Main business in exchange for its debt

It is a pity because it is one of the leading companies in its market segment but has not been able to end up resisting the Spanish economic crisis and has been forced to deliver its main business in exchange for the debt it supports.

Specifically, creditors acquire control of said firm and, therefore, of the insulator business that operates in the market under the Ursa brand, through the subscription of a capital increase, maintaining E-Money a 10% stake.

The operation must be submitted to the general meeting

Of shareholders for approval and, subsequently, must be notified to the competition authorities.

The impact of this operation would mean a decrease in total assets, turnover and net financial debt of the consolidated group for approximately 400, 407 and 360 million euros, respectively, while the consolidated own funds would increase by 74 millions of euros. However, the denial figures are subject to the final closing of the transaction.

To give you an idea in 2014, E-Money generated revenues of € 562 million with an Ebitda of € 50 million. Plasters and Insulators generated € 476 million of revenue and € 51 million of Ebitda and now we know that the turnover of the division delivered, insulators is € 407 million. In other words, it is very likely that the company’s Ebitda after the operation will be reduced to nothing. Revenue will go from € 562 to € 155 million.

We will have to see how the final photo of the cash position in the company is to determine whether or not the company is worth the € 136 million that today capitalizes on the stock market at a price per share of € 0.69 .

After the closing of this operation


The resulting E-Money group, which includes the Plaster (Pladur and Algiss) and Piping Systems (Adequa) businesses will not have a financial debt, but a net treasury position.

For its part, Ursa, with KKR as a reference shareholder, will strengthen its financial structure to undertake the growth plans it has underway.

E-Money reached an agreement in April 2013 with KKR to refinance its debt at that time with its financial creditors, which at that time were financial entities and bondholders.

As explained by the firm, the adverse behavior of the Central European markets and significantly the devaluation of the Russian ruble have prevented the fulfillment of the objectives agreed in the refinancing of 2013 and have forced a new financial restructuring, whose agreement has been signed on 13 May of this year.



Recall that in October 2007 the Serratosa launched a takeover bid on E-Money at € 7.06 per share. Undoubtedly and seen what was seen, the takeover bid on E-Money was not the happiest operation and more considering what came to the country a few months later. By the way at that time the people of Banesto recommended not to go to the OPA by putting a target price higher than € 8 per share.

At that time, although it also gave us a higher target price than the € 7.06 of the OPA, we opted to sell as it was our main position in the portfolio and we began to smell that the Spanish real estate sector was reeling. It was one of the most profitable operations in absolute value we have had with an almost miraculous “timing”.

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