DOCSLIB.ORG

Roadshow London 6 March 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Roadshow London 6 March 2019 Roadshow London 6 March 2019 1 6.3.2019 Tokmanni Roadshow London Tokmanni today #1 1 million 188 870 MEUR 3,600 General Customer visits Stores in Revenue 2018 Employees discount retailer per week Finland in Finland +9,3% growth 2 6.3.2019 Tokmanni Roadshow London 2018 - year of a positive turnaround • Strengthening Tokmanni strategy • Renewing management and organization • Improving customer confidence • All Tokmanni's employees involved in building customer confidence • Implementing a strong investment plan in store network, online business and store concept renewals • Increasing imports from Far East 3 6.3.2019 Tokmanni Roadshow London Tokmanni’s customer base, family households being slightly overemphasized Whole population Tokmanni’s customers 43% 40% 17% 16% 17% 16% 13% 12% 7% 7% 5% 6% Family households Adult households Pensioners Adult singles Young singles Young couples 4 6.3.2019 Tokmanni Roadshow London Note: Tokmanni’s customers = Customers that frequently visit Tokmanni Sources: TNS Mind 2018 Smart shoppers are overemphasized and price insensitives underemphasized in Tokmanni’s customers Whole population Tokmanni’s customers Smart shoppers 57% Compares always prices and buys the biggest part on discount or on sale Sale and discount addicts 45% Buys the biggest part on discount or on sales but doesn’t actively compare prices Price insensitives 33% Does not often compare prices and sale 31% or discounts are not motivators Price comparers Compares always prices but sale or 18% discounts are not motivators 9% 4% 3% Smart shoppers Sale and discount addicts Price insensitives Price comparers 5 6.3.2019 Tokmanni Roadshow London Note: Tokmanni’s customers = Customers that frequently visit Tokmanni Sources: TNS Mind 2018 Improving Tokmanni’s customer confidence • Unbeatable prices in destination categories and products • Wider assortment in destination categories • Renewing store concept in destination categories • Stronger marketing • Quarterly incentive program for the whole Tokmanni personnel 614 6.3.2019 Tokmanni Roadshow London Tokmanni’s like-for-like customer visits development 3.0% 0.2% -0.1% -0.4% -1.0% -1.4% 2013 2014 2015 2016 2017 2018 7 6.3.2019 Tokmanni Roadshow London Revenue development Revenue development Like-for-like revenue development 9.3% 5.6% 3.0% 3.0% 2.9% 2.7% 2.7% 0.0% -0.1% -0.3% -0.6% -1.3% 2013 20142015 2016 2017 2018 8 6.3.2019 Tokmanni Roadshow London Tokmanni has a unique market position Tokmanni’s distinctive positioning… …has 3 competitive advantages Better price image vs. hypermarkets Lidl Kärkkäinen Motonet Puuilo Gigantti Halpa-Halli Hong Kong Ikea Broader assortment width Prisma City- vs. specialty retailers market Price image Price H&M Clas Ohlson Discounters Hypermarkets Specialty Retail Nationwide coverage Discounter groceries Sokos Stockmann and better shopping experience Department stores vs. local discounters Expensive Value Narrow Assortment Wide 9 6.3.2019 Tokmanni Roadshow London Tokmanni’s and non-grocery market development Sales development, % 12,0 10,9 11,0 8,0 7,8 8,0 4,5 4,0 4,4 1,9 0,0 1,1 1,4 1,6 -1,1 -1,9 -4,0 -2,9 -8,0 -7,4 -9,0 -12,0 -11,0 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Tokmanni Non-grocery market Source: FGTA FGTA STATISTICS DOESN’T INCLUDE ONLINE RETAIL SALES 10 6.3.2019 Tokmanni Roadshow London Revenue development +9.3% +2.7% 900 800 870,4 700 775,8 796,5 600 500 +4.4% +8.0% 400 300 200 238,1 248,5 268,4 100 0 Q4/16 Q4/17 Q4/18 2016 2017 2018 Like-for-like revenue development, % Q4/16 Q4/17 Q4/18 2016 2017 2018 +0.8 -1.0 +4.7 -0.1 -1.3 +5.6 11 6.3.2019 Tokmanni Roadshow London Comparable gross profit +0.1% +10.1% 350 300 295,0 250 267,9 268,1 200 +3.1% +7.2% 150 100 92,3 50 83,5 86,1 0 Q4/16 Q4/17 Q4/18 2016 2017 2018 Comparable gross margin, % Q4/16 Q4/17 Q4/18 2016 2017 2018 35.1 34.6 34.4 34.5 33.7 33.9 126.3.2019 Tokmanni Roadshow London Development of Private Labels and direct imports Brand category sales mix Import share of sales, % Private label and other Import through Shanghai 32% (32%) Other direct import 10,3 9,6 9,3 Branded 11,1 products 68% (68%) 13,6 14,1 10,8 12,5 2015 2016 2017 2018 2015 2016 2017 2018 13 6.3.2019 Tokmanni Roadshow London Comparable operating expenses +8.6% +4.1% 250 235,7 200 208,5 217,0 150 +2.6% +11.1% 100 50 57,2 58,7 65,2 0 Q4/16 Q4/17 Q4/18 2016 2017 2018 Comparable operating expenses, % Q4/16 Q4/17 Q4/18 2016 2017 2018 24.0 23.6 24.3 26.9 27.2 27.1 146.3.2019 Tokmanni Roadshow London Comparable EBIT -14.9% +19.7% 60,0 50,0 47,7 48,6 40,0 -2.6% +6.1% 40,6 30,0 20,0 23,6 25,0 24,4 10,0 0,0 Q4/16 Q4/17 Q4/18 2016 2017 2018 Comparable EBIT, % Q4/16 Q4/17 Q4/18 2016 2017 2018 9.9 10.1 9.1 6.1 5.1 5.6 156.3.2019 Tokmanni Roadshow London Estimated impact of IFRS 16 standard • IFRS 16 is adopted as of 1 January 2019 • As a result of the adoption of the standard, leases are transferred to the balance sheet as a liability and assets • Introduction of the standard is estimated to impact in balance sheet, result and key figures as follows: • Balance sheet • Liabilities increase by approximately EUR 242 million in the balance sheet • The balance sheet total will increase from EUR 485 million to approximately EUR 718 million • Income statement • Comparable EBITDA will improve by approximately EUR 46 million annually • Comparable EBIT will improve by approximately EUR 4 million annually • Net profit for the year will decrease by approximately EUR 1 million • Key figures • Equity ratio 36% will fall to about 23% • Net liabilities / comparable EBITDA of 2.1 will increase to around 3.5 The amendment of the standard has no impact on the company's operational activities 16 6.3.2019 Tokmanni Roadshow London Main focus in 2019: IMPROVING PROFITABILITY 17 6.3.2019 Tokmanni Roadshow London Tokmanni competitive 1. Low prices 4. Lean and efficient advantages operation model 2. Inspiring and wide 3. Nationwide store network assortment combined with an online store 18 6.3.2019 Tokmanni Roadshow London Tokmanni business drivers CUSTOMERS Customer NPS >60 PERSONNEL Best place to work in retail REVENUE 1 billion € PROFITABILITY 9% Comparable EBIT margin SUSTAINABILITY Tokmanni values people and environment 19 6.3.2019 Tokmanni Roadshow London Tokmanni’s year 2019 • Reducing the share of fixed costs • Strengthening supply chain and reducing real estate rentals and maintenance costs • Enhancing operations of stores • Increasing the gross margin • Increasing direct import and sales of own brands • Increasing batch sales • Improving product group performance in terms of loss and inventory management • Continuing to strengthen customer confidence especially in Tokmanni's key product groups • Increasing sales of e-commerce and improving profitability 20 6.3.2019 Tokmanni Roadshow London Long-term goal: comparable EBIT margin about 9% About 9% 1.0% - 2.0% 1.0% - 1.5% 6.1% EBIT-% 2018* Operating expenses Gross margin EBIT-% target improvement potential improvement potential * IFRS 16 impact of 0.5% has been taken into account 21 6.3.2019 Tokmanni Roadshow London Tokmanni’s updated long-term financial targets • Tokmanni’s goal is to continue to reinforce its position as the leading general discount retailer in Finland by making the most out of its key competitive advantages, which are its low perceived price image, wide and attractive assortment and good shopping experience. Like-for-Like revenue growth Low single digit growth Target of over 200 stores Stores New about 5 p.a. 12 000 sqm annually Comparable EBIT margin Gradually increase to ~9% IFRS 16 Net Debt / Comparable EBITDA In long-term below 3.2x Dividend policy About 70% 22 6.3.2019 Tokmanni Roadshow London Thank you! tokmanni.fi 23 6.3.2019 Tokmanni Roadshow London.
Load more

Recommended publications
  • Tokmanni's Annual General Meeting, CEO Review
    Annual General Meeting 19 March 2019 CEO review Mika Rautiainen 2 19.3.2019 Tokmanni's Annual General Meeting 2019 Tokmanni Executive Group Mika Rautiainen Markku Pirskanen Sirpa Huuskonen Harri Koponen CEO CFO HR Director Store Network and Concept Director Mathias Kivikoski Tuomas Hyvärinen Timo Heimo Janne Pihkala Sales and Marketing Director Purchasing Director Director, Information Director, Business Management and Development 319.3.2019 Tokmanni's Annual General Meeting 2019 Supply Chain Tokmanni today #1 1 million 188 870 MEUR 3,600 General Customer visits Stores in Revenue 2018 Employees discount retailer per week Finland in Finland 4 19.3.2019 Tokmanni's Annual General Meeting 2019 Main focus in 2018: IMPROVING CUSTOMER CONFIDENCE YEAR OF POSITIVE TURNAROUND 5 2018 - year of a positive turnaround • Strengthening Tokmanni strategy • Renewing management and organization • Improving customer confidence • All Tokmanni's employees involved in building customer confidence • Implementing a strong investment plan in store network, online business and store concept renewals • Increasing imports from Far East 6 19.3.2019 Tokmanni's Annual General Meeting 2019 Tokmanni’s customer base, family households being slightly overemphasized Whole population Tokmanni’s customers 43% 40% 17% 16% 17% 16% 13% 12% 7% 7% 5% 6% Family households Adult households Pensioners Adult singles Young singles Young couples 7 19.3.2019 Tokmanni's Annual General Meeting 2019 Note: Tokmanni’s customers = Customers that frequently visit Tokmanni Sources: TNS Mind 2018
    [Show full text]
  • Tokmanni 210224 Company Report
    TOKMANNI Food & Staples Retailing/Finland, February 24, 2021 Company report The era of discount retailing Rating BUY Tokmanni’s 2010-2020 revenue CAGR was 5.4%. At the end of 20 2020, Tokmanni had 192 stores across the country and it is 18 the largest general discount retailer in Finland. We expect 21E 16 14 revenue growth of 1.5% and adj. EBIT margin of 9%. We keep 12 our rating “BUY” with TP of EUR 20. 10 Price/EUR 8 Largest general discount retailer in Finland 6 Tokmanni is the largest general discount retailer in Finland. 4 Tokmanni’s revenue CAGR in 2010-2020 was 5.4%. Tokmanni 2 reached its targeted EUR 1bn in sales in 2020 with further store 0 network expansion and strong LFL growth. Revenue grew by 13.6%. 04/16 04/17 04/18 04/19 04/20 The company also reached its adj. EBIT margin target of ~9% (9.3%) Tokmanni DJ STOXX 600 last year. The company had 192 stores across Finland at the end of 2020 and 98.8% of Tokmanni’s revenue came from physical stores. Share price, EUR (Last trading day’s 17.70 closing price) 2020 was a record year Target price, EUR 20.0 2020 was exceptional year due to the coronavirus and the company clearly benefited from the changed environment and consumer Latest change in rating 30-Oct-19 behavior as LFL revenue increased by 12.3%. It is also noteworthy Latest report on company 15-Feb-21 that the company has been able to attract new customers with Research paid by issuer: YES broad product assortment and affordable prices as the share of new No.
    [Show full text]
  • S Group and Responsibility 2016 Owned by You – S Group and Responsibility 2016
    Owned by you – S GROUP AND RESPONSIBILITY 2016 OWNED BY YOU – S GROUP AND RESPONSIBILITY 2016 2 CONTENTS Contents ...............................................................................................................................................................................5 From the management .......................................................................................................................................................5 Benefits and convenience for co-op members’ daily life..................................................................................................5 Let’s make Finland the Best Place to Live .......................................................................................................................6 S Group in brief ..................................................................................................................................................................7 Business areas .................................................................................................................................................................11 Supermarket trade .......................................................................................................................................................11 Department stores and speciality stores .......................................................................................................................13 Service station store and fuel sales ...............................................................................................................................15
    [Show full text]
  • Finnish Grocery Trade 2009–2010 CONTENTS
    Finnish Grocery Trade 2009–2010 CONTENTS For the reader. ...................................................................... 3 Grocery trade market in Finland, 2008.......................... 5 Grocery trade as part of society ...................................... 6 Key indicators for 2008 ...................................................... 8 Finnish Grocery Trade Association ...............................10 Deregulation for the benefit of the consumer .........11 Responsible supply chain benefits the consumer .....................................................................12 Best operating practices of the store ..........................13 FGTA supports its member companies in environmental affairs ..................................................14 Retail chains more dominant, procurement more centralised .....................................16 HoReCa wholesales as part of comprehensive service ....................................................22 HoReCa wholesalers prosper alongside their customers ..............................................23 Private labels ......................................................................24 Structural change in grocery trade ..............................27 Store types and definitions ...........................................30 Village grocery stores ......................................................32 Kiosk trade ..........................................................................33 Department store sales ...................................................34 Clothing
    [Show full text]
  • Title of Thesis
    Master's thesis International Business Management 2018 Ruqia Akbari Effects on the sale of products in the market equilibrium and consumer impulsive buying behavior in Finland – A case study on the sale of snack bars and nuts by Cloetta sold at K-market and R-kiosk’s retail chains MASTER’S THESIS | ABSTRACT TURKU UNIVERSITY OF APPLIED SCIENCES International Business Management 2018 | 65 pages, 28 pages in appendices Ruqia Akbari Effects on the sale of products in the market equilibrium and consumer impulsive buying behavior in Finland – A case study on the sale of snack bars and nuts by Cloetta sold at K-market and R-kiosk’s retail chains Impulsive buying behavior is an important area of study in the domain of contemporary retail business and marketing. Snack food is one kind of those products in which impulse purchases occupy a particular significance in general and confectionery and nut snacks in particular. A lot of studies have been undertaken to exploring variables which affect consumers’ behavior in other industries. Yet still, a gap is unfilled in exploring consumers’ behavior towards confectionery snacks and nuts in convenience store settings. This study, therefore aims to fill this gap by exploring the role of three of those store associate (marketing) factors — store location; snack display; and customer service that affect the impulse buying of consumers in comparative case study companies (R-Kiosk’s and K- Market’s) retail contexts, Turku Finland. For the purpose of achieving this goal, this study focuses on how customer perceive these two convenience stores and which one they prefer over other to shop at.
    [Show full text]
  • November-December 2020 Dear Sir/Madam, We'd Like To
    November-December 2020 Dear Sir/Madam, We’d like to wish you and your family a Merry Christmas. You can use the enclosed Hyvä joulumieli (Good Holiday Spirit) voucher to purchase family food supplies for your Christmas celebrations. The Good Holiday Spirit is a collection organised by the Mannerheim League for Child Welfare and the Finnish Red Cross in collaboration with Yle to help families with children in Finland. The proceeds of the collection will be used to purchase 21,000 food vouchers for families with children in need of financial support. The Good Holiday Spirit voucher is worth 50 euros, and it is valid from 7–31 December 2020. The vouchers are accepted in these shops: K-Citymarket, K-Supermarket and K-Market as well as the S Group supermarkets, i.e. Prisma, S-market, Sale, Alepa and Food Market Herkku. The voucher is for your own personal use. Please check that your name is on the voucher. If your name is not on the voucher you received, please contact the person who gave it to you. Please be prepared to prove your identity with an official identity card or residence permit when using this voucher. You cannot give this voucher to another person. In exceptional circumstances, if you cannot do the shopping, someone else can use it. You will need to authorise another person to use it by providing them with a power of attorney. Write the personal details (first names, last name and date of birth) of the person you are authorising on the power of attorney and also state that you give the person in question the right to use your Good Holiday Spirit voucher (please remember to write down the voucher number) to buy Christmas food.
    [Show full text]
  • Suomen Osuuskauppojen Keskuskunta SOK Corporation
    Suomen Osuuskauppojen Keskuskunta SOK Corporation Annual Report 2005 Suomen Osuuskauppojen Keskuskunta SOK Corporation Annual Report 2005 1 Contents 4 CEO’s Review 7 The S Group 13 SOK Corporation 19 Business-by-business review 19 Market trade 21 Service station stores and fuel sales 22 Department store and speciality store trade 24 Hotel and restaurant business 26 Motor trade and accessories 28 Agricultural trade 29 Procurements and logistics 31 Neighbouring countries 32 Corporate governance within SOK Corporation 38 Accountability 38 Personnel 43 Environment 46 Sponsorship and international contacts 48 Financial Statements 2005 48 Executive Board Report on Operations 54 Consolidated Income Statement 55 Consolidated Balance Sheet 56 Consolidated Cash Flow Statement 57 SOK Income Statement 58 SOK Balance Sheet 59 SOK Cash Flow Statement 60 Accounting Policies 63 Notes to the Consolidated and SOK Income Statement and Balance Sheet 77 Key Ratios and their Method of Calculation 78 Executive Board’s Proposal for the Disposal of SOK’s Profi t for the Year 79 Auditors’ Report 79 Statement of the Supervisory Board 3 CEO’s Review The S Group’s cooperative enterprises Increasing patronage by our – customer-owners’ own store customer-owners Th e S Group’s task is to provide services and benefi ts for its Th e S Group succeeded well in carrying out its mission last year. members, its customer-owners. Th is mission guides both strategic Bonus sales targeted at customer-owners outstripped the development and practical operations, and it underlies day-to-day S Group’s overall sales growth. Customer-owners thus showed their service for customer-owners at all our S Group locations.
    [Show full text]
  • Finnish Grocery Trade in 2007–2008 List of Contents
    Finnish Grocery Trade in 2007–2008 List of contents Government programme focusing on productivity and employment ...........................................................3 Need to increase productivity and employment rate calls for updated approach to trade regulation ............................4 Grocery trade and society ....................................................................6 Grocery trade and groceries ................................................................7 Grocery trade groups and chains .......................................................8 Key indicators for 2006 .......................................................................13 Structural change in grocery trade .................................................15 • Grocery store sales and change in volume and value in 1993–2006 .................................................................16 • Number of stores by type and group in 2006 ........................16 • Sales of groceries by type of store in 1999–2006 ..................16 • Sales of groceries by chain in 2006 ...........................................17 Store types and definitions ................................................................18 Village grocery stores by province ..................................................20 Retail sector’s joint auto-control solutions ..................................21 Kiosks ........................................................................................................22 Department stores ................................................................................23
    [Show full text]
  • GAIN Report Global Agriculture Information Network
    Foreign Agricultural Service GAIN Report Global Agriculture Information Network Required Report - public distribution Date: 11/20/2000 GAIN Report #FI0004 Finland Retail Food Sector Report for Finland and Sweden 2000 Approved by: Lana Bennett U.S. Embassy, Stockholm Prepared by: Bettina Dahlbacka Report Highlights: Strong economic growth in both Sweden and Finland has strengthened domestic demand for high-value consumer-ready products. The food retail sector in these markets is largely integrated and a few major import/wholesale groups cover over 70% of the markets. A strong Nordic concentration and integration is occurring along with a comprehensive process of consolidation and cross-border acquisitions among the European retailers. Products with the best prospects include wine, dried fruits and nuts, snack foods, rice, organic food, fruit juices, fresh fruits, sauces/seasonings, frozen food, seafood and petfood. Includes PSD changes: No Includes Trade Matrix: No Annual Report Stockholm [SW1], FI GAIN Report #FI0004 Page 1 of 12 TABLE OF CONTENTS SECTION I. MARKET SUMMARY ............................. Page 2 of 12 Sweden and Finland ...................................... Page 2 of 12 SECTION II. ROAD MAP FOR MARKET ENTRY ................. Page 3 of 12 A. Supermarkets, hyper markets or super centers ............... Page 3 of 12 Entry Strategy ..................................... Page 3 of 12 Market Structure .................................. Page 4 of 12 Company Profiles .................................. Page 4 of 12 Sweden .................................... Page 4 of 12 Finland ................................... Page 6 of 12 B. Convenience Stores, Gas Marts, Kiosks ................... Page 7 of 12 Entry Strategy ..................................... Page 7 of 12 Market Structure .................................. Page 8 of 12 Company Profiles .................................. Page 8 of 12 C. Traditional Markets - Small Independent Grocery Stores ..... Page 10 of 12 SECTION III.
    [Show full text]
  • Nielsen Press Release Template
    Press release Grocery Shop Directory 2014 EMBARGOED UNTIL 10:00 AM 31 MARCH 2015 CONTACTS: Sanna Kotakorpi, Market Leader E-mail: [email protected] Tel. +358 9 4300 3239, +358 50 363 1068 SEVEN LEAN YEARS IN THE FINNISH GROCERY TRADE During the last seven years, the average volume growth of the Finnish grocery sales has been only 0.2% a year. Such a long period of soft volume growth was not experienced even during the 1990s depression. Last year was the third consecutive year of non-existent development, with growth in volume amounting to only 0.1%. The information is based on Nielsen's annual Grocery Shop Directory. Grocery sales in Finland amounted to EUR 16.705 billion in 2014. The growth in sales value, 0.9%, was moderate compared to 2013. In the soft economic situation, prices have become clearly more important to consumers in the 2010s. Price-quality ratio and price level have become two of the consumers’ three most important criteria for choosing their place of purchase (Source: Nielsen Homescan). Tightest competition over market shares between Lidl and K-Group S Group, the market leader, grew hand in hand with the development of the grocery market and retained its market share, 45.7%. K-Group, on the other hand, lost 0.9 percentage points of its share, ending up with its all-time low market share in the history of the Grocery Shop Directory, 33.1%. Lidl, a success story in the weakly developing grocery market, continued its strong growth and took the third place from Suomen Lähikauppa in terms of market share.
    [Show full text]
  • Kesko's Year 2007
    Kesko’s year year Kesko’s www.kesko.fi 2007 Business ID 0109862-8 Business Kesko’s year 2007 WorldReginfo - 144ca99f-46a2-45b6-8eb4-4794b080e4d3 Design and layout: Incognito Photos: Kirsi Salovaara Milla Photos of Board Members: Rami Salle liked Kodin Ykkönen Printed by: Libris Oy because of Plussa offers sensible prices moving to study interior decoration trends WorldReginfo - 144ca99f-46a2-45b6-8eb4-4794b080e4d3 Year 2007 Divisions The Group Financial statements Further information 1 Contents Financial Further Year 2007 Divisions The Group statements information 2 Kesko in brief 10 Kesko Food 38 Vision, values and goals 70 Contents 143 Shares and share- 4 Year 2007 in brief 16 Rautakesko 40 Strategic emphases 71 Report by the Board of holders 6 Review by the President 21 VV-Auto 44 Individual customer Directors 150 Information for and CEO 24 Anttila approach -K-Plussa 81 Consolidated financial shareholders 8 Operating environment 27 Kesko Agro 46 Real estate operations statements (IFRS) 151 Information about 31 Other operating 48 Kesko is a good work- 85 Notes to the consolidat- Kesko for investors activities place ed financial statements 152 Contact information Konekesko 51 Competitive advantage 134 Parent’s financial 154 Glossary Intersport Finland from chain operations statements (FAS) Indoor Group and K-retailer Musta Pörssi entrepreneurship Kenkäkesko 52 Corporate responsibility Tähti Optikko in Kesko Kauko-Telko 57 Corporate Governance Statement 66 Board of Directors 68 Corporate Management Board WorldReginfo - 144ca99f-46a2-45b6-8eb4-4794b080e4d3 2 Kesko's year 2007 Kesko in brief Divisions Kesko Agro | Page 27 Kesko Agro operates the K-maatalous and Kesko Food | Page 10 Kesko Agro chains.
    [Show full text]
  • Offering Circular Strictly Confidential
    OFFERING CIRCULAR STRICTLY CONFIDENTIAL 11APR201623554262 TOKMANNI GROUP CORPORATION (a public limited liability company incorporated under the laws of Finland) Share Sale of initially a minimum of 8,609,050 and a maximum of 10,259,050 Sale Shares Share Issue of approximately EUR 96 million This offering circular (the ‘‘Offering Circular’’) has been prepared in connection with the initial public offering (the ‘‘Offering’’) of Tokmanni Group Corporation, a public limited liability company incorporated in Finland (the ‘‘Company’’). Through the Share Issue, the Company aims to raise gross proceeds of approximately EUR 96 million by offering new shares in the Company (the ‘‘New Shares’’) for subscription (the ‘‘Share Issue’’). The final number of New Shares to be issued in the Share Issue will be determined based on the Final Subscription Price (as defined below). The Company would issue 13,876,850 New Shares assuming that the Final Subscription Price for the New Shares would be at the mid-point of the Preliminary Price Range (as defined below) and that Tokmanni’s permanent employees would subscribe for a total of 246,000 New Shares at the discount applicable to such New Shares in accordance with their allocation preference in the Personnel Offering (as defined below). In addition, Cidron Disco S.a` r.l. (‘‘Cidron’’) (a company ultimately owned by Nordic Capital Fund VII (as defined herein), together with associated co-investment vehicles) and other existing shareholders of the Company named in Annex B (together with Cidron, the ‘‘Selling Shareholders’’) are offering initially a minimum of 8,609,050 and a maximum of 10,259,050 existing shares in the Company (the ‘‘Sale Shares’’) for sale (the ‘‘Share Sale’’).
    [Show full text]