Panostaja Oyj Stock Exchange Release, May 2, 2008
PANOSTAJA TO ACQUIRE THE ENTIRE STOCK OF KOPIJYVÄ OY
Panostaja Oyj has today signed a conditional agreement to purchase the entire
stock of digital printing services provider Kopijyvä Oy. The agreement contains
a reservation for approval of the deal by one of the sellers, the Board of
Directors of the foundation Kauko Sorjosen Säätiö. Upon materialisation of the
deal, Panostaja will extend its group business operations by establishing a new
business area to specialise in digital printing services. The deal is due to
become binding for both parties by May 2, 2008.
Kopijyvä Oy is one of Finland's leading providers of digital printing services.
Dating back 30 years, the company has a profound experience as a producer in the
fields of copying, construction drawings, posters and four-colour as well as
black and white digital printing matters.
The Kopijyvä Group employs 130 persons and its operations in Finland are located
in Jyväskylä, Kuopio, Joensuu, Varkaus and Kouvola. Including affiliated
companies and partner network, the company is operative in a total of 15
locations. Outside of Finland, Kopijyvä is present in St Petersburg, Russia, and
Tallinn, Estonia.
The purchase price is estimated to amount to approximately Euro 16,7 Million.
The final purchase price will be defined by May 28, 2008.
Panostaja aims at building up a leading nation-wide digital printing chain
around the company Kopijyvä. - The printing business is in stage of transition
and there are strong options for growth, says Juha Sarsama, Panostaja's Chief
Executive Officer.
In terms of business operations and well as applied technology, Kopijyvä is a
leading Finnish company in its field. - We are pleased to be able to offer
Kopijyvä a new home and to enable further development and growth for this
esteemed company. It is our aim to extend Kopijyvä to become a clearly larger
player in the market and to further internationalize its business operations,
says Juha Sarsama.
In connection with the acquisition, Kopijyvä's founder and main owner Kauko
Sorjonen will withdraw from the company founded by him in 1977. Kopijyvä Oy's
Managing Director Heimo Viinanen will continue in his present position as a
significant minority shareholder. - The growth in the field of digital printing
will continue and the business will continue to further centralise as a result
of high investment costs alone. In this situation, Panostaja will contribute the
necessary strategic competence, says Heimo Viinanen.
The Group's net sales and profits of the fiscal periods January 1, 2007 to
December 31, 2007 and January 1, 2006 to December 31, 2006 were as follows
(FAS):
(thousand Euro)
Jan 1 to Dec 31, 2007 Jan 1 - Dec 31, 2006
Net Sales 13,090 11,179
Operating profit 2,181 1,682
The Balance Sheets as of December 31, 2007 and December 31, 2006 based on the
Group Financial Statements were as follows:
(thousand Euro
Dec 31, 2007 Dec 31, 2006
Non-current assets 5,079 4,790
Stocks 323 929
Receivables and
current assets 5,182 4,113
Total 10,584 9,832
Equity 7,732 5,975
Minority interest 866 1,043
Liabilities 1,986 2,814
Total 10,584 9,832
The acquisition is expected to have a positive effect on the Panostaja Group's
current fiscal period as well as on earnings and equity per share. After
materialisation of the final financing of the acquisition, the deal is expected
to decrease the company's equity ratio by some two percent.
Panostaja Oyj
Juha Sarsama
Chief Executive Officer
This stock exchange bulletin is a translation of the original Finnish stock
exchange bulletin 29th April 2008
Additional information:
Juha Sarsama, Chief Executive Officer, +358 40 774 2099
Panostaja Oyj is a public limited company focusing on investment activities. The
Group invests in Finnish small and medium-sized enterprises operating in
traditional industries. Investments are primarily carried out through
acquisitions. Panostaja Group invests business resources and strategic know-how
in companies. The objective is to raise the target company to become a major
player in its field according to a pre-determined schedule. Once this schedule
has elapsed, the enterprise will continue to operate as an independent growth
company. The Panostaja Group's net sales in the fiscal period 2007 amounted to
Euro 90,8 Million. The Group operates in twelve different business areas.