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SCH MALKALDENUNIVERSITYOF APPLlED SCIENCES
FH SCHMALKALDEN � Blechhammer 4 • 0-98574 Schmalkalden Faculty of Business and EconomicsProf. Dr. Peter SchusterPhone: 0049 - 3683 - 688 - 3112Fax: 0049 - 3683 - 688 - 983112E-Mail: [email protected]
ToProf. Dr. hab. Grzegorz MichalskiFaculty of Engineering and Economics /Wydzial Inzynieryjno-EkonomicznyDep. of Corporate Finance ManagementWroclaw University of EconomicsKomandorska 118/120
22 October 2015
53345 Wroclaw, Poland
To Who m It May Concern
Dear Sir or Madam,
This is to certify that Professor Michalski taught a short course in our master programme(information about it can be found at: www.MasterIBE.de) wit h the following data:
• Course title: Value-Based Working Capital Management,• 12 contact hours,• 2 ECTS,• Taught on: is". 17'hand 18thOctober 2015.
The course was fully taught in English and to a group of our master students (mostly in their firstsemester) and the cohort consisted of about 35 students (from about 20 countries). The course wasopen as an elective to ali our master students in the programme of International Business andEconomics (Master of Arts).
We thank Professor Michalski for his efforts and wish him personally and professionally ali the best.
Kind regards
Prof. Dr. Peter SchusterDirector of the master programme
•~"', SLOVAK UNIVERSITY OF AGRICULTURE IN NITRA
,~~; FACULTY OF ECONOMICS AND M~NAGEMENTm-'<JA"""" Center for Research and Educational Projects
• Visegrad Fund• •
CERTIFICATE
This Certificate is awarded to
Prof. UE, Dr. hab. Grzegorz Michalski, PhD.
for successful participation and delivering lectures in International Management and
Entrepreneurship within the framework of International Visegrad Fund - Business Economics
(International V4 Studies), project Nr. 61200004 on February 15th and February 16th2016 at Faculty of
Economics and Management of Slovak University of Agriculture in Nitra, the Slovak Republic.
The course was fully taught in English and consisted of 16 hours of lectures covering topics
February 15, 2016
Lectures: Working Capital Management
Capital Structure
Cost of Capital
February 16, 2016
Lectures: Capital Budgeting
February 16, 2016
tLt /prof. Dr. Ing. Elena Horska
Dean of Faculty of Economics and ManagementSlovak University of Agriculture in Nitra
SLOVAK UNIVERSITYOF AGRICULTUREIN NITRA I FACULTYOF ECONOMICSAND MANAGEMENT I Trieda Andreja Hlinku 2, 949 76 Nitra, Slovak Republic
tel.: +421 37 641 5511 I fax: +421 37 6415150 I www.fem.uniag.sk I [email protected]
LUTLappeenrantaUniversity of Technology
21.1.2016
To whom it may concern
Acting as a preliminary examiner at Lappeenranta University ot Technology, Finland
This is to confirm that prof. UE, Dr. hab. Grzegorz Michalski has acted as one of thepreliminary examiners of the doctoral dissertation of M.Sc. (Tech.) Anna-Maria Talon-poika. Prof. UE, Dr. hab. Grzegorz Michalski was appointed by the Dissertation Com-mittee ot Lappeenranta University of Technology (LUT) on November 3, 2015.
The title of the dissertation for the degree of Doctor of Science (Technology) is"Flexibility through financial working capital management". LUT has received the pre-liminary examination statement given by prof. UE, Dr. hab. Grzegorz Michalski onJanuary 5, 2016.
On January 20, 2016 the Academic Council of LUT School of Business and Manage-ment granted M.Sc. (Tech.) Anna-Maria Talonpoika the permission to publish her doc-toral dissertation. This decision was based on the preliminary examination statementgiven by the appointed two preliminary examiners.
'I Ms. Johanna JauhiainenStudy Secretary
Johanna JauhiainenLappeenranta University of TechnologyLUT Study Services / LUT Doctoral SchoolP.O. Box 20, FI-53851 [email protected]
Lappeenrannan teknillinen yliopistoLappeenranta University of Technology
LUT tohtorikouluLUT Ooctoral School
www.lut.fi
PL 20/P.O. Box 20FI-53851 Lappeenranta
tel +358 294 462 111 Y-tunnus 0245904-2ALVNAT FI 02459042
•SLOVAK UNIVERSITY OF AGRICULTURE IN NITRA
ii'~ _F_A_C_U_LT_Y_O_F_EC_O_N_O_M_IC_S_A_N_D_M_A_N_A_G_E_M_E_N_T~~~
Visegrad Fund• •
•
Center for Research and Educational Prajects
CERTIFICATE
This Certificate is awarded to
doc. Mgr. Grzegorz Michalski, PhD.
for successful participation and delivering lectures in Financial Management within the framework
of International Visegrad Fund - Business Economics (International V4 Studies), praject Nr. 61200004
fram March os" to March 04th 2015 at Faculty of Economics and Management of Slovak University of
Agriculture in Nitra, the Slovak Republic.
The course was fully taught in English and consisted of 16 hours of lectures covering topics
March 03, 2015
Lectures: Working Capital Management
Capital Structure Managing Teams
March 04, 2015
Lectures: Cost of Capital
Capital Budgeting
March 04, 2015
flJLI/
prof. Dr. Ing. Elena Hotska
Dean of Faculty of Economics and ManagementSlovak University of Agriculture in Nitra
SLOVAK UNIVERSITY OF AGRICULTURE IN NITRAI FACULTY OF ECONOMICS AND MANAGEMENT I Trieda Andreja Hlinku 2, 949 76 Nitra, Slovak Republic
tel.: +421 376415898 I fax: +421 37 641 5150 I www.fem.uniag.sk I [email protected]
111manuliekobal Sp. z.O.O. __ _ _
I-'j 1 -. I"
Bielany Wrocławskie, 01 December 2014.
REFERENCE LETTER
With pleasure, we eonfirm that, Mr. Grzegorz Michalski, in days: 4 September 2014, and 8October 2014, prepared and presented for us two sessions of internal business trainings in form ofseminars. The seminars were conducted and taught in Polish language and each of them lasted 6hours (12 hours in total).
The main topics taught and explained during these sessions were concentrated on long-termfinancial decisions and short-run financial management.
Mr. Grzegorz Michalski presented us topics:1/ Main financial aims of the firms and the best ways to reach such financial aims,2/ assets and capitals governed by firms,3/ working capi tal management and financialliquidity decisions,4/ strategies of the firm in current assets investments and working capital financing,5/ operational cycle and cash cycIe in the firm,6/ sources of financing and financial structure,7/ cashflow,8/ managerial decisions and manageriaI economics in practice,9/ liabilities management from costs of internal and external financing perspective,10/ current assets management: inventories, incIuding: planning and managing of seasonal
inventories, financing of capi tal tied in inventories, accounts receivables, with special concern onrisk of accounts receivables risk evaluation and trade credit risk management, cash management,with special concern on cash levels planning, management of cash levels and management of cashconversion cycIe, management of payments and foreign currency risk.
Participants of the seminar were top directors for Polish brand of MANULI EKOBAL Sp. z o. o.
We highly recommend Mr. Grzegorz Michalski as an excellent teacher and trainer in corporatefinance and working capit l management topics.
Piotr Oleszczuk
$1:e 'yczna I
.416266.'" .:,," ,,- , ~ "[";31 pl
f~" ~ _ r -. ~ 't ': ': • L :. L r'GI..J J 1 ��� J- \.- " . ',.,l l.c,~ ~,.,j ~.z 1 OJOOO:::.00 PLN
Prokurent
Marek Tyczewski
P~JKURENI
Ma~~TyczeWSki
Prokurent
Siedziba: Bielany Wrocławskie gm. Kobierzyce,
Adres: 55·040 Bielany Wrocławskie, ul. Logistyczna 1,Email: [email protected], www.manuliekobal.pl
Tel.: +4871 3467900
Fax.: +4871 3467920, +4871 341 6266
KRS: 0000021830, KZ: 1.550.000,00PLN
NIP: 527-23-49-015
REGON: 017334512
Sąd Rej. W-w Fabryczna, VI W. Gosp.
I~O""CS_""O,\SLOVAK UNIVERSITY OF AGRICULTURE IN NITRA
{ Wtl\ FACULTY OF ECONOMICS AND MANAGEMENT
~ ~~------------------------------~SVĄ;..v./'Center for Research and Educational Projects
•• Visegrad Fund
••
CERTI FICATE
This Certificate is awarded to
Dr. Grzegorz Marek Michalski
for successful participation and for delivering lectures of Financial Management course within the
framework of International Visegrad Fund - Business Economics (International V4 Studies), project
Nr. 61200004 fram March 04th to March os" 2014 at Faculty of Economics and Management
of Slovak University of Agriculture in Nitra, the Slovak Republic.
The course was fully taught in English and consisted of 16 hours of lectures covering topics
March 04, 2014
Lecture: Working Capital Management - 4 hours
Lecture: Capital Structure - 4 hours
March OS,2014
Lecture: Cost of Capital - 4 hours
Lecture: Capital Budgeting - 4 hours
March OS,2014 ,
doc. Ing. Iveta Zentkovś, esc.
Dean of Faculty of Economics and ManagementSlovak University of Agriculture in Nitra
SLOVAK UNIVERSITY OF AGRICULTURE IN NITRAI FACULTY OF ECONOMICS AND MANAGEMENT I Trieda Andreja Hlinku 2, 949 76 Nitra, Slovak Republic
tel.: +421 376415898 I fax: +421 37 641 5150 I www.fem.uniag.sk I [email protected]
R.eC"tor I Capita.1
Poznan, february 7, 2013
References
In November 2012, I participated in a five-day training cyele, Rnancial Controllingand Financial Analysis conducted by coach Dr. Grzegorz Michalski.
I am the owner of finn "Rector Capltał" , which provides services in the field offinancial advisory services for smali, medium and large enterprises. The main area ofRector capital is a transaction advisory services to raise capital for the company. Intenns of its services Rector capital also perfonns diverse as the development ofstrategie plans, valuations, business plans, financial models, accounts and a variety ofperfonnance analysis.
This training was valuable for me, especially from the point of view of economicpractice, as discussed by coach Dr. Grzegorz Michalski issues were very elearemphasis on the practical application of business.
It should also be noted, that all training is conducted in a reasonable and transparentmanner and left in me only positive impressions.
I would also like to note that in addition to the practical qualities, project consultingand training carried out by dr. Grzegorz Michalski was an opportunity for significanttransfer of scientific knowledge and the latest scientific achievements in the field offinance, management and economics to business practice.
I recommend Mr. Grzegorz Michalski as one of the some of the best in my opinion,teaching in the field of Rnancial Controlling and Rnancial Analysis in Poland.
Paweł Rektor
Rector Capital Paweł Rektor, ul Czechosłowacka 121A18 61-425 Poznań tel/fax +4861 8326022, +48603919584,Wpis do Ewidencji Działalności Gospodarczej Urzędu Miasta Poznania pod numerem 16586/2004/S
NIP 618 131 9701, REGON 634595092 e-mail. rektor@rectorcapital pl www rectorcapital pl,
