Panostaja Oyj Stock Exchange Bulletin, May 21, 2014, 12:00 noon
Panostaja Oyj together with the other owners of Vindea Group Oy has today signed a deed for the sale of the entire shareholding in Vindea Group Oy to Suomen Transval Group Oy. At the same time, Panostaja divests its Value-added Logistics segment.
Vindea Group Oy is a subsidiary 54.22%-owned by Panostaja and, as a result of the transaction, Vindea Group Oy’s entire shareholding will be transferred to the buyer.
The total sale price of the shares sold is estimated to be MEUR 16.7, of which Panostaja’s share after the deduction of costs related to the sale will be about MEUR 9.0. The final sale price will be determined by around May 30, 2014. Panostaja records an estimated sales profit of MEUR 5.5 from the transaction.
“We have owned Vindea since 2003. Together with the present management, we have taken the company through two challenging processes of corporate acquisition and integration. During this time, Vindea has clarified its strategy, increased its expertise, increased the number of customers and gained new resources. During its ownership by Panostaja, Vindea has achieved a strong market position and grown profitably. The divestment of the oldest investment is in accordance with the agreed ownership strategy and supports our objective of the active development of our portfolio,” says Panostaja CEO Juha Sarsama.
“This acquisition expands the service offering of the Transval Group into the manufacturing industry. By combining the strengths of Vindea and Transval, I believe that together we can develop our services to better meet the needs of both our present and future customers,” says Risto Vilo, CEO of Transval Group.
Adjustment of Panostaja’s result management
As a result of the divestment, Vindea Group Oy (the Value-added Logistics segment) will be removed from Panostaja Group’s result from continuing operations for the current financial period and the reference period. Because of this, Panostaja changes its result management with regard to consolidated net sales and EBIT. The Group’s comparable net sales in the 2014 financial period are expected to be 12−17% greater than in the 2013 financial period (MEUR 137.0). The Group’s comparable EBIT (MEUR 1.6) is expected to improve significantly in the 2014 financial period. Result management has taken into account the divested businesses of the Takoma segment and the removal of the Value-added Logistics and Supports segments from the Group.
The previous result management on March 3, 2014: The Group’s comparable net sales in the 2014 financial period are expected to be greater than in 2013 (MEUR 167.0). The Group’s comparable EBIT (MEUR 3.3) is expected to improve in the 2014 financial period. Result management has taken into account the divested businesses of the Takoma segment and the removal of the Supports segment from the Group.
The estimated sales profit of MEUR 5.5 recorded from the transaction will be presented in a separate row without affecting the EBIT for the financial period.
Panostaja’s key financial figures taking the impact of the corporate transaction into account
Without the Value-added Logistics segment, the businesses of the divested Takoma segment and the Supports segment, Panostaja Group’s comparable net sales and EBIT from continuing operations for the 2013 financial period stood at MEUR 137.0 and MEUR 1.6, respectively.
Vindea’s key financial figures
Net sales and EBIT of the Vindea Group Oy subgroup in the financial periods November 1, 2012−October 31, 2013 and November 1, 2011−October 31, 2012 were as follows (FAS):
|Nov. 1, 2012–Oct. 31, 2013||Nov. 1, 2011−Oct. 31, 2012|
Vindea Group Oy’s consolidated balance sheets on October 31, 2013 and October 31, 2012 were as follows:
|Oct. 31, 2013||Oct. 31, 2012|
Juha Sarsama, CEO, Panostaja Oyj, tel. +358 40 774 2099
Risto Vilo, CEO, Suomen Transval Group Oy, tel. +358 40 090 4253
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 the Vindea transaction, Panostaja operates in eight business segments, and Panostaja Group employs some 1,100 staff. Panostaja’s shares (PNA1V) are quoted on the NASDAQ OMX Helsinki Stock Exchange. In the 2013 financial year, the Group’s official net sales totaled MEUR 179.6.
Vindea Oy is a diverse company specializing in value-added logistics, which offers the technology industry tailored logistics services in the form of material acquisition services, warehousing, control, production logistics as well as comprehensive packaging systems. The company's branches are located in Hyvinkää, Riihimäki, Tampere, Lempäälä, Järvenpää, Helsinki, Espoo, Vantaa, Jyväskylä, Vaasa and Kerava, and it employs a total of about 300 people. The company’s net sales during the financial year ending October 31, 2013 totaled MEUR 29.9, and its EBIT stood at MEUR 1.4.
Suomen Transval Group is Finland’s largest inhouse logistics company. It has expanded its operations from terminal services to various inhouse logistics services such as warehouse operations, shipping, outdoor areas, unloading of containers and airport and packing services The company employs approximately 1,700 logistics professionals in Helsinki metropolitan area, Lahti, Tampere, Turku, Kotka and Oulu. In the 2013 financial period, Suomen Transval Group recorded net sales of MEUR 69.