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Ko sees itself as a partner in all matters related to
climate protection and advises companies on climate
strategy best suited to their requirements
as well as on the subsidisation of operational
measures to protect the environment.
The Kyo-Ko also assists companies affected by the
trade in emissions in obtaining
INVESTKREDIT BANK AG the requisite certificates. In the
A FOUNDING MEMBER
year under review, it held many
OF ECRA
discussions with companies and
ran the “Kyoto. The facts” series
of technical workshops and seminars on the topic
“Challenges for Companies – the European Trade in
Emissions”. Kommunalkredit Public Consulting – a
100% subsidiary of Kommunalkredit Austria AG –
acts as programme manager for the implementation
of the Austrian JI/CDM Programme (Joint
Implementation/Clean Development Mechanism
Programme). Moreover, Investkredit Bank AG is a
founding member of the privately organised service
registry, ECRA Emission Certificate Registry Austria
GmbH.
A consulting company set up for publicprivate
partnerships
Against a background of intense discussions about
possible ways for the public and private sectors to
“In November 2004, the EWE-FM Group, Austria’s
innovative kitchen manufacturer, entered into a
strategic partnership with the European market
leader Nobia, involving a takeover of 100% of its
shares by Nobia. This sort of project cannot be
brought to fruition without mutual respect and
appreciation between consultants and
client. For this I should like once again
to thank the Managing Director of
Europa Consult, Robert Ehrenhöfer,
and his staff.”
Wilhelm Pacher
Managing Director
EWE-FM Group
Europa Consult advised the shareholders
of the EWE-FM Group in all the tactical
and financial aspects concerning the
strategic development and implementation
of this transaction.
SEGMENT REPORTING / CORPORATES
co-operate in public-private partnerships, Investkredit
and Kommunalkredit have jointly set up
the PublicPrivate consulting platform. In this way,
Investkredit’s know-how in advising companies
and structuring complex corporate lending and
project finance transactions can be optimally combined
with Kommunalkredit’s long-term experience
in the public sector. Target groups are both
companies as well as the public sector and PublicPrivate
develops specialist solutions for them
within the scope of an all-encompassing consulting
and financing approach.
TREASURY AND
ASSET MANAGEMENT
Interest-rate and currency management
for corporate customers
In a scenario of economic recovery with low interest
rates and an ongoing weakening of the US dollar,
the financial markets in
2004 offered interesting oppor- DERIVATIVES FOR
tunities for Investkredit’s corporate
customers. Real estate
investors were able to take
advantage of the flat interest rate curve, especially
for making an optimal hedge against future rises in
interest rates. The currencies of the Central European
countries performed differently, due to their
individual economic profiles. These currencies
demonstrated a general trend of a strengthening
against the euro which benefited exporters to these
countries and international investors. Subsidiaries
producing goods locally, however, were faced with
a challenge in view of the relatively high exchange
rates. The all-round servicing of Investkredit’s customers
on all topics related to interest-rate and
currency management is the strategic focus of
its money and foreign exchange trading. This
focus is supported by experienced experts and a
modern risk management system.
HEDGING RISK CONTINUE
TO BE IN DEMAND
The instruments used in this interest-rate and currency
management included forward hedging
(currency futures contracts, forward rate agree-
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