And what about Wzz staff ??TBSC wrote:They had to cancel some flights out of Budapest, because most of their cabin crew reported sick when Emirates had a recruitment day in Hungary on July...
Sky Europe in financial difficulties !!
Moderator: Latest news team
I have the impression that this topic is full of dirty tricks from one of Sky Europe competitor !
Sky Europe going to the stock exchange is a great news.
I found this article published in the Financial Time of this week :
"SkyEurope set for Euros 100m IPO
SkyEurope Airlines, the Slovakia-based low-cost carrier, is to make an initial public offering to raise up to Euros 100m (Dollars 123m) to fund further expansion in the increasingly competitive central European market.
The IPO on the Vienna and Warsaw stock exchanges will be the first by a central European low-cost carrier and also the first by any Slovak company.
"We want to be the best capitalised low-cost airline in central Europe," said Christian Mandl, the company's Belgian co-founder and chief executive. "This will create a competitive edge. It will really allow us to reach critical mass."
SkyEurope, founded four years ago, is the first and largest budget airline based in central Europe.
It argues that the budget airline model is ideally suited to the region because incomes are about half the European Union average, other means of transport are often undeveloped, costs are low and economic growth is strong.
The airline's passenger numbers in July and August were up 93 per cent year on year to 481,000 and last year turnover increased almost five times to Euros 63m, although the airline remained loss-making.
The IPO will help fund the airline's Dollars 1.76bn order for 32 new Boeing 737 aircraft to replace its existing fleet and triple its capacity. It will also help finance further additions to its 52 routes, for example to Romania and Bulgaria this December.
"Our priority is to expand organically but as we also want to enter markets further east, we may have opportunities in the future to enter into partnerships that lead to acquisitions," said Mr Mandl.
SkyEurope will issue 10m new shares, doubling the company's equity, and offer 1.8m existing shares held by the original investment fund shareholders. A further 1.18m existing shares are available for over-allotment.
The shares will be priced from Euros 5 to Euros 10, valuing the whole company at up to Euros 200m. The issue, for which CA IB is the global co-ordinator, should begin trading on September 27"
Sky Europe going to the stock exchange is a great news.
I found this article published in the Financial Time of this week :
"SkyEurope set for Euros 100m IPO
SkyEurope Airlines, the Slovakia-based low-cost carrier, is to make an initial public offering to raise up to Euros 100m (Dollars 123m) to fund further expansion in the increasingly competitive central European market.
The IPO on the Vienna and Warsaw stock exchanges will be the first by a central European low-cost carrier and also the first by any Slovak company.
"We want to be the best capitalised low-cost airline in central Europe," said Christian Mandl, the company's Belgian co-founder and chief executive. "This will create a competitive edge. It will really allow us to reach critical mass."
SkyEurope, founded four years ago, is the first and largest budget airline based in central Europe.
It argues that the budget airline model is ideally suited to the region because incomes are about half the European Union average, other means of transport are often undeveloped, costs are low and economic growth is strong.
The airline's passenger numbers in July and August were up 93 per cent year on year to 481,000 and last year turnover increased almost five times to Euros 63m, although the airline remained loss-making.
The IPO will help fund the airline's Dollars 1.76bn order for 32 new Boeing 737 aircraft to replace its existing fleet and triple its capacity. It will also help finance further additions to its 52 routes, for example to Romania and Bulgaria this December.
"Our priority is to expand organically but as we also want to enter markets further east, we may have opportunities in the future to enter into partnerships that lead to acquisitions," said Mr Mandl.
SkyEurope will issue 10m new shares, doubling the company's equity, and offer 1.8m existing shares held by the original investment fund shareholders. A further 1.18m existing shares are available for over-allotment.
The shares will be priced from Euros 5 to Euros 10, valuing the whole company at up to Euros 200m. The issue, for which CA IB is the global co-ordinator, should begin trading on September 27"
I wouldn't say it is just a competitor's chat. They said in their IPO prospectus: "We estimate that our negative equity position as at the date of this Prospectus does not exceed SKK 800 million (20 million €)." They were making loss from the very first time they start to operate and losses got bigger and bigger year by year.
Their independent auditor, KPMG says: ...The Groups's current liabilities exceeded its current assets by 7,5 million €. These conditions indicate the existence of material uncertainties which cast significant doubt the Group's ability to continue as a going concern.
They were clearly in bankruptcy. Now they have a funding of 60 million € so they've survived for a time, but I heavily doubt that a company which makes loss even during the summertime can live long.
Their independent auditor, KPMG says: ...The Groups's current liabilities exceeded its current assets by 7,5 million €. These conditions indicate the existence of material uncertainties which cast significant doubt the Group's ability to continue as a going concern.
They were clearly in bankruptcy. Now they have a funding of 60 million € so they've survived for a time, but I heavily doubt that a company which makes loss even during the summertime can live long.
Latest news regarding Sky Europe...
I think that inopponentsment Sky Europe is far away in front of their direct oponents for the Hungarian and Polish markets wich is Wizz Air.SkyEurope Airlines awarded “Entreprise of the Year 2005” in Hungary
18.11.2005
SkyEurope Airlines has been awarded “Entreprise of the Year 2005” by the Hungarian Venture Capital and Private Equity Association in the large companied category.
The prize was presented to Alain Skowronek, co-founder and Chairman of SkyEurope by Dr. János Kóka, Minister of Economy and Transport.
The prize has been awarded previously to such reputable corporations as Waberer’s, Euromedic, Graphisoft, Pharmavit and Synergon.
The reward is given each year to the Hungarian company that best demonstrates the entrepreneurial spirit and striving for innovation and development.
SkyEurope Airlines is an excellent example of the co-operation of venture capital and private equity, the harmony of corporate management and a mature strategy.
Skowronek added: “Our customers and partners awarded us the SUPERBRANDS Award for the best brand in Hungary earlier this year. Now, as Central Europe’s largest low-fare airline, we are especially proud that the financial investment profession has recognised our outstanding performance. It is a distinct honour for us, as an airline registered in Hungary that the prize was presented by Minister János Kóka.”
SkyEurope Airlines awarded as Airline of the Year 2005!
21.11.2005
SkyEurope Airlines, Central Europe's largest low cost, low fare airline, is proud to announce that the airline was awarded Airline of the Year 2005 by Austrian Business World Magazine.
The award was granted to the airline on November, 17 during the Gala evening of the Business World Experience Congress in Vienna. The jury honored SkyEurope Airlines for the formidable role the airline played in this year. Especially mentioned were the incredible continued growth of the airline in 2005, the increased engagement of the company on the Austrian market providing now direct services from Salzburg and Innsbruck to top city destinations in Europe, the eastwards expansion with new services to Warsaw, Bucharest and Sofia, and the successful listing at the stock exchanges both in Vienna and Warsaw on September 27th, 2005 that brought 60 Mio. EUR of fresh capital to the company.
Gerhard Fürnkranz, editor of the Business World Magazine handed over the recognition to Ralph Preclik, Chief Product Officer of SkyEurope Airlines.
"I am very honored to be granted with the Airline of the Year 2005 award. This prize is devoted to the entire SkyEurope team, who allowed us to exceed the expectations again this year. It is for us challenge and motivation to continue our successful way with the same energy and dedication," said Ralph Preclik, Chief Product Officer and Country Manager Austria.
I am sorry but their founder was Christian Mandl .sn26567 wrote:The founder and current Chairman is Alain Skowronek, a Belgian who was earlier with CityBird.
Alain Skowronek is Chairman.
Source: http://www.skyeurope.com/start.php?lang ... d=1SRBHD02
( SkyEurope team)
Their aircraft are either registred in Hungary(HA) or Slovakia(OM).
So far I haven't seen one with Polish registration.
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AirbusA350
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NE might register some of their 73G's in Poland (SP) as they will be permanently based in KRK.
W6 carried more pax from Poland than NE this year, and is second to LO in the number of pax carried in Poland. NE is starting to grow more rapidly now with new flights from KRK, POZ and WAW. KRK is their main focus now after they got into an argument with the officials running WAW. If you noticed WAW was their primary base in Poland at first, but reductions were made in the frequency of flights, also many routes were canceled. NE lost many slots in WAW and rebased its planes to KRK and that was a great decision. W6 flies out of KTW(Katowice), but they offer transfers(quite expensive) to KRK, which is usually the main destination. They get their main business from the people living in Katowice and Slask(Silesia) and the vicinity. NE has an advantage they fly out of KRK and they fly to main airports like ORY(W6 BVA), they're prices are competitive. W6 claimed it's territories with important bases in KTW, WAW, GDN and with regular flights to POZ and WRO. While NE has some flights out of its "base" in WAW, its main base in Poland KRK, and one flight out of POZ.
The major difference between NE and W6 are their products. NE flies to main airports, uses terminals not 'pseudo-terminals', and has a very expanded network to almost all EU member countries and also non-EU like Switzerland, Croatia, Bulgaria and Romania. W6 on the other hand uses secondary "airports", they focus mainly on EU countries with an inferior network to that of NE's. NE has a better business paxs offer than W6, and superior route hours.
W6 carried more pax from Poland than NE this year, and is second to LO in the number of pax carried in Poland. NE is starting to grow more rapidly now with new flights from KRK, POZ and WAW. KRK is their main focus now after they got into an argument with the officials running WAW. If you noticed WAW was their primary base in Poland at first, but reductions were made in the frequency of flights, also many routes were canceled. NE lost many slots in WAW and rebased its planes to KRK and that was a great decision. W6 flies out of KTW(Katowice), but they offer transfers(quite expensive) to KRK, which is usually the main destination. They get their main business from the people living in Katowice and Slask(Silesia) and the vicinity. NE has an advantage they fly out of KRK and they fly to main airports like ORY(W6 BVA), they're prices are competitive. W6 claimed it's territories with important bases in KTW, WAW, GDN and with regular flights to POZ and WRO. While NE has some flights out of its "base" in WAW, its main base in Poland KRK, and one flight out of POZ.
The major difference between NE and W6 are their products. NE flies to main airports, uses terminals not 'pseudo-terminals', and has a very expanded network to almost all EU member countries and also non-EU like Switzerland, Croatia, Bulgaria and Romania. W6 on the other hand uses secondary "airports", they focus mainly on EU countries with an inferior network to that of NE's. NE has a better business paxs offer than W6, and superior route hours.
