Maculan Holding

Maculan Holding
legal form	Corporation
founding	1990
Seat	Vienna , Austria
management	Alexander Maculan
Number of employees	approx. 9000 (D: 4.724) (1995)
sales	1,175.5 million euros (1995)
Branch	Construction company

The Maculan Holding AG was that of Alexander Maculan founded publicly traded holding company for planning, management and execution of international construction projects and real estate development abroad. The core of the group was the construction company Hofman & Maculan, founded in 1938 , which was headed by Rudolf Maculan from 1941 to 1955.

1990-1991

Maculan Holding AG went public in September 1990 and was divided into 3 divisions:

• Construction: By far the largest area of ​​the group. In 1993 this division accounted for 91% of total sales. The risk should be spread regionally and by construction sector.
• Real estate and property developers : The share of this area was only 3%, but 30% of the result was generated.
• Industry ( building materials and environment ): Share: 6%. Task with MAC 96

From 1990 onwards, Maculan expanded into the new German federal states due to the enormous building needs in the former GDR , as well as the "enormous public funds and previously unknown tax breaks" .

The structure of the group when it went public :

MACULAN HOLDING (1990)
Maculan construction participation 100%		Infra participation 100%	Maculan industrial participation 100%
Hofman & Maculan 100%		Infra property developer 100%	Ebenseer 33%
University project 100%	Hinteregger (D) 51%	Project companies	Maba 33%
Seidl 100%	Hinteregger (A) 49%		Haindl 33%
Solco 100%	Polensky & Zöllner 100%		Puraqua 100%

Sales of the Maculan Group from 1989 to 1995

Construction volume in Austria and the new German federal states from 1991 to 1996

In 1990 and 1991 the Bau Union Süd Dresden (problems caused by the too rapid conversion from a pure bridge construction company to a universal construction company), Industriebau Magdeburg, Riesaer Hoch- und Tiefbau, and SB-Spezialbau were bought, so that one end 1991 was represented nationwide in the new German federal states. Maculan then took a stake in the TB Berliner Tief- und Verkehrsbau (share 1991: 40% - 1995: 90% - 1995: 100%), which had the monopoly for road construction in East Berlin in the former GDR and the only rubble dump in the vicinity von Berlin, as well as at IHB Ingenieurhochbau Berlin, the flagship company of the GDR.

The extreme growth of the Maculan Group in Germany made the company the second largest construction company in Austria, but also contributed significantly to its demise. The majority of sales in Germany (1993: 500.9 million out of a total of 553.8 million euros) were achieved in the new federal states.

1995-1996

The following organizational chart shows the structure of the group as of September 1, 1995:

MACULAN HOLDING (1995)
Maculan construction participation 100%	Maculan Holding Germany 100%		Infra participation 100%	Maculan industrial participation 100%
Hofman & Maculan 100%	Civil engineering Berlin 100%	TB Berlin Civil Engineering & Transport 100%	Infra property developer 100%	Ebenseer 63%
University project 100%	Industrial building Magdeburg 100%	SB Potsdam 100%	Project companies	dolomite 83%
Rebau 50%		Building construction Schwerin 100%		Premac 83%
Solco 100%	Riesa civil engineering 100%	Hinteregger (D) 51%		Maculan prefabricated house 100%
Maculan railway construction 100%		University project Saxony 100%		Puraqua 100%
Polensky & Zöllner 100%	Construction Union South 100%	Sasta probation 100%		MAT 100%
Hinteregger (A) 100%		MBG 100%		Strmac 95%
Maculan International 100%	SB Saxony 100%	MBI 100%		Simac 67%
MKI 70%	4 ready-mixed concrete plants	Project company		Sibamac 23%
Project companies	2 asphalt mixing plants	KW Wegeleben 100%		Cemmac 45%

The Salzburg company Polensky & Zöllner played an important role in the bankruptcy of the group when in early 1995 losses of over 7 million euros were made due to mismanagement.

In the real estate sector (turnover: approx. 29 million; project volume: approx. 73 million), the specialized company for building preparation, project development and the construction of condominiums, as well as some service companies (a pillar within the group that is independent of direct banking business) In particular, Infra Beteiligungs GmbH (a holding company with 16 subsidiaries - as of 1995) should be emphasized.

In Hungary they still had shares in the Budapest-based MKI Bau GmbH, and in Slovakia they bought various companies and also founded their own holding company, Simac. The participation in Cemmac is worth mentioning here, as it enabled protectionist measures to be avoided when exporting cement.

1995
January	The profit estimate of the ÖVFA (Austrian Association for Financial Analysis and Investment Advice ) was 11-14.5 million euros for 1994.
April	It was already apparent that the January estimate was far too positive. Alexander Maculan also admitted in an interview in September 1995: "Yes, this January false prognosis was an unforgivable, inexcusable mistake."
summer	The MAC 96 concept was developed, which provided for an adaptation of the corporate concept to the changed framework conditions, namely the conversion from a universal construction group to a specialized, strategically clearly oriented assembly.
14th June	A positive result and a dividend of 11% for 1994 were presented at the supervisory board meeting .
June 26th	Agreement on the return or trade-in of properties in the new federal states instead of paying purchase price installments that are still due, which would have resulted in an improvement in liquidity of 27.6 million.
August 19th	The prognosis for 1995 showed a deterioration in earnings of 27.6 million euros, with the largest share of this deviation coming from Germany at 21.8 million euros (11.2 million was attributable to Industriebau Magdeburg alone).
	As a result, the management consultancy Roland Berger & Partner was hired to create a restructuring concept , which provided for the following points: Strategic realignment Accounting risk assessment Savings through: Operational cost reduction through savings of approx. 106.5 million euros and an increase in productivity of 30% by 1997 Operational release of funds by reducing receivables and inventories , as well as by reducing investments and disinvestments (estimated volume: 252.5 million by 1997)
August 22nd	The Austrian banks demanded a separation of the Austrian and German banking groups.
September	The Austrian banking consortium refused to sell the infrastructure, which would have brought liquidity of over EUR 73 million.
November 9th	Maculan was awarded the contract for the Tiergarten Tunnel in Berlin (value: approx. 102 million euros).
22nd of November	No agreement with the Austrian banks on how to proceed.
end of November	The management consultancy Roland Berger & Partner has already reported a reduction in overdue receivables in Germany amounting to 32 million euros.

1996
February 15th	Roland Berger & Partner presented a positive interim report in which only Industriebau Magdeburg had an uncertain earnings situation.
19th of February	The Austrian banks presented new demands to the German banking group: Limitation of the loss coverage commitment The German banking group was to transfer 14 million instead of 4.6 million to Austria immediately Collateral for all new cash and guarantee credits to be granted
February 22	The management board of Berliner Bank accepted the limitation of the loss coverage commitment. The request for an immediate transfer of 14 million was withdrawn, but the CA and Bank Austria insisted that all new loans be secured. The restructuring of the Maculan group had failed.
5th of August	The subsequent bankruptcy was opened and until then it was the second largest bankruptcy of the 2nd Republic with liabilities of 806 million euros.

Some companies were able to fulfill the requested compensation, for example the Holding AG, which is still active today (as of 2008).

Individual evidence

1. ↑ Müllauer, 1995, p. 40 ff.
2. ↑ Maculan, 1997, p. 308
3. ↑ Müllauer, 1995, p. 86
4. ↑ Riffert, Charles: Big Mac in Trouble. In: Trend. 12/95, p. 70
5. ↑ Palme, Liselotte: Desert Surprise. In: Profile. No. 37, September 22, 1995, p. 36
6. ↑ Entry on Maculan Holding AG in the Austria Forum  (in the AEIOU Austria Lexicon )
7. ↑ Last act of a mega bankruptcy: Maculan's bankruptcy proceedings canceled ( Memento from June 20, 2008 in the Internet Archive ); Wirtschaftsblatt, June 16, 2008

literature

• Maculan, Alexander: My case: dream and nightmare of an entrepreneur . Ibera, Vienna 1997. ISBN 978-3-900436-40-7
• Müllauer, Sabine: Internationalization, structure and organization of construction companies using the example of MACULAN HOLDING AG and its construction activities in the "new federal states" . Diploma thesis at the Vienna University of Economics and Business, Vienna 1995.