Lumber, bioenergy and pallet producer Holzindustrie Torgau (HIT), Torgau/DE, posted losses of 6.8 million after-tax in 2012. This was due to delays in construction and commissioning of two biomass power plants. These are the core of a 130 million investment project which is now completed with delay. For "no apparent reasons", according to HIT, local authorities had required a development plan to be presented during approval phase which had lead to a building freeze. Because of this, HIT claims it has lost 11.8 million of operating profit (EBITDA) in 2012 alone. The company now reclaims the damage by way of a government liability lawsuit against the county of north Saxony. Still, first partial building permits were issued in May. Apart from power plants HIT invests in a new pallet block production.
The company's turnover hit a new record with 112 million in 2012. Earnings before interest and taxes (EBIT) amounted to 10.1 million. In August, the new facilities were put into operation which should increase turnover by 15% to 129 million by the end of the year. In 2014, HIT plans to achieve 179 million of sales. EBIT-forecasts are 17.4 million for 2013 and 41.9 million for 2014.
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