Telekomunikacja Polska Analysis

8/3/2019 Telekomunikacja Polska Analysis

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1

The Warwick MBA

Assignment Cover Sheet

Submitted by: 966111

Date Sent: 27.01.2011

Module Title: Economic of the Business Environment

Module Code: IB802Z

Date/Year of Module: 06/2010

Submission Deadline: 30.01.2011

Word Count: 3114

Number of Pages: (including cover page)

Question: Choose a firm. It could be a business who is a customer or supplierof IBM or just a business in which you are interested. It must not be IBM. Set outthe performance of the firm in relation to its main competitors since 2004including data for 2008 and 2009. Conduct an economicanalysis of the firm, itsmarkets and their wider macro context. How far does your analysis explain theperformance of your chosen business? What are the implications of theperformance of the company in the US and global recession of 2008/9 forstrategy in 2010/11?

This is to certify that the work I am submitting is my own. All external references and

sources are clearly acknowledged and identified within the contents. I am aware of the

University of Warwick regulation concerning plagiarism and collusion.

No substantial part(s) of the work submitted here has also been submitted by me in other

assessments for accredited courses of study, and I acknowledge that if this has been done

an appropriate reduction in the mark I might otherwise have received will be made.


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Warwick MBA Economic of Business Environment

Student Number 0966111 2

Table of content

ASSIGNMENT COVER SHEET................................................................................................................................... 1

1. INTRODUCTION ....................................................................................................................................... 3

2. VULNERABILITY..................................................................................................................................... 5

3. EXPOSURE ................................................................................................................................................... 7

3.1. MARKET DESCRIPTION ............................................................................................................................ 73.2. CUSTOMER STRUCTURE ......................................................................................................................... 11

3.3. FINANCIAL OUTLOOK ............................................................................................................................. 143.4. ELASTICITY ............................................................................................................................................. 153.4.1. GDP AND INCOME.............................................................................................................................. 163.5 EXCHANGE RATES IMPACT....................................................................................................................... 183.6 GOVERNMENT INTERVENTION................................................................................................................. 18

4. CONCLUSION & OUTLOOK ............................................................................................................... 20

5. APPENDIX ................................................................................................................................................. 21

5.1 ENTITIES OF TP GROUP: ....................................................................................................................... 215.2 KEY PLAYERS IN TELECOM MARKET IN POLAND..................................................................................... 23

6. REFERENCES ............................................................................................................................................ 24


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Telekomunikacja Polska S.A. (here referred as TP S.A or TP Group) was

established in 1991 on the wave of political and social changes after

breakup of communist system in Poland. Big national establishment

Poczta Polska, Telegraf & Telefon was divided into 2 different entities:

Polish Post and Polish Telecommunication. One month later TP S.A. was

formed. In 1998 the company was privatized and quoted on London StockExchange in form of Global Depository Receipts. In mid 2000 TP S.A. won

strategic partner consortium of companies France Telecom & Kulczyk

Holding having 35% of shares. In 2001 they increased their shares to

47,5%. On the turn of 2004/2005 France Telecom repurchased all shares

from Kulczyk Holding. Currently France Telecom holds 49,8% shares.

Globally France Telecom's fixed and mobile services include international

business offerings 166 different countries, with domestic operations in 30

countries. At the end of 2009, France Telecom Group was the world's

sixth-largest communications service provider (CSP) by revenue.

49,79% 46,06%

4,15%

0%

10%

20%

30%

40%

50%

France Telecom Other Shareholders State Treasury

Shareholders structure 2009

Figure 1, Source: TP Group Annual Report 2009

1. Introduction


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For several years the company was the only major player in the fixed line

space and the only one to have telecommunication infrastructure in place

(inherited from the national monopoly). They were the only company

associated by ordinary citizens with telecommunication services. Polishtelecommunication infrastructure & services were very underdeveloped at

that time; let me point you to the fact that only in 1991 the first e- mail

was sent from Poland to Germany (in the USA it was 20 years earlier). TP

S.A. has been the only company having its products and services offered

nation wide. They are the largest telecommunication group in Central and

Eastern Europe which consists of 12 different companies (detailed list in

Appendix 1).

The Group is the principal supplier of telecommunications services in

Poland. It provides services, including fixed-line telecommunications

services (local calls and long distance calls domestic and international),

Integrated Services Digital Network (ISDN), voice mail, dial-up and fixed

access to the Internet and Voice over Internet Protocol (VoIP). Through

its subsidiary, Polska Telefonia Komrkowa-Centertel Sp. z o.o. (PTK-

Centertel), the Group is one of Polands major DCS 1800 and GSM 900

mobile telecommunications providers. PTK-Centertel also provides third

generation UMTS services and services based on the CDMA technology. In

addition, the Group provides leased lines, radio-communications and other

telecommunications value added services, sells telecommunications

equipment, electronic phone cards and provides data transmission,

multimedia services and various Internet services.


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Analyzing short run cost will help me to define vulnerability of TP Group to

external shocks from the market or from the macroeconomy. Analysis

focuses on SRATC curve which include both: fixed and variable costs. All

companies aim to perform at minimum level of cost (recorded as Q* on

SRATC) at a certain level of output. The SRATC curve is usually U

shaped either steep (like a champagne flute) or flat (like a saucer). In

case of TP S.A. the SRATC is rather flute shaped. The company has large

human capital costs. Companies from high tech industry like TP S.A.

invest in employees development & training so they do not want to loose

their employees before using the assets that is why they become quasi

fixed costs. Companys cost structure is presented below for years 2009-

2004:

TP Group 2009 2008 2007 2006 2005 2004

Revenue 16560 18165 18244 18625 18342 18530

External purchases 7438 7599 7436 7438 995 1137

Labour expenses 2353 2359 2425 2376 2447 2653

Other operating expense 671 863 1012 889 1111 933

Restructuring costs 23 174 1 285 n/a n/a

Table 1

Source: TP Group Revenue Report

The biggest portion of costs within TP Group comes from external

purchases, which are costs of handsets and other equipment sold as well

as commissions, advertising, sponsoring, interconnect expenses, costs

related to IT and network. External purchases I would consider as variable

costs as much the company would be able to sell as much they will decide

to purchase from external suppliers (especially handsets). The second

biggest group of cost involves workforce employed. TP Groups employees

2. Vulnerability


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are highly skilled and thus quite expensive. Other operating expenses

consist of property taxes, fees for subscribers numbers &

telecommunication charges, frequency fees, changes in provisions.

Restructuring costs are mainly involved with employee contractstermination.

SRATC for TP S.A. is rather flute shaped; the company is not so much

vulnerable to external shocks as average total costs decrease dramatically

if the company is forced to limit their sales. The company wants to fight

vulnerability of type 1 and in 2009 introduced transformation program

called Re-balance operating program. The company focuses mainly on

cost optimization, economizing office space, fleet costs, restructuring

mobile handset portfolio and headcount reduction. Company strategy is

set to still being the main player on the Polish telecom market in terms of

scope and scale; but TP S.A. wants to gain agility of much smaller

company turning as many fixed costs as possible into variable costs.

When considering type 2 vulnerability, of bought-in input costs there is

high dependence on handset providers within TP Group. The company

only resells the trading goods (mostly handsets) and does not relay on

suppliers to deliver raw goods for production processes so I would

conclude that TPSA is not exposed to type 2 vulnerability. Looking at table

1 costs involving purchasing of handsets (external purchases) is the

biggest portion in TP cost structure. The company might limit type 2

vulnerability by setting long term contracts with handset producers, but

they need telecommunication carriers as much as carriers need them. The

biggest volumes of phone handsets are sold trough operators in their

special offers.


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3.1. Market Description

There are many types of providers that can be classified to

telecommunication market. Please see the figure below.

Figure 2, source Gartner 2010

Telecom operators focus on delivering value-added services and IT

services to corporate and retail customers. Gartner estimated worldwide

telecommunications carrier revenue, to be $1.8 trillion in 2009. During the

global economic recession, some telecom operators experienced small

declines in revenue, due to customer decreasing telecom spending. On the

other hand not all operators decreased the revenue as companies wanting

3. Exposure


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to cut down traveling cost used videoconferencing a lot. Some markets,

especially the matured one, are already saturated and there are no

compelling reasons for end users to purchase new fixed or mobile

connection. The fixed line market decreases as customers focus shifts to

mobile telephony a lot. The biggest market players, world wide have their

portfolio covering all offerings (mobile, fixed, broadband etc for retail and

corporate customers). In terms of revenue top players are following:

Telephone Operator Headquarter Country Revenue in billion $

AT&T USA 124

NTT Japan 102

Verizion USA 97

Deutsche Telekom Germany 90

Telefonica Spain 85

France Telecom France 75

Vodafone UK 73

China Mobile China 59

Telecom Italia Italy 44

BT Group UK 40

Sprint Nextel USA 36

Source Gartner, 2008

In terms of revenue worldwide the biggest indisputably is AT&T, but in

terms of number of subscribers is China Mobile with 450 million and it is

followed by Vodafone with 300 million subscribers in 20 countries.

Telecommunication markets need to be connected as they relay on each

others roaming and operators need each other to maintain continuity in

customer service.


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Polish market is the biggest in Eastern Europe and has about 50 million

subscribers divided between 6 main players and dozen or so smaller ones.

83%

36%

11%10% 6% 8% 5% 3%

38%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

TP S. A. Net ia Ot hers UPC Mult imedia Tel efonia

Dialog

Others

Fixed Line & Broadband market share

Fixed Line Brodaband

Figure 3

TP S.A. as a major fixed line operator has been gradually losing market

share to alternative operators, despite restructuring and constant

investment. They cannot meet the operational excellence and fight smaller

entities trough quality of service. Smaller players are more flexible and

responsive in customer service, depending on infrastructure in many cases

on TP Group though. In mobile telephony the market share represented

by TP Group is similar to other mobile operators. It may vary 1% to 2%

either way but market in Poland is divided into 3 major mobile carriers:

Orange (TP Group), Polkomtel and PTC Era. In broadband TP S.A. is still

the leader having 36% of the market.


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30% 31% 30%

8%

1%

0%

10%

20%

30%

40%

1

M obile market share

Orange Polkomtel PTC (Era) P4 Others

Figure 4

Poland is not different than any other part of the world and here the focus

also moved in recent years from fixed line to mobile. Over last five years

fixed line market started to decline as presented on the picture.

Number of subscribers in Poland

years 1998-2008

0,9

17,4

23,1

29,2

38,840,4

24

6,79,6

13,9 11,511,812,5

8,87,6

10,210,9 11,4

11,9

12,311,5

0

5

10

15

20

25

30

35

40

45

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Mobile Fixed

Figure: 5

Source: data form statistical office based on communicational institute

Commonness of mobile phones usage is increasing not only thanks to its

simplicity of installation but also pricing is becoming more and more

attractive. But mobile market cannon grow for ever; the market is pretty

saturated already. Analytics like Gartner were already telling in 2009 thatPolish market is saturated at the level of 109%, where in 2010 it grew

mln


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over 120%. In Eastern Europe similar saturation is seen in Czech

Republic.

Country Subscribers(million)Penetration

CzechRepublic 13.3

130%

Hungary 10.2 103%Poland 41.9 109%

Slovakia 5.7 105%

Slovenia 1.9 96%Data from 2009

Source: BuddeComm based on ITU and Global Mobile data

Telecommunication market it is not only about fixed and mobile operators,

also cable TVs (figure 2) are gaining more and more importance on this

market. Together with TV channels they offer Internet access and

telecommunication services. Market is becoming very competitive and

companies need to invest in infrastructure which allows quick and efficient

data transmission to meet customers requirements and needs.

3.2. Customer Structure

The biggest portion of revenue is generated by retail customers within

mobile and fixed lines. Fixed line revenue for 2009 decreased slightly

compared to 2008 but mobile revenue slightly increased.

Several years ago operators were earning profits on connections now the

situation has changed and number of connections is not that important

any more. What counts is a customer who pays monthly subscription.

High competitive pressure is forcing operators to give free minutes to

each subscription, so effectively customer pays some fixed amount each

month regardless of number of calls. This was possible on Polish market

thanks to UKE - market regulator imposing flat interconnection rates


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between the operators. This move really freed the market and forced TP

S.A. to play fair towards other operators.

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

35,00%

Mobile

Wholesale

Mobile

Retail

Fixed Data Fixed

Wholesale

Fixed Voice

Retail

Sales of

goods and

other

TP Group Revenue Composition comparision 2009/2008

2009

2008

Figure 6

TP Group Revenue Composition

Biggest TP SA competitor- Netia; revenue development by service below.

Figure 7


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Netia Revenue Composition 2009- Q12010, source Netia anual reports

Netia divides its revenue to voice revenues and data revenues, which in

Q1 2009 was voice 54%, data 32%. In Q1 2010 data increased to 37%

and voice declined to 51%. Netia also needs to lease infrastructure from

TP S.A. which in reporting is called regulated access. Revenue which is

generated in Q1 2009 on regulated access is 52% and on own network

38%, where Q1 2010 accordingly 58% and 36%. This shows that without

Regulator and TP infrastructure Netia would not be able to generated

revenue at current volumes.


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3.3. Financial Outlook

Key measure performance ratio for most companies is Return on

Equity, which declined in 2009 almost 40% year over year!

2009 2008 2007 2006 2005 2004

Revenue 16 560 18 165 18 244 18 625 18 342 18 530

Total Assets 29 356 31 234 32 422 32 611 35 624 34 861

Current Liablilities 5 222 7 415 11 272 7 294 8 694 5 907

Net Assets 24 134 23 819 21 150 25 317 26 930 28 954

Operating Profit 2 096 3 313 3 282 3 367 3 781 3 788

Sales Margin 13% 18% 18% 18% 21% 20%

Asset Turnover 69% 76% 86% 74% 68% 64%

Net Assets 24 134 23 819 21 150 25 317 26 930 28 954

Shareholders fund 16 593 17 230 17 773 18 103 17 990 16 881

Gearing 145% 138% 119% 140% 150% 172%

Operating Profit 2 096 3 313 3 282 3 367 3 781 3 788

Net Assets 24 134 23 819 21 150 25 317 26 930 28 954

RONA 9% 14% 16% 13% 14% 13%

Net Income 1 282 2 190 2 273 2 094 2 620 2 577

Profit Before Tax 1 597 2 595 3 282 3 367 3 005 3 277Tax Cover 80% 84% 69% 62% 87% 79%

Net Income 1 282 2 190 2 273 2 094 2 620 2 577

Shareholders fund 16 593 17 230 17 773 18 103 17 990 16 881

Return on Equity 8% 13% 13% 12% 15% 15%

Trade Receivables 1 475 1 814 1 795 1 877 2 574 3 160

Trade Payable/creditors 790 814 705 762 1 717 1 553

Current ASSETS 4 189 4 254 3 462 2 952 4 362 6 053

Inventories 229 292 1 795 1 877 245 177

TPSA (in millions PLN)

Table 2, source Annual Reports

We can see that also in terms of revenue 2009 was a challanging year for

TP Group, the revenue declined 9% year over year. Financial crises do not

omit such giants as TP S.A. on Polish market. RONA declined 38% yoy so

it means that the profit performance declines. France Telcom and other

shareholders will pay special attention in 2010 to costs cutting andmaintaining only profitable parts of the holding. Comparing to other years


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sales margin decreased a lot, its over 30% year over year this indicates

that the company needed to decrease prices in competitive environment.

The company is under the process of big restructuring as we can see labor

expenses have been declining since 2004 and company incursrestructuring costs too.

3.4. Elasticity

Main factors influencing price elasticity are following:

Number of substitutes available on the market Income

Company Image

In terms of strategic decision telco company has to make setting the

prices are

In telecommunication business characterized by high competitively the

demand is very elastic. If one of the operators decreases its prices the

consumers will switch to cheaper option. Lets look at it from different

perspectives of market segment. In many cases in fixed line environment

people would not like to change fixed operator. This creates problems with

transcribing the number with installation of new line simply saying with

some inconveniences people would not go for it if competitor offer is only

slightly cheaper than the current one. But if the new company approaches

potential customer offering 15% cheaper fixed line, 20% cheaper mobile

connection, 50% cheaper second mobile number and broadband access

for 1 Euro this will make us change the operator as this is much better

offer than our current one. So we are able to bear some inconveniences to

get better offer. Elasticity will be high as agreements with telecom last 12

or 24 months so people do not choose telecom operator for a lifetime.

Consumers look for best offers and move.


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New business models, innovative technologies and customer approach are

pushing TP SA to cut prices and introduce differentiating offerings.

3.4.1. GDP and income

In 2009 the Polish economy slowed down against original government

expectations of 3.7%, but reached growth of 1.7% GDP (compared to

4.9% in 2008), unemployment rate was about 11.5% at the end of the

year. On the turn of the year 2008/09 more and more countries in Europe

were at risk of financial crisis. Tense situation in Hungary spread

uncertainty to other countries in the region. Hungary has been highlydependent on external financing; their government gross debt was at the

level of 67% of GDP and budgetary deficit at 9,2% GDP. Many investors

looked at Eastern Europe as one body and Hungarian situation strongly

influenced Polish financial market and made investors stop buying Polish

treasury bills and stocks quoted at Warsaw Stock Exchange.

Figure 8

0 %

2 0 %

4 0 %

6 0 %

8 0 %

1 0 0 %

1 2 0 %

EU

Average

Estonia

Latvia

Lithuania

Bulgaria

Romania

CzechRep.

Hungary

Poland

Slovakia

Portugal

Italy

Ireland

Greece

Spain

2 0 0 8 2 0 0 9

Government Gross Debt (% of GDP)


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As a result of very modest GDP growth telecommunication carriers

observed very cautious customers approach to adopting new services and

very price sensitive behavior. Telecommunication customers did not grow

subscription numbers in fixed line field (actually there was a declineshown figure 5), GDP influenced broadband growth and very modest

mobile growth (due to saturation of the market).

Figure 9, Source: The Economist 2010

1 Year WIG Info Index (WIG = Warsaw Stock Index)

Figure 10, Source Polish Stock Exchange

IT index has been drifting sideways, look like the financial market is in the

mode look, wait & see.

6,8 5,0 1,8 3,0 3,40

1

2

3

4

5

6

7

8

2007 2008 2009 2010 2011

PL 2007-2011 GDP Growth

Signs that bottom have been reached

4cast

No clear trend


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3.5 Exchange rates impact

Exchange rate is important for all companies which buy products in Euro

and sell in different currency. TP Group purchases handsets in Euro and

sells in local currency. In 2009 foreign exchange rates did not favor the

Polish zloty, which weakened significantly against the Euro. This had a

significant impact on TP Group cost base and capex, primarily due to the

increased cost of importing mobile handsets. Exchange rate has similar

influence on competitors as all of them buy handsets from international

companies like Nokia, Siemens, and Blackberry etc in foreign currencies.

Figure 11, Source Yahoo

3.6 Government Intervention

TP Groups operations are subject to regulatory controls of UKE, the

government telecommunications market regulator. Under the

Telecommunication Act, UKE can impose certain obligations on

telecommunications companies that have a significant market power. UKE

is responsible for

In 2009 TP S.A. signed a Memorandum of Understanding with thePresident of the Office of Electronic Communications. For TP, it creates a


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more predictable and investment-friendly regulatory environment, so far

there was a threat over TP that they would have to split its Retail and

Corporate business as the Regulator perceived them us highly

monopolistic and ruining the fair competition on Polish market. Theagreement improves the perspective for infrastructure development on

the Polish telecommunication market and stimulates fair competition.

Based on this arrangement, TP Group have launched a country-wide

investment program in 1.2 million broadband access lines, including

roughly 1 million lines with speed of at least 6Mbps.


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Economic downturn of 2008/09 affected telecom industry to a lesser

extent than financial institutions but in TP SA case almost overall

performance really dropped. First of all revenue dropped around 9% and

that influenced all important ratios like RONA, ROE, Sales Margin. TP S.A.

was pushed to cut its cost and optimize its business. In IT space where I

have experience in dealing with TP SA one of the major strategies to meet

cost optimization target was implementation of so called vendor

consolidation program. From as many as 50 different vendors the

company was dealing with, it limited the number to 7 each company

being responsible for main systems like: billing, ERP, OSS, CRM,

Wholesale. Although the revenue declined year over year TP Group is

undisputable leader in telecommunication market in Poland having its

portfolio offered nation wide. The above analysis show that the only space

where other players can compete fairly is mobile business, where each of

the main player has about 30% of the market. In fixed lines the company

behaves like a monopolist and in and broadband they also play leading

role. As their power is really big and they can compete unfairly that is way

Government intervention was needed to stop their monopolist way of

approaching the market.

As we look at coming years I would strongly recommend to keep

decreasing the cost and restructuring the company, obey all rules given by

the Regulator to avoid paying substantial fines. Also to maintain

development of broadband channel as this is the place where market will

grow, as we saw above fixed line segment is declining and mobile market

is quite saturated.

4. Conclusion & outlook


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5.1 Entities of TP Group:

The Group comprises Telekomunikacja Polska and the following subsidiaries:

1) PTK-Centertel Sp. z o.o. Warsaw, Poland Mobile telephony services, construction

and operation 100.00% , 100.00% of mobile telecommunications networks.2) TP EmiTel Sp. z o.o. Krakw, Poland TV and radio signals broadcasting,

construction, 100.00% lease and maintenance of technical infrastructure

3) OPCO Sp. z o.o. Warsaw, Poland Facilities management and maintenance.

100.00%

4) Otwarty Rynek Elektroniczny S.A. Warsaw, Poland Provision of complex

procurement solutions, including advisory, implementation 100.00% and operation of

e-commerce platform and IT systems, hosting.5) TP Edukacja i Wypoczynek Warsaw, Poland Hotel services, training and

conference facilities.

6) TP MED Sp. z o.o. (1) Warsaw, Poland Medical and health care services.

100.00%

7) TP Invest Sp. z o.o. (TP Invest) Warsaw, Poland Services for Group entities,

holding management. 100.00% 100.00%

8) Telefon 2000 Sp. z o.o. Warsaw, Poland No operational activity. 100.00%

9) TP TelTech Sp. z o.o. d, Poland Monitoring of alarm signals, servicing

telecommunications networks, 100.00% design and development of

telecommunications systems.

10) Telefony Podlaskie S.A. Sokow Local provider of fixed-line, internet and cable

TV services. 55.11% Podlaski, Poland

11) Contact Center Sp. z o.o. (2) Warsaw, Poland Call-center services

andtelemarketing. 100.00% 100.00%

5. Appendix


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12) Virgo Sp. z o.o. Warsaw, Poland Advisory services, financial operations.

100.00%

13) Pracownicze Towarzystwo Warsaw, Poland Management of employee pension

fund. 100% Emerytalne Telekomunikacji Polskiej S.A.

14) Fundacja Orange (3) Warsaw, Poland Charity foundation. 100.00%

15) Wirtualna Polska S.A. (WP) Gdask, Poland Internet portal and related services

including internet advertising. 100%

16) TP S.A. Finance B.V. Amsterdam, Financial and investment operations. 100.00%

The Netherlands

17) TP S.A. Eurofinance B.V. Amsterdam, Financial and investment operations.

100.00% The Netherlands

18) TP S.A. Eurofinance France S.A. Paris, France Financial and investment

operations. 99.99%

19) PayTel S.A. (1) Warsaw, Poland E-commerce and electronic services, including

GSM prepaid services, 100.00% bill charging and processing of electronic financial

transactions.

20) PayTel Sp. z o.o. (4) Warsaw, Poland As at 31 December 2009 the entity no

longer exists. 100.00%

21) Ramsat S.A. (1) Modlnica, Poland Distributor of PTK Centertel and TP S.A.

products on mass and business market. 100.00%


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5.2 Key players in telecom market in Poland

Company Ownership

Num er o

subscribers

Mar et

Share

TP S.A.

France Telecom

49,79% 8,2 83%

Netia

Third Avenue

Management 24,1% 1,1 11%

Others 5%

Orange TP S.A. 100% 13,8 31%

Polkomtel

Vodafone, Orlen,

KGHM (all 24,4%) 13,7 31%

PTC (Era)

T-Mobile Germany

70,5% 0,1 30%

P4 Novator 49,7% 3,7 8%

Others 1%

TP S.A.

France Telecom

49,79% 2,3 36%

Netia

Third Avenue

Management 24,1% 0,6 10%

UPC Poland UPC 100% 0,5 8%

Multimedia

Emerging Ventures

55,9% 0,3 5%

TelefoniaDialog KGHM 100% 0,1 3%

Others 39%

Fixed Line

Mobile

Broadband


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Books

Begg D. and Ward D. (2009) Economics for Business(3rd ed.)Begg,D. et al (2008) Economics (9th ed)

Publications

http://www.tp-ir.pl/Display.aspx?MasterId=56fab1d5-b143-49cd-b44a-537193c91052&NavigationId=871

http://investor.netia.pl/

http://www.polkomtel.com.pl/english/dzialalnosc_biznesowa/

http://www.sse.lodz.pl/en/node/392

https://w303.ibm.com/sales/competition/compdlib.nsf/41b3dc2211cc2f6ac12566a200259ba4/45a1c8a020831aa285257816006898b7/$FILE/M08S.pdf

https://w303.ibm.com/sales/competition/compdlib.nsf/41b3dc2211cc2f6ac12566a200259ba4/4a8e0df984914279852577500048efec/$FILE/market_insight_telecom_indus_174373.pdf

https://w303.ibm.com/sales/competition/compdlib.nsf/41b3dc2211cc2f6ac12566a200259ba4/c6618762c0c32dc3852577d5007b24eb/$FILE/vendor_rating_france_telecom_207242.pdf

https://www.budde.com.au/Research/2008-Europe-Telecoms-Mobile-and-Broadband-in-Central-Europe.html

http://www.imf.org/external/pubs/ft/weo/2010/01/index.htm

http://www.economist.com/

http://www.gpw.pl/

http://finance.yahoo.com/

http://www.en.uke.gov.pl/

http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/themes

http://www.parkiet.com/artykul/1010572_TP---grupe-moze-opuscic-3-3-tys--osob.html

http://gielda.wp.pl/kat,7069,title,TP-ocenia-dzialania-DPTG-jako-probe-nieuzasadnionego-

wywierania-nacisku,wid,13049115,wiadomosc.html

6. References


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http://gospodarka.dziennik.pl/news/artykuly/318558,dunska-firma-prosi-niemcow-o-

pomoc-w-walce-z-tp.html

http://online.wsj.com/article/BT-CO-20110120-702695.html

http://www.playmobile.pl/pl/oferta/play-abonament/index.html

http://www.era.pl/pl/strona_korporacyjna/o_ptc

http://www.multimedia.pl/multiprojekty

http://biznes.upc.pl/

Business Monitor, Poland Telecommunications Report Q1 2010

Gartenr, Vendor Rating: France Telecom, November 2010

Telekomunikacja Polska Analysis

Documents

Transcript of Telekomunikacja Polska Analysis