The Upper Austrian fire brigade supplier Rosenbauer will make a groundbreaking decision at the next general meeting. A capital increase could significantly change the ownership structure after more than 150 years.
Rosenbauer’s latest balance sheet figures are pointing upwards again, after losses the group is profitable again and turnover has exceeded the one billion euro mark. But nevertheless, a big change is in store for the fire equipment supplier this year.
The general meeting will vote on a capital increase in mid-May. This will fundamentally change the ownership structure. Rosenbauer Beteiligungsverwaltung is currently a 51 percent shareholder. However, if the family does not participate in the capital increase and purchases no or hardly any shares, their share will fall below 50 percent for the first time since its founding more than 150 years ago, which will reduce power in the company.
It is almost certain that no new capital will come from the family. Although individual family members could also purchase shares, owning the majority is unlikely to be possible. This “dilutes” the shares. The placement of a hybrid bond failed last year because the family did not have the capital. The group must therefore look for other donors. There are currently numerous discussions going on about this, Wolf says.
More than 20 shareholders with family participation
According to the company register, the investment management company has more than 20 shareholders, with Reinhild Hawelka having the largest share of around 23 percent, making her one of the richest Austrians. Alexander Pietsch, also general manager, is in second place. He is the cousin of Dieter Siegel, the last CEO from the family environment.
Siegel was surprisingly replaced in the summer of 2022 by Sebastian Wolf, the first CEO without a family connection to Rosenbauer. Because shareholders’ equity was so low and turnover and profit were below expectations, he had to make concessions to the banks. In addition to the capital increase, this also means that there will be no dividend this year.
There have also been recent personnel changes. Technical director Daniel Tomaschko left and restructuring manager Thomas Biringer took over on an interim basis. Wolf is again aiming for an EBIT margin of 5 percent this year and turnover is expected to rise to 1.2 billion euros.
Despite the global crises, the market environment is developing positively; the order books are full and at record levels. Analysts rate the stock, which has recently fallen sharply, as a buy. Future markets are the Middle East and America, and growth is also expected in the field of e-mobility. To fully embrace global expansion, no stone must be left unturned in Leonding, Upper Austria.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
