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I N V E S T M E N T O P P O R T U N I T Y
F O R I G R O U P
I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E A P P L I A N C E I N D U S T R Y S U P P L I E R
M A R C H 2 0 1 9
2
F O R I G R O U P I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E
A P P L I A N C E I N D U S T R Y S U P P L I E R
The Group offers the following key investment opportuniti-es:
1. The group has a diverse product range segmented in several divisions/programmes: automotive program-me, technical textile division, cable programme, me-tal&plastic division and toolshop.
2. Group offers integrated solutions from design to assembly of components/products;
3. TT Okroglica d.d and Fori d.o.o. are Group’s core pro-duction facilities in Slovenia
4. Fori Group’s largest business unit is TT Okroglica d.d. one of the leading manufacturers of technical textile and cable tapes in Europe;
5. Fori d.o.o. plant in Velenje provides metal processing; cutting, bending, forming, welding, brushing and final phase assembly of metal and plastics components;
I N V E S T M E N T O P P O R T U N I T Y
I N V E S T M E N T O P P O R T U N I T Y
O W N E R S H I P
Source: GVIN, records per 18.03.2019
F I N A N C I A L D E B T S T R U C T U R E
Source: BAMC records per 31.12.2018 Note: Consolidated financial debt (TT Okroglica d.d., Fori d.o.o., Fori Skupina d.o.o., Elvel d.o.o., Emo-Tech d.o.o)
With the transfer of assets in 2014 from Slovenian banks, the Bank Asset Management Company (“BAMC”) became a creditor of the companies TT Okroglica d.d., Fori d.o.o., Fori Skupina d.o.o., Elvel d.o.o., Emo-Tech d.o.o. (“ from here on Fori Group”), a highly acclaimed international diversified group. At this point, BAMC is considering disposing of its collateralized loan exposure in the companies in the total amount of 18,1 million EUR (as of 28.02.2019).
TT Okroglica d. d. Ownership in %
Fori Skupina d.o.o. 80,60
Forštner Martin 17,59
Others 1,81
100,00
Fori d. o. o. Ownership in %
Fori Skupina d.o.o. 73,00 Mitja Forštner 20,00 NTU d.d. 7,00
100,00
BAMC78%
Others22%
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Cables Technical textiles Metal&Plastic
FORI Group is a group, integrating several companies and business systems (production, trade and engineering):
TT Okroglica, Fori, Fori Skupina, Elvel, Emo-Tech, Slo-venia
Fori Textile SER, Fori Products SER, Serbia
Sinositec, China
For RUS, Russia
Sales by customers segment:
Automotive industry 57%
Cable industry 25%
Plastic&white goods 15%
Other 3%
G R O U P P R O F I L E
A brief overview of the products and services is given below:
Automotive programme:
Technical textiles,
Metals,
Plastics,
Toolmaking.
Technical textile division:
Development and production of technical textiles for automotive industry (seat covers, headrests, armrests, door panels, floors…),
Sewing.
Metal & plastic division:
Metal pressing,
Plastic injection moulding,
Assembling.
Cable programme:
Water-blocking barriers, separation tapes, bedding tapes, binding tapes, semi-conductive tapes and heat-barrier tapes.
Toolshop:
Design and production of shaping tools.
P R O D U C T S A N D S E R V I C E S
I N V E S T M E N T O P P O R T U N I T Y
F O R I G R O U P I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E
A P P L I A N C E I N D U S T R Y S U P P L I E R
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1. Volčja Draga (TT Okroglica)
2. Velenje (Fori, Fori Skupina, Elvel, Emo-Tech)
L O C AT I O N
I N V E S T M E N T O P P O R T U N I T Y
The company is a supplier to renowned customers such as BMW, Volvo, Škoda, Jaguar, Ford, Gorenje, Adient, Lear, Recaro, Blanco.
R E F E R E N C E S
F O R I G R O U P I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E
A P P L I A N C E I N D U S T R Y S U P P L I E R
5 I N V E S T M E N T O P P O R T U N I T Y
Source: Gvin
000 € 2014 2015 2016 2017
Revenues 19.237 21.027 19.618 19.728
EBITDA 2.496 2.455 2.594 2.841
EBIT 1.816 1.858 1.980 2.330
Net income 83 766 592 853
Total assets 14.877 14.235 15.389 16.979
Equity 4.880 5.029 5.619 6.492
Debt 4.331 4.093 3.649 3.506
Average no. of employees 88 97 95 92
EBITDA margin 13% 12% 13% 14%
EBIT margin 9% 9% 10% 12%
Net income margin 0% 4% 3% 4%
ROA 1% 5% 4% 5%
ROE 2% 15% 11% 13%
Net debt/EBITDA 1,66x 1,67x 1,41x 1,22x
Disclaimer This document serves the purpose of introducing potential investors to the above-mentioned process and is based on information available at the date of publication. The analyses and conclusions are of a general nature and do not purport to contain all information that may be required or relevant to the investor’s evaluation of the above process and the investor is wholly responsible for conducting its own investigation and analysis. Information about previous performance does not guaran-tee future performance. The information contained herein has not been independently verified. Neither the seller, the financial advisor nor any of their respective affiliate persons makes any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the infor-mation contained herein or any other written or oral communication transmitted or made available to any investor. Only the representations and warranties that are made in a written agreement relating to the above process, when and if executed, and subject to any limitations and restrictions as may be specified in such agreement, shall have any legal effect.
K E Y F I N A N C I A L S O F T T O K R O G L I C A D. D.
F O R I G R O U P I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E
A P P L I A N C E I N D U S T R Y S U P P L I E R
6 I N V E S T M E N T O P P O R T U N I T Y
Source: Gvin
000 € 2014 2015 2016 2017
Revenues 6.677 7.756 7.772 8.519
EBITDA 1.943 1.415 1.960 1.630
EBIT 930 614 1.229 880
Net income 2 59 248 163
Total assets 22.100 22.087 21.377 23.192
Equity 6.898 6.957 7.205 6.799
Debt 13.519 13.078 12.087 11.553
Average no. of employees 66 66 71 82
EBITDA margin 29% 18% 25% 19%
EBIT margin 14% 8% 16% 10%
Net income margin 0% 1% 3% 2%
ROA 0% 0% 1% 1%
ROE 0% 1% 3% 2%
Net debt/EBITDA 6,96x 9,24x 6,16x 7,09x
Disclaimer This document serves the purpose of introducing potential investors to the above-mentioned process and is based on information available at the date of publication. The analyses and conclusions are of a general nature and do not purport to contain all information that may be required or relevant to the investor’s evaluation of the above process and the investor is wholly responsible for conducting its own investigation and analysis. Information about previous performance does not guaran-tee future performance. The information contained herein has not been independently verified. Neither the seller, the financial advisor nor any of their respective affiliate persons makes any representation, warranty or guarantee of any kind, express or implied, as to the accuracy, completeness or reasonableness of the infor-mation contained herein or any other written or oral communication transmitted or made available to any investor. Only the representations and warranties that are made in a written agreement relating to the above process, when and if executed, and subject to any limitations and restrictions as may be specified in such agreement, shall have any legal effect.
K E Y F I N A N C I A L S O F F O R I D . O . O .
F O R I G R O U P I N T E R N AT I O N A L A U TO M OT I V E , C A B L E A N D H O M E
A P P L I A N C E I N D U S T R Y S U P P L I E R