Panostaja Oyj Stock Exchange Bulletin, January 15, 2014, 9.30 am
Takoma Oyj’s subsidiary Tampereen Laatukoneistus Oy filed on December 9, 2013 a business restructuring proceedings application at the District Court of Pirkanmaa. The company’s financial situation remains extremely difficult. The increase of the order book has not met expectations, and profitability remains low, generating a significant risk for the success of the business restructuring proceedings. In its meeting on January 14, 2014, the Board of Directors of Tampereen Laatukoneistus Oy stated that, with the current volume, the company cannot fulfil the obligations of the business restructuring proceedings and that it is probable that the business restructuring proceedings cannot improve the profitability of the company. The Board of Directors has decided to cancel Tampereen Laatukoneistus Oy’s business restructuring proceedings application and file for bankruptcy.
In its meeting on January 14, 2014, the Board of Directors of Takoma Oyj’s subsidiary Hervannan Koneistus Oy has stated that the company’s liabilities exceed the company’s assets and that the company cannot obtain financing from other sources. This is why the company cannot meet the liabilities which have fallen due, and the Board of Directors has decided to file for bankruptcy.
The impact of the bankruptcy applications on Takoma Oyj’s result is some MEUR -0.7, which is related to the value of the property in Akaa. The item has no significant impact of cash flow. Due to the decisions made now and previously to discontinue business operations, Takoma Oyj’s net sales decrease some MEUR 8 in comparison to the comparison year, but the measures have a positive impact on Takoma’s operative result and cash flow during the current financial period from the second quarter on.
Takoma Gears Oy, supplying mechanical power transmission components to the maritime and offshore industry, remains the operative company within the Takoma Group. Takoma Gears’s customers include world-leading propulsion and deck machinery manufacturers. The operations of Takoma Gears Oy have been financially profitable, and in its new strategy Takoma will focus on developing the Gears business and growing the company into a key player in the field.
The key creditors have expressed their support for Takoma Oyj’s and Takoma Gears Oy’s business restructuring proceedings applications. This support makes possible the quicker than normal launch of the business restructuring proceedings.
Panostaja Oyj keeps its result management for the 2014 financial period unchanged. The Group’s comparable net sales in the 2014 financial year are expected to be at the same level or better than in 2013 (MEUR 176.2). It is expected that the Group’s comparable EBIT (MEUR -0.6) will improve in the 2014 financial period. The divestment of the Supports segment from the Group has been taken into account in result management.
Panostaja Oyj
Juha Sarsama
CEO
Further information:
CEO Juha Sarsama 040 774 2099
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. The Panostaja Group employs approximately 1,300 people. Panostaja’s shares (PNA1V) are quoted on the NASDAQ OMX Helsinki Stock Exchange. In the 2013 financial year, the Group’s net sales totaled MEUR 179.6. www.panostaja.fi
