Following the supervisory board decision of January 22, 2004, AS Viisnurk has initiated the process of divesting its Buildings Materials Division and Sporting Goods Division in order to strengthen the company’s ability to focus on its core activity - furniture business. AS Viisnurk is looking to sell both divisions in their entirety by way of asset sale (together with operations). AS Viisnurk has retained investment bank AS Trigon Capital to advise the company on the sale process.
AS Viisnurk’s Building Materials Division produces and markets two softboard based product categories: insulation and interior finishing boards for ceilings and walls.
Summarised Income Statement: Building Materials Division
EUR, th 1998 1999 2000 2001 2002 2003 9m
Net sales 3,881 4,034 4,618 4,595 5,102 4,365
Growth yoy % 7.21% 3.95% 14.47% -0.50% 11.04% N/R
EBITDA 1,139 1,013 1,366 1,474 1,277 N/A
EBITDA margin % 29% 25% 30% 32% 25% N/A
Depreciation 96 101 128 158 182 N/A
Operating profit 1,043 912 1,237 1,316 1,094 1,016
Operating margin % 27% 23% 27% 29% 21% 23%
EEK/EUR exchange rate 15.6466
AS Viisnurk’s Sporting Goods Division’s activities include three areas of operations: the production and marketing of cross-country skis and hockey sticks and the distribution of various sports and recreational goods.
Summarised Income Statement: Sporting Goods Division
EUR, th 1998 1999 2000 2001 2002 2003 9m
Net sales 4,492 4,644 6,316 5,534 5,311 2,787
Growth yoy % -24% 3% 36% -12% -4% N/R
EBITDA 653 717 939 613 -691 N/A
EBITDA margin % 15% 15% 15% 11% -13% N/A
Depreciation 79 132 182 257 299 N/A
Operating profit 574 585 757 356 -990 -275
Operating margin % 13% 13% 12% 6% -19% -10%
EEK/EUR exchange rate 15.6466
The sale of the divisions does not include any transfer of interest bearing debt.
Additional information on the divisions and an invitation to participate in the sale process is available from the HEX Tallinn’s web page (http://www.hex.ee/?id=2932) and from AS Trigon Capital. An Information Memorandum on the divisions will be compiled and distributed to potential bidders who have expressed their interest and who have been accepted by AS Viisnurk. It is estimated that the distribution of the Information Memorandums will take place in the following order:
- Building Materials Division: week starting on March 8, 2004
- Sporting Goods Division: week starting on March 29, 2004
All potential bidders are expected to submit their non-binding indicative tender bids three weeks after the distribution of the Information Memorandum. The process of selling the Building Materials Division and the Sporting Goods Division is targeted to be finalised within a three to six month period.
Expressions of interests and other queries and information requests regarding the sale process should be forwarded to:
AS Trigon Capital
Pärnu mnt 15
10141 Tallinn
Estonia
Contact Amish Mody
person:
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: +372 6679 200
Fax: +372 6679 201
Direct link to the invitation to the buy-out and additional information
on the divisions on HEX Tallinn home page:
- Building Materials Division:
http://files.hex.ee/bors/prospekt/vnu/Invitation BMD.pdf
- Sporting Goods Division:
http://files.hex.ee/bors/prospekt/vnu/Invitation SGD.pdf
Andrus Aljas
Business Controller
+3724478355