Annual Report 2002

erstegroupimmorent.bg

Annual Report 2002

Annual Report 2002 - IMMORENT AG

Austria’s Strongest Leasing Provider

started: new product, new financing company,

new subsidiary

en route: to becoming the leader in quality

and performance in Central Europe

arrived: market leader in Austria


2

Mission & Vision

We are Austria’s strongest leasing provider. By pursuing

our integral approach of „leasing & more“ we offer our

customers innovative products in the fields of real estate

leasing, movable property leasing, real estate related

services, and investments.

We concentrate on our core business and take advantage

of the synergies within Erste Bank Sparkassen Group. For

our customers we are a reliable and competent partner

taking many responsibilities off their shoulders. Our goal

is to realize a competitive edge with a universal range of

products and services. We aim at being unmistakable and

setting new standards.

Our competences guarantee a continuous and substantial

growth. Market leadership, as we see it, means

leadership in quality and performance. In Austria and in

Central Europe.

ANNUAL REPORT 2002 - IMMORENT AG


Presence in Central Europe

IMMORENT AG

Windmühlgasse 22–24

A-1060 Vienna

PHONE: +43(0) 5 0100 - 27 000

E-MAIL: office.wien@immorent.at

INTERNET: www.immorent.at

ANNUAL REPORT 2002 - IMMORENT AG

Table of Contents

Mission & Vision

Unmistakable 02

Our Way into the Future

3 Strategies for Success 04

A Word from the Board

Efficient. Powerful. Customer-oriented. 08

Highlights 2002

Accomplishments and Milestones 11

Economic Framework

Upswing Delayed 12

IMMORENT AG

One-Stop Provider with Full Competence 13

Leasing

No. 1 in Real Estate and Movable Property Leasing 14

Real Estate Projects & Services

... & more Know-How 20

Real Estate Investment Products

Top-Performance Investments 22

Outside Austria

On Our Way to Quality and Performance Leadership 23

Outlook

The Course Is Set 24

3


4

Our Way into the Future

3 Strategies for Success

We succeeded in reaching our central goals for 2002 and

have set the course for the future. We managed to secure

and strengthen our position as the market leader in

Austria. In Central Europe, we managed to grow in

quantity as well as in quality.

Our concentration on three strategies proved right:

" strengthening of the core business

" taking advantage of the competences and

structures of Erste Bank Sparkassen Group

" taking up market leadership in quality and

performance in Central Europe

ANNUAL REPORT 2002 - IMMORENT AG


01

02

03

Core Business Strategy

We set new

standards

We concentrate on profitable products and

markets...

We define ourselves as a „leasing & more“

company...

We are the only leasing company offering a

complete product and service portfolio around

commercial real estate:

" real estate projects & services

project development & housing

planning & building

property management

" real estate investment products

ANNUAL REPORT 2002 - IMMORENT AG

>

and reach our goals.

>

and are thus becoming the unmistakable onestop

provider for a growing clientele:

" for existing and potential customers like

large-scale enterprises, SMEs,

the public sector, investors;

" for the customers of Erste Bank

Sparkassen Group.

and are thus securing our competitive edge

with a broad range of products and services.

and are thus enhancing our profitability.

>>>

5


6

01

02

03

Erste Bank and Sparkassen Strategy

We take advantage of

the power of a group

We more strongly exploit the synergies

between Erste Bank Sparkassen Group in retail

customer business and IMMORENT AG in

corporate customer business…

As the cooperation partner for „leasing & more“

of Erste Bank Sparkassen Group, we contribute

our expertise to the corporate customer

business…

With our movable property leasing and

investment products we meet the demands

of the retail customers of Erste Bank

Sparkassen Group…

>

to achieve strong

growth.

>

and are thus strengthening the market

position of the whole group.

and are thus securing the competence

build-up for joint competitive advantages.

and are thus winning new customers.

>>>

ANNUAL REPORT 2002 - IMMORENT AG


01

02

03

Central Europe Strategy

We are growing and laying claim to

market leadership.

In our Central European target market, we are

operating through own subsidiaries as well

as our cooperation with Erste Bank

Sparkassen Group…

In all markets, our operations are meeting

the highest standards…

As a competent partner in the „leasing &

more“ field, we are intensifying our

cooperation with Erste Bank’s foreign

subsidiaries…

ANNUAL REPORT 2002 - IMMORENT AG

>

>

and are thus sustainably increasing the

total result.

and we are thus substantially strengthening

the whole group’s market position.

and are thus taking over the quality and

performance leadership in Central Europe.

>>>

7


8

A Word from the Board

The Efficiency of

Our Strategy

A comprehensive product portfolio, continuous

growth, and a perfectly balanced customer

structure have made us the market leader in Austria

and have paved the way to our quality and performance

leadership in Central Europe. Our strategies

have turned out to be successful: The focus

on our core business, the innovative development

of our service portfolio, the exploitation of synergies

within Erste Bank Sparkassen Group, as well

as the enhanced activities in our extended home

market formed the basis for our success in 2002.

Peter Tichatschek

The Power of the Group

With Erste Bank Sparkassen Group we

have the leasing leader among the Austrian banks

as a partner by our side. Especially in movable property

leasing we benefit from this close cooperation.The

Austrian-wide branch network enables us

to offer our products right on the spot throughout

the country. Joint project acquisition and implementation

turned out to be a strong competitive

edge. In 2002, with its affiliate companies

IMMORENT AG and EBV Leasing, Erste Bank Sparkassen

Group held a market share of 17.2 % in

real estate, equipment and motor vehicle leasing

with a new business volume in Austria of

EUR 803 million.

Franz Kerber

The Quality of Our Products

Under the motto „leasing & more“ we

offer a wide product portfolio comprising, among

others, the Real Estate Projects & Services business

segment, with Planning & Building, Project

Development & Housing, and Property Management.

This integral approach is our particular

strongpoint and the reason that we as the market

leader had a markedly better development last

year than the overall market.

Gerald Antonitsch

ANNUAL REPORT 2002 - IMMORENT AG


A Heartfelt Thank You

We worked hard and accomplished a lot. We would, thus, like to take this opportunity to extend our gratitude to all our staff for their efforts, to our

partners Erste Bank and Sparkassen for the fine cooperation, as well as to our customers and business partners for the confidence they placed in us.

Gerald Antonitsch Peter Tichatschek Franz Kerber

ANNUAL REPORT 2002 - IMMORENT AG

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10 ANNUAL REPORT 2002 - IMMORENT AG


The Business Year 2002

A Success Report in Difficult Times

Highlights 2002

Accomplishments and Milestones

started: new product, new financing company,

new subsidiary

en route: to becoming the leader in quality and

performance in Central Europe

arrived: market leader in Austria

profitable: EUR 47.8 million profit in 2002

increased: 13 % plus in new leasing business

utilized: synergies with Erste Bank Sparkassen Group

in movable property leasing

asserted: the lead in real estate leasing in Austria

invested: top performance with the know-how of

IMMORENT AG

… & more: overall competence further strengthened


12

Economic Framework

Upswing Delayed

Little growth in Austria

The beginning of 2002 was marked by optimism that the slump

of 2001 could have been just a short-term break in growth. But soon it

became clear that the upswing we all hoped would take place in 2002

will be longer in coming than assumed. Neither through exports nor private

consumption the Austrian economic situation of 2001 could be

sustainably improved last year. As a consequence, the investment climate

became even worse. In 2002, the Austrian economy grew by slightly

less than 1 %.

Gross investments as well as equipment and construction investments

decreased in 2002.And, a drop was also reported from new motor

vehicle registrations.

Leasing Market: Economic Motor with a

Positive Future

The slow economic development in Austria resulted in a difficult

environment for the leasing market which, naturally, is closely connected

to the bad investment climate. It was, thus, the more pleasing for the

domestic leasing industry that considerable growth could be achieved in

existing contracts (+ 3.49 %) as well as in new business (+ 5.72 %) within

Austria.

This growth was due to real estate leasing.With a rise in new domestic

business of 23.59 %, a historic record high of EUR 1.28 billion could

be reached. Financings of industrial and commercial buildings contributed

largely to this positive development.

Movable property leasing, however, could not escape the negative

influence of the deteriorating economic climate. With domestic new

business in 2002 of EUR 820 million, a decline – namely by 9.85 % –

had to be reported for the first time in many years. This decline can be

attributed mainly to special financings of aircrafts, ships, railroad, etc.

Machinery & industrial plants, on the other hand, generated a plus of

approximately EUR 48 million, i.e. 15.6 % – a particular achievement

against the backdrop of last year’s difficult economic situation.

For motor vehicle leasing, 2002 was a record year. Domestic new

business amounted to more than EUR 2.21 billion.This increase was mainly

due to rises in the cars/station wagons sector.

Austrian Leasing Market: + 5.7 %

million EUR %

total: 4,080 total: 4.313 +5.72

2001

2,133

910

1,037

2002

2,212

820

1,281

+3.68

-9.85

+23.59

MOTOR VEHICLES

EQUIPMENT

REAL ESTATE

Hence, in 2002 the Austrian leasing companies again managed

to grow stronger than the overall economy.

ANNUAL REPORT 2002 - IMMORENT AG


IMMORENT AG

One-Stop Provider with Full Competence

Sustainable Growth – Solid Earnings

Difficult economic conditions with slow investment activities

always put the performance potential of a company’s structures, the correctness

of its decisions and its competitiveness to the test.

Thanks to its range of products and services offered under the

motto „leasing & more“, IMMORENT AG, the leasing affiliate of Erste Bank

Sparkassen Group holds a special position in Austria which it manages

to exploit successfully. For years, the company has acted as a one-stop

provider in the fields of leasing, real estate related services and investments.

This strategy has provided for sustainable growth and solid earnings

in an eventful business year.With a selective risk policy and a sound

customer structure, IMMORENT AG managed to become Austria’s strongest

leasing company and did, thus, continue its success impressively in

2002.

The company’s revenues have increased impressively: The

IMMORENT Group’s pre-tax profit for the year 2002 amounted to

EUR 47.8 million as compared to EUR 40.9 million in 2001.

Pre-tax Profit for the Year 2002

of IMMORENT Group: EUR 47.8 million

million EUR %

2001

40.87

2002

ANNUAL REPORT 2002 - IMMORENT AG

47.84

+17.06

Considerable Increases in New Business

The overall new leasing business (domestic, cross-border, outside

Austria) in 2002 amounted to a total of EUR 918.23 million as compared

to EUR 812.05 million in 2001, representing a growth by more than

13 %.

In the Real Estate Projects & Services segment, comprising the

Planning & Building, Project Development & Housing, and Property Management

divisions, total revenues of EUR 16.28 million could be achieved,

i.e. an increase by more than 27 % since 2001.

Moreover, a rental income of EUR 20.3 million could be earned

through Sparkassen Immobilien AG which is managed by IMMORENT AG.

This was an increase since 2001 by more than 25 %.

New and Successful Right off the Bat

" With its new product Contracting & Facility Management, IMMORENT

AG has been offering complete technical and commercial management

and cost optimization of real estate since April 2002.

" Together with Austria’s leading logistics service provider Schenker, the

logistics financing company LOGCAP was founded early 2002. LOGCAP

offers its customers construction, financing, and operation of cutting-edge

logistics infrastructure – all from a single source.

" Since fall 2002, the newly founded vendor leasing distribution channel

F & S Leasing GmbH has been seeing to leasing out movable property

via dealers and their distribution partners. The range of offered products

spans from copying machines, medical technical equipment, or computer

hardware, all the way to production and construction machinery.

13


14

Leasing

No. 1 in Real Estate and Movable Property Leasing

Rise in New Business

As far as the new leasing business (domestic, cross-border, outside

Austria) is concerned, IMMORENT AG achieved a rise by more than

13 % in real estate and movable property leasing with contracts totaling

EUR 918.2 million. Domestic business, amounting to EUR 536.2 million,

remained nearly the same as in the year before. However, cross-border

leasing with its rise by 31.4 % to EUR 47.1 million grew as impressively

as new leasing business outside Austria, where an increase by 42.9 % to

EUR 335 million could be reported.

Real Estate & Movable Property Leasing: New Leasing

Business IMMORENT AG + 13 %

million EUR %

total: 812,05

2001

234.42

35.81

541.82

total: 918.24

2002

334.98

47.06

536.20

+13.08

+42.90

+31.44

-1.04

OUTSIDE AUSTRIA

CROSS-BORDER

DOMESTIC

With new real estate and movable property lease contracts worth

EUR 471.17 million, IMMORENT AG succeeded in asserting its market leadership

in Austria with a market share of 22.42 %. New real estate lease

contracts in 2002 amounted to EUR 335.81 million, and in movable property

leasing new domestic lease contracts worth EUR 135.36 million were

concluded.

Domestic Leasing Market 2002: IMMORENT AG No. 1 in

Real Estate and Movable Property Leasing

million EUR

market share: 22.42 %

471.17

IMMORENT

135.36

335.81

market share: 19.26 %

403.84

156.82

247.02

RAIFFEISEN LEASING

market share: 18.81 %

395.28

BA/CA LEASING

126.86

268.42

MOVABLE PROPERTY

REAL ESTATE

ANNUAL REPORT 2002 - IMMORENT AG


The Leasing Leader Among the Austrian

Banking Groups

Moreover, in 2002, Erste Bank Sparkassen Group again was the leasing

leader among the Austrian banking groups. With its affiliates IMMORENT

AG and EBV Leasing the group holds a market share of 17.2 % in real

estate, equipment and motor vehicle leasing with a new domestic business

volume of EUR 803 million.

ANNUAL REPORT 2002 - IMMORENT AG

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16

Real Estate Leasing

Leading Position Asserted

KARL HOFBAUER

MANAGING PARTNER

PRICEWATERHOUSECOOPERS

Wide Range of Services as

a Guarantor for Success

In real estate leasing, IMMORENT AG managed to assert the previous

year’s high level and to again reinforce its market leadership in Austria

with a market share of 26.2 %. Altogether, 109 lease contracts for

buildings amounting to a volume of EUR 335.8 million were concluded.

More than 70 % of the new business can be attributed to SME and retail

buildings, more than 24 % to industrial structures and 3 % each to office

buildings and hotel & leisure buildings. In addition, the company asserted

its lead in the field of buildings for SMEs with a market share of

32.6 %. The comprehensive range of services offered under the motto of

providing the customers with more than just leasing, turned out to be a

guarantor for success. Ever more businesses take advantage of the services

that go far beyond mere financing. They benefit from the optimum

implementation of their plans and can rely on agreed schedules and costs

to be observed.

Real Estate Leasing: more than 70 % of new business

generated with SME and retail buildings

70.1 %

2.8 % 2.9 %

24.2 %

INDUSTRIAL BUILDINGS

SME/RETAIL BUILDINGS

OFFICE BUILDINGS

HOTEL/LEISURE BUILDINGS

ANNUAL REPORT 2002 - IMMORENT AG


Real Estate Leasing is Getting More and

More Important

The fact that leasing is effected off-balance and, thus, considerably

improves the lessee’s business performance is a decisive argument

for real estate leasing. The nearly unaffected liquidity situation is

also a strong leasing motive. In particular, in view of Basel II, leasing is

a way of financing that increases a company’s performance. Against

this backdrop and also due to balance sheet reasons, the trend in real

estate leasing is pointing ever more towards renting – operating leases.

Reference Projects

In the real estate leasing field, IMMORENT AG financed, among

others, projects like the new administration building of Abbott, the Austrian

affiliate of a leading US pharmaceutical group.A big contribution was

made to the preparations of the city of Graz, Styria, for its role as the „Cultural

Capital 2003“: The architecturally outstanding annex to the Literaturhaus

as well as the reopened Forum Stadtpark are just two of the projects

financed. The municipality of Vöcklabruck, Upper Austria, in re-constructing

its public swimming pool, and Tyrolit Abrasives, an affiliate of Swarovski,

are also realizing projects with IMMORENT AG as their leasing

partner.

ANNUAL REPORT 2002 - IMMORENT AG

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18

Movable Property Leasing

Distribution Partnership as a Strategic Advantage

JAKOB LEITNER,

MANAGING DIRECTOR FOR UPPER AUSTRIA

SPAR ÖSTERREICHISCHE WARENHANDELS AG

ANNUAL REPORT 2002 - IMMORENT AG


Boom in Cross-Border Transactions

In domestic movable property leasing, IMMORENT AG had to face

a decline by 8.11 % when compared to 2001. In 2002, 1,462 contracts

worth a total of EUR 135.35 million were signed. This drop in domestic

business resulted from a selective market policy especially concerning New

Economy and aircraft financings.

However, cross-border financings experienced a boom.

New leases worth EUR 46.14 million meant a plus by 31.4 %.With

a market share of 18.8 % in domestic and cross-border leasing,

IMMORENT AG is in the lead.

Distribution via Erste Bank Sparkassen

Group Is Paying off

For IMMORENT AG, the focus on the distribution channel Erste Bank

and Sparkassen (savings banks) in movable property leasing has turned

out to be sustainably profitable. Especially in movable property leasing,

the advantage of a close cooperation with the savings banks became evident.The

regional branch network enabled IMMORENT AG to offer its products

right on the spot throughout the country and to be closer to the

customer. Furthermore, leasing has established itself as a bank product.

59 % of the new movable property leasing business were generated via

Erste Bank and the savings banks.

In a competition comparison, IMMORENT AG – with 31.5 % –

holds the biggest share in distribution via banks.

59 % of New Movable Property Leasing via Erste Bank

and the savings banks

59 % via Erste

Bank and the

savings banks

ANNUAL REPORT 2002 - IMMORENT AG

41 % direct

sales

Reference Projects from all

Lines of Business

The range of movable properties financed by IMMORENT AG in 2002

spans from airplanes used in regional aviation, all the way to medical technical

and laboratory appliances for Igeneon, a company active in cancer

research.Also among the successfully carried out projects were the lease

financing of office furniture for PricewaterhouseCoopers in Vienna, computer

equipment and overhead cranes for the globally operating engineering

business Salvagnini, and a new bottling plant for Kematen Cosmetics

in Tyrol.

19


20

Real Estate Projects & Services

… & more Know-How

MANFRED HÖFLER

CEO OF ICG-INFORA

CONSULTING GROUP

Full Competence in Real Estate Is Being

Enhanced

The vital strongpoint of IMMORENT AG is its full competence in real

estate, and the company is, thus, known in the market as the unmistakable

one-stop-provider. In the future, this position shall be further strengthened.

The company’s service portfolio spans from the development project

idea all the way to the full implementation of an investment project.

As required, construction planning, construction management, as well as

building technology installations and the management of the property will

be seen to in addition to project conception. Here, IMMORENT AG can also

play the role of the general or total contractor.

Increase in Revenues by 27 %

Despite the slow economy and the resulting low demand for real

estate, 2002 was a rather successful year. In the Real Estate Projects &

Services segment, comprising Planning & Building, Project Development

& Housing, and Property Management, total revenues of EUR 16.28 million

could be achieved. This is an increase by more than 27 %.

IMMORENT AG Real Estate Projects & Services

million EUR

-1.01 % +73.62 % +35.16 % +27.01 %

2001

2002

5.818 2.756 4.246 12.820

5.759 4.785 5.739 16.283

PLANNING &

BUILDING

PROJECT

DEVELOPMENT &

HOUSING

PROPERTY

MANAGEMENT

TOTAL

ANNUAL REPORT 2002 - IMMORENT AG


IMMORENT AG holds properties worth EUR 18.22 million allowing

for a project volume of EUR 320 million to be realized over the next 5 to

7 years. The Property Management sector is currently taking care of 802

objects with a total size of 932,000 m2. Here, the competence reaches

beyond mere administrational tasks and focuses on building technology,

facility management & contracting.

Reference Projects – Commercial Real

Estate Projects

The strategy of IMMORENT AG, to primarily invest in commercial

projects within Austria, has proven right. This is clearly demonstrated, for

example, by the successes in the realization of Innovationspark Graz

Puchstraße, in Styria, where businesses are set up highly successfully on

a plot size of some 175,000 m2. Other fine examples of projects of

IMMORENT AG are the new office building of Readymix AG in Langenzersdorf,

Lower Austria, Industry and Business Park Wörgl, Tyrol, and the

retail power center Perg in Upper Austria.

ANNUAL REPORT 2002 - IMMORENT AG

Reference Projects – Housing

In the housing sector, IMMORENT AG managed to complete some

very successful projects. Particularly worth mentioning are the condominiums

in Fasangartengasse in Hietzing, Vienna’s 13th district. The architecturally

attractive structure stands out for its high-quality equipment and

furnishings.

Reference Projects – Planning & Building

Last year, the refurbishment of Musikverein in Vienna, for which

IMMORENT AG assumed the project steering, could be continued successfully.

VA Tech Elin and the vocational college Fachhochschule Joanneum

Graz also took advantage of the know-how of IMMORENT AG in planning

& building. The construction of the annex to the „Schloss am Wolfgangsee“

hotel was seen to in the role of a construction supervisor and

carried out to the customer’s full satisfaction. The Austrian Imperial Palaces

Authority (Burghauptmannschaft Österreich) commissioned IMMORENT

AG with the refurbishment of the technological infrastructure of the Austrian

National Library’s Hall of State tract.

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22

Real Estate Investment Products

Top-Performance Investments

Sparkassen Immobilien AG with the Know-

How of Immorent AG

Sparkassen Immobilien AG, which is managed by IMMORENT AG,

was restructured in April 2002. Developed out of the merger of DIE ERSTE

Immobilien AG and Sparkassen Immobilienanlagen AG, Sparkassen Immobilien

AG has full access to the comprehensive range of services and, thus,

the full know-how and longstanding experience of IMMORENT AG – in Austria

as well as in Central Europe.

170 %

160 %

150 %

140 %

130 %

120 %

110 %

100 %

90 %

80 %

12/96 06/97 12/97 06/98 12/98 06/99 12/99 06/00 12/00 06/01 12/01 06/02 12/02

25 % Increase in Rental Earnings

In 2002, IMMORENT AG accompanied Sparkassen Immobilien AG

in the implementation of its internationalized investment strategy and,

thus, in the acquisition of numerous new investment objects. A total of

some 18,900 m2 of space were bought in Austria and some 30,000 m2

in the extended home market. Hence, Sparkassen Immobilien AG now

holds profitable space of some 290,000 m2 in Austria, Hungary and the

Czech Republic.

By implementing the optimized investment strategy, a rental income of

approximately EUR 20.3 million could be earned in 2002, i.e. an increase

since 2001 by more than 25 %.

With a market capitalization of more than EUR 356 million and a

weighting of more than 20 % in the industry benchmark index IATX (real

estate ATX), Sparkassen Immobilien AG clearly ranges among the leading

Austrian REITs and could boast of a top performance with its products in

2002.

S IMMO INVEST 1

FEDERAL BONDS

IATX

ATX

1 including dividends

ANNUAL REPORT 2002 - IMMORENT AG


Outside Austria

On Our Way to Quality and Performance Leadership

Extended Home Market Central Europe

In line with the strategy of Erste Bank Sparkassen Group,

IMMORENT AG is developing its extended home market, namely Central

Europe. The company has subsidiaries operating in Slovenia, Croatia, the

Czech Republic, Slovakia, Hungary and Italy. Due to its strong efforts,

IMMORENT AG again managed to considerably increase its foreign business

in 2002

Substantial Increase in New Business

With a growth by 42.9 % when compared to the business year

2001, already more than one third of all new business was generated by

the foreign subsidiaries. The new real estate leasing business could be

increased by 47 %, from EUR 178.5 million in 2001 to EUR 262.3 million

in 2002. In movable property leasing, new business grew from

EUR 55.9 million in 2001 to EUR 72.7 million in 2002, i.e. a plus of more

than 30 %. The movable property leasing affiliate in Croatia even managed

to more than double its planned new business volume.

New Business Outside Austria of

IMMORENT AG 2002: + 43 %

million EUR %

total: 234.42

2001

178.53

55.89

total: 334.98

2002

ANNUAL REPORT 2002 - IMMORENT AG

262.32

72.66

+42.90

+46.93

+30.01

REAL ESTATE OUTSIDE AUSTRIA

MOVABLE PROPERTY OUTSIDE AUSTRIA

In the extended home market „Central Europe“, IMMORENT AG

offers innovative construction services, project development, and developer

services, besides real estate and movable property leasing, and here

too – like in Austria – pursues its integral approach of „leasing & more“.

Reference Projects from all

Business Segments

The real estate project development business in the extended

home market was particularly successful. The Eurocenter project in Zagreb

and Business Park Radlicka in Prague have, in the meantime, been

granted a building permit, allowing for renting out to be started right away.

Fine examples of projects in the real estate leasing segment are

the completion of various projects for Kaufland in Slovakia and of the Hyatt

Budapest hotel in Hungary. Particularly worth mentioning is the project

of Spar in Padua, a shopping center setting new standards. An important

reference project in Slovenia is the financing of the new central warehouse

of Sava Tires.

The Swiss Odette Airlines financed two of its planes with

IMMORENT AG.With a cross-border leasing project,TRS/Siemens also took

advantage of the know-how of IMMORENT AG.

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24

Outlook

The Course Is Set

Despite the current economic situation, the framework lets us

expect a positive development of the leasing market also for 2003.

Due to its performance-increasing effect, leasing will become

even more sought after in times of Basel II.

IMMORENT AG will stick to its successful strategy of 2002. The

strong market position in Austria shall be further strengthened, and a solid

growth is planned for the extended home market of Central Europe. By

establishing distribution cooperations with Erste Bank Sparkassen Group

in and outside Austria, synergy effects shall be exploited even better.With

innovative products and comprehensive services, IMMORENT AG will further

emphasize its unmistakable distinctiveness.

For 2003, we expect profits on the same level.

ANNUAL REPORT 2002 - IMMORENT AG


The Immorent Group’s Key Figures

Assets (in 1,000 Euro) 2002 2001

Accounts receivable from customers 2,667,933 1,785,777

Financial assets 463,731 321,391

Other assets 388,878 379,048

Sum total 3,520,542 2,486,216

Liabilities (in 1,000 EUR) 2002 2001

Amounts owed to credit institutions 2,543,152 1,715,457

Equity 249,536 264,554

Other liabilities 727,854 506,205

Sum total 3,520,542 2,486,216

Profit and Loss Account (in 1,000 EUR) 2002 2001

Revenues 362,373 226,285

Depreciations -190,321 -98,450

Staff and non-staff expenses -34,443 -26,439

Other operating expenses -8,119 -120

Interest payable -81,653 -60,409

Pre-tax profit for the year 47,837 40,867

Taxes -7,994 -12,541

Minority interest -9,491 -5,957

Consolidated group profit for the year 30,352 22,369

ANNUAL REPORT 2002 - IMMORENT AG

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Company Organization

Managing Board

Peter Tichatschek

chairman and CEO

Gerald Antonitsch

Franz Kerber

Supervisory Board

Chairwoman:

Elisabeth Bleyleben-Koren

deputy chairwoman of the managing board of Erste Bank

der oesterreichischen Sparkassen AG

Deputy chairman:

Walter Schmidt

Erste Bank der oesterreichischen Sparkassen AG

Members:

Klaus Braunegg

Attorney-at-law, 1010 Vienna, Gonzagagasse 9

Peter Bosek

Erste Bank der oesterreichischen Sparkassen AG

Kurt Stöber

Erste Bank der oesterreichischen Sparkassen AG

Richard Wollein

Erste Bank der oesterreichischen Sparkassen AG

Delegates of the works council:

Barbara Harrer

Johannes Ott

Andreas Dossi

ANNUAL REPORT 2002 - IMMORENT AG


The IMMORENT Group’s Locations

IMMORENT AG

VIENNA/LOWER AUSTRIA – HEAD OFFICE

Windmühlgasse 22-24

A-1060 Vienna

PHONE: +43 (0) 5 0100 - 27 260

FAX: +43 (0) 5 0100 - 27 269

E-MAIL: office.wien@immorent.at

LINZ

Landstraße 57

A-4020 Linz

PHONE: +43 (0) 5 0100 - 27 320

FAX: +43 (0) 5 0100 - 27 329

E-MAIL: office.linz@immorent.at

SALZBURG

Rainerstraße 4/4

A-5020 Salzburg

PHONE: +43 (0) 5 0100 - 27 347

FAX: +43 (0) 5 0100 - 27 348

E-MAIL: office.salzburg@immorent.at

IMMORENT SÜD Ges.m.b.H.

GRAZ

Landhausgasse 12

A-8010 Graz

PHONE: +43 (0) 5 0100 - 27 350

FAX: +43 (0) 5 0100 - 27 359

E-MAIL: office.graz@immorent.at

KLAGENFURT

Villacher Straße 6

A-9020 Klagenfurt

PHONE: +43 (0) 5 0100 - 27 390

FAX: +43 (0) 5 0100 - 27 399

E-MAIL: office.klagenfurt@immorent.at

ANNUAL REPORT 2002 - IMMORENT AG

IMMORENT WEST Ges.m.b.H.

INNSBRUCK

Meinhardstraße 5a

A-6021 Innsbruck

PHONE: +43 (0) 5 0100 - 27 300

FAX: +43 (0) 5 0100 - 27 309

E-MAIL: office.innsbruck@immorent.at

DORNBIRN

Marktstraße 18a

A-6850 Dornbirn

PHONE: +43 (0) 5 0100 - 27 315

FAX: +43 (0) 5 0100 - 27 319

E-MAIL: office.dornbirn@immorent.at

IMMORENT INTERNATIONAL

INTERNATIONAL BUSINESS

Mariahilfer Straße 41-43

A-1060 Vienna

PHONE: +43 (0) 5 0100 - 27 500

FAX: +43 (0) 5 0100 - 27 529

E-MAIL: office.international@immorent.at

IMMORENT CR s.r.o.

Narodni 973/41

CR-11000 Prague 1

PHONE: +42 02 / 2421 - 4383

FAX: +42 02 / 2421 - 8473

E-MAIL: office@immorent.cz

IMMORENT Slovensko s.r.o.

Námestie SNP 1

SK-81106 Bratislava

PHONE: +42 12 / 5 4410 - 650

FAX: +42 12 / 5 4410 - 652

E-MAIL: huskova@immorent.sk

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IMMORENT Ingatlanberuhazo es Ertekesito Kft

Völgy u. 30

H-1021 Budapest

PHONE: +36 1 / 392 - 4080

FAX: +36 1 / 392 - 4081

E-MAIL: lehnerW@immorent.hu

Erste & Steiermärkische S-Leasing d.o.o.

Zelinska 3

HR-10000 Zagreb

PHONE: +38 51 / 6311 - 700

FAX: +38 51 / 6311 - 720

E-MAIL: info.zagreb@saa.leasing.hr

SPARKASSEN LEASING d.o.o.

Dunajska cesta 63

SI-1000 Ljubljana

PHONE: +38 61 / 3092 - 386

FAX: +38 61 / 3092 - 387

E-MAIL: ogrisV@KaerntnerSparkasse.co.at

IMMORENT LJUBLJANA Leasing druzba d.o.o.

Dunajska cesta 56

SI-1000 Ljubljana

PHONE: +38 61 / 2804 - 714

FAX: +38 61 / 2804 - 713

E-MAIL: Boris.Tuma@immorent.si

Die Steiermärkische Immorent Leasing d.o.o.

Glavni trg 19a

SI-2000 Maribor

PHONE: +38 62 / 2340 - 620

FAX: +38 62 / 2340 - 622

E-MAIL: steier.immo.leas@amis.net

SIMMORENT LEASING INTERNATIONAL

HOLDING d.o.o.

Zelinska 3 / 3 rd upper floor

HR-10000 Zagreb

PHONE: +38 51 / 63 11 - 725

FAX: +38 51 / 63 11 - 730

E-MAIL: zeljko.topic@s-immorent.hr

TIROLER SPARKASSEN LEASING AG

Freiheitsstraße 35

I-39100 Bolzano

PHONE: +39 0471 / 401 - 444

FAX: +39 0471 / 401 - 935

E-MAIL: hannes.koler@tispaleasing.it

ANNUAL REPORT 2002 - IMMORENT AG


ANNUAL REPORT 2002 - IMMORENT AG

IMPRINT

Owned and published by: IMMORENT AG

Windmühlgase 22-24, A-1060 Vienna

Editing and conception: IMMORENT AG, Wunderman Vienna

Creation: Wunderman Vienna

Production: Gesco

Photography: Stefan Oláh

Printing: Grasl Druck & Neue Medien

Figures on the development of the leasing market are based on the

leasing market survey „Leasingmarktstudie 2002“ of the Association of

Austrian Leasing Companies (VÖL), compiled by Prof. Hudec of the

Institute of Statistics at Vienna University.

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30 ANNUAL REPORT 2002 - IMMORENT AG


ANNUAL REPORT 2002 - IMMORENT AG

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