• austriantimes.at
• croatiantimes.com
• romaniantimes.at
• viennatimes.at

Today

• Vienna - VESCC English Catholic Mass
• Vienna - Unknown Underground
• Vienna - Childrens Fun
• Vienna - Palais Lichtenstein

© Wikipedia

22. 10. 12. - 10:00

• more Business news
• RSS Feed Business

22. 10. 12. - 10:00

Alpine plans sell off to gain breathing space

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.

Austrian Times

Birth balance negative once again
The birth balance of 2012 has been negative for the first time in three years. This was due to an increase in deaths. Another trend is that women give birth to their first child when they are older.

Football manager fined 30,000 Euro
Adi Hütter, the manager of the football team SV Scholz Grödig (Salzburg state), was sentenced to a fine of 30,000 Euros on Wednesday due to tax evasion. Mr Hütter has to pay half of the amount.

New theatre alliance
Schauspielhaus Wien, Theater Phönix Linz, Schauspielhaus Salzburg, Klagenfurter Ensemble and Theater Kosmos Bregenz have formed an alliance. They want to reach a bigger audience and sustain the production.

Salzburg Social Democrats Lose Case Against Finanzbuddha
The social-democratic party (SPÖ) in Salzburg has had to make a public apology on its website after it lost a legal battle against the financial advisory company Finanzbuddha in the context of the financial scandal that has hit the region.

Water quality tests in lakes
The bathing lake next to the motorway in Wals-Viehhausen (Flachgau) has one of the worst water qualities. A test showed that there is a high amount of bacteria in the lake.

Drunk man drives 40 km on wrong side of road
An intoxicated Slovenian man drove 40 km on the wrong side of the Tauernautobahn motorway (A10) on Tuesday night. A courageous lorry driver stopped the Slovenian when the man stopped to urinate.

Tyrol lowest regional unemployment level in EU
In comparison to European regions, Tyrol and Salzburg have the lowest regional unemployment. Most unemployment occurs in the regions of Spain and Greece.

Salzburg coalition talks begin
A significant majority of the Green Party decided to start coalition talks with the ÖVP last evening (Wed). Negotiations about a new state government will start today. Team Stronach will also take part in the talks.

Baumgartner tax row
The tax proceedings of the extreme sportsman Felix Baumgartner are still underway. Mr Baumgartner told the Austria Press Agency that he asked the Independent Finance Senate (UFS) to resolve his case.

Record visitor numbers at Salzburg Whitsun Festival
The Whitsun Festival in Salzburg has set a new record of visitors and revenue. Cecilia Bartoli, a popular soloist and the artistic director of the festival, was particularly popular.