RNB RETAIL AND BRANDS has secured new operating financing
from the company's main owner Konsumentföreningen
Stockholm. The new operating financing consists of a new loan
of 150 MSEK with a maturity of 24 months from March 2012. The
loan is mortgage-free during the first year, and will be
repaid in full during the following year (March 2013-March
2014). The terms are based on current market rates.
Konsumentföreningen Stockholm has previously granted RNB a
loan of 400 MSEK. As a further step in strengthening the
company´s capital structure, the maturity of this loan will
be extended by roughly one year from March 2013 to June
2014.
"Overall, the new loan together with the extension of
the existing loan to RNB has secured the financing of our
operations even if market conditions continue to be
challenging. Our assessment is that the new financing,
together with the implemented efficiency measures provide us
with sufficient financial strength to complete the change
process as planned, "says Magnus Håkansson, President
and CEO of RNB RETAIL AND BRANDS AB.
As a step towards creating a more efficient and profitable
RNB, a comprehensive and group-wide change process has been
initiated in 2011. This work will continue in full force in
2012 and have a positive impact on both earnings and
liquidity during the fiscal year 2011/2012 and full profit
and liquidity effect in 2012/2013. The measures implemented
to date are expected to generate cost savings of
approximately 35 MSEK during the 2011/2012 fiscal year and at
least 65 MSEK during 2012/2013. The restructuring of JC
Norway will be finalized during the year and this will have a
positive impact on the profitability with an amount
corresponding to the loss 2010/2011 of 63 MSEK.
All efficiency-raising measures are to be implemented before
the end of the fiscal year 2011/2012 and will result in an
efficient organization and effective work processes for RNB.
This gives a strong positive leverage on both earnings and
liquidity in 2012/2013.
"Now that we have secured operating financing we will be
able to fully focus on the strategic plan and the change
process that will create a profitable RNB. The change and
efficiency improvements that were launched in the summer of
2011, along with the now secured operating financing, puts us
in a good position to achieve a positive result and cash
flow, "says Magnus Håkansson.
For further questions please contact:
Magnus Håkansson, President and CEO of RNB, phone: +46 8 410
520 02, mobile: +46 768 87 20 02 e-mail:
magnus.hakansson@rnb.se
RNB RETAIL AND BRANDS owns, operates and develops fashion, clothing, accessories, jewelry and cosmetics stores that focus on providing excellent service and a world-class shopping experience. Sales are mainly conducted in Scandinavia through the three store concepts Brothers & Sisters, JC and Polarn O. Pyret, as well as through shops in the department stores NK in Stockholm and Gothenburg and Illum in Copenhagen. RNB RETAIL AND BRANDS has operation in 11 countries. RNB RETAIL AND BRANDS has been listed on the OMX Nordic Exchange since 2001.
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