Technogym prepares for an ipo on the Italian Stock Exchange by the end of this year o at the beginning of 2016, MF-Milano Finanza writes today.
The group is a leader in the sector of wellness and fitness machines and is led and controlled by entrepreneur Nerio Alessandri, with Candover fund (managed by Arles Capital Partners) owning a 40% stake since 2008.
MF-Milano Finanza writes that Technogym called Italian and international banks in order to evaluate the rational for an ipo in the next 12 months.
The latest available financial statements of Technogym are for year 2013 and show consolidated revenues of 411.1 million eurosi (just below 412 millions in 2012), an ebitda of 36.6 millions (in sharp drop from 55.5 millions in 2012), an ebit of 8 millionsi (from 31,4 millions) and a net profit of 1.2 millions (from 19.2 millions) while the net financial debt reached 82.9 millions (from 82.7 miillions).
Wrost margins are the result of a strong euro versus the dollar and other currencies in 2013 and of important capital expenditures aimed at the opening of new markets and the development of the commercial network. The new trend of the euro-dollar exchange rate (with the common currency which is going to stay weak for long thanks to the ECB’s QE) is then reasonably due to benefit Technogym’s this year.
