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2011-11-09 12:00:00 CET 2011-11-09 12:00:05 CET REGULATED INFORMATION Panostaja Oyj - Company AnnouncementNEW CEO TO START AT PANOSTAJA'S SUBSIDIARY LÄMPÖ-TUKKU OYPanostaja Oyj Stock Exchange Bulletin 9 November 2011 1:00 p.m. NEW CEO TO START AT PANOSTAJA'S SUBSIDIARY LÄMPÖ-TUKKU OY Jouko Tyrkkö, the CEO of Panostaja Oyj's subsidiary Lämpö-Tukku Oy, is released from his duties with immediate effect, and his contract as the CEO has been terminated today. As of 9 November 2011, M.Sc.(Econ.) S. Martti Niemi has been elected the new Lämpö-Tukku CEO, who will first take on the position as CEO under a fixed-term contract. Previously, he has worked as a management consultant and, among other posts, as the CEO at B&B Tools Finland Oy. In the Stock Exchange Bulletin released on 3 October 2011, Panostaja reported that the sale of the operations of Lämpö-Tukku Oy was cancelled due to errors detected in the inventory of the stock completed prior to the realization of the sale. The errors total about MEUR 2, of which MEUR 0.2 is allocated to the financial period which ended 31 October 2011. The remainder of the inventory difference will be adjusted to the balance sheet against the profits from previous years. Panostaja Group's result management for the financial period closed will remain unaltered. In accordance with the result management published on 7 September 2011, the Group's net sales are expected to grow approx. 15-20% during the 2011 financial year over the previous year. The profitability of the business areas is estimated to improve significantly yielding a result to the Group of approx. MEUR 2.2-3.0 for the financial year. Panostaja continues the investigation of the reasons resulting in the inventory difference and will notify of them in more detail if necessary. Panostaja Oyj Juha Sarsama CEO More information: CEO Juha Sarsama Panostaja Oyj 040 774 2099 Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of our operations is based on Finnish entrepreneurship and persevering the development of entrepreneurial activity. Together with our entrepreneur partners, we are cultivating companies to become the best in the field and are thereby creating Finnish success stories. Panostaja Oyj currently operates in twelve business areas. Panostaja Group's net sales for the 2010 financial period stood at MEUR 140.5 without the effect of the divestments realized over the financial period. |
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