Panostaja Oyj Stock Exchange Release, May 5, 2008, 15.50
PANOSTAJA TO PURCHASE ECOSIR OY'S BUSINESS OPERATIONS
As of today, Panostaja Oyj has signed an agreement to acquire the business
operations of EcoSir Oy, a company specialising in waste and property management
equipment solutions. Based on this deal, Panostaja will enhance its group
business operations by establishing a new business area to specialise in
environmental technology.
The core competences of EcoSir, founded in 1996, are underground waste
compactors. The company's innovations have won several technology prizes. In the
previous fiscal period, Ecosir's net sales amounted to some Euro 3,9 Million.
The company employs 12 persons. The company has operations in Tampere, Turku,
Helsinki and Tallinn. Export markets include Russia and the Middle East.
Exports account for some 60 percent of EcoSir's net sales. At the moment, the
main export countries are the United States, Schwitzerland, England, Sweden and
the United Arab Emirates. Growth is expected especially in Russia. Last year,
EcoSir delivered waste collection systems to Moscow's Freedom Park.
Panostaja aims at building up a strongly international business area around
EcoSir to focus on environmental technology. - Environmental technology is an
area of strong growth and there are plenty of small players in the field.
Panostaja's aim is to build up a strong environmental technology business area
around EcoSir. We understand the future possibilities in the field of
environmental technology and want to participate in creating a strong Finnish
company specialising in this field, says Juha Sarsama, Panostaja's Chief
Executive Officer.
- Panostaja's strategic competence and financial resources support our
operations at this stage of strong growth, say Pekka Salomaa, company founder
and Director in charge of technology development, and Harri Salomaa, Managing
Director, both to continue as executives of Ecosir Oy.
- This is Panostaja's first step within environmental technology. We will
continue to expand this business area by way of new company acquisitions aiming
at building up a strong business entity in the field, says Panostaja's Juha
Sarsama.
EcoSir Oy's net sales and profit in the fiscal periods January 1, 2007 to
December 31, 2007 and January 1, 2006 to December 31, 2006, were as follows
(FAS):
(thousand Euro)
June 1 - Nov 30, 2007 June 1, - May 31, 2006
Net sales 3,931 1,515
Operating profit 210 124
The balance sheets as of November 30, 2007 and May 31, 2006 were as follows:
(thousand Euro)
Dec 31, 2007 Dec 31, 2006
Non-current assets 363 383
Stocks 236 133
Receivables and
current assets 1,082 532
Total 1,681 1,049
Equity 159 54
Liabilities 1,522 995
Total 1,681 1,049
The acquisition is expected to have minor effect on the Panostaja Group's
current fiscal period as well as on earnings and equity per share. The Group's
equity ratio will not be significantly affected by the deal.
Panostaja Oyj
Juha Sarsama
Chief Executive Officer
This stock exchange bulletin is a translation of the original Finnish stock
exchange bulletin May 2, 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 fourteen different business areas.