Ixonos - Company Announcement

IXONOS' REGISTRATION DOCUMENT APPROVED

Helsinki, Finland, 2013-01-17 18:00 CET (GLOBE NEWSWIRE) -- Ixonos Plc         
Stock Exchange Release          17 January 2013 at 19:00 



The Finnish Financial Supervisory Authority has on 17 January 2013, pursuant to
the Finnish Securities Market Act, approved Ixonos Plc's (”Ixonos or the
”Company”) registration document (the ”Registration Document”) and securities
note (the ”Securities Note” and together with the Registration Document, the"Prospectus") related to the Company's share Issue (”Share Issue”) announced on
16 January 2013. The Registration Document contains information on the Company
and its financial position. The Registration Document is valid for 12 months
after its approval. The Securities Note contains a summary and information on
the Share Issue. 


The Prospectus is available on the Company's Web Page
http://investor.ixonos.com in digital form starting approximately from 18
January 2013 and in printed form in Company's headquarters, Ixonos Plc,
Hitsaajankatu 24, 00810 Helsinki, Finland and in NASDAQ OMX Helsinki service
center, Fabianinkatu 14, 00100 Helsinki during the Share Issue. The Prospectus
is only available in the Finnish language. 


The Prospectus includes the following non-published relevant information:



Financial covenants, the breach of financial covenants and waivers to exempt
Company from immediate payback of loans 

The most important financial covenants agreed with external financiers are
ratio between interest bearing net debs as well as earnings before interest,
taxes, depreciations and amortizations (EBITDA). Depending on the financier and
the calculation model, the above-mentioned ratio shall be 3.0 or 2.5. In
addition, the Company's equity ratio has to be above 35%. Company has breached
the financial covenants in its loan agreements on 31 December 2012 but has
received waivers from financiers to exempt the Company from immediate payback
of loans. The waivers are valid for six months from the financial statement
closing date. Because of the waiver period the Company will book the loans to
current liabilities in the financial statements for the financial period ending
on 31 December 2012. On 30 September 2012, the balance sheet non-current
liabilities include loans described above in the amount of EUR 7,0 million. The
fulfillment of the financial covenants is examined twice a year, on 30 June and
31 December. 

The Company finances its operations with cash flow from operations, with
borrowed capital or by increasing its equity related financing. The Company's
financial risk management is presented in the Company's financial statements
for 2011 in note “31. Financial Risk Management”. 



Working Capital statement

The working capital of the Company will not be sufficient for the Company's
needs during 12 months following the date of the Prospectus. 

However, the working capital of the Company will be sufficient for the
Company's needs during 12 months following the date of the Prospectus, if the
Company's cash flow will develop as the Company has planned and forecasted and
the Share Issue is completed in its entirety. However, there is no guarantee
that the Company will, in all circumstances, fulfill the financial covenants
according to its loan agreements. In such situation, the financiers have e.g.
the right to demand the immediate payback of loans or the renegotiation of loan
terms and conditions. 

If the Share Issue is not completed in its entirety, the funds received
pursuant to subscription commitments and underwriting commitments, after
deductions for costs of the Share Issue approximately EUR 2 million, will
satisfy the working capital needs for the next six months, if the Company's
cash flow develops as planned and forecasted. 

If the Company's cash flow does not develop as planned and forecasted or the
Share Issue is not completed in its entirety or the funds received pursuant to
subscription commitments and underwriting commitments do not satisfy the
working capital needs, the deficit has to be covered with additional financing
or with other actions. The possible need for additional financing is planned to
be covered by (i) using the authorizations to issue new shares granted to the
Board of Directors, (ii)  additional reorganization and additional efficiency
increase in the Company's operations, (iii) postponing planned investments,
(iv) funds received from selling the Company's assets or businesses or (v) any
combination of the above. As a part of the Company's working capital
management, the Company's management has started negotiations with financiers
concerning possible additional financing. The Company's management is confident
that it can fulfill the possible need for excess financing to satisfy the
working capital needs. 


IXONOS PLC


Timo Leinonen
CFO, Senior Vice President

Additional Information:
Ixonos Plc, Timo Leinonen, CFO, Senior Vice President, tel. +358 400 793 073,
timo.leinonen@ixonos.com. 

Distribution:
NASDAQ OMX Helsinki
Main Media

Attachments:

Ixonos Registration document approved.pdf