Provision of a long term senior loan of up to PLN 115 million (EUR 25 million) in favour of Benefit Systems S.A. ("Benefit", "Company"), a joint-stock company domiciled in Poland, to finance (i) development of the new "MultiLife" platform and inclusion initiatives targeting increased physical activities; (ii) both organic and M&A driven expansion programme; and (iii) Green Economy Transition (GET) eligible investments.
The proposed facility will support Benefit's mission to promote active lifestyle among all groups of society, especially among elderly and disabled people, as well as increase society's awareness of physical activities, healthy nutrition and ways to support mental wellbeing at any point in life.
ETI score: 61
The transition of the proposed project will be derived from broadening access to fitness and wellbeing services for elderly and people with disabilities, through development of new integrated physiotherapy services (Zdrofit Healthy Place) and digital fitness platform (Yes2Move). Club members with disabilities will benefit from improved physical access to mainstream fitness facilities. In addition, the Company will reduce overall carbon footprint by means of generating more energy from renewable sources.
BENEFIT SYSTEMS SA
Benefit Systems S.A. is a leading provider of non-payroll employee benefits in CEE, mainly in Poland, but also in Czech Republic, Bulgaria, and Slovakia. Benefit also runs one of the largest fitness chains in CEE with 194 fitness clubs. The Company is listed on the Warsaw Stock Exchange.
EBRD Finance Summary
Total Project Cost
The project is financed together with Benefit Systems and another Polish bank.
The Bank's additionality derives from provision of financing with longest tenor and introduction of best international practices in the area of inclusion practices and non-financial reporting. The Company will follow "ESG reporting guidelines" jointly developed by the EBRD and the Warsaw Stock Exchange for publicly listed entities.
Environmental and Social Summary
Categorised B (2019 ESP). Low- medium risk. The ESDD was undertaken by ESD based on company responses to E&S questionnaires and online meetings with Company management. The Company has implemented environmental, labour and corporate responsibility systems confirmed by B Corp certification. The Company has designated ESG, environmental, H&S, contractor management and supply chain and stakeholder engagement managers and has the capacity to implement the project in line with EBRD PRs. The Company focuses on reduction of their CO2 emissions through their strategies in regards to choices of leased buildings with sustainability certifications and implementation of other energy and water efficiency measures and waste reduction. The investment supported by the Bank will result in generation of 5,000 MWh/yr of renewable energy a year and fits into Company's strategy to minimise their Scope 1 and Scope 2 CO2 emissions. The company has implemented H&S management focused on risk based approach and utilises external advisors to continuously assess risks for all workers and customers. Reported H&S performance has been good.
The Company maintains appropriate Human Resources policies and procedures for a workforce of almost 1,500 employees, 65% of whom are women. HR management includes an internal grievance mechanism and Code of Ethics that forbids all forms of discrimination and harassment. As the Project includes photovoltaic plant with 5MW capacity the Client has committed to use the Green Technology Selector (GTS) in line with Bank's Management approach to forced labour risk in supply chain. This commitment is covenanted in the ESAP.
In line with B Corp certification focus, the Company is active within communities where it operates through campaigns and various support activities promoting fitness and healthy lifestyle. The Company issues annual non-financial report addressing ESG issues. Investment plans aim to improve access to facilities with a commitment to have 80% of new clubs accessible to people with disabilities.
As the Company operations are deemed to be compliant with Bank's PRs, the ESAP is focused on use of GTS in regards to procurement of equipment for the solar plant. The project is consistent with the GET approach and the GET share is 13%. The project is considered aligned with the objectives of the Paris Agreement. The Bank will monitor the project through the review of the Annual E&S Reports.
Technical Cooperation and Grant Financing
Company Contact Information
+48 22 242 40 00
Plac Europejski 2 00-844 Warszawa Poland
PSD last updated
08 Mar 2022
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