SB Seating refinancing - releases approx. SEK 400m 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's subsidiary SB Seating has decided to carry out a refinancing of NOK 345m and in conjunction with this to pay a total of NOK 385m (approximately SEK 406m) to the owners, whereby Ratos will receive a cash payment of approximately SEK 400m. The refinancing has been made possible by the company's favourable development and cash flow in recent years.
SB Seating develops and produces high-quality, ergonomic office chairs in Scandinavian design for private and public environments. The products are sold under the brands HÅG, RH and RBM and distributed through retail outlets. The group has subsidiaries in Norway, Sweden, Denmark, Germany, the UK, the Netherlands, France, Switzerland and Singapore. SB Seating is also represented by importers in over 30 countries.
"SB Seating has been highly profitable since we acquired the company in 2007 and has strengthened its market positions through, for example, the commercial success of new products. We refinanced SB Seating in December 2011, and thanks to strong cash flows, a solid balance sheet and favourable future prospects, we are now able to carry out another one," says Ratos CEO Susanna Campbell.
In conjunction with the refinancing, SB Seating will pay NOK 385m (approximately SEK 406m) to its owners, of which Ratos will receive a cash payment of approximately SEK 400m. The refinancing will not affect the Ratos Group's earnings.
Ratos's holding in SB Seating amounts to 85% and consolidated book value at 30 September was SEK 1,120m. In 2007, Ratos invested SEK 747m in SB Seating and received SEK 303m in conjunction with the 2011 refinancing. Following the present refinancing, Ratos's net invested capital in SB Seating amounts to approximately SEK 44m.
For further information, please contact: Susanna Campbell, CEO, +46 8 700 17 00 Emma Rheborg, Head of Corporate Communications and IR, +46 8 700 17 20
Financial calendar from Ratos:
Year-end report 2013 20 February 2014
Annual General Meeting 2014 27 March 2014
Interim Report January-March 2014 8 May 2014
Interim Report January-June 2014 15 August 2014
Interim Report January-September 2014 7 November 2014
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, Aibel, Arcus-Gruppen, Biolin Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group, HENT, HL Display, Inwido, Jøtul, KVD Kvarndammen, Mobile Climate Control, Nebula, Nordic Cinema Group and SB Seating. Ratos is listed on Nasdaq OMX Stockholm and market capitalisation amounts to approximately SEK 18 billion.