Panostaja Oyj
PANOSTAJA OYJ HAS SOLD LÄMPÖ-TUKKU OY TO ONNINEN OY
Panostaja Oyj 12.03.2012 14:00 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Panostaja Oyj Stock Exchange Bulletin, March 12, 2012, 3:00 pm PANOSTAJA OYJ HAS SOLD LÄMPÖ-TUKKU OY TO ONNINEN OY Panostaja Oyj has today signed an agreement to sell Lämpö-Tukku Oy to Onninen Oy. With the transaction, Lämpö-Tukku Oy's share capital and the business operations owned by its parent company, Eurotermo Holding Oy, which are related to the business operations of Lämpö-Tukku Oy, will be transferred to the buyer. Panostaja owns 63.3% of its subsidiary Eurotermo Holding Oy. The compensation paid to Panostaja as purchase price and repayment of internal loans totals some MEUR 2.4. Panostaja will not record sales profit or loss from the transaction. The transaction is intended to be closed by March 31, 2012 subject to approval by the Finnish Competition Authority. Panostaja adjusts its guidance Lämpö-Tukku Oy will be removed from the result of Panostaja Group's continuing business operations for the current financial period and the comparable period. Panostaja will adjust its guidance regarding the Group's net sales. During the financial year 2012, the Group's comparable net sales are estimated to be approximately 9-16% over the previous financial year and the Group's operating profit is also expected to improve. The previous guidance from March 7, 2012: The Group's net sales are estimated to grow 7-14% over the previous financial year, and the Group's operating profit is expected to increase. Panostaja's financial key figures after the sale Without Lämpö-Tukku Oy, Panostaja Group's comparable net sales and profit from continuing business operations for the 2011 financial period stood at MEUR 141.2 and MEUR 6.7, respectively. The result from continuing business operations for the 2011 financial period was MEUR 2.9. Lämpö-Tukku's financial key figures Lämpö-Tukku Oy's net sales and operating profit/loss in the financial periods from November 1, 2010-October 31, 2011 and November 1, 2009-October 31, 2010 were as follows (FAS): (EUR1,000) Nov. 1, 2010− Oct. 31, Nov. 1, 2009− Oct. 31, 2010 2011 Net sales 20,529 19,604 Operating profit/loss -489 501 Lämpö-Tukku Oy's balance sheet on October 31, 2011 and October 31, 2010 was as follows: (EUR1,000) Oct. 31, 2011 Oct. 31, 2010 Permanent assets 284 208 Stocks 3,642 5,595 Receivables and Liquid assets 4,412 3,752 Total 8,338 9,555 Equity -1,052 1,030 Liabilities 9,390 8,525 Total 8,338 9,555 Panostaja Oyj Juha Sarsama CEO Further information: CEO Juha Sarsama, Panostaja Oyj, +358 (0)40 774 2099 Senior Vice President Martti Forss Onninen Finland +358 (0)400 840598 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. Panostaja Oyj currently operates in eleven business areas, and Panostaja Group has some 1,100 staff. Panostaja Group's net sales for the 2011 financial period stood at MEUR 163.2 without the effect of the divestments realized over the 2012 financial period. Lämpö-Tukku Oy is an importer and wholesaler of HEPAC products and it has been operating since 1956. The company has developed into a versatile specialist company in its field, with special focus on renovation customers. The company's own import activities constitute approx. 70% of its net sales. Company's headquarters are located in the district of Viikki in Helsinki and the company has also branches in Espoo, Vantaa, Tampere and Seinäjoki. In the financial period ending October 31, 2011, Lämpö-Tukku Oy's net sales totaled MEUR 20.5, and the company's operating profit stood at MEUR -0.5. Onninen Oy provides comprehensive materials services to contractors, industry, public organizations and technical product retailers. Onninen Oy is a family-owned company and operate in the industry since 1913. Onninen Group has 2,800 employees in Finnish, Swedish, Norwegian, Polish, Russian and Baltic operations. Onninen Group's net sales for 2011 totaled EUR 1.5 billion. News Source: NASDAQ OMX 12.03.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Panostaja Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0009800379 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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