EANS-Adhoc: BENE AG
Bene places corporate bond for the strengthening of the
strategic liquidity and adjusts the personnel capacities.
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
28.04.2009
Vienna/Waidhofen/Ybbs, April 28, 2009. The Vienna prime market listed Bene AG has successfully placed a EUR 40 million corporate bond with institutional investors and therewith has created an additional liquidity reserve for the coming years. In the sense of the strategic protection in a difficult economic environment, Bene will furthermore adjust its personnel capacities and until the end of June 2009 will reduce the headcount of the Bene AG by 125 employees in the context of a social plan.
With the today´s pricing, the Bene Group has successfully closed the issue of a corporate bond in the total volume of EUR 40 million. The term of the with 6.875 % fixed interest bearing bond, which was placed with Austrian institutional investors, is five years. The bond was offered to the investors in the context of a private placement. The joint lead managers of the transaction - Raiffeisenlandesbank OÖ and BAWAG - disclosed this after the end of the subscription period. The bullet bond has a denomination of EUR 50,000. Thus, in a macro-economically challenging environment Bene has ensured its liquidity for the next years.
Subsequent to an extensive cost cutting and efficiency increase program in the past months, as of today, the Bene Group has likewise started an action plan to adjust the number of employees. Bene therewith reacts responsibly and timely to the significantly changed economic environment in the served markets. In this context, in line with a social plan, the headcount of the Bene Group will be reduced by 125 persons until the end of June 2009. Additionally, another 60 workers are filed for lay-off, who however will get a reemployment guarantee after two months at the latest.
"In the next months we expect a considerable acceleration of the consolidation process in the office furniture market, which will go along with a tremendous pressure on sales and prices. In the interest of the entire Company we have to responsibly and far-sightedly face the challenging economic conditions now, in order to ensure the Bene Group´s future and to emerge strengthened from the crisis", explains Frank Wiegmann, Chairman of the Management Board of the Bene AG, this step.
With the adjustment of its personnel capacities and the successful emission of its bond, the Bene AG takes an offensive measure to face the current situation. In the mid and long term the Company expects a clearly positive economic outlook.
About Bene. Bene is convinced that there is a clear connection between the design of office and working environments, the corporate culture and the success of a company. Bene´s concepts, products and services put this philosophy into reality. Development, design and production as well as consulting and sales are covered under one roof. With 80 sites in 32 countries and 1,517 employees worldwide, Bene offers its customers regional access to all of its services. In the business year 2007/08, consolidated sales of the Bene Group amounted to EUR 252.5 million. Bene is market leader in Austria and number six in Europe.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Gerald Strohmaier
Head of Finance & Investor Relations
A-3340 Waidhofen/Ybbs
Schwarzwiesenstraße 3
Tel. +43-7442-500-3372
Public Relations
Ursula Grabher
Head of Public Relations
A-1010 Wien
Renngasse 6
Tel. +43-1-534 26-1265
Branche: Furnishings & Furniture
ISIN: AT00000BENE6
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / official market