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includes four office buildings in Prague and
Budapest, two shopping centres in Teplice and
Mladá Boleslav, as well as two logistics buildings
on the edge of Budapest with a total usable floor
space of 230,000 m2 . DIFA also acquired 100% of
another property company called “Hadovka”. The
market value of these proper-
JANUARY 2005: ties is EUR 300 m. The EBRD
PARTNERSHIP WITH
has assigned all of its shares
DIFA SIGNED
while the Investkredit Group
has reduced its 65% holding in
seven properties to 51% via a newly formed holding
company. Working with DIFA forms the basis
for further acquisitions of real estate in the
CEE countries, especially in Hungary and Czechia,
where Europolis will represent DIFA exclusively.
On 28 December 2004, Österreichische Volksbanken-AG
(ÖVAG) published that, in addition to
3.5% of the shares it already held in Investkredit
“ In September, a ten-year profit sharing rights
financing was concluded with the Styrian Sattler
AG – Europe’s leading manufacturer of fabric for
awnings, truck tarpaulins, boat covers, sunscreens
and blinds, as well as a constructor of textile
biogas storage tanks and large roof structures
made of special membranes. With this financing
the company will reinforce and expand its market
position as well as optimise its capital structure.
Long-term investments made to strengthen competitiveness
and expand a company’s market position
require adequate financing in conjunction
with the capital structure optimisation.
Many years of trusting co-operation
with Investkredit provided the
right foundation for realising this
form of financing.”
Herbert Pfeilstecher
Member of the Board of Management and CFO
Sattler AG
Investkredit Bank AG arranged and
structured the profit sharing rights
financing as sole financier for the
period from 2004 to 2014.
MANAGEMENT REPORT / OUTLOOK FOR 2005
Bank AG, it had secured another 41.2% through
options. These shares were held at that point in time
by BAWAG/P.S.K., Erste Bank and Wiener Städtische
Versicherung. ÖVAG also announced that it was
interested in acquiring a majority and intends to
offer the other shareholders under the terms of a
public offer EUR 123 per share.
On 2 February 2005, ÖVAG exercised its call options
purchasing (pending approval by the antitrust
and supervisory authorities) about 41.5% of
Investkredit’s shares. Thus ÖVAG now holds about
45% of the share capital. In
this connection, the Takeover FEBRUARY 2005: ÖVAG
LARGEST SHAREHOLDER
Commission set a deadline for
the ÖVAG to submit its takeover
offer in accordance with the Takeover Act of
a maximum of 40 trading days on the stock
exchange from the date ÖVAG published its intent
to take over Investkredit. The offer handed over to
the Takeover Commission by ÖVAG on 24 February
2005 is scheduled to be published on 17 March.
OUTLOOK FOR 2005
Stable market environment in 2005
In 2005 international economic performance
will lose momentum somewhat. In the United
States (forecast: +3.8%), high current account and
budgetary deficits suggest more restrictive monetary
and fiscal policies. In China
(+8.2%), the government is
struggling to cool down the
overheated economy. World
trade will continue to develop dynamically against
this background (+7.2%) but not as much as in
2004. Despite the more stable oil prices, economic
growth in the euro area (+1.7%) is unlikely to
accelerate, especially with the strength of the euro
slowing it down. However, the focus of the economy
could well turn from exports to domestic
demand. The ECB is likely to keep interest rates at
STABLE EXPECTATIONS
FOR THE ECONOMY
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