Telecom Energis Polska restructuring paid off in 2003

"Revenues increased in 2003 by 154% as compared to 2002 when they amounted to zł. 54.2 million," announced company president, Jarosław Mikos, adding that such results were largely due to the introduction of a very restrictive restructuring and financial plan. The company's management also reorganized the services sales system, which led to an increase in the number of customers from 800 in 2002 to 2,300 by the end of last year. In 2004, EP expects to see zł. 220 million in revenues and have an EBITDA rate of zł. 25 million. The operator plans to invest zł. 58 million this year in the expansion of its network and attracting new customers. Mikos also confirmed that he is in negotiations concerning selling a stake worth $10 million to one of the venture capital funds. The talks are to be completed within the upcoming weeks. (Parkiet, p. 6) A.K.