Austrian Economic News - Week 25 Jun - 1 Jul

Monday

Steel group Voestalpine has decided to launch a new bond programme worth up to EUR 1bn. However, the firm does not have concrete issue plans for the summer season.

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Sugar, stark and fruit company Agrana announced that its first-quarter revenues rose to EUR 775m from EUR 613m a year earlier. Operating profit grew to EUR 70.9m from EUR 61.6m. 

Tuesday

Insurance group Uniqa announced the start of its planned capital increase with the volume of EUR 500m. The issue price stands at EUR 10.50 per share, with a subscription ratio of 29:10. The increase is part of Uniqa's plans to boost its free float next year.
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Austria's second biggest construction group Porr announced the lay-off of 74 of its 270 employees at its Vienna headquarters, daily Standard reported. The move is part of the company's restructuring efforts and its intentions to cut massively the costs.

Wednesday

Austrian lighting producer Zumtobel said its net profit collapsed 69% to EUR 16m in fiscal 2011/12. Sales increased 4.2% to EUR 1.280bn. Dividend payment will be cut to EUR 0.20 from EUR 0.50. The company has withdrawn its forecast for an average sales growth of 10% per year.

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Technology group Andritz has raised EUR 350m with the issue of a new bond. The seven-year bond will bear a coupon of 3.875%.

Thursday

Economic research institutes Wifo and IHS said on Thursday they see Austria's gross domestic product rising respectively by 0.6% and 0.8% in 2012. For 2013 Wifo projects 1.3% growth, while IHS expects 1.7%. Wifo, however, pointed out that the uncertainty for 2013 is extremely high.

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The Austrian Federal Competition Authority has filed the planned takeover of Yesss, the low-cost subsidiary of Orange, by Telekom Austria for an in-depth examination by the Cartel Court. The authorities fear that the deal would have a negative impact on competition. This will also delay the planned takeover of Orange Austria by "3" (Hutchison 3G).

Friday

Petrom, the Romanian subsidiary of OMV, has divested its gas bottling unit Petrom LPG to Crimbo Gas International. No financial details were provided.

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Motorcycle producer KTM has completed its latest capital increase that involved the issue of 336,000 new shares.

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Hypo NÖ Gruppe Bank AG has agreed to buy first facility, a subsidiary of utility EVN.

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Austrian insurer Uniqa said it had completed the divestment of its 91.7% stake in German Mannheimer AG Holding to Continentale Versicherungsverbund. The deal price was not disclosed.