VALCOURT, Québec - BRP Inc. filed on April 17 a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with a proposed initial public offering of its subordinate voting shares.
A copy of the preliminary prospectus is available on the website of SEDAR, Canada’s document filing and retrieval system. The 217-page document gives details on BRP’s proposed IPO, as well as on its business, financials and markets.
The prospectus does not indicate the amount BRP hopes to raise. The company intends to use the proceeds from the offering to repay debt. Additional proceeds might be used for working capital and general corporate purposes.
In its comments to The Canadian Press, BRP said that more information will be available in the coming weeks.
According to the prospectus, BRP employs a global workforce of about 6,800 and sells products in 105 countries through about 4,200 dealers. There are 985 BRP powersports dealers in the U.S. and Canada.
BRP’s fiscal 2013 year ended Jan. 31. Compared to the fiscal year before, revenue increased 9.2 percent to a record CA$2.9 billion. Net income increased by 44.9 percent to CA$121 million. As of Jan. 31 the company’s cash stood at CA$542 million and its long-term debt at about CA$1 billion.
BRP assigned its 2013 revenue from the following categories:
- Snowmobile and PWC, 36 percent,
- ATV, SSV and Roadster, 36 percent,
- Rotax outboard engines, 12 percent, and
- Parts and accessories, 16 percent.
BRP said that 43 percent of its fiscal 2013 revenue came from the United States, 22 percent from Canada, and 35 percent from all other countries in which BRP does business.
Posted by Arlo Redwine