2013 Annual Report POLISH BUSINESS GROUP

Transcription

1 2013 Annual Report POLISH BUSINESS GROUP Annual Assembly Meeting March 14 th, 2014 Polish Business Group Abu Dhabi Author: PBG

2 Content I. PBG Commercial License II. PBG Mission, Objectives & Benefits III. PBG Honorary Members IV. PBG Corporate Members 2013 V. Associate Members 2013 VI. Individual Members in 2013 VII. PBG Board Meetings and Other Meetings in 2013 VIII. Financial Report

3 I. PBG Commercial License 3

4 II. PBG Mission, Objectives & Benefits The PBG is a non-governmental, non-profit organization, licensed according to the laws of the United Arab Emirates and acting to facilitate the development of Poland-UAE relations. Mission Improving mutual knowledge of Poland and the UAE through the development of economic, social and cultural relations between both nations; Promotion of companies and individuals with business and/or professional ties both in Poland and the UAE; Provision of a forum for contacts, exchange of information, discussion and pursuing of common aims of the Polish business community in the UAE and of others who are interested in establishing and developing of various forms of economic relations between Poland and the UAE. Objectives Expansion of business relations between Poland and the UAE; Establishing a platform for PBG members to communicate with prominent government and business representatives of Poland and the UAE; Offering its members a forum for the exchange of up-to-date information and experience relating to business opportunities and activities both in Poland and the UAE; Developing contacts with organizations and associations active in the members scope of interests (on the Polish side e.g. Krajowa Izba Gospodarcza, business chambers of particular industries and regions, etc.); Organizing business and social meetings, seminars, conferences, cultural and sports events, as well as participation in fairs and exhibitions with the purpose of enhancing mutual awareness of both countries; Assisting the Embassy of Poland in Abu Dhabi in formulation of policy guidelines aiming at optimizing economic relations between Poland and the UAE; Providing support to official Polish delegations visiting the UAE. Benefits Opportunity to promote a member company in the UAE and in Poland; Through members sharing of information and experience - access to information on business opportunities and problem solutions regarding business establishing and operating, as well as investments and bilateral trade; Access to prominent persons and organizations in the UAE on matters of common interest of members; 4

5 Opportunity to meet and talk with renown personalities from Poland; Promotion and support of members vis a vis the UAE institutions and organizations by the Embassy of Poland; Participation in the social life of the Polish community in the UAE. III. PBG Honorary Members Honorary Chairman H.E. Eng. Sultan Bin Saeed Al Mansouri Honorary Members UAE Minister of Economy H.E Roman Chalaszkiewicz Former Ambassador of the Republic of Poland in the U.A.E Dr. Tomasz Wysocki Former Counselor & Deputy Head of Mission Embassy of the Republic of Poland in the U.A.E Mrs. Renata Lichtenecker H.E. Prof. Adam Krzymowski Ambassador of the Republic of Poland in the U.A.E H.E. Janusz Bylinski 1st Counselor & Head of Political & Economic Section Embassy of the Republic of Poland in the U.A.E 5

6 IV. PBG Corporate Members 2013 Corporate Members Sergas International Gulf Flour L.L.C. Fidelity Group BIG InvestConsult AG Arab Gulf Pearl Trading Est. Mohamed Bin Khalifa Damak Dr. Wael Suleiman Lukasz Juszczakiewicz Bogdan Gutkowski Adam Sheikh AQUAcell Company Dr Grażyna Pająk Agnieszka Pająk Ritter Pen Concepts Mall Zbigniew Czulak Sabina Makowska 6

7 V. PBG Associate Members 2013 Associate Members Stowarzyszenie Eksporterow Polskich CEESCO Mieczyslaw Twarog Sami Nassar AUREX LPG Protech Motors Hilal & Associates - Advocates & Legal Consultants Slawoj Puszkarski slawojpuszkarski@aurexlpg.com.pl Agnieszka Siergiej agnieszka@protech-motors.pl Asma Dahlan asma.dahlan@hilalassociates.com 7

8 VI. PBG Individual Members 2013 Individual Members Anita Wojtkowska Consultant / tinyaw@gmail.com Ahmed Amer Commercial Manager / aamer@vp.pl Neeman Faour polandot@eim.ae Eva Maria Jura evamj8@gmail.com Joanna Rek Harrop Translator / joanna@harroptranslations.com Tomasz Sinczak tomasz.sinczak@ae.abb.com Katarina Peers kataluni@yahoo.co.uk Julita Werner Manager / j.werner@7fidelity.com Michal Grzegorz Bakula michal.bakula@thomsonreuters.com Małgorzata Panek Kasińska mkasinska@vp.pl Natalia Coles Nataliacoles123@gmail.com Joanna Rajch Sińczak Joanna@amberious.com Jacek Drozd vistulagulf@eim.ae Jacek Borys Jacek.borys@ae.ey.com 8

9 VII. Board Meetings and other Meetings in PBG Annual Assembly Meeting PBG Board Meeting PBG assistance to the European Meat Promotion Program event PBG Board Meeting PBG participation in EU GCC Invest project and Symposium PBG assistance to delegation from Poland during Dubai AIM PBG presentation during Seminar Introduction to business in the UAE for Polish delegation AIM PBG participation in the May 3 rd Constitution Day PBG Board Meeting PBG Board Meeting PBG became a member of Arab Business Club PBG participation in Economic Forum in Kielce PBG participation in the Ceremony Polak Roku PBG presence at the Gulf News publication Poland Report through an interview with the Chairman Dr Wael Suleiman, PBG Board meeting PBG participation in a conference Potencjał gospodarczy sektora przetwórstwa owocowo-warzywnego Ziemi Sandomierskiej ADIBGF Abu Dhabi International Business Groups Forum PBG participated in several events organized by various Business Groups and Councils and took part in the UAE business community networking and national events 19. During the year 2013 PBG Board as well as individual Members of Board provided their assistance to the Polish companies visiting UAE during Trade shows as well as by individual companies requests. 20. PBG answered many queries from Polish and UAE companies, and also individuals regarding the UAE and Polish market environment. 9

10 VIII. Financial Report 2013 POLISH BUSINESS GROUP IN THE U. A. E ABU DHABI UNITED ARAB EMIRATES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER

11 CONTENTS COMPILATION REPORT STATEMENT OF FINANCIAL POSITION STATEMENT OF INCOME AND EXPENDITURES STATEMENT OF CHANGES IN EQUITY NOTES 11

12 The Members Polish Business Group in the UAE Abu Dhabi, UAE On the basis of the possessed information as on the date of composing, we have compiled, the statement of financial position of Polish Business Group in the UAE (hereinafter : the Group), which comprises of financial position as of 31 December 2013 and the related statements of revenue and expenses and statement of changes in equity for the year then ended prepared from the records of the Group and certification of direct payments by the Board of Directors. Chairman Treasurer 12

13 POLISH BUSINESS GROUP IN THE UAE ABU DHABI UAE STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2013 NOTE 2013 AED 2012 AED ASSET Current Assets Receivables Other current asset Cash and bank balance TOTAL ASSET EQUITY AND LIABILITIES Equity attributable to the members Membership fund Accumulated profit/ losses Total Equity Current Liabilities Payables and accruals Total current liabilities TOTAL EQUITY AND LIABILITY The accompanying notes from an integral part of these compiled financial statements report is annexed. 13

14 POLISH BUSINESS GROUP IN THE UAE ABU DHABI UAE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 DECEMBER 2013 NOTE 2013 AED 2012 AED INCOME Membership fees Membership fees Individuals Membership fees associate Membership fees corporates Other Income/ Special Contributions/ Directory Income TOTAL INCOME EXPENDITURES Events General and administrative expenses Financial Expenses TATAL EXPENDITURES TOTAL COMPREHENSIVE INCOME / LOSS FOR THE YEAR COMMENTS : It is worth to mention that so low current result 2013 ( AED) is mainly the consequence of the reverse of the revenues recognized 2012 i.e AED of excess of Chopin competition founds to be returned to sponsors, 8875 AED of costs connected with depreciation of asset, write off of not collected receivables i.e AED. Assigning that operations to 2012, the loss 2013 would achieve 8835 AED (leaving the accumulated loss at the same level, as the result 2012 would be lowered). The accompanying notes from an integral part of these compiled financial statements report is annexed. 14

15 POLISH BUSINESS GROUP IN THE UAE ABU DHABI UAE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013 Year End Membership Found Current Profit/ Loss Accumulated Last Period TOTAL equity ?? ? The accompanying note 10 from an integral part of these compiled financial statements report is annexed. 15

16 POLISH BUSINESS GROUP IN THE UAE ABU DHABI UAE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER LEGAL STATUS AND PRINCIPAL ACTIVITIES Polish Business Group in the UAE (hereinafter: the Group) is a non-profit organization registered with Department of Economic Development, Abu Dhabi and Abu Dhabi Chamber of Commerce and Industry establishment. The Group was established with the following objectives: Expansion of business relations between Poland and the UAE; Establishing a platform for the PGB Members to communicate with prominent government and business representatives of Poland and UAE; To offer its members a forum for the exchange of up-to-date information and experience relating to business opportunities and activities both in Poland and UAE To develop contacts with organizations and associations active in the members scope of interest (on the Polish side i.e. Krajowa Iz ba Gospodarcza, Business Chambers of particular industries and regions, etc.) Organizing business and social meetings. Seminars, conferences, cultural sports, events, as well as participation in fairs and exhibitions with the purpose of enhancing mutual awareness of both countries; Assisting Embassy of Poland in Abu Dhabi in information of policy guidelines aiming at optimizing economic relations between Poland and the UAE; Providing support to official delegations visiting UAE. 2. BASIS OF PREPARATION The financial statements are prepared on the basis of historical cost convention and going concern concept. 16

17 Previous years comparative information have been recognized or rearranged whenever considered necessary to conform with the current year presentation 3. DETAILED NOTES 1. Receivables There are no existing receivables. The created in year 2012 (22000 AED) and recognized as income 2012, were connected with PBG Directory advertising services and were either repaid (18477 AED) or written off due to no possibility of recovery (3523 AED). No Sponsor Name Amount AED Amount Paid Piad on Difference in P/L to be written off 1 JDS Consulting 2 498, ,00 6-Jan-13 82,72 2 Jutrzenka Colain 1 501, ,08 2-Feb ,36 3 Tornado 2 999,20 0, ,20 4 Assfar General Trading 2 500, ,00 25-Dec-12 5 FEG Polska Joanna Kraskowska 2 498, ,00 11-Dec-12 6 Columna Medica , ,00 13-Feb-13 44,48 7 Gulf Fluor 5 000, ,00 26-Dec-12 8 Fidelity Trading 5 000, ,00 26-Dec-12 9 Sergas Group International 3 000, ,00 20-Jan Aquacell 1 500, ,00 27-Dec-12 * Total , , Other Current Assets There are no other current assets. The created in year 2012 (17750 AED) were depreciated in 2012 and 2013; 8875 each year. 17

18 3. Cash and Bank Balance 2013 AED 2012 AED Cash on hand Cash at bank TOTAL Accumulated profit/ losses NOTE AED 2012 AED Balance 1st Jan Net transaction for the year TOTAL BALANCE 31 DEC Payables and Accruals The 2012 closing balance of AED of liabilities towards Dr Wael Suleiman was increased 2013 by 5520 AED, amounting the in total at the end of 2013 in a value of AED. 6. Membership Fees The fees from Individual, Associate, Corporate and New Entries were collected in total value of AED. The table with number of Members below. NOTE Honorary 6 6 Individual incuding new registrations of

19 Associate 3 2 including new registrations of 2 Corporate 6 7 including new registrations of 1 TOTAL MEMBERS AS AT 31 DEC Events NOTE 7 Return of excess of Chopin competition founds recognized as profit Abu Dhabi Annual Business Forum Participation Sofitel Annual Assembly Meeting Write off of PBG Directory underpayments TOTAL General and Administrative Expenses NOTE Trade Licenses and fees Professional fees Office Web design amortized Others TOTAL MEMBERS AS AT 31 DEC Financial Expenses NOTE Bank Service Charges

20 10. Equity The Group recognizes 4.267AED of negative equity at the year-end 2013 (negative net assets i.e. liabilities minus assets). End 20