20140903_Prospectus 960,11KB

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NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF
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The materials relating to the offering do not constitute, and may not be used in connection with, an offer
or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction
requires that the offering be made by a licensed broker or dealer and the dealer managers or any affiliate
of the dealer managers is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to
be made by the dealer managers or such affiliate on behalf of the Issuer in such jurisdiction.
Under no circumstances shall this prospectus constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. This prospectus may only be communicated to persons in the United Kingdom
in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.
This prospectus has been sent to you in an electronic form. You are reminded that documents
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and consequently neither BNP Paribas and UniCredit Bank Austria AG nor any person who controls
either BNP Paribas and UniCredit Bank Austria AG, as the case may be, nor any director, officer,
employee nor agent of BNP Paribas and UniCredit Bank Austria AG, as the case may be, or affiliate of
any such person accepts any liability or responsibility whatsoever in respect of any difference between
the prospectus distributed to you in electronic format and the hard copy version available to you on
request from BNP Paribas and UniCredit Bank Austria AG.
WIENERBERGER AG
(a joint stock corporation under the laws of Austria, registered number FN 77676f)
as Issuer
Offer to exchange
up to EUR 300,000,000 6.5% perpetual subordinated fixed to floating rate callable bonds
(“Existing Bonds”)
(ISIN DE000A0G4X39)
for up to EUR 300,000,000
perpetual subordinated fixed rate bonds subject to interest rate reset
(ISIN DE000A1ZN206)
This prospectus (“Prospectus”) is for the public exchange offer solely addressed to persons who currently hold Existing Bonds and
who are (a) residents of the Republic of Austria (“Austria”), the Federal Republic of Germany (“Germany”) or the Swiss
Confederation (“Switzerland”) or (b) a “qualified investor” within the meaning of Directive 2003/71/EC of the European Parliament
and of the Council of November 4, 2003, as amended (“Prospectus Directive”), in a member state of the European Economic Area
(“EEA”) who is authorized to accept the proposed exchange offer in such member state, for up to EUR 300,000,000 perpetual
subordinated fixed rate bonds subject to interest rate reset with a denomination of EUR 1,000.00 each (the “Bonds”), to be issued by
Wienerberger AG, Wienerbergstraße 11, 1100 Vienna, Austria (the “Issuer” or the “Company”). The Bonds will be governed by the
laws of Austria.
The Bonds will bear remuneration from and including October 6, 2014 (the “Issue Date”) to but excluding February 9, 2017 (the
“First Period End Date”) at a rate of 6.5% per annum, payable annually in arrears on February 9 of each year (each such date a
“Remuneration Payment Date”), commencing February 9, 2015. From and including the First Period End Date to but excluding
February 9, 2021 (the “First Call Date”) the Bonds will bear remuneration at a rate of 5.0% per annum, payable annually in arrears on
February 9 of each year, commencing February 9, 2018. From and including the First Call Date the Bonds will bear remuneration for
the period from and including a Reset Date to but excluding the next following Reset Date (each a “Reset Period”) at the relevant 5year Swap Rate plus 5.95% margin, payable annually in arrears on each Remuneration Payment Date. “Reset Date” means the First
Call Date and each Remuneration Payment Date falling 5 years after the previous Reset Date. The “5-year Swap Rate” for a Reset
Period will be determined by the Calculation Agent in accordance with the Terms and Conditions prior to the respective Reset Date.
The Bonds will initially be represented by a Temporary Global Bond, without interest coupons, which will be exchangeable in whole
or in part for a Permanent Global Bond without interest coupons, not earlier than 40 days after the Issue Date, upon certification as to
non-U.S. beneficial ownership.
With respect to the Bonds application will be made for admission to and trading on the Second Regulated Market (Geregelter
Freiverkehr) of the Vienna Stock Exchange, a regulated market pursuant to Directive 2004/39/EC of the European Parliament and of
the Council of April 21, 2004 on markets in financial instruments, on or about September 29, 2014.
Prospective investors should be aware that an investment in the Bonds involves a risk and that, if certain risks, in particular
those described in the chapter “Risk Factors” occur, the investors may lose all or a very substantial part of their investment.
This Prospectus constitutes a prospectus pursuant to Article 5 paragraph 3 of the Prospectus Directive and has been prepared in
accordance with Commission Regulation (EC) No 809/2004 of April 29, 2004, as amended (Annexes IV, V and XXII), and conforms
to the requirements of the Austrian Capital Market Act (Kapitalmarktgesetz) and the Austrian Stock Exchange Act (Börsegesetz).
This Prospectus has been approved by the Austrian Financial Market Authority (Finanzmarktaufsicht; the “FMA”) in its
capacity as competent authority under the Austrian Capital Market Act 1991 as amended (Kapitalmarktgesetz; the “Capital
Market Act”). The accuracy of the information contained in this Prospectus does not fall within the scope of examination
by the FMA under applicable Austrian law. The FMA examines the Prospectus only in respect of its completeness,
coherence and comprehensibility pursuant to section 8a of the Capital Market Act. FMA neither examines nor approves
any offer in Switzerland. Switzerland is not a member state of the EEA and cannot be a host member state in a notification
procedure in accordance with Article 18 of the Prospectus Directive.
This Prospectus will be notified to the German Federal Financial Supervisory
Finanzdienstleistungsaufsicht; “BaFin”) before any offer to the public will be made in Germany.
authority
(Bundesanstalt
für
This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Bonds in any jurisdiction where such offer or
solicitation is unlawful. The Bonds have not been and will not be registered under the United States Securities Act of 1933 (the
Securities Act). Offers to the public in Germany will only be made following the FMA’s delivery to the BaFin of, inter alia, a
certificate of approval pursuant to Article 18 of the Prospectus Directive attesting that this Prospectus has been drawn up in
accordance with the Prospectus Directive.
Dealer Managers
UniCredit Bank Austria
BNP PARIBAS
The date of this Prospectus is September 3, 2014
ii
This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see “Documents Incorporated by Reference”). This Prospectus should be read and
construed on the basis that such documents are incorporated by reference and form part of the
Prospectus.
No person is or was authorized to give any information which is not contained in or not consistent with
this Prospectus or any other document entered into in relation to the issuance of the Bonds or any
information supplied by the Issuer or such other information as in the public domain and, if given or
made, such information must not be relied upon as having been authorized by the Issuer.
The Issuer is responsible for the information contained in this Prospectus and the documents
incorporated herein by reference, and to the extent permitted by the laws of any relevant jurisdiction,
neither any Dealer Manager nor any other person mentioned in this Prospectus, excluding the Issuer,
accepts any responsibility for the accuracy and completeness of the information contained in any of
these documents.
This Prospectus reflects the status as of its date. The delivery of this Prospectus and the offering or
delivery of the Bonds may not be taken as an implication that the information contained in such
documents is accurate and complete subsequent to the date of issuance or that there has been no adverse
change in the financial situation of the Issuer since such date or that any other information supplied in
connection with the Bonds is accurate at any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same. Every significant new factor, material
mistake or inaccuracy relating to the information included in this Prospectus which is capable of
affecting the assessment of the Bonds and which arises or is noted between the approval of the
Prospectus by the FMA and the later of September 26, 2014 and the start of trading of the Bonds on the
Vienna Stock Exchange (expected to be on or about October 6, 2014) will be published in a supplement
to the Prospectus in accordance with section 6 of the Capital Market Act. Such supplement must be
published in the same manner as this Prospectus and be approved by the FMA.
This Prospectus has been prepared by the Issuer in connection with the Offering solely for the purpose of
enabling a prospective investor to consider the purchase of the Bonds and to comply with the listing
requirements of the Vienna Stock Exchange. In making an investment decision regarding the Bonds
offered pursuant to this Prospectus, investors must rely on their own examination of the Group and the
terms of the Offering, including, without limitation, the merits and risks involved. The Offering is being
made solely on the basis of this Prospectus.
The contents of this Prospectus are not to be construed as legal, business or tax advice. Each prospective
investor should consult its own lawyer, financial adviser or tax adviser for legal, financial or tax advice.
This Prospectus contains statements regarding the market position of Wienerberger. Unless specified
otherwise, such statements regarding Wienerberger’s market or competitive position are based on
Wienerberger’s internal market research.
Where information has been sourced from a third party, Wienerberger confirms that this information
has been accurately reproduced and that as far Wienerberger is aware and is able to ascertain from
information published by that third party, no facts have been omitted which would render the
reproduced information inaccurate or misleading. Where such information has been included in this
Prospectus, the source is indicated.
The legally binding language of this Prospectus is English; except for the terms and conditions of the
Bonds (the “Terms and Conditions”) where the German language is legally binding.
In this Prospectus all references to “EUR” or “Euro” are to the currency introduced at the start of the
third stage of the European economic and monetary union, and as defined in Article 2 of Council
Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the Euro, as amended.
iii
The distribution of this Prospectus and the offering, sale and delivery of the Bonds in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are
required to inform themselves about and observe any such restrictions.
In particular, the Bonds have not been and will not be registered under the Securities Act or with
any securities regulatory authority of any state or other jurisdiction of the United States; subject
to certain exceptions, the Bonds may not be offered or sold within the United States of America or
to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities
Act).
iv
TABLE OF CONTENTS
Definitions ..................................................................................................................................................1
Forward-looking statements .......................................................................................................................2
Summary ....................................................................................................................................................3
Risk Factors ..............................................................................................................................................13
Selected Consolidated Financial Data ......................................................................................................28
Business of Wienerberger ........................................................................................................................31
Information about the Issuer.....................................................................................................................42
Information to enable Swiss investor participation in the Exchange Offer ..............................................45
Disclosure for the securities .....................................................................................................................47
The public exchange offer ........................................................................................................................47
Description of the Bonds ..........................................................................................................................48
Terms and Conditions of the Offering......................................................................................................49
Reason for the Exchange Offer ................................................................................................................49
Dealer Managers.......................................................................................................................................50
Allotment, method of determination of the coupon .................................................................................50
Authorisations ..........................................................................................................................................50
Selling restrictions ....................................................................................................................................50
Listing application, trading, rating ...........................................................................................................52
Taxation ....................................................................................................................................................53
Documents Incorporated by Reference ....................................................................................................63
Documents available for inspection .........................................................................................................64
Terms and Conditions of the Bonds .........................................................................................................65
Statement pursuant to Comission Regulation (EC) NO 809/2004 of April 29, 2004 and pursuant to
§ 8 para 1 Capital Market Act ............................................................................................................... D-1
German Translation of the Summary ..................................................................................................... S-1
v
DEFINITIONS
In this Prospectus, unless the context otherwise requires,
•
“ANC Private Foundation” refers to ANC Privatstiftung, Wienerberg City, Wienerbergstraße 11,
1100 Vienna, Austria.
•
“Audited Consolidated Financial Statements” refers to an English translation of the audited
consolidated financial statements of the Company as of, and for the years ended, December 31,
2013 and 2012, including the notes thereto.
•
“Consolidated Financial Statements” refers to the Audited Consolidated Financial Statements
and the Unaudited Interim Financial Statements.
•
“Clearstream” refers to Clearstream Banking AG, 60485 Frankfurt am Main, Germany.
•
“Company” or “Issuer” refers to Wienerberger AG.
•
“Dealer Managers” refers to BNP PARIBAS, 10 Harewood Avenue, London NW1 6AA, and
UniCredit Bank Austria AG, Schottengasse 6-8, 1010 Vienna, Austria.
•
“Exchange Offer” refers to the invitation of the Issuer to all persons who currently hold the
Existing Bonds and who are (a) residents of Austria, Germany or Switzerland or (b) “qualified
investors” within the meaning of Directive 2003/71/EC, as amended, in a member state of the
European Economic Area who are authorized to accept the proposed exchange offer in such
member state and to offer to the Issuer to exchange Existing Bonds of a nominal value of up to
EUR 300 million at an exchange ratio of 1 : 1 for up to EUR 300 million Bonds.
•
“Existing Bonds” refers to EUR 500 million 6.5% perpetual subordinated fixed to floating rate
callable bonds, ISIN DE000A0G4X39.
•
“Final Acceptance Amount” means the total nominal amount of the Existing Bonds, which the
Issuer accepts for exchange, to be determined and announced on or before the date and time on
which the result of the Exchange Offer will be announced.
•
“IFRS” refers to International Financial Reporting Standards, including International Accounting
Standards (“IASs”) and interpretations published by the International Accounting Standards Board,
as adopted by the EU.
•
“LLLD” means long length large diameter.
•
“Paying Agent” refers to Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt
am Main, Germany.
•
“Pipelife” refers to PIPELIFE International GmbH and its subsidiaries.
•
“Semmelrock” refers to Semmelrock International GmbH and its subsidiaries.
•
“Steinzeug” or “Steinzeug-Keramo” refers to Steinzeug-Keramo GmbH and its subsidiaries.
•
“Target Acceptance Amount” means EUR 300,000,000, which is the maximal nominal amount of
the 2007 Hybrid Bonds the Issuer intends to accept for exchange.
•
“Tondach Gleinstätten” refers to Tondach Gleinstätten AG and its subsidiaries;
•
“Unaudited Interim Financial Statements” refers to the unaudited interim financial statements as
of, and for the six months, ended June 30, 2014.
•
“Wienerberger” or the “Group” refers to Wienerberger AG and its consolidated subsidiaries at
the relevant time.
1
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements relating to the Group’s business, financial
condition, results of operations and strategies, and the industry in which it operates. Forward-looking
statements concern future circumstances and results and include other statements that are not historical
facts, sometimes identified by the words “might”, “will”, “should”, “believes”, “expects”, “predicts”,
“intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “seeks”,
“pursues”, “goal” and similar expressions. Such statements reflect the Group’s current views with respect
to future events and are subject to risks and uncertainties. In this Prospectus, forward-looking statements
include, inter alia, statements relating to the Group’s implementation of its strategic initiatives, the
development of aspects of the Group’s results of operations, the Group’s competitive position, certain
financial targets the Group has set for itself, the Group’s expectations relating to the impact of risks that
affect its business, including those set forth below under “Risk Factors”, future developments in the
building materials industry (including demand and prices), the Group’s future business development,
financial condition and economic performance, and general economic trends and developments.
The Group bases these forward-looking statements on its current plans, estimates, projections and
expectations. These statements are based on certain assumptions that, although reasonable at this time,
may prove to be erroneous. Investors should not place undue reliance on these forward-looking
statements. Many factors could cause the Group’s actual results, performance or achievements to be
materially different from any future results, performance or achievements that may be expressed or
implied by such forward-looking statements. These factors include, inter alia, changes in general
economic and business conditions, levels of demand and pricing, changes and volatility in currency
exchange rates and interest rates, changes in housing starts or residential construction markets, changes in
raw material and product prices and inability to pass price increases on to customers, changes in
governmental policy, laws and regulations and political and social conditions, changes in the competitive
environment, the success of the Group’s recent acquisitions and divestitures, natural disasters and adverse
weather conditions, other factors that are discussed in more detail under “Risk Factors” below; and
factors that are not known to the Group at this time.
Should one or more of these factors or uncertainties materialize, or should the assumptions underlying the
forward looking statements included in this Prospectus prove incorrect, events described in this
Prospectus might not occur or actual results may deviate materially from those described in this
Prospectus as anticipated, believed, estimated or expected, and the Group may not be able to achieve its
financial targets and strategic objectives. Other than as required by law, the Company does not intend,
and does not assume any obligation, to update the forward-looking statements set forth in this Prospectus.
2
SUMMARY
Summaries are made up of disclosure requirements known as ‘Elements’. These elements are numbered
in Sections A – E (A.1 – E.7). This summary contains all Elements required to be included in a summary
for this type of securities and Issuer. Because some Elements are not required to be addressed, there may
be gaps in the numbering sequence of the Elements. Even though an Element may be required to be
inserted in the summary because of the type of securities and Issuer, it is possible that no relevant
information can be given regarding the Element. In this case a short description of the Element is
included in the summary with the mention of ‘not applicable’.
Section A – Introduction and warnings
A.1
Warning................................................................
The following summary must be read as an introduction to this
Prospectus. Any decision to invest in the Bonds should be based on
a consideration of this Prospectus as a whole by the investor.
Where a claim relating to the information contained in this
Prospectus is brought before a court, a plaintiff investor might,
under the national legislation of the relevant member state of the
European Economic Area, have to bear the costs of translating this
Prospectus before legal proceedings are initiated. Civil liability
attaches to those persons who have tabled this summary, including
any translation thereof, and applied for its notification, but only if
this summary is misleading, inaccurate or inconsistent when read
together with the other sections of this Prospectus or it does not
provide, when read together with the other parts of the Prospectus,
key information in order to aid investors when considering whether
to invest in the Bonds.
A.2
Consent by the Issuer to the
use of the prospectus by
No consent has been granted by the Issuer regarding the use of the
financial intermediaries ................................
Prospectus for a subsequent resale or final placement of securities
by financial intermediaries.
Section B – Issuer
B.1
Legal and commercial name
of the issuer ................................
Wienerberger AG (the “Issuer”)
B.2
Domicile, legal form,
legislation, country of
The Issuer has its corporate seat in Vienna and its business address
incorporation ................................
at Wienerberg City, Wienerbergstraße 11, A-1100 Vienna.
The Issuer is incorporated in Austria as a stock corporation
(Aktiengesellschaft) according to Austrian law.
B.4b Known trends of the Issuer
and its industries................................
In addition to the weather, which is an important external factor
determining demand, the construction sector (in particular
residential construction, which accounts for a large part of brick
and roof tile demand worldwide according to management
estimates) is subject to typical macroeconomic drivers such as GDP
growth rate, consumer spending, consumer confidence levels and,
to a lesser extent, long-term interest rates (i.e., mortgage rates). The
Eurozone debt crisis and general economic slowdown, which
brought a recession in the Eurozone in 2012, still has a negative
3
impact on the Group. Further austerity measures by member states
of the Eurozone with high sovereign debts may lead to a reduction
of infrastructure projects, a segment relevant for the Group’s
paving and pipe business.
Two of the most important trends in new residential construction
are sustainability and energy efficiency. In particular EU
regulations require all buildings constructed during or after 2020 to
have a neutral energy balance. The Group has addressed these
challenges in recent years and joined together with partners from
heating technology, thermal insulation and other fields to develop a
building model that meets these demands today.
More generally, the Group faces an increasingly complex
regulatory framework: The Group is subject to numerous
environmental and health and safety laws, regulations and
standards, the number of which has increased over the past years,
in particular in the European Union and the United States where the
Group operates important facilities. Furthermore, such laws have
become more stringent in the past years and have been interpreted
more strictly by the authorities. This trend is expected to continue
and could result in increasing expenditure incurred by the Group to
establish compliance with new regulations.
A trend to renovate public sewage and waste water systems in
Eastern Europe is a business opportunity for the Group: In
particular in CEE wastewater disposal connection rates compared
to Western European standards are still at significantly lower
levels. Furthermore, climate change and the increasing
development of green areas have led to a growing incidence of
flooding in inner city areas. Pipelife has developed a system to
prevent this risk and also offers products for rainwater
management, which the Group deems a further business
opportunity.
B.5
Description of the Group
and the position of the Issuer
The Issuer is the holding company of the Group, which consists of
in the Group ................................
the Issuer and its consolidated subsidiaries at the relevant time.
B.9
Profit forecast/estimate ................................
Not applicable, because no profit forecasts or estimates are made.
B.10 Qualifications in the audit
report ................................................................
Not applicable, as the auditor did not make any qualifications in the
audit reports on the historical financial information.
B.12 Selected key financial
information ................................The following selected consolidated financial data of the Group has
been taken from the Consolidated Financial Statements, which are
incorporated into this Prospectus by reference as of and for the six
months ended June 30, 2014 and the years ended December 31,
2013 and 2012.
4
Six months ended
June 30,
Year ended
December 31,
2014
2013
2013
2012
unaudited
audited
in EUR million
Key consolidated income figures
Revenues ................................................................
1,349.4
1,260.4
Profit/loss after tax................................................................
-1.7
-31.0
(1)
Operating EBITDA ................................
135.1
106.3
Operating EBIT(1) ................................................................
33.5
4.9
Investments and acquisitions ................................
52.3
43.3
Earnings per share (in EUR) ................................
-0.15
-0.40
2,662.9
-7.8
266.5
55.3
106.7
-0.34
2,355.5
-40.5
245.5
31.0
268.7
-0.61
Key consolidated cash flow figures
Gross cash flow ................................................................
101.9
75.9
Cash flows from operating activities................................
-50.0
-107.1
Cash flows from investing activities ................................
-50.9
-37.4
Cash flows from financing activities................................
-30.6
189.7
164.6
190.9
-98.7
163.9
127.0
229.5
-229.3
-248.7
As of June 30,
2014
unaudited
As of December 31,
2013
2012
audited
in EUR million
Key consolidated balance sheet
figures
Non-current assets ................................................................
2,617.3
Current assets................................................................
1,606.6
Total assets ................................................................
4,223.9
Equity ................................................................ 2,205.7
Non-current provisions and liabilities ................................
1,123.9
Current provisions and liabilities ................................
894.3
Total equity and liabilities ................................ 4,223.9
2,662.5
1,548.8
4,211.4
2,254.2
1,115.4
841,8
4,211.4
2,840.3
1,299.4
4,139.7
2,363.7
1,159.7
616.3
4,139.7
(1) Figures adjusted for non-recurring income and expenses.
There has been no material adverse change in the prospects of the
Group since December 31, 2013. There were no significant
changes in the financial or trading position subsequent to June 30,
2014.
B.13 Recent events to a material
extent relevant for the
Not applicable, because no recent events were to a material extent
solvency of the Issuer................................
relevant for the solvency of the Issuer.
B.14 Dependency of the Issuer on
other entities of the Group ................................
As a holding company, the Issuer does not have any operating
activities and, therefore, depends on contributions and distributions
by its affiliates.
B.15 Principal activities of the
Issuer ................................................................
The Group’s core business is divided into the Clay Building
Materials as well as the Pipes & Pavers business activities. The
Group further divides its business into the four divisions Clay
Building Materials Europe (clay blocks, facing bricks, roof tiles),
Pipes & Pavers Europe (plastic pipes, ceramic pipes, concrete
pavers), North America (facing bricks, plastic pipes, concrete
products) and Holding & Others.
Products are marketed mainly under the Group’s umbrella brand
“Wienerberger” and the assortment brands “Porotherm” and
“Poroton” (Germany only) for clay blocks, “Terca” and “General
Shale” for facing bricks, ”Penter” for clay pavers, “Arriscraft” for
manufactured stone, “Koramic” and “Tondach Gleinstätten” for
clay roof tiles and “Pipelife” and “Steinzeug-Keramo” for plastic
5
and ceramic pipes respectively. In addition to products produced by
the Group, it offers innovative systems solutions such as nonceramic accessories for roofs and prefabricated wall systems as
well as special masonry glue for walls.
B.16 Ownership and controlling
interest ................................................................
Not applicable. As far as the Issuer is aware, it is not directly or
indirectly owned or controlled by a single person or entity or a
group of persons or entities acting in concert.
B.17 Ratings of the Issuer and its
debt securities................................
Moody’s assigned to (i) the Issuer a “corporate family rating” of
Ba3, (ii) certain of its outstanding long-term debts a long-term
rating of Ba2 as well as (iii) a B1 rating to the deeply subordinated
hybrid bonds 2007 of the Issuer, each with negative outlook.
The Issuer has ordered a rating to be assigned to the Bonds by
Moody’s. The rating is expected to be B1.
Section C – Securities
C.1
Type and class,
identification ................................
Subordinated Bonds.
ISIN:
WKN:
DE000A1ZN206
A1ZN20
C.2
Currency ................................................................
Euro.
C.5
Restrictions on free
transferability ................................
Not applicable, as there are no restrictions on the free
transferability of the Bonds.
C.8
Rights, ranking, limitations
to the rights ................................
The most important right attached to the Bonds is the right for
remuneration, as further described in C.9.
The Bondholders may not terminate the Bonds. The Issuer may
terminate and repay the Bonds at par on the First Call Date and on
any Remuneration Payment Date thereafter. Additionally, in
accordance with the Terms and Conditions of the Bonds as set out
in this Prospectus, the Issuer may terminate the Bonds if a Gross-up
Event, a Tax Event or an Accounting Event occurs or if less than
25% of the Bonds remain outstanding.
The Bonds constitute direct, unsecured and subordinated
obligations of the Issuer ranking pari passu among themselves,
pari passu with the Issuer’s obligations under the existing hybrid
bonds issued in 2007 and junior to all other present and future
unsubordinated obligations of the Issuer as well as all other future
subordinated or unsubordinated obligations of the Issuer, except as
otherwise required by mandatory provisions.
Particularly, in the event of a liquidation or insolvency of the
Issuer, the obligations of the Issuer under the Bonds will be
satisfied only after all other unsubordinated or subordinated
creditors (except for creditors with pari passu claims) have been
fully satisfied.
6
C.9
Interest rate, payment dates,
yield, representation ................................
The Bonds will bear remuneration from and including the Issue
Date to but excluding the First Period End Date at a rate of 6.5%
per annum, payable annually in arrears on each Remuneration
Payment Date, commencing February 9, 2015. From and including
the First Period End Date to but excluding the First Call Date the
Bonds will bear remuneration at a rate of 5.0% per annum, payable
annually in arrears on each Remuneration Payment Date,
commencing February 9, 2018. From and including the First Call
Date the Bonds will bear remuneration for each Reset Period at the
relevant 5-year Swap Rate plus 5.95% margin, payable annually in
arrears on each Remuneration Payment Date.
The payment of remuneration may be deferred by the Issuer at any
time by giving notice to the Bondholders not less than 10 and not
more than 15 Business Days prior to a Remuneration Payment
Date. Any remuneration not paid due to such an election by the
Issuer constitutes arrears of remuneration (“Arrears of
Remuneration”) and will not bear interest.
The payment of remuneration and the repayment of capital shall be
made by way of crediting the respective amounts to an account
held with the respective investor’s custodian bank.
Unless in case of an early redemption of the Notes, the yield to the
First Call Date equals 5.623% per annum.
The Terms and Conditions contain no provisions on the
representation of the Bondholders. Under certain conditions, a
trustee (Kurator) may be appointed to represent the Bondholders
before the courts in accordance with Austrian bond trustee act,
Gazette RGBl 1874/49 as amended.
C.10 Derivative component ................................
The Bonds bear remuneration from and including the First Call
Date at the Reset Interest Rate on their principal amount. The Reset
Interest Rate will be calculated on the basis of the 5-year Swap
Rate determined by the calculation agent prior to the relevant reset
date plus the applicable margin. The 5-year Swap Rate is the
arithmetic mean of the bid and offered rates for the annual fixed leg
of a fixed-for-floating Euro interest rate swap transaction with a 5year term and is quoted on the basis of 6-months EURIBOR rate
published on Reuters on a daily basis. The relevant 5-year swap
rate will therefore in part depend on the level of the EURIBOR at
the Reset Dates, as a result of which an increase in EURIBOR may
lead to a higher Reset Interest Rate, a decrease to a lower Reset
Interest Rate.
In the event that information required for calculating the 5-year
Swap Rate is not available on the Reset Interest Determination
Date, the Reset Interest Rate will be calculated by the Calculation
Agent based on the Reset Reference Bank Rate, a percentage
determined on the basis of quotations of five leading swap dealers
in the interbank market.
7
C.11 Admission to trading ................................
Application will be made to the Vienna Stock Exchange for the
Bonds to be listed and admitted to trading on the Second Regulated
Market (Geregelter Freiverkehr) of the Vienna Stock Exchange on
or about September 29, 2014.
Section D – Risks
D.2
Key risks specific to the
Issuer ................................................................
Recent macroeconomic and political trends and associated
risks relevant for the Group
•
In the wake of the global financial, economic and debt crisis,
market weakness, in particular in the residential construction
sector, led to weaker demand for building materials in a
number of the Group’s markets in recent years. Residential
construction in Europe weakened further in 2013 and
construction activity was still negatively influenced by the
generally weak economy as well as restrictive lending by the
banks. In addition, the pressure on public sector authorities to
cut spending led to a decline in infrastructure investments
during 2013. The political crisis in the Ukraine and sanctions
imposed on Russia, as well as sanctions by Russia against the
USA and the European Union lead to negative foreign
exchange effects and may in general seriously damage the
Group’s business.
•
The termination or further tapering of quantitative easing of
the US federal reserve system or any other programs of central
banks (or the anticipation that any such programs may be
terminated or tapered) could again result in volatility of
financial markets and adversely affect economic growth.
•
The political crisis in the Ukraine and its economic
consequences could spill over to other Eastern European
countries where Wienerberger is active.
Risks relating to the industry of the Group
•
The Group is subject to the cyclicality of the building
materials industry, which is driven by a number of
macroeconomic factors.
•
The Group operates in a seasonal industry.
•
Within its brick, roof tile, pavers and pipe activities the Group
competes with producers of substitute products and with other
brick, roof tile, pavers and pipe manufacturers.
•
The Group may become subject to antitrust, legal,
administrative and other proceedings and is exposed to the risk
of claims and enforcement actions in each of the countries in
which it operates, which could adversely affect its business.
•
The Group is subject to risks associated with inadequate
insurance.
Strategic risks relating to the Group’s business
•
A goodwill impairment could have a significant impact on the
Group’s income and equity.
8
•
Economic, political, regulatory and local business risks
associated with international sales and operations could
adversely affect the Group’s business, particularly in Eastern
Europe.
•
The Company does not control some of the companies of
which it is a shareholder and actions taken by such companies
may not be aligned with the strategy and interests of the
Group.
•
The Group depends on retaining, recruiting and training
management staff and skilled employees.
Operational risks of the Group
•
The Group may experience business interruption, production
curtailment or loss of assets.
•
Increased input and energy costs or energy supply disruptions
could have a material impact on the Group’s results of
operations.
Financial risks relating to the Group’s business
•
The capital intensive nature of the Group’s business requires
significant amounts of financing.
•
As a holding company the Issuer depends on the profitability
of its subsidiaries.
•
Downgrades in the rating or a decline in the credit metrics of
the Group, its inability to obtain new financing and covenants
in existing financing agreements could increase refinancing
costs and impair the Group’s liquidity and profitability.
•
Because many of the Group’s subsidiaries operate in
currencies other than the Euro, adverse changes in foreign
exchange rates relative to the Euro could materially adversely
affect the Group’s reported earnings and cash flow.
•
A significant default by a financial institution counterparty or a
customer may adversely affect the Group’s business, results of
operations and financial condition.
•
Movements in interest rates may increase the Group’s interest
expense.
Geographical risks relating to the Group’s business
•
Economic instability in the jurisdictions where the Group
operates, in particular in Eastern and Southeastern Europe,
may adversely affect the Group’s business, results of
operations and financial condition.
•
The Group faces legal risks in certain countries where it
operates and its property may not be protected comprehensively in each of those countries.
Risks related to the environment relevant for the Group
•
The Group is subject to stringent environmental and health and
safety laws, regulations and standards which result in costs
related to compliance and remediation efforts that may
9
adversely affect the Group’s business, results of operations and
financial condition.
D.3
•
Changes in building laws, regulations and standards could
materially adversely affect the Group’s business, results of
operations and financial condition.
•
Changes in the European Union emissions trade certificate
regulations and other local emissions allowance systems could
lead to reduced free emission right allocations and limited free
transferability of emissions allowances and would increase the
Group’s production costs.
Key risks specific to the
Bonds ................................................................
Risks relating to the Bonds
•
Bonds may not be a suitable investment for all Investors.
•
The Bonds are undated securities in which an investment
constitutes a financial risk for an indefinite period.
•
Holders are subject to the risks relating to the early redemption
of the Bonds.
•
Bondholders’ right to receive payments on the Bonds is
subordinated to the rights of all existing and future creditors.
•
The Bonds do not include express events of default or cross
default.
•
The holders have limited ability to influence the outcome of an
insolvency proceeding or a restructuring outside insolvency.
•
Holders have no voting rights.
•
The holders’ only remedy against the Issuer is the institution
of legal proceedings to enforce payment or to file an
application for insolvency proceedings.
•
There is no limitation for the Issuer on issuing further debt
ranking senior or pari passu with the Bonds and the Bonds do
not contain any financial covenants.
•
The Bonds have not yet been admitted to trading and any
trading market may be volatile.
•
There is a risk that trading in the Bonds will be suspended,
interrupted or terminated.
•
Market risk: The price of the Bonds may decline.
•
Investors are exposed to changes in the 5-year Swap Rate as of
the first Reset Date.
•
The Issuer may defer payments of Remuneration under the
Bonds.
•
Ratings of the Issuer or the Bonds may be subject to change at
all times.
•
Holders for which the Euro is a foreign currency are exposed
to currency risks.
•
Because the Global Bonds are held by or on behalf of
Clearstream, investors will have to rely on their procedures for
transfer, payment and communication with the Issuer.
•
Investors in the Bonds assume the risk that the credit spread of
the Issuer changes (Credit Spread Risk).
10
•
Due to future money depreciation (inflation), the real yield of
an investment may be reduced.
•
Claims towards the Issuer in respect of repayment become
time-barred if not asserted within ten years and in respect of
interest within three years.
•
The tax impact of an investment in the Bonds should be
carefully considered.
•
If a loan is used to finance the acquisition of the Bonds, the
loan may significantly increase the risk of a loss.
Section E – Offer
E.2b Reasons for the offer, use of
proceeds ................................................................
The purpose of the public exchange offer is to optimize the Issuer’s
capital structure and to partly refinance the Existing Bonds. The
Exchange Offer also provides investors with a reinvestment
opportunity by means of an exchange of the Existing Bonds for the
new Bonds with a longer call period. The consideration for the
Bonds consists of the foregone value of the Existing Bonds
tendered in the Exchange Offer.
E.3
Terms and conditions of the
offer ................................................................
The Issuer invites all persons who currently hold the up to
EUR 500 million 6.5% perpetual subordinated fixed to floating rate
callable bonds, ISIN DE000A0G4X39, (the “Existing Bonds”) and
who are (a) residents of Austria, Germany or Switzerland or (b)
“qualified investors” within the meaning of Directive 2003/71/EC,
as amended, in a member state of the European Economic Area
who are authorized to accept the proposed exchange offer in such
member state and to offer to the Issuer to exchange Existing Bonds
of a nominal value of up to EUR 300 million at an exchange ratio
of 1 : 1 for up to EUR 300 million Bonds, together, the “Exchange
Offer”. The Exchange Offer is being made upon the terms and
subject to the conditions contained in an exchange offer
memorandum which is made available exclusively to holders of
Existing Bonds (the “Exchange Offer Memorandum”) and which
does not constitute a part of this Prospectus.
In connection with the Exchange Offer, the Bonds will be offered
through the Dealer Managers to holders of Existing Bonds as
institutional investors or as retail investors in Austria and Germany
during the period from September 4, 2014 to, including, September
26, 2014, 3.00 p.m. CET (the “Offer Period”); the right to shorten
the Offer Period has been reserved.
The principal amount of Bonds which each bondholder whose
Existing Bonds are accepted by the Issuer for exchange pursuant to
the Exchange Offer on the Settlement Date will equal the principal
amount of such bondholder’s Existing Bonds accepted by the
Issuer for exchange.
If Existing Bonds with a nominal value of more than
EUR 300,000,000 are validly offered to the Issuer for exchange, it
intends to accept (i) offers for exchange of Existing Bonds with a
total nominal value of up to EUR 10,000 or less on a preferential
basis and (ii) offers for exchange of Existing Bonds with a total
nominal value of more than EUR 10,000 only to the extent that the
total nominal value of Existing Bonds accepted for exchange will
11
not exceed EUR 300,000,000.
In addition, the Issuer will pay on the Settlement Date (as defined
below) an amount in cash equal to remuneration accrued and
unpaid on the Existing Bonds, calculated in accordance with the
terms and conditions of the Existing Bonds, from (and including)
the immediately preceding fixed remuneration payment date to (but
excluding) the Settlement Date, in respect of the Existing Bonds
accepted by the Issuer for exchange pursuant to the Exchange Offer
on the Settlement Date. Accrued remuneration is expected to
amount to approximately EUR 42 per Existing Bond (before taxes).
The Exchange Offer begins on September 4, 2014 and will expire
at 3.00 p.m. CET on September 26, 2014 (the “Expiration
Deadline”), unless amended, extended, re-opened or terminated.
The expected settlement date for the Exchange Offer is October 6,
2014 (the “Settlement Date”).
Exchange Instructions submitted pursuant to the Exchange Offer
and received by the Exchange Agent may be revoked until 3.00
p.m. CET on September 23, 2014 or, in case the Exchange Offer is
extended, the date falling 3 Business Days before the extended
Expiration Deadline (the “Revocation Deadline”) at the latest as
described in the Exchange Offer Memorandum.
E.4
Material interest in the
issue/offer including
Based on the notional amount of Existing Bonds exchanged, the
conflicting interests ................................
Dealer Managers will receive equally a base fee of 0.50% and an
incentive fee of 0.20% of the Bonds exchanged. In addition, the
Issuer has agreed to reimburse the Dealer Managers and the other
syndicate members in respect of certain of their costs and expenses.
The Dealer Managers are participating in their ordinary course of
business in order to generate management fees and selling
commissions. The Dealer Managers and their affiliates have
provided or provide various banking, financial advisory and/or
similar services to the Issuer in the ordinary course, and maintain
normal business relationships with the Issuer in their capacity as
credit institutions or as lenders under credit facilities for which they
have received and may continue to receive customary fees and
expenses.
E.7
Costs for Bondholders................................
The Issuer will not charge any costs, expenses or taxes in
connection with the Bonds directly to the bondholders. Subcustodian might charge individual fees for the exchange.
12
RISK FACTORS
Prospective investors should carefully review the following risk factors in conjunction with the other
information contained in this Prospectus before making an investment in the Bonds. If these risks
materialize, individually or together with other circumstances, they may have a material adverse effect on
the Group’s business, results of operations and financial condition. The Issuer believes that the factors
described below represent the principal risks inherent in investing in the Bonds, but the Issuer may be
unable to fulfill its obligations under the Bonds for other reasons than those described below, and the
Issuer does not represent that the statements below are exhaustive. Additional risks not currently known
to the Group or that it currently believes are immaterial may also adversely affect its business, results of
operations and financial condition. Should any of these risks materialize, the trading price of the Bonds
could decline, the Company may not be able to fulfill its obligations under the Bonds and investors could
lose all or a part of their investment. The order in which the individual risks are presented does not
provide an indication of the likelihood of their occurrence nor of the severity or significance of the
individual risks.
Recent macroeconomic trends and associated risks relevant for the Group
The year 2013 failed to bring any major changes in the difficult market environment for the construction
industry. The development of new residential construction was still influenced by ongoing uncertainty
and restrictive lending by banks in a number of Wienerberger’s European core countries. In addition, the
Clay Building Materials Europe Division was confronted with weather-related difficulties at the
beginning of the year. Construction was unable to start before the second week in April because of the
unusually long winter and was slowed by heavy rain and flooding in parts of Europe during May and
June, 2013. The second half-year brought stabilizing demand, but the construction industry did not
expand capacity to handle the backlog of projects from the weather-related difficult first months of the
year. While in Western Europe the Clay Building Materials Europe Division’s volumes declined due to
the market environment, weaker demand for building materials in a number of regions in Eastern Europe
led to increasing pressure on prices.
More generally, market weakness, in particular in the residential construction sector in the wake of the
global financial, economic and debt crisis continued to weaken demand for building materials. The
Eurozone debt crisis and other factors like lower consumer confidence, restrictive lending by the banks,
falling gross domestic product, rising unemployment and uncertainty continued to adversely impact
macroeconomic conditions in Europe. In addition, the pressure on public sector authorities to cut
spending led to a decline in infrastructure investments during 2013. As a consequence, the demand for
building materials weakened also in previously stable markets.
Various central banks and governments have implemented measures and programs designed to stimulate
economic growth in the course of the crises in the recent years. In December 2013, the U.S. Federal
Reserve Bank announced that it is scaling back its bond buying program known as “quantitative easing”
or “QE” by reducing the purchase volume to USD 75 billion per month (from USD 85 billion per month).
Since then, the U.S. Federal Reserve Bank has continued to reduce the program to a level of USD 25
billion as of August 2014 and is expected to completely exit the program by October 2014. The
termination or further tapering of QE or any other programs (or the anticipation that any such programs
may be terminated or tapered) could again result in volatility of financial markets and adversely affect
economic growth.
Following the political upheaval in February 2014 leading to the appointment of a new interim
government and separatist movements in the Eastern and Southern regions of the Ukraine, the political
situation in the Ukraine has become extremely unstable. The political crisis in the Ukraine has aggravated
the country’s long standing economic problems as well as the depreciation of its currency. The political
crisis and its economic consequences could spill over to other Eastern European countries where
Wienerberger is active. In the course of the Ukraine crisis, the USA and the European Union imposed
sanctions on Russia followed by countermeasures by Russia. So far, the effect of the sanctions on the
Group’s business is limited to negative foreign exchange effects, but it is possible that sanctions by or
against Russia may seriously damage the Group’s Russian business in the future.
13
All these factors would have a material adverse effect on the Group’s business, results of operations and
financial condition.
Risks relating to the industry of the Group
The Group is subject to the cyclicality of the building materials industry, which is driven by a number
of macroeconomic factors.
The Group operates in the cyclical building materials industry, which is affected by the level of
construction activity, including residential construction, non-residential construction, renovation, public
infrastructure investment as well as other trends, which in turn are influenced by a number of factors
beyond the Group’s control, including:
•
performance of national economies in the 30 countries in which the Group operates, as well as the
markets into which the Group exports its products;
•
policies of transnational institutions, such as the European Commission or the European Central
Bank, that influence the performance of national economies in many of the countries in which the
Group operates;
•
monetary and other government policies in each of the countries in which the Group operates that
have the effect of encouraging or discouraging residential housing construction, such as long-term
interest rates, tax policies, policies encouraging labor mobility and migration, availability of
financing, subsidies and safety regulations that encourage and/or discourage the use of certain
materials and products; and
•
the level of demand in residential construction activity, which in turn is influenced by
macroeconomic factors, demographic trends and consumer confidence.
Unfavorable developments with respect to any or all of these factors can have a significant impact on the
demand for the Group’s products, both in terms of decreased volumes and price levels.
Because the building materials industry is cyclical, periods of high demand are typically followed by
downturns. As the building materials industry is characterized by a high fixed cost base, a decrease in
volumes and resulting overcapacities and/or a decrease in prices can have a highly negative impact on the
Group’s operating margins and earnings. The U.S. market has been experiencing a sharp decline in
residential construction activity, which began in 2005 and which has been exacerbated by the financial
and economic crisis and only started to show slow recovery since 2012. The European markets were hit
by the economic downturn in late 2007 and the market environment in some countries shows only slow
improvement (see also “Risk Factors—Recent macroeconomic trends and associated risks”). These
conditions have resulted in declining sales volumes and prices and overcapacities in most markets. Even
if performance in these markets improves, prices and sales volumes might not recover to their historic
levels. Furthermore, the Group may be unable to sufficiently adjust its price strategies to local market
conditions or to balance its inventory stock in order to meet market demand, which could result in a loss
in market shares.
There can be no assurance that additional and/or continuing economic slowdowns in markets important to
the Group’s operations will not have an increasingly negative impact on the Group’s business, results of
operations and financial condition.
The Group operates in a seasonal industry.
The building materials industry is subject to seasonal fluctuations in sales, with greater sales volume
occurring during the main construction season from May through October. The Group’s revenues tend to
correspond to such seasonal variation, with higher revenues in the second and third quarters and with
inventory build-up and increased working capital in the first and fourth quarters. In addition, severe
adverse weather conditions such as rain, extreme cold or snow (like the snowy winter during the first four
months 2013 or the flooding in Central Europe during the early summer 2013) can reduce demand by
14
disrupting or curtailing outdoor construction activity or render transport or delivery of the Group’s
products to its customers impossible, thus materially affecting the Group’s sales volumes and,
consequently, its results of operations.
Within its brick, roof tile, pavers and pipe activities the Group competes with producers of substitute
products and with other brick, roof tile, pavers and pipe manufacturers.
Bricks compete with other building products that the Group does not produce. Facing bricks compete
with other materials that can be used for the cladding of a house, such as vinyl, plaster, render, wood,
stucco, natural stone, aluminum siding, glass and other materials, depending on local traditions, available
raw materials, local taste and the price of substitute products. Furthermore, the Group’s success in the
facing brick markets depends in part on its ability to anticipate and respond to changing fashion trends
and consumer preferences in a timely manner. Accordingly, any failure by the Group to identify and
respond to emerging trends could materially adversely affect consumer acceptance of the Group’s facing
brick products. Clay blocks compete with other products in a broader market for materials used in the
construction of load-bearing walls and non load-bearing inner walls. Possible substitute products include
aerated concrete blocks, prefabricated concrete panels, cast concrete, calcium silicate and timber,
depending on local traditions, available raw materials, the price of substitute products and, significantly,
technical characteristics such as thermal and sound insulation, load-bearing capacity, frost protection and
water proofing capacity, the specifications for which are often mandated by local, national and EU
regulations. More generally, buildings constructed with bricks also compete with prefabricated houses. In
addition to competition from producers of brick substitute products, the Group continually faces
competition by other brick, roof tile, pavers and pipe manufacturers in the markets in which it operates.
Most of the clay block manufacturers that compete with the Group are local in nature. The primary
competitive factors are product range, technical properties, price, quality, manufacturing flexibility,
availability, delivery time, logistics and customer service. The relative importance of these factors
depends on the characteristics of particular products and particular markets.
In its roofing operations, the Group faces competition from manufacturers of substitute products as well
as other clay and concrete roof tile producers. Roof tiles are used only for pitched roofs and are not
commonly used for flat roofs. Therefore, to the extent flat roofs become more popular in any of the
Group’s markets, the demand for roof tiles is likely to decrease. With respect to pitched roofs, clay and
concrete roof tiles compete with substitute products such as fiber cement slates, natural slates, metal
coverings and other products. Substitute products could gain significant market shares from clay or
concrete roof products, which would materially adversely affect the Group’s business, results of
operations and financial condition.
In its paving operations, the Group faces competition from manufacturers of substitute products as well as
other clay and concrete pavers producers. The Group produces pavers as clinkers made of clay or
concrete and slabs. These materials are used by homeowners as well as in public areas. Therefore, to the
extent other materials (e.g. asphalt, wood, aggregates) become more popular in these areas in any of the
Group’s markets, the demand for pavers would likely decrease.
In its pipe operations, the Group faces competition from manufacturers of substitute products as well as
other pipe system producers. The Group offers both ceramic products and plastic products. The primary
area of ceramic products is infrastructure, especially sewage; plastic products are partially used in this
area, but also in the utilities, building and industrial specialities area. Therefore, to the extent other
materials, production methods or systems become more popular in these areas in any of the Group’s
markets, the demand for ceramic and plastic pipes would likely decrease.
Any significant replacement of the Group’s building products in key markets by substitutes which the
Group does not produce could materially adversely impact the Group’s market share and results of
operations in these markets. Insufficient product research and development investments may disable the
Group to timely respond to customer requirements and result in a competitive advantage of other market
participants in terms of product innovation. Competitive pressure, including industry overcapacity and
low-price strategies of competitors, could lead to pricing pressure in the Group’s markets. Both could
materially adversely affect the Group’s business, results of operations and financial condition.
15
The Group may become subject to antitrust, legal, administrative and other proceedings and is exposed
to the risk of claims and enforcement actions in each of the countries in which it operates, which could
adversely affect its business.
The relevant antitrust authorities may qualify the Group’s position in some of its markets a dominant
market position. Consequently, competition proceedings could be brought by one or more antitrust
authorities in one or more countries in which the Group operates. Such proceedings, if brought, could
result in an order that levies a substantial fine against certain affiliates and/or requires the Group to
dispose of profitable operations. As a result, an enforcement action by antitrust authorities in one of the
countries that contribute a relatively high percentage of the Group’s earnings may have a material adverse
effect on the Group’s results of operations and its financial condition.
In some of its current markets, including certain Eastern European markets, limitations imposed by
antitrust laws might prevent the Group from achieving growth through acquisitions. There can be no
assurance that the antitrust authorities in the countries in which the Group operates or seeks to grow
through selective projects, including the European Commission, will support the Group’s definition of
relevant markets. Inability to grow through acquisitions due to antitrust law limitations may have a
material adverse effect on the Group’s business, results of operations and financial condition.
In addition to competition proceedings, the Group may become subject to other lawsuits and
administrative proceedings before various courts and governmental agencies arising from the ordinary
course of business involving various contractual, labour and other matters, which could have a material
adverse effect on the Group’s results of operations and its financial condition.
The Group is subject to risks associated with inadequate insurance.
The Group maintains insurance in such amounts and with such coverage as management believes is
reasonable and prudent. There can be no assurance, however, that Wienerberger will not incur losses or
that no claims will be made which exceed the amounts agreed under its insurance contracts. The
incurrence of losses for which no or only insufficient insurance coverage exists could have a materially
adverse effect on the Group’s results of operations and its financial condition.
Strategic risks relating to the Group’s business
A goodwill impairment could have a significant impact on the Group’s income and equity.
An acquisition generates goodwill to the extent that the price paid by Wienerberger exceeds the fair value
of the net assets acquired. The Group’s past acquisitions generated substantial goodwill. Additional
goodwill may arise as a result of further acquisitions. Under IFRS, intangible assets with indefinite useful
life (such as goodwill) are not amortized but are subject to impairment tests annually or more frequently if
warranted.
A goodwill impairment does not affect cash flow. However, a full write-down of goodwill on
December 31, 2013 would have resulted in a charge to income and reduction in equity of approximately
EUR 630.9 million. Downturns on sales and profitability can trigger impairment testing and lead to
impairment charges (last in 2012: EUR 9.8 million).
Economic, political, regulatory and local business risks associated with international sales and
operations could adversely affect the Group’s business, particularly in Eastern Europe.
The Group operates mainly in the European Union, countries in Eastern Europe outside the European
Union, the United States and Canada. The economies of these countries are in different stages of
socioeconomic development. As a result, the Group’s future results could be materially affected by a
variety of factors, including:
•
changes in a specific country’s or region’s political or economic conditions, particularly in the
Eastern and Southeastern European markets in which the Group operates;
•
potentially negative consequences from changes in tax laws;
16
•
tightening of labor regulations;
•
difficulty in managing international operations because of geographic distances as well as language
and cultural differences;
•
changes in regulatory requirements (including those affecting the use of raw materials, product
requirements, environmental or safety and health standards or regulations regarding taxation of
energy); and
•
state-imposed restrictions on repatriation of profits, whether through tax policies or otherwise.
The Group’s overall performance as a global business depends, in part, upon its ability to succeed in these
differing and sometimes fast-changing economic, regulatory, social and political environments.
The Company does not control some of the companies of which it is a shareholder and actions taken by
such companies may not be aligned with the strategy and interests of the Group.
The Company does not have a controlling interest in some of the companies through which it conducts its
business and may make future investments in companies in which it will not have a controlling interest.
Some key matters, such as the approval of business plans and the timing and amount of cash distributions,
require the consent of the other shareholders. Consequently, the strategy of such companies may not
always be aligned with the Group’s interests. These and other limitations arising from investments in
businesses the Company does not control may prevent the Company from achieving its objectives for
these investments and may have a material adverse effect on the Group’s business, results of operations
and financial condition.
The Group depends on retaining, recruiting and training management staff and skilled employees.
In addition to its technical staff, the Group largely depends on the performance of qualified management
and executive staff. If the Group does not succeed in retaining such management staff and employees in
key positions or in recruiting or training a sufficient number of new employees with corresponding
qualifications, maintaining its market position as well as future growth would be at risk. This could have a
material adverse effect on the Group’s business, results of operations and financial condition.
Operational risks of the Group
The Group may experience business interruption, production curtailment or loss of assets.
Due to the high fixed-cost nature of the building materials business, interruptions in production at any
facility may cause the productivity and results of operations to decline significantly during the affected
period. The manufacturing processes of producers of building materials and related services are
dependent upon critical pieces of equipment such as kilns, extruders, drying chambers, grinders and
others. On occasion, this equipment may be out of service as a result of strikes, unanticipated failures,
accidents or force majeure events. In addition, there is a risk that equipment or production facilities may
be damaged or destroyed by such events, which could have a material adverse effect on the Group’s
business, results of operations and financial condition.
Increased input and energy costs or energy supply disruptions could have a material impact on the
Group’s results of operations.
The Group’s cost structure depends on the costs of raw materials and other resources used in the
production of the Group’s products. Higher input costs are one of the major risks identified by the Issuer.
Moreover, the cost of energy used in the production of bricks, roof tiles and pipes represent a high
percentage of the Group’s costs. In 2013, costs for raw materials for the Group totaled
EUR 542.2 million, or 20.4% of the Group’s revenues and energy costs for the Group totaled
EUR 278.2 million, or 10.4% of the Group’s revenues, and comprised primarily costs of natural gas and
electricity. Any significant increase in the market prices with respect to the Group’s raw material (in
particular polymers used in plastic pipe production which the Group does not hedge) or energy (in
particular, natural gas and electricity) demand would increase the Group’s operating costs and may
17
negatively affect the Group’s results of operations, as the Group may not be in a position to pass the
increased costs on to customers through price increases.
The plastic pipe business is substantially influenced by the development of raw material prices which
correlate with the price of crude oil, like synthetic polymers, which comprise a major part of the
production cost for plastic pipes. Furthermore, increased concentration of raw material suppliers could
negatively impact Pipelife’s future raw material prices. The most important input factor at Pipelife is
plastic granulate. In addition to the above-mentioned price risks, to which these granulates are subject,
plastic granulate has a limited storage capacity in the plants of the Group which leads to the risk that
supplies of this key raw material may not be sufficient to cover production requirements. Any interruption
in supplies would lead to a production standstill.
The Group’s exposure to energy price risk can only partly be hedged and its results of operations have
been negatively affected by significant increases in the price of natural gas and electricity in the past.
Furthermore, energy supplies are subject to disruption in connection with blackouts and other
occurrences, such as the suspension of Russian gas deliveries in January 2009. An interruption in gas
supply, which in the course of the political crisis in the Ukraine seems even more likely, may result in
production shortfalls and could have a material adverse effect on the Group’s business, results of
operations and financial condition.
Financial risks relating to the Group’s business
The capital intensive nature of the Group’s business requires significant financing.
The building materials industry is capital intensive. In order to continue to be competitive, the Group
needs modern plants and equipment, which involves substantial capital expenditures for maintenance and
potential expansion on greenfield operations.
The Group has historically funded capital expenditures and acquisitions with internally generated cash
flows, bank loans, senior and hybrid bonds, and proceeds from the sale of non-operating assets and has
financed acquisitions through the issuance of new shares. In the future, the Group intends to continue
using these sources of financing subject to their availability. Should the Group be unable to finance its
capital expenditures and acquisitions in the contemplated manner, the Group’s business, results of
operations and financial condition could be materially adversely affected.
As a holding company the Issuer depends on the profitability of its subsidiaries.
The Issuer is a holding company and the operating business of the Group is conducted by a number of
direct or indirect subsidiaries. To cover its operating costs, the Issuer relies on, among other things,
distributions that it receives from its subsidiaries and other investment interests or, as the case may be,
scheduled repayments of loans it has granted to its subsidiaries. The distributions by the subsidiaries
depend, in turn, on the subsidiaries’ operating results and their ability to make those distributions. It
cannot be assured that such funds will always be sufficient in the future to satisfy all of the Issuer’s
payment obligations. If the funds are insufficient, the Issuer would need to obtain additional funds. This
could have a material adverse effect on the Group’s business, net assets, financial condition, cash flow and
results of operations.
Downgrades in the rating or a decline in the credit metrics of the Group, its inability to obtain new
financing and covenants in existing financing agreements could increase refinancing costs and impair
the Group’s liquidity and profitability.
Currently, Moody’s Investor Services, Inc. (“Moody’s”) assigns the Issuer with a corporate family rating
of Ba3 (outlook: negative). Possible future downgrades in the financial rating of the Group could impair
the Group’s ability to refinance and have a material adverse effect on the Group’s business, results of
operations and financial condition.
A portion of the Group’s cash flow from operations is dedicated to the payment of interest on its
indebtedness and will not be available for other purposes. If the Group’s credit metrics were to decline,
18
the interest it pays under some of its credit facilities would increase, leading to an increase in the cost of
additional financing that the Group may need, thereby negatively affecting the Group’s business, results
of operations and financial condition.
The Group continues to depend on future financing and refinancing in the credit and capital markets and
may not always be successful in securing such financing. Access to financing is dependent on a variety of
financial, macroeconomic and other factors, which are beyond the Group’s control. It is possible that the
Group’s liquid funds and existing undrawn committed lines of credit will not be sufficient to cover the
Group’s refinancing and operational needs and that the Group will not obtain additional financing on
favorable terms or at all.
Covenants contained in the Group’s financing arrangements (e.g. maximum leverage ratios and interest
cover ratios) could equally limit the Group’s ability to finance its future operations and capital needs. If
the Group breaches such covenants and is unable to cure the breach or obtain a waiver from the lenders, it
could be in default under the terms of the respective arrangement. A default under any single financing
arrangement could result in a default under other financing arrangements and could cause lenders under
such other arrangements to accelerate such financing arrangements, in which case amounts under those
arrangements would become due as well. In addition, in an event of default, the lenders under the Group’s
credit lines could terminate their commitments to extend credit to it or cease making loans, and the Group
could be forced into bankruptcy or liquidation. This would have an immediate material adverse effect on
the Group’s liquidity and may have a material adverse effect on the Group’s business, results of
operations and financial condition.
Because many of the Group’s subsidiaries operate in currencies other than the Euro, adverse changes
in foreign exchange rates relative to the Euro could materially adversely affect the Group’s reported
earnings and cash flow.
A significant portion of the Group’s revenues and expenses from subsidiaries originate in currencies other
than the Euro from countries outside the Eurozone, including the United States, Canada, Poland,
Hungary, Bulgaria, the Czech Republic, Serbia, Croatia, Romania, Russia, Ukraine, Turkey, Denmark,
Sweden, Norway, Lithuania, the United Kingdom and Switzerland. For the year ended December 31,
2013, approximately 46% of the Group’s revenues were denominated in currencies other than the Euro,
predominantly the Eastern European currencies (19%) and the U.S. dollar (8%). As a result, adverse
changes in the exchange rates used to translate foreign currencies into Euro, the Group’s reporting
currency, may impact the Group’s results of operations or financial position as reported in Euro.
A significant default by a financial institution counterparty or a customer could adversely affect the
Group’s business, results of operations and financial condition.
Cash deposits and other financial instruments held with or through financial institutions entail credit risk
represented by the loss that would be recognized should the financial institution counterparty fail to
perform as contracted. In addition, the Group faces credit risk in the normal course of business with
customers who buy its products. The current economic and financial uncertainty has led to an increase in
credit risk due to the deterioration of creditworthiness of a number of financial institutions and customers.
A significant default by the Group’s financial counterparties or customers could have a material adverse
effect on the Group’s business, results of operations and financial condition.
Movements in interest rates may increase the Group’s interest expense.
Approximately 13% of the interest on the Group’s financial debt is indexed at a spread to benchmark
rates such as the Euro Interbank Offered Rate (“Euribor”) and the London Interbank Offered Rate
(“Libor”). Such variable interest rates are associated with the risk of increasing interest rates while the
risk associated with fixed interest rates lies in a possible decline in interest rate levels. As of 2013, for
example, a parallel upward shift of 100 basis points in interest rates would have decreased profit after tax
by EUR 0.2 million (2012: EUR 0.8 million). Nevertheless, should the group change its fixed-floating
mix of its debt, movements in interest rates could have an impact on the Group’s interest expense in
respect to its indebtedness and may have a material adverse effect on the Group’s results of operations
and financial condition.
19
Geographical risks relating to the Group’s business
Economic instability in the jurisdictions where the Group operates, in particular in Eastern and
Southeastern Europe may adversely affect the Group’s business, results of operations and financial
condition.
The countries in Eastern and Southeastern Europe have political, economic and legal systems that are in
different stages of transformation towards EU standards. Political or economic disruption or changes in
laws and their application may harm the Group’s production sites and business activities. This may impair
the value of these investments. In 2013, the Group generated 23% of its revenues in Eastern Europe (not
considering Austria for this purpose), where risks of gross domestic product (“GDP”) volatility, foreign
exchange instability, foreign exchange controls, inflation and political instability may be higher than in
the more developed countries in which the Group operates.
Many European, but in particular Eastern European countries have been severely hit by the financial
market and economic crisis. As of yet, the Group cannot ascertain if and when the economy will recover
again. Were any of the following factors, which have been characteristic for the economy in some or all
states of Eastern and Southeastern Europe at various times during recent years, to recur, this could have a
negative influence on the investment climate in Eastern Europe and may have a negative impact on the
Group’s business, results of operations and financial condition:
•
restrictions on transfers of hard currency outside of the countries within Eastern Europe;
•
significant declines in the gross domestic product;
•
high levels of inflation;
•
unstable local currencies;
•
high government debt relative to GDP;
•
a weak banking system providing limited liquidity to domestic enterprises;
•
significant use of barter transactions and illiquid promissory notes to settle commercial
transactions;
•
widespread tax evasion;
•
growth of a black and grey market economy;
•
pervasive capital flight;
•
corruption and extensive penetration of organized crime into the economy;
•
significant increases in unemployment and underemployment; and
•
impoverishment of a large portion of the population.
The Group faces legal risks in certain countries where it operates and its property may not be protected
comprehensively in each of those countries.
The legal systems in the countries where the Group operates are in different stages of development and
may either not grant sufficient protection or the wrong application of laws may harm companies of the
Group. Moreover, changes in laws may negatively impact the Group. Most countries in the regions where
the Group operates have in place legislation to protect property against expropriation and nationalization
which provides for fair compensation in case of expropriation or nationalization of property. However,
there can be no certainty that such protection would be enforced. It is possible that, due to a lack of
experience in enforcing these provisions or due to political change, legislative protection may not be
enforced in the event of an attempted expropriation or nationalization. Insufficient legal systems,
expropriation or nationalization of any of the Group’s assets, potentially with little or no compensation,
could have a material adverse effect on the Group’s business, results of operations, financial conditions
and prospects.
20
Risks related to the environment relevant for the Group
The Group is subject to stringent environmental and health and safety laws, regulations and standards
which result in costs related to compliance and remediation efforts that may adversely affect the
Group’s business, results of operations and financial condition.
The Group is subject to a broad and increasingly stringent range of environmental and health and safety
laws, regulations and standards in the jurisdictions in which it operates. This results in significant
compliance costs and exposes the Group to liability. Environmental claims or the failure to comply with
any present or future regulations could result in the assessment of damages or imposition of fines against
the Group, suspension of production or a cessation of operations.
New regulations could require the Group to acquire costly equipment, refit existing plants or redesign
products or to incur other significant expenses. The laws, regulations and standards relate to, among other
things, air noise emissions, carbon dioxide (“CO2”) emissions, sulfur flue gas emissions, waste water
discharges, avoidance of soil and groundwater contamination, regulations on silica, the use and handling
of hazardous materials, waste disposal practices and standards relating to construction materials.
Generally, many of the Group’s manufacturing sites have a history of industrial use: Soil and
groundwater contamination occurred in the past at a limited number of sites. Such contamination might
occur or be discovered at other sites in the future and the Group may face remediation liabilities and legal
proceedings concerning environmental matters. As the Group expanded into the Eastern European
countries, it both acquired and built plants on existing industrial sites. In many cases, very limited
information, if any, was available with regard to environmental pollution on those sites.
The Group’s landfills (exhausted clay pits used as garbage disposal) in Austria, which were viewed as
potentially presenting a risk, were sold together with non-core assets of the Group to ANC Private
Foundation. However, because laws and regulations may hold prior owners of property liable for
discovered environmental damage, there can be no assurance that the Group will not be liable for
remediation costs or potential future claims related to the real estate sold to the ANC Private Foundation.
Moreover, in April 2014, Wienerberger announced the appointment of two of its executive employees as
new foundation board members.
Other jurisdictions in which the Group operates provide for a legal obligation to recultivate exhausted
clay pits. There can be no assurance that the Group’s recultivation provisions will be sufficient to cover
all future costs, especially in some Eastern European countries where regulatory policy on recultivation is
still evolving, so that provisions may need to be revised as local policy develops. Recultivation costs
significantly exceeding established provisions might have a material adverse effect on the Group’s
business, results of operations and financial condition.
The Group cannot predict environmental matters with certainty, and the Group’s budgeted amounts and
established reserves may not be adequate for all purposes. In addition, the development or discovery of
new facts, events, circumstances or conditions, including future decisions to close plants, which may
trigger remediation liabilities, and other developments such as changes in law or increasingly strict
enforcement could result in increased costs and liabilities, prevent or restrict some of the Group’s
operations and have a material adverse effect on the Group’s business, results of operations and financial
condition.
Changes in building laws, regulations and standards could materially adversely affect the Group’s
business, results of operations and financial condition.
The Group is subject to a broad and increasingly stringent range of building laws, regulations and
standards in the jurisdictions in which it operates. The laws, regulations and standards cover both the
technical standards that need to be met and the procedures that need to be followed and relate to, among
other things, structure, fire safety, toxic substances, ventilation, hygiene, drainage and waste disposal and
electrical safety. This results in significant compliance costs and exposes the Group to liability.
Additional legal requirements could be adopted in the future that would render compliance more
burdensome. New regulations could require the Group to acquire costly equipment, refit existing plants or
21
redesign products or to incur other significant expenses. The failure to comply with any present or future
regulations or standards could result in the assessment of damages or imposition of fines against the
Group or the loss of market shares. As a consequence, any change in building laws, regulations and
standards could materially adversely affect the Group’s business, results of operations and financial
condition.
Changes in the European Union emissions trade certificate regulations and other local emissions
allowance systems could lead to reduced free emission right allocations and limited free transferability
of emissions allowances and would increase the Group’s production costs.
The Group’s kilns produce substantial amounts of CO2, a gas believed to be partly responsible for the
greenhouse effect. In most European countries where the Group operates, regulations taxing or limiting
CO2 emissions have been enacted. Such regulations could increase the Group’s production costs resulting
from the necessary purchase of emissions allowances or the implementation of emissions reduction
measures or due to increased energy prices. Therefore, regulations on CO2 could negatively impact the
production cost of the Group’s plants, adversely affecting the Group’s business and results of operations.
In January 2005, the European Union implemented an emissions trading system, under which any CO2
emissions beyond the free allocation must be covered by additional CO2 allowances that must be
purchased from third parties. A tightening of rules in the emission trading scheme for 2013 to 2020,
which no longer provides for 100% free allocation, unless for businesses operating in industry sectors that
are considered to be highly exposed to international trade and whose businesses are prone to moving
outside of the EU (“carbon leakage”), could lead to increased production costs. The Company was
awarded such carbon leakage status for its European brick activities in 2011 and the Group expects that
the resulting allocation of CO2 certificates will be sufficient to cover emissions. However, the carbon
leakage status will be reviewed in 2014. If the bricks and roof tiles industry ceases to be included in the
carbon leakage catalogue, the Company may gradually be obliged to purchase CO2 certificates in
auctions. A significant under-allocation of certificates to the Group and/or the introduction of a fee for
emission allowances would have a material adverse effect on the Group’s business, results of operations
and financial condition.
Risks relating to the Bonds
An investment in the Bonds involves certain risks associated with the characteristics of the Bonds. Such
risks could result in principal or remuneration not being paid on time or at all by the Issuer and/or a
material impairment of the market price of the Bonds. The following is a description of risk factors in
relation to the Bonds.
Bonds may not be a suitable investment for all investors.
Each potential investor in Bonds must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
•
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Bonds,
the merits and risks of investing in the relevant Bonds, and the information contained or
incorporated by reference in this Prospectus or any applicable supplement;
•
have access to and knowledge of appropriate analytical tools to evaluate, in the context of its
particular financial situation and the investment(s) it is considering, an investment in the Bonds and
the impact the Bonds will have on its overall investment portfolio;
•
have sufficient financial resources and liquidity to bear all risks of an investment in the relevant
Bonds, including where principal or remuneration is payable in one or more currencies, or where
the currency for principal or remuneration payments is different from the potential investor’s
currency;
•
understand thoroughly the terms of the Bonds and be familiar with the behaviours of any relevant
indices and financial markets;
22
•
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
•
recognise that it may not be possible to dispose of the Bonds for a substantial period of time or at
all.
The Bonds are securities without final maturity and Bondholders may only declare the Bonds due and
payable in very limited circumstances.
The Bonds have no final maturity and the Bondholders have no right to call for their redemption.
Therefore, Bondholders should be aware that they may be required to bear the financial risks of an
investment in the Bonds for an indefinite time.
Holders are subject to the risks relating to the early redemption of the Bonds.
At the Issuer’s option the Bonds may be redeemed pursuant to the Terms and Conditions of the Bonds, (i)
on the First Call Date or any Remuneration Payment Date thereafter or (ii) if as a consequence of a
change in law it has to pay any additional amounts with respect to taxation or (iii) if 75% or more in
principal amount of the Bonds initially issued have been redeemed or purchased or (iv) if a Change of
Control (as specified in detail in the Terms and Conditions of the Bonds) occurs.
In addition the Issuer may at its option redeem the Bonds pursuant to the Terms and Conditions of the
Bonds, (i) if remuneration payable in respect of the Bonds is no longer fully income tax deductible or (ii)
if the funds raised through the issuance of the Bonds in the opinion of a recognized accountancy firm
according to IFRS must not or must no longer be recorded as “equity capital” of the Issuer.
In the case of redemption, Holders might suffer a lower than expected yield and might not be able to
reinvest the funds on the same term. Moreover, the redemption amount may be lower than the prevailing
market price of the Bonds.
Bondholders’ right to receive payments on the Bonds is subordinated to the rights of all existing and
future creditors.
The obligations of the Issuer under the Bonds constitute direct, unsecured and subordinated obligations of
the Issuer ranking pari passu among themselves and in the event of the liquidation, dissolution, or
insolvency or other proceedings for the avoidance of insolvency of the Issuer rank junior to all other
present and future unsubordinated obligations of the Issuer as well as all other future subordinated or
unsubordinated obligations of the Issuer, except as otherwise required by mandatory provisions of law,
and which rank pari passu with the 2007 Hybrid Bonds. In the event of the liquidation, dissolution,
insolvency or other proceedings for the avoidance of insolvency of the Issuer, the obligations of the Issuer
under the Bonds will be subordinated to the claims of all unsubordinated and subordinated creditors
(other than creditors of the 2007 Hybrid Bonds) of the Issuer so that in any such event no amounts shall
be payable in respect of the Bonds until the claims of all unsubordinated and subordinated creditors (other
than creditors of the 2007 Hybrid Bonds) of the Issuer shall have first been satisfied in full.
Unsubordinated liabilities of the Issuer may also arise from events that are not reflected on the balance
sheet of the Issuer, including, without limitation, the issuance of guarantees or the incurrence of other
contingent liabilities on an unsubordinated basis. Claims made under such guarantees or such other
contingent liabilities will become unsubordinated liabilities of the Issuer that in a winding-up or
bankruptcy proceeding of the Issuer, will need to be paid in full before the obligations under the Bonds
may be satisfied.
The Bonds do not include express events of default or cross default.
The holders should be aware that the Terms and Conditions of the Bonds do not contain any express
event of default provisions. There will be no cross default under the Bonds so that holders of Bonds are
not entitled to terminate the Bonds if certain other payment obligations of the Issuer become due and
23
payable prior to their stated maturity (e.g. in the event of a default if the Issuer), while holders of senior
bonds of the Issuer are entitled to such termination.
The holders have limited ability to influence the outcome of an insolvency proceeding or a
restructuring outside insolvency.
As long as the condition precedent described above under “—Bondholders’ right to receive payments on
the Bonds is subordinated to the rights of all existing and future creditors.” is not fulfilled, the holders
will have no claims under the Bonds and in particular no voting right in a creditor’s assembly of the
Issuer pursuant to the Austrian Insolvency Act. Thus, holders of the Bonds will have limited ability to
influence the outcome of any insolvency proceeding or a restructuring outside insolvency. In Austria, the
following insolvency proceedings according to the Insolvency Act are available: (i) bankruptcy
proceedings (Konkursverfahren), (ii) restructuring proceedings where a bankruptcy receiver is appointed
(Sanierungsverfahren ohne Eigenverwaltung), and (iii) restructuring proceedings where the debtor retains
the right to self-administration (Sanierungsverfahren mit Eigenverwaltung). In the case of each type of
insolvency proceeding, holders have a limited ability to influence the outcome of such proceedings.
Holders have no voting rights.
The Bonds are non-voting with respect to general meetings (Hauptversammlungen) of the Issuer.
Consequently, the holders cannot influence any decisions by the Issuer to defer remuneration payments or
to optionally settle Arrears of Remuneration or any other decisions by the Issuer's shareholders
concerning the capital structure or any other matters relating to the Issuer.
The holders’ only remedy against the Issuer is the institution of legal proceedings to enforce payment
or to file an application for insolvency proceedings.
The only remedy against the Issuer available to the holders for recovery of amounts which have become
due in respect of the Bonds will be the institution of legal proceedings to enforce payment of the amounts
or to file an application for the institution of insolvency proceedings. On an insolvency or liquidation of
the Issuer, any holder may only declare its Bonds due and payable and may claim the amounts due and
payable under the Bonds, after the Issuer having discharged or secured in full (i.e. not only with a quota)
all claims that rank senior to the Bonds.
There is no limitation for the Issuer on issuing further debt ranking senior or pari passu with the
Bonds and the Bonds do not contain any financial covenants.
There is no restriction on the amount of debt which the Issuer may issue ranking senior or equal to the
obligations under or in connection with the Bonds. Such issuance of further debt would reduce the
amount recoverable by the holders upon insolvency or liquidation of the Issuer or may increase the
likelihood that the Issuer is required or permitted to defer payments of remuneration under the Bonds. In
addition, the Issuer will under the Bonds not be restricted from paying dividends or issuing or
repurchasing other securities. Holders will not be protected under the terms of the Bonds in the event of a
highly leveraged transaction, a reorganization or a restructuring, merger or similar transaction that may
adversely affect holders.
The Bonds have not yet been admitted to trading and any trading market may be volatile.
There is currently no secondary market for the Bonds. Application has been made for the Bonds to be
admitted to trading on the Second Regulated Market (Geregelter Freiverkehr), a regulated market of the
Vienna Stock Exchange. There can, however, be no assurance that a liquid secondary market for the
Bonds will develop or, if it does develop, that it will continue. In an illiquid market, an investor may not
be able to sell his Bonds at any time at fair market prices. The ability of holders to sell the Bonds might
also be restricted for country-specific reasons.
Moreover, the trading market for Bonds may be volatile and can be adversely impacted by many events.
The market for Bonds may be influenced by economic and market conditions in Austria and, to varying
degrees, by market conditions, interest rates, currency exchange rates and inflation rates in other countries
24
in which the Group operates. There can be no assurance that events in Austria or elsewhere will not cause
market volatility or that such volatility will not adversely affect the price of Bonds or that economic and
market conditions will not have other adverse effects.
There is a risk that trading in the Bonds will be suspended, interrupted or terminated.
The listing of the Bonds may be suspended or interrupted by the Vienna Stock Exchange or a competent
regulatory authority upon the occurrence of a number of reasons, including violation of price limits,
breach of statutory provisions, occurrence of operational problems of the stock exchange or generally if
deemed required in order to secure a functioning market or to safeguard the interests of investors.
Furthermore, trading in the Bonds may be terminated, either upon decision of the stock exchange, a
regulatory authority or upon application by the Issuer. Investors should note that the Issuer has no
influence on trading suspension or interruptions (other than where trading in the Bonds is terminated upon
the Issuer’s decision) and that investors in any event must bear the risks connected therewith. In
particular, investors may not be able to sell their Bonds where trading is suspended, interrupted or
terminated, and the stock exchange quotations of such Bonds may not adequately reflect the price of such
Bonds. Finally, even if trading in Bonds is suspended, interrupted or terminated, investors should note
that such measures may neither be sufficient nor adequate nor in time to prevent price disruptions or to
safeguard the investors’ interests; for example, where trading in Bonds is suspended after price-sensitive
information relating to such Bonds has been published, the price of such Bonds may already have been
adversely affected. All these risks would, if they materialise, have a material adverse effect on the
investors.
Market risk: The price of the Bonds may decline.
The Bonds bear remuneration at a fixed rate to but excluding the First Call Date.
A holder of a fixed interest rate bond is exposed to the risk that the price of such bond may fall because of
changes in the market interest rate, e.g. due to the policies of central banks, overall economic
developments, inflation rates or the lack of or excess demand for the relevant type of Bonds. While the
nominal interest rate of a fixed interest rate bond is fixed during the life of such bond or during a certain
period of time, the current interest rate on the capital market (market interest rate) typically changes on a
daily basis. If the market interest rate changes, the price of such bond changes in the opposite direction. If
the market interest rate increases, the price of such bond typically falls, until the yield of such bond is
approximately equal to the market interest rate. If the market interest rate falls, the price of a fixed interest
rate bond typically increases, until the yield of such bond is approximately equal to the market interest
rate. Holders should be aware that movements of the market interest rate can adversely affect the market
price of the Bonds and can lead to losses for holders if they sell their Bonds.
Investors are exposed to changes in the 5-year Swap Rate as of the first Reset Date.
From and including the First Call Date, the Bonds bear remuneration at a rate which will be determined
on each Reset Date at the 5-year Swap Rate for the relevant Reset Period plus a margin.
Investors should be aware that the performance of the 5-year Swap Rate and the remuneration income on
the Bonds cannot be anticipated. Due to varying remuneration income, investors are not able to determine
a definite yield of the Bonds at the time they purchase them, so that their return on investment cannot be
compared with that of investments having longer fixed remuneration periods. In addition, after
Remuneration Payment Dates, investors are exposed to the reinvestment risk if market interest rates
decline. That is, investors may reinvest the remuneration income paid to them only at the relevant lower
interest rates then prevailing.
Furthermore, during each Reset Period, it cannot be ruled out that the price of the Bonds may fall as a
result of changes in the current interest rate on the capital market (market interest rate), as the market
interest rate fluctuates. During each of these periods, the investor is exposed to the risk as described in
“—Market risk: The price of the Bonds may decline”.
25
The Issuer may defer payments of Remuneration under the Bonds.
The Issuer shall not have any obligation to pay remuneration on any Remuneration Payment Date if it
does not elect to do so and any such failure to pay remuneration shall not constitute a default of the Issuer
or any other breach of obligations under the Bonds or for any other purpose. Remuneration deferred will
constitute Arrears of Remuneration. Arrears of Remuneration will not bear remuneration. The Issuer may
pay such Arrears of Remuneration in full or in part at any time upon due notice to the Bondholders.
Ratings of the Issuer or the Bonds may be subject to change at all times.
A rating of the Issuer may not adequately reflect all risks of the investment in Bonds issued by the Issuer.
Equally, ratings may be suspended, downgraded or withdrawn. Such suspension, downgrading or
withdrawal may have an adverse effect on the market value and trading price of the Bonds. One or more
independent credit rating agencies may assign credit ratings to the Bonds. The ratings may not reflect the
potential impact of all risks related to structure, market, additional factors discussed above, and other
factors that may affect the value of the Bonds. Rating agencies may also change their methodologies for
rating securities with features similar to the Bonds in the future.
If the rating agencies were to change their practices for rating such securities in the future and the ratings
of the Bonds were to be subsequently lowered, this may have a negative impact on the trading price of the
Bonds.
A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn
by the rating agency at any time.
Holders for which the Euro is a foreign currency are exposed to currency risks.
The Bonds are denominated in Euro. If such currency represents a foreign currency to a holder, such
holder is particularly exposed to the risk of changes in currency exchange rates which may affect the yield
of such Bonds measured in the holder’s currency. Changes in currency exchange rates result from various
factors such as macroeconomic factors, speculative transactions and interventions by central banks and
governments.
In addition, government and monetary authorities may impose (as some have done in the past) exchange
controls that could adversely affect an applicable currency exchange rate. As a result, investors may
receive less remuneration or principal than expected, or no remuneration or principal.
Because the Global Bonds are held by or on behalf of Clearstream, investors will have to rely on their
procedures for transfer, payment and communication with the Issuer.
The Bonds will be represented by one or more Global Bonds. Such Global Bonds will be deposited with a
common depositary for Clearstream. Investors will not be entitled to receive definitive Bonds.
Clearstream will maintain records of the beneficial interests in the Global Bonds. While the Bonds are
represented by one or more Global Bonds, investors will be able to trade their beneficial interests only
through Clearstream and the Issuer will discharge its payment obligations under the Bonds by making
payments to the common depositary for Clearstream for distribution to their account holders. A holder of
a beneficial interest in a Global Bonds must rely on the procedures of Clearstream to receive payments
under the Bonds. The Issuer has no responsibility or liability for the records relating to, or payments made
in respect of beneficial interests in the Global Bonds.
Investors in the Bonds assume the risk that the credit spread of the Issuer changes (Credit Spread
Risk).
A credit spread is the margin payable by the Issuer to the holder of a Bond as a premium for the assumed
credit risk of the Issuer. Credit spreads are offered and sold as premiums on current risk-free interest rates
or as discounts on the price.
Factors influencing the credit spread include, among other things, the creditworthiness and rating of the
Issuer, probability of default, recovery rate, remaining term to maturity of obligations under any
26
collateralisation or guarantee and declarations as to any preferred payment or subordination. The liquidity
situation, the general level of interest rates, overall economic developments, and the currency, in which
the relevant obligation is denominated may also have a positive or negative effect.
Investors are exposed to the risk that the credit spread of the Issuer widens resulting in a decrease in the
price of the Bonds.
Due to future money depreciation (inflation), the real yield of an investment may be reduced.
Inflation risk describes the possibility that the value of assets such as the Bonds or income therefrom will
decrease as inflation reduces the purchasing power of a currency. Inflation causes the rate of return to
decrease in value. If the inflation rate exceeds the remuneration paid on any Bonds the yield on such
Bonds will become negative and investors will have to suffer a loss.
Claims towards the Issuer in respect of repayment become time-barred if not asserted within ten years
and in respect of interest within three years.
Claims towards the Issuer for repayment relating to the Bonds become time-barred and terminate, if not
asserted within ten years (in respect of repayment) and three years (in respect of interest). The ten year
limitation period in respect of repayment is significantly shorter than the thirty-year-period provided for
under Austrian civil law. There is a risk that holders of Bonds will not be able to assert their payment
claims against the Issuer after expiration of the limitation periods.
The tax impact of an investment in the Bonds should be carefully considered.
Potential purchasers and sellers of the Bonds should be aware that they may be required to pay taxes or
other documentary charges or duties in accordance with the laws and practices of the country where the
Bonds are transferred or other jurisdictions. Potential investors are advised not to rely upon the tax
overview contained in this Prospectus but to ask for their own tax adviser’s advice on their individual
taxation with respect to the acquisition, sale and redemption of the Bonds. Only these advisers are in a
position to duly consider the specific situation of the potential investor.
If a loan is used to finance the acquisition of the Bonds, the loan may significantly increase the risk of
a loss.
If a loan is used to finance the acquisition of the Bonds by an investor and the Bonds subsequently go into
default, or if the trading price diminishes significantly, the investor may not only have to face a potential
loss on its investment, but it will also have to repay the loan and pay interest thereon. A loan may
significantly increase the risk of a loss. Investors should not assume that they will be able to repay the
loan or pay interest thereon from the profits of a transaction in the Bonds. Instead, investors should assess
their financial situation prior to an investment, as to whether they are able to pay interest on the loan,
repay the loan on demand, and that they may suffer losses instead of realising gains.
27
SELECTED CONSOLIDATED FINANCIAL DATA
The following selected consolidated financial data of the Group as presented in the tables of this Selected
Consolidated Financial Data section (unless stated otherwise) have been taken from the Consolidated
Financial Statements, which are incorporated into this Prospectus by reference as of and for the six
months ended June 30, 2014 and the years ended December 31, 2013 and 2012. For more detailed
information on the Group’s financial information, please refer to the Consolidated Financial Statements.
Six months ended June 30,
2014
Year ended December 31,
2013
2012
audited
unaudited
(except as otherwise stated)
in EUR million (except as otherwise stated)
Consolidated Statement of Income Data
Revenues ........................................................................................................................
1,349.4
Cost of goods sold ................................................................................................ -947.8
Gross profit ................................................................................................
401.6
Selling expenses ................................................................................................ -263.7
Administrative expenses ................................................................................................
-84.3
Other operating expenses................................................................................................
-31.9
Other operating income ................................................................................................11.7
Profit/loss before restructuring costs and impairment charges to
property, plant and equipment and goodwill, and the release of a
provision for an impending antitrust penalty .............................................................
33.5
Restructuring costs and impairment charges to property, plant and
equipment ................................................................................................
Impairment charges to goodwill ................................................................
Release of a provision for an impending antitrust penalty ................................
Profit/loss after restructuring costs and impairment charges to
property, plant and equipment and goodwill, and the release of a
provision for an impending antitrust penalty .............................................................
33.5
Income from investments in associates and joint ventures................................
-2.7
Interest and similar income .............................................................................................4.1
Interest and similar expenses ..........................................................................................
-31.8
Other financial results................................................................................................ 1.5
Financial results ................................................................................................
-29.0
Profit/loss before tax................................................................................................ 4.5
Income taxes ................................................................................................
-6.3
Profit/loss after tax ................................................................................................ -1.7
Thereof attributable to non-controlling interest ..............................................................
-0.5
Thereof attributable to hybrid capital holders ................................................................
16.1
Thereof attributable to equity holders ................................................................ -17.4
Other Financial Data
Operating EBITDA(1) ................................................................................................135.1
Operating EBIT(1) ................................................................................................
33.5
Capital employed ................................................................................................ 2,879.9
Investments and acquisitions ..........................................................................................
52.3
Earnings per share (in EUR) ...........................................................................................
-0.15
Dividend per share declared for the period (in EUR)................................
Group CFROI (unaudited)(2) ........................................................................................... After-tax cost of capital ................................................................................................ Consolidated Cash Flow Data
Gross cash flow ................................................................................................
Cash flows from operating activities ................................................................
Cash flows from investing activities ................................................................
Cash flows from financing activities ................................................................
(1)
(2)
101.9
-50.0
-50.9
-30.6
2013
1,260.4
-903.5
356.9
-254.1
-80.1
-29.5
11.7
2,662.9
-1,887.4
775.6
-522.9
-161.4
-79.5
43.5
2,355.5
-1,661.0
694.6
-486.6
-144.9
-83.8
51.8
4.9
55.3
31.0
-
0
0
9.4
-43.0
-9.8
0
4.9
-5.2
3.9
-29.2
-3.6
-34.1
-29.2
-1.8
-31.0
-0.6
16.1
-46.6
64.7
-2.6
7.8
-63.8
-9.2
-67.8
-3.1
-4.8
-7.8
-1.4
32.5
-39.0
-21.7
4.5
10.7
-61.4
31.7
-14.5
-36.2
-4.4
-40.5
-2.7
32.5
-70.3
106.3
4.9
3,025.5
43.4
-0.40
-
266.5
55.3
2,767.6
106.7
-0.34
0.12
5.1
6.97%
245.5
31.0
2,931.3
268.7
-0.61
0.12
5.2
6.80%
75.9
-107.1
-37.4
189.7
164.6
190.9
-98.7
163.9
127.0
229.5
-229.3
-248.7
Figures adjusted for non-recurring income and expenses.
Calculation based on average historical capital employed.
As of December 31,
As of June 30,
2014
2013
2012
unaudited
audited (except as otherwise stated)
in EUR million (except as otherwise stated)
Consolidated Balance Sheet Data
Non-current assets ................................................................................................
2,617.3
Current assets ................................................................................................
1,606.6
Total assets ................................................................................................
4,223.9
Equity ................................................................................................................................2,205.7
Non-current provisions and liabilities ................................................................
1,123.9
Current provisions and liabilities ................................................................
894.3
Total equity and liabilities................................................................................................
4,223.9
28
2,662.5
1,548.8
4,211.4
2,254.2
1,115.4
841.8
4,211.4
2,840.3
1,299.4
4,139.7
2,363.7
1,159.7
616.3
4,139.7
There has been no material adverse change in the prospects of the Group since December 31, 2013. There
were no significant changes in the financial or trading position subsequent to June 30, 2014.
For 2014, the Issuer expects on a Group level an EBITDA of EUR 315 million, capital expenditures of
EUR 125 million, and aims to return to the net profit zone.
Segment reporting
The Group’s operations are divided into the six segments (i) Clay Building Materials Western Europe, (ii)
Clay Building Materials Eastern Europe, (iii) Pipes & Pavers Western Europe, (iv) Pipes & Pavers
Eastern Europe, (v) North America and (vi) Holding & Others. Additionally, secondary segment
reporting is used by management to collect additional information on the Group’s product groups: wall,
facade, roof, surface, pipes and other.
The following table sets forth certain income statement data broken down according to the primary
segments of the Group for the six months ended June 30, 2014 and for the financial years ended
December 31, 2013 and 2012:
Six months ended June 30,
2014
Year ended December 31,
2013
2013
2012
audited
unaudited
(except as otherwise stated)
in EUR million (except as otherwise stated)
Clay Building Materials Western Europe
Revenues ................................................................................................................................
571.9
Operating EBITDA(1) ................................................................................................ 75.5
Operating EBIT(1) ................................................................................................
32.4
Capital employed ................................................................................................ 1,378.7
515.6
51.9
7.3
1,456.1
1,099.4
131.1
34.4
1,357.1
1,137.2
136.5
31.7
1,426.2
Clay Building Materials Eastern Europe
Revenues ................................................................................................................................
156.2
Operating EBITDA(1) ................................................................................................ 21.6
(1)
Operating EBIT ................................................................................................
3.2
Capital employed ................................................................................................
414.8
143.2
11.8
-7.4
445.8
318.3
40.2
0.7
419.2
318.8
47.0
4.6
469.0
Pipes and Pavers Western Europe
Revenues ................................................................................................................................
294.0
Operating EBITDA(1) ................................................................................................ 26.9
Operating EBIT(1) ................................................................................................
10.3
Capital employed ................................................................................................
334.9
306.0
33.1
20.1
344.8
607.3
65.2
39.3
296.6
396.4
44.1
27.9
302.4
Pipes and Pavers Eastern Europe
Revenues ................................................................................................................................
241.5
Operating EBITDA(1) ................................................................................................ 18.9
Operating EBIT(1) ................................................................................................
8.1
Capital employed ................................................................................................
297.9
203.1
13.2
2.3
301.2
448.4
35.1
12.9
256.0
325.0
23.3
3.7
266.1
North America
Revenues ................................................................................................................................
109.2
Operating EBITDA(1) ................................................................................................ 2.3
Operating EBIT(1) ................................................................................................
-8.7
Capital employed ................................................................................................
434.4
108.9
4.4
-7.0
460.5
225.9
13.2
-9.3
426.6
193.9
9.8
-14.7
458.7
Holding and Others
Revenues and reconciliation ................................................................................................
-23.4
Operating EBITDA(1) ................................................................................................ -10.1
Operating EBIT(1) ................................................................................................
-11.8
Capital employed ................................................................................................
19.2
-16.4
-8.1
-10.3
17.1
-36.4
-18.2
-22.6
12.1
-15.8
-15.1
-22.3
8.8
(1)
Figures before restructuring costs and impairment charges to property, plant and equipment.
29
The following table sets forth the Group’s revenues for the financial years ended December 31, 2013 and
2012, broken down according to the products of the Group:
Year ended December 31,
2013
(audited)
in EUR million (except as otherwise stated)
Wall ................................................................................................................................
Facade ................................................................................................................................
Roof ................................................................................................................................
Pavers ................................................................................................................................
Pipes ................................................................................................................................
Other................................................................................................................................
Group ............................................................................................................................
606.6
574.2
398.0
110.6
972.6
0.9
2,662.9
2012
627.7
574.4
414.6
121.3
617.3
0.4
2,355.5
Source: Audited Consolidated Financial Statements.
Maturity profile of the Group’s interest bearing loans
The following table shows the debt maturity profile of the Group’s interest bearing loans (including
financial lease liabilities):
Six months ended June 30,
2014
2013
in EUR million
Repayments fall due as follows:
2014 ................................................................................................................................
2015 ................................................................................................................................
2016 ................................................................................................................................
2017 ................................................................................................................................
2018 ................................................................................................................................
2019 ................................................................................................................................
2020 and subsequent years ................................................................................................
Total................................................................................................................................
Source: Unaudited Interim Financial Statements.
30
312.2
338.2
36.4
7.4
111.0
39.1
308.6
1,153.0
260.1
333.3
36.8
6.3
111.0
40.6
308.3
1,162.9
BUSINESS OF WIENERBERGER
Overview
The Group divides its business into the four divisions Clay Building Materials Europe (clay blocks,
facing bricks, roof tiles), Pipes & Pavers Europe (plastic pipes, ceramic pipes, concrete pavers), North
America (facing bricks, plastic pipes, concrete products) and Holding & Others and reports in the six
segments Clay Building Materials Western Europe, Clay Building Materials Eastern Europe, Pipes &
Pavers Western Europe, Pipes & Pavers Eastern Europe, North America, and Holding & Others.
Products are marketed mainly under the Group’s umbrella brand “Wienerberger” and the assortment
brands “Porotherm” and “Poroton” (Germany only) for clay blocks, “Terca” and “General Shale” for
facing bricks, “Penter” for clay pavers, “Arriscraft” for manufactured stone, “Koramic” and “Tondach
Gleinstätten” for clay roof tiles and “Steinzeug-Keramo” and “Pipelife” for clay and plastic pipes
respectively. In addition to products produced by the Group, it offers innovative systems solutions such as
non-ceramic accessories for roofs and prefabricated wall systems as well as special masonry glue for
walls. For more details, see “—Products—Wall solutions” and “—Products—Roofing solutions” below.
The Group’s Pipes & Pavers business, in Europe as well as in North America, comprises ceramic pipes
manufactured by the Steinzeug Group, plastic pipes by Pipelife and concrete pavers marketed under
“Semmelrock”. These activities reduce the dependency of the Group’s business development on new
residential construction and strengthen the focus on renovation and infrastructure.
According to management’s estimates the Group is the world’s largest producer of clay blocks and
number one in facing bricks in Europe and the USA as well as the market leader for clay roof tiles in
Europe. The Group is according to management estimates also one of the leading suppliers of plastic
pipes and ceramic pipes in Europe and concrete pavers in Central-East Europe.
Wienerberger’s primary geographic areas of activity are Europe (excluding the Iberian Peninsula) and
Northern America. The Group operates 214 plants in 30 countries. With an average of 13,787 employees,
Wienerberger generated revenues of EUR 2,662.9 million and an operating EBITDA of EUR 266.5
million in 2013. The Group’s Clay Building Materials Western Europe segment contributed 41% to
revenues and 49% to operating EBITDA, the Clay Building Materials Eastern Europe segment 12% to
revenues and 15% to operating EBITDA, the Pipes & Pavers Western Europe segment 22% to revenues
and 24% to operating EBITDA, the Pipes & Pavers Eastern Europe segment 17% to revenues and 13% to
operating EBITDA, the North America segment 8% to revenues and 5% to operating EBITDA and the
Holding & Others segment 0% to revenues and -7% to operating EBITDA.
The first three months of 2014 were characterized by a good economic development in European markets
due to the impact of the mild winter. By contrast, the US market was faced with harsh weather conditions
negatively influencing the level of building activity especially in the first two months of the year. The
second quarter saw a levelling-off of activity in most European countries except for the United Kingdom
which still showed strong market recovery. As of March 2014, the US market showed stronger
development compared to 2013.
Products
Clay Building Materials
Wall – clay blocks
Clay blocks are used for load-bearing exterior and interior walls as well as for non-load-bearing partition
walls or fillwork. A wall made of clay blocks is normally not seen after completion because it is covered
with plaster or paneling. Such walls have a high compressive strength, a good thermal insulation and heat
accumulation, a sound insulation, a high fire resistance (nonflammable) and a healthy moisture
regulation.
31
Clay blocks marketed under Porotherm W.i. have an integrated insulation. The voids in this product are
filled with thermal insulation in the form of mineral wool which eliminates the need for additional
insulation on the outside of the house and makes the construction more energy-efficient.
Facade – facing bricks
Facing bricks are used in visible brick architecture (facades and interior walls). The necessary functions
of the load-bearing walls are provided by clay blocks or other building materials. The Group’s facing
bricks are sold under the “Terca” and “General Shale” brand. They open up a wide range of design
alternatives through the combination of colors, shapes and surface structures. Facing bricks can be
combined together in storey-high prefabricated elements.
Roof – clay roof tiles
Clay roof tiles are used to cover pitched roofs and for facade design. A roof covered with clay roof tiles
protects the house and the facade from the weather and moisture and can be an important design element.
The Group has developed a wide variety of forms, colors and shapes of clay roof tiles. The product line
ranges from modern flat tiles with engobe to traditional red flat tiles. The Group’s clay roof tiles are sold
in Western Europe under the “Koramic” brand and in Eastern Europe through the joint venture company
“Tondach Gleinstätten”, in which the Group has a 50% stake and is currently increasing its share (see also
“Business – Recent developments”).
Wienerberger offers a one-stop-shop solution for roofs in which each model (type of tile) is accompanied
by a full line of tiles as well as ceramic and technical accessories. These clay roof tiles are marketed
together with a complete line of system components. The introduction of over-rafter insulation products
for thermal renovation made the Group a full system provider for roofs. Increasingly extreme wind and
weather conditions have also led to growing demands on the resistance of roofs which the Group tries to
meet with the patented Sturmfix system, which uses special fixation hooks to protect roof tiles from
storms.
Pipes & Pavers
Plastic pipes
Plastic pipes are suitable for a wide range of applications. The product portfolio of the Group offers
solutions for the segments sewage, in-house, agriculture, electro, gas, water pressure, cable protection and
specialties.
Climate change and the increasing development of green areas have led to a growing incidence of
flooding in inner city areas. Under the brand “Raineo”, Pipelife has developed a system to solve this
problem with its “Stormbox” as key element, a plastic water storage container that is installed below
ground. A click and stack system allows for the construction of underground water storage facilities in
various sizes. When the rain is heavy, the water overload is collected in the box – where it is gradually
released into the connected sewerage system and, in this way, prevents flooding.
Long Length Large Diameter pipes (LLLD) for industrial facilities are an emerging trend. Management
believes that Pipelife is currently the only producer in the world that can manufacture pipes with a
diameter of up to 2.5 meters and a length of up to 600 meters. These pipes are extruded directly into the
sea and transported by barges to operating sites around the globe (e.g. Morocco, Ghana, Ukraine and
South America). Another special product, the “Soluforce Heavy Pipe”, was developed especially for high
pressure applications in the oil and gas industry. Steel wire reinforcement makes these pipes extremely
pressure-resistant.
Ceramic pipes
Steinzeug-Keramo produces glazed ceramic pipes, fittings, shafts and accessories for use in open and
closed sewerage systems. These pipes are characterized by stability, easy maintenance and resistance
against wastewater. Steinzeug-Keramo concentrates on optimizing the technical properties of the
32
products. One example is the development of ceramic jacking pipes that are suitable for trenchless
installation. The pipes are inserted into a starting shaft and then pushed to the target shaft by means of a
tunneling machine, thus avoiding any excavation. This allows the pipes to be installed with only minimal
earth movements and without disturbing the existing infrastructure. The technique can also be used to
replace existing pipelines without digging new trenches.
Concrete pavers
Concrete pavers are used in many different applications – from public areas, streets and roads to private
homes and gardens. The product line includes concrete pavers and slabs, wall and fencing systems, design
elements such as steps, palisades and edgings as well as an extensive infrastructure program. Continuous
optimization and improvement are the focus for these products. Innovation at Semmelrock is directed to
extending the service life and improving the economy of products.
Organization and performance of the business segments
The Company is the holding company of the Group which directly or indirectly holds all participations of
the Group as shown in the Consolidated Financial Statements. As a holding company, the Company does
not have any operating activities and, therefore, depends on contributions and distributions by its
affiliates.
The following chart illustrates the Group’s organization as of December 31, 2013:
Source: Internal data.
(1) Facing bricks, plastic pipes and concrete products.
(2) Belgium, Denmark, Germany, Estonia, Finland, France, Great Britain, Italy, The Netherlands, Norway, Sweden and
Switzerland.
(3) Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Slovakia, Slovenia, and Ukraine
(4) Belgium, Germany, Estonia, Latvia, Lithuania, Finland, France, Great Britain, Ireland, The Netherlands, Norway and
Sweden.
(5) Austria, Bulgaria, Croatia, Czech Republic, Greece, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia,
and Turkey.
Clay Building Materials Europe
The financial year 2013 failed to bring major changes in the difficult market environment for the
construction industry. The development of new residential construction was still influenced by ongoing
uncertainty and restrictive lending by banks in a number of the Group’s European countries. In addition,
the division was confronted with weather-related difficulties at the beginning of the year. In the second
half 2013 demand stabilized. Driven by higher volumes in all product groups, revenues and operating
EBITDA in the Clay Building Materials Europe Division exceeded the weather-related lower prior year
values in the fourth quarter.
The positive development in the second half of 2013 was, however, unable to offset the initial decline in
revenues and earnings In Eastern Europe, the weaker demand for building materials in a number of
regions led to increasing pressure on prices. The Group tried to strengthen individual market positions
through sales promotions in these areas. Volumes in Eastern Europe rose slightly compared to the market
trend.
33
In the first half of 2014, residential building activity in Europe was stable. Market dynamic in Great
Britain, Belgium and Poland was positive. In contrast, the Group faced ongoing market declines in the
Netherlands, France, Italy, the Czech Republic and Hungary. Overall, Wienerberger with slightly
increased average prices achieved moderately increased sales volumes in all product groups in the first six
months of 2014.
Clay Building Materials Western Europe
The Clay Building Materials Western Europe segment was impaired by the long winter and the difficult
market environment in the first half of 2013. The third quarter brought increasing normalization on the
relevant markets, however, positive impulses in individual markets were unable to completely offset the
volume declines in clay blocks and roof tiles from the first half-year. The market recovery in Great
Britain led to an increase in facing brick volumes over the 2012 level. The decline in volumes was only
offset in part by slightly higher average prices and cost savings from the restructuring program.
Germany, the largest market in the region, registered a slight upward trend in building permits for singleand two-family houses. In spite of this development, housing starts in 2013 were slightly lower than the
previous year due to the severe weather during the first six months of the year and the lack of capacity
expansion in the construction industry. The result was a decline in sales volumes of facing bricks and roof
tiles. The positive market trend in the second half of 2013 was, however, reflected in a slight increase in
clay block volumes for the full year. In France, the downturn in single- and two-family house
construction and renovation continued throughout 2013 leading to a contraction in clay block and roof tile
volumes. The resulting higher unit costs led to a decline in earnings that was only offset in part by a slight
increase in average prices and the implementation of restructuring measures. The Netherlands
experienced a further sharp drop in new residential construction and renovation from an already low
level. Real estate prices appear to be stabilizing, but many homeowners are facing property values that are
lower than the related mortgages. In addition, restrictive bank lending is a major problem for the market.
In Belgium, single- and two-family house construction also weakened slightly in 2013 and led to a
decline in volumes of clay blocks, facing bricks and roof tiles. This downward trend slowed during the
second half of 2013, but the volume declines resulting from the long winter and weak market
environment could not be offset. Single- and two-family house construction weakened slightly in
Switzerland and substantially in Italy in 2013.
The “Help to Buy” stimulus program launched by the British government led to the start of recovery in
new residential construction and renovation from a low level in 2013. The Group’s customers in Great
Britain include large property developers, above all in the facing brick business. A number of framework
agreements concluded with those developers during 2012 held the increase in margins below volumes in
2013. The roofing business made a solid contribution to revenues and earnings in 2013, which was
reflected in an increase in operating earnings in Great Britain.
In the first six months of 2014 the market environment in Western Europe developed stable to slightly
positive. Noticeable growth rates were in particular achieved with facing bricks and roof tiles. The British
“Help to Buy” stimulus program led to significant growth rates in residential construction of one and two
family houses. Higher sales volumes of facing bricks and roof tiles led together with higher average
prices to higher revenues and a higher operating EBITDA in Great Britain in the first half of 2014
compared to the same period of the previous year. The residential construction market in Belgium also
showed a slight increase. A shift towards higher-value products and price adjustments led to
improvements within the scope of cost inflation. Accordingly, revenue and operating EBITDA in
Belgium were higher in the first six months of 2014 compared to the first half 2013. France and the
Netherlands showed significant decreases in residential construction of one and two family houses in the
first six of months of 2014.
Clay Building Materials Eastern Europe
The effects of the debt crisis in Eastern Europe are still clearly visible. The market environment in many
countries of the Clay Building Materials Eastern Europe Segment remained difficult throughout 2013
with in part double-digit declines in single- and two-family house construction. Single- and two-family
house construction in Poland, the largest market in this segment, weakened significantly during 2013, but
34
there were signs of consolidation towards the end of the year. The markets in the Czech Republic and
Slovakia also weakened during 2013. The Group’s clay block volumes were stable to slightly higher as
the result of proactive pricing strategies, but lower average prices led to an earnings decline in both
countries. The construction industry in Hungary is still negatively influenced by the aftermaths of the debt
crisis. High unemployment and structural problems in the banking sector also prevented a trend reversal
in 2013. In Austria, single- and two-family house construction, the relevant market segment for the
Group, declined slightly in 2013. Clay block volumes declined and led despite slightly higher average
prices to a drop in revenues and earnings. Business development in Russia remained stable in 2013. Clay
block volumes increased in the Moscow and Kazan regions, which are the relevant Russian markets for
the Group. In Romania and Bulgaria, the Group with stable average prices achieved a year-on-year
increase in clay block volumes in 2013 which led to improved revenues and earnings.
In the first six months of 2014, the market environment in Eastern Europe was still challenging. After a
good start of the construction season due to good weather, demand stabilized in the second quarter. Sales
volumes of clay blocks nevertheless increased in Eastern Europe in the first six months of 2014. In
Poland, residential construction of one and two family houses slightly increased. With stable average
prices, the Group achieved higher sales volumes. The market environment in the Czech Republic and
Slovakia showed a slight decrease in the first six months of 2014. However, the Group was able to
increase the sales volume of clay blocks with higher average prices. Residential construction in Hungary
significantly decreased from an already low level in the first six months of 2014. The Group’s average
prices and the sales quantity of clay blocks in Hungary were stable in this period. While the market
environment in Romania was stable on a low level in the first half of 2014, residential construction of one
and two family houses in Bulgaria slightly decreased due to political and economic uncertainties. The
Group’s sales volumes of clay blocks in both of these markets increased. The market environment in
Russia was stable in the first six months of 2014 and the sales quantities of the Group were higher
compared to the first six months 2013.
Pipes & Pavers Europe
The Pipes & Pavers Europe Division recorded an increase in revenues and operating EBITDA in 2013
based on the initial consolidation of Pipelife in the first five months. After an adjustment for this
consolidation effect, organic revenue growth was stable and operating earnings were slightly higher in
2013. The Group’s plastic pipe business in Western Europe, which is operated under the brand “Pipelife”,
was supported by a strong earnings contribution from the international project business in 2013, which
offset declines in a number of core markets. Steinzeug-Keramo, the Group’s specialist for ceramic pipe
solutions, was unable to duplicate the very strong prior year earnings in 2013. Growth in the West
European core markets offset the weather-related decline at the beginning of the year and reduced tenders
in Poland, and led to flat revenue development. In Eastern Europe, Pipelife generated sound earnings
growth in 2013 due to the turnaround in a number of countries. Semmelrock, the Group’s specialist for
concrete pavers in Central-East Europe, recorded an increase in operating EBITDA despite a decline in
volumes in 2013. The improvement in earnings at Semmelrock resulted primarily from the leaner cost
structure that followed the structural adjustments in 2012 and 2013.
In the first six months of 2014, Pipelife profited from a positive market environment in the Northern core
markets and the ongoing improvement of the market environment in Eastern Europe. In contrast, the
market environment in France and the Netherlands was again challenging and led to a decline in the
operating EBITDA. The international project business was below last year’s results due to a lower order
backlog. Negative foreign exchange effects in some Scandinavian and Eastern European currencies were
an additional burden for the Group in the first six months of 2014. Steinzeug-Keramo achieved an
increase in the sales quantity in the European core business and significant increases in its home market in
Germany as well as in Poland in the first six months of 2014. The operating EBITDA was in the first six
months of 2014 compared to the same period in 2013 due to a shift in the product mix towards highervalue products higher. Semmelrock achieved an increase in sales quantity in the first six months of 2014,
in particular due to positive developments in Poland, Hungary and Romania, and the operating EBITDA
significantly increased.
35
Pipes & Pavers Western Europe
The Pipes & Pavers Western Europe Segment recorded increases driven by the initial consolidation of
Pipelife for the first five months.
Expenditures for infrastructure projects declined in 2013 due to the consolidation pressure on government
budgets. This development was compounded by severe weather at the beginning of the year and only
offset in part by a mild start into the winter during the fourth quarter 2013. The markets in France and The
Netherlands were particularly challenging in 2013. The sharp drop in construction activity in these
countries led to a decline in revenues and earnings. The market weakness was also reflected in increased
competitive pressure, above all in France. Pipelife’s Nordic core markets had the expected stabilizing
effect on business development. The international project business registered a sound increase in
EBITDA based on sales of LLLD pipes and fiber-reinforced pipes from the SoluforceTM line. In the West
European plastic pipe business, revenues were stable and operating EBITDA rose by a moderate amount.
Steinzeug-Keramo, the Group’s specialist for ceramic pipe solutions, reported nearly stable revenue
development in 2013. Average prices were moderately higher in year-on-year comparison, but volumes
declined slightly, which resulted (beneath a reduction in public sector project tenders for wastewater
disposal on a number of East European markets) primarily from the difficult weather during the first four
months 2013.
In the first six months of 2014, the plastic pipes business showed a differentiated picture. Pipelife in its
core Northern markets achieved growth in revenues and earnings which compensated declines in France
and the Netherlands. In addition, revenues and results in the international project business declined. These
circumstances lead to an overall decline in revenues and EBITDA in the first six months of 2014
compared to the same period of the previous year.
Revenues and earnings of Steinzeug-Keramo slightly increased in the first six months of 2014. Germany,
Poland and Romania showed significant increases in sales quantity. In contrast, France, Italy, the Czech
Republic and Belgium were below 2013 levels due to ongoing reduced public investments. Overall, the
European core business brought a moderate increase in sales quantities in the first half of 2014 while the
Middle East was below its previous year level in the same period.
Pipes & Pavers Eastern Europe
The Pipes & Pavers Eastern Europe Segment recorded earnings growth resulting primarily from the
consolidation of Pipelife in the first five months of 2013.
Pipelife increased revenues and earnings in Eastern Europe during 2013. Greece and Bulgaria reported
improvements in volumes from a low level, which was accompanied by solid year-on-year earnings
growth. In Austria, the largest single market in the region, the fourth quarter 2013 failed to confirm the
third-quarter stabilization of earnings and resulted in a decline in revenues and earnings for the full year.
Pipelife’s other key markets in Eastern Europe, e.g. Poland, Russia and Turkey, were nearly constant. In
Hungary and the Czech Republic, the Group recorded lower revenues and earnings.
Semmelrock, the Group’s concrete paver specialist in Central-Eastern Europe, generated solid
performance in a difficult market environment in 2013. Volumes were lower because of the restrictive
tenders by public authorities, weaker demand from the private sector and the severe weather during the
first four months 2013, but operating earnings increased year-on-year. Semmelrock benefited, above all,
from the implementation of cost savings measures. In addition, strict price management and a shift in the
mix to premium products held average prices constant at the prior year level in 2013. Semmelrock was
able to gain market shares in countries like the Czech Republic, Hungary and Bulgaria despite strong
competitive pressure.
The segment Pipes & Pavers Eastern Europe showed a significant increase in revenue and operating
EBITDA in the first six months of 2014 with two-digit growth rates in sales revenues. Pipelife achieved
significant increases in revenues and earnings and gained further market shares in the Eastern Europe
region in the first six months of 2014. The Austrian market, from an already good level, showed further
36
increases, and Poland brought a strong increase in sales quantity, which led to an increase of revenues and
earnings. The market recovery in Greece and Bulgaria continued and the Group was able to better
position itself in the Hungarian market. In a challenging environment, the Turkish market showed a
strong recovery of demand, which was, however, offset by a devaluation of the Turkish currency.
Semmelrock achieved a growth in sales volumes in the first six months of 2014. The most positive
developments were seen in Poland, Romania, Bulgaria and Slovakia. In stable to slightly increasing
markets, Semmelrock significantly increased its market share in the first six months of 2014. Competitive
pressure remains high. The Group tries to counteract with higher-value and innovative products. Overall,
the increase in revenues and savings led to a two-digit increase in operating EBITDA.
North America
The Group’s business in the USA was negatively affected during the first six months of 2013 by a severe
winter. Slight volume growth in the first half of 2013 was followed by a strong rise in the demand for
bricks towards the end of the year. The Group reduced inventories in 2013, above all in the fourth quarter.
Average brick prices were slightly lower year-on-year due to price pressure in selected regional markets.
However, volume growth and strict cost management led to an improvement in brick margins. In Canada,
the Group maintained its position and held margins constant in spite of a decline in volumes. The
financial year 2013 includes the Group’s North American plastic pipe business, which operates the plant
in Arkansas, for the full 12 months (initial consolidation as of May 31, 2012). In addition to water
management products, the Group also produces pressure-resistant, fiber-reinforced pipes that are
particularly well suited for high pressure applications in the oil and gas industry.
The North America Division reported an increase in revenues in 2013 above all due to the initial inclusion
of the North American plastic pipe business.
The business year 2014 started difficult due to the weather. In the second quarter, however, the recovery
of the residential construction market continued. The Group was able to increase to the sales volume of
facing bricks in the first six months of 2014 compared to the same period of the previous year. The plastic
pipes business contributed with stable earnings in the first six months of 2014. Due to a decrease in
business in Canada, price pressure in certain regional markets and negative foreign exchange effects, the
revenue of the North America division, however, remained on previous year’s level in the first six months
of 2014. Operating result halved in the first six months of 2014 due to higher start-up costs for the initial
operation of plants and the implementation of new shifts.
Holding and Others
The Holding & Others Division includes the costs for the corporate headquarters as well as the Group’s
brick activities in India. The Group is the only supplier of industrially manufactured bricks in India and
operates one plant in Bangalore, a city with an established middle class. This market was characterized by
a steady positive development in 2013. Rising volumes of clay blocks and higher average prices led to an
increase in revenues and earnings. In the first six months of 2014, sales volumes in India were stable but a
significant devaluation of the Indian currency led to a sharp drop in revenues and operating EBITDA.
Principal markets
The Group is active in 30 markets with own production facilities. In addition, it services four export
markets. The markets differ in their relative weight of the Group’s turnover as well as in their economic
development. Following the financial crisis the markets that experienced the highest set-backs in terms of
market volume and prices naturally have the largest potential for recovery. Among these the United States
as well as a number of Eastern European markets can be mentioned, while Western European markets
have shown more resilience in the last number of years.
While in the ceramic business the key markets from current perspective are predominantly WestEuropean (such as Germany, Belgium, France, United Kingdom and The Netherlands), the plastic pipe
division shows a different pattern with important markets in the Scandinavian countries (Norway,
Sweden, Finland) in addition to Central-Western European countries such as Austria and The
Netherlands. The most important market in Eastern Europe is Poland in which the Group is active with all
37
four divisions. As of June 30, 2014, the revenue share of Western European markets (both in the Clay
Building Materials as well as the Pipes & Pavers division) amounted to 64%, the Eastern European
markets contributed with 28% and the United States market with roughly 8% to the turnover of the
Group.
In addition to the mature markets the Group is active in, the last years have also shown a growing
contribution from the two emerging markets Russia and India, with positive developments both in terms
of volumes and prices.
Trend information
In addition to the weather, which is an important external factor determining demand, the construction
sector (in particular residential construction, which accounts for a large part of brick and roof tile demand
worldwide according to management estimates) is subject to typical macroeconomic drivers such as GDP
growth rate, consumer spending, consumer confidence levels and, to a lesser extent, long-term interest
rates (i.e., mortgage rates). The Eurozone debt crisis and general economic slowdown, which brought a
recession in the Eurozone in 2012, still has a negative impact on the Group. Further austerity measures by
member states of the Eurozone with high sovereign debts may lead to a reduction of infrastructure
projects, a segment relevant for the Group’s paving and pipe business.
Two of the most important trends in new residential construction are sustainability and energy efficiency.
In particular, EU regulations require all buildings constructed during or after 2020 to have a neutral
energy balance. The Group has addressed these challenges in recent years and joined together with
partners from heating technology, thermal insulation and other fields to develop a building model that
meets these demands today.
More generally, the Group faces an increasingly complex regulatory framework: The Group is subject to
numerous environmental and health and safety laws, regulations and standards, the number of which has
increased over the past years, in particular in the European Union and the United States where the Group
operates important facilities. Furthermore, such laws have become more stringent in the past years and
have been interpreted more strictly by the authorities. This trend is expected to continue and could result
in increasing expenditure incurred by the Group to establish compliance with new regulations.
A trend to renovate public sewage and waste water systems in Eastern Europe is a further business
opportunity for the Group. Moreover, there is a trend towards enhanced expansion of public infrastructure
in particular in CEE, where wastewater disposal connection rates are still at significantly lower levels
compared to Western European standards. Furthermore, climate change and the increasing development
of green areas have led to a growing incidence of flooding in inner city areas. Pipelife has developed a
system to deal with this issue and also offers products for rainwater management, which the Group deems
to be a further business opportunity.
Strategy
The development of the Group’s business in recent years has been influenced, above all, by a difficult
market environment following the economic and debt crisis. In order to bring the corporate structure in
line with the market, fixed costs were cut by approximately EUR 250 million and working capital as a
percentage of revenues was substantially reduced. These structural measures, which were accompanied
by a restrictive investment policy and strict management of the maturity profile of financial liabilities,
were successfully concluded. Wienerberger has become a market-oriented company with a healthy
corporate base and a focus on organic growth by investing in innovative system solutions and by training
the sales-force which has also been re-organized to better service the Group’s customers.
Another goal is to reduce Wienerberger’s dependence on new residential construction and expand
activities in the areas of renovation and infrastructure. The acquisition of Steinzeug-Keramo, and the
purchase of the remaining 50% stake in Pipelife completed Wienerberger’s transformation into an
international system provider of building materials reduce the dependence on cyclical new residential
construction create opportunities in new areas of business with a longterm, sustainable growth potential.
38
Wienerberger’s strategic focus remains on financial discipline and the maintenance of a strong capital
structure. The Group will therefore continue to pursue a restrictive investment policy. The goal will be
pursued with the proactive management of liquidity and the term structure of liabilities on the one hand.
On the other hand, free cash-flow is maximized through fixed cost reduction, working capital
management and limited investment.
Wienerberger focuses on the selective evaluation of smaller, profitable transactions in its core business
with an emphasis on further expansion in the renovation and infrastructure segments, in particular in the
less capital-intensive pipe business. Structured sale of non-operating real estate in a structured process is
aimed to generate proceeds of approximately further EUR 75 million until 2016.
One further focal point of the Group’s strategy is to create and maintain sustainable growth in the value of
the company in accordance with ecological, social and economic principles to ensure stable jobs with fair
and healthy working conditions with sustainable, long-lasting and innovative products, which - with their
resource-efficient production and their long service life - contribute to the attainment of climate
protection and emission goals.
Investments
Capital expenditure (“Capex”) totaled EUR 106.7 million in 2013 (2012: EUR 268.7 million) and was
generally limited to normal Capex. The difference between growth Capex and normal Capex is based
primarily on whether an investment leads to the development of new markets or product segments or the
expansion of capacity. Maintenance, investments for technical upgrading and production equipment for
premium products are reported under normal Capex. Growth Capex amounted to EUR 0.7 million in 2013
(2012: EUR 163.4 million) and primarily related to the purchase of land for the possible construction of a
plant. Normal Capex totaled EUR 106.0 million (2012: EUR 105.3 million) and equaled 54% of
depreciation in 2013 (2012: 54%).
The investments made in 2013 were distributed among the divisions as follows: 58% in Clay Building
Materials Europe, 33% in Pipes & Pavers Europe, 7% in North America and 2% in Holding & Others.
For 2014, the Group expects that the normal Capex would amount to approximately EUR 125 million.
Future investments are financed by the cash flow generated from the Group’s operations and available
liquid funds. Except as disclosed below and in the remainder of this Prospectus, there are currently no
principal future investments on which the Company’s management bodies have already made firm
commitments.
Recent developments
After having already increased its stake in Tondach Gleinstätten to 50% in 2011, Wienerberger on July 1,
2014 announced to further increase its shareholding in Tondach Gleinstätten to approximately 82%. The
acquisition from family owned trusts was accompanied by a reorganisation of Tondach Gleinstätten’s
financing and the banks’ swapping of EUR 26 million Tondach Gleinstätten debt to participation rights
issued by Tondach Gleinstätten and secured by approximately 18% shares in Tondach Gleinstätten held
by a security trustee. Wienerberger has call options to redeem the participation rights and receive the
shares held by the trustee which can be exercised in 2017 and 2018. If Wienerberger does not exercise its
options, the banks are entitled to a share of the purchase price from a later disposal of Tondach
Gleinstätten. From Wienerberger's purchase price of EUR 41 million, EUR 23.4 million will be paid in
treasury shares. The cartel authorities confirmed that Wienerberger already gained control over Tondach
in the course of the increase of its stake in 2011 and therefore no further merger control clearings are
necessary. Tondach Gleinstätten operates 15 production sites in 8 countries. The product portfolio
includes high-quality clay roof tiles as well as a range of ceramic and technical accessories. The
company‘s most important markets are Austria, the Czech Republic, Serbia, Hungary and Croatia. A
sharp drop in construction in the region in which Tondach Gleinstätten operates in the course of the crisis
led to an extensive restructuring program in 2012 and 2013 to align corporate structures to the market. In
2013, Tondach Gleinstätten with 1,830 employees generated revenues of EUR 153.6 million and an
operating EBITDA of EUR 19.5 million.
39
In April 2014, the Company announced that it has obtained management control of the ANC Private
Foundation following new appointments of two of its executive employees to the foundation board. The
ANC Private Foundation was founded in 2001 in connection with the Group’s focus on the core business,
and non-core assets were successively transferred to this entity. The purpose of ANC Private Foundation
is to manage and invest the transferred assets carefully and profitably. The foundation’s assets consist
primarily of liquid and illiquid assets, which are administered effectively but do not require any major
strategic management or operational development. The ANC Private Foundation had a consolidated
balance sheet total of EUR 24.7 million as of December 31, 2013. The foundation’s assets consist
primarily of property, plant and equipment totalling EUR 13.2 million and securities and liquid funds of
EUR 9.3 million. The property, plant and equipment are attributable to the subsidiary Mineralstoffverwertungsgesellschaft mbH, which operates landfills in Lower Austria, and to rented properties. The
foundation had no bank or other financial liabilities as of the above balance sheet date, and management
believes that sufficient provisions were created for restoration obligations.
In September 2013, the Company announced the completion of the construction of a new production
facility in Haiding, Upper Austria, for the production of Porotherm W.i, a product from the Group’s clay
block family. “W.i.” stands for “with thermal insulation”, which means the insulating material - natural
mineral wool - is integrated in the clay block. In the first quarter 2014, the Group completed a further
filling line for the production of clay blocks in Novosedly, Czech Republic.
In May 2012, the Group acquired the remaining 50% stake in Pipelife, one of the leading producers of
plastic pipe systems in Europe, from its joint venture partner Solvay for EUR 162 million.
In May 2012, the Group entered into a EUR 250 million syndicated facility with a term until May, 2016
for general corporate purposes and to provide the Group with sufficient liquidity reserves in this highly
seasonal business. The facility was underwritten by a consortium of 15 national and international banks,
and replaced an existing revolving EUR 250 million credit line before its maturity.
In April 2013, the Company issued EUR 300 million bonds with a seven year term and a coupon of 4%.
Material contracts and insurance
In the ordinary course of its business, the Group enters into numerous contracts with various other
entities. The Group has not, however, entered into any material contracts outside the ordinary course of its
business, which could result in any Group member being under an obligation or entitlement that is
material to the Issuer’s ability to meet its obligations to Bondholders in respect of the Bonds being issued.
For additional information see “—Recent developments” above.
Insurance policies have been concluded to cover claims resulting from general liability including product
liability, directors’ and officers’ liability as well as against property damage and business interruptions.
The scope of these insurance policies is analyzed regularly based on the maximum cost associated with
the insured risk and the relevant insurance premium.
Legal proceedings and investigations
The Company and its subsidiaries are party to certain lawsuits and administrative proceedings before
various courts and governmental agencies arising from the ordinary course of business involving various
contractual, labor and other matters. Legal risks arising from increasingly strict environmental, health and
safety standards may result in penalties or claims for damages if these standards are not met. During the
12 months preceding the date of this Prospectus there were no governmental, legal or arbitration
proceedings (including any such proceedings which are pending or threatening of which the Issuer is
aware), which may have, or have had in the recent past, significant effects on the financial position or
profitability of Wienerberger AG or the Group.
In December 2011, cartel authorities initiated investigations against Pipelife in Hungary for alleged price
agreements and searched its premises. Pipelife Hungary is co-operating with the competent authorities to
resolve these allegations.
40
In June 2012, the EU Commission ordered a search of the offices of plastic pipe and fitting producers in
connection with an investigation of alleged anticompetitive agreements; this search also included Pipelife.
The responsible authorities have not yet provided any information on the progress or results of this
search.
Generally, the Group is cooperating with the competent authorities and emphasizes that agreements in
restraint of trade violate the corporate policies of the Group, are expressly prohibited through internal
guidelines and perpetrators face sanctions. Management frequently emphasizes that price-fixing
agreements or any other anti-competitive behavior do not comply with its business practices and
corporate policies.
41
INFORMATION ABOUT THE ISSUER
Legal and commercial name
Wienerberger AG is a stock corporation established under Austrian law for an indefinite period, with its
registered seat in Vienna, registered with the commercial register at the Commercial Court Vienna under
FN 77676 f and its business address at Wienerberg City, Wienerbergstraße 11, A-1100 Vienna, Austria.
The Company was founded in 1819 as “Wienerberger Ziegel-Fabriks und Bau-Gesellschaft” and first
registered in the commercial register on April 9, 1869. The Company’s as well as the Group’s
commercial name is Wienerberger. The Company may be reached at its business address, by phone (+43
(1) 60192-10221) or on its website under www.wienerberger.com. The Company’s financial year is
identical with the calendar year.
Share capital and major shareholders
The Company has a stated and fully-paid share capital of EUR 117,526,764, divided into 117,526,764 nopar value ordinary voting bearer shares (auf Inhaber lautende Stückaktien), each representing a calculated
notional amount of EUR 1.00 of the share capital. Only this class of shares exists. The Company’s shares
are listed on the Official Market, assigned to trading in the prime market segment, of the Vienna Stock
Exchange. No convertible debt securities, exchangeable debt securities or warrant instruments have been
issued by the Issuer.
In accordance with Section 91 of the Austrian Stock Exchange Act, which requires the reporting of
changes in significant investments, the Issuer received the following considerable notifications of
shareholders:
As of November 7, 2012, Black Creek Investment Management Inc. (“Black Creek”) is exclusively
authorized to exercise a total of 5,890,500 voting rights (or 5.01%) attached to the shares in the Company,
thereby exceeding the 5% voting rights threshold on said date. Black Creek holds these shares in the
following funds: Black Creek Focus Fund, Black Creek Global Leaders Fund, Black Creek Global
Balanced Fund, Black Creek Balanced Corporate Class Fund and Black Creek International Equity Fund
and the foundation Honesty Black Creek.
On March 10, 2014, First Eagle Investment Management, LLC (“FEIM”), a U.S. registered investment
adviser that manages U.S. investment companies, private funds and managed accounts, reported a holding
of 4.92% of the Company’s voting rights. FEIM may exercise these voting rights without being the owner
of the respective shares.
On April 14, 2014, Marathon Asset Management LLP reported a holding of 4.27% of the shares and the
voting rights in the Company.
The U.S.-based College Retirement Equities Fund (“CREF”), the U.S.-based Teachers Insurance and
Annuity Association of America (“TIAA”), the US-based Teachers Advisors, Inc. and the US-based
TIAA-CREF Investment Management, LLC reported that on August 13, 2014, CREF held in total
4,767,416 shares/voting rights and the threshold of 4% voting rights was exceeded. It was further reported
that the U.S.-based Active Extension Fund V - Analyst Market Neutral, LLC (“AEF-V”) owned as of
August 13, 2014 28,934 shares/ voting rights. AEF-V is wholly owned by TIAA and exclusively
managed by the U.S.-based Teachers Advisors, Inc. CREF is exclusively managed by U.S.-based TIAACREF Investment Management, LLC. Both Teachers Advisors, Inc. and TIAA-CREF Investment
Management, LLC are wholly owned by U.S.-based TIAA-CREF Asset Management LLC, which is in
turn wholly owned by TIAA. Teachers Advisors, Inc. and TIAA-CREF Investment Management, LLC
have agreed to follow the same policies when exercising the voting rights for the Company’s shares
directly held by CREF and AEF-V. The aggregated holdings as of August 13, 2014 amounted to
4,796,350 or 4.081% of the shares/voting rights of the Company.
The Company itself holds 2,464,138 treasury shares (2.1% of the total shares issued) prior to completion
of the acquisition of Tondach Gleinstätten. As part of the acquisition price, the Company will transfer
1,910,985 treasury shares to the sellers upon closing of the transaction (see also “Business–Recent
developments”).
42
The remaining shares are held by various investment funds and individuals holding below 4% each. To
management’s best knowledge, there are no arrangements, the operation of which may at a subsequent
date result in a change of control in the Issuer.
Articles of Association and corporate purpose
The Company’s business objectives as stated in section 2 of its Articles of Association include:
•
exercise of holding company functions related to companies under its control as a corporate group
in accordance with section 15 of the Austrian Stock Corporation Act. The object of business of
these group companies comprises in particular the production, purchase and sale of all types of
building materials, the pursuance of activities in the construction sector and the operation of filling
stations;
•
acquisition of and investment in other companies and corporations, in particular industrial
companies, with the same or similar object of business as well as the establishment of branches and
subsidiaries in Austria and other countries;
•
performance of administrative, management and consulting duties (in particular in the areas of
organization, data processing, insurance, etc.) for other companies and corporations;
•
automatic processing of personal data;
•
trade in goods of all kinds.
The Company is entitled to engage in any and all transactions that are deemed necessary or expedient for
realizing the objects of business, in particular transactions in areas that are similar or related to the objects
of its business.
Management
The Company has a two-tier board structure, consisting of a Managing Board (Vorstand) and a
Supervisory Board (Aufsichtsrat). The business address of the members of the Managing Board and the
Supervisory Board is the Company’s registered office at Wienerberg City, Wienerbergstraße 11, 1100
Vienna, Austria.
Managing Board
Members of the Managing Board are appointed by the Supervisory Board for a maximum period of five
years and may be re-appointed. Only those persons may be appointed to the Managing Board who have
not reached their 65th birthday on the date of appointment or reappointment. Pursuant to the Articles of
Association of the Company, the Managing Board consists of up to four members.
The Managing Board is responsible for the executive management and represents the Company vis-à-vis
third parties. If the Managing Board consists of more than one member, the Company is represented
either by two members of the Managing Board acting jointly, or by any one member of the Managing
Board acting together with an authorized signatory holding a general power of attorney (Prokurist).
Subject to statutory restrictions, the Company may also be represented by two such authorized
signatories.
The following are the names and functions of the Company’s Managing Board members and their
principal business activities performed outside the Company with respect to potential conflicts of interest:
Name
Function
Heimo Scheuch ................................
Chairman,
Chief Executive
Officer (CEO)
Willy Van Riet ................................
Member,
Chief Financial
Officer (CFO)
Principal business activities performed outside the Company
Member of the supervisory board of Wiener Börse AG and CEESEG AG, Vice-President
of TBE (European Bricks and Tiles Federation), Vice-President of Cerame-Unie and
Vice-President of Construction Products Europe.
None.
Source: Internal data.
43
Supervisory Board
The Supervisory Board consists of three to ten members elected by the Shareholders’ Meeting
(Hauptversammlung). In addition, the Company’s works council has a right to delegate one third of the
Supervisory Board members under Austrian co-determination rules. The Supervisory Board is responsible
for supervising the management and internal controls of the Company.
The following are the names and functions of the Company’s Supervisory Board members and their
principal business activities performed outside the Company with respect to potential conflicts of interest:
Name
Function
Principal business activities performed outside the Company
Regina Prehofer................................
Chairwoman
Vice-Rector, Financial Affairs and Infrastructure Vienna University of Economics and
Business, second vice-chairwoman of the supervisory board of AT&S Austria Technologie & Systemtechnik AG, member of the supervisory boards of SPAR Holding AG
and SPAR Österreichische Warenhandels-AG, BAUMAX Anteilsverwaltungs AG, bauMAX AG and 6B47 Real Estate Investors AG.
Karl Fink ................................ Vice-Chairman
Member of the managing board of Wiener Städtische Wechselseitiger Versicherungsverein – Vermögensverwaltung – Vienna Insurance Group with supervisory board functions in Turkey, the Czech Republic, Slovakia and Austria, Chairman of the supervisory
board of VIG Re zajistovna, Prague, member of the supervisory board of AT&S Austria
Technologie & Systemtechnik AG.
Peter Johnson ................................
Vice-Chairman
Chairman of the supervisory board of Electrocomponents PLC.
Franz-Josef Haslberger...
Member of the supervisory board of RÖFIX AG, member of the board of directors of
FIXIT Trockenmörtel Holding AG, member of the supervisory board of Bank für Tirol
und Vorarlberg Aktiengesellschaft.
Member
Christian Jourquin ................................
Member
Member of the board of directors of: Louis Delhaize, ING Belgium SA, Domo chemicals
and Atlas/Azelis
Harald Nograsek................................
Member
CEO of Österreichisches Verkehrsbüro AG, chairman of the supervisory board of DDSG
– Blue Danube Schifffahrt GmbH, member of the supervisory board of Motel One Austria
GmbH.
Wilhelm Rasinger................................
Member
Managing partner of Inter-Management Unternehmensberatung Gesellschaft m.b.H. and
“Am Klimtpark” LiegenschaftsverwaltungsgesmbH, managing director of “Klimt-Villa”
Verwaltungs- und Vermietungs GmbH, chairman of IVA – Interessenverband für Anleger,
member of the supervisory board of Erste Group Bank AG, S IMMO AG, Haberkorn
Holding AG and Gebrüder Ulmer Holding GmbH, chairman of the supervisory board of
Friedrichshof Wohnungsgenossenschaft reg. Gen. m.b.H., chairman of the Foundation
HATEC Privatstiftung Dornbirn.
Gernot Weber ................................
Member(1)
Industrial electrician at the Göllersdorf plant in Austria, chairman of the employees’
council of the Göllersdorf plant, delegated member of the European employees’ council,
vice-chairman of the central employees’ council,
Chairwoman of the employees’ council of the Company.
Claudia Schiroky ................................
Member(1)
Gerhard Seban ................................
Member(1)
Salesman at the Hennersdorf plant in Austria, chairman of the European Employees’
Council, the Central Employees’ Council and the Group Employees’ Council.
Source: Internal data.
(1) Works council representative.
Conflicts of interest
There are no potential conflicts of interest between the duties of the Managing Board and Supervisory
Board members to the Company and their private interests or other duties.
Corporate Governance
In accordance with the Articles of Association, the Supervisory Board has established an Audit
Committee (Prüfungsausschuss) which is responsible for the audit and preparation of the approval of the
financial statements and consolidated financial statements of the Company, the preparation of a proposal
for the distribution of profits, the review of the management report and for monitoring the efficiency of
the Company’s internal control system (Internes Kontrollsystem – IKS). Furthermore, the Audit
Committee prepares the proposal for the election of the Company’s auditor by the Shareholders’ Meeting.
One member of the Audit Committee must be a financial expert with special knowledge and practical
44
experience in finance, accounting and reporting (Finanzexperte). Persons who were members of the
Managing Board, executives or auditors of the Company or persons having certified the consolidated
financial statements of the Company within the last three years may not be financial expert or chairman of
the Audit Committee. The current members of the Audit Committee are Harald Nograsek (chairman),
Wilhelm Rasinger (vice-chairman) and Gerhard Seban.
Further committees of the Supervisory Board are the Presidium, which represents the interests of the
company on all Managing Board issues, the Strategy Committee which evaluates the strategy and
development of the company and prepares strategic issues for voting by the Supervisory Board and the
Personnel and Nominating Committee/Remuneration Committee which is responsible for the preparation
of nominations to the Management and Supervisory Boards: It recommends nominations to the
Supervisory Board, which are placed before the Shareholders’ Meeting for vote and approves the terms of
remuneration systems for managers in the Group.
The Corporate Governance Code (“CGC”) was published by the Austrian Working Group on Corporate
Governance, a group of private organizations and individuals in 2002 and was amended most recently in
July 2012. The CGC primarily applies to Austrian stock market-listed companies that undertake to adhere
to its principles. The CGC is based on statutory provisions of Austrian corporate law, securities law and
capital markets law (“Legal Requirements”, “L-Rules”). In addition, the CGC contains rules considered
to be a part of common international practice, such as the principles set out in the OECD Principles of
Corporate Governance and the recommendations of the European Commission. Non-compliance with
some of these rules must be explained (“Comply or Explain”, “C-Rules”). The CGC also contains rules
that are voluntary and do not require explanation in the case of deviations (“Recommendation”, “RRules”). The Company currently complies in full with all “L-Rules”, “C-Rules” and “R-Rules” of the
CGC.
INFORMATION TO ENABLE SWISS INVESTOR PARTICIPATION IN THE EXCHANGE
OFFER
The following information is included in this Prospectus for purposes of enabling Swiss investors to
participate in the Exchange Offer in compliance with applicable laws and regulations in Switzerland:
(i)
The English translation of the audited consolidated financial statements of the Issuer and the audited
consolidated financial statements of the group as of, and for the years ended, December 31, 2013
and 2012 (including the notes thereto and the independent auditors’ reports) and the unaudited
interim financial statements of the Issuer and of the group as of, and for the six months ended, June
30, 2014 are incorporated by reference into this Prospectus (see also see “Documents Incorporated
by Reference”). They are available at the Issuer’s registered office (Wienerberg City,
Wienerbergstraße 11, A-1100 Vienna, Austria) during usual business hours and will also be
available on the website of the Issuer: http://www.wienerberger.com/investor-relations/reportspresentations.
(ii) The articles of association of the Issuer currently in force are those adopted at the Issuer’s
Shareholders’ Meeting held on May 16, 2014.
(iii) Notices to shareholders are given in accordance with Austrian statutory requirements; press release
and public announcements are published on the Issuer’s website: http://www.wienerberger.com/de/investor-relations/investor-news.
(iv) The Issuer has paid the following dividends on its ordinary shares for the previous five years:
Year
2013
2012
2011
2010
2009
Dividend per share (in EUR)
0.12
0.12
0.12
0.10
0.00
Dividend (in EUR million)
14.1
14.1
14.1
11.7
0.00
45
(v)
According to its Articles of Association, the Managing Board of the Company is authorized, with
the approval of the Supervisory Board, to increase the share capital of the Company until June 2019
by up to EUR 17,629,014 through the issue of up to 17,629,014 new no par value bearer shares
(15.0% of the currently outstanding share capital) (authorized capital).
(vi) In addition, the share capital of the Company is conditionally increased by up to EUR 8,394,769
through the issuance of up to 8,394,769 new non-par value bearer shares (approximately 7.1% of the
currently outstanding share capital) in order to allocate shares to the holders of convertible bonds
(conditional capital).
46
DISCLOSURE FOR THE SECURITIES
The public exchange offer
The Issuer invites all persons who currently hold parts of the EUR 500 million 6.5% perpetual
subordinated fixed to floating rate bonds, ISIN DE000A0G4X39 (the “Existing Bonds”) and who are (a)
residents of Austria, Germany or Switzerland or (b) “qualified investors” within the meaning of Directive
2003/71/EC, as amended, in a member state of the European Economic Area and authorized to accept the
proposed exchange offer in such member state and to offer to the Issuer to exchange Existing Bonds up to
a nominal value of EUR 300 million at an exchange ratio of 1 : 1 for up to EUR 300 million perpetual
subordinated fixed rate bonds subject to interest rate reset, ISIN DE000A1ZN206 (the “Bonds”),
together, the “Exchange Offer”. The Exchange Offer is being made upon the terms and subject to the
conditions contained in an exchange offer memorandum which is made available exclusively to holders
of Existing Bonds (the “Exchange Offer Memorandum”) and which does not constitute a part of this
Prospectus.
In connection with the Exchange Offer, the Bonds will (a) be issued with a denomination of EUR 1,000,
(b) be allocated to holders of Existing Bonds who offered Existing Bonds for exchange and whose offer
has been accepted by the Issuer pursuant to the Exchange Offer, (c) bear remuneration as set out in detail
in “-Description of the Bonds”, and (d) otherwise have the terms and conditions described in the Terms
and Conditions included in this Prospectus.
The principal amount of Bonds which each bondholder whose Existing Bonds are accepted by the Issuer
for exchange pursuant to the Exchange Offer will receive on the Settlement Date will equal the principal
amount of such bondholder’s Existing Bonds accepted by the Issuer for exchange.
It is the Issuer’s intention to accept offers for exchange of up to EUR 300,000,000 (the “Target
Acceptance Amount”), subject to the Issuer’s right to accept less than such amount at its sole discretion.
The “Final Acceptance Amount” means the total nominal amount of the Existing Bonds, which the
Issuer accepts for exchange, to be determined and announced on or before the date and time on which the
result of the Exchange Offer will be announced.
If 2007 Hybrid Bonds with a nominal value of more than the Final Acceptance Amount are validly
offered to the Issuer for exchange, the Issuer intends to accept for exchange first, all such offers with a
total nominal value of up to EUR 10,000 and second, all such offers with a total nominal value of more
than EUR 10,000 on a pro rata basis such that the total nominal value of the 2007 Hybrid Bonds accepted
for exchange is no greater than the Final Acceptance Amount. In the circumstances in which any 2007
Hybrid Bonds validly offered for exchange pursuant to the Offer are to be accepted on a pro rata basis,
such offers will be scaled by a factor equal to (i) the Final Acceptance Amount less the total nominal
value of offers of EUR 10,000 or less accepted for exchange divided by (ii) the total nominal value of the
2007 Hybrid Bonds that are subject to acceptance on a pro rata basis with each Exchange Instruction
subject to proration rounded down to the nearest EUR 1,000. In the event that the aggregated nominal
amount of offers not exceeding EUR 10,000 is greater than the Final Acceptance Amount, the Issuer
intends to accept all offers on a pro rata basis such that the total nominal amount of the 2007 Hybrid
Bonds accepted for exchange is no greater than the Final Acceptance Amount; in such case all offers will
be scaled by a factor equal to the Final Acceptance Amount divided by the total nominal amount of the
2007 Hybrid Bonds offered, with each Exchange Instruction subject to proration rounded down to the
nearest EUR 1,000.
In addition, the Issuer will pay on the Settlement Date (as defined below) an amount in cash equal to
remuneration accrued and unpaid on the Existing Bonds, calculated in accordance with the terms and
conditions of the Existing Bonds, from (and including) the immediately preceding fixed remuneration
payment date to (but excluding) the Settlement Date, in respect of the Existing Bonds accepted by the
Issuer for exchange pursuant to the Exchange Offer. Accrued remuneration is expected to amount to
approximately EUR 42 per Existing Bond (before taxes).
The Exchange Offer begins on September 4, 2014 and will expire at 3.00 p.m. CET on September 26,
2014 (the “Expiration Deadline”), unless amended, extended, re-opened or terminated. As soon as
47
reasonably practicable after the end of the exchange offer period the Issuer will announce whether it will
accept valid offers to exchange Existing Bonds pursuant to the Exchange Offer and, if so accepted, the
aggregate principal amount of Existing Bonds accepted for exchange and the aggregate principal amount
of the Bonds to be issued, also in accordance with section 7 para 5 of the Capital Market Act.
Announcements will be made by delivery to OeKB, Clearstream and/or Euroclear, and for
communication purposes on Bloomberg or Reuters.
The expected settlement date for the Exchange Offer is October 6, 2014 (the “Settlement Date”).
Bondholders wishing to offer to exchange their Existing Bonds pursuant to the Exchange Offer should do
so in accordance with the Exchange Offer Memorandum.
Exchange Instructions submitted pursuant to the Exchange Offer and received by the Exchange Agent
may be revoked until 3.00 p.m. CET on September 23, 2014 or, in case the Exchange Offer is extended,
the date falling 3 Business Days before the extended Expiration Deadline (the “Revocation Deadline”) at
the latest as described in the Exchange Offer Memorandum.
The terms and conditions of the Existing Bonds provide for a call right of the issuer on February 9, 2017
and thereafter. It is the intention of the Issuer that all decisions to exercise calls in respect of the Existing
Bonds that are not offered for exchange pursuant to the Exchange Offer will be made with reference to
the prevailing market conditions at the respective call date.
Description of the Bonds
The Bonds are denominated in Euro. The Bonds will bear remuneration from and including the Issue Date
to but excluding the First Period End Date at a rate of 6.5% per annum, payable annually in arrears on
each Remuneration Payment Date, the first coupon being payable on February 9, 2015. From and
including the First Period End Date to but excluding the First Call Date the Bonds will bear remuneration
at a rate of 5.0% per annum, payable annually in arrears on each Remuneration Payment Date,
commencing February 9, 2018. From and including the First Call Date the Bonds will bear remuneration
for each Reset Period at the relevant 5-year Swap Rate plus 5.95% margin, payable annually in arrears on
each Remuneration Payment Date. The 5-year Swap Rate is the artithmetic mean of the bid and offered
rates for the annual fixed leg of a fixed-for-floating Euro interest rate swap transaction with a 5 year term
and is based in parts on the 6-months EURIBOR rate. EURIBOR is a daily reference rate published on
Reuters on a daily basis. The relevant 5-year Swap Rate will therefore in part depend on the level of the
EURIBOR at the Reset Dates, as a result of which an increase in EURIBOR may lead to a higher Reset
Interest Rate, a decrease to a lower Reset Interest Rate. In the event that information required for
calculating the 5-year Swap Rate is not available on the Reset Interest Determination Date, the Reset
Interest Rate will be calculated by the Calculation Agent based on the Reset Reference Bank Rate, a
percentage determined on the basis of quotations of five leading swap dealers in the interbank market.
The Bonds constitute direct, unsecured and subordinated obligations of the Issuer ranking pari passu
among themselves, pari passu with the Issuer’s obligations under the existing hybrid bonds issued in
2007 and junior to all other present and future unsubordinated obligations of the Issuer as well as all other
future subordinated or unsubordinated obligations of the Issuer, except as otherwise required by
mandatory provisions.
Particularly, in the event of a liquidation or insolvency of the Issuer, the obligations of the Issuer under
the Bonds will be satisfied only after all other unsubordinated or subordinated creditors (except for
creditors with pari passu claims) have been fully satisfied.
The Bondholders may not redeem the Bonds. The Issuer may redeem the Bonds at par on the First Call
Date and on any Remuneration Payment Date thereafter. Additionally, in accordance with the Terms and
Conditions of the Bonds as set out in this Prospectus, the Issuer may terminate the Bonds if a Gross-up
Event, a Tax Event or an Accounting Event occurs or if less than 25% of the Bonds remain outstanding.
The payment of remuneration and the repayment of capital shall be made by way of crediting the
respective amounts to an account held with the respective investor’s custodian bank.
48
Unless in case of an early redemption of the Notes, the yield to the First Call Date equals 5.623% per
annum.
The Terms and Conditions contain no provisions on the representation of the Bondholders. Under certain
conditions, a trustee (Kurator) may be appointed to represent the Bondholders before the courts in
accordance with Austrian bond trustee act, Gazette RGBl 1874/49 as amended.
The form and contents of the Bonds and the rights and obligations of the Bondholders and the Issuer shall
be governed exclusively by, and construed in accordance with, Austrian law. The Commercial Court of
Vienna shall have non-exclusive jurisdiction for all disputes which may arise out of or in connection with
the Bonds.
Terms and Conditions of the Offering
In connection with the Exchange Offer, the Bonds will be offered through the Dealer Managers to holders
of Existing Bonds as institutional investors or as retail investors in Austria and Germany during the
period from September 4, 2014 to, including, September 26, 2014, 3.00 p.m. CET (the “Offer Period”;
the right to shorten the Offer Period has been reserved).
The Bonds are freely tradable and transferable. Reference is made to “Risk Factors--Risks relating to the
Bonds- The Bonds have not yet been admitted to trading and any trading market may be volatile.” and
“Risk Factors--Risks relating to the Bonds--Market price risk: The price of the Bonds may decline.”
The Issuer and the Joint Lead Managers have reserved the right to reject offers of Existing Bonds for
exchange. The minimum amount for offers of Existing Bonds for exchange corresponds to the minimum
denomination of the Bonds which is EUR 1,000. Subject to the Issuer’s reservation to accept offers for
exchange of Existing Bonds with a total nominal value of more than EUR 10,000 only proportionally if
Existing Bonds with a nominal value of more than EUR 300,000,000 (or less, if a lower Final Acceptance
Amount has been determined, see “The public exchange offer”), no maximum exchange volume has been
set. The Bonds are bearer bonds which will be delivered to those holders of Existing Bonds who have
delivered a valid exchange instruction, including the irrevocable instruction to block the Existing Bonds
(which are offered for exchange) on or prior to the Settlement Date and to debit the respective holder’s
account on the Settlement Date in respect of all of the Existing Bonds that such holder has offered to
exchange, or in respect of such lesser portion of such Existing Bonds as are accepted pursuant to the
Exchange Offer, upon receipt of an instruction from the Exchange Agent, and to provide certain
information to the Exchange Agent, all as set out in more detail in the Exchange Offer Memorandum.
Delivery of the Bonds will be made by crediting the allotted Bonds on the respective investors’ deposit
accounts on the Settlement Date (October 6, 2014).
The Bonds will be represented by a modifiable global note (global note pursuant to § 24 lit b Depot Act)
(the “Global Note”). The Global Note for the Bonds will be deposited with Clearstream for the tenor of
the Bonds. The Bondholders are entitled to joint ownership stakeholdings in the Global Note which can
be transferred within Austria pursuant to the general terms and conditions of Oesterreichische
Kontrollbank AG and outside of Austria pursuant to the terms and conditions of Clearstream and
Euroclear. Bondholders have no right to request individual bond certificates.
In case of an obligation of the Issuer to prepare a supplement to the Prospectus, such supplement will be
prepared and published in accordance with section 6 of the Capital Market Act.
Reason for the Exchange Offer
The purpose of the public exchange offer is to optimize the Issuer’s capital structure and to partly
refinance the Existing Bonds. The Exchange Offer also provides investors with a reinvestment
opportunity by means of an exchange of the Existing Bonds for the new Bonds with a longer call period.
The consideration for the Bonds consists of the foregone value of the Existing Bonds tendered in the
Exchange Offer.
49
Dealer Managers
Based on the notional amount of Existing Bonds exchanged, the Dealer Managers will receive a base fee
of 0.50% and an incentive fee of 0.20% of the Bonds exchanged by the respective Dealer Manager at the
discretion of the Issuer. In addition, the Issuer has agreed to reimburse the Dealer Managers and the other
syndicate members in respect of certain of their costs and expenses. The dealer manager agreement will
presumably be entered into on September 4, 2014. The dealer manager agreement may be terminated
under certain circumstances prior to the Settlement Date.
The Dealer Managers are participating in their ordinary course of business in order to generate
management fees and selling commissions. The Dealer Managers and their affiliates have provided or
provide various banking, financial advisory and/or similar services to the Issuer in the ordinary course,
and maintain normal business relationships with the Issuer in their capacity as credit institutions or as
lenders under credit facilities for which they have received and may continue to receive customary fees
and expenses.
Allotment, method of determination of the coupon
Following the determination of the number of Existing Bonds accepted by the Issuer for exchange
pursuant to the Exchange Offer on the Settlement Date from each holder of Existing Bonds, the Bonds
will be allocated to these holders of Existing Bonds by the Exchange Agent. Holders of Existing Bonds
will be notified about the number of Bonds allocated to them by their custodian banks (Depotbanken).
Each holder may directly dispose over the Bonds.
The coupon was determined on September 2, 2014 by the Issuer and the Dealer Managers on the basis of
credit spreads of the Issuer’s outstanding bonds as well as credit spreads of bonds comparable to the one
of the Issuer in terms of credit rating, tenor and rank in the capital structure. The coupon was determined
by adding this credit spread to the level of the mid-swaps at the time of pricing.
For the placement of the Bonds, the Dealer Managers will receive the fees as described above. Other costs
or taxes will not be specifically charged to subscribers or purchasers by the Issuer or the Dealer
Managers.
BNP PARIBAS, 10 Harewood Avenue, London NW1 6AA, United Kingdom and UniCredit Bank
Austria AG, Schottengasse 6-8, 1010 Vienna, Austria, act as Dealer Managers. Bonds may also be
offered for exchange at any credit institution with access to the settlement systems of Clearstream or
Euroclear, by stating the ISIN. The International Securities Identification Number (ISIN) is
DE000A1ZN206 and the Securities Identification Number (WKN) is A1ZN20.
Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany, is appointed as Paying Agent
and Calculation Agent for the Bonds and will assume calculation responsibilities in connection with the
Bonds as provided for in § 9 of the Terms and Conditions. The depository agent for the Global Notes of
the Bonds is Clearstream.
Authorisations
The Bonds will be issued by virtue of resolutions by the Issuer’s Managing Board dated September 2,
2014 and of the Ad-hoc Committee of the Supervisory Board dated September 2, 2014. The Ad-hoc
Committee was established by resolution of the Supervisory Board dated August 18, 2014.
Selling restrictions
General selling restrictions
The Exchange Offer is made solely to persons who currently hold Existing Bonds and who are (a)
residents of Austria, Germany or Switzerland or (b) “qualified investors” within the meaning of the
Prospectus Directive, in a member state of the European Economic Area who are authorized to accept the
proposed exchange offer in such member state. In connection with the Exchange Offer, the Bonds will be
offered through the Dealer Managers to certain institutional investors and to retail investors in Austria,
Germany and Switzerland.
50
Each financial intermediary represents, warrants and undertakes that it has complied and will comply with
all applicable laws and regulations in each country or jurisdiction in or from which it purchases, offers,
sells or delivers Bonds or possesses, distributes or publishes the Prospectus and will obtain any consent,
approval or permission required by it for the purchase, offer, sale or delivery by it of Bonds under the
laws and regulations in force in any jurisdiction to which it is subject or in which it makes such
purchases, offers, sales or deliveries and neither the Issuer nor the Joint Lead Managers shall have any
responsibility therefore.
Public offer selling restriction under the Prospectus Directive
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a “Relevant Member State”), each financial intermediary represents and agrees that
with effect from and including the date on which the Prospectus Directive is implemented in that
Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an
offer of Bonds, unless that from the Relevant Implementation Date in the Relevant Member State such
public offer is admissible. This is the case:
(a)
after publication of a prospectus for the Bonds approved by the competent authority of the Relevant
Member State or approved in another Relevant Member State and notified to the competent
authority of the Relevant Member State;
(b)
to qualified investors in the meaning of the Prospectus Directive;
(c)
to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive); or
(e)
in any other circumstances falling within Article 3 (2) of the Prospectus Directive,
provided that no such offer of Bonds shall require the Issuer or the Joint Lead Managers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to
Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an “offer of Bonds to the public” in relation to any
Bonds in any Relevant Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to
decide to purchase or subscribe the Bonds, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC as amended and, for the purposes of this section, includes any
relevant implementing measure in each Relevant Member State.
United States
The Bonds have not been and will not be registered under the Securities Act. The Bonds may not be
offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons.
Each financial intermediary agrees that it will not offer or sell the Bonds as part of their distribution at
any time within the United States or to, or for the account or benefit of, U.S. persons and that it will have
sent to each dealer to which it sells any Bonds during the distribution compliance period a confirmation or
other notice setting forth the restrictions on offers and sales of the Bonds within the United States or to, or
for the account or benefit of, U.S. persons. Terms used in the preceding sentence have the meanings given
to them by Regulation S.
The Bonds will be offered and sold in reliance on Regulation S outside of the United States and to nonUnited States persons. An offer or sale of Bonds within the United States by a financial intermediary
could violate the registration requirements under the Securities Act.
It is assumed that each holder of Bonds has declared that he is aware of the fact that the sale of Bonds
takes place under an exemption of the registration requirement provided in Regulation S.
51
Finally, the Bonds are bearer bonds falling under the provisions of the U.S. tax law. Apart from certain
exceptions, Bonds must not be offered, sold or delivered within the United States or to U.S. persons.
Listing application, trading, rating
Application will be made to the Vienna Stock Exchange for the Bonds to be listed and admitted for
trading on the Second Regulated Market (Geregelter Freiverkehr) of the Vienna Stock Exchange on or
about September 29, 2014.
The following table sets forth the bonds issued by the Company which are currently listed on regulated
markets:
Total amount
Term
Coupon
ISIN
Market
300,000,000
2013-2020
4.000%
AT0000A100E2
Luxembourg Stock Exchange and Vienna Stock Exchange
200,000,000
2012-2015
5.000%
XS0731071055
Luxembourg Stock Exchange and Vienna Stock Exchange
100,000,000
2011-2018
5.250%
AT0000A0PQY4
Vienna Stock Exchange
500,000,000
Hybrid Bond 2007
6.500%
DE000A0G4X39
Vienna Stock Exchange and Frankfurt Stock Exchange
Source: Internal data.
No entities have firm commitments to act as intermediaries in secondary trading.
Moody’s assigned to (i) the Issuer a “corporate family rating” of Ba3, (ii) to its outstanding long-term
debts a long-term rating of Ba2 and (iii) a B1 rating to the Existing Bonds, all with negative outlook.
The Issuer has ordered a rating to be assigned to the Bonds by Moody’s. The rating is expected to be B1.
Ratings are forward-looking opinions about credit risk. General information regarding the meaning of
ratings and the qualifications which have to be observed in connection therewith can be found on
Moody’s website (www.moodys.com). Moody’s is registered under Regulation (EC) No. 1060/2009 of
the European Parliament and of Council of September 16, 2009 on credit rating agencies as amended by
Regulation (EU) No 513/2011 (credit rating agency regulation, the “CRA Regulation”) as a registered
rating agency. Moody’s is listed on an updated version of the list of registered credit rating agencies
published by the European Securities and Markets Authority on its website (http://www.esma.europa.eu/page/List-registered-and-certified-CRAs). A rating is not a recommendation to buy, sell or hold
securities and may be suspended, changed or withdrawn at any time by the assigning rating agency.
52
TAXATION
The following is a general overview of certain tax consequences under the tax laws of Austria and
Germany. It contains the information required on taxation by the Commission Regulation (EC) No
809/2004 of 29 April 2004. Information exceeding this information requirement is included herein solely
for information purposes. This overview does not purport to be a comprehensive description of all tax
considerations which may be relevant to a decision to purchase the Bonds. In particular, this discussion
does not consider any specific facts or circumstances that may apply to a particular purchaser, relates
only to the position of persons who are absolute beneficial owners of the Bonds and may not apply to
certain classes of persons such as dealers, certain professional investors or persons connected with the
Issuer. This overview is based on the laws of Austria and Germany (including the practice of the
respective tax authorities of each jurisdiction) currently in force and as applied on the date of this
Prospectus, which are subject to change, possibly with retroactive or retrospective effect. It is not
intended to be, nor should it be construed to be, legal or tax advice.
THE FOLLOWING OVERVIEW IS LIMITED TO THE BONDS AND INVESTMENTS IN THE
BONDS IN GENERAL AND DOES ONLY TO A LIMITED EXTENT DEAL WITH ASPECTS
OF TAXATION IN CONNECTION WITH THE EXCHANGE OF BONDS.
PROSPECTIVE PURCHASERS OF BONDS ARE ADVISED TO CONSULT THEIR OWN TAX
ADVISORS AS TO THE TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND
DISPOSAL OF THE BONDS, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES
UNDER THE TAX LAWS APPLICABLE IN AUSTRIA, GERMANY AND EACH COUNTRY
OF WHICH THEY ARE RESIDENTS.
Taxation in Austria
The following is a general overview of certain Austrian tax aspects in connection with the Bonds and
contains the information required on taxation by the Commission Regulation (EC) No 809/2004 of April
29, 2004. It does not claim to fully describe all Austrian tax consequences of the acquisition, ownership,
disposition or redemption of the Bonds nor does it take into account the bondholders’ individual
circumstances or any special tax treatment applicable to the bondholder. It is not intended to be, nor
should it be construed to be, legal or tax advice. Prospective investors should consult their own
professional advisors as to the particular tax consequences of the acquisition, ownership, disposition or
redemption of the Bonds.
This overview is based on Austrian law as in force when drawing up this Prospectus. The laws and their
interpretation by the tax authorities may change and such changes may also have retroactive effect. It
cannot be ruled out that the Austrian tax authorities adopt a view different from that outlined below. This
overview is based on the assumption that the Bonds are offered to the public.
Austrian residents
Income from the Bonds derived by individuals whose domicile or habitual abode is in Austria is subject
to Austrian income tax pursuant to the provisions of the Austrian Income Tax Act
(Einkommensteuergesetz).
Interest income from the Bonds is subject to a special income tax rate of 25%. If the interest is paid out to
the bondholder by an Austrian paying agent (Austrian bank or Austrian branch of foreign bank or
investment firm), the interest income from the Bonds is subject to Austrian withholding tax
(Kapitalertragssteuer) at a rate of 25%, which is withheld by the paying agent (auszahlende Stelle). The
income tax for interest income generally constitutes a final taxation (Endbesteuerung) for individuals,
irrespectively whether the Bonds are held as private assets or as business assets. If the interest income is
not subject to Austrian withholding tax because there is no domestic paying agent, the taxpayer will have
to include the interest income derived from the Bonds in his personal income tax return pursuant to the
provisions of the Austrian Income Tax Act.
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Furthermore, any realized capital gain (Einkünfte aus realisierten Wertsteigerungen) from the Bonds is
subject to Austrian income tax at a rate of 25%. Realized capital gain means any income derived from the
sale or redemption or other disposal of the Bonds. The tax base is, in general, the difference between the
sale proceeds or the redemption amount and the acquisition costs, in each case including accrued interest.
Expenses which are directly connected with income subject to the special tax rate of 25% are not
deductible. For Bonds held as private assets, the acquisition costs shall not include incidental acquisition
costs. For the calculation of the acquisition costs of Bonds held within the same securities account and
having the same securities identification number but which are acquired at different points in time, an
average price shall apply.
Where an Austrian securities depository (depotführende Stelle) or paying agent is involved and pays out
or settles the capital gain, also any realized capital gain from the Bonds is subject to a 25% withholding
tax. The 25% withholding tax deduction will result in final income taxation for private investors (holding
the Bonds as private assets) provided that the investor has evidenced the factual acquisition costs of the
Bonds to the securities depository. If the realized capital gain is not subject to Austrian withholding tax
because there is no domestic securities depository or paying agent, the taxpayer will also have to include
the realized capital gain derived from the Bonds in his personal income tax return pursuant to the
provisions of the Austrian Income Tax Act.
Withdrawals (Entnahmen) and other transfers of Bonds from the securities account will be treated as
disposals (sales), unless specified exemptions will be fulfilled like the transfer of the Bonds to a securities
account owned by the same taxpayer (i) with the same Austrian securities depository (bank), (ii) with
another Austrian bank if the account holder has instructed the transferring bank to disclose the acquisition
costs to the receiving bank or (iii) with a non-Austrian bank, if the account holder has instructed the
transferring Austrian bank to transmit the pertaining information to the competent tax office or has, in the
case of transfers from a foreign account, himself notified the competent Austrian tax office within a
month; or like the transfer without consideration to a securities account held by another taxpayer, if the
fact that the transfer has been made without consideration has been evidenced to the bank or the bank has
been instructed to inform the Austrian tax office thereof or if the taxpayer has himself notified the
competent Austrian tax office within a month. Special rules apply if a taxpayer transfers his residence
outside of Austria or Austria loses for other reasons its taxation right in respect of the Bonds to other
countries (which gives rise to a deemed capital gain and exit taxation with the option for deferred taxation
upon application in the case of a transfer to an EU Member State or certain member states of the
European Economic Area).
Taxpayers, whose regular personal income tax is lower than 25% may opt for taxation of the income
derived from the Bonds at their regular personal income tax rate. Any tax withheld will then be credited
against the income tax. Such application for opting into taxation at the regular personal income tax rate
must, however, include all income subject to the special 25% tax rate. Expenses in direct economical
connection with such income are also not deductible if the option for taxation at the regular personal
income tax rate is made.
Income from Bonds which are not offered to the public within the meaning of the Austrian Income Tax
Act would not be subject to withholding tax and final taxation but subject to normal progressive personal
income tax rates.
Losses from Bonds held as private assets may only be set off with other investment income subject to the
special 25% tax rate (excluding, inter alia, interest income from bank deposits and other claims against
banks) and must not be set off with any other income. Austrian tax law provides for a mandatory set-off
by the Austrian securities depository of losses against investment income from securities accounts at the
same securities depository (subject to certain exemptions). However, a carry-forward of such losses is not
permitted.
Income including capital gain derived from the Bonds which are held as business assets are also subject to
the special income tax rate of 25% deducted by way of the withholding tax. However, realized capital
gains, contrary to interest income, have to be included in the tax return and must not be a focus of the
taxpayer’s business activity. Write-downs and losses derived from the sale or redemption of Bonds held
as business assets must primarily be set off against positive income from realized capital gains of
54
financial instruments of the same business and only half of the remaining loss may be set off or carried
forward against any other income.
Income including capital gains from the Bonds derived by corporate bondholders whose seat or place of
management is based in Austria is subject to Austrian corporate income tax pursuant to the provisions of
the Austrian Corporate Income Tax Act (Körperschaftssteuergesetz). Corporate bondholders deriving
business income from the Bonds may avoid the application of Austrian withholding tax by filing a
declaration of exemption (Befreiungserklärung). There is, inter alia, a special tax regime for private
foundations established under Austrian law (Privatstiftungen) (interim tax, no withholding tax).
The exchange of Existing Bonds for Bonds may result in a capital gain to the extent the market value of
the Bonds or (if section 6 no. 14 of the Austrian Income Tax Act applies) the market value of the Existing
Bonds upon such exchange exceeds the acquisition costs for, or tax accounting basis of, such Existing
Bonds. The market value of the Existing Bonds should also constitute the acquisition costs of Bonds
acquired in exchange for Existing Bonds.
For Existing Bonds which were acquired against consideration after March 31, 2012 any capital gain
realized upon an exchange is subject to income tax and withholding tax as outlined above for capital gains
from Bonds.
For Existing Bonds which were acquired until March 31, 2012 different rules apply depending on, inter
alia, the date of their acquisition and the use of the Existing Bonds (e.g. business assets or private assets).
Generally, capital gains derived from Existing Bonds which were acquired before April 1, 2012 should
not be subject to Austrian withholding tax (but may be subject to income tax) but accrued interest derived
from such Existing Bonds may be subject to withholding tax and the use of capital losses derived
therefrom is different and generally even more restricted for private investors. Through the exchange of
such Existing Bonds the bondholders would basically change to the taxation regime which is applicable
after March 31, 2012 (described above). Business income derived from the Bonds by corporate
bondholders should be basically subject to corporate income tax. Holders of Existing Bonds should also
read the respective section in the Exchange Offer Memorandum on the tax consequences of an exchange
of their Existing Bonds for Bonds.
Holders of Existing Bonds are advised to consult their own personal tax advisor for further information
on the tax consequences of an exchange or other disposal of Existing Bonds.
The Issuer does not assume responsibility for Austrian withholding tax (Kapitalertragsteuer) at source
and is not obliged to make additional payments in case of withholding tax deductions at source.
Non-residents
Income including capital gains derived from the Bonds by individuals who do not have a domicile or their
habitual abode in Austria or by corporate investors who do not have their corporate seat or their place of
management in Austria (“non-residents”) is not taxable in Austria provided that the income is not
attributable to an Austrian permanent establishment (for withholding tax under the EU Savings Directive
and potential withholding tax with effect as of January 1, 2015 see below).
Thus, non-resident bondholders — in case they receive income or capital gains from the Bonds through a
securities depository or paying agent located in Austria — may avoid the application of Austrian
withholding tax if they evidence their non resident-status vis-à-vis the paying agent by disclosing their
identity and address pursuant to the provisions of the Austrian income tax guidelines. The provision of
evidence that the bondholder is not subject to Austrian withholding tax is the responsibility of the
bondholder.
If any Austrian withholding tax is deducted by the securities depository or paying agent, the tax withheld
shall be refunded to the non-resident bondholder upon his application which has to be filed with the
competent Austrian tax authority within five calendar years following the date of the imposition of the
withholding tax.
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Pursuant to the Austrian Tax Law Amendment Act 2014 (Abgabenänderungsgesetz 2014), as of 1
January 2015 interest income within the meaning of the Austrian EU Withholding Tax Act (see below)
including interest income on Bonds issued by Austrian issuers will also for non-resident bondholders
become subject to 25% Austrian withholding tax if such interest income is paid out by an Austrian paying
agent or an Austrian securities account keeping agent, unless such interest income is received by nonresidents to which the EU Withholding Tax Act applies (see “EU Savings Directive” below). Applicable
double tax treaties may provide for a reduction of, or relief from, such new Austrian withholding tax. It is
possible that Austrian paying agents will not be entitled to apply such double tax reduction or relief at
source upon making payments under the Bonds so that bondholders wishing to obtain relief from the
respective Austrian withholding tax under an applicable double tax treaty would have to file for a refund
with the competent Austrian tax office. However, for corporate entities deriving business income from the
Bonds an exemption from such withholding tax at source may be available by filing a declaration of
exemption (Befreiungserklärung) with the Austrian paying agent. Further details on the implementation
of such new rules are expected to be disclosed in the income tax guidelines of the Austrian Ministry of
Finance.
The Issuer does not assume responsibility for such withholding tax at source and is not obliged to make
additional payments in case of such withholding tax deductions at source.
Where non-residents receive income from the Bonds as part of business income taxable in Austria
(e.g. permanent establishment), they will, in general, be subject to the same tax treatment as resident
investors.
Implementation of the EU Savings Directive in Austria
The EU Council Directive 2003/48/EC on taxation of savings income in the form of interest payments
(“EU Savings Directive”) provides for an exchange of information between the authorities of EU
Member States regarding interest payments made in one EU Member State to beneficial owners who are
individuals and resident for tax purposes in another EU Member State (concerning the EU Savings
Directive, please see also below).
Austria has implemented the EU Savings Directive by way of the EU Withholding Tax Act (EUQuellensteuergesetz) which provides for a withholding tax rather than for an exchange of information.
Such EU withholding tax is levied on interest payments within the meaning of the EU Withholding Tax
Act made by a paying agent located in Austria to an individual resident for tax purposes in another EU
Member State of the European Union or certain dependent and associated territories. The EU withholding
tax currently amounts to 35%.
No EU withholding tax is deducted if the EU-resident bondholder provides the paying agent in advance
with a certificate drawn up in his name by the tax office of his EU Member State of residence. Such
certificate has to indicate, among other things, the name and address of the paying agent as well as the
bank account number of the bondholder or the identification of the Bonds (section 10 EU Withholding
Tax Act).
The Council of the European Union has formally adopted a directive amending the EU Savings Tax
Directive on 24 March 2014 which broadens the scope of such directive and is supposed to take effect as
of January 1, 2017.
Further, Austria has in general agreed to transpose into national law an automatic exchange of
information on Austrian bank accounts in the future.
The Issuer does not assume responsibility for EU withholding tax at source and is not obliged to make
additional payments in case of EU withholding tax deductions at source.
Other taxes
There should be no transfer tax, registration tax or similar tax payable in Austria by bondholders as a
consequence of the acquisition, ownership, disposition or redemption of the Bonds. The Austrian
56
inheritance and gift tax (Erbschafts- und Schenkungssteuer) was abolished with effect as of August 1,
2008. However, gifts from or to Austrian residents have to be notified to the tax authorities within a three
months notification period. There are certain exemptions from such notification obligation, e.g. for gifts
among relatives that do not exceed an aggregate amount of EUR 50,000 per year or gifts among unrelated
persons that do not exceed an aggregate amount of EUR 15,000 within five years.
Concerning the proposed financial transaction tax (“FTT”) please see below under “—Proposed
Financial Transaction Tax”.
Taxation in the Federal Republic of Germany
German tax resident Investors
The following general description does not consider all aspects of income taxation in the Federal
Republic of Germany (“Germany”) that may be relevant to a holder in the light of the holder’s particular
circumstances and income tax situation. This general description is based on German tax laws and
regulations, all as currently in effect and all subject to change at any time, possibly with retroactive effect.
German tax resident investors holding the Bonds as private assets
Taxation of income from the Bonds
If the Bonds are held as private assets (Privatvermögen) by an individual investor whose residence or
habitual abode is in Germany, payments of interest under the Bonds are generally taxed as investment
income (Einkünfte aus Kapitalvermögen) at a 25 per cent. flat tax (Abgeltungsteuer) (plus a 5.5 per cent.
solidarity surcharge (Solidaritätszuschlag) thereon and, if applicable to the individual investor, church tax
(Kirchensteuer)).
The same applies to capital gains from the sale or redemption of the Bonds. The capital gain is generally
determined as the difference between the proceeds from the sale or redemption of the Bonds and the
acquisition costs. Expenses directly and factually related (unmittelbarer sachlicher Zusammenhang) to
the sale or redemption are taken into account in computing the taxable capital gain. Otherwise the
deduction of related expenses for tax purposes is not permitted. In case of physical delivery of assets upon
redemption of the Bonds, generally the fair market value of the assets delivered will be taken into account
when determining the amount of proceeds received from the redemption subject to the provisions on the
rollover relief described below.
Where the Bonds are acquired and/or sold in a currency other than Euro, the acquisition costs will be
converted into Euro at the time of acquisition, the sales proceeds will be converted in Euro at the time of
sale, and only the difference will then be computed in Euro.
In case of the Bonds where the Issuer is entitled to physical delivery of shares or securities (Wertpapiere),
the delivery of the shares or securities may depending on the final terms of the Bonds not constitute a
taxable event with respect to capital gain or losses built into the Bonds at the time of the delivery (socalled rollover relief). In case of the rollover relief being available, the acquisition costs the investor has
in the Bonds will generally be rolled over into acquisition costs of the shares or securities delivered. Any
capital gains or losses built into the Bonds would then be taxable upon the sale or redemption of the
shares or securities delivered only.
If the Issuer exercises the right to substitute the debtor of the Bonds, the substitution might, for German
tax purposes, be treated as an exchange of the Bonds for new bonds issued by the new debtor. Such a
substitution could result in the recognition of a taxable gain or loss for the respective investors.
The flat tax is generally collected by way of withholding (see subsequent paragraph – Withholding tax)
and the tax withheld shall generally satisfy the individual investor’s tax liability with respect to the
Bonds. If, however, no or not sufficient tax was withheld (e.g., in case there is no Domestic Paying
Agent, as defined below) the investor will have to include the income received with respect to the Bonds
in its annual income tax return. The flat tax will then be collected by way of tax assessment. The investor
57
may also opt for inclusion of investment income in its income tax return if the aggregated amount of tax
withheld on investment income during the year exceeded the investor’s aggregated flat tax liability on
investment income (e.g., because of available losses carried forward or foreign tax credits). If the
investor’s individual income tax rate which is applicable on all taxable income including the investment
income is lower than 25 per cent., the investor may opt to be taxed at individual progressive rates with
respect to its investment income.
Capital losses from the sales or redemption of the Bonds held as private assets should generally be taxrecognised irrespective of the holding period of the Bonds. However, in cases where the sales price does
not exceed the transaction costs or no (or only de minimis) payments are made to the individual investors
on the maturity or redemption date of the Bonds, any capital losses might not be recognised by the
German tax authorities. Any tax-recognised capital losses may not be used to offset other income like
employment or business income but may only be offset against investment income. Capital losses not
utilised in one annual assessment period may be carried forward into subsequent assessment periods but
may not be carried back into preceding assessment periods.
Individual investors are entitled to a saver’s lump sum tax allowance (Sparer-Pauschbetrag) for
investment income of 801 Euro per year (1,602 Euro for jointly assessed investors). The saver’s lump
sum tax allowance is also taken into account for purposes of withholding tax (see subsequent paragraph –
Withholding tax) if the investor has filed a withholding tax exemption request (Freistellungsauftrag) with
the respective Domestic Paying Agent (as defined below). The deduction of related expenses for tax
purposes is not permitted.
Withholding tax
If the Bonds are kept or administered in a domestic securities deposit account by a German credit
institution (Kreditinstitut) or financial services institution (Finanzdienstleistungsinstitut) (or with a
German branch of a foreign credit or financial services institution), or with a German securities trading
company (Wertpapierhandelsunternehmen) or a German securities trading bank (Wertpapierhandelsbank) (altogether a “Domestic Paying Agent”) which pays or credits the interest, a 25 per cent.
withholding tax, plus a 5.5 per cent. solidarity surcharge thereon, resulting in a total withholding tax
charge of 26.375 per cent., is levied on the interest payments. The applicable withholding tax rate is in
excess of the aforementioned rate if church tax is collected for the individual investor by way of
withholding which, in the case of interest received after December 31, 2014, is provided for as a standard
procedure unless the holder has filed a blocking notice (Sperrvermerk) with the German Federal Central
Tax Office (Bundeszentralamt für Steuern).
Capital gains from the sale or redemption of the Bonds are also subject to the 25 per cent. withholding
tax, plus a 5.5 per cent. solidarity surcharge thereon, if the Bonds are kept or administered by a Domestic
Paying Agent effecting the sale or redemption from the time of their acquisition. If the Bonds were sold
or redeemed after being transferred to a securities deposit account with a Domestic Paying Agent, 25 per
cent. withholding tax (plus solidarity surcharge thereon) would be levied on 30 per cent. of the proceeds
from the sale or the redemption, as the case may be, unless the investor or the previous depository bank
was able and allowed to prove evidence for the investor’s actual acquisition costs to the current Domestic
Paying Agent. When computing the tax base for withholding tax purposes, the German Disbursing Agent
generally has to deduct any negative savings earnings (negative Kapitalerträge) or paid accrued interest
(Stückzinsen) in the same calendar year or unused negative savings earnings of previous calendar years.
The applicable withholding tax rate is in excess of the aforementioned rate if church tax is collected for
the individual investor by way of withholding which, in the case of capital gains received after
December 31, 2014, is provided for as a standard procedure unless the holder has filed a blocking notice
with the German Federal Central Tax Office.
German resident investors holding the Bonds as business assets
Taxation of income from the Bonds
If the Bonds are held as business assets (Betriebsvermögen) by an individual or corporate investor which
is tax resident in Germany (i.e., a corporation with its statutory seat or place of management in Germany),
58
interest income and capital gains from the Bonds are subject to personal income tax at individual
progressive rates or corporate income tax at, at present, 15 per cent. (plus a 5.5 per cent. solidarity
surcharge thereon and church tax, if applicable) and, in general, trade tax. The effective trade tax rate
depends on the applicable trade tax factor (Gewerbesteuer-Hebesatz) of the relevant municipality where
the business is located. In case of individual investors the trade tax may, however, be partially or fully
creditable against the investor’s personal income tax liability depending on the applicable trade tax factor
and the investor’s particular circumstances.
In case of physical delivery of assets upon redemption of the Bonds, the delivery will constitute a taxable
exchange where the difference amount between the fair market value of the Bonds and the tax base of the
Bonds (i.e., generally book values) will be subject to personal income tax or corporate income tax and, in
general, trade tax as described above. Unlike for German tax resident investors holding the Bonds as
private assets, no rollover relief will be available for German resident investors holding the Bonds as
business assets. Business expenses that are connected with the Bonds are deductible.
Capital losses from the sale or redemption of the Bonds should generally be tax-recognised and may
generally be offset against other income. It can however not be ruled out that certain Bonds may be
classified as derivative transactions (Termingeschäfte) for tax purposes. In this case, any capital losses
from such Bonds would be subject to a special ring-fencing provision and could generally only be offset
against gains from other derivative transactions.
Withholding tax
If the Bonds are kept or administered by a Domestic Paying Agent which pays or credits the interest, a 25
per cent. withholding tax, plus a 5.5 per cent. solidarity surcharge thereon, resulting in a total withholding
tax charge of 26.375 per cent, is generally levied on the interest payments. The applicable withholding tax
rate is in excess of the aforementioned rate if church tax is collected for the individual investor by way of
withholding which, in the case of interest received after December 31, 2014, is provided for as a standard
procedure unless the holder has filed a blocking notice with the German Federal Central Tax Office.
No withholding is generally required on capital gains from the disposal or redemption of the Bonds which
is derived by German resident corporate investors and, upon application, by individual investors holding
the Bonds as assets of a German business, subject to certain requirements.
Any capital losses incurred from the disposal or redemption of the Bonds will not be taken into account
for withholding tax purposes. The withholding tax does not satisfy the investor’s personal or corporate
income tax liability with respect to the Bonds. The income from the Bonds will have to be included in the
investor’s personal or corporate income tax return.
Any German withholding tax (including surcharges) is generally fully creditable against the investor’s
personal or corporate income tax liability or refundable, as the case may be.
Non-German tax resident investors
Income derived from the Bonds by investors who are not tax resident in Germany is in general not subject
to German income taxation, and no withholding tax shall be withheld, unless (i) the Bonds are held as
business assets of a German permanent establishment of the investor or by a permanent German
representative of the investor or (ii) the income derived from the Bonds does otherwise constitute German
source income (such as income from the letting and leasing of certain property located in Germany) or
(iii) the income is paid by a Domestic Paying Agent against presentation of the Bonds or interest coupons
(so-called over-the-counter transaction, Tafelgeschäft).
If the income derived from the Bonds is subject to German taxation according to (i) through (iii) above,
the income is subject to German income taxation and withholding tax similar to that described above for
German tax residents. Under certain circumstances, foreign investors may benefit from tax reductions or
tax exemptions under applicable double tax treaties (Doppelbesteuerungsabkommen) entered into with
Germany.
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Inheritance tax and gift tax
The transfer of the Bonds to another person by way of gift or inheritance may be subject to German gift
or inheritance tax, respectively, if inter alia
(i)
the testator, the donor, the heir, the donee or any other acquirer had his residence, habitual abode or,
in case of a corporation, association (Personenvereinigung) or estate (Vermögensmasse), has its
seat or place of management in Germany at the time of the transfer of property,
(ii)
except as provided under (i), the testator’s or donor’s Bonds belong to business assets attributable
to a permanent establishment or a permanent representative in Germany.
Special regulations may apply to certain German expatriates.
Prospective investors are urged to consult with their tax advisor to determine the particular inheritance or
gift tax consequences in light of their particular circumstances.
Other taxes
The purchase, sale or other disposal of the Bonds does not give rise to capital transfer tax, value added
tax, stamp duties or similar taxes or charges in Germany. However, under certain circumstances
entrepreneurs may choose liability to value added tax with regard to the sales of the Bonds to other
entrepreneurs which would otherwise be tax exempt. Net wealth tax (Vermögensteuer) is, at present, not
levied in Germany. It is intended to introduce a financial transaction tax, however there is currently no
detailed plan or timetable available.
EU Savings Directive
On June 3, 2003 the European Union Council adopted the directive 2003/48/EC regarding the taxation of
savings income (the “Savings Directive”). The Savings Directive is effective as from July 1, 2005. Under
the Savings Directive each Member State is required to provide to the tax authorities of another Member
State details of payments of interest or other similar income paid by a person within its jurisdiction to an
individual resident in that other Member State. Austria and Luxembourg may instead apply a withholding
system for a transitional period in relation to such payments, deducting tax at rates rising over time to
35%. The Luxembourg government has announced its intention to elect out of the withholding system in
favour of an automatic exchange of information with effect as from January 1. 2015. In addition, also
Austria has undertaken to implement an automatic exchange of information in the future (with no
concrete date of implementation given at the moment). The transitional period has commenced on July 1,
2005 and terminates at the end of the first fiscal year following agreement by certain non-EU countries to
the exchange of information relating to such payments (the ending of such transitional period being
dependent upon the conclusion of certain other agreements relating to information exchange with certain
other countries). In Germany, provisions for implementing the Savings Directive have been enacted by
legislative regulations of the federal government (Zinsinformationsverordnung). These provisions apply
as from July 1, 2005.
Similar provisions may apply under agreements entered into pursuant to the Savings Directive in respect
of interest payments made by persons within the jurisdiction of certain territories, not being Member
States (e.g. Switzerland) to individuals resident in Member States, and, in some cases, vice versa.
On March 24, 2014, the European Council adopted a directive amending and broadening the scope of the
requirements described above. In particular, the changes expand the range of payments covered by the
Savings Directive to include certain additional types of income, and widen the range of recipients
payments to whom are covered by the Savings Directive, to include certain other types of entities and
legal arrangements. Member States are required to implement national legislation giving effect to these
changes by January 1, 2016 (which national legislation must apply from January 1, 2017).
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Prospective investors who are in any doubt as to their position should consult their own tax advisers.
Investors who are individuals should note that the Issuer will not pay additional amounts under § 7 of the
Terms and Conditions in respect of any withholding tax imposed as a result thereof.
U.S. Foreign Account Tax Compliance Withholding
TO ENSURE COMPLIANCE WITH TREASURY DEPARTMENT CIRCULAR 230, PROSPECTIVE
PURCHASERS ARE HEREBY NOTIFIED THAT: (A) ANY DISCUSSION OF U.S. FEDERAL
INCOME TAX ISSUES IN THIS PROSPECTUS IS NOT INTENDED OR WRITTEN TO BE RELIED
UPON, AND CANNOT BE RELIED UPON, BY ANY PERSON FOR THE PURPOSE OF AVOIDING
PENALTIES THAT MAY BE IMPOSED ON SUCH PERSON UNDER THE INTERNAL REVENUE
CODE; (B) SUCH DISCUSSION IS INCLUDED HEREIN BY THE ISSUER IN CONNECTION WITH
THE PROMOTION OR MARKETING (WITHIN THE MEANING OF CIRCULAR 230) BY THE
ISSUER OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN; AND (C)
PROSPECTIVE PURCHASERS SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR
CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISER.
The foreign account tax compliance provisions of the Hiring Incentives to Restore Employment Act of
2010 (“FATCA”) impose a withholding tax of 30% on (i) certain U.S. source payments and, (ii)
payments of gross proceeds from the sale or other disposition of assets that produce U.S. source interest
or dividends made to persons that fail to meet certain certification or reporting requirements. In order to
avoid becoming subject to this withholding tax, non-U.S. financial institutions must enter into agreements
with the IRS (“IRS Agreements”) (as described below) or otherwise be exempt from the requirements of
FATCA. Non-U.S. financial institutions that enter into IRS Agreements or become subject to provisions
of local law (“IGA legislation”) intended to implement an intergovernmental agreement entered into
pursuant to FATCA (“IGAs”), may be required to identify “financial accounts” held by U.S. persons or
entities with substantial U.S. ownership, as well as accounts of other financial institutions that are not
themselves participating in (or otherwise exempt from) the FATCA reporting regime. In addition, in order
(a) to obtain an exemption from FATCA withholding on payments it receives and/or (b) to comply with
any applicable IGA legislation, a financial institution that enters into an IRS Agreement or is subject to
IGA legislation may be required to (i) report certain information on its U.S. account holders to the
government of the United States or another relevant jurisdiction and (ii) withhold 30 per cent. from all, or
a portion of, certain payments made to persons that fail to provide the financial institution information,
consents and forms or other documentation that may be necessary for such financial institution to
determine whether such person is compliant with FATCA or otherwise exempt from FATCA
withholding.
Under FATCA, withholding is required with respect to payments to persons that are not compliant with
FATCA or that do not provide the necessary information, consents or documentation made on or after (i)
July 1, 2014 in respect of certain U.S. source payments, (ii) January 1, 2017, in respect of payments of
gross proceeds (including principal repayments) from the sale or disposition of certain assets that produce
US source interest or dividends and (iii) January 1, 2017 (at the earliest) in respect of “foreign passthru
payments” and then, for “obligations” that are not treated as equity for U.S. federal income tax purposes,
only on such obligations that are issued or materially modified on or after the later of (a) July 1, 2014, and
(b) in the case of an obligation that pays only foreign passthru payments, the date that is six months after
the date on which the final regulations applicable to “foreign passthru payments” are filed in the Federal
Register.
The application of FATCA to interest, principal or other amounts paid with respect to the Bonds and the
information reporting obligations of the Issuer and other entities in the payment chain is still developing.
In particular, a number of jurisdictions have entered into, or have announced their intention to enter into,
intergovernmental agreements (or similar mutual understandings) with the United States, which modify
the way in which FATCA applies in their jurisdictions. The full impact of such agreements (and the laws
implementing such agreements in such jurisdictions) on reporting and withholding responsibilities under
FATCA is unclear. The Issuer and other entities in the payment chain may be required to report certain
information on their U.S. account holders to government authorities in their respective jurisdictions or the
United States in order (i) to obtain an exemption from FATCA withholding on payments they receive
61
and/or (ii) to comply with applicable law in their jurisdiction. It is not yet certain how the United States
and the jurisdictions which enter into intergovernmental agreements will address withholding on “foreign
passthru payments” (which may include payments on the Bonds) or if such withholding will be required
at all.
Whilst the Bonds are in global or dematerialised form and held within a clearing system respectively, it is
expected that FATCA will not affect the amount of any payments made under, or in respect of, the Bonds
by the Issuer, any paying agent and the clearing system, given that each of the entities in the payment
chain from the Issuer and to (but including) the clearing system is a major financial institution whose
business is dependent on compliance with FATCA and that any alternative approach introduced under an
intergovernmental agreement will be unlikely to affect the Bonds.
If an amount in respect of U.S. withholding tax were to be deducted or withheld from interest, principal or
other payments on the Bonds as a result of FATCA, none of the Issuer, any paying agent or any other
person would, pursuant to the Terms and Conditions of the Bonds be required to pay additional amounts
as a result of the deduction or withholding. As a result, investors may receive less interest or principal
than expected.
FATCA IS PARTICULARLY COMPLEX AND ITS APPLICATION TO THE ISSUER, THE BONDS
AND THE HOLDERS IS UNCERTAIN AT THIS TIME. EACH HOLDER SHOULD CONSULT ITS
OWN TAX ADVISER TO OBTAIN A MORE DETAILED EXPLANATION OF FATCA AND TO
LEARN HOW THIS LEGISLATION MIGHT AFFECT EACH HOLDER IN ITS PARTICULAR
CIRCUMSTANCE.
THE FOREGOING SUMMARY DOES NOT DISCUSS ALL TAXATION ASPECTS IN THE
FEDERAL REPUBLIC OF GERMANY AND AUSTRIA THAT MAY BE RELEVANT TO A
PARTICULAR HOLDER OF BONDS IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES
AND INCOME TAX SITUATION. PROSPECTIVE HOLDERS OF BONDS ARE URGED TO
CONSULT THEIR OWN TAX ADVISOR AS TO THE PARTICULAR TAX CONSEQUENCES
TO THEM OF PURCHASING, HOLDING AND DISPOSING OF BONDS, INCLUDING THE
APPLICATION AND EFFECT OF STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND
THE POSSIBLE EFFECTS OF CHANGES IN THE RESPECTIVE TAX LAWS.
62
DOCUMENTS INCORPORATED BY REFERENCE
Financial Statements
English translations of the audited consolidated financial statements of the Company as of, and for the
years ended, December 31, 2013 and 2012 (including the notes thereto, the “Audited Consolidated
Financial Statements”), and the unaudited interim financial statements as of, and for the six months
ended, June 30, 2014 (the “Unaudited Interim Financial Statements”, and together with the Audited
Consolidated Financial Statements, “Consolidated Financial Statements”) are incorporated by reference
into this Prospectus and are defined herein as the “Documents Incorporated by Reference”. This
Prospectus should be read and construed in conjunction with the Documents Incorporated by Reference
which have been previously published and which have been filed with FMA and shall form part of this
Prospectus.
The Company has prepared the German language Consolidated Financial Statements in accordance with
IFRS. The German language Audited Consolidated Financial Statements were audited by KPMG
Wirtschaftsprüfungs- und Steuerberatungs AG (“KPMG”), certified public auditors and members of the
Austrian Chamber of Chartered Accountants (Kammer der Wirtschaftstreuhänder). KPMG rendered
unqualified audit reports on the Audited Consolidated Financial Statements. The Consolidated Financial
Statements are translations of the original German language documents.
KPMG Wirtschaftsprüfungs- und Steuerberatungs AG has been merged into KPMG Austria AG
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, as surviving entity and universal successor of
KPMG Wirtschaftsprüfungs- und Steuerberatungs AG. The merger was registered with the commercial
register on August 8, 2014. The legal form of KPMG Austria AG Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft has been changed from an AG into a GmbH. As of registration with the
Commercial Register on August 22, 2014 the company name of KPMG Austria AG Wirtschaftsprüfungsund Steuerberatungsgesellschaft is thus KPMG Austria GmbH Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft.
Cross reference list
The Documents Incorporated by Reference are available at the Company’s registered office during usual
business hours for twelve months from the date of publication of this Prospectus, see “Documents
Available for Inspection”, and may also be inspected on its website (www.wienerberger.com) under the
icons “Investor Relations”, “Reports & Presentations” and “Reports”. The following sections of the
Annual Reports 2013 and 2012 as well as of the Report on the First Six Months of 2014 are incorporated
by reference into this Prospectus:
•
Wienerberger Report on the First Six Months of 2014: the Unaudited Interim Financial Statements:
income statement and statement of comprehensive income, page 15; cash flow statement, page 17;
balance sheet and changes in equity statement, page 16; notes to the consolidated financial
statements, pages 19-24.
•
Wienerberger Annual Report 2013: the audited annual consolidated financial statements as of, and
for the year ended, December 31, 2013 (the “Audited Annual Consolidated Financial
Statements 2013”): income statement, page 110; statement of comprehensive income, page 111;
cash flow statement, page 112; balance sheet, page 113; changes in equity statement, pages 114115; notes to the consolidated financial statements, pages 116-171; independent auditor’s report
dated February 24, 2014, page 177.
•
Wienerberger Annual Report 2012: the audited annual consolidated financial statements as of and
for the year ended, December 31, 2012 (the “Audited Annual Consolidated Financial
Statements 2012”): income statement, page 104; statement of comprehensive income, page 105;
cash flow statement, page 106; balance sheet, page 107; changes in equity statement, pages 108109; notes to the consolidated financial statements, pages 114-165; independent auditor’s report
dated February 22, 2013, page 171.
63
Market and industry data and ratings
This Prospectus includes information regarding market position and industry data for the Group’s lines of
business, which consists of estimates based on data and reports compiled by third parties and on the
Group’s knowledge of its sales and markets. Such third party sources include the Brick Industry
Association and Euroconstruct. In many cases there is no readily available external information (whether
from trade associations, government bodies or other organizations) to validate market-related analyses
and estimates, requiring the Company to rely on internally developed estimates. The Company believes
that such data are useful in helping investors understand the industry in which the Group operates and the
Group’s position within the industry.
This Prospectus also presents the Group’s credit rating from Moody’s. Moody’s Investors Service Ltd is
established in the European Union and has been registered in accordance with Regulation (EC) No
1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating
agencies, as amended, since October 2011 (credit rating agency regulation, the “CRA Regulation”). The
European Securities and Markets Authority publishes on its website (http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) a list of credit rating agencies registered in accordance
with the CRA Regulation. A rating is not a recommendation to buy, sell or hold securities and may be
suspended, changed or withdrawn at any time by the assigning rating agency.
The Company confirms that the information provided by third parties was accurately reproduced. So far
as the Company is aware and was able to ascertain from information published by such third parties, no
facts were omitted which would render the reproduced information inaccurate or misleading. However,
the Company has not independently verified such data. Therefore, neither the Company nor the Joint
Lead Managers assume any responsibility for the correctness of any market share, market position,
industry or other data included in this Prospectus. In addition, while the Company believes its internal
research to be reliable, such research was not verified by any independent sources.
DOCUMENTS AVAILABLE FOR INSPECTION
This Prospectus will be published by making available free of charge copies at the Company’s registered
office at Wienerberg City, Wienerbergstraße 11, A-1100 Vienna, Austria (Tel: +43 (1) 60192-10221),
during usual business hours. Copies of the following documents will be available free of charge at the
Company’s registered office for 12 months from the date of this Prospectus:
•
the Articles of Association of Wienerberger AG;
•
the Prospectus; and
•
the Documents Incorporated by Reference.
The information displayed on the Company’s website other than the Documents Incorporated by
Reference do not form a part of this Prospectus nor are they incorporated by reference in this Prospectus,
unless explicitly otherwise stated in this Prospectus. The Documents Incorporated by Reference and the
Prospectus will also be available on the website of the Issuer (http://www.wienerberger.com/investorrelations/reports-presentations).
64
TERMS AND CONDITIONS OF THE BONDS
THE GERMAN TEXT OF THE CONDITIONS OF ISSUE IS LEGALLY BINDING.
THE ENGLISH TRANSLATION IS FOR CONVENIENCE ONLY.
ANLEIHEBEDINGUNGEN
der € [●] nachrangigen Schuldverschreibungen
ohne Fälligkeitstag der
Wienerberger AG, Wien,
Republik Österreich
CONDITIONS OF ISSUE
of the € [●] perpetual subordinated bonds
issued by
Wienerberger AG, Vienna,
Republic of Austria
§1
DEFINITIONEN UND AUSLEGUNG
§1
DEFINITIONS AND INTERPRETATION
Soweit aus dem Zusammenhang nicht etwas
anderes hervorgeht, haben die nachfolgenden
Begriffe in diesen Anleihebedingungen die
folgende Bedeutung:
Unless the context otherwise requires, the
following terms will have the following meanings
in these Conditions of Issue:
2007 Hybrid Schuldverschreibungen bezeichnet
die von der Emittentin im Jahr 2007 begebenen
EUR 500.000.000 nachrangigen fest bzw. variabel
verzinslichen
Schuldverschreibungen
ohne
Fälligkeitstag (DE000A0G4X39).
2007 Hybrid Bonds means the EUR 500,000,000
perpetual subordinated fixed to floating rate bonds
issued by the Issuer in 2007 (DE000A0G4X39).
5-Jahres Swapsatz hat die in § 4(1)(c) festgelegte
Bedeutung.
5-year Swap Rate has the meaning specified in
§ 4(1)(c).
5-Jahres Swapsatz-Quotierungen hat die in
§ 4(1)(c) festgelegte Bedeutung.
5-year Swap Rate Quotations has the meaning
specified in § 4(1)(c).
§ 5(6)
Make-Whole Amount has the meaning specified
in § 5(6).
Abgezinste Werte hat die in § 5(6) festgelegte
Bedeutung.
Present Values has the meaning specified in
§ 5(6).
Angepasste Vergleichbare Rendite hat die in
§ 5(6) festgelegte Bedeutung.
Adjusted Comparable Yield has the meaning
specified in § 5(6).
Anleihebedingungen
bezeichnet
Bedingungen der Schuldverschreibungen.
diese
Conditions of Issue means these conditions of
issue of the Bonds.
Anleihegläubiger bezeichnet jeden Inhaber eines
Miteigentumsanteils oder -rechts an der
Globalurkunde.
Bondholder means any holder of a proportional
co- ownership participation or right in the Global
Bond.
Anwendbare Rechnungslegungsvorschriften
bezeichnet die International Financial Reporting
Standards (IFRS) oder diejenigen Rechnungslegungsvorschriften,
die
IFRS
aufgrund
zwingenden Rechts als auf den Konzernabschluss
der Emittentin anwendbare Rechnungslegungsvorschriften nachfolgen.
Applicable Accounting Standards means the
International Financial Reporting Standards
(IFRS) or such accounting standards which
succeed IFRS as mandatorily applicable to the
consolidated financial statements of the Issuer.
Abgezinster Marktpreis
festgelegte Bedeutung.
hat
die
in
65
Ausgabetag bezeichnet den 6. Oktober 2014.
Issue Date means October 6, 2014.
Berechnungsstelle hat die in § 9(3) festgelegte
Bedeutung.
Calculation Agent has the meaning specified in
§ 9(3).
Clearingsystem bezeichnet Clearstream Banking
AG, Frankfurt am Main.
Clearing System means Clearstream Banking AG,
Frankfurt am Main.
Dauerglobalurkunde hat
festgelegte Bedeutung.
Permanent Global Bond has the meaning specified in § 2(2)(a).
Emittentin
Bedeutung.
hat
die
in
die
in
§ 2(1)
§ 2(2)(a)
festgelegte
Issuer has the meaning specified in § 2(1).
Erhöhter Rückzahlungsbetrag hat die in § 5(6)
festgelegte Bedeutung.
Increased Redemption Amount has the meaning
specified in § 5(6).
Erster Endperiodentermin hat die in § 4(1)(a)
festgelegte Bedeutung.
First Period End Date has the meaning specified
in § 4(1)(a).
Erster Rückzahlungstermin hat die in § 4(1)(b)
festgelegte Bedeutung.
First Call Date has the meaning specified in
§ 4(1)(b).
Geschäftstag bezeichnet jeden Tag (außer einen
Samstag oder einen Sonntag), an dem TARGET
(das Trans-European Automated Real Time Gross
Settlement Express Transfer System 2)
Buchungen oder Zahlungsanweisungen im
Hinblick auf Zahlungen in Euro abwickelt
Business Day means a day (other than a Saturday
or a Sunday) on which TARGET (the Trans-European Automated Real Time Gross Settlement Express Transfer System 2) is effecting credit or
transfer instructions in respects of payments in
euro
Gleichrangiges Wertpapier bezeichnet die 2007
Hybrid Schuldverschreibungen und jede von der
Emittentin begebene oder garantierte nachrangige
Schuldverschreibung, die gleichrangig im
Verhältnis zu den Schuldverschreibungen ist.
Parity Security means the 2007 Hybrid Bonds and
any subordinated debt security issued or
guaranteed by the Issuer which ranks pari passu
with the Bonds.
Globalurkunden bezeichnet die Vorläufige
Globalurkunde und die Dauerglobalurkunde.
Global Bonds means the Temporary Global Bond
and the Permanent Global Bond.
Gross-up-Ereignis bezeichnet den Fall, dass die
Emittentin (i) verpflichtet ist, oder verpflichtet
sein wird, zusätzliche Beträge (wie in § 7
beschrieben) als Folge einer Änderung oder
Ergänzung von Gesetzen der Republik Österreich
oder einer ihrer Gebietskörperschaften oder
Behörden (oder der Änderung oder Ergänzung
von Bestimmungen und Vorschriften auf
Grundlage dieser Gesetze), oder als Folge einer
Änderung der offiziellen Auslegung oder
Anwendung dieser Gesetze, Bestimmungen oder
Vorschriften zu zahlen, soweit diese Änderung
oder Durchführung an oder nach dem Ausgabetag
wirksam wird; und (ii) diese Verpflichtung nicht
durch das Ergreifen zumutbarer Maßnahmen
vermieden werden kann.
Gross-up Event means that (i) the Issuer has or
will become obliged to pay Additional Amounts
(as defined in § 7) as a result of any change in, or
amendment to, the laws (or any rules or
regulations thereunder) of the Republic of Austria
or any political subdivision or any authority of or
in the Republic of Austria, or any change in or
amendment to any official interpretation or
application of those laws or rules or regulations
which amendment, change or execution becomes
effective on or after the Issue Date and (ii) that
obligation cannot be avoided by the Issuer taking
reasonable measures available to it.
66
Ein Kontrollwechsel gilt als eingetreten, wenn
eine Person oder mehrere Personen, die
abgestimmt handeln, oder einer oder mehrere
Dritte, die im Auftrag einer solchen Person oder
Personen handeln, zu irgendeinem Zeitpunkt
mittelbar oder unmittelbar eine kontrollierende
Beteiligung im Sinne des österreichischen
Übernahmegesetzes in Verbindung mit der
Satzung der Emittentin (derzeit eine Beteiligung
von mehr 20 % der stimmberechtigten Aktien),
die ein Pflichtangebot auslöst, erworben hat oder
haben.
A Change of Control will be deemed to have
occurred if any person or persons acting in concert
or any third person or persons acting on behalf of
such person(s) at any time acquire(s) directly or
indirectly a controlling participation pursuant to
the Austrian Takeover Act in conjunction with the
Articles of Association of the Issuer (currently a
participation exceeding 20% of the voting shares)
which triggers a mandatory take-over bid.
Konzerngesellschaft
bezeichnet
jedwede
verbundenen Unternehmen der Emittentin i.S.d.
§ 15 österreichischen Aktiengesetzes.
Group Entity means any of the Issuer's affiliated
enterprises within the meaning of Section 15 of
the Austrian Stock Corporation Act.
Nachrangiges Wertpapier bezeichnet jedes von
der Emittentin begebene oder garantierte
nachrangige Wertpapier, das im Verhältnis zu den
Schuldverschreibungen
oder
einem
Gleichrangigen Wertpapier nachrangig ist.
Junior Security means any security issued or
guaranteed by the Issuer which ranks junior to the
Bonds or any Parity Security.
Neue Anleiheschuldnerin hat die in § 12(1)
festgelegte Bedeutung.
New Issuer has the meaning specified in § 12(1).
Ein Rechnungslegungsereignis liegt vor, wenn
der Zahlstelle ein Gutachten einer anerkannten
Wirtschaftsprüfungsgesellschaft
übergeben
worden ist, aus dem hervorgeht, dass die
Emittentin die durch die Ausgabe der
Schuldverschreibungen aufgenommenen Mittel
nicht oder nicht mehr als ,,Eigenkapital“ im Sinne
der Anwendbaren Rechnungslegungsvorschriften
in einem Konzernjahresabschluss der Emittentin
auszuweisen berechtigt ist.
Accounting Event means that an opinion of a
recognised accountancy firm has been delivered to
the Paying Agent, stating that the funds raised
through the issuance of the Bonds must not or
must no longer be recorded as “equity” pursuant
to the Applicable Accounting Standards for the
purposes of the annual consolidated financial
statements of the Issuer.
Referenz-Reset-Termin hat
festgelegte Bedeutung.
§ 4(1)(c)
Reference Reset Date has the meaning specified
in § 4(1)(c).
§ 4(1)(c)
Reset Screen Page has the meaning specified in
§ 4(1)(c).
Reset-Referenzbankensatz hat die in § 4(1)(c)
festgelegte Bedeutung.
Reset Reference Bank Rate has the meaning
specified in § 4(1)(c).
Reset-Termin hat die in § 4(1)(c) festgelegte
Bedeutung.
Reset Date has the meaning specified in § 4(1)(c).
Reset-Zeitraum hat die in § 4(1)(c) festgelegte
Bedeutung.
Reset Period has the meaning specified in
§ 4(1)(c).
Reset-Zinsfeststellungstag hat die in § 4(1)(c)
festgelegte Bedeutung.
Reset Interest Determination Date has the
meaning specified in § 4(1)(c).
Reset-Bildschirmseite hat
festgelegte Bedeutung.
die in
die
in
67
Reset-Zinssatz hat die in § 4(1)(c) festgelegte
Bedeutung.
Reset Interest Rate has the meaning specified in
§ 4(1)(c).
Rückzahlungs-Berechnungstag ist der dritte
Geschäftstag vor dem Tag, an dem die
Schuldverschreibungen nach Wahl der Emittentin
infolge
eines
Steuerereignisses,
Rechnungslegungsereignisses
oder
Kontrollwechsels zurückgezahlt werden.
Redemption Calculation Date means the third
Business Day prior to the date on which the Bonds
are redeemed at the option of the Issuer as a result
of a Tax Event, an Accounting Event or a Change
of Control.
Schuldverschreibungen
festgelegte Bedeutung.
hat
die
in
§ 2(1)
Bonds has the meaning specified in § 2(1).
Ein Steuerereignis liegt vor, wenn:
(i) der Zahlstelle ein Gutachten eines
anerkannten unabhängigen Steuerberaters
übergeben worden ist, aus dem hervorgeht,
dass an oder nach dem Ausgabetag als Folge
Tax Event means
(i) an opinion of a recognised independent tax
counsel has been delivered to the Paying
Agent, stating that on or after the Issue Date,
as a result of:
(aa) einer Änderung oder Ergänzung der
Gesetze (oder von aufgrund dieser
Gesetze erlassener Bestimmungen oder
Vorschriften) der Republik Österreich
oder einer ihrer Gebietskörperschaften
oder Steuerbehörden, die an oder nach
dem Ausgabetag erlassen, verkündet
oder wirksam wird; oder
(aa) any amendment to, or change in, the
laws (or any rules or regulations
thereunder) of the Republic of Austria or
any political subdivision or any taxing
authority thereof or therein which is
enacted, promulgated, issued or effective
on or after the Issue Date; or
(bb) einer Änderung oder Ergänzung der
offiziellen Auslegung solcher Gesetze
oder
Vorschriften
durch
eine
gesetzgebende Körperschaft, ein Gericht,
eine
Regierungsstelle
oder
eine
Aufsichtsbehörde (einschließlich des
Erlasses von Gesetzen sowie der
Bekanntmachung gerichtlicher oder
aufsichtsrechtlicher Entscheidungen), die
an oder nach dem Ausgabetag erlassen,
verkündet oder wirksam wird, oder
(bb) any amendment to, or change in, an official interpretation of any such laws or
regulations by any legislative body,
court, governmental agency or regulatory
authority (including the enactment of any
legislation and the publication of any
judicial
decision
or
regulatory
determination) which is enacted,
promulgated, issued or effective on or
after the Issue Date; or
(cc) einer allgemein anwendbaren offiziellen
Auslegung oder Verkündung, die an oder
nach dem Ausgabetag erlassen oder
verkündet wird, und nach der die
Rechtslage im Hinblick auf diese
Gesetze oder Vorschriften von der
früheren
allgemein
anerkannten
Rechtslage abweicht, Vergütungen, die
von der Emittentin in Bezug auf die
Schuldverschreibungen zahlbar sind, von
der Emittentin für die Zwecke der
österreichischen Ertragsteuern (insbesondere für Zwecke der Körperschaftssteuer) nicht mehr in mindestens
demselben Umfang wie bei der
Begebung der Schuldverschreibungen
(cc) any generally applicable official interpretation or pronouncement that provides
for a position with respect to such laws
or regulations that differs from the
previous generally accepted position
which is issued or announced on or after
the Issue Date, remuneration payable by
the Issuer on the Bonds is no longer, or
within 90 days of the date of that opinion
will no longer be, deductible by the
Issuer for Austrian taxes on earnings (including corporate income tax) to at least
the same degree as upon issue of the
Bonds; and
68
abzugsfähig sind, bzw. innerhalb von 90
Tagen nach dem Datum dieses
Gutachtens nicht mehr abzugsfähig sein
werden; und
(ii) die Emittentin dieses Risiko nicht durch das
Ergreifen zumutbarer Maßnahmen vermeiden
kann.
(ii) such risk cannot be avoided by the Issuer taking reasonable measures available to it.
Streitigkeiten hat die in § 13(3) festgelegte
Bedeutung.
Disputes has the meaning specified in § 13(3).
Vereinigte Staaten bezeichnet die Vereinigten
Staaten von Amerika (einschließlich deren
Bundesstaaten und des Districts of Columbia)
sowie deren Territorien (einschließlich Puerto
Rico, der U.S. Virgin Islands, Guam, American
Samoa, Wake Island und der Northern Mariana
Islands).
United States means the United States of America
(including the States thereof and the District of
Columbia) and its possessions (including Puerto
Rico, the U.S. Virgin Islands, Guam, American
Samoa, Wake Island and Northern Mariana Islands).
Verfahren hat
Bedeutung.
festgelegte
Proceedings has the meaning specified in § 13(3).
in
§ 4(3)
Arrears of Remuneration has the meaning specified in § 4(3).
Vergütungszahlungstag bezeichnet den 9.
Februar
eines
jeden
Jahres,
in
dem
Schuldverschreibungen ausstehend sind.
Remuneration Payment Date means February 9
of each year in which Bonds are outstanding.
Der Vorzeitige Rückzahlungsbetrag entspricht
101%
des
Nennbetrages
jeder
Schuldverschreibung zuzüglich den bis zum Tag
der Rückzahlung aufgelaufenen, aber noch nicht
bezahlten
Vergütungen
(inklusive
Vergütungsrückstände).
The Early Redemption Amount means 101% of
the principal amount of each Bond plus any
accrued but unpaid remuneration on the Bonds
(including Arrears of Remuneration) to but
excluding the date of redemption.
Zahlstelle hat die in § 9(2) festgelegte Bedeutung.
Paying Agent has the meaning specified in § 9(2).
Zusätzliche Beträge hat die in § 7(1) festgelegte
Bedeutung.
Additional Amount has the meaning specified in
§ 7(1).
§2
NENNBETRAG UND STÜCKELUNG;
VERBRIEFUNG; ÜBERTRAGBARKEIT
§2
PRINCIPAL AMOUNT AND
DENOMINATION;
FORM; TRANSFERABILITY
die
Vergütungsrückstände
festgelegte Bedeutung.
in
§ 13(3)
hat
die
(1) Nennbetrag und Stückelung.
(1) Principal Amount and Denomination.
Die Anleihe bestehend aus nachrangigen
Schuldverschreibungen ohne Fälligkeitstag der
Wienerberger
AG
(die
Emittentin)
im
Gesamtnennbetrag von € [●] (in Worten: Euro [●]
Millionen) ist eingeteilt in [●] an den Inhaber
zahlbare
und
untereinander
gleichrangige
The issue of the subordinated Bonds without
maturity by Wienerberger AG (the Issuer) in the
aggregate principal amount of € [●] (in words:
Euro [●] million) is divided into [●] bonds
payable to bearer and ranking pari passu among
themselves, with a principal amount of €1,000
69
Schuldverschreibungen mit einem Nennbetrag von
jeweils €1.000 (die Schuldverschreibungen;
dieser Begriff umfasst sämtliche weiteren
Schuldverschreibungen, die gemäß § 10 begeben
werden und eine einheitliche Serie mit den
Schuldverschreibungen bilden).
each (the Bonds; this term includes any further
Bonds issued pursuant to § 10 that form a single
series with the Bonds).
(2) Vorläufige Globalurkunde - Austausch.
(2) Temporary Global Bond - Exchange.
(a) Die Schuldverschreibungen sind anfänglich
durch eine vorläufige Globalurkunde (die
Vorläufige
Globalurkunde)
ohne
Vergütungsscheine verbrieft. Die vorläufige
Globalurkunde
wird
gegen
eine
Dauerglobalurkunde
(die
Dauerglobalurkunde) ohne Vergütungsscheine ausgetauscht. Die Vorläufige
Globalurkunde und die Dauerglobalurkunde
tragen jeweils die eigenhändigen Unterschriften
zweier
ordnungsgemäß
bevollmächtigter Vertreter der Emittentin und
sind jeweils von der Zahlstelle oder in deren
Namen mit einer Kontrollunterschrift
versehen. Einzelurkunden und Vergütungsscheine werden nicht ausgegeben.
(a) The Bonds are initially represented by a
temporary global bond (the Temporary
Global Bond) without remuneration coupons.
The Temporary Global Bond will be
exchangeable for a permanent global bond
(the Permanent Global Bond) without
coupons. The Temporary Global Bond and
the Permanent Global Bond shall each be
signed manually by two authorised
signatories of the Issuer and shall each be
authenticated by or on behalf of the Paying
Agent. Definitive Bonds and remuneration
coupons shall not be issued.
(b) Die Vorläufige Globalurkunde wird an einem
Tag (der Austauschtag) gegen die
Dauerglobalurkunde ausgetauscht, der nicht
mehr als 180 Tage nach dem Ausgabetag
liegt. Der Austauschtag darf nicht weniger als
40 Tage nach dem Ausgabetag liegen. Ein
solcher Austausch darf nur nach Vorlage von
Bescheinigungen erfolgen, wonach der oder
die
wirtschaftlichen
Eigentümer
der
Schuldverschreibungen keine U.S.-Personen
sind
(ausgenommen
bestimmte
Finanzinstitute oder bestimmte Personen, die
Schuldverschreibungen
über
solche
Finanzinstitute
halten).
Solange
die
Schuldverschreibungen durch die Vorläufige
Globalurkunde verbrieft sind, werden
Vergütungszahlungen erst nach Vorlage
solcher Bescheinigungen vorgenommen. Eine
gesonderte Bescheinigung ist für jede solche
Vergütungszahlung
erforderlich.
Jede
Bescheinigung, die am oder nach dem 40.
Tag nach dem Ausgabetag eingeht, wird als
ein Ersuchen behandelt werden, die
Vorläufige Globalurkunde gemäß diesem
§ 2(2)(b) auszutauschen. Schuldverschreibungen, die im Austausch für die Vorläufige
Globalurkunde geliefert werden, dürfen nur
außerhalb der Vereinigten Staaten geliefert
werden.
(b) The Temporary Global Bond shall be
exchanged for the Permanent Global Bond on
a date (the Exchange Date) not later than 180
days after the Issue Date. The Exchange Date
will not be earlier than 40 days after the Issue
Date. Such exchange shall only be made upon
delivery of certifications to the effect that the
beneficial owner or owners of the Bonds is
not a U.S. person (other than certain financial
institutions or certain persons holding Bonds
through such financial institutions). Payment
of remuneration on Bonds represented by a
Temporary Global Bond shall be made only
after delivery of such certifications. A
separate certification shall be required in
respect of each such payment of
remuneration. Any such certification received
on or after the 40th day after the Issue Date
shall be treated as a request to exchange the
Temporary Global Bond pursuant to this
§ 2(2)(b). Any Bonds delivered in exchange
for the Temporary Global Bond shall be
delivered only outside of the United States.
70
(3) Clearingsystem.
(3) Clearing System.
Die
Globalurkunden
werden
bei
dem
Clearingsystem
verwahrt,
bis
sämtliche
Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen erfüllt sind.
The Global Bonds will be deposited with the
Clearing System until all obligations of the Issuer
under the Bonds have been satisfied.
(4) Übertragbarkeit.
(4) Transferability
Den Anleihegläubigern stehen Miteigentumsanteile oder -rechte an den Globalurkunden zu, die
nach Maßgabe des anwendbaren Rechts und der
jeweils
geltenden
Regelwerke
des
Clearingsystems übertragen werden.
The Bondholders will receive proportional coownership participations or rights in the Global
Bonds that are transferable in accordance with
applicable law and applicable rules of the Clearing
System.
§3
STATUS DER
SCHULDVERSCHREIBUNGEN
§3
STATUS OF THE BONDS
Die Schuldverschreibungen begründen direkte,
nicht besicherte, nachrangige Verbindlichkeiten
der Emittentin, die untereinander im Rang gleich
stehen und im Fall der Liquidation, der Auflösung
oder der Insolvenz der Emittentin oder eines
anderen der Abwendung der Insolvenz der
Emittentin dienenden Verfahrens allen anderen
bestehenden und zukünftigen nicht nachrangigen
Verbindlichkeiten der Emittentin sowie allen
zukünftigen nachrangig oder nicht nachrangigen
Verbindlichkeiten der Emittentin im Rang
nachgehen, soweit zwingende gesetzliche
Bestimmungen nichts anderes vorschreiben und
mit den 2007 Hybrid Schuldverschreibungen im
Rang gleich stehen. Im Fall der Liquidation, der
Auflösung oder der Insolvenz der Emittentin oder
eines anderen der Abwendung der Insolvenz der
Emittentin dienenden Verfahrens gehen die
Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen im Rang den Ansprüchen
aller nicht nachrangigen und nachrangigen
Gläubiger (mit Ausnahme der Gläubiger der 2007
Hybrid Schuldverschreibungen) nach, so dass
Zahlungen auf die Schuldverschreibungen solange
nicht erfolgen, wie die Ansprüche aller nicht
nachrangigen und nachrangigen Gläubiger (mit
Ausnahme der Gläubiger der 2007 Hybrid
Schuldverschreibungen) gegen die Emittentin
nicht zuerst vollständig erfüllt sind.
Die Anleihegläubiger sind nicht berechtigt,
Forderungen aus den Schuldverschreibungen
gegen mögliche Forderungen der Emittentin gegen
sie aufzurechnen. Die Emittentin ist nicht
berechtigt,
Forderungen
gegenüber
Anleihegläubigern gegen Verpflichtungen aus den
Schuldverschreibungen aufzurechnen.
The obligations of the Issuer under the Bonds
constitute direct, unsecured and subordinated
obligations of the Issuer ranking pari passu among
themselves and in the event of the liquidation,
dissolution, or insolvency or other proceedings for
the avoidance of insolvency of the Issuer rank
junior to all other present and future
unsubordinated obligations of the Issuer as well as
all other future subordinated or unsubordinated
obligations of the Issuer, except as otherwise
required by mandatory provisions of law, and rank
pari passu with the 2007 Hybrid Bonds. In the
event of the liquidation, dissolution, insolvency or
other proceedings for the avoidance of insolvency
of the Issuer, the obligations of the Issuer under
the Bonds will be subordinated to the claims of all
unsubordinated and subordinated creditors (other
than creditors of the 2007 Hybrid Bonds) of the
Issuer so that in any such event no amounts shall
be payable in respect of the Bonds until the claims
of all unsubordinated and subordinated creditors
(other than creditors of the 2007 Hybrid Bonds) of
the Issuer shall have first been satisfied in full.
71
No Bondholder may set-off any claims arising
under the Bonds against any claims that the Issuer
may have against it. The Issuer may not set-off
any claims it may have against the Bondholders
against any of its obligations under the Bonds.
Für die Rechte der Anleihegläubiger aus den
Schuldverschreibungen ist diesen keine Sicherheit
durch die Emittentin oder durch Dritte gestellt;
eine solche Sicherheit wird auch zu keinem
Zeitpunkt gestellt werden.
No security is, or shall at any time be, provided by
the Issuer or any other person securing rights of
the Bondholders under the Bonds.
§4
VERGÜTUNGEN
§4
REMUNERATION
(1) Verzinsung.
(1) Remuneration.
Vorbehaltlich der nachstehenden Ausnahmen
werden
Vergütungen
auf
die
Schuldverschreibungen wie folgt gezahlt:
Subject to certain exceptions described below,
remuneration on the Bonds will be paid as
follows:
(a) Die Schuldverschreibungen werden ab dem
Ausgabetag (einschließlich) bis zum 9.
Februar 2017 (der Erste Endperiodentermin)
(ausschließlich) mit jährlich 6,5% auf ihren
Nennbetrag verzinst und diese Vergütungen
sind, vorbehaltlich der Regelung in § 4(3),
nachträglich jährlich am 9. Februar eines
jeden Jahres, erstmals am 9. Februar 2015
fällig. Für den Zeitraum bis zum ersten
Vergütungszahlungstag beträgt die Vergütung
somit EUR 22,44 pro Schuldverschreibung,
vorbehaltlich § 4(3) wie zuvor genannt.
(a) The Bonds bear remuneration from and
including the Issue Date to but excluding
February 9 2017 (the First Period End Date)
at the rate of 6.5% per annum on their
principal amount and, subject to § 4(3),
remuneration shall be payable annually in
arrears on February 9 of each year
commencing on February 9 2015. For the
period until the first Remuneration Payment
Date the remuneration therefore amounts to
EUR 22.44 per Bond, subject to § 4(3) as
aforesaid.
(b) Die Schuldverschreibungen werden ab dem
Ersten Endperiodentermin (einschließlich) bis
zum 9. Februar 2021 (der Erste
Rückzahlungstermin) (ausschließlich) mit
jährlich 5,0% auf ihren Nennbetrag verzinst
und diese Vergütungen sind, vorbehaltlich der
Regelung in § 4(3), nachträglich jährlich am
9. Februar eines jeden Jahres, erstmals am 9.
Februar 2018 fällig.
(b) The Bonds bear remuneration from and
including the First Period End Date to but
excluding February 9, 2021 (the First Call
Date) at the rate of 5.0% per annum on their
principal amount and, subject to § 4(3),
remuneration shall be payable annually in
arrears on February 9 of each year
commencing on February 9, 2018.
(c) Die Schuldverschreibungen werden ab dem
Ersten Rückzahlungstermin mit dem ResetZinssatz auf ihren Nennbetrag verzinst und
diese Vergütungen sind, vorbehaltlich der
Regelung in § 4(3), nachträglich jährlich am
9. Februar eines jeden Jahres, erstmals am 9.
Februar 2022 fällig.
(c) The Bonds bear remuneration from and
including the First Call Date at the Reset
Interest Rate on their principal amount and,
subject to § 4(3), remuneration shall be
payable annually in arrears on February 9 of
each year commencing on February 9, 2022.
Reset-Zinssatz ist für den betreffenden ResetZeitraum der 5-Jahres Swapsatz zuzüglich 5,95%,
wie von der Berechnungsstelle festgelegt.
Reset Interest Rate shall mean for the relevant
Reset Period the 5-year Swap Rate plus 5.95%, as
determined by the Calculation Agent.
Reset-Zeitraum bezeichnet jeden Zeitraum ab
dem Ersten Rückzahlungstermin (einschließlich)
bis zum darauf folgenden Reset-Termin
(ausschließlich) und nachfolgend ab jedem ResetTermin (einschließlich) bis zu dem jeweils nächstfolgenden Reset-Termin (ausschließlich).
Reset Period means each period from and
including the First Call Date to but excluding the
next following Reset Date and thereafter from and
including each Reset Date to but excluding the
next following Reset Date.
72
Reset-Termin bezeichnet den Ersten Rückzahlungstermin und jeden Vergütungszahlungstag,
der fünf Jahre auf den vorherigen Reset-Termin
folgt.
Reset Date means the First Call Date and each
Remuneration Payment Date falling 5 years after
the previous Reset Date.
Der 5-Jahres Swapsatz für einen Reset-Zeitraum
wird von der Berechnungsstelle vor dem ResetTermin, an dem der betreffende Reset-Zeitraum
beginnt, (der Referenz-Reset-Termin) festgelegt
und ist
The 5-year Swap Rate for a Reset Period will be
determined by the Calculation Agent prior to the
Reset Date on which the relevant Reset Period
commences (the Reference Reset Date) and will
be
(i) das rechnerische Mittel der Geld- und BriefSätze für den jährlichen Festzinszahlungsstrom (berechnet auf einer 30/360
Tageberechnungsbasis)
einer
fixed-forfloating Euro Zinsswap-Transaktion, (x) die
eine 5-jährige Laufzeit hat und am ReferenzReset-Termin beginnt, (y) die auf einen
Betrag lautet, der dem einer repräsentativen
einzelnen Transaktion in dem relevanten
Markt zur relevanten Zeit eines anerkannten
Händlers mit guter Bonität im Swap-Markt
entspricht, und (z) deren variabler Zahlungsstrom auf dem 6-Monats EURIBOR Satz
beruht (berechnet auf einer Actual/360 TageBerechnungsbasis), wie es am zweiten
Geschäftstag vor dem Referenz-Reset-Termin
(der Reset-Zinsfeststellungstag) um 11:00
Uhr (Frankfurter Zeit) auf dem Reuters
Bildschirm
„ISDAFIX2“
unter
der
Überschrift „EURIBOR BASIS“ und dem
Untertitel „11:00 AM Frankfurt time“ (auf
dem solche Überschriften und Untertitel von
Zeit zur Zeit erscheinen) (oder eine andere
Bildschirmseite von Reuters oder einem
anderen Informationsanbieter, die diese Seite
zur Anzeige des in diesem Absatz
beschriebenen rechnerischen Mittels von
Swap-Transaktionen ersetzt) (die ResetBildschirmseite) angezeigt wird; oder
(i) the arithmetic mean of the bid and offered
rates for the annual fixed leg (calculated on a
30/360 day count basis) of a fixed-for-floating
Euro interest rate swap transaction which
(x) has a term of 5 years and commences on
the Reference Reset Date, (y) is in an amount
that is representative of a single transaction in
the relevant market at the relevant time with
an acknowledged dealer of good credit in the
swap market, and (z) has a floating leg based
on the 6-months EURIBOR rate (calculated
on an Actual/360 day count basis), as such
arithmetic mean appears on the Reuters
screen “ISDAFIX2” under the heading
“EURIBOR BASIS” and the caption “11:00
AM Frankfurt time” (as such headings and
captions may appear from time to time) as of
11.00 a.m. (Frankfurt time) (or another screen
page of Reuters or another information
service, which is the successor to such
Reuters screen for the purpose of displaying
the arithmetic mean of swap transactions as
described in this paragraph) (the Reset Screen
Page) on the second Business Day prior to the
Reference Reset Date (the Reset Interest
Determination Date); or
(ii) falls irgendeine für Alternative (i) benötigte
Information am Reset-Zinsfeststellungstag
nicht auf der Reset-Bildschirmseite erscheint,
der Reset-Referenzbankensatz zum ResetZinsfeststellungstag,
(ii) in the event that any of the information
required for the purposes of alternative (i)
does not appear on the Reset Screen Page on
the Reset Interest Determination Date, the
Reset Reference Bank Rate as of the Reset
Interest Determination Date,
wie jeweils von der Berechnungsstelle festgelegt.
in each case as determined by the Calculation
Agent.
Der
Reset-Referenzbankensatz
ist
der
Prozentsatz, der auf Basis der 5-Jahres SwapsatzQuotierungen, die der Berechnungsstelle ungefähr
um 11:00 Uhr (Frankfurter Zeit) von fünf
führenden Swap-Händlern im Interbankenhandel
Reset Reference Bank Rate means the percentage
rate determined by the Calculation Agent on the
basis of the 5-year Swap Rate Quotations provided
by five leading swap dealers in the interbank
market to the Calculation Agent at approximately
73
gestellt werden, am Reset-Zinsfeststellungstag von
der Berechnungsstelle festgelegt wird. Wenn
mindestens drei Quotierungen genannt werden,
wird der 5-Jahres Swapsatz das rechnerische
Mittel der Quotierungen unter Ausschluss der
höchsten Quotierung (bzw., für den Fall von
gleich hohen Quotierungen, einer der höchsten
Quotierungen) und der niedrigsten Quotierung
(bzw., für den Fall von gleich hohen
Quotierungen, einer der niedrigsten Quotierungen)
sein.
11.00 a.m. (Frankfurt time) on the Reset Interest
Determination Date. If at least three quotations are
provided, the 5-year Swap Rate will be the
arithmetic mean of the quotations, eliminating the
highest quotation (or, in the event of equality one
of the highest) and the lowest quotation (or, in the
event of equality, one of the lowest).
5-Jahres Swapsatz-Quotierungen bezeichnet das
rechnerische Mittel der Geld- und Brief- Sätze für
den jährlichen Festzinszahlungsstrom (berechnet
auf einer 30/360 Tagesberechnungsbasis) einer
fixed-for-floating Euro Zinsswap-Transaktion,
(x) die eine 5-jährige Laufzeit hat und am
Referenz-Reset-Termin beginnt, (y) die auf einen
Betrag lautet, der dem einer repräsentativen
einzelnen Transaktion in dem relevanten Markt
zur relevanten Zeit eines anerkannten Händlers
mit guter Bonität im Swap-Markt entspricht, und
(z) deren variabler Zahlungsstrom auf dem 6Monats EURIBOR Satz beruht (berechnet auf
einer Actual/360 Tage-Berechnungsbasis).
5-year Swap Rate Quotations means the
arithmetic mean of the bid and offered rates for
the annual fixed leg (calculated on a 30/360 day
count basis) of a fixed-for-floating Euro interest
rate swap transaction which transaction (x) has a
term of 5 years and commencing on the Reference
Reset Date, (y) is in an amount that is
representative of a single transaction in the
relevant market at the relevant time with an
acknowledged dealer of good credit in the swap
market, and (z) has a floating leg based on the 6months EURIBOR rate (calculated on an
Actual/360 day count basis).
(d) Die jeweils anwendbare Vergütung erhöht
sich ab dem Tag, der 61 Tage nach dem
Eintritt
eines
Kontrollwechsels
liegt
(einschließlich) um 5,00% p.a.
(d) The applicable remuneration will be increased
by 5.00% p.a. from the day (inclusive) falling
61 days after the day on which a Change of
Control has occurred.
(e) Vergütungen,
die
auf einen
festen
Vergütungszeitraum von weniger als einem
Jahr zu berechnen sind, werden auf
Grundlage der Anzahl der tatsächlich
vergangenen Tage des Vergütungszeitraums
geteilt durch 365 oder 366 (tatsächliche
Anzahl der Tage im betreffenden Zinsjahr)
berechnet.
(e) If remuneration is to be calculated for a fixed
remuneration period of less than one year, it
shall be calculated on the basis of the actual
number of days elapsed in the remuneration
calculation period, divided by 365 or 366 (the
actual number of days in the relevant interest
year).
(2) Veröffentlichung
und
Bindung
Berechnungen der Berechnungsstelle.
(2) Notification
of
Binding
Nature
Calculations of the Calculation Agent.
von
(a) Die Berechnungsstelle wird den ResetZinssatz für die Schuldverschreibungen am
Reset-Zinsfeststellungstag bestimmen und
veranlassen, dass dieser der Emittentin, der
Zahlstelle und jeder Börse, an der die
Schuldverschreibungen zu diesem Zeitpunkt
notiert sind und deren Regeln eine Mitteilung
an die Börse verlangen, sowie den
Anleihegläubigern gemäß § 11 unverzüglich,
aber keinesfalls später als am achten auf
dessen Bestimmung folgenden Geschäftstag
mitgeteilt wird.
74
of
(a) The Calculation Agent will, on the Reset
Interest Determination Date, determine the
Reset Interest Rate and cause the same to be
notified to the Issuer, the Paying Agent and, if
required by the rules of any stock exchange
on which the Bonds are then listed, to such
stock exchange, and to the Holders in
accordance with § 11 without undue delay,
but, in any case, not later than on the eighth
Business Day after its determination.
(b) Sämtliche Bescheinigungen, Mitteilungen,
Gutachten, Festsetzungen, Berechnungen,
Quotierungen und Entscheidungen, die von
der Berechnungsstelle für die Zwecke dieser
Anleihebedingungen gemacht, abgegeben,
getroffen oder eingeholt werden, sind (sofern
nicht vorsätzliches Fehlverhalten oder ein
offensichtlicher Irrtum vorliegt) für die
Emittentin und die Anleihegläubiger bindend.
(b) All certificates, communications, opinions,
determinations, calculations, quotations and
decisions given, expressed, made or obtained
for the purposes of the provisions of these
Conditions of Issue by the Calculation Agent
shall (in the absence of wilful default or
manifest error) be binding upon the Issuer and
the Bondholders.
(3) Vergütungsaufschub.
(3) Remuneration Deferral.
Die Emittentin ist nicht verpflichtet, an einem
Vergütungszahlungstag Vergütungen zu zahlen,
wenn sie sich gegen eine solche Zahlung
entschieden hat; eine Nichtzahlung aus diesem
Grunde begründet keinen Verzug der Emittentin
und
keine
sonstige
Verletzung
ihrer
Verpflichtungen
aufgrund
dieser
Schuldverschreibungen oder für sonstige Zwecke. Soweit
sich die Emittentin entscheidet, an einem
Vergütungszahlungstag nicht den gesamten
Vergütungsbetrag zu zahlen, hat sie dies den
Anleihegläubigern gemäß § 11 unter Einhaltung
einer Frist von mindestens 10 und höchstens 15
Geschäftstagen vor diesem Vergütungszahlungstag bekannt zu machen. Jedwede aufgrund einer
derartigen Entscheidung der Emittentin nicht
gezahlten Vergütungen stellen Vergütungsrückstände dar. Vergütungsrückstände werden
nicht verzinst. Die Emittentin kann, unter
Einhaltung der in § 4(4) genannten Bedingungen,
ausstehende Vergütungsrückstände jederzeit ganz
oder teilweise nach Benachrichtigung der
Anleihegläubiger gemäß § 11, in der das
Rückzahlungsdatum und der Betrag der zurückzuzahlenden Vergütungsrückstände anzugeben ist,
unter Einhaltung einer Frist von nicht weniger als
10 und nicht mehr als 15 Geschäftstagen zahlen
(wobei eine solche Mitteilung unwiderruflich ist
und die Emittentin verpflichtet ist, die jeweiligen
Vergütungsrückstände an dem in dieser Mitteilung
genannten Zahlungstag zu zahlen).
The Issuer shall not have any obligation to pay
remuneration on any Remuneration Payment Date
if it does not elect to do so and any such failure to
pay remuneration shall not constitute a default of
the Issuer or any other breach of obligations under
the Bonds or for any other purpose. If the Issuer
decides not to pay the full amount of remuneration
on a Remuneration Payment Date, the Issuer shall
notify the Bondholders in accordance with § 11
not less than 10 and not more than 15 Business
Days prior to such Remuneration Payment Date.
Any remuneration not paid due to such an election
by the Issuer shall constitute Arrears of
Remuneration. Arrears of Remuneration will not
bear interest. The Issuer may at any time, subject
to the conditions set forth in § 4(4), make payment
in full or in part of any outstanding Arrears of
Remuneration upon giving notice to the
Bondholders in accordance with § 11 not less than
10 and not more than 15 Business Days prior to
the date on which such payment will be made.
Such notice shall state the date and the amount of
the voluntary make-up payment. Such notice shall
be irrevocable and shall oblige the Issuer to make
the relevant payment on the date specified in such
notice.
(4) Tilgung von Vergütungsrückständen
(4) Payment of Arrears of Remuneration
(a) Die Emittentin verpflichtet sich, sämtliche
gemäß § 4(3) aufgeschobene Vergütungsrückstände (ganz, jedoch nicht teilweise)
innerhalb eines Jahres ab jenem Tag
nachzuzahlen (maßgebend ist das früheste
Ereignis),
(a) The Issuer undertakes to make payment (in
full and not in part) of any Arrears of
Remuneration which have been deferred in
accordance with § 4(3) within one year at the
earlier of
75
(i) an dem die Emittentin auf irgendeine
Aktiengattung der Emittentin eine
Dividende, andere Ausschüttung oder
Zahlung beschließt oder zahlt;
(i) the day on which the Issuer resolves on
or pays a dividend, other distribution or
payment in respect of any class of shares
of the Issuer;
(ii) an dem die Emittentin oder eine
Konzerngesellschaft
auf
ein
Nachrangiges Wertpapier oder ein
Gleichrangiges
Wertpapier
eine
Dividende, andere Ausschüttung oder
Zahlung beschließt oder zahlt;
(ii) the day on which the Issuer or a Group
Entity resolves on or pays a dividend,
other distribution or payment in respect
of any Junior Security or Parity Security;
(iii) an
dem
die
Emittentin
selbst
Gleichrangige Wertpapiere, Nachrangige
Wertpapiere oder Aktien irgendeiner
Aktiengattung gegen Gewährung einer
Gegenleistung (mit Ausnahme einer in
der Wandlung oder im Umtausch in
Aktien bestehenden Gegenleistung)
zurückkauft oder sonst wie erwirbt oder
eine Konzerngesellschaft veranlasst dies
zu tun, außer dies geschieht im
Zusammenhang mit derzeit bestehenden
oder
zukünftig
geschaffenen
Aktienoptionsplänen,
Wandelschuldverschreibungen oder Optionsschuldverschreibungen; oder
(iii) the day on which the Issuer itself
repurchases or otherwise acquires, or
causes another Group Entity to
repurchase or otherwise acquire, any
Parity Security, Junior Security or any
shares of any class of shares for any
consideration except by conversion into
or exchange for shares, except this
occurs in connection with any present or
future stock option plan, convertible
bonds or warrants; or
(iv) der einen Vergütungszahltag darstellt, an
dem die Emittentin von ihrem
Wahlrecht, die Vergütungszahlung (ganz
oder teilweise) aufzuschieben, keinen
Gebrauch macht;
(iv) the Remuneration Payment Date in
relation to which the Issuer does not
elect to defer remuneration payments (in
whole or in part);
mit der Maßgabe, dass die Emittentin nicht
verpflichtet ist, gemäß § 4(3) aufgeschobene
Vergütungsrückstände nachzuzahlen, wenn in den
Fällen (ii) und (iii) die Emittentin oder die
jeweilige Konzerngesellschaft nach Maßgabe der
Emissionsbedingungen
des
jeweiligen
Nachrangigen Wertpapiers oder Gleichrangigen
Wertpapiers verpflichtet ist, eine solche
Dividende, andere Ausschüttung oder Zahlung in
Bezug auf ein solches Nachrangiges Wertpapier
oder Gleichrangiges Wertpapier zu zahlen oder
einen solchen Rückkauf oder sonstigen Erwerb
eines Nachrangigen Wertpapiers oder eines
Gleichrangigen Wertpapiers durchzuführen.
provided that the Issuer will not have to make
payment of any Arrears of Remuneration which
have been deferred in accordance with § 4(3) if in
the cases (ii) and (iii) the Issuer or the respective
Group Entity under the terms and conditions of
the respective Junior Security or Parity Security is
obliged to pay such dividend, other distribution or
payment in respect of such Junior Security or
Parity Security or to make such repurchase or
acquisition of a Junior Security or Parity Security.
(b) Soweit die Emittentin Vergütungsrückstände
gemäß dieses § 4(4) nachzahlt, hat sie dies
den Anleihegläubigern gemäß § 11 unter
Einhaltung einer Frist von mindestens 10 und
höchstens 15 Geschäftstagen vor dem Tag der
Nachzahlung unter Angabe des Tags der
Nachzahlung und des auf jede Schuld-
(b) If the Issuer repays Arrears of Remuneration
pursuant to this § 4(4), it shall notify the
Bondholders in accordance with § 11 not less
than 10 and not more than 15 Business Days
prior to the date on which such payment will
be made; such notice shall state the date of
payment and the payment per Bond. Such
76
verschreibung nachzuzahlenden Betrages
mitzuteilen. Eine solche Mitteilung ist
unwiderruflich
und
verpflichtet
die
Emittentin, die jeweiligen Zahlungen an dem
in der Mitteilung genannten Tag zu bewirken.
notice shall be irrevocable and shall oblige
the Issuer to make the relevant payment on
the date specified in such notice.
(5) Nachzahlungsverpflichtung bei Insolvenz.
(5) Make-up Payment Obligation in case of
Insolvency.
Im Fall der Liquidation, der Auflösung, der
Abwicklung oder der Insolvenz der Emittentin
(sofern dies nicht für die Zwecke oder als Folge
eines
Zusammenschlusses,
einer
Umstrukturierung oder Sanierung geschieht, bei
dem bzw. der die Emittentin noch zahlungsfähig
ist und bei dem bzw. der die fortführende
Gesellschaft
im
Wesentlichen
alle
Vermögenswerte und Verpflichtungen der
Emittentin
übernimmt),
steht
jedem
Anleihegläubiger je Schuldverschreibung ein
direkter Anspruch gegen die Emittentin auf Erhalt
des auf eine Schuldverschreibung entfallenden
Nennbetrags zuzüglich anteiliger ausstehender
Vergütungsrückstände und bis zum Tag einer
solchen Liquidation, Auflösung, Abwicklung oder
Insolvenz, aufgelaufener Vergütungen zu.
Die im vorstehenden Satz genannten Ansprüche
der
Anleihegläubiger
auf
Zahlung
des
Nennbetrags, von Vergütungsrückständen und von
aufgelaufenen Vergütungen begründen direkte,
nicht besicherte, nachrangige Verbindlichkeiten
der Emittentin, die untereinander und mit den
2007 Hybrid Schuldverschreibungen im Rang
gleich stehen.
In the event of the liquidation, dissolution,
winding-up or insolvency (other than for the
purposes of or pursuant to an amalgamation,
reorganisation or restructuring while solvent,
where the continuing entity assumes substantially
all of the assets and obligations of the Issuer), any
Bondholder shall, for each Bond, have a direct
claim against the Issuer to receive a payment of
the principal amount plus any outstanding Arrears
of Remuneration and remuneration accrued until
the date of such liquidation, dissolution, windingup or insolvency per Bond.
(6) Ende des Vergütungszeitraums.
(6) Cessation of Remuneration Payments.
Für die Schuldverschreibungen stehen ab dem
Beginn des Tages, an dem sie zur Rückzahlung
fällig werden, keine Vergütungen mehr zu. Sollte
die Emittentin die Schuldverschreibungen bei
Fälligkeit nicht einlösen, endet die Verpflichtung
zu Zahlung von Vergütungen auf den
ausstehenden Nennbetrag zu dem dann
maßgeblichen
Vergütungssatz
nicht
am
Fälligkeitstag, sondern erst mit dem Tag der
tatsächlichen
Rückzahlung
der
Schuldverschreibungen (ausschließlich).
The Bonds shall cease to bear remuneration from
the beginning of the day on which they are due for
redemption. If the Issuer shall fail to redeem the
Bonds when due, the obligation to pay
remuneration shall continue to accrue at the then
applicable rate on the outstanding principal
amount of the Bonds beyond the due date until
(and excluding) actual redemption of the Bonds.
§5
RÜCKZAHLUNG UND RÜCKKAUF
§5
REDEMPTION AND PURCHASE
The claims of the Bondholders for payment of the
principal amount, Arrears of Remuneration and
accrued remuneration, each as described in the
foregoing sentence, constitute direct, unsecured
and subordinated obligations of the Issuer ranking
pari passu among themselves and with the 2007
Hybrid Bonds.
(1) Keine Endfälligkeit.
(1) No Scheduled Maturity.
Die Schuldverschreibungen haben keinen
Endfälligkeitstag und werden, außer nach
The Bonds have no final maturity date and shall
not be redeemed except in accordance with the
77
Maßgabe dieses § 5, nicht zurückgezahlt.
provisions set out in this § 5.
(2) Kündigungsrecht
der
Emittentin
und
vorzeitige Rückzahlung aufgrund eines GrossUp-Ereignisses oder aus Steuer- oder
Rechnungslegungsgründen.
(2) Issuer Call Right and Early Redemption due
to Gross-Up-Event or Tax or Accounting
Reasons.
Bei Eintritt eines Gross-up-Ereignisses, eines
Rechnungslegungsereignisses
oder
eines
Steuerereignisses vor dem Ersten Rückzahlungstermin, ist die Emittentin berechtigt, die
Schuldverschreibungen jederzeit (insgesamt,
jedoch nicht teilweise) durch eine unwiderrufliche
Benachrichtigung der Anleihegläubiger gemäß
§ 11 unter Einhaltung einer Frist von nicht
weniger als 30 und nicht mehr als 60 Tagen zu
kündigen und (i) bei Eintritt eines Gross-upEreignisses zum Nennbetrag zuzüglich sämtlicher
bis zum Rückzahlungstag (ausschließlich) aufgelaufener Vergütungen und (ii) bei Eintritt eines
Rechnungslegungsereignisses
oder
eines
Steuerereignisses
zum
Vorzeitigen
Rückzahlungsbetrag zurückzuzahlen. Der Emittentin
steht ein Kündigungsrecht gemäß diesem § 5(2)
nicht zu, soweit Vergütungsrückstände ausstehen
und nicht nachgezahlt wurden.
If prior to the First Call Date, either a Gross-up
Event or a Tax Event or an Accounting Event
occurs, the Issuer may call and redeem the Bonds
(in whole but not in part) (i) in case of a Gross-up
Event at their principal amount, plus any
remuneration accrued until the redemption date
(exclusive) and (ii) in case of an Accounting or a
Tax Event at their Early Redemption Amount at
any time on the giving of not less than 30 and not
more than 60 days' irrevocable notice to the
Bondholders in accordance with § 11. The Issuer
shall not be entitled to call and redeem the Bonds
in accordance with this § 5(2) if any Arrears of
Remuneration are outstanding for which no makeup payment has been made.
Dabei gilt für den Fall eines Gross-up-Ereignisses,
dass:
In the case of a Gross-up Event:
(a) eine solche Kündigungsmitteilung nicht
früher als 90 Tage vor dem ersten Tag
gemacht werden darf, an dem die Emittentin
erstmals verpflichtet wäre, die jeweiligen
zusätzlichen Beträge in Ansehung fälliger
Beträge auf die Schuldverschreibungen zu
zahlen; und
(a) no such notice of redemption may be given
earlier than 90 days prior to the earliest date
on which the Issuer would be for the first time
obliged to pay the Additional Amounts in
question on payments due in respect of the
Bonds; and
(b) die Emittentin der Zahlstelle vor Abgabe
einer solchen Kündigungsmitteilung folgende
Dokumente
übermittelt
bzw.
deren
Übermittlung veranlasst:
(b) prior to the giving of any such notice of
redemption, the Issuer will deliver or procure
that there is delivered to the Paying Agent:
(i) eine
von
zwei
ordnungsgemäß
bevollmächtigten
Vertretern
der
Emittentin
unterzeichnete
Bescheinigung, die bestätigt, dass die
Emittentin
berechtigt
ist,
die
maßgebliche Rückzahlung vorzunehmen,
und aus der die Tatsachen hervorgehen,
auf
deren
Grundlage
die
Voraussetzungen für das Rückzahlungsrecht der Emittentin eingetreten sind;
sowie
(i) a certificate signed by any two duly
authorised representatives of the Issuer
stating that the Issuer is entitled to effect
such redemption and setting out a
statement of facts showing that the
conditions precedent to the exercise of
the right of the Issuer to redeem have
been satisfied; and
78
(ii) ein Gutachten eines angesehenen
unabhängigen Rechtsberaters, aus dem
hervorgeht,
dass
die
Emittentin
verpflichtet ist oder verpflichtet sein
wird, die betreffenden zusätzlichen
Beträge als Folge eines Gross-upEreignisses zu zahlen.
(ii) an opinion of an independent legal
adviser of recognised standing to the
effect that the Issuer has or will become
obliged to pay the Additional Amounts
in question as a result of a Gross-up
Event.
(3) Kündigung und vorzeitige Rückzahlung nach
Wahl der Emittentin.
(3) Issuer Call Right and Early Redemption at
the option of the Issuer.
Die Emittentin kann die Schuldverschreibungen
am Ersten Rückzahlungstermin oder an jedem
danach
folgenden
Vergütungszahlungstag
vollständig, aber nicht in Teilbeträgen nach
unwiderruflicher Kündigungsmitteilung an die
Anleihegläubiger gemäß § 11 unter Einhaltung
einer Frist von nicht weniger als 30 und nicht
mehr als 60 Tagen zum Nennbetrag zuzüglich
sämtlicher
bis
zum
Rückzahlungstag
(ausschließlich)
aufgelaufener
Vergütungen
kündigen und zurückzahlen. Der Emittentin steht
ein Kündigungsrecht gemäß diesem § 5(3) nicht
zu, soweit Vergütungsrückstände ausstehen und
nicht nachgezahlt wurden. Eine solche
Kündigungsmitteilung verpflichtet die Emittentin,
die
Schuldverschreibungen
am
Ersten
Rückzahlungstermin oder an dem in dieser
Kündigungsmitteilung angegebenen Vergütungszahlungstag zu ihrem Nennbetrag, nebst
Vergütungen, die bis zu diesem Tag aufgelaufen
sind, zurückzuzahlen.
The Issuer may call and redeem the Bonds (in
whole but not in part) on the First Call Date or on
any Remuneration Payment Date thereafter at
their principal amount, plus any remuneration
accrued until the redemption date (exclusive) on
the giving of not less than 30 and not more than 60
days' irrevocable notice of redemption to the
Bondholders in accordance with § 11. The Issuer
shall not be entitled to call and redeem the Bonds
in accordance with this § 5(3) if any Arrears of
Remuneration are outstanding for which no makeup payment has been made. Such notice of
redemption shall oblige the Issuer to redeem the
Bonds on the First Call Date or the Remuneration
Payment Date specified in that notice at the
principal amount, plus accrued remuneration to
that date.
(4) Rückkauf.
(4) Purchase.
Die Emittentin oder Konzerngesellschaften
können jederzeit Schuldverschreibungen zu jedem
beliebigen Preis kaufen. Derartig erworbene
Schuldverschreibungen
können
eingezogen,
gehalten oder wieder veräußert werden.
The Issuer or any Group Entity may at any time
purchase Bonds at any price. Such acquired Bonds
may be cancelled, held or resold.
(5) Kündigung und vorzeitige Rückzahlung bei
geringfügigem ausstehenden Nennbetrag.
(5) Issuer Call Right and Early Redemption in
case of small outstanding principal amount.
Wenn durch Rückkäufe der Emittentin oder
Konzerngesellschaften zu irgendeinem Zeitpunkt
der auf die Schuldverschreibungen ausstehende
Nennbetrag 25% oder weniger des in § 2(1)
genannten Gesamtnennbetrags der Schuldverschreibungen beträgt, kann die Emittentin die
Schuldverschreibungen vollständig, aber nicht in
Teilbeträgen nach unwiderruflicher Kündigungsmitteilung an die Anleihegläubiger gemäß § 11
unter Einhaltung einer Frist von nicht weniger als
30 und nicht mehr als 60 Tagen zu ihrem
Nennbetrag kündigen und zurückzahlen. Der
If, by reason of purchases made by the Issuer or
Group Entities, the outstanding principal amount
of the Bonds has fallen at any time below 25% or
less of the aggregate principal amount of the
Bonds set forth in § 2(1), the Issuer may call and
redeem the Bonds (in whole but not in part) at
their principal amount on the giving of not less
than 30 and not more than 60 days' irrevocable
notice to the Bondholders in accordance with § 11.
The Issuer shall not be entitled to call and redeem
the Bonds in accordance with this § 5(5) if any
Arrears of Remuneration are outstanding for
79
Emittentin steht ein Kündigungsrecht gemäß
diesem
§ 5(5)
nicht
zu,
soweit
Vergütungsrückstände ausstehen und nicht
nachgezahlt wurden.
which no make-up payment has been made.
(6) Kündigung und vorzeitige Rückzahlung bei
Kontrollwechsel.
(6) Issuer Call Right and Early Redemption in
case of Change of Control.
Bei Eintritt eines Kontrollwechsels kann die
Emittentin die Schuldverschreibungen vollständig,
aber nicht in Teilbeträgen nach unwiderruflicher
Kündigungsmitteilung an die Anleihegläubiger
gemäß § 11 unter Einhaltung einer Frist von nicht
weniger als 30 und nicht mehr als 60 Tagen
spätestens 60 Tage nach Eintritt eines
Kontrollwechsels kündigen und (i) im Fall einer
Rückzahlung vor dem Ersten Rückzahlungstermin
zum
Erhöhten
Rückzahlungsbetrag
(wie
nachstehend definiert) und (ii) im Fall einer
Rückzahlung nach dem Ersten Rückzahlungstermin zum Vorzeitigen Rückzahlungsbetrag
zurückzahlen. Der Emittentin steht ein
Kündigungsrecht gemäß diesem § 5(6) nicht zu,
soweit Vergütungsrückstände ausstehen und nicht
nachgezahlt wurden. Die Emittentin hat den
Anleihegläubigern
den
Eintritt
eines
Kontrollwechsels unverzüglich gemäß § 11
anzuzeigen.
If a Change of Control has occurred, the Issuer
may call and redeem the Bonds (in whole but not
in part) on the giving of not less than 30 and not
more than 60 days' irrevocable notice to the
Bondholders in accordance with § 11 with the
redemption becoming effective no later than 60
days following the occurrence of a Change of
Control (i) in case the redemption occurs before
the First Call Date at the Increased Redemption
Amount (as defined below) and (ii) in case the
redemption occurs after the First Call Date at the
Early Redemption Amount. The Issuer shall not
be entitled to call and redeem the Bonds in
accordance with this § 5(6) if any Arrears of
Remuneration are outstanding for which no makeup payment has been made. Immediately after the
occurrence of a Change of Control the Issuer has
to publish a notice to the Bondholders in
accordance with § 11.
Der
Erhöhte
Rückzahlungsbetrag
einer
Schuldverschreibung entspricht dem Nominalbetrag oder, falls höher, dem Abgezinsten
Marktpreis (wie nachstehend definiert) der
Schuldverschreibungen zuzüglich bis zum
Rückzahlungstag (ausschließlich) aufgelaufener
Zinsen.
Increased Redemption Amount of a Bond shall be
the principal amount or, if greater, the MakeWhole Amount (as defined below) of the Bonds
plus accrued interest until the date of redemption
(exclusive).
Der Abgezinste Marktpreis wird von der
Berechnungsstelle errechnet und entspricht der
Summe der auf den Rückzahlungstag Abgezinsten
Werte (wie nachstehend definiert) (i) des
Nennbetrages der Schuldverschreibungen und (ii)
der bis zum Ersten Rückzahlungstermin
(ausschließlich) verbleibenden vorgesehenen
Vergütungen auf die Schuldverschreibungen.
The Make-Whole Amount will be calculated by
the Calculation Agent, and will equal the sum of
the Present Values (as defined below) on the date
of redemption of (i) the principal amount of the
Bonds and (ii) the remaining scheduled payments
of remuneration on the Bonds to but excluding the
First Call Date.
Die Abgezinsten Werte werden von der
Berechnungsstelle errechnet, indem der Nennbetrag der Schuldverschreibungen und bis zum
Ersten
Rückzahlungstermin
verbleibende
Vergütungen auf die Schuldverschreibungen auf
jährlicher Basis, unter Zugrundelegung eines
Jahres mit 365 bzw. 366 Tagen und der Zahl der
tatsächlich in dem Jahr verstrichenen Tage und der
Angepassten Vergleichbaren Rendite (wie
nachstehend definiert) zuzüglich 0,5%, abgezinst
werden.
The Present Values will be calculated by the
Calculation Agent by discounting the principal
amount of the Bonds and the remaining
remuneration payments to the First Call Date on
an annual basis, assuming a 365-day year or a
366-day year, as the case may be, and the actual
number of days elapsed in such year and using the
Adjusted Comparable Yield (as defined below)
plus 0.5%.
80
Die Angepasste Vergleichbare Rendite entspricht
der am Rückzahlungs-Berechnungstag um 10 Uhr
CET gemäß der entsprechenden Bloomberg-Seite,
oder wenn keine Bloomberg-Seite verfügbar ist,
der Reuters-Seite, bestehenden Rendite der
deutschen Bundesanleihe ISIN DE0001135457.
The Adjusted Comparable Yield will be the yield
pursuant to the respective Bloomberg-screen, or if
no Bloomberg-screen is available, the respective
Reuters-screen, at the Redemption Calculation
Date at 10 a.m. CET of the German federal bond
ISIN DE0001135457.
§6
ZAHLUNGEN
§6
PAYMENTS
(1) Zahlung von Kapital und Vergütungen.
(1) Payment of Principal and Remuneration.
Die Emittentin verpflichtet sich, Kapital und
Vergütungen auf die Schuldverschreibungen
sowie
alle
sonstigen
auf
die
Schuldverschreibungen zahlbaren Beträge bei
Fälligkeit in Euro zu zahlen. Die Zahlung von
Kapital und Vergütungen erfolgt an die Zahlstelle
zur Weiterleitung an das Clearingsystem oder an
dessen Order zur Gutschrift für die jeweiligen
Kontoinhaber gegen Vorlage und (sofern es sich
um die Kapitalrückzahlung handelt) Einreichung
der Globalurkunden. Die Zahlung an das
Clearingsystem
oder
an
dessen
Order,
vorausgesetzt, die Schuldverschreibungen werden
noch durch das Clearingsystem gehalten, befreit
die Emittentin in Höhe der geleisteten Zahlung
von ihren entsprechenden Verbindlichkeiten aus
den Schuldverschreibungen.
The Issuer undertakes to pay, as and when due,
principal and remuneration as well as all other
amounts payable on the Bonds in euro. Payment
of principal and remuneration on the Bonds shall
be made to the Paying Agent for on-payment to
the Clearing System or to its order for credit to the
respective account holders upon presentation and
(in the case of the payment in respect of principal)
surrender of the Global Bonds. Payments to the
Clearing System or to its order shall, to the extent
of amounts so paid and provided the Bonds are
still held on behalf of the Clearing System,
constitute the discharge of the Issuer from its
corresponding obligations under the Bonds.
(2) Fälligkeitstag kein Geschäftstag.
(2) Due Date not a Business Day.
Falls ein Fälligkeitstag für die Zahlung von
Kapital und/oder Vergütungen kein Geschäftstag
ist, erfolgt die Zahlung erst am nächstfolgenden
Geschäftstag; Anleihegläubiger sind nicht
berechtigt, Zinsen oder eine andere Entschädigung
wegen eines solchen Zahlungsaufschubs zu
verlangen.
If the due date for any payment of principal and/or
remuneration is not a Business Day, payment shall
be effected only on the next Business Day; a
Bondholder shall have no right to claim payment
of any additional interest or other indemnity in
respect of such delay in payment.
§7
STEUERN
§7
TAXATION
(1) Sämtliche Zahlungen von Kapital und
Vergütungen
in
Bezug
auf
die
Schuldverschreibungen
werden
ohne
Einbehalt oder Abzug von Steuern, Abgaben,
Festsetzungen oder behördlichen Gebühren
jedweder Art geleistet, die von der Republik
Österreich
oder
einer
ihrer
Gebietskörperschaften oder Behörden mit der
Befugnis zur Erhebung von Steuern auferlegt,
erhoben, eingezogen, einbehalten oder
festgesetzt werden, es sei denn, ein solcher
Einbehalt oder Abzug ist gesetzlich
vorgeschrieben. In einem solchen Falle wird
(1) All payments of principal and remuneration in
respect of the Bonds shall be made free and
clear of, and without withholding or
deduction for, any taxes, duties, assessments
or governmental charges of whatever nature
imposed, levied, collected, withheld or
assessed by the Republic of Austria or any
political subdivision or any authority of or in
the Republic of Austria that has power to tax,
unless such withholding or deduction is
required by law. In such event, the Issuer will
pay, subject to the provisions of this
paragraph (1) and of paragraph (2) below,
81
die
Emittentin,
vorbehaltlich
der
Bestimmungen dieses Absatzes (1) und des
nachfolgenden
Absatzes
(2)
solche
zusätzlichen Beträge (die Zusätzlichen
Beträge) zahlen, so dass die Anleihegläubiger
die Beträge erhalten, die sie ohne Einbehalt
oder Abzug erhalten hätten. Zusätzliche
Beträge sind jedoch nicht in Bezug auf
Schuldverschreibungen zahlbar,
such additional amounts (the Additional
Amounts) as will result in receipt by the
Bondholders of the same amounts as they
would have received if no such withholding
or deduction had been required, except that no
Additional Amounts will be payable in
respect of any Bond which:
(a) die von einem Anleihegläubiger oder in
dessen Namen zur Zahlung vorgelegt
werden, der solchen Steuern, Abgaben,
Festsetzungen
oder
behördlichen
Gebühren
in
Bezug
auf
diese
Schuldverschreibungen
deshalb
unterliegt, weil er eine Verbindung zu
der Republik Österreich hat, die nicht
nur aus der bloßen Inhaberschaft der
Schuldverschreibungen besteht; oder
(a) is presented for payment by or on behalf
of a Bondholder who is liable to pay
such taxes, duties, assessments or
governmental charges in respect of such
Bond by reason of it having some
connection with the Republic of Austria
other than the mere holding of that Bond;
or
(b) die von einem Anleihegläubiger oder in
dessen Namen zur Zahlung vorgelegt
werden, der einen solchen Einbehalt oder
Abzug nach rechtzeitiger Aufforderung
durch die Emittentin durch Vorlage eines
Formulars oder einer Urkunde und/oder
durch Abgabe einer NichtansässigkeitsErklärung oder Inanspruchnahme einer
vergleichbaren
Ausnahme
oder
Geltendmachung eines Erstattungsanspruches hätte vermeiden können; oder
(b) is presented for payment by or on behalf
of a Bondholder who would have been
able to avoid such withholding or
deduction by presenting any form or
certificate and/or making a declaration of
non- residence or similar claim for
exemption or refund upon timely request
by the Issuer; or
(c) die später als 30 Tage nach dem Tag
vorgelegt werden an dem die betreffende
Zahlung erstmals fällig wird, oder, falls
nicht
der
gesamte
an
diesem
Fälligkeitstag zahlbare Betrag an oder
vor diesem Fälligkeitstag bei der
Zahlstelle eingegangen ist, dem Tag, an
dem den Anleihegläubigern der Erhalt
des Gesamtbetrags nach Maßgabe des
§ 11 bekannt gemacht wurde; oder
(c) is presented for payment more than 30
days after the date on which the payment
in question first becomes due or, if the
full amount payable on such due date has
not been received by the Paying Agent
on or prior to such due date, the date on
which notice of receipt of the full
amount has been given to the
Bondholders in accordance with § 11; or
(d) im Hinblick auf Abzüge oder Einbehalte
aufgrund (i) der Richtlinie des Rates
2003/48/EC
oder
einer
anderen
Richtlinie der Europäischen Union,
welche die Beschlüsse der Versammlung
des Rates der Wirtschafts- und
Finanzminister der Europäischen Union
(ECOFIN) vom 26. bis 27. November
2000 betreffend die Besteuerung von
Zinserträgen umsetzt oder (ii) einer
zwischenstaatlichen Vereinbarung über
deren Besteuerung, an der die Republik
(d) with
respect
to
deduction
or
withholdings made pursuant to (i)
European Council Directive 2003/48/EC
or any other Directive implementing the
conclusions of the ECOFIN Council
meeting of 26- 27 November 2000 on the
taxation of savings income, (ii) any
international treaty or understanding
relating to such taxation and to which the
Republic of Austria or the European
Union is a party, or (iii) any provision of
law implementing, or complying with,
82
Österreich oder die Europäische Union
beteiligt ist, oder (iii) einer gesetzlichen
Vorschrift, die eine solche Richtlinie,
Verordnung oder Vereinbarung umsetzt
oder befolgt; oder
or introduced to conform with, such
Directive,
Regulation,
treaty
or
understanding; or
(e) die von einem Anleihegläubiger oder in
dessen Namen zur Zahlung vorgelegt
werden, der diesen Einbehalt oder Abzug
durch Vorlage der Schuldverschreibung
bei einer Zahlstelle in einem anderen
Mitgliedstaat der Europäischen Union
hätte vermeiden können.
(e) by or on behalf of a Bondholder who
would have been able to avoid such
withholding or deduction by presenting
the Bond to a Paying Agent in another
Member State of the European Union.
(2) Eine
Bezugnahme
in
diesen
Anleihebedingungen auf Kapital oder
Vergütungen schließt jegliche zusätzlichen
Beträge im Hinblick auf Kapital bzw.
Vergütungen ein, die gemäß diesem § 7
zahlbar sind.
(2) Any reference in these Conditions of Issue to
principal or remuneration will be deemed to
include any Additional Amounts in respect of
principal or remuneration (as the case may
be) which may be payable under this § 7 .
§8
VERJÄHRUNG
§8
LIMITATION
Die Verjährungsfrist aus Ansprüchen auf das
Kapital beträgt zehn Jahre. Die Verjährungsfrist
aus Ansprüchen auf Vergütungen beträgt drei
Jahre.
The limitation period shall be ten years in respect
of principal and three years in respect of
remuneration on the Bonds.
§9
ZAHLSTELLEN UND
BERECHNUNGSSTELLE
§9
PAYING AGENTS AND CALCULATION
AGENT
(1) Zahlstelle.
(1) Paying Agent.
Die Deutsche Bank Aktiengesellschaft ist die
anfängliche Zahlstelle (Zahlstelle).
Deutsche Bank Aktiengesellschaft shall be the
initial paying agent (Paying Agent).
(2) Berechnungsstelle.
(2) Calculation Agent.
Die Deutsche Bank Aktiengesellschaft ist die
anfängliche
Berechnungsstelle
(Berechnungsstelle).
Deutsche Bank Aktiengesellschaft shall be the
initial calculation agent (Calculation Agent).
(3) Rechtsverhältnisse der Zahlstelle und der
Berechnungsstelle.
(3) Paying Agent and Calculation Agent Legal
Matters.
Die Zahlstelle und die Berechnungsstelle handeln
ausschließlich als Beauftragte der Emittentin und
übernehmen keine Verpflichtungen gegenüber den
Anleihegläubigern; es wird kein Vertrags-,
Auftrags- oder Treuhandverhältnis zwischen ihnen
und den Anleihegläubigern begründet.
The Paying Agent and the Calculation Agent act
solely as agents of the Issuer and do not assume
any obligations towards or relationship of
contract, agency or trust for or with any of the
Bondholders.
83
(4) Ersetzung von Zahlstelle und Berechnungsstelle.
(4) Replacement of
Calculation Agent.
Die Emittentin behält sich das Recht vor, jederzeit
eine andere Zahlstelle oder Berechnungsstelle zu
beauftragen oder eine solche Beauftragung zu
beenden und zusätzliche oder NachfolgeZahlstellen bzw. Berechnungsstellen zu ernennen.
Die Emittentin wird jedoch gewährleisten, dass,
solange die Schuldverschreibungen an einer Börse
notiert sind, jederzeit eine Zahlstelle in dem Staat
beauftragt ist, in dem die Börse ihren Sitz hat. Die
Emittentin wird auch sicherstellen, dass für den
Fall, dass im Hinblick auf die Richtlinie der
Europäischen Union zur Besteuerung privater
Zinserträge vom 3. Juni 2003, ein Gesetz, das
diese Richtlinie umsetzt oder eingeführt wird, um
dieser Richtlinie nachzukommen, erlassen wird,
eine Zahlstelle in einem Mitgliedstaat der
Europäischen Union unterhalten wird (sofern es
eine derartige gibt), die nicht dazu verpflichtet ist,
Steuern aufgrund dieser Richtlinie oder eines
solchen Gesetzes an der Quelle einzubehalten oder
abzuziehen. Den Anleihegläubigern werden
Änderungen in Bezug auf die Zahlstellen oder die
Berechnungsstelle oder ihre jeweils angegebenen
Geschäftsstellen umgehend gemäß § 11 mitgeteilt.
The Issuer reserves the right at any time to vary or
terminate the appointment of the Paying Agent or
the Calculation Agent and to appoint a successor
or additional Paying Agent or a successor
Calculation Agent, provided that, for as long as
the Bonds are listed on any stock exchange, the
Issuer will at all times maintain a Paying Agent in
the jurisdiction in which such stock exchange is
located; and provided further that if, in light of the
European Union Directive on the taxation of
savings of 3 June 2003, any law implementing or
introduced in order to conform to such Directive is
introduced, the Issuer will ensure that (to the
extent that such a Paying Agent exists) it
maintains a Paying Agent in a Member State of
the European Union that will not be obliged to
withhold or deduct tax pursuant to this Directive
or any such law. Notice of any change in the
Paying Agents or Calculation Agent or in the
specified office of any Paying Agent or the
Calculation Agent will be given without undue
delay to the Bondholders in accordance with § 11.
§ 10
AUFSTOCKUNG
§ 10
INCREASE
Die Emittentin kann ohne Zustimmung der
Anleihegläubiger weitere Schuldverschreibungen
begeben, die in jeder Hinsicht (oder in jeder
Hinsicht
mit
Ausnahme
der
ersten
Vergütungszahlung) die gleichen Bedingungen
wie die Schuldverschreibungen dieser Anleihe
haben
und
die
zusammen
mit
den
Schuldverschreibungen dieser Anleihe eine
einzige Serie bilden.
The Issuer may, from time to time and without the
consent of the Bondholders create and issue
further bonds having the same Conditions of Issue
as the Bonds in all respects (or in all respects,
except for the first payment of remuneration) so as
to form a single series with the Bonds.
§ 11
MITTEILUNGEN
§ 11
NOTICES
(1) Falls die Schuldverschreibungen zum Handel
an einer oder mehreren Börsen zugelassen
werden, gelten sämtliche Mitteilungen an die
Anleihegläubiger als ordnungsgemäß bekannt
gemacht, wenn sie in dem Staat einer jeden
Wertpapierbörse,
an
der
die
Schuldverschreibungen notiert werden, in
einer
Tageszeitung
mit
landesweiter
Verbreitung veröffentlicht werden, solange
diese Notierung fortdauert und die Regeln der
jeweiligen Börse dies erfordern. Jede
Mitteilung gilt mit dem Tag der ersten
(1) If the Bonds are admitted for trading on any
stock exchange, notices to the Bondholders
will be valid if published in a leading daily
newspaper having general circulation in the
jurisdiction of any stock exchange on which
the Bonds may be listed from time to time, for
so long as the Bonds are listed on the
respective exchange and the rules of any such
exchange so require. Any such notice shall be
deemed to have been given on the date of the
first publication or, when required to be
published in more than one newspaper, on the
84
Paying
Agent
and
Veröffentlichung als bekannt gemacht; falls
eine Veröffentlichung in mehr als einer
Tageszeitung vorgeschrieben ist, ist der Tag
maßgeblich, an dem die Bekanntmachung
erstmals
in
allen
erforderlichen
Tageszeitungen erfolgt ist.
date on which the notice has first been
published in all required newspapers.
(2) Mitteilungen an die Anleihegläubiger können
anstelle der Veröffentlichung in einer Zeitung
nach Maßgabe des § 11(1), (vorbehaltlich
anwendbarer Börsenvorschriften bzw. regeln)
solange
eine
die
Schuldverschreibungen verbriefende Globalurkunde
für das Clearingsystem gehalten wird, durch
Abgabe der entsprechenden Mitteilung an das
Clearingsystem zur Weiterleitung an die
Anleihegläubiger ersetzt werden.
(2) Notices to Bondholders may (subject to
applicable stock exchange rules and
requirements), so long as any Global Bond
representing the Bonds is held on behalf of
the Clearing System, be given in lieu of
publication in a newspaper pursuant to
§ 11(1) by delivery of the relevant notice to
the Clearing System for communication to the
Bondholders.
§ 12
ERSETZUNG
§ 12
SUBSTITUTION
(1) Ersetzung.
(1) Substitution.
Die Emittentin ist jederzeit berechtigt, ohne
Zustimmung der Anleihegläubiger, eine andere
Gesellschaft, die direkt oder indirekt von der
Emittentin
kontrolliert
wird,
als
neue
Anleiheschuldnerin für alle sich aus oder im
Zusammenhang mit den Schuldverschreibungen
ergebenden
Verpflichtungen
mit
schuldbefreiender Wirkung für die Emittentin an
die Stelle der Emittentin zu setzen (die Neue
Anleiheschuldnerin), sofern
The Issuer may at any time, without the consent of
the Bondholders, substitute for the Issuer any
other company which is directly or indirectly
controlled by the Issuer, as new issuer (the New
Issuer) in respect of all obligations arising under
or in connection with the Bonds, with the effect of
releasing the Issuer of all such obligations, if:
(a) die Emittentin sich nicht mit einer fälligen
Zahlung auf die Schuldverschreibungen in
Verzug befindet;
(a) the Issuer is not in default of any payment due
under the Bonds;
(b) die Neue Anleiheschuldnerin sämtliche
Verpflichtungen der Emittentin aus oder im
Zusammenhang
mit
den
Schuldverschreibungen übernimmt;
(b) the New Issuer assumes any and all
obligations of the Issuer arising under or in
connection with the Bonds;
(c) die Neue Anleiheschuldnerin sämtliche für
die Schuldnerersetzung und die Erfüllung der
Verpflichtungen aus oder im Zusammenhang
mit
den
Schuldverschreibungen
erforderlichen Genehmigungen erhalten hat;
(c) the New Issuer has obtained all authorisations
and approvals necessary for the substitution
and the fulfillment of the obligations arising
under or in connection with the Bonds;
(d) die Neue Anleiheschuldnerin in der Lage ist,
sämtliche zur Erfüllung der aufgrund der
Schuldverschreibungen
bestehenden
Zahlungsverpflichtungen
erforderlichen
Beträge in Euro an das Clearingsystem zu
zahlen, und zwar ohne Abzug oder Einbehalt
von Steuern oder sonstigen Abgaben
(d) the New Issuer is in the position to pay to the
Clearing System in euro and without
deducting or withholding any taxes or other
duties of whatever nature imposed, levied or
deducted by the country (or countries) in
which the New Issuer has its domicile or tax
residence all amounts required for the
85
jedweder Art, die von dem Land (oder den
Ländern), in dem (in denen) die Neue
Anleiheschuldnerin ihren Sitz oder Steuersitz
hat, auferlegt, erhoben oder eingezogen
werden;
performance of the payment obligations
arising from or in connection with the Bonds;
(e) die Neue Anleiheschuldnerin oder die
Emittentin sich verpflichtet haben, die
Anleihegläubiger hinsichtlich solcher Steuern,
Abgaben oder behördlicher Gebühren
freizustellen, die den Anleihegläubigern
bezüglich der Ersetzung auferlegt werden;
(e) the New Issuer or the Issuer has agreed to
indemnify the Bondholders against such
taxes, duties or governmental charges as may
be imposed on the Bondholders in connection
with the substitution;
(f) die Emittentin unbedingt und unwiderruflich
die
Verpflichtungen
der
Neuen
Anleiheschuldnerin garantiert oder einen
Ergebnisübernahmevertrag mit der Neuen
Anleiheschuldnerin abgeschlossen oder die
ordnungsgemäße
Erfüllung
der
Verpflichtungen sonst in vollem Umfang
wirtschaftlich sichergestellt hat; und
(f) the Issuer has unconditionally and irrevocably
guaranteed the obligations of the New Issuer
or has entered into a profit and loss
assumption agreement with the New Issuer or
has ensured proper and full performance of
the obligations by other economic means; and
(g) der
Zahlstelle
ein
oder
mehrere
Rechtsgutachten von anerkannten Rechtsanwälten vorgelegt werden, die bestätigen, dass
die Voraussetzungen in den vorstehenden
Unterabsätzen (b) bis (f) erfüllt wurden.
(g) there shall have been delivered to the Paying
Agent an opinion or opinions of lawyers of
recognised standing to the effect that
subparagraphs (b) to (f) above have been
satisfied.
(2) Bezugnahmen.
(2) References
Im Fall einer Schuldnerersetzung nach Maßgabe
von § 12(1) gilt jede Bezugnahme in diesen
Anleihebedingungen auf die Emittentin als eine
solche auf die Neue Anleiheschuldnerin und jede
Bezugnahme auf die Republik Österreich als eine
solche auf den Staat, in welchem die Neue
Anleiheschuldnerin steuerlich ansässig ist.
In the event of a substitution pursuant to § 12(1),
any reference in these Conditions of Issue to the
Issuer shall be a reference to the New Issuer and
any reference to the Republic of Austria shall be a
reference to the New Issuer's country of domicile
for tax purposes.
(3) Bekanntmachung und Wirksamwerden der
Ersetzung.
(3) Notice and Effectiveness of Substitution.
Die Ersetzung der Emittentin ist gemäß § 11
bekannt zu machen. Mit der Bekanntmachung der
Ersetzung wird die Ersetzung wirksam und die
Emittentin (und im Falle einer wiederholten
Anwendung dieses § 12 jede frühere Neue
Anleiheschuldnerin) von ihren sämtlichen
Verpflichtungen aus oder im Zusammenhang mit
den Schuldverschreibungen frei. Im Falle einer
solchen Ersetzung werden die Wertpapierbörsen
informiert, an denen die Schuldverschreibungen
notiert sind.
Notice of any substitution of the Issuer shall be
given by publication in accordance with § 11.
Upon such publication, the substitution shall
become effective, and the Issuer and in the event
of a repeated application of this § 12, any previous
New Issuer shall be discharged from any and all
obligations under or in connection with the Bonds.
In case of such substitution, the stock exchange(s),
if any, on which the Bonds are then listed will be
notified.
86
§ 13
ANWENDBARES RECHT UND
GERICHTSSTAND
§ 13
GOVERNING LAW AND JURISDICTION
(1) Anwendbares Recht.
(1) Governing law.
Form und Inhalt der Schuldverschreibungen sowie
die Rechte und Pflichten der Anleihegläubiger und
der Emittentin bestimmen sich ausschließlich nach
österreichischem Recht.
The form and contents of the Bonds and the rights
and obligations of the Bondholders and the Issuer
shall be governed exclusively by, and construed in
accordance with, Austrian law.
(2) Erfüllungsort.
(2) Place of Performance.
Erfüllungsort ist Wien, Republik Österreich.
Place of performance is Vienna, Republic of
Austria.
(3) Gerichtsstand.
(3) Jurisdiction.
Die Emittentin vereinbart zugunsten der
Anleihegläubiger, dass Wien der Gerichtsstand für
alle Klagen, Verfahren oder Rechtsstreitigkeiten
gegen die Emittentin, die aus oder im
Zusammenhang mit den Schuldverschreibungen
entstehen (jeweils Verfahren bzw. Streitigkeiten),
ist. Die Emittentin erkennt diesen Gerichtsstand zu
diesem Zweck unwiderruflich an.
The Issuer agrees for the benefit of the
Bondholders that the courts of Vienna shall have
jurisdiction to hear and determine any suit, action
or proceedings and to settle any disputes which
may arise out of or in connection with the Bonds
(respectively, Proceedings and Disputes) and, for
that purpose, the Issuer irrevocably submits to the
jurisdiction of the courts of Vienna.
(4) Nichtausschließlichkeit.
(4) Non-exclusivity.
Die Gerichtsstandsvereinbarung beschränkt nicht
das Recht eines Anleihegläubigers (und wird auch
nicht dahingehend ausgelegt), Verfahren vor
einem anderen zuständigen Gericht anzustrengen.
Ebenso wenig schließt die Einleitung von
Verfahren
an
einem
oder
mehreren
Gerichtsständen die Einleitung von Verfahren an
einem anderen Gerichtsstand aus (gleichgültig, ob
diese gleichzeitig geführt werden oder nicht), falls
und soweit dies rechtlich zulässig ist.
The submission to the jurisdiction of the courts of
Vienna shall not (and shall not be construed so as
to) limit the right of any Bondholder to take
Proceedings in any other court of competent
jurisdiction, nor shall the taking of Proceedings in
any one or more jurisdictions preclude the taking
of Proceedings in any other jurisdiction (whether
concurrently or not) if and to the extent permitted
by law.
§ 14
SPRACHE
§ 14
LANGUAGE
Diese Anleihebedingungen sind in deutscher
Sprache abgefasst und mit einer Übersetzung in
die englische Sprache versehen. Der deutsche
Wortlaut ist allein rechtsverbindlich. Die
englische Übersetzung ist unverbindlich.
These Conditions of Issue are drawn up in the
German language and provided with an English
language translation. The German version shall be
the only legally binding version. The English
translation is for convenience only.
87
STATEMENT PURSUANT TO COMISSION REGULATION (EC) NO 809/2004 OF APRIL 29,
2004 AND PURSUANT TO § 8 PARA 1 CAPITAL MARKET ACT
Wienerberger AG is responsible for this prospectus and declares that, having taken all reasonable care
to ensure that such is the case, the information contained in this prospectus is, to the best of its
knowledge, in accordance with the facts and does not omit anything likely to affect the import of such
information.
Wienerberger AG
as issuer (als Emittent)
Heimo Scheuch
Willy Van Riet
Vienna, September 3, 2014
D-1
GERMAN TRANSLATION OF THE SUMMARY
ZUSAMMENFASSUNG
Zusammenfassungen bestehen aus sogenannten Elementen, die verschiedene Informations- und
Veröffentlichungspflichten enthalten. Die Elemente sind in den Abschnitten A bis E nummeriert (A.1 bis
E.7). Diese Zusammenfassung enthält alle Elemente, die für Wertpapiere und Emittenten dieser Art
vorgeschrieben sind. Nachdem manche Elemente nicht erforderlich sind, können Lücken in der
Nummerierung der Elemente auftreten. Auch wenn ein Element aufgrund der Art der Wertpapiere und
des Emittenten für die Zusammenfassung vorgeschrieben ist, kann es sein, dass dazu keine passende
Information gegeben werden kann. In diesem Fall ist in der Zusammenfassung eine kurze Beschreibung
des Elements mit dem Hinweis „entfällt“ enthalten.
Abschnitt A - Einleitung und Warnhinweise
A.1
Warnhinweise ....................... Diese Zusammenfassung sollte als Einleitung zum Prospekt
verstanden werden. Anleger sollten sich bei jeder Entscheidung zur
Anlage in die betreffenden Wertpapiere auf die Prüfung des
gesamten Prospekts stützen. Ein Anleger, der wegen der in diesem
Prospekt enthaltenen Angaben Klage einreichen will, muss nach
den
nationalen
Rechtsvorschriften
seines
Mitgliedstaats
möglicherweise für die Übersetzung des Prospekts aufkommen,
bevor das Verfahren eingeleitet werden kann. Zivilrechtlich haften
nur diejenigen Personen, die die Zusammenfassung samt etwaiger
Übersetzungen vorgelegt und übermittelt haben, und dies auch nur
für den Fall, dass die Zusammenfassung verglichen mit den anderen
Teilen des Prospekts irreführend, unrichtig oder inkohärent ist oder
verglichen mit den anderen Teilen des Prospekts wesentliche
Angaben, die in Bezug auf Anlagen in die betreffenden Wertpapiere
für die Anleger eine Entscheidungshilfe darstellen, vermissen lässt.
A.2
Zustimmung der Emittentin zur Prospektverwendung ...................................... Die Emittentin hat keine Zustimmung zur Verwendung dieses
Prospektes für eine spätere Weiterveräußerung oder endgültige
Platzierung von Wertpapieren durch Finanzintermediäre erteilt.
Abschnitt B – Emittentin
B.1
Gesetzliche und
kommerzielle
Bezeichnung.......................... Wienerberger AG (die „Emittentin“)
B.2
Sitz, Rechtsform, Recht,
Land der Gründung ............... Die Emittentin hat ihren Sitz in Wien und ihre Geschäftsanschrift in
Wienerberg City, Wienerbergstraße 11, A-1100 Wien.
Die Emittentin ist eine in Österreich nach österreichischem Recht
gegründete Aktiengesellschaft.
B.4b Bekannte Trends bei der
Emittentin und in ihrer
Branche ................................ Zusätzlich zum Wetter, das ein wichtiger externer, die Nachfrage
bestimmender Faktor ist, unterliegt die Bauwirtschaft (insbesondere
der Wohnbau, der nach Einschätzung des Managements für einen
Großteil der weltweiten Nachfrage nach Ziegel und Dachziegel
S-1
ursächlich ist) typischen makroökonomischen Treibern wie etwa der
BIP Wachstumsrate, dem Niveau von Konsumausgaben und
Verbrauchervertrauen und, zu einem geringeren Ausmaß, dem
langfristigen Zinsniveau (das sind die Hypothekenzinsen). Die
Schuldenkrise der Eurozone und der generelle wirtschaftliche
Abschwung, der in der Eurozone im Jahr 2012 zu einer Rezession
führte, haben noch immer einen negativen Einfluss auf die Gruppe.
Weitere Sparmaßnahmen von Mitgliedsstaaten der Eurozone mit
hoher Staatsverschuldung könnten zu einem Rückgang der
Infrastrukturprojekte führen, einem für das Pflaster- und
Rohrgeschäft der Gruppe wichtigen Segment.
Zwei der wesentlichsten Trends im Wohnungsneubau sind
nachhaltiges und energieeffizientes Bauen. Insbesondere schreiben
EU-Vorschriften vor, dass alle Gebäude, die ab dem Jahr 2020
errichtet werden, eine neutrale Energiebilanz haben müssen. Die
Gruppe hat sich diesen Herausforderungen bereits in den letzten
Jahren gestellt und gemeinsam mit Partnern aus den Bereichen
Heiztechnik, Wärmedämmung etc. ein Hauskonzept entwickelt, das
diese Anforderungen bereits heute erfüllt.
Überhaupt sieht sich die Gruppe mit zunehmend komplexeren
rechtlichen Rahmenbedingungen konfrontiert: Die Gruppe
unterliegt
zahlreichen
umwelt-,
gesundheitsund
sicherheitsrechtlichen Gesetzen, Verordnungen und Standards,
deren Anzahl in den vergangene Jahren insbesondere in der
Europäischen Union und den USA, wo die Gruppe wichtige Werke
betreibt, gestiegen sind. Darüber hinaus sind derartige Gesetze in
den letzten Jahren strenger geworden oder werden von den
Behörden strenger ausgelegt. Dieser Trend wird sich voraussichtlich
fortsetzen und könnte in steigenden Ausgaben der Gruppe zur
Einhaltung neuer Bestimmungen resultieren.
Ein Trend zur Renovierung von Abwasserkanälen und
Abwassersystemen in Osteuropa ist eine Geschäftschance für die
Gruppe: Insbesondere in CEE sind Abwasseranbindungsraten noch
immer auf wesentlich geringerem Niveau als westeuropäische
Standards. Außerdem haben der Klimawandel und eine verstärkte
Entwicklung von Grünflächen zu steigenden Fällen von
Überflutungen in Stadtzentren geführt. Pipelife hat ein System zur
Vermeidung dieses Risikos entwickelt und bietet auch Produkte für
Regenwassermanagement an, was die Gruppe als weitere
Geschäftsgelegenheit ansieht.
B.5
Beschreibung der Gruppe
und der Stellung der Emittentin in der Gruppe .............. Die Emittentin ist die Holdinggesellschaft der Gruppe, die neben
der Emittentin aus ihren konsolidierten Tochtergesellschaften zum
jeweils relevanten Zeitpunkt besteht.
B.9
Gewinnprognosen und schätzungen ........................... Entfällt. Es werden keine Gewinnprognosen oder -schätzungen
abgegeben.
S-2
B.10 Beschränkungen im
Bestätigungsvermerk............. Entfällt, weil die Jahresabschlüsse im Zeitraum der historischen
Finanzinformation mit einem uneingeschränkten Bestätigungsvermerk des Abschlussprüfers versehen wurden.
B.12 Ausgewählte wesentliche
Finanzinformationen ............. Die folgenden, ausgewählten konsolidierten Finanzinformationen
der Gruppe wurden den konsolidierten Jahresabschlüssen zum, und
für die sechs Monate endend 30. Juni 2014 und die Jahre endend 31.
Dezember 2013 und 2014, welche in diesen Prospekt per Verweis
aufgenommen sind, entnommen.
Sechs-Monats-Periode
endend
30 Juni
Geschäftsjahr endend
31. Dezember
2014
2013
2013
ungeprüft
geprüft
in EUR Millionen
Wesentliche Kennzahlen der Konzern
Gewinn- und Verlustrechnung
Umsatzerlöse ................................................................
1.349,4
1.260,4
Ergebnis nach Ertragssteuern ................................-1,7
-31,0
EBITDA operativ(1) ................................................................
135,1
106,3
EBIT operativ(1) ................................................................
33,5
4,9
Investitionen und Akquisitionen................................
52,3
43,3
Ergebnis je Aktie (in EUR) ................................-0,15
-0,40
Wesentliche Kennzahlen des
Konzern Cash-flow
Brutto Cash-flow
101,9
Cash-flow aus dem Ergebnis ................................
-50,0
Cash-flow aus laufender Tätigkeit ................................
-50,9
Cash-flow aus Investitionstätigkeit ................................
-30,6
Zum 30. Juni
75,9
-107,1
-37,4
189,7
2.662,9
-7,8
266,5
55,3
106,7
-0,34
2.355,5
-40,5
245,5
31,0
268,7
-0,61
164,6
190,9
-98,7
163,9
127,0
229,5
-229,3
-248,7
Zum 31. Dezember
2014
2013
ungeprüft
geprüft
in EUR Millionen
Wesentliche Konzernbilanzkennzahlen
Langfristiges Vermögen ................................
2.617,3
Kurzfristiges Vermögen ................................
1.606,6
Summe Aktiva ................................................................
4.223,9
Eigenkapital ................................................................
2.205,7
Langfristige Rückstellungen und
Verbindlichkeiten ................................................................
1.123,9
Kurzfristige Rückstellungen und
Verbindlichkeiten ................................................................
894,3
Summe Passiva ................................................................
4.223,9
(1)
2012
2012
2.662,5
1.548,8
4.211,4
2.254,2
2.840,3
1.299,4
4.139,7
2.363,7
1.115,4
1.159,7
841,8
4.211,4
616,3
4.139,7
Die Finanzkennzahlen sind bereinigt um nicht wiederkehrende
Aufwendungen und Erträge.
Seit 31. Dezember 2013 haben sich die Aussichten der Gruppe nicht
wesentlich verschlechtert. Es gab seit dem 30. Juni 2014 keine
wesentlichen Veränderungen in der Finanzlage oder der
Handelsposition der Emittentin.
B.13 Für die Zahlungsfähigkeit
der Emittentin in hohem
Maße relevante Ereignisse
aus der jüngsten Zeit ............. Nicht anwendbar, da keine Ereignisse aus der jüngsten Zeit für die
Zahlungsfähigkeit der Emittentin in hohem Maße relevant waren.
B.14 Abhängigkeit der
Emittentin von anderen
Unternehmen der Gruppe ...... Als Holdinggesellschaft übt die Emittentin keine operative Tätigkeit
aus und ist daher von Zuwendungen und Ausschüttungen ihrer
Tochtergesellschaften abhängig.
S-3
B.15 Haupttätigkeiten der
Emittentin.............................. Das Kerngeschäft der Gruppe ist in zwei Kernsegmente, Clay
Building Materials sowie Pipes & Pavers, unterteilt. Die Gruppe
unterteilt ihre Geschäftstätigkeit in die vier Geschäftsbereiche Clay
Building Materials Europe (Hintermauerziegel, Vormauerziegel,
Tondachziegel), Pipes & Pavers Europe (Kunststoffrohre,
keramische Rohre, Betonflächenbefestigungen), North America
(Vormauerziegeln, keramische Rohre, Betonprodukte) und Holding
& Others.
Die
Produkte
werden
in
erster
Linie
unter
der
Gruppenmarkenbezeichnung
„Wienerberger“
und
Hintermauerziegel unter der Marke „Porotherm“ sowie „Poroton”
(nur in Deutschland), Vormauerziegel und Pflasterklinker unter
„Terca“ und „General Shale“, Tondachziegel unter „Koramic“ und
„Tondach Gleinstätten“ Rohre unter „Pipelife“ und „SteinzeugKeramo“ vermarktet. Zusätzlich zu vom Konzern hergestellten
Produkten bietet Wienerberger innovative Systemlösungen wie
nicht-keramisches Zubehör für Dächer, vorgefertigte Wandsysteme
oder spezielle Ziegelkleber für Wände an.
B.16 Beteiligungen und
Beherrschungsverhältnisse .... Nicht anwendbar. Nach Kenntnis der Emittentin wird sie nicht
direkt oder indirekt von einer Person oder einem Unternehmen
(oder einer gemeinsam vorgehenden Gruppe von Personen oder
Unternehmen) beherrscht oder kontrolliert.
B.17 Ratings der Emittentin und
ihrer Schuldtitel..................... Moody’s hat (i) der Emittentin ein „corporate family-Rating“ von
Ba3, (ii) bestimmten ihrer ausstehenden langfristigen
Verbindlichkeiten ein langfristiges Rating von Ba2 sowie (iii) den
tief nachrangigen Hybridschuldverschreibungen 2007 der
Emittentin ein Rating von B1, jeweils mit negativem Ausblick,
zugewiesen.
Die Emittentin hat bei Moody’s ein Rating für die
Schuldverschreibungen bestellt. Es wird erwartet, dass das Rating
B1 sein wird.
Abschnitt C - Wertpapiere
C.1
Art und Gattung,
Wertpapierkennung ............... Nachrangige Schuldverschreibungen.
ISIN:
WKN:
DE000A1ZN206
A1ZN20
C.2
Währung................................ Euro
C.5
Beschränkungen der freien
Übertragbarkeit ..................... entfällt, weil die Wertpapiere uneingeschränkt übertragbar
sind.
C.8
Rechte, Rang,
Beschränkung der Rechte ..... Das wichtigste, mit den Schuldverschreibungen verbundene Recht
sind die in C.9 beschriebenen Zinszahlungen.
S-4
Anleihegläubiger können die Schuldverschreibungen nicht
kündigen. Die Emittentin kann die Schuldverschreibungen am
Ersten
Rückzahlungstermin
und
danach
an
jedem
Vergütungszahlungstag kündigen und zurückzahlen. Zusätzlich
kann die Emittentin gemäß den Anleihebedingungen, die in diesem
Prospekt dargelegt werden, die Schuldverschreibungen im Falle
eines Gross-Up-Ereignisses, eines Steuerereignisses oder eines
Rechnungslegungsereignisses oder wenn weniger als 25% der
Schuldverschreibungen ausstehend sind, kündigen.
Die Schuldverschreibungen sind direkte, ungesicherte und
nachrangige Verbindlichkeiten der Emittentin, die untereinander
und mit den Verbindlichkeiten der Emittentin aus den bestehenden
Hybridschuldverschreibungen 2007 gleichrangig sind, wobei sie
allen anderen gegenwärtigen oder zukünftigen nachrangigen oder
nicht nachrangigen Verbindlichkeiten der Emittentin nachrangig
sind, sofern zwingende Vorschriften nicht anderes bestimmen.
Insbesondere im Falle einer Liquidation oder Insolvenz der
Emittentin erfolgt die Befriedigung der Verbindlichkeiten der
Emittentin aus den Schuldverschreibungen erst, nachdem alle
anderen nicht nachrangigen oder nachrangigen Gläubiger (außer die
Gläubiger mit gleichrangigen Forderungen) zur Gänze befriedigt
wurden.
C.9
Zinssatz, Zahlungstermine,
Rendite, Vertretung ............... Auf die Schuldverschreibungen wird eine Vergütung, die jährlich
nachträglich an jedem Vergütungszahlungstag beginnend am 09.
Februar 2015 zu zahlen ist, vom Emissionstag (einschließlich) bis
zum Ersten Endperiodentermin (ausschließlich) zu einem Zinssatz
von 6,5% pro Jahr gezahlt. Vom Ersten Endperiodentermins
(einschließlich)
bis
zum
Ersten
Rückzahlungstermin
(ausschließlich) werden die Schuldverschreibungen jährlich
nachträglich an jedem Vergütungszahlungstag beginnend am 09.
Februar 2018 mit einem Zinssatz von 5,0% pro Jahr vergütet. Vom
Ersten
Rückzahlungstermin
(einschließlich)
werden
die
Schuldverschreibungen
jährlich
nachträglich
an
jedem
Vergütungszahlungstag für
jeden Reset-Zeitraum zu dem
relevanten 5-Jahres Swapsatz plus 5,95% Marge vergütet.
Zahlungen der Vergütung und die Rückzahlung des Kapitals durch
die Emittentin erfolgen durch eine Gutschrift des jeweiligen Betrags
auf ein Konto der Depotbank des jeweiligen Anlegers.
Sofern es nicht zu einer vorzeitigen Rückzahlung von
Schuldverschreibungen kommt entspricht die Rendite bis zum
Ersten Rückzahlungstermin 5,623% per annum.
Die Anleihebedingungen enthalten keine Bestimmungen zur
Vertretung von Anleihegläubigern. Unter bestimmten Umständen
könnte jedoch ein gemeinsamer Vertreter (Kurator) nach dem
Kuratorengesetz RGBl 1874/49, in der geltenden Fassung, zur
Vertretung von Anleihegläubigern vor Gericht bestellt werden.
S-5
C.10 Derivative Komponente ........ Die Schuldverschreibungen werden ab dem Ersten Rückzahlungstermin mit dem Reset-Zinssatz auf ihren Nennbetrag verzinst. Der
Reset-Zinssatz wird von der Berechnungsstelle auf Basis des 5Jahres Swapsatzes plus der anwendbaren Marge festgelegt. Der 5Jahres Swapsatz ist das rechnerische Mittel der Geld- und Briefsätze
für den jährlichen Festzinszahlungsstrom einer fixed-for-floating
Euro Zinsswap-Transaktion mit 5-jähriger Laufzeit und basiert zum
Teil auf dem 6-Monats-EURIBOR. Der EURIBOR ist ein täglicher
Referenzzinssatz, der von Reuters täglich veröffentlicht wird. Der
relevante 5-Jahres Swapsatz wird daher zum Teil vom Niveau des
EURIBOR zu den Reset-Terminen abhängen, weshalb ein Anstieg
des EURIBOR zu höheren Reset-Zinssätzen führen kann und ein
Rückgang zu niedrigeren Reset-Zinssätzen.
Falls eine für die Berechnung des 5-Jahres Swapsatzes benötigte
Information am Reset-Zinsfeststellungstag nicht verfügbar ist, wird
der Reset-Zinssatz von der Berechnungsstelle auf Basis des ResetReferenzbankensatzes berechnet, einem Prozentsatz, der sich auf
Basis von Quotierungen von fünf führenden Swap-Händlern
bestimmt.
C.11 Zulassung zum Handel .......... Die Emittentin wird am oder um den 29. September 2014 einen
Antrag auf Zulassung der Schuldverschreibungen zum Handel im
Geregelten Freiverkehr der Wiener Börse stellen.
Abschnitt D - Risiken
D.2
Wesentliche Risiken, die
Aktuelle, für die Gruppe relevante makroökonomische und
der Emittentin eigen sind ...... politische Entwicklungen und damit verbundene Risiken
•
Im Verlauf der globalen Finanz-, Wirtschafts- und
Schuldenkrise hat ein schwacher Markt in den letzten Jahren,
insbesondere im Wohnbausektor, zu einer schwächeren
Nachfrage nach Baumaterialien in einer Reihe von Märkten der
Gruppe geführt. Der Wohnbau in Europa war 2013 weiter
schwach und die Bauaktivität war weiterhin von der generell
schwachen Wirtschaft und der restriktiven Kreditvergabe der
Banken negativ beeinflusst. Darüber hinaus hat Druck auf den
öffentlichen Sektor, Ausgaben zu reduzieren, 2013 zu einem
Rückgang an Infrastrukturinvestitionen geführt. Die politische
Krise in der Ukraine und gegenüber Russland verhängte oder
von Russland verhängte Sanktionen gegen die USA und die
Europäische Union führen zu negativen Fremdwährungseffekten und könnten generell das Geschäft der Gruppe
ernsthaft schädigen.
•
Die Beendigung oder das weitere Zurückfahren von
Quantitative Easing durch das U.S. Federal Reserve System
oder andere Zentralbanken (oder die Annahme dass solche
Programme beendet oder zurückgefahren werden könnten)
könnten wieder zu Volatilität auf den Finanzmärkten führen und
das Wirtschaftswachstum negativ beeinträchtigen.
•
Die politische Krise in der Ukraine und ihre wirtschaftlichen
Auswirkungen könnten sich auf andere osteuropäischen Länder
übertragen, in denen Wienerberger tätig ist.
S-6
Risiken im Zusammenhang mit dem Marktumfeld der Gruppe
•
Die Gruppe ist der Zyklizität der Baustoffindustrie ausgesetzt,
welche von verschiedenen makroökonomischen Faktoren
abhängig ist.
•
Die Gruppe agiert in einer saisonabhängigen Branche.
•
In ihrem Ziegel-, Dachziegel, Flächenbefestigungs- und
Rohrsystemgeschäft steht die Gruppe im Wettbewerb mit
Produzenten von Ersatzprodukten und mit anderen Ziegel-,
Dachziegel,
Pflasterklinker- oder
Betonstein- sowie
Rohrproduzenten.
•
Die Gruppe kann in allen Ländern, in denen sie agiert,
kartellrechtlichen, gerichtlichen, verwaltungsbehördlichen und
anderen Verfahren ausgesetzt sein und unterliegt dem Risiko
von Klagen und Durchsetzungsmaßnahmen, was sich negativ
auf ihr Geschäft auswirken könnte.
•
Die Gruppe unterliegt Risiken im Zusammenhang mit
unzureichender Versicherung.
Strategische
Risiken
im
Geschäftstätigkeit der Gruppe
Zusammenhang
mit
der
•
Eine Firmenwertabschreibung könnte einen wesentlichen
Einfluss auf den Ertrag und das Eigenkapital der Gruppe haben.
•
Wirtschaftliche, politische, regulatorische und lokale
Geschäftsrisiken im Zusammenhang mit internationaler
Produktionsund
Vertriebstätigkeit
könnten
den
Geschäftsbetrieb der Gruppe, vor allem in Osteuropa,
beeinträchtigen.
•
Manche der Unternehmen, an denen die Gesellschaft Anteile
hält, kontrolliert die Gesellschaft nicht, und Handlungen solcher
Unternehmen sind unter Umständen nicht mit der Strategie und
den Interessen der Gruppe vereinbar.
•
Die Gruppe ist davon abhängig, Führungskräfte und
qualifizierte Mitarbeiter zu behalten, anzuwerben und aus- bzw.
weiterzubilden.
Operationelle Risiken der Gruppe
•
Die Gruppe kann Betriebsunterbrechungen, Produktionskürzungen oder Vermögensverluste erleiden.
•
Erhöhte Input- und Energiekosten oder Energieversorgungsstörungen können wesentliche Auswirkungen auf das Geschäft
und die Vermögens-, Finanz- und Ertragslage der Gruppe
haben.
S-7
Finanzielle
Risiken
im
Geschäftstätigkeit der Gruppe
Zusammenhang
mit
der
•
Das kapitalintensive Geschäft der Gruppe führt zu erheblichem
Finanzierungsbedarf.
•
Als Holdinggesellschaft ist die Emittentin von der Profitabilität
ihrer Tochtergesellschaften abhängig.
•
Verschlechterungen des Ratings oder der Kreditkennzahlen der
Gruppe, ihre Unfähigkeit, erforderliche Refinanzierungen zu
erhalten
und
Bedingungen,
die
in
bestehenden
Finanzierungsverträgen enthalten sind, könnten ihre
Refinanzierungskosten erhöhen und ihre Liquidität und
Rentabilität beeinträchtigen.
•
Da viele Tochtergesellschaften der Gruppe in anderen
Währungen als dem Euro arbeiten, könnten nachteilige
Veränderungen der ausländischen Wechselkurse gegenüber
dem Euro die Betriebsergebnisse und den Cashflow der Gruppe
erheblich beeinträchtigen.
•
Ein signifikanter Verzug eines Kreditinstituts oder eines
Kunden der Gruppe könnte das Geschäft und die Vermögens-,
Finanz- und Ertragslage der Gruppe erheblich beeinträchtigen.
•
Zinsänderungen könnten den Zinsaufwand der Gruppe erhöhen.
Geografische Risiken im Zusammenhang mit der Geschäftstätigkeit der Gruppe
•
Wirtschaftliche Instabilität in den Ländern, in denen die Gruppe
tätig ist, vor allem in Ost- und Südeuropa, könnte das Geschäft
und die Vermögens-, Finanz- und Ertragslage der Gruppe
beeinträchtigen.
•
Die Gruppe ist in bestimmten Ländern, in denen sie tätig ist, mit
rechtlichen Risiken konfrontiert und ihr Eigentum könnte nicht
in jedem dieser Länder umfassend geschützt sein.
Für die Gruppe relevante Risiken im Zusammenhang mit der
Umwelt
•
Die Gruppe unterliegt strengen Umwelt-, Gesundheits- und
Sicherheitsgesetzen, Verordnungen und Standards, deren
Einhaltung zu Kosten führt, die das Geschäft und die
Vermögens-, Finanz- und Ertragslage der Gruppe
beeinträchtigen könnten.
•
Änderungen in Baugesetzen, Verordnungen und Standards
könnten das Geschäft und die Vermögens-, Finanz- und
Ertragslage der Gruppe stark beeinträchtigen.
•
Änderungen in den Emissionshandelszertifikaten der
Europäischen Union und anderen lokalen Emissionssystemen
könnten zu einer Reduktion oder Einschränkung der
Übertragbarkeit der gratis zugewiesenen Emissionsrechte
führen und die Produktionskosten der Gruppe erhöhen.
S-8
D.3
Wesentliche Risiken, die
den Wertpapieren eigen
sind ........................................ •
Die Schuldverschreibungen sind möglicherweise keine für alle
Anleger geeignete Anlage.
•
Die
Schuldverschreibungen
sind
Wertpapiere
ohne
Endfälligkeitstag, in welche ein Investment ein finanzielles
Risiko für eine unbestimmte Periode darstellt.
•
Die Inhaber sind dem Risiko in Bezug auf eine vorzeitige
Rückzahlung der Schuldverschreibungen ausgesetzt.
•
Das Recht der Anleihegläubiger, Zahlungen aus den
Schuldverschreibungen zu erhalten ist nachrangig gegenüber
den Rechten aller bestehenden und zukünftigen Gläubiger.
•
Die Anleihebedingungen enthalten keine ausdrücklichen
Bestimmungen über Kündigungsgründe und Drittverzug.
•
Die Möglichkeiten der Anleihegläubiger, den Ausgang eines
Insolvenzverfahrens oder eines Restrukturierungsverfahrens
außerhalb eines Insolvenzverfahrens zu beeinflussen, sind
beschränkt.
•
Inhaber haben keine Stimmrechte.
•
Das einzige Rechtsmittel der Inhaber gegen die Emittentin ist
die Einleitung eines Gerichtsverfahrens, um Zahlungen
durchzusetzen, oder das Einbringen eines Insolvenzantrags.
•
Es besteht keine Beschränkung für die Emittentin, weiteres
Fremdkapital zu emittieren, welches vorrangig oder
gleichrangig mit den Schuldverschreibungen ist und die
Schuldverschreibungen enthalten keine finanziellen Zusagen
(financial covenants).
•
Die Schuldverschreibungen wurden noch nicht zum Handeln
zugelassen und jeder Handelsplatz könnte volatil sein.
•
Es besteht das Risiko, dass der Handel mit den
Schuldverschreibungen
ausgesetzt,
unterbrochen
oder
eingestellt wird.
•
Marktrisiko: Der Preis der Schuldverschreibungen könnte
fallen.
•
Investoren sind ab dem ersten Reset-Termin dem Risiko von
Veränderungen des 5-Jahres Swapsatzes ausgesetzt. Der
Emittent ist berechtigt, Vergütungszahlungen unter den
Schuldverschreibungen aufzuschieben.
•
Ratings der Emittentin oder der Schuldverschreibungen können
sich jederzeit verändern.
•
Die auf Euro lautenden Schuldverschreibungen könnten ein
Währungsrisiko für einen Anleihegläubiger darstellen, wenn der
Euro
für
den
betreffenden
Anleihegläubiger
eine
Fremdwährung ist.
S-9
•
Da die Globalschuldverschreibungen von oder für Clearstream
gehalten werden, müssen sich Anleihegläubiger auf deren
Verfahren zur Übertragung, Zahlung und Kommunikation mit
der Emittentin verlassen.
•
Anleihegläubiger übernehmen das Risiko, dass sich der Credit
Spread der Emittentin ändert (Credit Spread Risiko).
•
Die Rendite einer Veranlagung kann sich aufgrund künftiger
Inflation verringern.
•
Forderungen gegen die Emittentin auf Rückzahlung verjähren,
sofern sie nicht binnen zehn Jahren (hinsichtlich Kapital) und
binnen drei Jahren (hinsichtlich Zinsen) geltend gemacht
werden.
•
Die steuerlichen Auswirkungen einer Veranlagung in die
Schuldverschreibungen sollten genau geprüft werden.
•
Wenn der Erwerb der Schuldverschreibungen fremdfinanziert
wird, erhöht dies die Höhe des größten möglichen Verlusts
wesentlich.
Abschnitt E - Angebot
E.2b Gründe für das Angebot,
Zweckbestimmung der
Erlöse .................................... Der Zweck des öffentlichen Umtauschangebots ist die Optimierung
der Kapitalstruktur der Emittentin und die teilweise Tilgung der
Bestehenden Schuldverschreibung (wie unten definiert). Das
Umtauschangebot
ermöglicht
Investoren
überdies
eine
Reinvestition
durch
Umtausch
der
bestehenden
Schuldverschreibungen in neue Schuldverschreibungen mit späterer
Kündigungsmöglichkeit. Das Entgelt der Schuldverschreibungen
besteht aus dem aufgegebenen Wert der bestehenden
Schuldverschreibungen, die im Umtauschangebot angeboten
wurden.
E.3
Angebotskonditionen ............ Die Emittentin lädt alle Personen ein, die derzeit die bis EUR 500
Millionen 6,5% unbefristete und nachrangige fix zu variabel
verzinste kündbare Schuldverschreibungen, ISIN DE000A0G4X39,
(die „Bestehenden Schuldverschreibungen“) halten und die (a) in
Österreich oder Deutschland ansässig sind oder (b) „qualifizierte
Anleger“ gemäß der Richtlinie 2003/71/EC, in der geltenden
Fassung, und in einem Mitgliedstaat des Europäischen
Wirtschaftsraums ansässig und berechtigt sind, das vorgeschlagene
Umtauschangebot in diesem Mitgliedstaat anzunehmen, der
Emittentin
einen
Umtausch
der
Bestehenden
Schuldverschreibungen bis zu einem Nennwert von EUR 300
Millionen zu einem Umtauschverhältnis von 1 : 1 für
Schuldverschreibungen bis zu EUR 300 Millionen anzubieten
(zusammen, das „Umtauschangebot“). Das Umtauschangebot wird
gemäß den in einem Umtauschangebot Memorandum, das
ausschließlich
den
Inhabern
der
Bestehenden
Schuldverschreibungen zur Verfügung gestellt wird (das
„Umtauschangebot Memorandum“) und das nicht Teil dieses
Prospektes ist, enthaltenen Bedingungen gemacht.
S-10
Im Zusammenhang mit dem Umtauschangebot werden die
Schuldverschreibungen durch die Dealer Manager an die Halter
Bestehender Schuldverschreibungen als institutionelle Investoren
oder als Kleinanleger in Deutschland und Österreich angeboten, und
zwar in der Zeit vom 3. September 2014 bis 26. September 2014,
15:00 MEZ (die „Angebotsfrist“); das Recht zur Verkürzung der
Angebotsfrist
bleibt
vorbehalten).
Die
Ausgabe
der
Schuldverschreibungen erfolgt voraussichtlich am Liefertag.
Der Kapitalbetrag der Schuldverschreibungen, den jeder
Anleihegläubiger, deren Bestehenden Schuldverschreibungen von
der Emittentin zum Umtausch gemäß dem Umtauschangebot
angenommen wurden, am Liefertag erhalten wird, entspricht dem
Kapitalbetrag der Bestehenden Schuldverschreibungen der
Anleihegläubiger, die von der Emittentin zum Umtausch
angenommen wurden.
Falls Bestehende Schuldverschreibungen mit einem Nennbetrag von
mehr als EUR 300,000,000 der Emittentin zum Umtausch gültig
angeboten werden, beabsichtigt die Emittentin die Annahme von (i)
Angeboten zum Umtausch von Bestehenden Schuldverschreibungen
mit einem Gesamtnennbetrag von bis EUR 10,000 oder
vorzugsweise weniger und (ii) Angeboten zum Umtausch von
Bestehenden Schuldverschreibungen mit einem Gesamtnennbetrag
von mehr als EUR 10,000 nur soweit der Gesamtnenntrag der
Bestehenden Schuldverschreibungen, die zum Umtausch
angenommen wurden, nicht EUR 300,000,000 übersteigt.
Des Weiteren wird die Emittentin am Liefertag (wie nachstehend
definiert) einen Betrag, der der angefallenen und unbezahlten
Vergütung der Bestehenden Schuldverschreibungen entspricht und
gemäß den Bedingungen der Bestehenden Schuldverschreibungen
vom
unmittelbar
vorangehenden
festgelegten
Vergütungszahlungstag (einschließlich) bis zum Liefertages
bezüglich der Bestehenden Schuldverschreibungen, die von der
Emittentin zum Umtausch gemäß dem Umtauschangebot am
Liefertag angenommen wurden (ausschließlich), berechnet wird, in
bar zahlen. Es wird erwartet, dass die angefallene Vergütung pro
Schuldverschreibung etwa EUR 42 (vor Steuern) beträgt.
Das Umtauschangebot beginnt am 3. September, 2014 und läuft um
15:00 Uhr CET am 26. September, 2014 ab (der „Fristablauf“), es
sei denn die Frist wird geändert, erweitert, erneuert oder beendet.
Der voraussichtliche Liefertag für das Umtauschangebot ist der 6.
Oktober, 2014 (der „Liefertag“).
Umtauschanweisungen, die gemäß dem Umtauschangebot
eingereicht wurden und von dem Exchange Agent erhalten wurden,
können bis 15:00 Uhr CET am 23. September, 2014 oder falls das
Umtauschangebot verlängert wird, bis spätestens drei Werktage vor
dem verlängerten Fristablauf (die „Widerrufsfrist“), wie in dem
Exchange Offer Memorandum beschrieben, widerrufen werden.
S-11
E.4
Wesentliche Interessen an
der Emission/dem Angebot
einschließlich Interessenkonflikte ................................ Bemessen am Nominalbetrag der umgetauschten Bestehenden
Schuldverschreibungen werden die Dealer Manager eine
Basisgebühr von 0,50% und eine Erfolgsbeteiligung von 0,20% der
Schuldverschreibungen, die der jeweilige Dealer Manager mit der
Zustimmung der Emittentin umgetauscht hat, erhalten. Darüber
hinaus hat die Emittentin zugestimmt, die Dealer Manager
hinsichtlich bestimmter Kosten und Aufwendungen zu
entschädigen.
Die Dealer Manager beteiligen sich an gewöhnlichen
Geschäftstätigkeiten,
um
Verwaltungsgebühren
und
Verkaufsprovisionen zu erwirtschaften. Die Dealer Manager und
ihre
Tochtergesellschaften
stellen
mehrere
Banking-,
Finanzberatungen und/oder andere ähnliche Dienstleistungen der
Emittentin im Rahmen ihrer gewöhnlichen Geschäftstätigkeit zur
Verfügung und halten Geschäftsbeziehungen mit der Emittentin in
ihrer Funktion als Kreditinstitute, Kreditgeber oder im Rahmen von
Kreditfazilitäten für die sie übliche Gebühren und Kosten erhalten
haben und weiterhin erhalten werden, aufrecht.
E.7
Kosten für den Anleger ......... Die
Emittentin
wird
in
Zusammenhang
mit
den
Schuldverschreibungen keine Kosten, Aufwendungen oder Steuern
direkt an die Anleihegläubiger verrechnen. Depotführende Stellen
könnten für die Abwicklung des Umtauschangebots eigene
Gebühren verrechnen.
S-12
ISSUER
Wienerberger AG
Wienerberg City
Wienerbergstraße 11
1100 Vienna
Austria
DEALER MANAGERS
BNP PARIBAS
10 Harewood Avenue,
London NW1 6AA
United Kingdom
UniCredit Bank Austria AG
Schottengasse 6-8
1010 Vienna
Austria
EXCHANGE AGENT
Lucid Issuer Services Ltd
Leroy House
436 Essex Road
London N1 3QP
Great Britain
TRANSACTION COUNSEL
Cerha Hempel Spiegelfeld Hlawati
Partnerschaft von Rechtsanwälten
Parkring 2
1010 Vienna
Austria
AUDITORS
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Porzellangasse 51
1090 Vienna
Austria