Supporting Growth

Investments in companies from the SME sector and family businesses

Solid Performance

The Fund’s experience and solid financial performance

Moral Values

Care for ethical values, a socially responsible company

WORKING AREA

Aero BVB Logo

AERO MARKET

The equities market segment of the Bucharest Stock Exchange Alternative Trading System

Giełda Papierów Wartościowych w Bukareszcie

BVB MARKET

Main Market of Bucharest Stock Exchange

Giełda Papierów Wartościowych w Warszawie

WSE MARKET

Main Market of Warsaw Stock Exchange

Rynek NewConnect

NEWCONNECT MARKET

Alternative Market operated by the WSE outside the regulated market as an alternative trading system

CARPATHIA CAPITAL NEWS

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CC NEWS 1/2018

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CC NEWS 2/2017

Carpathia Capital News 1/2017

CC NEWS 1/2017

Carpathia Capital News 5/2016

CC NEWS 5/2016

CARPATHIA CAPITAL IN NUMBERS

portfolio companies
financial assets
our funds
equity

COMPLETE GROUP

CARPATHIA CAPITAL IS A PART OF INC GROUP – COMPLETE GROUP ON THE CAPITAL MARKET

INC is a dynamically developing Polish capital group operating in the area of ​​investment and advisory services in the Polish capital market. For over 20 years the Company supports the development of small and medium-sized enterprises, as well as local government units. Since 2006 INC is listed on the Warsaw Stock Exchange. We are consistently maintaining our unquestionable position among the top NewConnect Authorized Advisers in Poland. We took the first place in Forbes’s ranking in 2011 and remained in the very top in consecutive years. Furthermore, we took the first place in Home&Market magazin’s ranking of the Authorized Advisors in 2010 and came up second in 2012.

Carpathia Capital SA is the first Polish company listed on AeRO – the Stock Exchange in Bucharest. The company operates as a fund VK / PE for the SME sector in Poland and Romania.

In 2015 INC SA finalized the acquisition of Brokerage house. INC SA Brokerage house (formerly PricewaterhouseCoopers Securities SA) has KNF license to conduct brokerage activities in the field of offering financial instruments.

INC Rating Ltd. was founded in 2014. INC Rating is Polish rating agency specializing in the evaluation of creditworthiness of local governments at all levels. INC Rating has ESMA license –  European Supervisory Authority Securities and Markets Authority.

INC East & West is a non-profit company that embodies the idea of corporate social responsibility. The company’s mission is strengthening of ties with Poles Abroad.

Foundation for the Development of Capital Market is a response to the needs of development and education in the field of capital market in Poland and in the world. Educational activities, supporting innovative projects, support for outstanding students, raise awareness of the capital market are the main goals set by the Foundation

INC - 100%
CARPATHIA CAPITAL - 42%
INC BROKERAGE HOUSE - 95%
INC RATING - 51%
INC SAB - 100%
INC EAST&WEST - 100%
FOUNDATION RRK - 100%
INCUBATOR OF SCIENCE AND TECHNOLOGY - 48%
Carpathia Capital SA

CARPATHIA CAPITAL

Venture fund, investing in a company characterized by high dynamics of growth.

INC SA

INC SA

Multiple Winner of Warsaw Stock Exchange, Forbes and Home&Market Awards.

Dom Maklerski INC SA

INC BROKERAGE HOUSE

INC Brokerage House in Poznan has been authorized by the Financial Supervision Commission.

INC Rating

INC RATING

Polish Rating Agency licensed by ESMA specialized in ratings for Local Governments.

INC East and West

INC EAST&WEST

Non-profit company that embodies the idea of corporate social resposibility.

Fundacja Rozwoju Rynku Kapitałowego

FOUNDATION RRK

Response to the needs of development and education in the field of capital market in Poland and in the world.

Carpathia Capital SA is the first Polish company listed on AeRO – the Stock Exchange in Bucharest. The company operates as a fund VK / PE for the SME sector in Poland and Romania.

WHY POLAND AND ROMANIA?

  • STABILITY, POTENCY AND DEVELOPMENT

    POLAND AS WELL AS ROMANIA BELONGS TO MANY INTERNATIONAL ORGANIZATIONS THAT GUARANTEE CREDIBILITY FOR INVESTORS

     

    Poland and Romania are excellent places for investment and business development, due to political and economic stability, educated staff, a large internal market and the enormous potential and opportunities they offer in their economies. In terms of population, both countries are at the forefront of the European Union.

    The membership of Poland and Romania in the EU contributes to the gradual release of huge potential both in terms of production and consumption. In 2016, Polish exports grew by 2.3% and their value reached nearly 184 billion. Euro. Trade with EU countries accounted for almost 80% of this value. For Romania, the total share of EU countries in exports accounts for over 75%. In addition, 90% of foreign direct investment comes from EU member countries. Both countries also belong to the World Trade Organisation and are also members of NATO, which ensures their economic and political stability and security.



  • ATTRACTIVE CAPITAL MARKETS

    DEVELOPED POLISH MARKET AND THE EMERGING ROMANIAN MARKET

     

    On 29 September 2017, FTSE Russell, one of the leading international institutions analyzing capital markets, announced its decision to reclassify Poland from developing to developed markets. This decision will enter into force in September 2018. Thus, Poland will be among the 25 most developed world markets. It is worth mentioning that this is the first time that a country from Central and Eastern Europe has qualified to this group of countries. In 2017, FTSE Russell also decided to include Romania on the watch list for possible retraining as an emerging market, which will allow significant economic benefits to be gained by, inter alia, inflows of foreign capital.

    The favourable conditions for the development of SMEs in Poland and Romania are reflected by the number of companies listed on these markets. Poland’s main Warsaw Stock Exchange market lists 482 companies with a total capitalisation of just over EUR 347 billion. The AeRO’s alternative trading system, the platform of the Bucharest Stock Exchange, lists 316 companies with a market capitalisation close to EUR 1.37 billion.



  • MACROECONOMIC ENVIRONMENT

    HIGH AND STABLE GROWTH OF GDP, LOW UNEMPLOYMENT, DECREASING TAXES

     

    The macroeconomic situation of Poland and Romania is among the best in the EU in terms of real GDP growth, budget deficit and public debt, inflationary pressures and current account balance. In 2014-2016, the Polish economy grew at an average rate of 3.33%. According to estimates, the GDP growth rate in the third quarter of 2017 increased to 4.9% y/y. In comparison, the GDP of the euro area and the European Union as a whole increased by 2.6% in Q3 2017. The excellent situation of the Polish economy is also reflected in the level of unemployment. Its rate in Q1 and Q2 2017 was 8.1% and 7.1%, respectively.

    Between 2013 and 2016, the Romanian economy grew at an average rate of 3.8%. In Q3 2017, it surprised many economists with 8.8% y/y GDP growth. Romania is also a low unemployment rate – in October 2017 the unemployment rate was 4.9%, reaching a level below the average for all EU countries, i. e. 7.4%.

    There are 14 special economic zones in Poland. They offer new investors attractive tax reliefs, easier employment and well-prepared areas for investments. The Romanian Government has reduced the basic VAT rate to 18% from 1 January 2018, the second lowest rate in the EU.



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