PANOSTAJA DIVESTS THE FASTENERS SEGMENT AND SELLS
Post# of 301275
Panostaja Oyj Stock Exchange Bulletin, October 17, 2013, 2:30 p.m
Kiinnikekeskus Services Oy, a subsidiary in which Panostaja Oyj has a 90% holding, has today signed a deed by which it sells its entire shareholding in Suomen Kiinnikekeskus Oy to Länsi-Suomen Sähkötukku Oy.
Panostaja records an estimated sales loss of MEUR 0.5 from the transaction. The divestment of the Fasteners segment is in keeping with Panostaja’s strategy and supports its active portfolio development target.
As a result of the divestment, Suomen Kiinnikekeskus Oy will, in its entirety, be removed from Panostaja Group’s result from continuing business operations for the current financial period and the reference period. Because of this, Panostaja specifies its result management with regard to the reference period. During the 2013 financial period, the Group's comparable net sales (MEUR 147.9) are expected to grow by about 18–21% over the previous year and the Group's comparable EBIT is expected to exceed the level of the 2012 financial period (MEUR 3.2) without one-time items (such as depreciation) in the 2013 financial period.
The previous result management on October 9, 2013: During the 2013 financial period, the Group's comparable net sales (MEUR 150.8) are expected to grow by about 18–21% over the previous year and the Group's comparable EBIT is expected to exceed the level of the 2012 financial period (MEUR 2.9) without one-time items (such as impairments) in the 2013 financial period.
The estimated sales loss of MEUR 0.5 recorded from the transaction will be presented in a separate row without affecting the EBIT for the financial period.
Without Matti-Ovi Oy and Suomen Kiinnikekeskus Oy, Panostaja Group’s comparable net sales and EBIT from continuing business operations for the 2012 financial period stood at MEUR 147.9 and MEUR 3.2, respectively.
Panostaja Oyj
Juha Sarsama
CEO
Further information:
Tapio Tommila, Investment Director, Panostaja Oyj +358 40 527 6311
Panostaja is an investment company developing Finnish SMEs in the role of an active majority shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories.
After this transaction, Panostaja Oyj operates in nine business areas, and Panostaja Group employs some 1,300 staff. Without adjustment for the sales of Matti-Ovi and Suomen Kiinnikekeskus Oy, Panostaja Group’s net sales in the 2012 financial period were MEUR 156.8. Panostaja’s shares (PNA1V) are quoted on the NASDAQ OMX Helsinki Stock Exchange.
Suomen Kiinnikekeskus Oy is engaged in the wholesale and import of fasteners, electrical and hand tools, chemicals, protective equipment and special accessories. The company's customers include businesses in the machine shop and electronics industries, electricity and HEVAC businesses, as well as towns and cities. The service range of Suomen Kiinnikekeskus also includes shelving, lifting and logistics services. The company employs about 24 people and has branches in Tampere and Pori. The net sales of Suomen Kiinnikekeskus Oy during the financial year ending October 31, 2012 totaled MEUR 2.9, and the company’s EBIT stood at MEUR -0.3.
Länsi-Suomen Sähkötukku Oy offers machinery, equipment, fastening accessories and protective equipment to construction firms and industry. Founded in 1993, the company is based in Pori and employs a total of 8 people. In the financial period ending March 31, 2013, it recorded net sales of MEUR 2.2.
(0)
(0)