQualified Investors’ for experienced investors.
Special Real Estate Fund�e major constraint of the previous regulation was a CZK 2 million (roughly EUR 60,000) minimum investment threshold, which has now been cancelled. Real Estate Funds can only be established in the form of an open-end fund. �ey can invest in real estate held by real estate companies both in the Czech Republic and abroad. Due to a higher level of regulation and their open-end form, these funds are subject to a limitation on liquidity (20-49% must be held in the form of liquid assets), which impacts returns. �e regulation also limits gearing to 20-50% of the value of the assets, depending on the extent that the financing is secured – this may impact the size of investments which can be made from collected cash. Funds of Qualified Investors‘Funds of Qualified Investors’ replace fourtypes of special funds intended for experienced investors: risk capital fund, special derivatives fund, special fund of special assets, and mixed fund. �ese funds may be created as a joint-stock company, an open-end fund or a closed-end fund. If the fund is established as a joint-stock company or closed-end fund, it has to be dissolved within ten years or
transformed into an open-end fund.It is expected that this restriction will be removed in the next amendment. A fund of qualified investors can collect funds only from so-called ‘qualified investors’. However, the definition is rather vague, as apart from different types of financial institutions, it includes any person who in writing confirms that he/she is experienced in securities trading. �e initial investment to the fund is at least CZK 1 million (roughly EUR 30,000) and the number of investors is limited to one hundred. �e fund of qualified investors is subject to less regulation and supervision. Its invest-ment strategy is not determined explicitly in the law – the key document is the statute, which should define the types of assets into which the fund invests. �ere are also no restrictions on financing and leverage.
Taxation of the Collective Investment FundIn addition to allowing investors the ability to make indirect real estate investments, it should be noted that there are also tax advantages. Both types of investment vehicles are subject to a 5% domestic corporate tax rate. Only in case of a Fund of Qualified Investors, which can be incorporated as a joint stock company, it is without doubt that it can benefit from double tax treaties or EU directives, (at least in principle from the Czech perspective) to decrease or eliminate withholding tax on dividends and interest, and thereby improve investment returns. While the law is new and as such untested, in particular Funds of Qualified Investors look to be an attractive vehicle for international investors making (not only) Czech real estate investments by combining a low tax burden with minimum restrictions. �e new Real Estate funds allow a much greater opportunity for investments by the general public with the lower investment threshold. While to date only Česká Spořitelna has announced its intention to open such a fund, this will surely be just the beginning.
Glen LonieReal Estate Leader for CEE/CIS region
PricewaterhouseCoopers
Real Estate Investment Funds – A new Investment Alternative
Legal Corner
Embassy Latest
British Embassy, Thunovská 14, 118 00 Praha 1, T: +420 257 402 111, www.britain.czBritish Embassy Trade & Investment Section, Palác Myslbek, Na Příkopě 21, 117 19 Praha 1
T: +420 222 240 021-3, F: +420 222 243 625, E: [email protected]
BCC – Working for a better business environment
World Famous Red Arrows for the Second Time in the Czech Republic
�is event was held on 16 September inOstrava. �e public had a unique opportunity to see demonstrations of ground military and law enforcement equipment as well as a spectacular airshow. �e Royal Air Force (RAF) contributes to this event regularly.
�is year they deployed some 17 aircra� (such as Hercules, Tornado, Harrier) and over 90 personnel. �e highlight of the RAF involvement was a magnificent 20-minute presentation by the world famous aerobatics display
team, �e Red Arrows. �e pilots in red Hawks demonstrated some amazing stunts. �is breathtaking show was only the Red Arrows’ second performance in the Czech Republic.
NATO Day is a famous annual military-related event organised this year for the sixth time.
British Embassy to Support Human Rights School
�e origins of the Czech Human Rights School annual workshop go back to 1999 when the Public Interest Lawyers Association (PILA) organised the first year. �is project aims to educate highly motivated law students and develop their interest and knowledge in human rights and good governance principles. �e one-week
Human Rights School involves interactive workshops, mock trials and lectures. �irtyparticipating law students – for example future judges, lawyers, officials – are to gaina more profound knowledge of individualhuman rights issues such as race discrimi-nation, corruption, environment-related issues and refugees. �e carefully chosen
professionals provide a wider EU perspective on some of the subjects and show how to progressively approach legal issues in the fields of human and civil rights. An important outcome of this project is that theparticipants commit themselves to 100 hours of volunteer work in the non-governmental sector related to their field of study.
Human rights is a widely discussed issue worldwide, and so too in the Czech Republic. There is still room for improvement on many fronts, so the British Embassy in Prague decided to support this year’s Human Rights School taking place in September in Brno.
Czechs to the Scottish Highland Games
For the first time this year the Czech Republic had its own national team at the Scottish Highland Games thanks to
VisitBritain ČR. �e team’s patron, British Ambassador Linda Duffield, wished the sportsmen the best of luck during a press
conference on 22nd August in the British Embassy garden.
Big muscular men in kilts tossing cabers and throwing shots were just two examples of disciplines the public could witness at the Traditional Highland Games on the Scottish Cowal peninsula in late August.
British Film in Karlovy Vary
�e British Embassy and the British Council supported the “British Day” on 6th July by holding a press conference related to the showcase followed by a reception for 250 guests at Parkhotel Pupp, co-hosted by British Ambassador to the Czech Republic, Linda Duffield and the Director of the British Council Czech Republic, Mandy Johnson. �ere was a strong all-round British filmindustry presence at the festival including directors, young talents, producers and actors. With support from the UK Trade and Investment team at the British Embassy, Sarah McKenzie, Senior Executive Export Development from the UK Film Council, also visited the festival. Her main objective was to assess the festival’s importance for the UK film industry and to investigate opportunities for promoting UK films to other European countries. During her visit she met with a number of film distributors from the Czech Republic and other Central and Eastern European countries.
As a result of the Karlovy Vary British Day,“A Good Woman” (Vějíř Lady Windermerové), the 2004 adaptation of Oscar Wilde’s
“Lady Windermere’s Fan”, was selected for Czech national distribution by Blue Sky Film.
The annual International Film Festival in Karlovy Vary is one of the leading events of its kind in Europe. This year its special “FOCUS ON BRITISH FILM” showcased a diverse set of critically acclaimed British films made in the last five years and which have never before appeared in Czech cinemas.
Saffron Burrows, British actress with Linda Duffield, British Ambassador
Chamber People News
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 526-27
Tony Potter was appointed as Chief ExecutiveOfficer of Corinthia Hotels International. Potter brings with him a wealth of experience in the hotel industry, having occupied senior
roles in global hotel companies throughout his career, most recently as CEO with Millennium & Copthorne plc. �e hotel has ambitious plans for their hotel business, as investors and operators, and Tony Potter will be a key contributor to this development and growth.
Alpha Management Consultants have recently expanded their Sourcing and Supply Chain Management department with the appointment of Don Gawthorne as Senior Procurement Consultant, and Pavel Batka as Procurement Consultant.
Gawthorne graduated from Bristol University in 1991 with a BA in English and Ancient Greek, before moving to theCzech Republic and starting work as anEnglish language tutor at Charles University. A�er a number of years in the country
running his own music distribution businessand working as specialist technical translator, he returned to the UK in 2001 to study for his qualifications with the Chartered Institute of Purchasing and Supply (CIPS), graduating with distinction in 2005. Prior to joining Alpha Management Consultants he worked as a Purchasing Manager for J. Murphy and Sons, a leading gas industry contractor in the UK. Gawthorne will be managing major outsourcing programmes for Alpha’s clients, identifying and qualifying local suppliers for new investors to the Czech Republic or for exporting local products to their international production facilities. He is fluent in Czech and has a good working knowledge of Slovak.
Batka studied Engineering and Economics at Pilsen Agricultural School before joining Panasonic AVC Networks in 2000, coordinat-ing spare parts shipments and logistics. In 2003 he moved to Skoda Transportation asPurchasing Manager in charge of outsourcing of metallurgical, welding components andAC systems. His work involved identification and qualification of new suppliers, technical
and commercial negotiations with suppliersand conclusion of frame purchase contracts across various product sectors. Batka will
use these skills to good effect supporting Alpha’s international clients looking to access the low cost supply base of Central and Eastern Europe. He is fluent in English with a working knowledge of German and Russian.
Jan Vylita (36) has been entrusted withcoordination and development of Pricewater-houseCoopers’ Transactions and Crisis Management Services departments in Slovakia. Vylita will also be leading the group that specialises in the resolution and management of critical situations in companies, and assists with safeguarding and increasing the value during such
matters as restructuring, insolvency, fraud investigations, legal disputes and handling of major insurance claims. Vylita has been with PricewaterhouseCoopers since 1996. He specialises in fraud investigation and client support in legal disputes but has alsobeen involved with a broad range of corporatetransactions. He also has extensive experience managing long-term, international projects in Switzerland, Russia and Tajikistan. He is a graduate of the Prague Institute of Chemical Technology and is a member of the Association of Chartered Certified Accountants (ACCA). He is married and has one child. He devotes most of his free time to his family and his hobbies, which include mineralogy and travelling.
Tomáš Kuča (36) has been newly appointed Director with responsibility for the Slovak subsidiary of PricewaterhouseCoopers’ Performance Improvement Department,
within its Company Solutions Group. Apart from his existing activity in the telecommunication sector for the Czech Republic and Central and Eastern Europe,he will be responsible for the operation of thePI department and also for introduction of all this department’s products on the Slovak market. Kuča has been with
PricewaterhouseCoopers since 1994 (then Coopers & Lybrand). He gained extensive experience mainly in telecommunications, but also managed large projects in other fields. From 1999 to 2001 he worked on telecommunications projects in Canada andthe Caribbean. He graduated the Faculty of Business and Management at the Brno University ofTechnology. He is a member of the Association of Chartered Certified Accountants (ACCA)and is a certified information systems auditor (CISA). Tomáš Kuča is married and has two children. He devotes most of his free time to his family and his hobbies, which include golf and travelling.
Reinhard Langenhövel (40) has been appointed to the role of Lead Partner for the Industry Group ‘Consumer, IndustrialProducts and Services’ in Pricewaterhouse-Coopers’ Assurance Services department. �is Industry Group provides mainly assurance
services for automotive, manufacturing, retail, pharmaceutical, and construction clients. Apart from the Prague office, this group is also represented in the Brno and Ostrava offices. Reinhard Langenhövel began working for PricewaterhouseCoopers in September 1993. As a member of the firm’s audit team, he has been primarily involved in providing services to clients in the consumer and industrial product sector, as well as in the energy and utilities sector with respect tolocal and international reporting requirements. Reinhard moved to Prague in the summer of 2001 and was appointed Partner in 2002. Langenhövel graduated in Business Administration at the University of Münster,Germany. He is a qualified German statutoryauditor and German Tax Adviser. He is fluent in English and mainly interested in travelling, motorbiking and sports.
František Dostálek, Managing Partner of KPMG Czech Republic, will become the Chairman and Chief Executive Officerof KPMG Central and Eastern Europe (CEE) beginning 1st October, replacing
Richard Ebling. Dostálek was elected by a majority of partners from all 16 countries of the region and will also become a member of the KPMG Board for Europe, Africa andthe Middle East. He will be the first manager
Corinthia Hotels International
Tony PotterChief Executive OfficerCorinthia Hotels International
Alpha Management Consultants
Don GawthorneSenior Procurement ConsultantAlpha Management Consultants
Pavel Batka Procurement ConsultantAlpha Management Consultants
PricewaterhouseCoopers
Jan VylitaManagerPricewaterhouseCoopers
Tomáš KučaDirectorPricewaterhouseCoopers
Reinhard LangenhövelLead PartnerPricewaterhouseCoopers
KPMG
František DostálekChief Executive OfficerKPMG Central and Eastern Europe
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from the Czech Republic ever to hold suchan important position within a major global auditing and professional services firm. Dostálek will thus join a handful of Czech figures who have attained the highest positions in major global companies.
Harry Bunbury was appointed to the position of Senior Industrial Agent for the Investment Department of DTZ’s Prague office. In this role, Bunbury will advise new and existing clients on the advantages of investing in the Czech Republic. A British national, Bunbury joined the DTZ London team in 2002 where he gained extensive experience of industrial property. As an Industrial Agent he was
responsible for the leasing and instruction management of Slough Estates International Heathrow portfolio as well as schemes in Portsmouth in the South of England. He also spent an increasing amount of
time working with the Euro-Logistics Group at Belgrade International Airport. His key clients included Slough Estates International, Dyn-Corp and Morley Fund Management. Bunbury graduated from the City University in London (MA in Property Valuation and Law) in 2004. He is a qualified Member of the Royal Institution of Chartered Surveyors.
Elias Drakopoulos (41) on 3rd July became the General Manager of Business Lease Czech Republic. He has acquired a great
deal of international managerial experience in the automotive world, with Continental and Ford, amongst other areas. He has experience in sales, retail, marketing and most recently managed Ford’s European CRM operations. He returns to Prague a�er having lived here eight years previously.
Executive coach Annette Reisfelder hasjoined Hamburg-based TOPOS Personal-beratung as of August, where she will chair TOPOS’ German coaching business. TOPOS has offices in Hamburg, Frankfurt and Stuttgart. More information at www.topos-consult.de. While she will handle future German assignments under the TOPOS umbrella, Reisfelder will remain your partner for any coaching needs in the Czech Republic and CE countries. Due to her assignments in the Czech Republic, she will continue to beavailable locally for six to eight days a month.Her pricing policy (a 20% discount for servicesrendered in the CR) will remain in place.Together with eight consultants specialising in search and selection of experts and top managers, she will focus on synergies between classical executive search and coaching services.
DTZ
Harry BunburySenior Industrial Agent for the Investment DepartmentDTZ
Business Lease
Elias DrakopoulosGeneral ManagerBusiness Lease
New Partnership
Are you “News for the Chamber”? Let us know about your arrivals, promotionsor departures. Call Jitka at tel.: 224 835 165,or e-mail: [email protected]
Survey
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 528-29
Good LivingWho among us would not wish to live well? More and more people in the Czech Republic are involved in resolving the question of new housing.
One reason is the fact that the children from the high-birth-rate years of the 1970s have begun purchasing their own housing, while another reason is the favourable development of mortgages. �e offer of new flats and houses is truly large and development projects are growing like mushrooms a�er the rain. �e very nature of the projects realised shows that the purchasing of new housing now concerns wider layers of society than was the case in the past and that the demand for housing quality has increased. �e offers from developers thus include both small residential units (so-called start-up flats) and grand residences that provide luxury accommodation.
So how do the people of the Czech Republic currently live and how satisfied are they with their housing?Almost two thirds of the population currently lives in their own housing, of which 43.1% of people live in their own house and 21.8% live in their own flat. One fi�h of the popu-lation lives in rented flats, which may be owned by the municipality, the state or by private owners. A total of 13.5% live in cooperative flats and 2% of inhabitants sublet. As a consequence of the increase in the share of privately owned housing, we can speak of the continuation of a trend. �e share of privately owned housing is growing at the expense of leased or cooperative housing. Differences can be noted from the point of view of the individual regions of the CzechRepublic and also, of course, from the pointof view of the size of the municipality. Flat owners are most frequently inhabitants of Prague and other large cities, while the
owners of houses are predominantly people from small municipalities and inhabitants of the Central Bohemia and Zlín Regions. 16.6% of the population finances its housing by means of a loan or loans and there is a growing trend with regard to the use of loan products. �e most frequently used loan products for the financing of housing include loans from building societies and mortgages. According to the data from the Czech Office of Statistics, the number of mortgages for citizens rose37.2% in the first half of 2006 in comparison with the same period in 2005. Czech Republic residents enjoy a relatively high degree of satisfaction withtheir existing housing. �e absolute majority
of Czechs are satisfied with their housing – one fi�h is definitely satisfied (21.6%) and three fi�hs are somewhat satisfied (60.5%). 17.7% of households are unsatisfied. Housing costs represent on average 30% of the expenses of a Czech household. On the other hand, people consider their housing expenses to be proportionately high with regard to the quality of their housing. Of all the problems concerning housing, the inhabitants of the Czech Republic are most frequently concerned by overly highhousing maintenance costs: this problem concerns 48.2% of the population. A further problem, which was mentioned to a large extent, is the necessity of undertaking large expenditures on repairs. �is problem was stated by more than a third of households (38.2%). A total of 33.6% of people consideroverly high rental to be a problem. Czechs have a relatively clear idea of the role of the state in the housing sector. �e absolute majority of the population is of the opinion that the state should outlay more funds for the financing of housing.
People are further convinced that the state should take care of housing for the poorer inhabitants. �e opinions on the suitability of the housing on offer in the market and the availability of the acquisition of new housing are not so unequivocal. 48.1% of people are convinced of the sufficiency of the housing on offer on the market. �e inhabitants of Prague and households with higher earnings more frequently consider the housing on offer to be sufficient. Onethird of the population (34.4%) is convinced that the acquisition of new housing is more accessible to wider layers of the population. �e current growth in residential construction is substantiated by the data from the first half of this year, according
to which construction work commenced on 20,206 flats, which represents 14.2% more than in the same period in 2005. �e deregulation of rental will bring further changes to the housing market on 1st January 2007. �e inhabitants of the Czech Republic are of differing opinions on the idea of deregulating housing rental. Two fi�hs of Czechs (39.8%) agree with deregulating rental and 45.9% disagree. �e remaining 14.2% had no opinion. Time will show to what extent the deregulation of rental will increase people’s interest in acquiring their own housing. Nevertheless, every seventh person living in a leased flat is already considering a change of housing today. However, a change of housing in this case is not merely understood to mean the acquisition of their own flat or home, but also as a change in their existing housing for another, for example for leased housing in another locality or to leased housing with a smaller area.
Jana ZíkováKey Account Manager, Factum Invenio
Completed 12,117 flats -3.2% against first half of 2006
Commenced 20,206 flats +14.2% against first half of 2006
Under construction 163,291 flats +7.3% against first half of 2006
Modernised 9,011 flats -13.9% against first half of 2006
RESIDENTIAL CONSTRUCTION IN THE 1ST HALF OF 2006 Source: Czech Statistics Office (08/2006)
WHAT TYPE OF OWNERSHIP DOES YOUR FLAT/HOUSE BELONG TO?(as a % of the respondents)
So
urc
e: F
actu
m In
venio
(0
5/20
06
)
Ow
n h
ou
se
Ow
n fla
t
Leas
ed
flat
in a
ho
use
w
ith
a p
riva
te o
wn
er
Leas
ed
flat
in a
ho
use
w
ith
a st
ate
, co
mp
any
or
mu
nic
ipal
ow
ne
r
Co
op
era
tive
flat
Su
ble
t
Oth
er
43.1
21.8
5.9
13.2 13.5
1.9 0.6
WHICH OF THE FOLLOWING PROBLEMS FROM THE AREA OF HOUSING DIRECTLY CONCERN YOUR HOUSEHOLD?(in % of the respondents, N = 1002)
Overly high costs forhousing operations
The necessity of makinghigh investments in repairs,
renovations, etc.
Overly high rental
48.2 46.6 5.2
38.2 58.2 3.6
33.6 59.8 6.6
concerns me does not concern me unable to say
Source: the research company Factum Invenio realised the study in May 2006 using a representative sample of the population of the Czech Republic – a total of 1,002 interviews conducted; the data from the Czech Statistics Office on construction production and residential construction.
Discover Britain
BCC – Working for a better business environment
BCC Info
“Let’s Make it Work”“Let’s Make it Work” is the provisional title of a new initiative under development in the BCC. If successful, it will be an exciting and practical way of delivering on the Chamber mission statement of “working for a better business environment”.
As I have been involved in the initial planningstages, I have been asked to explain the idea behind the initiative, and to ask each of you to think of specific topics which couldbe addressed. People o�en welcome BCCinitiatives that address intractable problemsof doing business in the Czech Republic. Czechs and others seem to trust and respectBritish legal and other institutions and our general reputation for fair play. Breakfast Briefings, their forerunners the Focus Groups,and specialist seminars, have been very successful in attracting audiences, and improving our understanding of the issues discussed. But perhaps we could do more to actually turn these discussions into action. �ere are those who feel that the BCC and other chambers are just ‘talking shops’. Some feel it should somehow ‘campaign’ or lobby harder – I myself have o�en had these discussions with the Chairman, Jo Weaver. But, as she has pointed out to me (and persuaded me!), it is not always feasible to
look at every different issue – but it may, however, be possible for the British Chamber to act as a catalyst, bringing two sides together and agreeing an action plan for practical positive change. �e mechanism being considered is a round table discussion on a specific ‘hot’ topic, but with a key difference: at the end of the discussion the moderator is going to say to both sides: “OK, now I want you to jointly agree (three) action points. We will publicise them, and in 6 months the BCC is going to check and report on the progress you’ve made”. �e event format would see perhaps three people from each ‘side’ and then a wide (and actively participating) audience – it is to be hoped that the topicswill be big enough to attract good audiences, and be open to non-members. Indeed the eventsshould be widely trailed as a way to attract new members, add momentum to the call to action, and raise the Chamber’s profile. What kind of topics? Well, they need to be issues that affect the business lives
of a lot of Members. We will need two identifiable sides, and we will need to be able to attract senior figures representing each side. One important point here is that o�en something is missing in the Czech Republic that is well established in the UK; a formal institution that represents the legitimate interests of a ‘side’. We need a couple of ‘quick wins’ if we are to make this initiative a permanent feature of the BCC’s work. Do please let Renata Scharfová have your ideas for topics that could be tackled. I am also happy to discuss the ideas set out here in more detail – doing so will surely help make the idea more robust and effective! Please feel free to mail me at [email protected]. �is is an ambitious project, and it will not be easy to implement, but the more inputwe have from fellow Members, the more likelihood it will have of success.
Richard Hunt, Marketing Solutions
Scotland beckons you to explore. In the capital,Edinburgh, follow the cobbled ‘Royal Mile’ from the ancient castle, which dominates the skyline, to Holyrood Palace. Glasgow is Scotland’s style capital. Attractions like the Lighthouse, the Burrell Collection andGallery of Modern Art reflect the Glaswegian passion for art. And when daylight fades,there’s the pleasure of a good malt whisky– 300 whiskies are distilled in Scotland.To experience truly divine nature visitScotland’s Highlands. Deep and cold lakes called lochs, great green valleys called glens,and steep and proud mountains called bens will fill your soul with happiness. One of themost admired pieces of nature lays untouched
by the fast life of the city on Isle of Skye, romantic refuge for Bonnie Prince Charlie.Probably the wildest and most breathtaking are the Scottish Western Isles. History goesback more than four millennia on Orkney and Shetland where you can visit the spectacular Neolithic remains at Skara Braeor immerse yourself in Viking heritage in Shetland. �ese islands are surrounded by the Atlantic and have become a haven for birdwatchers and surfers alike. Dolphins, puffins, whales, golden eagles and basking sharks are some of the marvellous wildlife to be viewed from boats or sea cliffs. A defining feature of Scottish culture isthe Highland games. �ey derived from thetrials of strength, speed, agility and skill thatwere commonplace at the various religious fairs, military musters and cattle fairs of medieval and early modern Scotland. �e formalisation of the Highland Games and their establishment as annual events occurred in the 1820s as part of the adoption of a romantic view of Highland culture thatwas rife amongst the British ruling class at the time. �e year 2006 was revolutionary too. �e largest Highland Games, held in Cowal, Scotland, were visited by a team representing the Czech Republic and markedthe start of a commitment for a long-term relationship with the largest games held in continental Europe, in Sychrov, CR. Scotland boasts over 540 golf courses, including world famous championship golf
courses such as �e Old Course St Andrews,Royal Troon, Carnoustie, Muirfield, Turnberry and Gleneagles. Considering the quality and range of golf courses withaccommodation to suit every golfer’s needs,your first choice for a golf vacation has to be
Scotland. �e Highlands provide a spectacular background for favourite pastimes. For golfers, there are excellent championship courses at Nairn and Dornoch, and for walkers and mountaineers, there are the Cuillins on Skye and Glen Coe and the Torridon Mountains.
Matěj Špiroch, VisitBritain
Scotland Will Relax Your Soul
AREA: 78,772 square kilometresPOPULATION: 5.1 millionCOUNTIES: Caithness, Sutherland, Ross and Cromarty, Inverness-shire, Nairnshire, County of Moray, Banffshire, Aberdeenshire, Kincardineshire, Angus, Perthshire, Argyll, County of Bute, Ayrshire, Renfrewshire, Dunbartonshire, Stirlingshire, Clackmannanshire, Kinross-shire, Fife, East Lothian, Midlothian, West Lothian, Lanarkshire, Peeblesshire,Selkirshire, Berwickshire, Roxburghshire, Dumfriesshire,Kirkcudbrbrightshire, Wigtownshire, Zetland (Shetland), OrkneyEDUCATION: Scotland has 13 universities and one university college, including the four ancient universities of Aberdeen, Edinburgh, Glasgow and St Andrews.BUSINESS: Shipbuilding, coal mining, steel industries, textile production, chemicals, distilling, brewing, fishingand tourism.TRANSPORT: Four main international airports (Glasgow, Edinburgh, Prestwick and Aberdeen) and the main national road and rail links.
SCOTLAND IN FIGURES
Birds flying around and nesting on the cliffs
Members of the BCC
Allen & Overy, Praha Advokátní kancelář ✔BAE SYSTEMS ✔Bovis Lend Lease, a.s. ✔Clifford Chance Limited Liability PartnershipCushman & Wakefield, s.r.o.DHL Express (Czech Republic) s.r.o. ✔Egon Zehnder InternationalFlow East a.s. ✔HSBC Bank plc – pobočka Praha ✔International Power plcLINKLATERS, v.o.s.LogicaCMG ✔LovellsPricewaterhouseCoopers ✔Provident Financial, s.r.o. ✔Tesco Stores CR a.s. ✔Travelex Czech Republic a.s.Zátiší Catering Group ✔
Full corporate members
Accenture Central Europe B.V.ACCOR Hotels Praha ✔Ahrend Central & Eastern EuropeAllied Pickfords s.r.o.American Express, spol. s r.o.AstraZeneca Czech Republic s.r.o. ✔Aviva životní pojištovna, a.s. ✔BDO Prima Audit s.r.o. ✔Berlitz School of Languages, spol. s r.o. ✔British Airways PLCBRUSH SEM s.r.o.CB Richard Ellis s.r.o. ✔CMS Cameron McKenna v.o.s. ✔Deloitte Czech Republic B.V.Diners Club Czech, s.r.o.DTZ Praha, spol. s r.o. ✔EASTERN SUGAR ČESKÁ REPUBLIKA, a.s. ✔EC HARRIS s.r.o.Ernst & Young, k.s. ✔Eurest / Compass Group Plc.Eurotel Praha, spol. s r.o. ✔Four Seasons Hotel PragueGIST CZECH REPUBLIC s.r.o.Gleeds Česká republika s.r.o.Hilton Prague ✔Hudson Global Resources, s.r.o. ✔ICI (CZ) s.r.o. ✔IMI International, s.r.o.Imperial Tobacco Czech Republic ✔ING BANK N.V.John Crane Sigma a.s.Jones Lang LaSalleKajima Europe B.V. Czech BranchKing Sturge s.r.o. ✔KPMG Česká republika, s.r.o. ✔Lloyd’s Register EMEAMandarin Oriental, PragueMARSH, s.r.o.MAZARS AUDIT s.r.o. ✔Metrostav a.s. ✔Mövenpick Hotel Prague ✔Nörr Stiefenhofer Lutz v.o.s.OKIN FACILITY CZ, s.r.o. ✔PBW Czech Republic s.r.o. ✔Prague Marriott Hotel, Renaissance Prague HotelRegus Business Centre, s.r.o.Rexam Beverage Can Czech Republic s.r.o. ✔SalansStorck Česká republika, s.r.o.Synovate ✔Tarmac CZ a.s.TMF Czech s.r.o. ✔Top.Spirit, a.s. – Corinthia Towers Hotel, Corinthia Panorama HotelUnilever CR, s.r.o.Vodafone Czech Republic, a.s.Weinhold Legal v.o.s.White & Case, advokátní kancelář ✔XEROX CZECH REPUBLIC s.r.o.
Reduced rate members
3TS Capital Partners – 3TS, s.r.o. ✔600 International Ltd. ✔A.M.T. Group a.s.ABLON s.r.o.AC EXPO s.r.o. ✔ACCA (�e Association of Chartered Certified Accountants) ✔ADC Blackfire Entertainment s.r.o. ✔Advokátní kancelář Polverini, Strnad ✔AIMTEC a.s. ✔AK Mašek a spol. ✔Aktiv Change s.r.o. ✔Alpha Management Consultants s.r.o. ✔AMI Communicationsandel’s hotel PragueArcher Sheridan s.r.o., Hertz Lease FranchiseeArcon Machinery a.s.Aria Hotel ✔ARS LINGUARUM s.r.o. ✔Arthur Hunt, s.r.o.ARWEN, spol. s r.o.ASB Prague, s.r.o.AUBERGRAY s.r.o. ✔Aukett s.r.o.Austria Hotels International ✔B.I.D. services ✔BABTIE spol. s r.o. ✔
Baker Tilly Czech Republic / Contract Administration, spol. s r.o.Balcarek & Rekova, spol. s r.o.Ballymore Properties s.r.o.BarHill Real s.r.o.BCD TravelBEROX Machine Tool Co Ltd o.s. ✔Best CommunicationsBlyth Praha spol. s r.o.bnt – pravda, noack & partner v.o.s.Braun, Haškovcová, sdružení advokátů ✔BRITEX – CZ s.r.o.British Council in the Czech Republic ✔British International School of Prague, �e ✔BT Česká republika, s.r.o.BT, organizační složka ✔BTI Czech RepublicBusiness Brokerage Partners, s.r.o. ✔BUSINESS LEASE s.r.o. ✔Catalise plc ✔CATRO s.r.o. ✔CDL Design s.r.o. ✔Central Europe Trust Prague – obchodní zastoupeníCentral European Real Estate Services, s.r.o.Cepona s.r.o. ✔CG Pay Limited ✔Chapman Taylor International Services s.r.o.CHEERS / LE CLUB RestaurantChemelek spol. s r.o. ✔CHI Czech s.r.o. ✔CIC Consulting s.r.o.Citco Česká Republika s.r.o.City Self-Storage s.r.o. ✔Colliers International s.r.o. ✔Consult Group Int. spol. s r.o.Cook Communications s.r.o.Corstjens Worldwide Movers Prague, spol. s r.o. ✔Corus Central Europe s.r.o.CTP Invest, spol. s r.o. ✔CVO Group ČR, s.r.o. ✔CzechEuro s.r.o. ✔Česká Informační Agentura, s.r.o. ✔Český Web, a.s. ✔DBG Eastern Europe s.r.o. ✔DC SPED spol. s r.o.Digital Resources, a.s. ✔Diplomat Hotel****PragueDRILL Business ServicesDunross s.r.o.EBOekologikaElok-Opava spol. s r.o.Employment Express s.r.o. ✔English College in Prague, o.p.s., �eEnglish International School, Prague, �e ✔Enviros, s.r.o. ✔ERPET Group a.s.Espire Group s.r.o. ✔ET NETERA s.r.o.ETHER Consulting s.r.o. ✔EUROGATE BOHEMIA spol. s r.o.EXPERTIS PRAHA, spol. s r.o.Factum Invenio, s.r.o. ✔Fairway, s.r.o. ✔Fleet Sheet/E. S. Best s.r.o.Fleishman-HillardFractal, s.r.o. ✔Fringe Festival Praha (PRAGUE FRINGE s.r.o.) ✔Genesis Capital s.r.o.Geneva Consulting Finance ✔Gerry Tipple, s.r.o. ✔Glatzová & Co., v.o.s.GONDRAND, a.s.Gra�on Recruitment, s.r.o. ✔Great Step s.r.o. ✔GROSSMANN JET SERVICE s.r.o.HANEX GROUP s.r.o. ✔Hašek a spol. s.r.o.Hays Czech Republic, s.r.o.Holiday Inn Prague Congress Centre ✔Hotel Le Palais PragueHotel Palace Praha ✔Hotel SavoyHotel Voroněž – Congress CentreIan Bryan Architects (IBA)iAudit InternationalIB Grant �ornton Consulting s.r.o.ICT Recruitment s.r.o. ✔Identity Ltd., s.r.o.IDM Security Int. s.r.o. ✔INTECON spol. s r.o.International School of PragueInternational SOS Assistance (CZ) s.r.o.International Study Programs s.r.o. ✔James Cook Languages ✔JANÁK ZEITHAML & spol.Jeakins, Robert ✔JGA Legal – Jan Grozdanovič, advokát ✔Jokl Appraisal ✔JWA Prague s.r.o. ✔Kensington s.r.o.Key 6 Business SolutionsKinnarps a.s. ✔KŠD ŠŤOVÍČEK advokátní kancelář, v.o.s.L&H Architektura: Praha ✔Lease Plan Czech Republic, s.r.o.LEXXUS a.s.Linstram, spol. s r.o.LLP Prague, s.r.o.LMC s.r.o.Lordship Estates spol. s r.o.lvds Associated Law Offices ✔MAI INSURANCE BROKERS, s.r.o.Management TC, s.r.o.Marketing Solutions s.r.o. ✔
Mayfield Management s.r.o.McKinnon & Clarke (formerly REA KLADNO s.r.o.) ✔MDA Praha, s.r.o. ✔MEDIA STRATEGY s.r.o.MEDIA TRADING CZ s.r.o. ✔MEDIARESEARCH, a.s. ✔Mediatronic spol. s r.o.meritas international ✔Millward Brown Czech Republic s.r.o. ✔MIPA Real Estate, s.r.o. ✔Mmd Corporate, Public Affairs & Public Relations ConsultantsMonitor CE media services, s.r.o. ✔Moores Rowland Levey & Jung ✔Move One relocationsNeumann & Partners s.r.o.New Day Activity Marketing s.r.o.NSG MORISONOn-Target Enterprise Training s.r.o. ✔Optaglio s.r.o. ✔Option One a.s.ORBIX, s.r.o.ORCO Property GroupORION Realit s.r.o.PASSERINVEST GROUP, a.s.Pedersen & Partners ✔PETERKA & PARTNERS v.o.s. ✔Positive s.r.o.Pragoimport-Adam a.s.Prague AdventuresPrague College, s.r.o.Prague Congress CentrePrague Jazz Open o.s.Prague Post, �ePrague Tours (UK) Ltd ✔PRESIDENT HOTELS, s.r.o. ✔PRESTO – TRANSLATION CENTER s.r.o.Priečinská – Hanyk, advokátní kancelář ✔PrintSo� Česká republika, s.r.o. ✔PRIORITY, spol. s r.o.Professionals s.r.o. ✔Proudfoot Consulting s.r.o.První Elektro, a.s.Quinlan Private GolubRecruit CZRENOMIA, a.s. ✔Restaurant U modré kachničkyRicardo Prague, s.r.o.Riverside School ✔Robert Half Czech Republic, s.r.o.Royal SelectionSavant (Czech) s.r.o.Schaffer & Partner spol. s r.o. ✔Scott & Hagget Consulting ✔Seddons v.o.s. ✔SHArchitects + Forresthill ArchitectsSigmar Recruitment s.r.o.Skills Base s.r.o. ✔Slough Estates ČRSomerston Olympia CZ, s.r.o.Spencer Stuart Management Consulting s.r.o. ✔Společnosti Online s.r.o. ✔ST. JAMES LANGUAGE CENTER, s.r.o. ✔Star Capital Finance s.r.o. ✔Target CR s.r.o. ✔TAX DIMENSION s.r.o. ✔Techo, a.s.�amesdown CZ, a.s.�e Source Network (CZ) s.r.o.Tiskárna Impéria s.r.o.TMI s.r.o. ✔TMM, s.r.o.TOP HOTEL Praha s.r.o.TPDG – Solutions HR SpecialistsTRADE WIND s.r.o.TRIBUTUM CONSULTING s.r.o.UNICARE Medical CenterUniversity of Pittsburgh, Katz Graduate School of Business ✔Vagner Design s.r.o. ✔Vision Training and Consulting, s.r.o.Vyskočil, Krošlák a spol. advokátní a patentová kancelářW.A.G. minerální paliva, a.s.Weber Shandwick/GJW ✔WERS Int. ✔Wood & Company Financial Services, a.s.Wrightson Urquhart spol. s r.o. ✔Zlatý Lihovar, a.s.
Associate members
ABR Top Management Coaching and Training ✔CEER (formerly �e Trinity Group) ✔CzechpointKingsley Squire International LimitedLans G. D. Engineering LimitedMacquarie Capital G.m.b.H. ✔Real Communication Ltd ✔Regency Asset Management LtdTrade & Invest Communications Ltd.
Individual members
Casimaty, PeterTremblay, Lyne-Marie ✔
The magazine of the British Chamber of Commerce in the Czech RepublicF O C U S 530
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Whether it’s retail banking, insurance or asset management, we understand the issues facing your business. We tailor our solutions to meet your requirements and offer a wide range of innovative services including risk management, regulatory compliance, tax advisory and technology solutions.
Contact Mike Jennings at [email protected] or visit our website at www.deloitte.cz and find out for yourself what makes Deloitte's FSI team the best in the business – from head to toe.
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