Jenoptik sells minority stake in caverion GmbH
Net cash inflow reduces net debt. Focus on the core business further intensified. Group forecast 2010 for the operating business reaffirmed.
During the course of the sale the existing financing agreement between Jenoptik and caverion in particular will be terminated and Jenoptik will be released from all existing guarantee obligations, both directly or through a Group countersecurity by YIT. With this about 90 percent of the Group guarantee and cash facilities granted to third parties will be cancelled.
After a successful closing of the contract Jenoptik anticipates, in addition to the redemption of intercompany receivables and liabilities, a net cash inflow in the upper single figure million euro range in the second half of the year which will be used to reduce net debt by the same amount. In addition the Group expects a small non-operative income in the second half of the year. Jenoptik reaffirms the forecast for 2010 and with anticipated sales of between 475 and 500 million euros expects an EBIT of between 15 and 25 million euros coming only from the operating business. Net profit for the year is expected to be positive.
caverion GmbH was created as a management-buy-out out of the former Clean Systems business division which was sold in 2005/2006. As a company operating in the area of facility construction, caverion offers integrated solutions for complex high-tech buildings and systems.
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