Ratos: Euromaint to divest German operations
(Thomson Reuters ONE) -
This information is disclosed pursuant to the Swedish Securities Market Act, the
Swedish Financial Instruments Trading Act or requirements stipulated in the
listing agreement.
Ratos's subsidiary Euromaint, a maintenance company for the rail transport
industry, has signed an agreement to sell all its shares in its German
subsidiary. Following an extended period of weak financial performance in the
German business, a decision was made to focus on core operations in Sweden. The
shares will be sold to Iberia Industry Capital Group and directly generate a
negative earnings impact of approximately SEK 200m in the Euromaint Group. The
divestment and overall weak financial performance in Euromaint over an extended
period is expected to generate a considerable impairment of the company's book
value in Ratos in the annual accounts.
Euromaint's German operations have experienced weak performance for several
years and a sharply negative earnings trend in 2015 due to project delays and
low volumes. The divestment is related to efforts to focus on the profitable
Swedish core operations. The transaction is subject to customary terms and
conditions, including financing, and will directly lead to a negative earnings
impact in the Euromaint Group amounting to approximately SEK 200m. The sale is
scheduled to be completed in Q1 2016. Coupled with the overall weak financial
performance in Euromaint Germany and Sweden, the divestment is expected to
generate a considerable impairment of Ratos's book value for Euromaint. The
amount will be announced in conjunction with Ratos's year-end report.
"For many years, Euromaint has operated on a highly competitive market in which
the German operations in particular have experienced a negative earnings trend.
This divestment facilitates better focus on the Swedish core operations, further
measures for higher cost efficiency and the supply of high-quality train
maintenance services," says Susanna Campbell, CEO of Ratos.
Euromaint is Sweden's leading independent maintenance company for the rail
transport industry. The company's services and products guarantee the
reliability and service life of rolling stock such as passenger trains,
locomotives, freight wagons and work machines. Between January and September
2015, turnover for the Swedish operations amounted to SEK 1,215m and EBITA to
SEK 65m. The number of employees amounts to approximately 1,200 individuals who
work at several locations throughout Sweden. Ratos's book value for Euromaint as
a whole, including the German business, amounted to SEK 702m as per 30 September
2015. Ratos's holding in Euromaint is 100%.
For further information, please contact:
Susanna Campbell, CEO, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20
Financial calendar from Ratos:
Year-end report 2015 17 February 2016
Annual General Meeting 2016 14 April 2016
Interim report January-March 2016 10 May 2016
Ratos owns and develops unlisted medium-sized Nordic companies. The company's
goal as an active owner is to contribute to the long-term and sustainable
business development of its companies and to conduct value-generating
transactions. Ratos's portfolio comprises AH Industries, Aibel, ArcusGruppen,
Biolin Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, HENT, HL Display, Jøtul,
KVD, Ledil, Mobile Climate Control, Nebula, Speed Group and TFS. Ratos is listed
on Nasdaq Stockholm and has a total of approximately 17,000 employees.
Press release (PDF):
http://hugin.info/1180/R/1975916/723122.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ratos via GlobeNewswire
[HUG#1975916]
Unternehmensinformation / Kurzprofil:
Datum: 28.12.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 441649
Anzahl Zeichen: 4534
contact information:
Town:
Stockholm
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 789 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Ratos: Euromaint to divest German operations"
steht unter der journalistisch-redaktionellen Verantwortung von
Ratos (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
