Coverage of high-potential mid-market firms in Poland

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Orbis Hospitality to look for attractive acquisitions

Hotel operator Orbis is actively looking for acquisition targets and in the absence of deals, it would rather use cash to reduce debt than make any extra payments to shareholders, CEO Gilles Clavie told a news conference.

"We are particularly active, we are looking at every market," Clavie said. "We are interested in takeovers on the hotel market but also other business lines related to this sector."

 

"It's important to find a good opportunity with a good rate of return," he said. "That's the biggest challenge so we need time."

 

Orbis is unlikely to make any extra dividend payments if acquisitions do not materialize, the CEO said.

 

"We have priorities, development comes first . . .," Clavie said. "If we didn't have the opportunity to spend money, then in the second place we would think about reducing debt. Only in the third place we could think about an additional dividend but today it is not a priority."

 

Orbis had over PLN 240 mln in cash at end-H1. Its net debt to EBITDA ratio stood at 0.9x.

2017-07-28



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