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Orbis focuses on the hotel industry – sale of the car fleet management (CFM) assets.
In line with its strategy of focusing on the hospitality business, the Orbis Group is in the process of selling its car fleet management and car lease assets. This transaction represents yet another step, after disposal of other non-core businesses, towards an exclusively hotel-oriented Orbis Group.
By virtue of a preliminary agreement signed today, Orbis Transport, a subsidiary of Orbis S.A., committed to sell its car fleet management and long-term car lease assets to Arval Service Lease Polska sp. z o.o. The agreement covers vehicles operated in the CFM business and contracts with Orbis Transport clients. According to the intentions of the parties, the closing of the transaction is scheduled for the end of 2011. The proceeds from this transaction in the expected range of PLN 93 to 103 million will be allocated for repayment of liabilities of Orbis Transport and further development of the Orbis Group, particularly its economy hotels segment.
“This transaction confirms the strategic direction of the Orbis Group business development. We also uphold our intention to sell the remaining transportation businesses over a medium-term horizon. Since 2010, we have been heading steadily towards full concentration of our efforts on the core hotel business” – said Laurent Picheral, the President of Orbis S.A. – “The sale of the CFM assets, alike disposal of few non-core real properties which took place this year, will reinforce the financial standing of the Group and facilitate its faster growth, mainly in the segment of economy hotels”.
At present, Orbis carries out five hotel construction projects under the ibis, ibis budget and Novotel brands in Warsaw, Kraków and Łódź. These hotels will add approx. 800 new rooms to Orbis’ hotel portfolio by mid-2013, of which 600 rooms in the economy hotel segment will be ready before the Euro 2012 Championships. The total capital expenditure for these new investment projects exceeds PLN 200 m.
“The CFM assets are being sold to a key player in Polish and European markets which consolidates the industry and benefits from the effect of scale, at the same time offering a high quality of service to its clients” – said Grzegorz Uszycki, President of Orbis Transport. “At present, two business segments remained in our company: short-term car rental, two local transportation (PKS) businesses in Gdańsk and Tarnobrzeg and car park administration.”
In the first half of 2011, sales revenues in the hotel segment of the Orbis Group totaled PLN 337 m, and PLN 62 m in Orbis Transport, of which PLN 26 m was generated from the CFM business, with 2300 vehicles under lease. The future buyer of the CFM assets, i.e. Arval Service Lease Polska, presently manages a fleet of more than 14 thousand vehicles.

The advisers of Orbis S.A. during this transaction were: Vienna Capital Partners and Biedecki Law Firm.

Quelle: Orbis S.A.; 20110922
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