AH Industries secures loan to survive huge deficit

The Danish Vestas sub-supplier is squeezed following a huge deficit. The company's owners are still confidence they can turn the business around, but they have needed to loan DKK 173 million (EUR 23.2 million) to stay afloat.

Photo: AH Industries

The wind turbine sector is squeezed these days, and AH Industries is no exception – nor has it been for a long time. The company, a sub-supplier of steel components for wind turbines, had to once again in 2017 write-down its goodwill and has exited the fiscal year with a deficit so large that it had taken on loans in order to survive, reports Danish business daily Børsen.

In 2016, AH Industries was obliged to write-down the value of its goodwill by around 25 percent from DKK 571.5 million (EUR 76.7 million) to 158.5 million. That happened again in 2017 with a write-down for DKK 117 million. At the same time, the year's first four month have landed in deficit, with budgets for 2018 and 2019 also showing losses. AH Industries has thus needed to take a loan from Nordic financial group Nordea for DKK 173 million in order to keep the company operational.

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