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A-Tec is back in the black

Austrian industrialist Mirko Kovats� holding company A-Tec Industries reported yesterday (Weds) that it had climbed back into the black in 2009.

The firm said its earnings before interest and taxes (Ebit) had risen from 19.4 million Euros in 2008 to 143.1 million Euros in 2009 and its earnings before taxes (EBT) had gone up from a minus 12.3 million Euros in 2008 to 88.3 million Euros in 2009.

Earnings before interest, taxes, depreciation and amortization (Ebitda) rose from 77.3 million Euros at the end of 2008 to 211.2 million Euros at the end of 2009.

Turnover, on the other hand, fell from 3.26 billion Euros in 2008 to 3.0 billion Euros in 2009.

The value of orders on the books stood at 2.1 billion Euros at the end of last year, up by 35.4 per cent over their value a year earlier.

A-Tec said it expected a decline in turnover of 10 per cent and an Ebit margin of 3.0 per cent in 2010.

A-Tec announced last month that it was going to acquire Styrian holding company Holz-Her, which went bankrupt at the beginning of the year.

That means A-Tec will also get machinery manufacturer Reich-Austria GmbH, a subsidiary of Holz-Her GmbH, which went bankrupt at the same time as Holz-Her.

Kovats was quoted in the magazine Format as saying that Voitsberg, Styria, where Holz-Her and Reich-Austria are located, would be "our largest Austrian industrial location." He added that A-Tec would employ 400 people in Voitsberg.

Kovats said reevaluation of the firm ATB-Elektromotorenfabrik (electic engines factory) in Spielberg, Styria, which employs 500 people, would be "necessary" before A-Tec would become seriously interested in it.

The Alpine Land Creditors Association (AKV) said last month that Holz-Her and Reich-Austria had debts of around 37 million Euros and more than 800 creditors.

Austrian Times

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billion Kovats value Euros Ebit GmbH earnings bankrupt Reich Holz taxes Voitsberg Austrian Turnover Format Creditors industrialist holding Austria Styrian

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