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 Topic: Kyham gone into liquidation?
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28/8/2009 at 2:49pm
Location: Buckinghamshire
Outfit: VW Campers and Tents
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A press release from the Polish owner, it's a rough translation:
Euromark selling British subsidiary
17:17 25.08.2009
tuesday
25.8.Warszawa (PAP) - Euromark, owner of brands and Alpinus Campus, has signed with the World Outdoors contract of sale of 100 percent. shares of the British subsidiary of the Eurotech Leisure - Euromark reported in a statement.
The contract value is 50 thousand. Buy.
"Given the particularly poor recent sales performance achieved by Eurotech, the general situation in the market outdoorowym in the UK and the fact that wholesaling is a key part of future plans and growth strategy, management Euromark Poland came to the conclusion that he should sell the subsidiary and concentrate its activities on the Polish market and in Central and Eastern Europe. Terms of the sale show a reduction of net asset value, which for the valuation of the company by the buyer and Euromark reflects potential future impairment losses - in press release.
The transaction will be written off as a financial cost, thus directly affecting the amount of gross profit.
"Euromark Poland expects to conclude an agreement with the purchaser of the subsidiary, which will allow Polish parent company to continue operating the other end clients interested in these brands, at minimal additional cost, and estimated that this activity will increase sales volume by an additional 4-6 million and increase to about . 0.5-0.75 million per year profitability Euromark Poland "- written. (PAP)
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28/8/2009 at 2:51pm
Location: Buckinghamshire
Outfit: VW Campers and Tents
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Joined: 09/6/1999 Forum Admin
Forum Posts: 7662
Tent Reviews: 3
| Site Reviews Total: | 84 |
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| Site Reviews 2024: | 2 |
| Site Reviews 2023: | 1 |
| Site Reviews 2022: | 0 |
| Site Reviews 2021: | 18 |
| Site Reviews 2020: | 13 |
| Site Reviews 2019: | 21 |
| Site Reviews 2018: | 6 |
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| Site Nights 2024: | 6 |
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Report No: 16/2009
Date: 25/08/2009
Short name of the issuer: EUROMARK
Subject: Sale of 100% shares of the subsidiary Eurotech Leisure Ltd
Legal basis: Article 56, paragraph. 1, point 1 of the offer - confidential information
Contents of the report:
Board of Euromark Poland SA (Issuer, the Company, the Seller) announces that on 24 August 2009, the Issuer has entered into with The World of Outdoors (HK) Limited (buyer) contract, which is the subject of the sale by the Company for a total of 868.330 shares of Buyer UK subsidiary Eurotech Leisure Ltd. with a nominal value £ 1 each share (the Agreement).
In accordance with the Agreement, the total selling price of shares of Eurotech Leisure Ltd is PLN 50,000.00 (say: pięddziesiąt thousand) całośd the amount will be paid by the buyer to the seller on the conclusion of a bank transfer in USD corresponding to PLN 50,000. If the purchase price will not be recognized on the Seller's bank account within one month from the date of sale, the contract becomes null and void.
Underlying the sale of shares of Eurotech Leisure Ltd lay under the conditions described previously by the Issuer set out in the Report of the Board of Capital Group activities Euromark Poland SA for the year 2008 / 9
During the reporting period 2008/2009, the situation of the company Eurotech Leisure Ltd. in terms of sales was particularly difficult, whether as a result of adverse weather conditions and the recession in the UK, and the result was known. credit crunch. The company not only felt the effects of bad debts and had podjąd decisive steps earlier to sell stocks of goods at lower margins, particularly clothing and Wynnster tents.
Sales and margin decreased by 12.7 million and 4.8 million.
Khyam trade in goods declined as a result of adverse weather conditions during the summer. While the turnover was lower than expected margin was carried out with minimum stock of goods transferred to the season 2009/2010.
Was an extremely disappointing season for the brand Wynnster, whose turnover was particularly low due to rainy weather. Gross profit fell by nearly half because of the aggressive sale of old stocks of goods. The company starts 2009/2010 season, however, without defaulting goods (tents), which is a positive result.
Karrimor decision to expand sales and introduce their own brand products to chain stores in the UK had a significant impact on turnover. Customers were not satisfied poorer quality when compared to the previous position of a brand, offering products of higher value under the same name. These circumstances have contributed to the clean storage warehouses Karrimor achieved at the expense of margins and zakooczeniem distribution.
The above-described losses on sales and margins were somewhat offset by an aggressive reduction of expenses described in Section 2.4 Report on the Activities Board, however, the total financial result was a loss before tax of £ 3.3 million.
These results and comments from the auditors resulted in the Board Euromark Poland SA reduced operating costs of the subsidiary and examined various options for its future commercial activities, including możliwośd transfer its activities to the Polish, which informs the issuer in the reports for the fourth quarter of 2007 / 8 and the first quarter of 2008 / 9 In addition, spectrum analysis also covered the creation celowośd
copy of the book value of investments incurred by the parent company due to these circumstances. Combining the positive results of the study of impairment, based on projected sales of individual brands and a return to profitability in the first quarter of financial year 2009/10, despite the still difficult market conditions, allowing dojśd to the conclusion that there is no need to make such an allowance at the moment and to the decision that should be re-rozważyd situation in the third quarter, after zakooczeniu season Spring / Summer. Board of the Issuer currently has examined the situation and the relatively good sales results for the period of 1 March 2009 to 24 August 2009 (3.5 million pounds) and achieved a profit (0.2 million pounds), he decided that działalnośd subsidiary should not continue in cattle current form. This decision results from a prolonged recession in Britain and the fact that this sector of the economy has been subject to strong efficiency, which affected the behavior of retail customers of the subsidiary, which reduced their ilośd zamówieo and wydłużyli payment terms. In July 2009, Eurotech appealed the order of 5 million PLN, while the company has already purchased the related products, which significantly affected the zyskownośd company. As a result, the Issuer as soon as he decided to share zbyd Eurotech Leisure Ltd. Given recent particularly weak sales results achieved by Eurotech, the general situation in the market outdoorowym in the UK and the fact that wholesaling is a key part of future plans and development strategies of the Group, Board of Euromark Poland SA came to the conclusion that it should sprzedad that subsidiary and skoncentrowad its działalnośd on the Polish market as well as Central and Eastern Europe. Sales conditions show a reduction of net asset value, which for the valuation of the company by the Buyer and Euromark reflects potential future impairment losses. This transaction has no impact on unit sales Euromark Poland SA in the current period, however, will affect investment and wartośd will offset a financial cost, thus directly affecting wysokośd gross profit. Euromark Poland SA expects zawrzed arrangement with the purchaser of the subsidiary, which will allow Polish parent company kontynuowad service koocowych other clients interested in these brands, at minimal additional cost, and estimated that this will increase sales volume działalnośd additional 4 - 6 million and will increase by about 0, 5 - 0.75 million zyskownośd Euromark Poland SA year. In addition to these single copy, this situation will not affect the main copper sales, profit and działalnośd Euromark SA in Poland, in addition to the proceeds from additional sales and profitability of those mentioned above.
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