Immofinanz Nachhaltigkeitsbericht EN

Our
Responsibility

OUR RESPONSIBILITY
Updated: April 2011

DANIEL RIEDL FRICS
MEMBER OF THE ExECUTIvE BOARD
MANFRED WILTSCHNIGG MRICS
MEMBER OF THE ExECUTIvE BOARD
EDU
CEO & C

ARD ZEHETNER
FO
FOREWORD
» We are convinced that we can grow
our business even more sustainably
by protecting resources, dealing with
employees and shareholders fairly
and in confidence, and making our
contribution to society. «

OUR RESPONSIBILITY
Our profitable growth and long-term economic success for our shareholders
ensure that we are committed to our activities in the area of
Social Responsibility.
As one of the five largest listed real estate companies in Europe,
we have a pioneering role in the sector and aim to impress with top
performance.
Our vision is to be the leading listed real estate company for our
shareholders, customers and employees in Central, Eastern and
South-Eastern Europe.
FOREWORD

» Business success can only be sustainable if it
of ethical behaviour. We abide strictly by legal re

has been legitimately developed on the basis
gulations and self-imposed guidelines. «
ALLOCATION OF
RESPONSIBILITIES
At company level, legal conditions as well as internal regulations and
guidelines are the main elements of the control environment. For
example, the allocation of responsibilities has been revisited with clear
approval limits as have the procurement guidelines for orders coming
from the area of Finance & Controlling, for Legal Services and for
Real Estate Services. The effectiveness and quality assurance of the
internal control system (ICS) is verified through the internal auditing
of the IMMOFINANZ Group. The results of the audits are reported at
regular intervals to the Managing Board and at least once a year to
the Supervisory Board.
ECONOMY

INTERNAL CONTROL SYSTEM
In order to strengthen the internal control system (ICS) of the
IMMOFINANZ Group, a new “Internal Audit & Control” department
was set up in fi nancial year 2009/10. ICS is understood to refer to all
compatible methods and measures that serve to safeguard assets and
ensure the accuracy and reliability of billing data for invoicing and
fi nancial reporting.
In addition, the ICS is intended to support compliance with the
business policy prescribed by the Managing Board. The ICS ensures
reliable and prompt fi nancial reporting and fulfi ls internal and external
regulatory requirements.
The ICS at the IMMOFINANZ Group is based on the framework
of the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).

CORPORATE GOvERNANCE
The IMMOFINANZ Group abides by the rules of the Austrian
Corporate Governance Codex, which has been in force since
1 October 2002 and was most recently amended in January 2010. It
represents the yardstick for good corporate governance and corporate
control on the Austrian capital market and is a voluntary code of
conduct that goes beyond the statutory requirements placed on
a limited company. It is an important instrument for strengthening
confi dence in the management and monitoring of companies, and is
verifi ed and adapted every year against the background of national
and international developments.
ECONOMY

» We see innovation and environmental protecti
greatest challenge. «
INNOvATION
Innovative and seminal thinking, coupled with a dynamic approach, is
important for us and our position on the market. It is only way for us to stay
one step ahead and use this advantage to put our responsibility to the test
in the areas of innovation and environmental protection. Thus, for example,
BUWOG launched a new type of cooperation with women’s shelters in Vienna
and Villach in summer 2010.
The IMMOFINANZ Group supports the Vienna
University of Economics in the form of sponsorship.
The construction of the Research Institute for
Spatial Economics and the Real Estate Industry
will see existing knowledge bundled for the
purpose of developing new impulses and research
competences in the real estate industry.

on in a mature real estate company as our
ENvIRONMENTAL PROTECTION
INNOvAtION & ENvIRONMENt
A sustainable method of construction which protects resources
is always an important criterion for renovations and new-builds.
Environmental awareness prevails not only for our core business of real
estate, but also in the support areas of IT and Marketing.
For that reason, neither we do not provide you with our responsibility
report in the form of a hard copy.
The IMMOFINANZ Group is also a founding member of the Austrian
Society for a Sustainable Real Estate Industry.
Simply click on the adjacent logo to learn more.

LEED UND GREEN BUILDING
CERTIFICATION
Historically speaking, many of our properties are not sustainably
constructed buildings capable of parading an environmental certificate.
However, we do pay attention to energy efficiency and improved
sustainability in renovations and new-builds. For example, we implemented
the following measures at the Bureau am Belvedere office
building:
• Upgrading and/or manufacturing the building skin insulation
• Full replacement of the windows with a high-quality composite
window system
• Renovation and/or replacement of all the building technology
systems
• Installation of a heat recovery system in the ventilation system
• Economic design of the building technology systems
• Excellent operating and control convenience of the building
technology systems for users
In this property, for example, we are also in the midst of Green
Building and LEED Certification, making it the only one of its kind in
Vienna city centre.

GREEN IT
INNOvAtION & ENvIRONMENt
Energy management has become a challenge that is critical to the
profi t of our company. Consequently, the consistent orientation of
the infrastructure towards Green IT has already produced measurable
results in the reduction of energy consumption.
For us, energy awareness begins right in the computer centre. We use
modern cooling systems, which are subjected to constant effi ciency
and load checks. The use of these modern technologies has led to a
reduction in energy consumption at both computer centres of about
300,000 kWh per year!

SUSTAINABLE BUILDING
INNOvAtION & ENvIRONMENt
VeImproved energy efficiency is currently the most important trend
in homebuilding. The ability to create high-quality solutions in terms
of energy consumption, and hence ecology, is put to the test by
BUWOG with homes of passive house quality. Despite the financial
restrictions imposed on subsidised homebuilding, all options for
reducing energy consumption are exploited to achieve both maximum
efficiency and very low operating costs.

LIvING IN HELLER PARk
One particularly attractive property, which is being executed as
a passive house, is situated in Heller Park - currently the biggest
construction project being undertaken by BUWOG. This is where the
87 apartments of phase C are being built in passive house quality,
which means that the heating requirement is less than a value of 15
kWh/m², which is much lower than in a home with an average heating
requirement (e.g. 30 kWh/m²). This excellent value is “purchased” with
no reduction in living comfort. Quite the opposite: building solutions
that reduce energy consumption are designed to actually enhance the
quality of living.
In particular, this applies to the large verandas fitted with insulating
glass to allow light to flood into the rooms within. The indoor climate,
which used to attract plenty of criticism in the early days of passive
house architecture, is also much improved in this ultra-modern variant
of the passive house.
The other elements of Heller Park are also orientated towards the
goal of sustainability. The remaining 152 apartments are situated in
buildings constructed to an improved low energy house standard, and
even Heller Park’s Innerfavoriten care home, which is being built in the
listed, former Heller candy factory, achieves the low energy standard.

INNOvAtION & ENvIRONMENt
The combination of residential park and care home in turn ensures the
“social sustainability” of the Heller Park project: in particular, families
with relatives in need of care find the ideal opportunity here to obtain
the very best care for their family members in a modern geriatrics
centre, while living practically “on the doorstep”.

ON REDUCED HEAT AND ENERGY
DEMAND AS WELL AS C02
EMISSIONS
One of the core goals in realising residential construction and renovation
projects is to enable a more efficient use of resources. This primarily means
lowering the energy consumption. Energy savings measures not only lower
the heating costs for residents of a building but also the CO 2 emissions,
which benefits the environment.
An increasing number of technical options are available today for living up to
the requirements of environmental and climate protection. Low energy and
passive houses are now generally well known and tested. In addition to the
reduced heating costs and the benefits for the environment, home ventilation
systems also offer residents significantly increased comfort.
» The savings potential of all current BUWOG bu
t CO 2 per year. This corresponds to the annual C
nating 4,650,000 km of automobile travel, whic
116 times. «

INNOvAtION & UMWElt
The current residential construction and renovation projects of BUWOG boast
some impressive figures with regard to lowering energy consumption and
CO 2 emissions. The extent of the savings potential is particularly clear when
looking at passive houses and renovation projects.
Among others, the residential construction project on Heustadelgasse (Vienna)
and the planned passive house standard renovation in Kierling (NÖ)
demonstrate particularly innovative concepts. Through the use of renewable
energy carriers such as biomass and solar energy, it is possible to reduce CO 2
emissions even further.
Energy passes for all projects and klima:aktiv declarations for a large share
of the projects verify all of these quality improvements, as can be achieved
through exemplary renovation work. They also demonstrate the high quality
criteria BUWOG applies in the planning and construction of buildings as well
as in all subsequent measures involving residential buildings.
ildings (new and renovation) amounts to 775
O 2 reduction that would be achieved by elimih
equates to driving around the planet roughly

HEATING DEMAND OF CURRENT
BUWOG PROjECTS
New buildings and major repairs - as of: 20.01.2011
New Building (Multi-storey) Gross Area
POSTAL
CODE
Major Repair (Attic Expansion)
POSTAL
CODE
CITY STREET NET AREA
CITY STREET NET AREA
HEATING DEMAND
Project
1220 Vienna Mühlgrundgase 5,040 m² 15 kWh/m²a
1020 Vienna Nordbahnhof - Vorgartenstraße 15,964 m² 15 kWh/m²a
1110 Vienna Rosa-Jochmann-Ring* 9,525 m²
* Not all criteria for a PH apply, therefore imp. LEH.
HEATING DEMAND
Project
1230 Vienna Rudolf Zeller G. 54-58 7,621 m² 27 kWh/m²a
1230 Vienna Rechte Wasserzeile 18-19 6,544 m² 27 kWh/m²a
1160 Vienna Landsteinergasse 3-7 u. 7,076 m² 27 kWh/m²a
Notes: This is only an excerpt of current projects. LEH = Low Energy House, imp. LEH = improved Low Energy Ho
Note on energy costs and emissions: Assumption of 80 m2 reference dwelling; Work price as per framework agree

BUILDING
TYPE
BUILDING
TYPE
Gross Area
HEATING DEMAND
acc. to OIB 2010
HEATING DEMAND
acc. to OIB 2010
Savings
per 80 m² living area
ENERGY COSTS FFW SAVINGS
Working Price/Energy Price
ENERGY COSTS FFW SAVINGS
Working Price/Energy Price
Savings
of residential complex
REDUCTION CO 2
EMISSIONS
pH 35 kWh/m²a -77 € p.a. -23 t CO 2 /a
pH 35 kWh/m²a -77 € p.a. -72 t CO 2 /a
use, PH = Passive House;
ment (excl. hot water) and CO 2 Emission Vienna district heating
-41 t CO 2 /a
REDUCTION CO 2
EMISSIONS
76 kWh/m²a -188 € p.a. -84 t CO 2 /a
80 kWh/m²a -204 € p.a. -78 t CO 2 /a
162 kWh/m²a -518 € p.a. -214 t CO 2 /a

We set great store by team spirit as well as constructive and goalorientated
cooperation. Employee discussions with clear agreements
on targets and training plans are held to actively encourage the
personal responsibility and further development of our employees.
Internal training and development within the company is ensured by
our IMMOFINANZ Academy.
» Enthusiastic and qualified employees are an im
satisfaction is very important to us. «

portant asset for our company – employee
EMPlOYEES

OUR IMMOFINANZ GROUP
ACADEMY
Since the middle of 2010, all of the training and development measures
we offer have been brought together in the IMMOFINANZ Academy.
This includes a wide selection of language courses. Courses in
English, Russian, Polish and Romania are especially popular. The focus
is not only on acquiring an active vocabulary, but also on imparting
cross-cultural awareness.
In addition to the IMMOFORUM, which acts as a monthly platform for
employee exchange, we have offered basic real estate training since
autumn 2010. This is where in-house experts act as teachers for all
employees and give specialist presentations on topics such as Asset
Management, Financing and Property Law.
EMPlOYEES

COMBASE
Especially for managerial staff, we have set up COMBASE –
a company-wide networking facility.
Under the motto “Sharing is caring”, our managers meet at regular
intervals to discuss inter-departmental topics, to have fun together
and to strengthen internal mutual trust.
Our Combase objectives and conditions:
• Mutual acquaintance
• Technical exchange and discussions
• Exchange of experience (including away from day-to-day
business)
• Mutual coaching on the basis of case studies
• Promoting team spirit
• Improving communication
Achieving more
COMBASE
together

EMPlOYEES

THE IMMOFINANZ
FEEL-GOOD FACTOR
Our employees put in a great deal of effort - a good reason, therefore,
to return a certain feel-good factor about day-to-day working lives
with small tokens of appreciation.
These include moving into an ultra-modern office building with lightdrenched
offices, sufficient meeting rooms and communications zones
as well as a Christmas party with a view of Vienna by night, pancakes
at the start of Carnival and a Santa Surprise in December.
Naturally, we also support our employees in sporting events, such
as the Business Run, the Dragon Boat Cup and the Vienna City
Marathon.
EMPlOYEES

» Open communication and dialogue are part of
TRANSPARENCY IN PRACTICE
In order to convey the transparency practised internally to the world
outside, we also attend a variety of industry events: You can find
us during the year at fairs such as MIPIM in Cannes, Real Vienna in
Vienna, and Expo Real in Munich. Our Investor Relations team is also
present at many road shows around the world. You can call on us
any time for a constructive discussion. The dates are available on our
website in the Financial Diary section.

our concept for success. «
SHAREHOlDERS, INvEStORS AND BUSINESS PARtNERS

IMMOFINANZ EvENTS
SHAREHOlDERS, INvEStORS AND BUSINESS PARtNERS
In order to nurture contact with our partners even more intensively,
we have institutionalised two IMMOFINANZ events: in May of each
year, shortly before the start of Real Vienna, we extend an invitation to
an industry event that revolves around cooperation, networking and
a convivial get-together. In the autumn, our retail partners come together
for the so-called “Retail Day”. This is where the new projects of
the IMMOFINANZ Group are explained in more detail; there are also
lectures given by specialists, followed by a networking session.

» Achieving more together is a motto that we pu
with partners, associates and competitors secu

COMPANY AND PRESS
t into practice, because dealing professionally
res our success. «
INSIGHTS
In order to give journalists an insight into our company’s work, you will
often find Eduard Zehetner, our chairman, on tour on road shows and
press trips. A journalists’ day is also regularly held, during which our
board members answer questions put to them by the press.
We are the first listed European property company to launch a
company blog as a further channel of communication, allowing our
shareholders to get in direct contact with the chairman.
The blog is a great way to reach a large number of people in order to
discuss various topics and issues with them.

ANONYMOUS APARTMENTS
FOR WOMEN IN NEED
In summer 2010, BUWOG and its subsidiary, ESG, launched an
innovative cooperation with women’s shelters in Vienna and Villach. A
total of three apartments are made available to the women’s shelters
from the stock of BUWOG apartments. These are allocated to clients
of the women’s shelters as “emergency apartments”. There is no
rent to pay for the BUWOG emergency apartments, in contrast to
emergency apartments provided, for example, by the city of Vienna.
The two emergency apartments in Vienna are allocated by the
Association of Viennese Women’s Shelters to the women in their care.
They then stay in the apartment for a transitional period – generally
one to three months – until they have found a permanent solution to
their accommodation situation. The apartment in Villach was made
available to a woman with two children for an extended period.
BUWOG is the first housing association to launch an initiative, and
given the great need for affordable apartments, the associations
supporting the women’s shelters have expressed the wish that this
will act as a role model for other companies. Particularly important: to
ensure that the women receive the best possible protection, attention
is paid to the greatest possible anonymity, and the addresses of the
emergency apartments are therefore kept secret.
COMPANY AND PRESS

We have prepared this report with the greatest possible care and verified the information it contains. However, rounding, transmission,
layout and printing errors cannot be ruled out. This factbook is not associated with any recommendation to buy or sell
shares in IMMOFINANZ.
IMMOFINANZ AG, Wienerbergstraße 11, 1100 Vienna, Austria, T +43 (0)5 7111, F +43 (0)5 7111 – 8888
info@immofinanz.com, www.immofinanz.com