Magellan hospital vindication company goes abroad

APA - Austria Presse Agentur
opublikowano: 09-03-2005, 12:27

Warsaw (Puls Biznesu) – Magellan, Polish company buying hospital’s debts, had PLN 7 m (EUR 1.8 m) in 2004 against sales of PLN 90 m. ‘This means a 50-percent increase in comparison to the year 2003. We plan to achieve similar results this year. I estimate PLN 10 m of net income and PLN 125 m of sales’, Dariusz Strojewski, Magellan CEO said.

Warsaw (Puls Biznesu) – Magellan, Polish company buying hospital’s debts, had PLN 7 m (EUR 1.8 m) in 2004 against sales of PLN 90 m. ‘This means a 50-percent increase in comparison to the year 2003. We plan to achieve similar results this year. I estimate PLN 10 m of net income and PLN 125 m of sales’, Dariusz Strojewski, Magellan CEO said.

The company is going to launch operations in other countries of the region, the Czech Republic at first. ‘Law provides for operating debts of foreign hospitals in Poland. Most often, international pharmaceutical companies, with which we co-operate in Poland, cannot get their money back in other countries of our EU region’, the CEO added.

57 percent of Magellan is controlled by venture capital investment fund Enterprise Investors (EI). Remaining stake belongs to the company’s founders, Blaszkowscy family. Talks are ongoing concerning the acquisition of the whole company by EI. EI bought the stake in Magellan two years ago. ‘We are co-operating with nearly 250 hospitals, and their number will grow. Hospitals agree to sell debts because pharmaceutical producers will co-operate with them. Only 5 percent of cases are solved by brokers’, Dariusz Strojewski said.

(PLN 1 = EUR 0.257)Poland/Enterprises/Healthcare

 

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