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SkyEurope raises fresh capital from leading institutional investors
New capital will finance growth plans of Central Europe's first low-cost airline
Vienna/Bratislava, 13 February 2003 - SkyEurope Airlines, Central Europe's first low-cost airline, is celebrating its first anniversary with a capital increase to finance further growth. Since its maiden flight on 13 February last year, SkyEurope has flown 60,000 passengers and developed a network of 11 destinations, transforming Bratislava Airport into a gateway to Central Europe. Bratislava Airport is conveniently located within a one-hour drive of Vienna, Brno and Gyor.
A consortium of investors consisting of private equity funds such as the Slovak Post Privatisation Fund, Euroventures Danube BV and East Fund Management, as well as private Slovak investors, will fund the development of the company with an initial investment of €3 million. Investors in these funds include the European Bank for Reconstruction and Development (EBRD), the European Union and ABN AMRO Bank.
Alexander Auboeck, EBRD Country Director for Slovakia, welcomed the signing. He said it is crucial for Slovakia to have convenient travel services at affordable prices. Moreover, he added, improved regional transport connections will doubtlessly be beneficial for business development.
SkyEurope was founded by Alain Skowronek and Christian Mandl in an effort to bring low-fare air services to Central Europe. "This investment is a great step forward for SkyEurope, as it provides not only cash but also the benefit of being associated with the EBRD and ABN AMRO," Mr Mandl said. As a result of the investment, SkyEurope will introduce new aircraft, increase frequencies and add new destinations for the summer season.
SkyEurope operates scheduled flights out of its bases in Bratislava and Košice, in eastern Slovakia. The summer schedule includes services to Prague, Berlin, Munich, Stuttgart, Zurich, Milan, Dubrovnik, Split and Zadar. One-way airfares are available from €25 on all destinations, and can be booked online at www.skyeurope.com. Bus shuttle services are operated from Bratislava to Vienna and Brno, and from Košice to Poprad.
The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It mainly invests in private enterprises, usually together with commercial partners. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies.
Euroventures Danube BV is a €15 million venture capital fund launched in 2001 by its investors - ABN AMRO Bank, the EBRD and the EU/EBRD SME Finance Facility - with the aim to provide financing for high-growth small and medium-sized companies in Central European countries. The fund's Hungarian advisor is Euroventures Capital.
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