On
Within the framework of the strategic review, the following actions have been taken:
Vestum has announced its intention to redeem theSEK 900 million bond due inOctober 2024 with bank financing and cash. In connection with this,Vestum has updated the existing credit facility withDanske Bank , SEB andSwedbank by adding another bank, Svensk Exportkredit, and increased the credit facility framework fromSEK 1,200 million toSEK 1,800 million . The refinancing is expected to be completed inApril 2024 . Overall, the refinancing leads to lowered interest costs of approximatelySEK 30 million per year and that no credit facilities or bonds are maturing in 2024 or 2025.- During the strategic review, a number of businesses have been identified whose cash flow generation, profitability level or risk profile no longer meet
Vestum 's requirements or which for other reasons no longer fitVestum 's strategic direction. For this reason,Vestum has divested the following businesses:- Through a press release on
11 December 2023 , five divestments were announced –Arctic Infra AB ,Kvalitetsmark R AB ,Hyrex Holding AB ,Powerstruc AB andAmsler Hiss AB – within the Infrastructure and Services segments. - In the time since then, an additional company within the Services segment has been divested, Plåtslagaren
G.H. Johansson AB . In 2023, the company generated sales of just overSEK 100 million and was the only company withinVestum that was active in roofing work. The divestiture is expected to be completed inApril 2024 and is not deemed to lead to any material impact on earnings from profit or loss of divested assets.
- Through a press release on
Vestum has no ongoing or planned divestments beyond those communicated above. Furthermore, the intention is to allocate the purchase price received from the sale of PlåtslagarenG.H. Johansson AB to acquisitions of niche companies within selected growth markets.Vestum has carried out a reorganisation and an office move during the first quarter. The restructuring leads to a more efficient organisation with aroundSEK 10 million lower annual costs for central functions that are also better adapted to the business. At the same time, the measures lead to certain one-off restructuring costs, which will be reported in the interim report for the first quarter. Furthermore, the internal divisions have been streamlined to optimise value creation, where KPIs regarding growth, profitability and capital returns form the core of the governance model.Vestum has launched its new website (www.vestum.se/en/) to better reflect the company's strategic direction.
Comment from Vestum’s Chairman of the Board,
During the past six months, we have carried out a number of activities to address questions about financing, the group's continued business direction and central costs. It is pleasing that we have been successful in this work and can thus conclude the strategic review. The process lasted for two quarters and during this period we succeeded in reducing net financial debt by
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