17
3/2011 ISSN 1644-3004 :\ZLDG ] -DQHP 0DFLHMHZLF]HP 3UH]HVHP =DU]ÈGX ,QIRYLGH0DWUL[ 6$ AKCJONARIUSZ GIE â DA EDUKACJA ANALIZY Cel: ĂFLVïD F]RïöZND GRVWDZFöZ XVïXJ ,7 Z 3ROVFH $.&-21$5,86=( :&,k¿ 0$2 $.7<:1, na Walnych Zebraniach 4 L $7$ NEWCONNECT ļ EODVNL L FLHQLH PDïHJR SDUNLHWX 2JUDQLF]DQLH VWUDW SU]HGH ZV]\VWNLP &=</, :6=<67.2 2 6723/266$&+ Formacje LINIOWE – to nie jest trudne!

Akcjonariusz 3/2011 wybrane artykuły

Embed Size (px)

DESCRIPTION

Akcjonariusz 3/2011 wybrane artykuły

Citation preview

Page 1: Akcjonariusz 3/2011 wybrane artykuły

3/2011ISSN 1644-3004

:\ZLDG�]�-DQHP�0DFLHMHZLF]HP��3UH]HVHP�=DU]ÈGX�,QIRYLGH�0DWUL[�6�$�

AKCJONARIUSZGIEâDA EDUKACJA ANALIZY

Cel:�ĂFLVïD�F]RïöZND GRVWDZFöZ�XVïXJ�,7�Z�3ROVFH

$.&-21$5,86=(� :&,k¿�0$�2�$.7<:1,��na Walnych Zebraniach

4 L$7$�NEWCONNECT ļ�EODVNL�L�FLHQLH� PDïHJR�SDUNLHWX

2JUDQLF]DQLH�VWUDW�SU]HGH�ZV]\VWNLP���&=</,�:6=<67.2� 2�6723�/266$&+

Formacje LINIOWE

– to nie jest trudne!

Page 2: Akcjonariusz 3/2011 wybrane artykuły

2/2011ISSN 1644-3004

:\ZLDG�]�0L

FKDïHP�.RUQD

FNLP��

3UH]HVHP�=D

U]ÈGX�,QWHUQH

W�0HGLD�6HUY

LFHV�6$

AKCJONARIUSZGIEâDA EDUKACJA ANALIZY

Biznes, którego nie

ZLGDÊĮ�DOH

�ZV]\VF\�R�Q

LP�

Vï\V]HOL

WSZYSTKO

O WALNYCH

ZGROMADZENIACH

$1$/,=$�

7(&+1,&=

1$�

RG�SRGVWDZ�ļ

�F]ÚĂÊ��

ROTACJA

SEKTOROWA,

F]\OL�NDĝG

D�

EUDQĝD�

Z�VZRLP�F

]DVLH

Kontrakty

futures

– darmowy

kredyt na akcje3/2011ISSN 1644-3004

:\ZLDG�]�-D

QHP�0DFLHMH

ZLF]HP��3UH]H

VHP�=DU]ÈGX

�,QIRYLGH�0D

WUL[�6�$�

AKCJONARIUSZGIEâDA EDUKACJA ANALIZY

Cel:�ĂFLVïD�F]RïöZN

D

GRVWDZFöZ

�XVïXJ�,7�Z�

3ROVFH

$.&-21$5,8

6=(�

:&,k¿�0$�2

�$.7<:1,��

na Walnych Zebraniach

��/$7$�

NEWCONNECT

ļ�EODVNL�L�FLH

QLH�

PDïHJR�SDUN

LHWX

2JUDQLF]D

QLH�VWUDW�

SU]HGH�ZV]

\VWNLP���

&=</,�:6=

<67.2�

2�6723�/26

6$&+

Formacje

LINIOWE

– to nie jest

trudne!

.SNP^e�Ned_L÷�Akcjonariusza Z�_dOeTPī�bNePľYTPU*�

Zaprenumeruj elektroniczne

wydanie w eGazety.pl

www.sii.org.pl

Kwartalnik Stowarzyszenia Inwestorów IndywidualnychRedaktor naczelny:�7SMRK§�7K]§Ya]US

EL^_¤[NL�]POLV_Z]L�YLNePWYPRZ%�¦_UK]d�:Y\£L]USRedakcja:�_V��.§_QYZYV]UK��������� ��A\YM§Ka�

^OVOPYX$���"�����!������#�� ��^OVOPYX�PKb$���"�����!������#�� �Reklama:�>YWK]d�5\KaMdcU��^U\KaMdcU*]SS�Y\Q�ZV

internet:�aaa�]SS�Y\Q�ZV��e-mail:�KUMTYXK\S_]d*]SS�Y\Q�ZVDyrektor Artystyczny: Tomasz Baziuk

A]dOVUSO�Z\KaK�dK]^\dOŗYXO��:YaSOVKXSO�ac§�MdXSO�dK�dQYN��acNKaMc��<ONKUMTK�XSO�da\KMK�^OU]^äa�XSO�dKWäaSYXcMR�Y\Kd�dK]^\dOQK�]YLSO�Z\KaY�NY�SMR�]U\KMKXSK� S�\ONKQYaKXSK��<ONKUMTK�XSO�ZYXY]S�YNZYaSONdSKVXYĺMS�dK�^\Oĺó�\OUVKW�

AKCJONARIUSZ

Spis WUHħFL$NFMRQDULXV]H�ZFLĎij�PDãR�DNW\ZQL�QD�:DOQ\FK�=JURPDG]HQLDFK����������������������������6�:SY^\�-SOĻVKU��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

&HO��SLHUZV]D�SLĎWND�GRVWDZFyZ�XVãXJ�,7�Z�3ROVFH�������������������������������������������� 10�AcaSKN�d�4KXOW�7KMSOTOaSMdOW��:\OdO]OW�DK\d�N_�3XPY`SNO�7K^\Sb�=�+�

��ODWD�1HZ&RQQHFW�²�EODVNL�L�FLHQLH�PDãHJR�SDUNLHWX����������������������������������������� 16�5\dc]d^YP�1å\UK��-O\^_]�-KZS^KV

/DWR�ÅQLHGıZLHG]Lµ��D�F]\MD�MHVLHĝ"�������������������������������������������������������������� 19�:SY^\�5_MdcĨ]US��BOVSYX�.Y\KNMc�0SXKX]YaS

&]\�WRUQDGR�QD�U\QNDFK�ILQDQVRZ\FK�]ZLDVWXMH�UHFHVMē��F]\�W\ONR�VSRZROQLHQLH�JRVSRGDUF]H"������������������������������������������������������������������������������������������� 20�¦_UK]d�:Y\£L]US��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

3�(�Z�GRELH�NU\]\VX���������������������������������������������������������������������������������� 22�7S§Y]d�:KZ]^

6WUDWHJLD�UHODFML�LQZHVWRUVNLFK��������������������������������������������������������������������� 26�:SY^\�,SO\XKMUS��/_\Y�<=-1�=OX]Y\]

+HGJLQJ�]�Z\NRU]\VWDQLHP�RSFML������������������������������������������������������������������ 28�5K^K\dcXK�,KĨUK��.YW�7KUVO\]US�>7=�,\YUO\]�=�+�

1HXFD�3URVSHU��6,,�Z\WRF]\ãR�SRZyG]WZR�R�XQLHZDijQLHQLH�XFKZDã�:=������������������ 30�:SY^\�-SOĻVKU��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

(NVSDQVMD�QD�U\QNDFK�ORNDOQ\FK�MHVW�QLHXQLNQLRQD�������������������������������������������� 32�AcaSKN�d�4KXOW�7\YMdU���:\OdO]OW�DK\d�N�<KXU�:\YQ\O]]�=+

:DUUDQW\�QD�*3:�²�VSRVyE�QD�]PLHQQRħĄ�������������������������������������������������������� 36�,YQNKX�5Y\XKMUS��7K\MSX�:\dO]d§Ya]US��1SO§NK�:KZSO\åa�AK\^YĻMSYacMR�a�AK\]dKaSO�=�+�

2JUDQLF]DQLH�VWUDW�SU]HGH�ZV]\VWNLP��F]\OL�ZV]\VWNR�R�VWRS�ORVVDFK��������������������� 38�¦_UK]d�:Y\£L]US��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

)RUPDFMH�OLQLRZH�²�WR�QLH�MHVW�WUXGQH������������������������������������������������������������ 42�+QK^K�0SVSZYaSMd�<cLSMUK��,S_\Y�7KUVO\]USO�,:2�=�+�

.RPyUNRZL�GLOHU]\�]ãDSDOL�ZLDWU�Z�ijDJOH�������������������������������������������������������� 46

:DUV]DZVNLH�NRQWUDNW\�Z�V]F]HJyãDFK����������������������������������������������������������� 48�4K\Y]§Ka�+_Q_]^cXYaSMd��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

3UH�,32�DWUDNF\MQ\P�GRGDWNLHP�GR�SRUWIHOD�LQZHVW\F\MQHJR������������������������������� 52�1\dOQY\d�4KT_QK��0S^d�<Yc

6SyãNL�QLH�PRJĎ�PLOF]HĄ����������������������������������������������������������������������������� 56�:KaO§�,K\^Y]SU��7K\MSX�0\�MdOU��1\_ZK�>\SXS^c�=�+�

� :�180(5=(

Page 3: Akcjonariusz 3/2011 wybrane artykuły

� 2'�5('$.&-,

Satyryczny NRPHQWDU]�JLHãGRZ\

OstK XS�UaK\^K§�Lc§�XKTQY\]dcW�YN�MdK]äa�dK§KWKXSK�QSO§NYaOQY�a����"�\YU_��,c§�^Y�^KUŗO�Z\KaNdSac�^O]^�NVK�+UMTYXK\SK _�9LcaK OV]USOQY��NVK�]O^OU�^c]S£Mc�N\YLXcMR�SXaO]^Y\äa��U^ä\dc�dKZS]KVS�]S£�ZY�\Kd�ZSO\a]dc�

a�ŗcMS_�XK�KUMTO�]Zä§OU�=UK\L_�:Kħ]^aK��K�NdS]SKT�a�aS£U]dYĺMS�Z\dcZKNUäa�]��jXK�]^\KMSOq��>Y�^\_NXK�S�LYVO]XK�VOUMTK��KVO�acNKTO�]S£��ŗO�UYXSOMdXK��8SO�WK�WYŗVSaYĺMS� N§_QY^O\WSXYaOQY� SXaO]^YaKXSK� XK� 1SO§NdSO� LOd� YU\O]YaOQY��MdK]KWS�LK\NdY�QaK§^YaXOQY��ZYXY]dOXSK�]^\K ��4KU�ZYaSONdSK§�USONcĺ�:KaO§�=dMdOZKXSU��aSOVYVO^XS�acU§KNYaMK�XK�UYXPO�\OXMTKMR�Y\QKXSdYaKXcMR�Z\dOd�=33��dKNKXSOW�SXaO]^Y\K�TO]^�_^\dcWKXSK�TKU�XKTaS£U]dOT�SVYĺMS�QY^äaUS�NY�MdK]_�\YdZYMd£MSK�]S£�RY]]c��4K�MRMSK§LcW�_d_�ZO§XSó�^£�acZYaSONŕ��^KUSO�YU\O]c�LYVO]XcMR�]ZKNUäa��U^ä\cMR�T_ŗ�NYĺaSKN�MdcVSĺWc� S� U^ä\cMR� XSO� NK� ]S£� T_ŗ� YNa\äMSó� ZYaSXXSĺWc� acUY\dc]^Kó� XK�_d_ZO§XSOXSO�aSONdc��XK�]KWYNY]UYXKVOXSO�]S£��MRYóLc�ZY�^Y��Lc�Lcó�NYL\dO�Z\dcQY^YaKXcW�XK�UYVOTX��RY]]£�s�XSO�aYVXY�XKW�TOT�Z\dOQKZSó��-Y�aKŗ�XSOT]dO�W_]SWc�ZKWS£^Kó��ŗO�ZY�^OT�RY]]SO�^Oŗ�USONcĺ�XKNOTNdSO�dK§KWKXSO��K�Wc�aäaMdK]�W_]SWc�Lcó�W�N\dOT]S�XSŗ�^O\Kd��8K]dO�NYĺaSKNMdOXSO�W_]S�dKZ\YMOX^YaKó��.Y� dYLKMdOXSK� XK� UYXPO\OXMTS� :\YPO]TYXKVXc� 3XaO]^Y\� T_ŗ� a� VS]^YZKNdSO�a�5Y§YL\dOQ_�

řcMd£�WS§OT�VOU^_\c7SMRK§�7K]§Ya]US

6]DQRZQL�-dc^OVXSMc

Page 4: Akcjonariusz 3/2011 wybrane artykuły

WYWIAD

T�MO�XK]dcMR�UVSOX^äa�a�Z\dOZ\YaKNdKXS_�S]^Y^XcMR� dWSKX� Mdc� a\£Md� ^\KX]PY\WKMTS�LSdXO]YacMR�3XPY SNO�7K \Sb� TO]^� ]^KLSVX�� PS\W��� UYX]O�UaOX^XSO� \Yd]dO\dKT�M�� ]aYTO� _NdSK§c�a�\cXU_��.dS]SKT�NY�XK]dOT�1\_Zc�5KZS^K§YaOT�XKVOŗc�aSYN�MK�PS\WK�ZYV]USOQY�\cXU_�]dUY�VOħ�a�dKU\O]SO� dK\d�NdKXSK� 3>� ��->:K\^XO\]��K� ^KUŗO� .KRVSK7K SM� S� YXO�^\SLO�� DO]Zä§�1\_Zc�VSMdc�YLOMXSO�ZYXKN� ���]ZOMTKVS]^äa��.YNKW��ŗO�XK]dK�PS\WK�TKUY�Md§YXOU�:YV]USOQY�>YaK\dc]^aK� 3XPY\WK cMdXOQY� Y\Kd� :YV]USOT�3dLc�3XPY\WK cUS�S�>OVOUYW_XSUKMTS�KU^caXSO�a]Zä§^aY\dc�UV_MdYaO�USO\_XUS�\YdaYT_�ZYV�]USOT�SXPY\WK cUS�ZYZ\dOd�_NdSK§�a�^\KX]PO\dO�aSONdc�S�acWSKXSO�XKTVOZ]dcMR�Z\KU^cU��4O]^�^Oŗ� Md£]^Y� SXSMTK Y\OW� aSOV_� Z\dON]S£adS£ó�\cXUYacMR� S� Y\QKXSdKMcTXcMR� daS�dKXcMR�d�SXPY\WK cU���

Jaka jest pozycja rynkowa Grupy w sek-

torze IT?

8SOdKVOŗXO�SX]^c^_MTO�LKNKaMdO�\YU\YMdXSO�ZVK]_T��3XPY SNO�7K \Sb�a�ĺMS]§OT�MdY§äaMO�NY]^KaMäa� _]§_Q� NY\KNMdcMR� S� \YdaS�dKħ�3>��AON§_Q�XKTXYa]dOQY�\KZY\^_�PS\Wc�KXK�VS^cMdXOT�3.-�d������\��XKVOŗcWc�NY�ZSO\a�]dOT� ��� NY]^KaMäa� _]§_Q� 3>� a� :YV]MO��D�_NdSK§OW�a� \cXU_�acXY]d�McW����"��XK]dK�]Zä§UK�TO]^�XSOUaO]^SYXYaKXcW�VSNO�\OW�aĺ\äN�PS\W�YPO\_T�McMR�_]§_QS�UYX]_V�^SXQYaO�a�dKU\O]SO�]c]^OWäa�SXPY\WK cMd�XcMR��DKTW_TOWc� Oŗ�N\_QSO�WSOT]MO�a�UK O�QY\SS� -_]^YW� +ZZVSMK^SYX� .O OVYZWOX^�YLOTW_T�MOT�PS\Wc�ĺaSKNMd�MO�_]§_QS�L_NY�ac� \YdaS�dKħ� 3>� XK� dKWäaSOXSO��A� ^cW�

YL]dK\dO�]Zä§UK�WYŗO�ZYMRaKVSó�]S£�YUY§Y���� ad\Y]^OW� \N\� Y\Kd� �"��� �� _NdSK§OW�a�\cXU_��������a�_LSOQ§cW�\YU_���AS£U]dO�_NdSK§c�a�^cW�]OQWOXMSO�_]§_Q�3>�\KZY\^_TO�TONcXSO�+]]OMY�:YV]UK��U^ä\O�a������\��ZY§��Mdc§Y� ]S£� d� +,1� S� ZYZ\dOd� ^Y� daS£U]dc§Y�]aäT� _NdSK§�� :YN]_WYa_T�M� s� TO]^OĺWc�a�:YV]MO�aSYN�M�� PS\W�� \OKVSd_T�M��XYaY�MdO]Xc� WYNOV� _]§_Q� 3>� YU\OĺVKXc� MdK]OW�Z\dOd�KXKVS^cUäa�\cXU_�TKUY�-YX]_V^SXQ���=YV_^SYX�3WZVOWOX^K SYX��-=3���>KU� ac]YUSO� ZYdcMTO� dYLYaS�d_T�� s� NY�NY]UYXKVOXSK��NKV]dOQY�\YdaYT_��dKMRYaKXSK�dK_PKXSK�UVSOX^äa��NdS£US�U^ä\cW�WYQVSĺWc�a� ^OT� MdY§äaMO� ]S£� dXKVOŕó�� 7KWc� NKV]dO��KWLS^XO� ZVKXc� \YdaYT_��Ac\KdOW� XK]dcMR�N�ŗOħ�TO]^�]^\K OQSK�XK�VK K������������U^ä\K�dKU§KNK� dXKMdXc� ad\Y]^� XK]dcMR� _NdSK§äa�a�\cXU_�S�KaKX]�NY�ZSO\a]dOT�ZS� US�XKTaS£U�]dcMR�NY]^KaMäa�_]§_Q�3>�a�:YV]MO�

&]\P�V]F]HJyOQ\P�RIHUWD�*UXS\�UyijQL�VLē�od oferty konkurentów z sektora?

8SO�aMRYNd�M�a�]dMdOQä§c�KXKVSdc�XK]dcMR�ac\äŗXSUäa�XK�ZYdSYWSO�YPO\^c�a�ZY]dMdO�QäVXcMR�]OU^Y\KMR��aK\^Y�ZYNU\OĺVSó�ac\äŗ�XSU�XKTLK\NdSOT�_XSaO\]KVXc��4O]^�XSW��WYSW�dNKXSOW�� ]^cV� a]Zä§Z\KMc� d� UVSOX^KWS��A� 3XPY SNO�7K \Sb� ]dMdOQäVX�� aKQ£� Z\dc�aS�d_TOWc�NY�]ZY]YL_��a�TKUS�\OKVSd_TOWc�Z\YTOU^c�� .YL\dO� YNNKTO� ^Y� XK]dO� RK]§Y�j0YM_]�YX�M_]^YWO\�`KV_On��DNKTOWc�]YLSO�]Z\Ka£��ŗO�a�XK]dcW�LSdXO�]SO� UV_MdOW� NY� ]_UMO]_� TO]^� ]K^c]PKUMTK�UVSOX^K�� DKNYaYVYXc� UVSOX^� L£NdSO� XK]�dKZ\K]dK§�NY�a]Zä§Z\KMc�a�UYVOTXcMR�\OKVS�

CEL: ĺMS]§K�MdY§ä�aUK�NY]^KaMäa�_]§_Q�3>�a�:YV]MO

10 Akcjonariusz 3/2011

BdbTLO�e�5LYPX�8LNTPUPbTNePX��;]PeP^PX�EL]e O`�4YQZaTOP�8L_]Tc�>�,�$NFMRQDULXV]��3URV]ē�SU]\EOLij\Ą�LQZHVWRURP�SURILO�G]LDãDOQRħFL�*UXS\�,QIRYLGH�0DWUL[

-DQ� 0DFLHMHZLF]�� 3UH]HV� =DU]ĎGX�,QIRYLGH�0DWUL[� 6�$���A�XKTZ\Y]^]dc� ]ZY�]äL�WYŗXK�ZYaSONdSOó��ŗO�3XPY SNO�7K \Sb�ĺaSKNMdc� _]§_QS� 3>� NVK� XKTaS£U]dcMR� PS\W�S� SX]^c^_MTS�Z_LVSMdXcMR�a�:YV]MO��4O]^OĺWc�NY]^KaM��_]§_Q�NY\KNMdcMR�S�\YdaS�dKħ�3>��NdSK§KWc�XK�\cXU_�YN�ZYXKN����VK �S�Z\dOd�^OX� MdK]� _Q\_X^YaKVSĺWc� XK]d�� ZYdcMT£�a�ĺMS]§OT�MdY§äaMO�PS\W�3>�9N� ]KWOQY� ZYMd� U_� ]^K\KWc� ]S£� §�Mdcó�NYĺaSKNMdOXSK� S� aSONd£� OU]ZO\^äa� L\KXŗY�acMR� S� ^OMRXYVYQSMdXcMR�� -RYó� aS£U]dYĺó�Z\YTOU^äa�\OKVSd_TOWc�a�:YV]MO��XK]S�UVSOXMS�^Y�a�N_ŗOT�Md£ĺMS�Z\dON]S£LSY\]^aK�WS£NdcXK�\YNYaO�� NVK OQY�aKŗXc� TO]^� NVK� XK]� \YdaäT�UYWZO^OXMTS� XK� ZYdSYWSO� ĺaSK^YacW��ĹaSKNMdcWc�_]§_QS�a�YZK\MS_�Y�ZYa]dOMR�XSO�_dXKXO�XK�ĺaSOMSO�WO^YNcUS�S�MO\^cPSUK c�Z\dcdXKXO�Z\dOd�WS£NdcXK\YNYaO�SX]^c^_MTO�>KUS� Z\YPSV� NdSK§KXSK� s� ZY§�MdOXSO� UYX]_V�^SXQ_�d�Z\YTOU^YaKXSOW�\YdaS�dKħ�S�NY]^K\�MdKXSOW�UV_MdYacMR�KZVSUKMTS�LSdXO]YacMR��� ZYdaKVK� NY]^K\MdKó� XK]dcW� UVSOX^YW�\OKVX��aK\^Yĺó�LSdXO]Ya��.dSK§KWc�a�L\KXŗKMR��a�U^ä\cMR�^OMRXYVY�QSK� SXPY\WK cMdXK� TO]^� ]dMdOQäVXSO� S]^Y^XK�a� Y]S�QKXS_� Z\dOaKQS� UYXU_\OXMcTXOT�S� daS£U]dKXS_� OPOU^caXYĺMS� NdSK§Kħ�� >Y�Z\dONO�a]dc]^USW�L\KXŗO� ^KUSO� TKU� ^OVOUY�W_XSUKMTK�� LKXUYaYĺó�� _LOdZSOMdOXSK��KNWSXS]^\KMTK�� OXO\QO^cUK�� Z\dOWc]§��A§KĺXSO�NVK�PS\W�d�^cMR�L\KXŗ�\OKVSd_TOWc�Z\YTOU^c�Y�N_ŗOT�]UKVS�S�d§YŗYXYĺMS��a]ZSO\K�

Page 5: Akcjonariusz 3/2011 wybrane artykuły

3/2011 Akcjonariusz 11

WYWIAD

ĺMS]§K�MdY§ä�aUK�NY]^KaMäa�_]§_Q�3>�a�:YV]MO

Jan Maciejewicz

P UH]HV� =DU]ĎGX� ,QIRYLGH�0DWUL[� RG�F]HUZFD�XE�U���MHGHQ�]�F]RãRZ\FK�SRO�VNLFK�PHQHGijHUyZ�� GRNWRU� QDXN� HNR�

QRPLF]Q\FK�QD�6*3L6� �REHFQLH�6*+���ZVSyã�WZyUFD� L� ZLHOROHWQL� V]HI� SROVNLFK� RGG]LDãyZ�ILUP�'HORLWWH7RXFKH�RUD]�$�7��.HUQH\��ZLFH�SUH]HV�3.1�2UOHQ��:VSyãWZRU]\ã�QRZĎ�VWUDWH�JLē� UR]ZRMX� ,QIRYLGH�0DWUL[�PDMĎFĎ� QD� FHOX�SRGZRMHQLH�ZDUWRħFL� VSyãNL�Z�FLĎJX�QDMEOLij�V]\FK�NLONX�ODW��-HJR�Z]RUHP�Z�EL]QHVLH�MHVW�6WHYH�-REV��3U\ZDWQLH�SDVMRQDW�WHQLVD�L�DXWRU�SU]HSLVyZ�NXOLQDUQ\FK��

Page 6: Akcjonariusz 3/2011 wybrane artykuły

dYaKXcMR�Z\YTOU^KMR��.VK OQY�dK\äaXY�XK�ZYdSYWSO�YPO\^c��TKU�S�XK�ZYdSYWSO�\OKVSdKMTS�Z\YTOU^äa�UYXMOX^\_TOWc�]S£�XK�NY]^K\MdK�XS_� UVSOX^YW� \YdaS�dKħ� SXPY\WK cMdXcMR�S�Y\QKXSdKMcTXcMR��U^ä\O�aXSY]��\dOMdcaS]^��aK\^Yĺó�LSdXO]Ya��s�a�ZO§XS�\OKVSd_T�M�TOQY�ZY^\dOLc� S�Z\dcXY]d�M�acWSO\XO�UY\dcĺMS��:\dcTW_TOWc��ŗO�U\c^O\S_W�XK]dOQY�]_UMO]_�TO]^� XSO� ^cVUY� PY\WKVXO�acaS�dKXSO� ]S£� dO�dYLYaS�dKħ� UYX^\KU^YacMR�� KVO� Z\dONO�a]dc]^USW� NY]^K\MdOXSO� Z\dOd� Z\YN_U^c�XK]dOT� a]Zä§Z\KMc� YMdOUSaKXOQY� OPOU^_�LSdXO]YaOQY��AcWKQK�^Y�]Z\KaXOT�UYW_�XSUKMTS�d�NOMcNOX^KWS�S�]ZOMTKVS]^KWS�LSdXO�]YacWS�� K�aS£M� S�UYWZO^OXMTS��U^ä\O� ^KU��UYW_XSUKMT£� _WYŗVSaSKT�� S� ZYdaKVKT��aXSOĺó�NY�XSOT�aK\^Yĺó�s�a�ZY]^KMS�SX]ZS\K�MTS�� ZYWc]§äa�� aKŗXcMR� Z\dO]§KXOU� NVK�NOMcdTS�NY^cMd�McMR�Z\YTOU^_��8K]dcW�dNK�XSOW�� a§KĺXSO� a� YL]dK\dO� YL]§_QS� UVSOX^K�]Zä§US� Y� Z\YPSV_� ^KUSW� TKU� 3XPY SNO�7K \Sb�WYQ�� XKTaS£MOT� dc]UKó� V_L� ]^\KMSó�� 4O]^� ^Y�

]dMdOQäVXSO�aKŗXO��QNcŗ�MRYNdS�Y�N§_QYPKVY�a��a]Zä§Z\KM£��YLOTW_T�M��XKTMd£ĺMSOT�]^\K�^OQSMdXO�Z\YMO]c�_�UVSOX^K�,_N_TOWc�XK]dO�UXYa�RYa��^aä\MdY�acUY�\dc]^_T�M� XKTVOZ]dO� ĺaSK^YaO� Z\KU^cUS�a� NdSONdSXSO� dK\d�NdKXSK� S� LSdXO]YaOQY�acUY\dc]^KXSK� ^OMRXYVYQSS� SXPY\WKMcTXcMR��8K]dO� _]§_QS� _adQV£NXSKT�� acdaKXSK�S�WY^cac�SXaO]^cMcTXO�acXSUKT�MO�dO�]ZOMc�PSUS� L\KXŗ�� K� TONXYMdOĺXSO� a]ZSO\KT�� Z\dO�Z§ca� Z\KU^cU�� NYĺaSKNMdOħ� S� SXXYaKMTS�ZYWS£Ndc� \äŗXcWS� YL]dK\KWS� QY]ZYNK\US��Aĺ\äN� VSMdXcMR� MO\^cPSUK äa� S� KU\ONc^KMTS��TKUSWS�WYŗOWc�]S£�ZY]dMdcMSó��aK\^Y�WYSW�dNKXSOW�acWSOXSó� Z\O]^SŗYa�� +U\ONc^KMT£�9\QKXSdKMTS�5YX]_V^SXQYaOT��+-9��Z\dcdXK�aKX�� Z\dOd� L\c^cT]U�� Y\QKXSdKMT£� +:71��9LOMXSO� XK� ĺaSOMSO� S]^XSOT�� dKVONaSO� ���PS\Wc� ZY]SKNKT�MO� MO\^cPSUKMT£� +:71��a�:YV]MO�TONcXSO�NaSO��.VK�UVSOX^äa�XSOdacUVO�aKŗXO�TO]^�\äaXSOŗ�^Y�� a� TKUS� ]ZY]äL� S� TKU� ]dcLUY� NY]^KaMK�

_]§_Q�ZY^\KPS�NY]^Y]YaKó�]S£�NY�NcXKWSMdXSO�dWSOXSKT�McMR� ]S£� ZY^\dOL� S� YMdOUSaKħ��:YNMdK]� ]ZYaYVXSOXSK� QY]ZYNK\MdOQY� _]§_QS�3XPY SNO�7K \Sb�Z\dONO�a]dc]^USW�a]ZSO\K§c�UVSOX^äa� a� ZYNXY]dOXS_� OPOU^caXYĺMS��daS£U]dKXS_�OVK]^cMdXYĺMS��K_^YWK cdKMTS�Z\Y�MO]äa� LSdXO]YacMR�� _dc]USaKXS_� ac]YUSOT�TKUYĺMS� SXPY\WKMTS� dK\d�NMdcMR��aZ\YaKNdK�XS_� ]U_^OMdXcMR� Z\KU^cU� dK\d�NdKXSK��:YXYaXSO�aS£M�a\KMKWc�NY�UYXMOX^\KMTS�XK�KU^_KVXcMR� ZY^\dOLKMR� UVSOX^K�� 8KaO^� TOĺVS�acWKQK�^Y�YN�NY]^KaMc�_]§_Q�3>�]dcLUSOQY�Z\dOPY\W_§YaKXSK�YPO\^c�S�]ZY]YL_�NdSK§KXSK��AKŗXcW� ac\äŗXSUSOW� \cXUYacW� MK§OT�1\_Zc� TO]^� \äaXSOŗ� Yĺ\YNOU� ]dUYVOXSYac�ĺaSKNMd�Mc�_]§_QS�ZYN�WK\U��->:K\^XO\]��:Y�_NKXOT� SX^OQ\KMTS� dO]ZY§_� ]dUYVOXSYaOQY�d�+UKNOWS��3XPY SNO�7K \Sb�a�]^cMdXS_������\��->:K\^XO\]�dKTW_TO�YLOMXSO�ZYdcMT£�VSNO\K�ZYV]USOQY�\cXU_�]dUYVOħ�S�NY\KNd^aK�a�dKU\O�]SO�dK\d�NdKXSK�3>�

.WyUH� VHNWRU\� VĎ� Z� FKZLOL� REHFQHM� GOD�*UXS\�QDMZDijQLHMV]H"�1D�NWyU\FK�]�QLFK�*UXSD�]DPLHU]D�VLē�VNXSLĄ�Z�QDMEOLijV]\FK�ODWDFK"� &]\� ZFLĎij� WU]RQHP� EēG]LH� VHJ-PHQW�WHOHNRPXQLNDF\MQ\"4ONXcW�d�Md^O\OMR�PSVK\äa�XK]dOT�XYaOT�]^\K�^OQSS�TO]^�daS£U]dOXSO�_NdSK§_�a�XKT]dcLMSOT�\Y]X�McMR� ]OU^Y\KMR� \cXU_$� LKXUYaYĺMS�S� PSXKX]KMR�� OXO\QO^cMO�� KNWSXS]^\KMTS�Z_LVSMdXOT�S�Z\dOWcĺVO�Y\Kd�dKMRYaKXSO�MdY�§YaOT�ZYdcMTS�aĺ\äN�PS\W�ĺaSKNMd�McMR�_]§_�QS� 3>� NVK� ^OVOUYW_XSUKMTS�� 5KŗNK� L\KXŗK�dY]^K§K� ZYNNKXK� Q\_X^YaXOT� KXKVSdSO�S�acZ\KMYaKXY�XK�TOT�ZY^\dOLc�]dMdOQä§Yac�ZVKX� NdSK§KXSK�� 8K]dO� ]^\K OQSO� L\KXŗYaO�LKd_T�� XK� dXKTYWYĺMS� \cXU_� Y\Kd� YMOXSO�a§K]XOQY�ZY^OXMTK§_�a�UKŗNcW�TOQY�YL]dK�\dO�� :Y§�MdOXSO� ^cMR� NaäMR� ZK\KWO^\äa�ZYdaYVS§Y� XKW� acdXKMdcó� NaK� UV_MdYaO�ZYVK�KU^caXYĺMS$�a]ZK\MSO�d§YŗYXcMR�NdSK�§Kħ� daS�dKXcMR� d�WYNO\XSdKMT�� S� ^\KX]PY\�WKMT�� PS\W� S� SX]^c^_MTS� �KNWSXS]^\KMTK�

12 Akcjonariusz 3/2011

WYWIAD

ŗ\åN§Y$�3.-�:YVKXN��q-YW

ZO^S^S`O�:\YPSVO]�KXN�+XKVc]S]�YP�6OKNSXQ�3>�=O\`SMO]�:\Y`SNO\]�SX�:YVKXN���

��q

Rynek Information System Consulting 2010

Rynek Custom Application Development 2010

Struktura akcjonariatu Infovide-Matrix S.A.

Page 7: Akcjonariusz 3/2011 wybrane artykuły

3/2011 Akcjonariusz 13

WYWIAD

Z_LVSMdXK�� OXO\QO^cUK��Y\Kd�ZYWYM�a� \Yd�aYT_�YPO\^c�S�daS£U]dKXSK�OPOU^caXYĺMS�Z\Y�MO]äa� XK� ]SVXSO� UYXU_\OXMcTXcMR� \cXUKMR�_]§_QYacMR� �LKXUYaYĺó�� _LOdZSOMdOXSK��Z\dOWc]§� S� ^OVOUYW_XSUKMTK��� 8SO_]^KXXSO�L_N_TOWc�ZY^OXMTK§�NY�\OKVSdKMTS�Z\YTOU^äa�Y� N_ŗOT� ]UKVS� S� d§YŗYXYĺMS�� QNcŗ� a� XSMR�aSNdSWc� ]dKX]£�XK�ZYXKNZ\dOMS£^XO�aZ§c�ac�S�WK\ŗO���

&]\�L�Z�MDNLP�VWRSQLX�VSyãND�]UHDOL]RZDãD�FHOH� HPLV\MQH� ]ZLĎ]DQH� ]� GHELXWHP� QD�*3:�]������U�":\YQ\KW� SXaO]^cMcTXc�� TKUS� Z\dON]^KaSKVS�ĺWc�SXaO]^Y\YW��d\OKVSdYaKVSĺWc�]Z\KaXSO�a�MS�Q_�ZSO\a]dcMR�NaäMR�VK �YN�aOTĺMSK�XK�QSO§N£��Ĺ\YNUS�ZYdc]UKXO�d�OWS]TS�ZY]§_ŗc§c�\OKVSdKMTS� N§_QYPKVYaOT� ]^\K^OQSS� 1\_Zc�3XPY SNO�7K \Sb��=aäT�YLOMXc�U]d^K§^�PS\WK�dKaNdS£MdK� ZY§�MdOXS_� ]Zä§OU� 3XPY`SNO�S� 7K \Sb�ZV� a� ]SO\ZXS_� ��� � \�� 4ONXcW�d� MOVäa� OWS]cTXcMR�Lc§Y�ZYdc]UKXSO� ĺ\YN�Uäa�XK�YZ§KMOXSO�KUMTS�7K \Sb�ZV��MY�WSK§Y�]PSXKVSdYaKó� ^OX� Z\YMO]�� -d£ĺó� aZ§caäa�d�3:9�^\KPS§K�dQYNXSO�d�ZVKXOW�XK�\OKVSdKMT£�SXaO]^cMTS�a�aK\^YĺMS�XSOWK O\SKVXO�S�Z\Ka�XO� s� aN\YŗOXSO� ]c]^OW_� -<7�S�A9<5:6+-/� Y\Kd� \YdaäT� ]c]^OW_� =+:��-d£ĺó�ZYdc]UKXcMR�ĺ\YNUäa�d�QSO§Nc�dY]^K§K�Z\dOdXKMdYXK�XK�Z\dOT£MSK�]Zä§OU�3>��W�SX��XK� dKU_Z� aS£U]dYĺMSYaOQY� ZKUSO^_� _NdSK�§äa� PS\Wc� ->:K\^XO\]� �� VSNO\K� ZYV]USOQY�\cXU_� ]dUYVOħ� S� NY\KNd^aK� 3>�� .Y� 1\_Zc�NY§�Mdc§K� \äaXSOŗ� ]Zä§UK� .KRVSK7K SM� s�aSYN�Mc�NY]^KaMK�_]§_Q�a�dKU\O]SO�\YdaS��dKħ� a]ZYWKQKT�McMR� dK\d�NdKXSO�� NdS£US�MdOW_� 1\_ZK� 3XPY SNO�7K \Sb� dXKVKd§K� ]S£�a� ĺMS]§OT� MdY§äaMO� PS\W� dKTW_T�McMR� ]S£�acUY\dc]^KXSOW�KZVSUKMTS�9\KMVO��

6SyãND�ZFLĎij�G\VSRQXMH�GRħĄ�GXij\PL�ħURG-

NDPL�SLHQLēijQ\PL��Z�MDNL�VSRVyE�]DPLHU]D�WH�ħURGNL�Z\NRU]\VWDĄ"��&]\�VĎ�Z�SODQDFK�NRQNUHWQH�LQZHVW\FMH">KUK� ]c^_KMTK� ^Y� NVK� XK]� L_PY\� LOdZSOMdOħ�]^aK� S� QaK\KX^� Z§cXXYĺMS� PSXKX]YaOT��:YXSOaKŗ� UYXNcMTK� PSXKX]YaK� ]Zä§US� TO]^�NYL\K��WYŗOWc�\YdaKŗKó�\äŗXO�]MOXK\S_]dO�SXaO]^cMcTXO�� A� ]aYTOT� ]^\K OQSS� 3XPY SNO�7K \Sb� dKU§KNK� ad\Y]^� dK\äaXY� a� N\YNdO�\YdaYT_�Y\QKXSMdXOQY�� TKU� \äaXSOŗ�ZYZ\dOd�Z\dOT£MSK�SXXcMR�PS\W�d�L\KXŗc��U^ä\cMR�UYW�ZO^OXMTO� L£N�� _d_ZO§XSKT�MO� adQV£NOW� T_ŗ�ZY]SKNKXcMR�Z\dOd�XK]d��PS\W£��7KWc�WYŗVS�aYĺMS� PSXKX]YaKXSK� ^KUSMR� ^\KX]KUMTS�� MRYó�a� YLOMXcW� UVSWKMSO� OUYXYWSMdXcW� ^\_N�XSOT�NYWUX�ó�Z\YTOU^c�XK�aK\_XUKMR�]K c]�PKUMTYX_T�McMR�a]dc]^USMR�SX^O\O]K\S_]dc��

:� ����� U�� *UXSD� RGQRWRZDãD� ZDKDQLD�Z� REV]DU]H� UHQWRZQRħFL� SU]\� VWDELOQ\P�SR]LRPLH� SU]\FKRGyZ�� -DNLH� F]\QQLNL�PLDã\�ZSã\Z�QD�Z\QLNL�*UXS\�Z������U�"

=GM�����SKH

FVRQ

H���)R

WROLD

�FRP

��L6WRFN��$7

0�6�$�

Page 8: Akcjonariusz 3/2011 wybrane artykuły

14 Akcjonariusz 3/2011

WYWIAD

A������\��1\_ZK�3XPY SNO�7K \Sb�acZ\KMY�aK§K� Z\dcMRYNc�a�ac]YUYĺMS� ��!�WVX� d§��Y]S�QKT�M� ZYdSYW� dLVSŗYXc� NY� ���#� \��=UYX]YVSNYaKXc�dc]U�XO^^Y�TONXY]^US�NYWS�X_T�MOT� acXSä]§� ��"� WVX� d§�� a� MdcW� XKT�aS£U]dc�_NdSK§�WSK§�acXSU�XO^^Y�_dc]UKXc�a� Y]^K^XSMR� ^\dOMR� WSO]S�MKMR� \YU_��8SOWK§c�_NdSK§�a�^cMR�ZYdc^caXcMR�acXS�UKMR� 1\_Zc� WSK§c� NYL\O� acXSUS� ]Zä§OU�dKVOŗXcMR���->:K\^XO\]�Y\Kd�.KRVSK7K SM�9LXSŗOXSO�acXSU_�XO^^Y�a�]UKVS�\YU_�Lc§Y�UYX]OUaOXMT��Z\dONO�a]dc]^USW�dKS]^XSOXSK�S�dKU]S£QYaKXSK�NaäMR�TONXY\KdYacMR�dNK�\dOħ��ZY�ZSO\a]dO�UY\OU^c�daS�dKXOT�d�_ZK�N§YĺMS�� ]Zä§US�dKVOŗXOT�?^SVS]3>� S�ZY�N\_QSO�TONXY\KdYaOT� ]^\K c� XK� N_ŗcW� Z\YTOUMSO�\OKVSdYaKXcW� NVK� TONXOQY� d� UV_MdYacMR�UVSOX^äa�1\_Zc�a�ZSO\a]dOT�ZY§YaSO�_LSO�Q§OQY� \YU_�� 4ONXKU� \OX^YaXYĺó�YZO\KMcTX��]U_^OMdXSO� ZYZ\KaSKVSĺWc� a� UYVOTXcMR�UaK\^K§KMR������\���K�Y]^K XSO�^\dc�WSO]S�MO�\YU_�� a� U^ä\cMR� 1\_ZK� _dc]UK§K� aZ§cac�a�ac]YUYĺMS�#����WVX�d§��]dMdOQäVXSO�ZYdc�^caXSO� Z\dO§Yŗc§c� ]S£� XK� acXSUS�� .dS£US�^\aKT�MOT� \OY\QKXSdKMTS� S� Z\dOWYNOVYaKXS_�YPO\^c�]Zä§UK�]^KTO�]S£�MY\Kd�LK\NdSOT�\OX^Ya�XK� S� OPOU^caXK�� MY� L_N_TO� ZY^OXMTK§� ZYN�Z\dc]d§c�NcXKWSMdXc�ad\Y]^��

3R� EDUG]R� GREU\P� ,9� NZDUWDOH� ����� U��Z� ,� NZDUWDOH� EU�� QDVWĎSLãR� Z\KDPRZDQLH��=� F]HJR� WR� Z\QLND"� &]\� SRGREQD� V\WXDFMD�XWU]\PD�VLē�Z�NROHMQ\FK�PLHVLĎFDFK�EU�"8Sŗ]dO� Z\dcMRYNc� S� dc]US� a� ZSO\a]dcMR�UaK\^K§KMR�a�ZY\äaXKXS_�NY�N\_QSOT�ZY§Y�ac�\YU_�^Y�]ZOMcPSUK�aSOV_�PS\W�YPO\_T�McMR�_]§_QS�3>��8KTMd£ĺMSOT�acXSUK�YXK�d�RK\WY�XYQ\KWäa� UV_MdYacMR� Z\YTOU^äa�� U^ä\O�XK]S�UVSOXMS�dacUVO�dKWcUKT��a�McUV_�\YU_�UKVOXNK\dYaOQY��A�3�UaK\^KVO�L\��ZYdK�LSO�ŗ�M�� NdSK§KVXYĺMS�� YZO\KMcTX�� \OKVSdYaKVS�

ĺWc�]dO\OQ�Z\YQ\KWäa�a]ZSO\KT�McMR�aN\Y�ŗOXSO�XYaOT� ]^\K OQSS��W�SX��Z\YQ\KW�ZYZ\K�ac�OPOU^caXYĺMS�\OKVSdYaKXcMR��Z\YTOU^äa��NY]UYXKVOXSK�]c]^OW_�TKUYĺMS��XYac�]c]^OW�acXKQ\YNdOħ��:YXKN^Y�ZYXSOĺVSĺWc�SXaO]^c�MTO�a�daS�dU_�d�XK]d��OU]ZKX]T��a�UV_MdY�acMR�]OU^Y\KMR��.VK�]Zä§US��U^ä\K�TO]^�a� \KU�MSO�Z\dOL_NYac��XKTaKŗXSOT]dO�TO]^�_^\dcWK�XSO� \OX^YaXYĺMS� S� \äaXYVOQ§O� dNYLcaKXSO�XYacMR� UYX^\KU^äa�� 3� ^Y� ]S£� XKW� _NK§Y��.VK OQY� 3� UaK\^K§� ^\KU^_TOWc� TKUY� LKd£� NY�NKV]dcMR�ad\Y]^äa��D�UKŗNcW�UYVOTXcW�WSO�]S�MOW�\OKVSdKMTS�XK]dOT�XYaOT�]^\K OQSS�]Zä§UK�L£NdSO�]S£�\YdZ£NdKó��Lc�UYXSOM�\YU_�NYL\dO�dKWUX�ó�XK�N_ŗcW�ZV_]SO��AcXSUS�3�Zä§\YMdK�L\��� USONc� ZYUKdKVSĺWc� "��!� WVX� YL\Y^äa�S�����WVX�dc]U_�XO^^Y��^cVUY�^Y�ZY^aSO\NdKT���=Z\dcTK� XKW� \äaXSOŗ� ZYdSYW� UYX^\KU^KMTS�_]§_Q� XK� ����� \��� U^ä\c�acXY]S§� XK� UYXSOM�VSZMK���"�WVX�d§�S�Lc§�Y�"�WVX�d§�acŗ]dc�YN�LKMUVYQ_�XY^YaKXOQY�a�^cW�]KWcW�YU\O]SO�_LSOQ§OQY�\YU_�

-DNLH�NURNL�=DU]ĎG�]DPLHU]D�SRGMĎĄ��E\�RVLĎ-JDĄ�MDN�QDMOHSV]H�Z\QLNL�ILQDQVRZH�*UXS\"=^KVO� Z\KM_TOWc� XKN� \YdaYTOW� YPO\^c��=U_ZSKWc� ]S£� \äaXSOŗ� XK� dWSKXSO� ]^\_U^_\c�ZY\^POVK�XK]dcMR�Z\YTOU^äa��3X^OQ\_TOWc�dK\d��NdKXSO� ZY\^POVOW� Z\YN_U^äa� d� Z\YMO]KWS�]Z\dONKŗc�� \OKVSdKMTS� S� \YdaYT_�� MY� ZYdaYVS�^\KX]PO\YaKó�XKTXYa]dO�\YdaS�dKXSK�NY�UVSOX�^äa�d�\äŗXcMR�L\KXŗ��>Y�a]dc]^UY�WK�NYZ\Y�aKNdSó� NY� LK\NdSOT� NcXKWSMdXcMR� Z\YMO]äa�]Z\dONKŗc� S�ZYZ\KaSOXSK�\OX^YaXYĺMS�Z\YTOU�^äa�� MY�XSOa� ZVSaSO� dXKTNdSO�YNdaSO\MSONVO�XSO�a�XKTLVSŗ]dcMR�acXSUKMR�PSXKX]YacMR�

3R]\W\ZQLH�SRG�Z]JOēGHP�Z\QLNyZ�QD�WOH�*UXS\�Z\UyijQLã\�VLē�]DUyZQR�Z������U���MDN�L� Z� ,� SyãURF]X� ����� U�� VSyãNL� ]DOHijQH� ��&73DUWQHUV� L� 'DKOLD0DWLF�� &]\� PRijQD� VLē�

VSRG]LHZDĄ� XWU]\PDQLD� W\FK� WHQGHQFML�Z�NROHMQ\FK�NZDUWDãDFK"�=�F]HJR�Z\QLND�WDN�GREUD�SDVVD�VSyãHN"->:K\^XO\]�UYX^cX_YaK§Y�a������ \��Z\YaK�NdOXSO� ]dUYVOħ� Y^aK\^cMR� S� dKWUXS£^cMR��A� ^cW� MdK]SO� Z\dO]dUYVSVSĺWc� ���� ^c]�� Y]äL��\äaXYMdOĺXSO�Z\dOZ\YaKNdKT�M�OQdKWSXc�MO\�^cPSUKMcTXO� NVK� ZYXKN� ���� ^c]�� Y]äL�� =Zä§UK�Lc§K� \äaXSOŗ� KU^caXK� XK� \cXU_� Z\YTOU^äa�NY\KNMdcMR��QNdSO�a������\��YLYU�^\aKT�McMR�Z\YTOU^äa�\OKVSdYaKXY�LVS]UY����XYacMR�UYX�^\KU^äa��.dS£US� SX^OQ\KMTS� YPO\^c� d� +UKNOWS��3XPY SNO�7K \Sb�XK�ZYMd� U_�^OQY�\YU_�ZY^OX�MTK§�\YdaYTYac�XYaOQY�ZYNWSY^_�TO]^�TO]dMdO�aS£U]dc��MY�aSNKó�Lc§Y�T_ŗ�a�acXSUKMR�3�UaK\�^K§_��K�ZY^aSO\NdS§Y�]S£�ZY�3�Zä§\YMd_�D� UYVOS� .KRVSK7K SM�� TKUY� PS\WK� NY\KNdKT�MK�a� YL]dK\dO� dK]^Y]YaKħ� ^OMRXYVYQSS� SXPY\WK�^cMdXcMR� a� LSdXO]SO�� d� ]_UMO]OW� dKUYħMdc§K�USVUK�N_ŗcMR�Z\YTOU^äa�a������\��8KTaS£U]dcW�d�XSMR�Lc§Y�dKUYħMdOXSO�Z\YTOU^_�UYX]YVSNKMTS�]c]^OWäa� +<S7<� dL_NYaKXcMR� a� YZK\MS_�Y�9\KMVO�/,=��A�^cW�\YU_�]Zä§UK�XSO�daKVXSK�^OWZK�� A� ]^cMdXS_� ZYNZS]K§K� _WYa£�d�5YWOXN��1§äaX��:YVSMTS�Y�aK\^YĺMS�Z\KaSO�!�WVX�d§��a�MdO\aM_�dKĺ�acQ\K§K�Z\dO^K\Q�XK�UaY^£����WVX�d§�XK�NY]^Ka£�VSMOXMTS�XK�YZ\Y�Q\KWYaKXSO�9\KMVO�a�7SXS]^O\]^aSO�0SXKX]äa��A�3�Zä§\YMd_�L\��dKXY^YaK§K�����WVX�d§�dc]U_�XO^^Y��+�dK OW�S�^OX�\YU�dKZYaSKNK�]S£�YLSOM_�T�MY�NVK�XK]dcMR�]Zä§OU�dKVOŗXcMR�

-DNLH�VĎ�JãyZQH�FHOH�VWUDWHJLF]QH�VSyãNL�QD�QDMEOLijV]H�����ODWD"9LOMXSO� TO]^OĺWc� a� ^\KUMSO� \OKVSdKMTS� XYaOT�]^\K OQSS� LSdXO]YaOT� XK� VK K� ����� �� ������1§äaXO�MOVO�]^\K OQSS�^Y��Y�MdcW�T_ŗ�aMdOĺXSOT�a]ZYWSXK§OW�� aOTĺMSO� NY� ZSO\a]dOT� ZS� US�NY]^KaMäa� _]§_Q� 3>� a� :YV]MO�� KVO� \äaXSOŗ�ZYNaYTOXSO� P_XNKWOX^KVXOT� aK\^YĺMS� 1\_Zc�5KZS^K§YaOT�NY������\���dL_NYaKXSO�ZY^OXMTK�§_�NY�\OKVSdKMTS�Z\YTOU^äa�Y�N_ŗOT�]UKVS�S�d§YŗY�XYĺMS�� daS£U]dOXSO� _NdSK§_� a� XKT]dcLMSOT�\Y]X�McMR�]OU^Y\KMR�\cXU_��^KUSMR�TKU�LKXUY�aYĺó� S� PSXKX]O�� OXO\QO^cUK�� KNWSXS]^\KMTK�Z_LVSMdXK�S�Z\dOWc]§�Y\Kd�dKMRYaKXSO�MdY§Y�aOT�ZYdcMTS�aĺ\äN�NY]^KaMäa�_]§_Q�NVK�^OVO�UYW_XSUKMTS��

&]\�=DU]ĎG�Z�NROHMQ\FK�ODWDFK�EēG]LH�UHNR-

PHQGRZDã�Z\SãDWē�G\ZLGHQG\"Dc]USOW�NdSOVSWc�]S£�XSOZ\dO\aKXSO�YN�NOLS_�^_�XK�1:A�a����!�\��>cVUY�a�^cW�\YU_�XK�NcaSNOXN£�Z\dOdXKMdcVSĺWc�LVS]UY�����WVX�d§��MY�NK§Y������d§�XK�TONX��KUMT£��DKVOŗc�XKW�XK�ZY]SKNKXS_� ]^KLSVXOQY�� N§_QY^O\WSXYaOQY�KUMTYXK\SK _��U^ä\c�L£NdSO�\YdZK \caK§� SXaO�]^cMT£�a�XK]d��]Zä§U£�a�UK OQY\SKMR�VYUK c�XK�Z\dc]d§Yĺó��?aKŗKW��ŗO�NcaSNOXNK�^Y�\YNdKT�XKQ\YNc�NVK�N§_QY^O\WSXYacMR�KUMTYXK\S_]dc�S� NVK OQY� L£NdSOWc� ]^K\KVS� ]S£� acZ§KMKó� T��XKNKV��KVO�a�^OT�UaO]^SS�dK\d�N�]Zä§US�TO]^�^cVUY�\OUYWOXN_T�McW��

3U]\FKRG\�]�XVïXJ�ZJ�EUDQĝ�Z�,�SöïURF]X�����

Page 9: Akcjonariusz 3/2011 wybrane artykuły

4� �QDMZLēNV]H�VSRWNDQLH�LQZHVWRUyZ�Z�3ROVFH4� ���GQL�Z\NãDGyZ�L�SDQHOL�G\VNXV\MQ\FK4� �QDMOHSVL�DQDOLW\F\4� �SRQDG�����XF]HVWQLNyZ4� �SDWURQDW�KRQRURZ\�$OHNVDQGUD�*UDGD��

0LQLVWUD�6NDUEX�3DĝVWZD4� �SDWURQDW�KRQRURZ\�6WDQLVãDZD�.OX]\��

3U]HZRGQLF]ĎFHJR�.RPLVML�1DG]RUX�)LQDQVRZHJR

Chcesz prze!y" to jeszcze raz? Nie czekaj do czerwca 2012! Przyjed# ju! w listopadzie na konferencj$ Profesjonalny Inwestor do Ko%obrzegu!

www.profesjonalnyinwestor.org.pl

Page 10: Akcjonariusz 3/2011 wybrane artykuły

RAPORT

Nie zawsze jednak ich profil S� ]UKVK� NdSK§KXSK� ^_NdSOŗ�]^\_U^_\K� KUMTYXK\SK^_�ZYdaKVK§c� XK� SXaO]^cMTO�P_XN_]dc�^cZ_�Z\S`K^O�O[_-

S^c� Mdc� OX^_\O� MKZS^KV��D�N\_QSOT� ]^\YXc�QaK\KXMTO� dKSX^O\O]YaKXSK� \cXUSOW�NKaK§Y�VSMdXO�Q\YXY�SXaO]^Y\äa�SXNcaS-N_KVXcMR�S�WXSOT]dcMR�SXaO]^Y\äa�SX]^c-^_MTYXKVXcMR�� U^ä\dc� ZY]SKNKVS� aYVXO�ĺ\YNUS� ZSOXS£ŗXO�� YMdOUSaKVS� acŗ]dcMR�]^äZ� da\Y^_� S� XSOTONXYU\Y^XSO� MRMSOVS�YNQ\caKó�dXKMd�M��\YV£�a�\YdaYT_�]Zä§-OU�� a� U^ä\O� WSOVSLc� dKSXaO]^YaKó��:§cXXYĺó�KV^O\XK^caXOT�ZVK^PY\Wc�YL\Y^_�ZYdaKVK§K� dKĺ� XK� \OVK^caXSO� §K^aO�acT-ĺMSO� d� SXaO]^cMTS�� MY� Lc§Y� NYNK^UYacW�WKQXO]OW�� :Ya]^KXSO� 8Oa-YXXOM^�_WYŗVSaS§Y� \äaXSOŗ� \YdaäT� MK§OT� \dO]dc�PS\W� NY\KNMdcMR�� U^ä\O� adY\OW� L\c^cT-]USMR� XYWKNäa� P_XUMTYX_T�McMR� Z\dc�VYXNcħ]USW� +37�SO� aMSOVS§c� ]S£� a� \YV£�K_^Y\cdYaKXcMR�NY\KNMäa� S�a� ^OX� ]ZY-]äL� adWKMXSK§c� ]aYT�� ZYdcMT£� XK� \cX-UKMR�PSXKX]YacMR�8Yac� ZK\USO^� ac]^K\^YaK§� ��� ]SO\ZXSK����!� \�� :YMd�^OU� S]^XSOXSK� Z\dcZKN§� XK�UYħMYac� YU\O]� ^\aKT�MOT�a§KĺXSO� RY]]c��AcMOXc� \cXUYaO� ZSO\a]dcMR� NOLS_^KX-^äa� \Kd� ZY� \Kd� ac]^\dOVSaK§c� a� Qä\£� s�U_\]� \OUY\NdS]^c�� @S\^_KV� @S]SYX�� ad\ä]§�

XK�dKWUXS£MS_�ZSO\a]dOQY�NXSK�XY^YaKħ�Y��"!�������A�U\ä^USW�MdK]SO�_U]d^K§^Y-aK§K�]S£�]ZOMcPSUK�\cXU_��XK�U^ä\cW�§K^aY�Lc§Y�Y�U\ä^UY^O\WSXYac�dc]U��aK\^Y�Lc§Y�_MdO]^XSMdcó�a�YPO\^KMR�Z\caK^XcMR�Z\dON�NOLS_^OW�� K� NdSK§KXSK�ZYTONcXMdcMR� � SXaO-]^Y\äa� Md£]^Y� ]SVXSO�aKŗc§c� XK� U_\]KMR�]Zä§OU�� 8S]UK� Z§cX-XYĺó� Lc§K� dKĺ� ZYN]^K-aYacW� dK\d_^OW�a�]^\YX£�8Oa-YXXOM^�S� Q§äaXcW� YLYU� \Yd-WSK\äa� XY^YaKXcMR�Z\dON]S£LSY\]^a� MdcX-XSUSOW�� U^ä\c�ZYa]^\dcWcaK§�N_ŗcMR�SXaO]^Y\äa�SX]^c-^_MTYXKVXcMR� Z\dON� KU^caXYĺMS�� XK�

16 Akcjonariusz 3/2011

WK§cW� ZK\USOMSO�� -RK\KU^O\c]^cUS� ^O�� TKU�ZYUKŗO� ZäŕXSOT]dc� YU\O]�� XK� ^\aK§O� Z\dc-VQX�� NY� KV^O\XK^caXOT� ZVK^PY\Wc� S� XKNKV�dXKTN_T�� ZY^aSO\NdOXSO� a� \cXUYacMR�\OKVSKMR�

=^K\^� 8Oa-YXXOM^�]dcLUY� _^aSO\NdS§�a� Z\dOUYXKXS_� dKSX-^O\O]YaKXcMR�� ŗO� TO]^�^Y� ]U_^OMdXK� N\YQK�NY� ZYdc]UKXSK� UKZS-^K§_� S� L_NYaKXSK�ZYdcMTS� \cXUYaOT�PS\Wc��:SO\a]dO�_NKXO�NOLS_^c� ZYMS�QX£§c�dK� ]YL�� UYVOTXO��A� U\ä^USW� MdK]SO�

MR£^XS�NY�_Z_LVSMdXSOXSK�dKMd£VS�_]^KaSKó�]S£�a�UYVOTUKMR�� :\Y]^Y^K� S�XS]USO� UY]d^c�NdSK§K§c�TKU�WKQXO]�XK�UYVOTXcMR�UKXNc-NK^äa��.Y�UYħMK����!� \�� dKNOLS_^YaK§c����]Zä§US��K�\YU�ZäŕXSOT�s� ��ZYNWSY^äa��.cXKWSMdXc� \YdaäT� \cXU_� dKRKWYaK§�U\cdc]�PSXKX]Yac��ASOVO�PS\W�acMYPK§Y�]S£�V_L� YN§Yŗc§Y� a� MdK]SO� NK^c� NOLS_^äa��A����#� \�� XK�8Oa-YXXOM^�ZYTKaS§Y� ]S£�^cVUY�� �XYacMR�OWS^OX^äa��9NLSMSO�\cX-Uäa�UKZS^K§YacMR�YN�NXK�d�V_^OQY����#�\��XK�8Oa-YXXOM^�Lc§Y�aSNYMdXO�\YU�Zäŕ-XSOT�s�a������\��NY�YL\Y^_�a�+=9�aZ\Y-aKNdYXY�KUMTO�" �]Zä§OU��5YVOTXc�\OUY\N�ZKN§�a�LSOŗ�McW�\YU_�s�NY�UYħMK�]SO\Z-

4 lata NewConnect ��LVK]US�S�MSOXSO�WK§OQY�ZK\USO^_

��Krzysztof Górka, Certus Capital

2�SRZVWDQLX�DOWHUQDW\ZQHJR�V\VWHPX�REURWX�DNFMDPL�Z�UDPDFK�VWUXNWXU\�*LHãG\�3DSLHUyZ�:DUWR-ħFLRZ\FK�Z�:DUV]DZLH�]DGHF\GRZDã�V]HUHJ�F]\QQLNyZ��=�MHGQHM�VWURQ\�QD�IDOL�Z]URVWX�JRVSRGDU-F]HJR�REVHUZRZDQHJR�Z�3ROVFH�Z�SLHUZV]HM�GHNDG]LH�;;,�ZLHNX�FRUD]�ZLēFHM�PDã\FK�L�ħUHGQLFK�SU]HGVLēELRUVWZ�SU]HMDZLDãR�SRWU]HE\�NDSLWDãRZH��NWyU\FK�]DVSRNRMHQLH�PRJãRE\�SR]ZROLĄ�LP�Z\NRQDĄ�NROHMQ\�NURN�QDSU]yG�

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

=GM�����NR\D�

����)R

WROLD

�FRP

1 Liczba debiutów w kolejnych latach

�RNUHV�RG���VW\F]QLD�GR�NRñFD�VLHUSQLD������U�

2 BL]_ZļNT�SR]\VNDQHJR�NDSLWDãX�[]ePe�^[æ¨VT�e�9Pb.ZYYPN_� �������b�VZWPUYdNS�ZV]P^LNS��b�XWY�e¨�

�RNUHV�RG���VW\F]QLD�GR�NRñFD�VLHUSQLD������U� ŗ\åN§Y$�8Oa

-YXXOM^�ZV

Page 11: Akcjonariusz 3/2011 wybrane artykuły

3/2011 Akcjonariusz 17

XSK�dKNOLS_^YaK§Y����� PS\W��6KaSXYaY�\Y]X�MK� VSMdLK� NOLS_^KX^äa� XK� WK§cW�ZK\USOMSO� a� Y]^K^XSMR� VK^KMR� \OQ_VK\XSO�dKZOaXSK§K� 1:A� WSOT]MO� a� MdY§äaMO�O_\YZOT]USMR�\KXUSXQäa�3:9�A�\KWKMR�YPO\^�Z\caK^XcMR�S�Z_LVSMdXcMR�]Zä§US�d�8Oa-YXXOM^�ZYdc]UK§c�NY�UYħMK�]SO\ZXSK� ZYXKN� ���� WVN� d§�� .Y� ^OT� ZY\c�XKTaS£U]d�� YPO\^£� Z\dOZ\YaKNdS§� .YW�7KUVO\]US�>7=�,\YUO\]��U^ä\OQY�KUMTYXK-\S_]dO� ]Z\dONKVS� KUMTO� Y� §�MdXOT� aK\^YĺMS�ZYXKN�"��WVX�d§��A�MdY§äaMO�dXKVKd§c�]S£�\äaXSOŗ� ,SYWON�6_LVSX� ���� � WVX� d§���5:,:�,_N_]���"�#�WVX�d§��S�7Y�,\_U�����#�WVX�d§��A\Kd�dO�ad\Y]^OW�VSMdLc�OWS^OX^äa�\Y]§K�UKZS^KVSdKMTK�MK§OQY�ZK\USO^_��9LOMXK�aK\-^Yĺó� \cXUYaK� ���� XY^YaKXcMR� ZYNWSY-^äa�acXY]S�Z\KaSO�!���WVN�d§�<Y]X�Mc� \cXOU� d� LSOQSOW� MdK]_�WäQ§� ]S£� ZYMRaKVSó� aS£U]dcWS�YL\Y^KWS��MY�Lc§Y�XK^_\KVX��UYX]O-UaOXMT��Z\dcLcaKT�MOT�VSMdLc�]Zä§-OU��<OUY\NYaK�]O]TK�WSK§K�WSOT]MO���� a\dOĺXSK� ����� \��� USONc� ^Y�dKaK\^Y� \KX]KUMTO�Y�§�MdXOT�aK\^Y-ĺMS�����!�� c]��d§��AcXSU� OX�XSOWKV�ac\äaXKXY����WKTK�L\��� USONc� ^Y�YL\ä^�KUMTKWS�acXSä]§����� ��^c]��

d§��A�^cW�^Oŗ�WSO]S�M_�WKT_������\��ZKN§�\OUY\N� WSO]S£MdXc� s� aK\^Yĺó� acWSKXc�XK�8Oa-YXXOM^�Y]S�QX£§K�ZYdSYW���#�����WVX�d§�A\Kd� d� \YdaYTOW� 8Oa-YXXOM^�dKMd£§K�]S£�\äaXSOŗ�dWSOXSKó�Z\Y-ZY\MTK�� U^ä\K� WYŗO� YUKdKó� ]S£�S]^Y^XK�NVK�Z\dc]d§YĺMS�WK§O-QY� ZK\USO^_�� :YNMdK]� QNc�XK� ]KWcW� ZYMd�^U_�P_XUMTYXYaKXSK�+=9�_NdSK§�Q\KMdc� SXNc-aSN_KVXcMR� Z\dO-U\KMdK§� #���a� MK§UYaS^OT�aK\^YĺMS�RKXNV_�KUMTKWS�� ^Y�a������\��a]UKŕ-

XSU� ^OX� ]ZKN§� ZYXSŗOT� "���� Ad\Y]§K�d�UYVOS�KU^caXYĺó�SXaO]^Y\äa�SX]^c^_MTY-XKVXcMR��MY�ĺaSKNMdc�Y�ad\YĺMSO�dK_PKXSK�NY�\cXU_��� VK^K� 8Oa-YXXOM^� ^Y� \äaXSOŗ� RS]^Y\SO�ZY]dMdOQäVXcMR�]Zä§OU��Aĺ\äN�ZYXKN�����ZYNWSY^äa� ZYTKaS§c� ]S£� Z\KaNdSaO�SXaO]^cMcTXO�YUKdTO��KVO�\äaXSOŗ�Z\dON]S£-adS£MSK�XSOMY�WXSOT�_NKXO�^_NdSOŗ� ^KUSO��U^ä\cMR�]^K^_]�NY�NdSĺ� TO]^�XSOZOaXc��.Y�ZSO\a]dOT�UK^OQY\SS�WYŗXK�dKVSMdcó�Z\dONO�a]dc]^USW� ZYNWSY^c�� U^ä\O� YU\O]� XY^Y-aKħ�XK�WK§cW�ZK\USOMSO�acUY\dc]^K§c�XK�\YdaäT�� K� XK]^£ZXSO� Z\dOXSY]§c� ]aYTO�

RAPORT

3 BL]_ZļNT�SR]\VNDQHJR�NDSLWDãX�[]ePe�^[æ¨VT�e�9Pb.ZYYPN_� �������b�VZWPUYdNS�ZV]P^LNS��b�XWY�e¨�

4 :DUWRħĄ�REURWyZ�L�ZVNDıQLND�REURWyZ�w kolejnych okresach

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

NewConnect

po 4 latach to

7,3 WVN�d¤kapitalizacji

Page 12: Akcjonariusz 3/2011 wybrane artykuły

RAPORT

aKVY\c�XK�\cXOU�\OQ_VYaKXc��A�^OT�Q\_-ZSO� dXKVKd§c� ]S£$� 0K]^� 0SXKXMO�� :\KQWK�3XUK]Y�� 6=>� -KZS^KV�� >O]QK]�� 5\cXSMUS�<OMcMVSXQ�� >\KX]� :YVYXSK�� :Ya]dOMRXO�>YaK\dc]^aY� 3XaO]^cMcTXO�� /UY�/bZY\^��7A� >\KNO�� -OX^\_W� 5VSWK�� AKNOb��/_\YSWZVKX^�� ;_O\M_]� >03�� 1\_ZK� +.@�S�.7�A.7��?NKXO�Z\dOXY-]SXc� XK� N_ŗc� ZK\USO^� Lc§c�_UY\YXYaKXSOW�NY^cMRMdK-]YaOT� Z\KMc� S� VYQSMdXcW�XK]^£Z]^aOW� ad\Y]^_� aK\-^YĺMS� ]Zä§OU�� :YdK� acŗOT�acWSOXSYXcWS� ZYNWSY^K-WS� aK\^Y� \äaXSOŗ� a]ZY-WXSOó� Y� 8SMYVK]� 1KWO]� s�^aä\Mc� QSO\�� U^ä\c� MRcLK�TKUY� ZSO\a]dc� OWS^OX^� d� 8Oa-YXXOM^�Z\dONK\§� ]S£� NY� WK]YaOT� ĺaSKNYWYĺMS�Q\KMdc�QSO§NYacMR�a�:YV]MO�S�TKUY�TONcXK�NY� ^OT� ZY\c� ]Zä§UK� d� WK§OQY� ZK\USO^_�WYŗO�ZYMRaKVSó�]S£�NdSOXXcWS�YL\Y^KWS��U^ä\O� ZYdaYVS§c� TOT�a� Z\dO]d§YĺMS� ZVK]Y-aKó� ]S£�a� ZSO\a]dOT� NdSO]S�^MO� XK�1:A�YLYU� ^_däa� d� A31���� A� MS�Q_� �� VK^�YNXY^YaKVSĺWc� \äaXSOŗ� TONXY�LKXU\_M-^aY��A�WKT_����#�\��=�N�<OTYXYac�NVK�W�]^�� AK\]dKac� acNK§� ZY]^KXYaSOXSO�Y� YQ§Y]dOXS_� _ZKN§YĺMS� ]Zä§US� :O\POM^�6SXO�YLOTW_T�MOT�VSUaSNKMT£�WKT�^U_��9N�^OQY�MdK]_�ŗKNXK�d�PS\W�YLOMXcMR�a�+=9�XSO�dY]^K§K�]U\OĺVYXK�d�VS]^c�OWS^OX^äa�XK�WYMc� NOMcdTS� Y� _ZKN§YĺMS�� KMdUYVaSOU�

USVUK�LY\cUK�]S£�d�Z\YLVOWKWS�8K� PKVS� ad\Y]^_� \YdZYdXKaKVXYĺMS�8Oa-YXXOM^�Y\Kd�MY\Kd�aS£U]dOQY�dKSX-^O\O]YaKXSK� PS\W� d� \OQSYX_� /_\YZc�Ĺ\YNUYaY�A]MRYNXSOT� NOLS_^OW� XK�1:A�\äaXSOŗ�a�+=9�ZYTKaSVS�]S£�dKQ\K-XSMdXS�OWS^OXMS��Aĺ\äN�!�]Zä§OU�d�dKQ\K-

XSMc�XY^YaKXO�]��ZYNWSY-^c�d�-dOMR��:RY^YX�/XO\Qc��,1=� /XO\Qc� :V_]�� S-YW�@S]SYX� 2YVNSXQ��� -cZ\_��+Q\YVSQK� 1\Y_Z� s� MRYó�]aYT�� NdSK§KVXYĺó� Z\YaK-NdS� YX� ?U\KSXSO���ASOVUSOT�,\c^KXSS� �+ ^OMR� + SK^SYX��� /XQSXOO\SXQ��+O\0SXKXMO�� Mdc� ,_§QK\SS�

�3X^O\MKZS^KV� :\YZO\^c� .O`OVYZWOX^�+.=3-��� A� UYVOTMO� MdOUKT�� XK]^£ZXO��?WS£NdcXK\YNYaSOXSO� WK§OQY� ZK\USO^_�TO]^� _dK]KNXSYXO�� ZK^\d�M� XK� TOQY� MY\Kd�

]SVXSOT]d��ZYdcMT£�XK� ^VO�ZYNYLXcMR� \cX-Uäa�a�SXXcMR�U\KTKMR�/_\YZc��:YN�adQV£-NOW� VSMdLc� ]Zä§OU� 8Oa-YXXOM^� T_ŗ� TO]^�XK� N\_QSOT� ZYdcMTS�� 6KaSXYaO� ^OWZY�NOLS_^äa�a�XKTLVSŗ]dcW�MdK]SO�ZYaSXXY�]Z\KaSó��Sŗ�ZYV]US�\cXOU�ZYdY]^KaS�NKVOUY�a�^cVO�\O]d^£�]^KaUS��K�Z\dON�]YL��L£NdSO�WSK§� ^cVUY� L\c^cT]USOQY� VSNO\K�� U^ä\c��L£N�M� TONXYMdOĺXSO� ZSO\aYadY\OW� ZYV-]USOQY�+=9��L£NdSO�\KMdOT�^\_NXc�NY�dNO-^\YXSdYaKXSK�:YN�adQV£NOW�UKZS^KVSdKMTS�8Oa-YXXOM^�ZVK]_TO� ]S£� XK� !� ZYdcMTS�� :\dON� ]YL��WK�]SVXOQY� \caKVK� a� ZY]^KMS� ZK\USO^_� XSO-WSOMUSOQY��KVO�a�ZYUYXKXcW�ZYV_�dN�ŗc§�T_ŗ�ZYdY]^KaSó�\cXOU�RS]dZKħ]US��a§Y]US��S\VKXNdUS�S�K_]^\SKMUS�4KU�aSNKó��dXKMdOXSO�8Oa-YXXOM^�dK\äa-XY�a�]^\_U^_\dO�ZYV]USMR�\cXUäa�UKZS^K-§YacMR��TKU�S�XK�K\OXSO�WS£NdcXK\YNYaOT�\Y]§Y� a\Kd� d� NYT\dOaKXSOW�WK§OQY� ZK\-USO^_�� 8KN\d£NXK� SNOK� Z\dcĺaSOMKT�MK�^aä\MYW� +=9� dY]^K§K� d\OKVSdYaKXK� s�acZO§XSYXY�\cXUYa��V_U£�a�NY]^£ZSO�NY�UKZS^K§_� NVK�WK§cMR� S� ĺ\ONXSMR� Z\dON]S£-LSY\]^a� Y� N_ŗcW� ZY^OXMTKVO� ad\Y]^_��5YVOTXO�acdaKXSK�Z\dON�XKWS��:YdY]^KTO�WSOó� XKNdSOT£�� ŗO� Z\dOd� XK]^£ZXO� �� VK^K�_NK� ]S£� _^\dcWKó� NcXKWSU£� ad\Y]^_�\cXU_�� K� TKUYĺó� NOLS_^_T�McMR� ]Zä§OU�L£NdSO�^cVUY�VOZ]dK���

18 Akcjonariusz 3/2011

5 /LF]ED�VSyãHN�w poszczególnych Alternatywnych Systemach Obrotu na koniec lipca 2011 r.

6 Kapitalizacja poszczególnych Alternatywnych Systemów Obrotu �������YL�VZYTPN�WT[NL������]���XWY�P`]Z�

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

Okres,,�SR�2007

,�SR�2008

,,�SR�2008

,�SR�2009

,,�SR�2009

,�SR�2010

,,�SR�2010

,�SR�2011

Inwestorzy zagraniczni 3 2 1 1 2 2 3 3

Inwestorzy indywidualni �� �� �� �� 88 �� 84 ��

Inwestorzy instytucjonalni 5 6 8 � 10 6 13 ��

Tab. 1 Struktura inwestorów�bR�bL]_ZļNT�ZM]Z_æb����

ŗ\åN§Y$�8Oa

-YXXOM^�ZV

1D�NDijG\P�U\QNX�]GDU]DMĎ�VLē�PRG\��

Na NewConnect

]DSDQRZDãD�PRGD�QD�SURGXFHQWyZ�JLHU

=GM�����-DP

HV�6WHLGO���)RWROLD�FRP

Page 13: Akcjonariusz 3/2011 wybrane artykuły

6]F]HJöïRZH�ZDUXQNL�X]\VNDQLD�SRV]F]HJöOQ\FK�]QLĝHN�QD��ZZZ�VLL�RUJ�SO

3U]\ïÈF]�VLÚ�GR Stowarzyszenia Inwestorów Indywidualnych

'RP\�0DNOHUVNLH��NWöUH�XG]LHODMÈ�]QLĝHN�QD�VZRMH�SURGXNW\�F]ïRQNRP�6,,�

Z NAMI SI! OP"ACA!

Page 14: Akcjonariusz 3/2011 wybrane artykuły

EDUKACJA

P\dc� ]U§KNKXS_� dVOMOXSK� XSO� WK�ŗKNXcMR�\äŗXSM��acLSO\KWc�TONc-XSO� SXXO� XKdac� SX]^\_WOX^äa��>Y�TONXKU�^cVUY�ZYdY\c�E^KL���G��A� ZYZ\dONXSW� K\^cU_VO�

�5YX^\KU^c� P_^_\O]� s� NK\WYac� U\ONc^� XK�KUMTO��+UMTYXK\S_]d���������\YdZYMd£VSĺWc�Z\dON]^KaSKXSO� UYX^\KU^äa� ^O\WSXYacMR�XK�Z\dcU§KNdSO�5127�=+��ASOWc�T_ŗ��ŗO�dKU_Z�����KUMTS�aS�ŗO�]S£�d�Z\YaSdT��\d£N_������SMR�aK\^YĺMS��>KUS�dKU_Z���WKTK�L\��Z\dc�MOXSO��"��d§�dK�KUMT£�YdXKMdK§�acNK-^OU�a�ac]YUYĺMS�!��d§�S�N\_-QSO� ^cVO� ZYNMdK]� ]Z\dONKŗc��+UMTO� W_]d�� dK OW� ad\Y-]X�ó� ZYXKN� ��"��� ŗOLc�dKMd£§c�XKW�Z\dcXY]Só�Z\YPS-^c��1NcLcĺWc�dKU_ZSVS�TONOX�UYX^\KU^� XK� ���� KUMTS�� ^Y�Z\YaSdTK�XSO�L£NdSO�Z\dOU\K-MdK§K���d§�Z\dc�dKU_ZSO�S�N\_-QSO� ^cVO�Z\dc� ]Z\dONKŗc��>KU�acQV�NK�\äŗXSMK�YN�]^\YXc�^KLOVS�Z\YaSdTS�S�YZ§K ��

Kontrakt darmowym kredytem

-dK]�XK�acTKĺXSOXSO��NVKMdOQY�UYX^\KU^�TO]^�NK\WYacW� U\ONc^OW�� ŖOLc� dKU_ZSó� ����KUMTS�� ZY^\dOLYaKVSĺWc� �"�!�� d§� �a� ^cW�Z\YaSdTK��� :Y^\dOL_TOWc� a§K]XOT� QY^äaUS�XK� \KMR_XU_�� ŗOLc� ^\KX]KUMTK� NY]d§K� NY�

]U_^U_�� A� MRaSVS� dKaK\MSK� ^\KX]KUMTS��"���� d§� ^\KPSK� XK� \KMR_XOU� ]Z\dONKaMc��U^ä\c� YMdcaSĺMSO� ^Oŗ� dY]^KaSK� Md£ĺó� NVK�ZYĺ\ONXSUäa��:\Y]d£�Z\dc�YUKdTS�dK_aKŗcó��ŗO� ^KUK� ZYTONcXMdK� ^\KX]KUMTK� U_ZXK�S� ]Z\dONKŗc� ^Y� a� ]_WSO� �� �� aK\^YĺMS�^\KX]KUMTS��U^ä\K�dXSUK�d�\cXU_�UKZS^K§YaO-QY�� :Y� SV_� ^KUSMR� ^\KX]KUMTKMR�XK� \KMR_X-UKMR�XSO�dY]^KXSO�T_ŗ�XSM)�+VO�^cW�]S£�XSU^�XSO� Z\dOTW_TO�� LY� Z\dON� XKWS� Z\dOMSOŗ�aSdTK�aSOVUSMR�dc]Uäa��A�UYħM_�TO]^OĺWc�SXaO]^Y\KWS�� 7c� L£NdSOWc� TONXKU� LK\-

NdSOT� N\YLSKdQYaS� S� ]Z\äL_-TOWc� XKLcó� ^YaK\� d�WXSOT-]dcWS�UY]d^KWS�NYNK UYac-WS�� DKU_ZWc� dK OW� UYX-^\KU^� XK� ���� KUMTS�� 8K�XK]dcW� \KMR_XU_� dY]^KXSO�dKLVYUYaKXO� ����� d§�S� ZYL\KXO� �� d§� Z\YaSdTS��<O]d^K�TO]^�NY�XK]dOT�Nc]ZY-dcMTS��7YŗOWc�d�XSWS�\YLSó��

MY�dOMRMOWc��7YŗXK�^\dcWKó�TO�XK�VYUKMSO�LKXUYaOT� S� ^cW� ]KWcW�ZYaS£U]dcó� ]aäT�acXSU� Y� USVUK� Z\YMOX^� a� ]UKVS� \YU_�� >K�UaY^K�ZYXKN�� ����d§�TO]^�dK OW�a�S]^YMSO�^KUSW� U\ONc^OW�� dK� U^ä\c� XSO� W_]SWc�dKZ§KMSó� KXS� d§Y^äaUS�� 1NcLcĺWc� MRMSOVS�ZYŗcMdcó�^KU��UaY^£�� ^Y�W_]SOVSLcĺWc�NY�UY]d^äa� ^KUSOT� ^\KX]KUMTS� NYVSMdcó� LVS]UY�����aK\^YĺMS� ^\KX]KUMTS� YL]§_QS� U\ONc^_��U^ä\c�dKdacMdKT�WK�a�XKdaSO�]§YaY�RY]]K��

A�S]^YMSO�W_]SWc�Lcó�V_NŕWS�aSOVUSOT�aSK\c�a� RY]]£�� ŗOLc� dKU§KNKó�WSXSWKVXc� da\Y^�d� SXaO]^cMTS� aS£U]dc� YN� ����� 4OĺVS� U^Yĺ�NOMcN_TO�]S£�XK�^KU�NO]ZO\KMUS�U\YU��dK�TKUS�_aKŗKW� ]UY\dc]^KXSO� d� ^KUSOT� YPO\^c�� ^Y�dKdacMdKT�]^KaSK�XK�dc]US�a�N_ŗY�U\ä^]dOT�ZO\]ZOU^caSO� XSŗ� \YU�� K� NY� ^OQY� XKTVOZSOT�L£N�MO� aSOVYU\Y^XYĺMS�� UY]d^_� YL]§_QS�N§_Q_�� 8KUSO\YaKXSO� TO]^� aS£M� dKdacMdKT�Mdc]^Y�]ZOU_VKMcTXO�S�XK]^KaSYXO�XK�aSOVY-U\Y^XO� NYUYXcaKXSO� ^\KX]KUMTS�� 5SONc�]YLSO�Z\dcZYWXSWc�� TKUSOT�ac]YUYĺMS�Z\Y-aSdTO�Z\dcMRYNdS�Z§KMSó�YN�YL\Y^_�KUMTKWS�XK�1:A��^Y�acNKTO�WS�]S£��ŗO�ac]^K\MdKT�MY�_dK]KNXSYXO�TO]^�XKdaKXSO�NO]ZO\KMT��adS£-MSO� U\ONc^_� XK� KUMTO�� A\äóWc� dK OW� NY�UYX^\KU^_�-RMSOVSĺWc�XKLcó�UYX^\KU^�XK�5127�ZY��"��d§�dK�UKŗN��dO�����KUMTS��7SOVSĺWc�NY�acLY\_�USVUK� UYX^\KU^äa� d� ^O\WSXKWS� aKŗXYĺMS�a� ^\dOMS� ZS� OU� MdO\aMK��a\dOĺXSK� S� Q\_NXSK��AcLSO\dWc�]O\S£�a\dOĺXSYa��E\c]��G�8KLcVSĺWc�QY���WKTK��A� \KUMSO�]O]TS�NY]d§Y�NY� ^\KX]KUMTS� ZY� SX^O\O]_T�MOT� XK]� MOXSO��5aY^K������d§� �!�#��d��"����d§�� dY]^K§K�dKLVYUYaKXK� XK� UYXMSO�� K� XK]d� L\YUO\�ZYLSO\dO�Z\YaSdT£���d§��>Y�ZSO\a]dK�aSNYMd-XK�\äŗXSMK�adQV£NOW�dKU_ZSYXcMR�KUMTS��>O�ĺ\YNUS�NY�^OQY�XKNKV�]��XK�XK]dcW�UYXMSO��XSO� dY]^K§c� Z\dOVKXO� XK� \KMR_XOU� N\_QSOT�]^\YXc� dKU§KN_��.\_Q�� \äŗXSM£� dYLKMdcWc�

��4K\Y]§Ka�+_Q_]^cXYaSMd��=^YaK\dc]dOXSO�3XaO]^Y\åa�3XNcaSN_KVXcMR

48 Akcjonariusz 3/2011

.XSRZDQLH�]D�XãDPHN�NZRW\�PRijQD�WUDNWRZDĄ�MDNR�GDUPRZ\�NUHG\W��NWyU\�XPLHMēWQLH�Z\NR-U]\VWDQ\�GD�NRU]\ħFL��3RNXVD�VSHNXODFML�MHVW�

MHGQDN�RJURPQD

Akcje KGHM Kontrakty na akcje KGHM

Prowizja �����ZDUWRħFL�DNFML VWDãD�QS���]ã

'HSR]\W�]DEH]SLHF]DMĎF\ 100% 7,4%

5R]OLF]HQLH�WUDQVDNFML SR�GRNRQDQLX�VSU]HGDij\

FRG]LHQQLH��GRVWRVRZDQLH�GR�GHSR]\WX�]DEH]SLHF]DMĎFHJR�

0LQLPDOQD�OLF]ED� ��DNFMD ��NRQWUDNW��RSLHZD�QD�����DNFML�

'\ZLGHQGD WDN QLH

,QQH�SUDZD�NRUSRUDF\MQH��QS��XG]LDã�Z�ZDOQ\P�]JURPDG]HQLX�� WDN QLH

Tab. 1

Porównanie akcji i kontraktów na KGHM SA notowanych ���������������YL�2TP¨OeTP�;L[TP]æb�BL]_ZļNTZbdNS�b�BL]^eLbTP

&]\P�UyijQL�VLē�]DNXS�VHWNL�DNFML�.*+0�RG�]DNXSX�MHGQHJR�NRQWUDNWX�WHUPLQRZHJR�RSLHZDMĎ-FHJR�QD�W\OHij�ZãDħQLH�DNFML"�3RGVWDZRZD�RGSRZLHGı�WNZL�Z�WHFKQLF]Q\FK�]DVDGDFK�UR]OLF]DQLD�WHJR�RVWDWQLHJR�RUD]�Z�WDEHOL�SURZL]ML�L�RSãDW�

=GM�����(G\

WD�3DZ

ORZVND��9ODGLPLU�9RURQ

LQ���)RWROLD�FRP

AK\]dKa]USO�UYX^\KU^c� Z�V]F]HJyãDFK�

Dru

karn

ia S

ilion

tel. 7

1 79

3 59

07

emai

l: dru

karn

ia@

silio

n.pl

www.silion.plko

loro

wy zawrót g!owy

druk o! setowy w wielkim

formacie

pl

akat

y, b

rosz

ury,

ksi

!"ki

, map

y...

ark

usze

do k

asze

row

ania

drukujemy do form

atu B0

Silion - Reklama V2.indd 1 2011-07-01 08:44:58

Page 15: Akcjonariusz 3/2011 wybrane artykuły

dK\Kd�XK�UYXSOM�]O]TS��:Y�UKŗNOT�]O]TS�NYUY-XcaKXO�TO]^�_KU^_KVXSOXSO�NOZYdc^_�dKLOd-ZSOMdKT�MOQY�S�ZSO\a]dO�\YdVSMdOXSO�dc]Uäa�S�]^\K �d�^\KX]KUMTS��WSWY�ŗO�XSO�dVOMKVSĺWc�]Z\dONKŗc� XK]dOQY� UYX^\KU^_�� 9]^K^XSK�^\KX]KUMTK� ^OQY� NXSK� dY]^K§K� dKaK\^K� ZY�MOXSO�XSŗ]dOT�XSŗ��"��d§�NYU§KNXSO�Y���d§�S���Q\��A�ZSO\a]dOT�UYVOTXYĺMS�dY]^KXSO�NYUY-XKXK� YMOXK� dc]UYaXYĺMS� dKU_Z_�� -OXK�]ZKN§K�S�KUMTO�]^\KMS§c�XK�aK\^YĺMS��������d§��>KUK�UaY^K�dY]^KXSO�ZYL\KXK�d�\KMR_X-

1/2010 Akcjonariusz 45

EDUKACJA

1BdV]P �NPY�NRQWUDNWyZ�WHUPLQRZ\FK�YL�LVNUP�^[æ¨VT�6238�ZO���XLUL�OZ���� TP][YTL�e�_P]XTYPX�bdRLļYT¤NTL��!�b]ePļYTL�1623@��

U_� �d� NOZYdc^_��� 8K]^£ZXSO� YN� MOXc�dKWUXS£MSK� ]O]TS� ��!"�#�� d§�� dY]^KXSO�ZYXYaXSO�XKVSMdYXc�NOZYdc^��>O\Kd�L£NdSO�YX�XSŗ]dc�S�acXSO]SO������!��d§��>_^KT�\äŗ-XSMK�acXY]S� ZYXKN�"� d§�� U^ä\O� YMdcaSĺMSO�XSO�d\äaXYaKŗ��\äŗXSMc�aK\^YĺMS�UYX^\KU-^_�XK�����KUMTS��8SO_L§KQKXO�Z\KaK�WK O-WK cUS� ZYNZYaSKNKT��� ŗO� ^KUS� _WYaXc�LYX_]�XK�NOZYdcMSO�dKa]dO�L£NdSO�]^KXYaS§�TONcXSO�!�#��_^\KMYXOT�UaY^c��-Y�d�ZYdY-]^K§��V_U�)�:YNZS]_T�M�_WYa£�Y�Z\YaKNdO-

Dru

karn

ia S

ilion

tel. 7

1 79

3 59

07

emai

l: dru

karn

ia@

silio

n.pl

www.silion.pl

kolo

rowy zawrót g!ow

y

druk o! setowy w wielkim

formacie

pl

akat

y, b

rosz

ury,

ksi

!"ki

, map

y...

ark

usze

do k

asze

row

ania

drukujemy do form

atu B0

Silion - Reklama V2.indd 1 2011-07-01 08:44:58

Page 16: Akcjonariusz 3/2011 wybrane artykuły

EDUKACJA

50 Akcjonariusz 3/2011

XSO� \KMR_XU_� XK� SX]^\_WOX^c� ZYMRYNXO��dYLYaS�dKVSĺWc�]S£�NY�_^\dcWKXSK�NOZYdc^_�XK�acWKQKXcW�ZYdSYWSO��D� ^OQY�ZYaYN_�W_]SWc�QY�_d_ZO§XSó��>O\Kd�T_ŗ�aSNKó��ŗO�NY�RKXNV_�XK�UYX^\KU^KMR�ZY^\dOLXK�TO]^�UaY^K�aS£U]dK�XSŗ�WSXSWKVXc�NOZYdc^��AO�a]dc]^-USMR�dXKXcMR�WS�NYWKMR�WKUVO\]USMR�^KUSO�_d_ZO§XSOXSO�NOZYdc^_�YNLcaK�]S£�K_^YWK-^cMdXSO� d� aYVXOT� QY^äaUS�� MRYMSKŗ� TO]dMdO�MK§USOW�XSONKaXY�dNK\dK§c�]S£�aOaX£^\dXO�\OQ_VKMTO�� U^ä\O� acWKQK§c� ]KWYNdSOVXOQY�NYUYXKXSK� ^KUSOT� YZO\KMTS�� A� \KdSO� L\KU_�^KUSOQY�NdSK§KXSK�NYW�WKUVO\]US� \YdZYMdc-XK§�Z\YMON_\£��TKU�QNcLc�UVSOX^�XSO�NYUYXK§�acXSUKT�MOQY� d� _WYac� YLYaS�dU_��8K]^£ZXcW�U\YUSOW�WYŗO�Lcó�^OVOPYX�KVLY�O�WKSV��a�dKVOŗXYĺMS�YN�acWYQäa�UYXU\O^-XOT�_WYac�d�UYXU\O^XcW�NYWOW�WKUVO\-]USW�� Z\dcZYWSXKT�Mc� Y� L\KU_� QY^äaUS�S�SXPY\WKMTS�Y�MdK]SO�XK�TOT�_d_ZO§XSOXSO��4OĺVS�a� _]^KVYXcW� MdK]SO� XKNKV� XK� XK]dcW�\KMR_XU_� L£NdSO� dK� WK§Y� ĺ\YNUäa�� NYW�WKUVO\]US� NYUYX_TO� dKWUXS£MSK� ZYdcMTS��A�XK]dcW�Z\dcZKNU_�YdXKMdK§YLc�^Y�NYUY-XKXSO�^\KX]KUMTS�]Z\dONKŗc�TONXOQY�UYX^\KU-^_�ZY� MOXSO� \cXUYaOT� d� NKXOQY�WYWOX^_��:YdY]^K§K� QY^äaUK� Lc§KLc� XK cMRWSK]^� NVK�XK]� NY]^£ZXK� XSO� ^cVUY� XK� dKU_Z� SXXcMR�SX]^\_WOX^äa�� KVO� ^KUŗO� NY� acZ§K c�� >Y�UYVOTXK� \äŗXSMK� a� ]^Y]_XU_� NY� KUMTS�� ZY�]Z\dONKŗc�U^ä\cMR�WYŗOWc�a�ZO§XS�Nc]ZY-XYaKó�ĺ\YNUKWS�NYZSO\Y�ZY�^\dOMR�NXSKMR��:\dOd�aSOVO�VK �LK\NdY�ZYa]dOMRX��Z\KU^cU��Lc§Y� ]^Y]YaKXSO� a]^£ZXOQY� S� a§KĺMSaOQY�NOZYdc^_� dKLOdZSOMdKT�MOQY�� :YaYNYaK§Y�^Y�LVYUYaKXSO�NYNK UYacMR�ĺ\YNUäa��XZ��a�ac]YUYĺMS�����a�]^Y]_XU_�NY�acWKQK-XcMR�Z\dOd�SdL£�\YdVSMdOXSYa���ZY�Y^aK\MS_�ZYdcMTS�XK�UYX^\KU^KMR��U^ä\O�Lc§c�K_^YWK-^cMdXSO� acUY\dc]^caKXO� NY� _d_ZO§XSKXSK�NOZYdc^_�� .dSĺ� ZYa]dOMRXK� TO]^� T_ŗ� \äa-XYĺó�YL_�aSOVUYĺMS��MY�acW_]S§Y�UYXU_\Y-aKXSO�Y�Z\YaSdTO�UVSOX^äa�

Codzienne rozliczenie

>KU�UYħMdc�]S£�ZSO\a]dc�NdSOħ�RKXNV_�XK�UYX^\KUMSO��5YVOTXOQY�NXSK�aKVY\�ZYXYa-XSO�dWSOXSK�MOXc��K�XK�UYXSOM�NXSK�NYMRY-NdS�NY�\YdVSMdOXSK�a�]ZY]äL�SNOX^cMdXc�TKU�acŗOT�YZS]KXc��.\_QS�NdSOħ�^Y�ad\Y]^�MOXc�TONXOT� KUMTS� Y� �� Q\�� ZY� U^ä\cW� XK� XK]d�\KMR_XOU� Z\dcLcaKT�� WSXSWKVXO� XYaO�ĺ\YNUS��DKWUXS£MSO� ^\dOMSOQY�NXSK� ^Y�]ZK-NOU�Y����Q\�S�ZYXYaXK�UYXSOMdXYĺó�_d_-ZO§XSOXSK� NOZYdc^_�� A\O]dMSO� Z\dcMRYNdS�MdaK\^c�NdSOħ��U^ä\c�UYħMdc�]S£�ad\Y]^OW�ZYXKN�ZYdSYW��"��d§��DKWcUKWc�]S£�ZY��"�����d§��>Y�Y���d§�S�"��Q\�aS£MOT�YN�MOXc�]Z\dON����QYNdSX�� MY�YdXKMdK�XKZ§ca�XK�XK]d�\KMR_XOU��"��d§��>O�ĺ\YNUS�]��dK\Kd�ZY�\YdVSMdOXS_�NY]^£ZXO�NVK�XK]�LOd�ŗKNXcMR�YQ\KXSMdOħ��-OXK�aKVY\_� \YĺXSO� Y� ZYXKN�����K�Wc�WKWc�a\KŗOXSO��ŗO�dc]UKVSĺWc�Z\dcXKTWXSOT������>Y�d§_NdOXSO�ZYa]^KTO�dO�adQV£N_�XK�YNXY]dOXSO�dc]U_�NY�aK\^Y-ĺMS� NOZYdc^_�� K� XSO� aK\^YĺMS� UYX^\KU^_��>\_NXY� ]S£� ^OW_� NdSaSó��AcZ\YaKNdOXSO�d�^OQY�]^KX_�XK]^£Z_TO�TONXKU�NYZSO\Y�ZY�\YdVSMdOXS_�]O]TS��XK�U^ä\OT�NY]d§Y�NY�aS£U-]dOT� dWSKXc� MOX� XSOdQYNXOT� d� XK]dcWS�ŗcMdOXSKWS��+VO�a\äóWc�T_ŗ�NY� ^OMRXSMdXcMR� K]ZOU^äa�^\KX]KUMTS� XK� UYX^\KU^KMR�^O\WSXYacMR�AK\^Yĺó�NOZYdc^_�dKLOdZSO-MdKT�MOQY�TO]^�dWSOXXK��4O]^�YXK�_dKVOŗXSYXK�YN�dWSOX-XYĺMS�MOX�XK�NKXcW�\cXU_��A�YZS]caKXcW�Z\dcU§KNdSO�UY\dc]^KW� d� aK\^YĺMS� YLY-aS�d_T�McMR� a� ZY§YaSO�]SO\ZXSK� ����� \YU_� ZY� NY^UVSacMR� ]ZKN-UKMR�XSO� cVUY�XK�YWKaSKXcW�aKVY\dO��KVO�S�XK�QSO§NKMR�MK§OQY�ĺaSK^K��A^ONc�NY]d§Y�NY�ZYNXSO]SOXSK�aK\^YĺMS�NOZYdc^_�dKLOd-ZSOMdKT�MOQY��5YQY�S�Z\dON�MdcW�YX�dKLOd-

ZSOMdK)�:\dONO�a]dc]^USW�NYW�WKUVO\]US��U^ä\c� TO]^� dYLYaS�dKXc� NY� NYUYXKXSK�\YdVSMdOXSK�� 1NcLc� a� NKXcW� NXS_� MOXK�UYX^\KU^_�ad\Y]§K�Y������^Y�XK]�d_ZO§XSO�XSO� L£NdSO� WK\^aS§Y� ^Y�� ŗO� Q\KMd�� U^ä\c�ZY]^KaS§�XK�]ZKNOU�MOX��XSO�WK�ĺ\YNUäa�XK�\KMR_XU_�WKUVO\]USW�a�\KWKMR�NOZY-dc^_�� 5KŗNc� NYW� WKUVO\]US� QaK\KX^_TO�\YdVSMdOXSO� ^\KX]KUMTS� dKaK\^OT� a� SWSOXS_�]aYTOQY� UVSOX^K�� -Y� TONXKU�� TOĺVS� NYTNdSO�NY� ]ZKNU_� Y� aS£MOT� XSŗ� acXY]S� aK\^Yĺó�Z\YMOX^YaK�NOZYdc^_��K�Wc�L£NdSO�ZY]SK-NKVS� N§_Q�� ZYdcMT£� XK� UYX^\KUMSO)� 8K�ZYMd� OU�NYU§KNXSO�^Y�]KWY��MY�a^ONc��QNc�MOXK�]ZKNK§K�XZ��Y�Zä§�Z\YMOX^K��,£NdSO�XK�XK]� ]ZYMdcaK§� YLYaS�dOU� NYUYXKXSK�NYZ§K c�NY�\KMR_XU_��4OĺVS�TONXKU�XSO�NYUY-XKWc�aZ§K c�acWKQKXOT�UaY^c��^Y�]^KXSO-Wc� ]S£� N§_ŗXSUSOW� aYLOM� ]aYTOQY� NYW_�WKUVO\]USOQY�� ^KUSW� ]KWcW�� TKU� a� Z\dc-ZKNU_� XSO]Z§KMOXSK� dKVOQ§OT� \K c� U\ONc^_�aYLOM� LKXU_�� 4KUY� UVSOX^� NYW_� WKUVO\-]USOQY�XSO�TO]^OĺWc�TKU�]Zä§UK�d�YQ\KXSMdY-X�� YNZYaSONdSKVXYĺMS��� U^ä\K� YNZYaSKNK�aYLOM� UYX^\KROX^äa� ^cVUY� WKT�^USOW�PS\Wc��7YŗVSaK�TO]^�dK OW�]c^_KMTK��ŗO�]^\K K�L£NdSO�aS£U]dK�YN�ĺ\YNUäa��TKUSWS�Nc]ZY-X_TOWc�XK�\KMR_XU_�WKUVO\]USW��MY�WYŗO�a� ZOaXcMR� ]c^_KMTKMR� YdXKMdKó�� ŗO� L£N��YXO� aS£U]dO� YN� ZY]SKNKXcMR� ĺ\YNUäa�a�YQäVO��>Y�LK\NdY� S]^Y^XO� S�aK\^Y�Y� ^cW�ZKWS£^Kó��9NZYaSONXSK�aSOVUYĺó�NOZYdc^_�MR\YXS� dK OW� ^KUŗO� XK]� Z\dON� ]U\KTXcWS�XSOLOdZSOMdOħ]^aKWS� Z\dOVOaK\YaKXSK�ZYdcMTS�� 5Y\OU^K� TOQY� aSOVUYĺMS� XK]^£Z_TO�TONXKU�dKa]dO�ZY�U\c^cMdXcMR�]O]TKMR�8K� MYNdSOXXcMR� \YdVSMdOXSKMR� WSTK� ^KU�XKW�ZYXKN�WSO]S�M�S�XKNMRYNdS����MdO\a-MK�� USONc� ^Y� WK� WSOT]MO� AKVXO�DQ\YWKNdOXSO�+UMTYXK\S_]dc��U^ä\O�ZY]^K-XKaSK��ŗO�UKŗNc��U^Y�L£NdSO�WSK§�Z\KaK�NY�KUMTS����VSZMK��Y^\dcWK����]SO\ZXSK����#�d§�dK�UKŗN��ZY]SKNKX��KUMT£��8KLcaMK�UYX^\KU^_�XSO�]^KTO�]S£�a§KĺMSMSO-VOW� Md£ĺMS� V_LSħ]USOQY� UYWLSXK^_�� KVO�TONcXSO� dKaSO\K� dKU§KN� d� SXXcW� Q\KMdOW�Y�^Y��ŗO�KUMTO�L£N��dc]USaKó�V_L�^\KMSó�XK�aK\^YĺMS��-dc�d�^OQY�ZYaYN_�NOMcdTO�aKV-

XOQY�dQ\YWKNdOXSK�XSO�L£N��WSK§c�aZ§ca_�XK�MOX£�UYX-^\KU^äa)� 3X^_SMcTXSO� YN�\Kd_�XKVOŗc�dKXOQYaKó�L\KU�daS�dU_��ZYXSOaKŗ�^Y�KUMTO�]�� SX]^\_WOX^OW� LKdYacW�NVK� SX]^\_WOX^_�� U^ä\cW�RKXNV_TOWc��8KYMdXO�dWSK-Xc��a� ^cW�WS£Ndc� \äŗXcWS�]O\SKWS� E\c]��G�� _T\dcWc��TOĺVS� Z\dOĺVONdSWc� aKRKXSK�

MOX� XK� MdO\aMYaOT� S� a\dOĺXSYaOT� ]O\SS�UYX^\KU^äa�� D� ^cMR� NKXcMR� Z§cX��aXSY-]US��KVO�Y�XSMR�L£NdSOWc�WäaSVS�T_ŗ�Z\dc�XK]^£ZXcW�]ZY^UKXS_�d�UYX^\KU^KWS� ^O\-WSXYacWS��

'\ZLGHQG\�QLH�]RED-F]\P\��QD�:DOQH�QLH�SRMHG]LHP\���DOH�

UDF]HM�QLH�WHJR�RF]H-NXMĎ�VSHNXODQFL�NXSX-MĎF\�NRQWUDNW�QD�DNFMH

2BdV]P �NPY�NRQWUDNWyZ�WHUPLQRZ\FK�YL�LVNUP�^[æ¨VT�6238� ZO���XLUL�OZ��"�NeP]bNL�16238���Z]Le�ZO���NeP]bNL�OZ���� TP][YTL� e�_P]XTYPX�bdRLļYT¤NTL��!�b]ePļYTL�1623@��

Page 17: Akcjonariusz 3/2011 wybrane artykuły