SANITEC ANNOUNCES ITS INTENTION TO LAUNCH AN INITIAL PUBLIC OFFERING AND LISTING ON NASDAQ OMX STOCKHOLM
Sanitec Corporation (“Sanitec" or the “Company”), a leading producer of bathroom ceramics and supplier of bathroom fixtures in Europe, today announces its intention to proceed with an Initial Public Offering (the "IPO") of its existing ordinary shares on NASDAQ OMX Stockholm.
Helsinki 13 November 2013, 07.00 CET/08.00 EET
Sanitec Corporation (“Sanitec" or the “Company”), a leading producer of bathroom ceramics and supplier of bathroom fixtures in Europe, today announces its intention to proceed with an Initial Public Offering (the "IPO") of its existing ordinary shares on NASDAQ OMX Stockholm.
Peter Nilsson, CEO of Sanitec, comments: “Over the last four years, we relentlessly worked on consolidating and improving our operations and maintaining our leading position in our core markets(1) in Europe. We are very proud of our business, the attractiveness of our European footprint and of our improved financial performance. We firmly believe that we are well positioned to further leverage the strength of our platform and to take advantage of the European macro recovery”.
Caspar Callerström, Partner at EQT Partners, comments: “We are very excited about broadening the investor base for Sanitec and we see the IPO as an important new phase for the Company which will allow Sanitec to further enhance its public markets profile also following the successful high yield bond issuance earlier this year. We look forward to continuing to support the business and welcome new shareholders in Sanitec and offer them the opportunity to be part of our development going forward”.
Nordea and UBS Investment Bank are acting as Joint Global Coordinators and Joint Bookrunners. Carnegie is acting as Joint Bookrunner and Handelsbanken is acting as Co-Lead Manager.
Sanitec highlights
- Sanitec is the leading producer of bathroom ceramics and a leading supplier of bathroom fixtures in its core markets(1)
- It has top two positions in bathroom ceramics (based on volume) in twelve of its thirteen core markets(1) and commands a strong position in growth markets, including Russia
- Its unique brand portfolio includes many of the longest-established and most well-known brands on the European bathroom fixtures market, including its “national jewels”: Ifö® (Sweden and Denmark), Ido® (Finland and Sweden), Keramag® (Germany), Sphinx® (the Netherlands), Twyford® (United Kingdom), Allia® (France), Pozzi-Ginori® (Italy), Kolo® (Poland) and Colombo® (Ukraine)
- Sanitec dedicates a strong focus on innovation and design and provides products in two areas:
o Bathroom Ceramics includes the product groups toilets, washbasins/sinks, pedestals, tanks, bidets, urinals, and ceramic shower trays
o Ceramics Complementary Products includes the product groups bathroom furniture, pre-wall systems, baths, taps and mixers, shower solutions, and shower trays and similar products based on solid-surface materials - Sanitec sells its bathroom products primarily to wholesalers, as well as directly to retailers (including DIY outlets) and installers, and benefits from longstanding and stable customer relationships. This has resulted in a high level of customer insight. As of September 30, 2013, Sanitec had operations in 19 countries(2) with 11 bathroom ceramics production facilities and approximately 6,500 employees
- In 2012, 25% of Sanitec's net sales were generated in North Europe, 29% in Central Europe, 7% in the United Kingdom and Ireland, 19% in South Europe, 17% in East Europe , and 3% in the Rest of the World
- Sanitec’s principal shareholder is EQT
Notes:
(1) Core markets include Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Poland, Russia, Sweden, Ukraine, and the United Kingdom
(2) Including agencies in Denmark and Estonia
Financial highlights
| (€m) | 2010A | 2011A | 2012A | CAGR(2) | LTM Q3 2013A(3) |
| Net sales(1) | 777.3 | 770.8 | 752.8 | (1.6%) | 702.1 |
| EBITDA | (14.9) | 96.8 | 102.7 | nm | 97.5 |
| Adj. EBITDA | 77.1 | 105.7 | 107.7 | 18.2% | 102.0 |
| margin (%) | 9.9 | 13.7 | 14.3 | 14.5 | |
| EBIT | (48.8) | 67.1 | 73.0 | nm | 66.4 |
| Adj. EBIT | 43.2 | 75.9 | 77.9 | 34.3% | 73.3 |
| margin (%) | 5.6 | 9.9 | 10.4 | 10.4 | |
| Cash conversion (%)(4) | 52.7 | 77.9 | 87.9 | 83.6 | |
| Net debt/Adj. EBITDA (x) | 1.8(5) |
Notes:
(1) Net sales not adjusted for divestment of Leda in October 2012
(2) Compound annual growth rate
(3) 1 October 2012-30 September 2013
(4) Adjusted EBITDA less payments with respect to investments in intangible and tangible assets divided by Adjusted EBITDA
(5) As of 30 September 2013
For additional information, please contact:
Niklas Alm
Head of Investor Relations
ir@sanitec.com
Noora Koikkalainen
Head of Corporate Communications
sanitec.corporation@sanitec.com
tel. +46 8 411 4090, +358 10 662 500
About Sanitec
Sanitec is the leading bathroom ceramics specialist with a strong pan-European portfolio of locally well-established brands. We work closely together with our customers, industrial partners, architects and designers to develop sustainable and complete bathroom concepts including bathroom ceramics, furniture, pre-wall flushing solutions, taps and mixers, as well as baths and showers. Our brands and products stand for a high level of innovation and quality, as well as advanced design that is both functional and attractive.
We operate an integrated global organisation with an unparalleled local presence to provide the best value to our customers when it comes to bathroom products. In 2012 our net sales amounted to EUR 752.8 million and currently we are about 6,500 employees working in our 18 European based production plants and in our global sales and support functions in 19 countries. Our head office is located in Helsinki, Finland.
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Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia or Japan.
This announcement is not an offer for sale of securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Sanitec Corporation does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.
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This communication does not constitute an offer of the securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
