June 24 (SeeNews) - Romanian dairy producer Bonas Import Export started trading on the alternative market of the Bucharest Stock Exchange (BVB), AeRO, the bourse said on Thursday.
The dairy producer's shares were listed under the BONA ticker, the bourse said in a press release.
After listing, the company intends to use the financing mechanisms available on the capital market, such as capital increases, the issuance of corporate bonds, including the ones convertible into shares, depending on its financing needs.
The company's strategy involves expanding its network of stores in Cluj county, neighboring counties, but also in Bucharest, in parallel with increasing the daily amount of milk processed in the existing factory. The company's plans also include the development of a new factory, and the launch of a franchise system, mainly for stores in localities which are too far away from the factory.
Earlier this month, the company launched a fresh milk ice cream production line, intending to invest next year in an ice cream factory with fresh milk as raw material.
The company's listing comes after a private placement carried out in April, through which 40.76% of Bonas shares were sold, at a price of 5 lei per share. The offer was oversubscribed from the first day, thus the company raised approximately 10 million lei ($2.4 million/2.03 million euro) from 114 investors.
For 2021, Bonas management estimates an increase of over 70% in total revenues, to 30.4 million lei, and the upward trend is expected to continue, so that in 2023, total revenues would reach almost 55 million lei. The net profit is estimated for this year to rise to almost 2.2 million lei, and by 2023, to reach 4.6 million lei.
Bonas recorded in 2020 total revenues of 17.7 million lei, down 13% compared to 2019, and a net profit of almost 452,000 lei, compared to 1.1 million lei in 2019, after part of the deliveries to some retailers and public institutions such as kindergartens, schools, hospitals were stopped because of the COVID-19 pandemic.
The company was founded in 1991 as a family business and currently employs 83. Bonas dairy products are manufactured in Dezmir, Apahida commune, Cluj County.
The factory has an area of over 1,000 sqm, with a total processing capacity of 15,000 liters of milk per day. Bonas products are sold mainly in the 18 own stores in Cluj County, hypermarket networks snd small retailers.
The main shareholders of the company are Vasile Nas with 20.44%, Emil Ovidiu Nas with 20.44% and Petru Brad with 18.33%. The rest of the shares are owned by individuals and legal entities.
As at 1221 CET on Thursday, Bonas shares traded at 4.36 lei on the BVB.
(1 euro=4.9242 lei)