Koprivnice, Feb 10 (CTK) – Czech lorry maker Tatra registered a year-on-year fall in sales of 45 percent last year owing to the global economic crisis compared with Kc5.9bn sales in 2008.
Tatra chief executive Ronald Adams said last year was catastrophic for lorry makers. The company had to lay off almost 1,400 staff in 2009.
Adams believes that Tatra has already overcome the most difficult period. It is beginning to see a recovery on important markets such as Russia and Azerbaijan, and believes that sales will increase this year already, Adams said.
Tatra had cut costs rapidly, but still sustained big losses, of which around half were accounting reserves which te company created, he said.
Tatra does not want to disclose its bottom line for the time being. However, it is very likely that it will post a loss again.
In 2008, the company’s loss reached Kc572m on sales of Kc5.9bn. The year was the best in Tatra’s recent history in terms of sales, according to Adams.
Tatra now plans to reduce operations and costs to the level corresponding to the volume of orders and continues to develop new products.
According to daily Mlada fronta DNES, crisis manager Vladimir Bail, whom Tatra hired as part of measures to improve its economic results, had to leave the company.
Bail was preparing a two-year restructuring plan which, according to him, reckoned with the sale of some subsidiaries.
In December last year, Tatra handed over the last 30 military vehicles T810 to the Czech military. The vehicles were part of a Kc2.7bn contract under which Tatra delivered a total of 588 military vehicles within two years to the military.
Among Tatra’s important export territories are Russia, former members of the Commonwealth of Independent States comprising former countries of the Soviet Union, India and the European market.
The company has also started to export to Australia in recent years and found new contacts in America.
Tatra has since 2006 been under the control of four Czech and foreign investors represented by former supervisory board chairman and current board of directors chairman Ronald Adams.
The investors’ company Black River now holds 51 percent of Tatra’s shares. Tatra Holdings owns almost 41 percent of shares and around 8 percent is in the hands of small shareholders.
Tatra employed 2,280 people in early 2010 compared with 3,661 in January last year.
Development of Tatra sales and economic results in 2004-2009:
Year 2004 2005 2006 2007 2008 2009
Sales (in Kc bn) 4.0 3.7 4.5 5.9 5.9 3.3*
bottom line (in Kc mil.) 794 5 261 858 -572
source: Tatra
Note: Tatra has not disclosed data for 2009 yet, sales are an estimate derived from percentage decrease compared with 2008
Czech: http://www.financninoviny.cz/zpravodajstvi/zpravy/tatra-po-propadu-trzeb-veri-v-obrat-k-lepsimu/433255
Koprivnice, Feb 10 (CTK) – Czech lorry maker Tatra registered a year-on-year fall in sales of 45 percent last year owing to the global economic crisis compared with Kc5.9bn sales in 2008. Tatra chief executive Ronald Adams said last year was catastrophic for lorry makers. The company had to lay off almost 1,400 staff in 2009. Adams believes that Tatra has already overcome the most difficult period. It is beginning to see a recovery on important markets such as Russia and Azerbaijan, and believes that sales will increase this year already, Adams said. Tatra had cut costs rapidly, but still sustained big losses, of which around half were accounting reserves which te company created, he said. Tatra does not want to disclose its bottom line for the time being. However, it is very likely that it will post a loss again.
In 2008, the company’s loss reached Kc572m on sales of Kc5.9bn. The year was the best in Tatra’s recent history in terms of sales, according to Adams. Tatra now plans to reduce operations and costs to the level corresponding to the volume of orders and continues to develop new products. According to daily Mlada fronta DNES, crisis manager Vladimir Bail, whom Tatra hired as part of measures to improve its economic results, had to leave the company. Bail was preparing a two-year restructuring plan which, according to him, reckoned with the sale of some subsidiaries. In December last year, Tatra handed over the last 30 military vehicles T810 to the Czech military. The vehicles were part of a Kc2.7bn contract under which Tatra delivered a total of 588 military vehicles within two years to the military.
Among Tatra’s important export territories are Russia, former members of the Commonwealth of Independent States comprising former countries of the Soviet Union, India and the European market. The company has also started to export to Australia in recent years and found new contacts in America. Tatra has since 2006 been under the control of four Czech and foreign investors represented by former supervisory board chairman and current board of directors chairman Ronald Adams. The investors’ company Black River now holds 51 percent of Tatra’s shares. Tatra Holdings owns almost 41 percent of shares and around 8 percent is in the hands of small shareholders. Tatra employed 2,280 people in early 2010 compared with 3,661 in January last year.
Development of Tatra sales and economic results in 2004-2009:
Year 2004 2005 2006 2007 2008 2009
Sales (in Kc bn) 4.0 3.7 4.5 5.9 5.9 3.3*
bottom line (in Kc mil.) 794 5 261 858 -572
source: Tatra
Note: Tatra has not disclosed data for 2009 yet, sales are an estimate derived from percentage decrease compared with 2008
Czech: click here
