Thursday, 29. January 2015 - 07:01
22. 10. 12. - 10:00
Troubled Austrian building firm Alpine Holding GmbH is planning to sell off one or more of it's sub firms in order to gain a fresh flow of capital.
According to company either Alpine Energie or Hazet Bau will be sold off that will provide cash for the Spanish owners Fomento de Construcciones & Contratas SA.
It was also revealed that the boss of Alpine Bau Salzburg - Josef Rettenwander - has left the embattled firm criticising the overinflated bureacracy at the building concern.
Alpine bonds tumbled after it admitted it may have a “significant” loss this year.
Alpine, based in Salzburg, said “certain” projects are responsible for the loss.
“Contrary to the issuer’s prior assessments, in particular due to the evolution of certain projects, the annual financial statements for the 2012 financial year would show a significant loss,” it said in the statement. With support by its shareholder and the funding banks, Alpine is “confident that it will continue to meet all of its financial obligations,” the company said.
Alpine, which built German soccer team Bayern Munich’s AllianzArena stadium, has about two-thirds of its output in Austria and Germany, and more than 20 percent in eastern and southeastern Europe. The company, which employs about 15,000, was acquired by FCC in 2006. Net income was 13.4 million euros ($17.3 million) last year, 18 percent less than a year earlier.
The company said in its annual report, published April 30, that it expects 2012 net income to match the prior year’s level. It sold a 100 million-euro bond in May, and in the prospectus said it wouldn’t provide a profit outlook.
Alpine said in August that it has “growing concern” about its business in Poland, where it is mired in legal battles including one over its contract to build the A1 motorway, saying their “outcome is hard to predict.”
Austrian magazine Profil first reported the company may have a loss on writedowns.
The company, whose net debt doubled to 550 million euros by the end of June from 277 million euros at the end of 2011, has met creditor banks for talks. Alpine’s creditors include Erste Group Bank AG (EBS) with 100 million euros outstanding, Raiffeisenlandesbank OOe AG with 82 million euros, and UniCredit Bank Austria AG with 78 million euros, according to the Profil report. Spokesmen for Erste, Raiffeisen and UniCredit declined to comment on the Alpine loans, citing bank secrecy rules.
Police And Firemen Get Cold Turkey
Flipping the bird was given a new meaning in Austria this week when a truck filled with plucked turkeys overturned, closing a busy motorway in the process.
Rare Bald Ibis Makes Microlight Flight To Italy
The project to introduce an extinct bird back to Europe is hailing success after successfully negotiating a new route over the Alps and training 14 Northern Bald Ibises how to fly south to winter feeding grounds in southern Tuscany.
Brit Soldier Rescued After Climbing Mountain In T Shirt
A British soldier who tackled the frozen Austrian Alps wearing just shorts and a T-shirt has been rapped by officials after he had to be rescued from the snowy peak.
Jobless Footballers Join Dole Rangers To Showcase Their Talent
Austria's job centres are entering the big league - by creating a football team to allow jobless footballers to showcase their talent and get work.
Good manners guide for Arabs dropped by Salzburg tourism officials
Tourism chiefs in Salzburg have been forced to withdraw a controversial etiquette guide for Arabs that aimed to stop them trying to haggle over prices, cooking in their rooms, and dumping their litter around the region.
Strongman pulls worlds largest twinjet plane out of hanger
A strong man known as the "Austrian Rock" has notched up his 16th endurance world record, this time by pulling a Boeing 777 plane from its hangar at the Vienna International Airport in Schwechat.
Austria receives record visitors from UAE
Austria received a record amount of visitors from the United Arab Emirates in 2013, according to the Austrian National Tourist Office.
Cheetah enclosure rebuilt after run of escapes
After a run of great escapes from the cheetah residents of Salzburg Zoo, the big cat enclosure has been rebuilt in an effort to prevent further breakouts.
Hosting Eurovision 2015 in Austria already complicated
The search for a suitable location for next year's Eurovision Song Contest taking place in Austria is already hitting complications with still 11 months to go until the event.
FIFA extend Taboga ban worldwide
The life time football ban imposed upon player Dominique Taboga by the Austrian Football Association (Ã–FB) in February for match-fixing has been extended by FIFA today to include worldwide activities.
The most popular stories –
last 7 days