February 2003

Mabanaft Acquires Viterra Contracting, Bochum

For around two years, Mabanaft has also been active in energy contracting through its subsidiary WECON Wärme und Energie Contracting GmbH. Following initial success, the company seeks further growth opportunities, e.g. by working with a specialist partner. In February 2003, after protracted negotiations, Viterra Contracting is acquired retroactively as of January 1, 2003. Later, in April 2004, Viterra Contracting GmbH & Co. KG is renamed Proenergy Contracting GmbH & Co. KG.

Viterra Contracting GmbH is a wholly-owned subsidiary of Viterra AG with revenues in the order of 30 million euros. At this time, the company services approx. 3,000 heat supply contracts totalling in excess of 300 MW. Viterra Contracting’s business is primarily concentrated in Germany, with holdings in Hungary and Austria. Viterra Contracting products are marketed under the "proenergy" name. Mabanaft acquires the rights to this brand name/trademark.

The contracting business itself can be compared to full-service leasing. Services include supplying and installing equipment, supplying energy, operation and service management, as well as financing, insurance and warranties. Energy and heating bills are optional extras. Energy contracting is ideal for large buildings, such as apartment blocks, office complexes, industrial buildings and municipal structures.

The entry into the end-user business primarily pursues the aim of utilizing synergies within the company. By acquiring Viterra Contracting, Mabanaft also acquires, in addition to the aforementioned contract volume, important market contacts and references for further accelerating the expansion of the heat contracting business.