Podroze TV tourist group plans IPO within 12 months

APA - Austria Presse Agentur
07-03-2006, 15:11

Warsaw (Puls Biznesu) – The group is going to be listed within a year. Fischer Air, the airline it has acquired recently, has one month to prove profitable.

Warsaw (Puls Biznesu) – The group is going to be listed within a year. Fischer Air, the airline it has acquired recently, has one month to prove profitable.

Podroze TV, the TV broadcasting company with ambitions to consolidate the tourist sector, is growing fast. It consists of two tour operators, two TV companies and an airline. British Carlson Private Equity fund is the 100 percent owner of Podroze TV. In September, the group said it would have PLN 100m (EUR 25.9m) of sales. The plans have developed.

“In 2006, the tour operators should generate PLN 130-140m of sales in Poland and additional PLN 75-80m in abroad. Fischer Air should generate PLN 280-300m”, Ireneusz Pawlowski, Podroze TV deputy CEO said.

Podroze TV is planned to have PLN 20m of sales plus the revenue from commercials.

The company plans an IPO.

“The 12-month deadline is very probable. An audit is starting in the company, which will be the base for the issue prospectus”, the company’s deputy CEO said.

Before, the group will be restructured and the charter carrier Fischer Air Polska incorporated. The airline faces new requirements.

“We want to use less than 25 percent of the seats in planes, the rest will be offered to outside tour operators”, Podroze TV CEO said.

The airline will get fresh capital and have costs cut by 25 percent. The company is carefully watched by its new owners.

“If the company does what we expect it to, its fleet may grow from one plane today to 5-7 aircraft”, Ireneusz Pawlowski said.

Fischer Air has one month to prove its profitable. Otherwise, it will be sold.

(PLN 1 = EUR 0.259)

 

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Podpis: APA - Austria Presse Agentur

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