SB Seating refinancing - releases about SEK 305m to Ratos
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.
Ratos subsidiary SB Seating has decided to carry out a refinancing of NOK 250m, and in connection thereof make a cash payment of NOK 273m (approx. SEK 315m) to the owners whereby Ratos will receive approximately SEK 305m. The refinancing has been made possible by the company's favourable development and cash flow in recent years.
SB Seating develops and produces ergonomic office chairs in Scandinavian design for private and public environments. The group markets three strong brands, HÅG, RH and RBM, which are mainly sold through retail outlets. The group is represented today in Norway, Sweden, Denmark, Germany, the UK, Benelux and France.
Ratos's CEO, Arne Karlsson, comments: "Since Ratos's acquisition in 2007, SB Seating has completed a large number of improvement projects and the company has enjoyed commercial success with new products and increased market shares. Operating profit today is higher than it was in 2007 despite a 17% decline in sales due to the weak macroeconomic development. We are able to carry out this refinancing due to good cash flows, a strong balance sheet and continued good future prospects."
In connection with the refinancing SB Seating will carry out a cash payment of NOK 273m to the owners whereby Ratos will receive NOK 264m (approximately SEK 305m), of which approximately NOK 220m will be paid in December and NOK 44m in March. The refinancing will not affect Ratos's earnings. Ratos's holding in SB Seating amounts to 85%.
For further information, please contact: Arne Karlsson, CEO, +46 703 79 79 79 Emma Rheborg, Head of Corporate Communications and IR, +46 8 700 17 20
Financial calendar from Ratos:
Year-end report 2011 16 February 2012 Annual General Meeting 18 April 2012 Interim Report January - March 2012 8 May 2012 Interim Report January - June 2012 17 August 2012 Interim Report January - September 2012 9 November 2012
Ratos is a private equity conglomerate. The company's mission is to maximise shareholder value over time through the professional, active and responsible exercise of its ownership role in primarily medium to large unlisted Nordic companies. Ratos's holdings include AH Industries, Anticimex, Arcus-Gruppen, Biolin Scientific, Bisnode, Contex, DIAB, Euromaint, Finnkino, GS-Hydro, Hafa Bathroom Group, HL Display, Inwido, Jøtul, KVD Kvarndammen, Lindab, Mobile Climate Control, SB Seating and Stofa. Ratos is listed on Nasdaq OMX Stockholm and market capitalisation amounts to approximately SEK 25 billion.