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Structure as of December 1993 after ÖIAG-act. ÖIAG. 75%. 75%. 72.3%. VA Technologie. VA STAHL. Böhler-Uddeholm. ÖMV. AMAG. ÖBAG. Others. 25%. VAIndustrie-anlagenbau. VA STAHL Linz. Böhler AG. ÖMV Energie. AMAG Metall. GKB. VA AG. ÖMV Werkstoffe. VA M.C.E. VASchienen.

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slide1

Structure

as of December 1993 after ÖIAG-act

ÖIAG

75%

75%

72.3%

VA Technologie

VA STAHL

Böhler-Uddeholm

ÖMV

AMAG

ÖBAG

Others

25%

VAIndustrie-anlagenbau

VA STAHL

Linz

Böhler AG

ÖMV

Energie

AMAG Metall

GKB

VA AG

ÖMV

Werkstoffe

VA M.C.E.

VASchienen

Uddeholms

Interess. AB

AMAG Walzwerke

WTK

VAMED

Elin Energie-versorgung

VA Intertrading

Uddeholms AB

ÖMV

Chemie

AMAG Preßwerke

VA Erzberg

GIWOG

Elin Energie-anwendung

AMAG Formprod.

VA Steinel

Austrian Energy

AMAG Systeme

Schoeller-Bleckmann

Others:

VAE Eisenbahnsysteme 26.0%

Austria Mikro Systeme 26.0%

SGP Verkehrstechnik 26.0%Siemens AG Österreich 26.0%

ÖIAG Pensionskasse 27.7%

AMandA 35.0%

ElektroBau AG

AT&S

AI Informatics

VA Bergtechnik

VA Vertrieb

slide2

January 2000

Ö I A G

35%

38.8%

25%

24%

OMV AG

VA Stahl AG*

Böhler

Uddeholm

VA Tech*

100%

41.1%

100%

39.7 %

17.38%

100%

Austria Tabak AG

Dorotheum

Austrian Airlines (AUA)

Flughafen Wien AG

ÖBAG

Others

ÖSD

GmbH

PMA

* VA Technologie AG holds 19.93 per cent in VA STAHL AG. VA STAHL AG holds 19.05 per cent in

VA Technologie AG.

slide3

Privatisation options

  • - Direct sale:
    • Strategic industrial investor
    • Management buy out (MBO)
  • -Share offering:
    • IPO & SPO
    • Private placement
    • Strategic investor
slide4

IPOs and SPOs 1994 - 1997

(million of shares) Demand Allocation

Domestic 65.5 (40%) 20.1 (47%)

International 98.5 (60%) 22.9 (53%)

Total 164.0 (100%) 43.0 (100%)

Average subscription: 3.8 times

Total revenue: 2.75 bn US$

slide5

International

Domestic

IPOs and SPOs 1994 - 1997

DEMAND (164 million shares)

ALLOCATION(43 million shares)

53%

47%

slide7

International allocation 1994 - 1997

(Average of six transactions)

= Germany 6.4%

Swiss 4.9%

France 2.8%

Rest of Europe 1.9%

slide8

Private shareholders of privatised ÖIAG-companies

OMV 30.000

VA Tech 26.000

BUAG 6.000

VA Stahl 21.000

Austria Tabak 62.000

slide9

Portfolio

  • A portfolio of a small investor. who invested in each ÖIAG privatisation approx. ATS 10.000 (US$ 850.-) consists of:
        • Value of portfolio
        • as of Nov. 30, 1999
  • 1987: 22 shares of OMV ATS 27,248.4
  • 1994: 11 shares of VA Tech ATS 9,210.5
  • 1995: 18 shares of BUAG ATS 10,303.7
  • 1995: 35 shares of VA STAHL ATS 16,100.2
  • 1997: 19 shares of Austria Tabak ATS 11,895.8
  • amount invested: ATS 67,944 ATS 74,758.6
  • Capital appreciation = + ATS 6,814.6 = + 10.03 %
slide10

Volume of new issues and new capital

1992 - 1997

in EURO mio.

All issues 1992- 1997:ATS 70.6 bn

of which ÖIAG issues:ATS 30.7 bn = 43.5 %

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