Das KMG-Prospekt, das nur in Englisch vorliegt und 300 Seiten umfasst,
hält auf 12 Seiten umfangreiche Risken fest (siehe nachstehende Auflistung).
Besonders bemerkenswert ist 2006 der Ankauf von 75 Prozent der EMCO von der M.U.S.T.-Stiftung (Kovats) um 70,3 Mio€, wovon bereits 27 Mio€ bezahlt wurden und weitere 27,7 Mio€ mit einer Forderung an die Victory/M.U.S.T. verrechnet wurden. (Victory war das "Vehikel" der VA Tech-Transaktion).
Aus der Emission wird die M.U.S.T. Privatstiftung 200.000 bis 377.500 Aktien verkaufen, die einen Mittelzufluss von 20 bis 43 Mio€ für die M.U.S.T (Kovats) Privatstiftung bringen.
Die ungeprüften Zahlen für die ersten neun Monate 2006 zeigen, dass die Montanwerke Brixlegg von der derzeitigen Rohstoffhausse profitieren und rund 60 Prozent zum EBITDA beitragen.
Die Zahlen 2005 wurden von der PwC Wirtschaftsprüfung AG geprüft.
Der IVA bleibt bei seiner Meinung, dass die A-Tec-Aktie zum kolportierten Preisband (100 bis 115 Euro) für den auf Sicherheit bedachten Privatanleger mit hoher Wahrscheinlichkeit eine Enttäuschung bringen kann.
Kommentar von IVA-Präsident Dr. Wilhelm Rasinger: „Die A-Tec wird von Herrn Kovats als Vorstand und Aufsichtsrat dominiert, der den Börsengang auch dazu nutzt, um Beträge in der Grössenordnung von fünfzig bis hundert Millionen Euro in seine Privatstiftung zu transferieren“.
Risks Relating to the Industries and Markets in which the A-TEC Group Operates
General business and cyclicality in the industries and markets in which the Group´s major customers operate could cause a decrease in demand that could have a material adverse effect on the Group´s business operations.
The Group is affected by fluctations in raw material and energy prices.
The Group operates in highly competitive markets and might be adversely affected if it were unable to adapt to competitive threats.
The Group is subject to currency-related risks.
The Group is subject to risks arising from consolidation in the industries in which it operates and the consequent consolidation of the Group´s competitors and customer base. In certain of its divisions the Group already relies on a small number of customers for a large portion of its revenues.
A-TEC is exposed to local business risks in the various countries in which it operates.
Risks Relating to the A-TEC Group´s Business
Lindeteves-Jacoberg Limited, in which the Group recently increased ist holding to a majority stake, has been generating significant losses, ist integration and operating turnaround presents A-TEC with significant challenges and A-TEC may be required to provide additional financing support.
The Group may not be able to generate enough cash flow from its business operations to finance the Group´s consistently high liquidity and net working capital requirements.
Future impairment charges could further reduce the Group´s equity ratio.
The Group may not be able to pursue its acquisition strategy, to identify suitable targets for future acquisitions, to finance such acquisitions from free cash flow or to successfully integrate newly acquired companies into its existing operations.
The Group is exposed to risks relating to performance bonds and down-payment guarantees.
The A-Tec Group faces risks relating to its contractual guarantees.
A-TEC may be the subject of product liability suits and losses in sale, which could adversely affect its business.
The Group is subject to project and investment risks and uncertainties.
Order intake and backlog are not necessarily indicative of future earnings.
The Group´s Metallurgy Division in part depends on the global demand for copper, which is beyond its control.
Minority shareholdings of third parties in the Group´s majority-owned subsidiaries may impede its ability to make strategic decisions.
The Group´s strategic development is, in part, dependent on its founder and CEO, Dr. Mirko Kovats.
The Group´s majority shareholder M.U.S.T. Privatstiftung may be in a position to exercise significant influence over decisions made by the Group´s management or subject to a vote of the Group´s shareholders.
The future success of the Group depends on its ability to attract and to retain highly qualified management and skilled staff.
The A-TEC Group faces payment risk from its customers.
The Group´s decentralized operating structure and its acquisition-driven growth may result in delays in the Group´s financial reporting.
The Group is subject to numerous national, local and EU environmental laws and regulations, incurs costs in connection with compliance with such regulations and may be exposed to environmental liabilities as a result of its operations.
The A-TEC Group´s operating results may be adversely affected by the iompact of health and safety, labor, competition, tax, and other laws or regulations to which it is subject.
The Group is exposed to risks associated with tax audits that may result in future tax liability or in an adverse impact on the Group´s deferred tax assets.
A loss of the Group´s suppliers, interruptions or shortages in supply or an increase in the price of the Group´s raw materials, component parts, sub-assemblies or modules may adversely affect the Group´s business operations.
The Group operates complex manufacturing facilities and any manufacturing interruptions could harm the Group´s business.
The A-TEC Group may suffer losses which are not covered by its insurance.
If the Group were unable to protect its important patents and trade secrets or if third parties were to attempt to enforce intellectual property rights against the Group, its business might suffer.
Certain of the Group´s products are subject to export restrictions.
The Group´s holding company structure could have an adverse effect on its ability to pay dividends.
Risks Relating to the Offering
An active trading market for the Shares may fail to develop.
The Share price following the Offering may be volatile.
Substantial future sales of Shares could impact the market price of the Shares.
Investors resident in countries other than
Rights of shareholders in an Austrian corporation may differ from rights of shareholders in a corporation organized in another jurisdiction.
Because the consolidated book value of shareholders´ equity per Share will be substantially lower than the Offer Price, new investors will incur substantial and immediate dilution.