Solaris gets ready to roll onto the WSE
Solaris Bus and Coach, the largest producer of city busses in Poland, has announced its intention to float shares on the WSE before the end of this year.
"The issue prospectus is being prepared now, and we should enter the bourse by the end of the year, hopefully in the third quarter," said Mateusz Figaszewski, the firm's PR specialist.
Before the prospectus goes to the authorities, the management, headed by company president Krzysztof Olszewski and his wife Solange, plan to buy back the stake of the company they don't already own-an 82 percent chunk now controlled by Kredyt Bank.
"First we will return the firm to family control, then we will submit the issue prospectus," said Olszewski. The firm expects the transaction to be completed within the next few weeks.
If the current trend continues, Solaris will be in a good position when it pulls onto the bourse. Last year, the company drove up revenues 76 percent, from 263 million in 2003 to nearly 463 million last year. Profits more than tripled year-on-year to zł.15.2 million (zł.4.2 million in 2003).
The turbo-charged numbers come as a result of higher sales, predominantly in exports to other European countries, from which the firm takes 75 percent of its revenues. Last year the bus manufacturer sold 366 vehicles in foreign markets, compared with just 123 domestically- nearly equal the number it sold in Germany alone (110).
"We have about 50 percent of the [low floor/low entry] domestic market," says Figaszewski. "I don't think you can get any bigger than that."
Hence, the firm is turning to new markets, but with the focus still on Europe. Following its success in Germany, Solaris is steering toward such destinations as France (where it sold 12 busses last year), Sweden, Finland and Norway.
"Scandanavia is where we see really big potential," said Olszewski, adding that he expects the firm's foreign sales to jump 50 percent this year. The firm has scored 28 new clients abroad, to whom it hopes to sell its new Urbino III, to be produced this year in three sizes: 10, 15 and 18 meters.
"Bigger bus, bigger margins," said Olszewski.
Yet while Solaris' city busses have gained popularity both here and abroad, the same can't be said of its touring coaches, called Vacanza. Last year the firm sold only 10 - eight of which were sold here at home.
"The issue prospectus is being prepared now, and we should enter the bourse by the end of the year, hopefully in the third quarter," said Mateusz Figaszewski, the firm's PR specialist.
Before the prospectus goes to the authorities, the management, headed by company president Krzysztof Olszewski and his wife Solange, plan to buy back the stake of the company they don't already own-an 82 percent chunk now controlled by Kredyt Bank.
"First we will return the firm to family control, then we will submit the issue prospectus," said Olszewski. The firm expects the transaction to be completed within the next few weeks.
If the current trend continues, Solaris will be in a good position when it pulls onto the bourse. Last year, the company drove up revenues 76 percent, from 263 million in 2003 to nearly 463 million last year. Profits more than tripled year-on-year to zł.15.2 million (zł.4.2 million in 2003).
The turbo-charged numbers come as a result of higher sales, predominantly in exports to other European countries, from which the firm takes 75 percent of its revenues. Last year the bus manufacturer sold 366 vehicles in foreign markets, compared with just 123 domestically- nearly equal the number it sold in Germany alone (110).
"We have about 50 percent of the [low floor/low entry] domestic market," says Figaszewski. "I don't think you can get any bigger than that."
Hence, the firm is turning to new markets, but with the focus still on Europe. Following its success in Germany, Solaris is steering toward such destinations as France (where it sold 12 busses last year), Sweden, Finland and Norway.
"Scandanavia is where we see really big potential," said Olszewski, adding that he expects the firm's foreign sales to jump 50 percent this year. The firm has scored 28 new clients abroad, to whom it hopes to sell its new Urbino III, to be produced this year in three sizes: 10, 15 and 18 meters.
"Bigger bus, bigger margins," said Olszewski.
Yet while Solaris' city busses have gained popularity both here and abroad, the same can't be said of its touring coaches, called Vacanza. Last year the firm sold only 10 - eight of which were sold here at home.
